NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2024 RESULTS AND ADDITIONAL SHARE REPURCHASE AUTHORIZATION
- Closed Diamond acquisition on
September 4th - Increased capital return program with additional share repurchase authorization of
$400 million - Repurchased 6.9 million of shares in Q3 2024,
$0.50 per share dividend declared for Q4 2024, bringing total FY 2024 cash returns to shareholders to over$525 million , including Q4 dividend - Q3 Net Income of
$61 million , Diluted Earnings Per Share of$0.40 , Adjusted EBITDA of$291 million , net cash provided by operating activities of$284 million , and Free Cash Flow of$165 million - Q4 2024 Guidance provided as follows: Total Revenue
$850 to$890 million , Adjusted EBITDA$275 to$305 million , Capital Additions (net of reimbursements)$105 to$135 million
|
|
|
Three Months Ended |
||||
|
(in millions, except per share amounts) |
|
|
|
|
|
|
|
Total Revenue |
|
$ 801 |
|
$ 697 |
|
$ 693 |
|
Contract Drilling Services Revenue |
|
764 |
|
671 |
|
661 |
|
Net Income (Loss) |
|
61 |
|
158 |
|
195 |
|
Adjusted EBITDA* |
|
291 |
|
283 |
|
271 |
|
Adjusted Net Income (Loss)* |
|
89 |
|
127 |
|
105 |
|
Basic Earnings (Loss) Per Share |
|
0.41 |
|
1.14 |
|
1.37 |
|
Diluted Earnings (Loss) Per Share |
|
0.40 |
|
1.09 |
|
1.34 |
|
Adjusted Diluted Earnings (Loss) Per Share* |
|
0.58 |
|
0.87 |
|
0.72 |
|
|
|
|
|
|
|
|
|
* A Non-GAAP supporting schedule is included with the statements and schedules in this press release. |
||||||
Third Quarter Results
Contract drilling services revenue for the third quarter of 2024 totaled
Balance Sheet, Capital Allocation, and Increased Shareholder Return Authorization
The Company's balance sheet as of
The Company repurchased approximately 6.9 million shares in the third quarter for
On
Operating Highlights and Backlog
Noble's marketed fleet of twenty-five floaters was 81% contracted during the third quarter (including nine marketed floaters from the legacy Diamond fleet on a partial quarter basis from
Utilization of Noble's thirteen marketed jackups improved to 83% in the third quarter, compared with 77% in the prior quarter. Leading edge harsh environment jackup dayrates remain in the mid
Subsequent to last quarter's earnings press release, ExxonMobil Guyana awarded an additional 4.8 years of backlog under the Commercial Enabling Agreement (CEA), intended to extend the contract duration for each of our four drillships operating under the CEA from Q2 2027 to Q3 2028. Additionally, the Ocean Endeavor has been awarded an additional 130 days with Shell in the
Noble's current backlog as of
Outlook
For the fourth quarter of 2024, Noble is providing guidance as follows: Total revenue in the range of
Commenting on Noble's outlook,
Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Noble's fourth quarter 2024 GAAP financial results.
Conference Call
Noble will host a conference call related to its third quarter 2024 results on
For additional information, visit www.noblecorp.com or email investors@noblecorp.com.
About
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.
Dividend Details and Return of Capital Disclaimers
Dividends payable to Noble shareholders will generally be paid in
On
Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including those regarding future guidance, including revenue, adjusted EBITDA, the offshore drilling market and demand fundamentals, realization and timing of integration synergies, costs, the benefits or results of acquisitions or dispositions such as the acquisition of Diamond Offshore Drilling, Inc. (the "Diamond Transaction"), free cash flow expectations, capital expenditures, capital additions, capital allocation expectations, including planned dividends and share repurchases, contract backlog, rig demand, expected future contracts, anticipated contract start dates, major project schedules, dayrates and duration, any asset sales, access to capital, fleet condition and utilization, timing and amount of insurance recoveries and 2024 financial guidance. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this communication, or in the documents incorporated by reference, the words "guidance," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "achieve," "shall," "target," "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Risks and uncertainties include, but are not limited to, those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) |
||||||||
|
|
||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Operating revenues |
|
|
|
|
|
|
|
|
|
Contract drilling services |
|
$ 763,543 |
|
$ 671,004 |
|
$ 2,036,678 |
|
$ 1,852,474 |
|
Reimbursables and other |
|
37,006 |
|
26,446 |
|
93,799 |
|
93,565 |
|
|
|
800,549 |
|
697,450 |
|
2,130,477 |
|
1,946,039 |
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
Contract drilling services |
|
434,192 |
|
354,199 |
|
1,159,913 |
|
1,078,521 |
|
Reimbursables |
|
28,185 |
|
16,682 |
|
69,196 |
|
67,484 |
|
Depreciation and amortization |
|
109,879 |
|
77,146 |
|
287,347 |
|
218,412 |
|
General and administrative |
|
43,596 |
|
33,039 |
|
109,226 |
|
95,428 |
|
Merger and integration costs |
|
69,214 |
|
12,966 |
|
89,163 |
|
47,049 |
|
(Gain) loss on sale of operating assets, net |
|
— |
|
— |
|
(17,357) |
|
— |
|
Hurricane losses and (recoveries), net |
|
— |
|
2,642 |
|
— |
|
22,120 |
|
|
|
685,066 |
|
496,674 |
|
1,697,488 |
|
1,529,014 |
|
Operating income (loss) |
|
115,483 |
|
200,776 |
|
432,989 |
|
417,025 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
(24,951) |
|
(13,005) |
|
(54,491) |
|
(44,539) |
|
Gain on bargain purchase |
|
— |
|
5,005 |
|
— |
|
5,005 |
|
Gain (loss) on extinguishment of debt, net |
|
— |
|
— |
|
— |
|
(26,397) |
|
Interest income and other, net |
|
2,292 |
|
17,206 |
|
(10,626) |
|
16,292 |
|
Income (loss) before income taxes |
|
92,824 |
|
209,982 |
|
367,872 |
|
367,386 |
|
Income tax benefit (provision) |
|
(31,608) |
|
(51,659) |
|
(16,167) |
|
(35,184) |
|
Net income (loss) |
|
$ 61,216 |
|
$ 158,323 |
|
$ 351,705 |
|
$ 332,202 |
|
Per share data |
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ 0.41 |
|
$ 1.14 |
|
$ 2.43 |
|
$ 2.42 |
|
Diluted: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ 0.40 |
|
$ 1.09 |
|
$ 2.37 |
|
$ 2.29 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) |
||||
|
|
||||
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ 391,858 |
|
$ 360,794 |
|
Accounts receivable, net |
|
752,270 |
|
548,844 |
|
Prepaid expenses and other current assets |
|
266,563 |
|
152,110 |
|
Total current assets |
|
1,410,691 |
|
1,061,748 |
|
Intangible assets |
|
1,580 |
|
10,128 |
|
Property and equipment, at cost |
|
6,795,699 |
|
4,591,936 |
|
Accumulated depreciation |
|
(746,262) |
|
(467,600) |
|
Property and equipment, net |
|
6,049,437 |
|
4,124,336 |
|
Other assets |
|
573,436 |
|
311,225 |
|
Total assets |
|
$ 8,035,144 |
|
$ 5,507,437 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
|
$ 405,907 |
|
$ 395,165 |
|
Accrued payroll and related costs |
|
119,665 |
|
97,313 |
|
Other current liabilities |
|
374,893 |
|
149,202 |
|
Total current liabilities |
|
900,465 |
|
641,680 |
|
Long-term debt |
|
1,981,237 |
|
586,203 |
|
Other liabilities |
|
445,096 |
|
307,451 |
|
Noncurrent contract liabilities |
|
23,397 |
|
50,863 |
|
Total liabilities |
|
3,350,195 |
|
1,586,197 |
|
Commitments and contingencies |
|
|
|
|
|
Total shareholders' equity |
|
4,684,949 |
|
3,921,240 |
|
Total liabilities and equity |
|
$ 8,035,144 |
|
$ 5,507,437 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||
|
|
||||
|
|
|
Nine Months Ended |
||
|
|
|
2024 |
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
|
Net income (loss) |
|
$ 351,705 |
|
$ 332,202 |
|
Adjustments to reconcile net income (loss) to net cash flow from operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
287,347 |
|
218,412 |
|
Amortization of intangible assets and contract liabilities, net |
|
(46,580) |
|
(95,540) |
|
Gain on bargain purchase |
|
— |
|
(5,005) |
|
(Gain) loss on extinguishment of debt, net |
|
— |
|
26,397 |
|
(Gain) loss on sale of operating assets, net |
|
(17,357) |
|
— |
|
Changes in components of working capital and other operating activities |
|
(55,854) |
|
(189,618) |
|
Net cash provided by (used in) operating activities |
|
519,261 |
|
286,848 |
|
Cash flows from investing activities |
|
|
|
|
|
Capital expenditures |
|
(434,653) |
|
(268,131) |
|
Proceeds from insurance claims |
|
16,426 |
|
— |
|
Cash paid in stock-based business combination, net |
|
(400,458) |
|
— |
|
Proceeds from disposal of assets, net |
|
4,885 |
|
— |
|
Net cash provided by (used in) investing activities |
|
(813,800) |
|
(268,131) |
|
Cash flows from financing activities |
|
|
|
|
|
Issuance of debt |
|
824,000 |
|
600,000 |
|
Borrowings on credit facilities |
|
35,000 |
|
— |
|
Repayments of credit facilities |
|
(35,000) |
|
— |
|
Repayments of debt |
|
— |
|
(673,411) |
|
Debt extinguishment costs |
|
— |
|
(25,697) |
|
Debt issuance costs |
|
(10,002) |
|
(24,914) |
|
Warrants exercised |
|
628 |
|
156 |
|
Share repurchases |
|
(250,000) |
|
(80,000) |
|
Dividend payments |
|
(198,150) |
|
(42,369) |
|
Taxes withheld on employee stock transactions |
|
(57,167) |
|
(8,612) |
|
Other |
|
22,578 |
|
— |
|
Net cash provided by (used in) financing activities |
|
331,887 |
|
(254,847) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
37,348 |
|
(236,130) |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
367,745 |
|
485,707 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ 405,093 |
|
$ 249,577 |
|
OPERATIONAL INFORMATION (Unaudited) |
|||||
|
|
|||||
|
|
Average Rig Utilization (1) |
||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|
|
|
|
Floaters |
72 % |
|
70 % |
|
77 % |
|
Jackups |
83 % |
|
77 % |
|
64 % |
|
Total |
76 % |
|
73 % |
|
72 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Days |
||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|
|
|
|
Floaters |
1,418 |
|
1,138 |
|
1,348 |
|
Jackups |
991 |
|
914 |
|
824 |
|
Total |
2,409 |
|
2,052 |
|
2,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Dayrates |
||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
|
|
|
|
Floaters |
$ 424,199 |
|
$ 435,677 |
|
$ 403,813 |
|
Jackups |
159,444 |
|
155,585 |
|
140,775 |
|
Total |
$ 315,295 |
|
$ 310,962 |
|
$ 304,040 |
|
|
|
(1) Average Rig Utilization statistics include all marketed and cold stacked rigs. |
|
CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE (In thousands, except per share amounts) (Unaudited) |
||||||||
|
|
||||||||
|
The following tables presents the computation of basic and diluted income (loss) per share: |
||||||||
|
|
||||||||
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Numerator: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ 61,216 |
|
$ 158,323 |
|
$ 351,705 |
|
$ 332,202 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
149,727 |
|
139,400 |
|
144,863 |
|
137,478 |
|
Dilutive effect of share-based awards |
|
1,877 |
|
3,204 |
|
1,877 |
|
3,204 |
|
Dilutive effect of warrants |
|
1,334 |
|
3,117 |
|
1,502 |
|
4,339 |
|
Weighted average shares outstanding - diluted |
|
152,938 |
|
145,721 |
|
148,242 |
|
145,021 |
|
Per share data |
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ 0.41 |
|
$ 1.14 |
|
$ 2.43 |
|
$ 2.42 |
|
Diluted: |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ 0.40 |
|
$ 1.09 |
|
$ 2.37 |
|
$ 2.29 |
NON-GAAP MEASURES AND RECONCILIATION
Certain non-GAAP measures and corresponding reconciliations to GAAP financial measures for the Company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles.
The Company defines "Adjusted EBITDA" as net income (loss) adjusted for interest expense, net of amounts capitalized; interest income and other, net; income tax benefit (provision); and depreciation and amortization expense, as well as, if applicable, gain (loss) on extinguishment of debt, net; losses on economic impairments; amortization of intangible assets and contract liabilities, net; restructuring and similar charges; costs related to mergers and integrations; and certain other infrequent operational events. We believe that the Adjusted EBITDA measure provides greater transparency of our core operating performance. We prepare Adjusted Net Income (Loss) by eliminating from Net Income (Loss) the impact of a number of non-recurring items we do not consider indicative of our on-going performance. We prepare Adjusted Diluted Earnings (Loss) per Share by eliminating from Diluted Earnings per Share the impact of a number of non-recurring items we do not consider indicative of our on-going performance. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends that could otherwise be masked by the effect of the non-recurring items we exclude in the measure.
The Company also discloses free cash flow as a non-GAAP liquidity measure. Free cash flow is calculated as Net cash provided by (used in) operating activities less cash paid for capital expenditures. We believe Free Cash Flow is useful to investors because it measures our ability to generate or use cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. We may have certain obligations such as non-discretionary debt service that are not deducted from the measure. Such business needs, obligations, and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses including return of capital.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management team for financial and operational decision-making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling costs, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments.
|
NON-GAAP MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited)
|
||||||
|
|
||||||
|
Reconciliation of Adjusted EBITDA |
|
|
||||
|
|
|
Three Months Ended |
|
Three Months Ended |
||
|
|
|
2024 |
|
2023 |
|
|
|
Net income (loss) |
|
$ 61,216 |
|
$ 158,323 |
|
$ 195,008 |
|
Income tax (benefit) provision |
|
31,608 |
|
51,659 |
|
(5,228) |
|
Interest expense, net of amounts capitalized |
|
24,951 |
|
13,005 |
|
11,996 |
|
Interest income and other, net |
|
(2,292) |
|
(17,206) |
|
8,183 |
|
Depreciation and amortization |
|
109,879 |
|
77,146 |
|
90,770 |
|
Amortization of intangible assets and contract liabilities, net |
|
(3,730) |
|
(10,803) |
|
(22,497) |
|
Gain on bargain purchase |
|
— |
|
(5,005) |
|
— |
|
Merger and integration costs |
|
69,214 |
|
12,966 |
|
10,618 |
|
(Gain) loss on sale of operating assets, net |
|
— |
|
— |
|
(17,357) |
|
Hurricane losses and (recoveries), net |
|
— |
|
2,642 |
|
— |
|
Adjusted EBITDA |
|
$ 290,846 |
|
$ 282,727 |
|
$ 271,493 |
|
Reconciliation of Income Tax Benefit (Provision) |
|
|
|
|
||
|
|
|
Three Months Ended |
|
Three Months Ended |
||
|
|
|
2024 |
|
2023 |
|
|
|
Income tax benefit (provision) |
|
$ (31,608) |
|
$ (51,659) |
|
$ 5,228 |
|
Adjustments |
|
|
|
|
|
|
|
Amortization of intangible assets and contract liabilities, net |
|
90 |
|
6,079 |
|
101 |
|
Joint taxation scheme compensation |
|
— |
|
(1,981) |
|
— |
|
Gain (loss) on sale of operating assets, net |
|
— |
|
— |
|
2,500 |
|
Discrete tax items |
|
(37,688) |
|
(17,088) |
|
(63,067) |
|
Total Adjustments |
|
(37,598) |
|
(12,990) |
|
(60,466) |
|
Adjusted income tax benefit (provision) |
|
$ (69,206) |
|
$ (64,649) |
|
$ (55,238) |
|
NON-GAAP MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited)
|
||||||
|
|
|
|
|
|
||
|
Reconciliation of Net Income (Loss) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
||
|
|
|
2024 |
|
2023 |
|
|
|
Net income (loss) |
|
$ 61,216 |
|
$ 158,323 |
|
$ 195,008 |
|
Adjustments |
|
|
|
|
|
|
|
Amortization of intangible assets and contract liabilities, net |
|
(3,640) |
|
(4,724) |
|
(22,396) |
|
Joint taxation scheme compensation |
|
— |
|
(19,837) |
|
— |
|
Gain on bargain purchase |
|
— |
|
(5,005) |
|
— |
|
Merger and integration costs |
|
69,214 |
|
12,966 |
|
10,618 |
|
(Gain) loss on sale of operating assets, net |
|
— |
|
— |
|
(14,857) |
|
Hurricane losses and (recoveries), net |
|
— |
|
2,642 |
|
— |
|
Discrete tax items |
|
(37,688) |
|
(17,088) |
|
(63,067) |
|
Total Adjustments |
|
27,886 |
|
(31,046) |
|
(89,702) |
|
Adjusted net income (loss) |
|
$ 89,102 |
|
$ 127,277 |
|
$ 105,306 |
|
|
|
|
|
|
|
|
|
Reconciliation of Diluted EPS |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
||
|
|
|
2024 |
|
2023 |
|
|
|
Unadjusted diluted EPS |
|
$ 0.40 |
|
$ 1.09 |
|
$ 1.34 |
|
Adjustments |
|
|
|
|
|
|
|
Amortization of intangible assets and contract liabilities, net |
|
(0.02) |
|
(0.03) |
|
(0.15) |
|
Joint taxation scheme compensation |
|
— |
|
(0.14) |
|
— |
|
Gain on bargain purchase |
|
— |
|
(0.03) |
|
— |
|
Merger and integration costs |
|
0.45 |
|
0.08 |
|
0.06 |
|
(Gain) loss on sale of operating assets, net |
|
— |
|
— |
|
(0.10) |
|
Hurricane losses and (recoveries), net |
|
— |
|
0.02 |
|
— |
|
Discrete tax items |
|
(0.25) |
|
(0.12) |
|
(0.43) |
|
Total Adjustments |
|
0.18 |
|
(0.22) |
|
(0.62) |
|
Adjusted diluted EPS |
|
$ 0.58 |
|
$ 0.87 |
|
$ 0.72 |
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flow |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
||
|
|
|
2024 |
|
2023 |
|
|
|
Net cash provided by (used in) operating activities |
|
$ 283,781 |
|
$ 138,768 |
|
$ 106,791 |
|
Capital expenditures, net of proceeds from insurance claims |
|
(119,104) |
|
(98,601) |
|
(132,513) |
|
Free cash flow |
|
$ 164,677 |
|
$ 40,167 |
|
$ (25,722) |
NOBLE OFFSHORE DRILLING INC.
UNAUDITED SELECTED FINANCIALS
On the Merger Effective Date, Diamond Offshore Drilling, Inc. merged into
The indenture governing the 8.500% Senior Secured Second Lien Notes due
|
|
|
|
|
Balance Sheets |
|
|
|
Cash and cash equivalents |
|
$ 179,801 |
|
Total current assets |
|
455,946 |
|
Total current liabilities |
|
298,270 |
|
Total debt |
|
1,171,316 |
|
Total shareholders' equity |
|
864,444 |
|
|
|
Consolidated Diamond |
|
Consolidated Noble |
|
|
|
Period from
|
|
Period from
|
|
Statements of Operations |
|
|
|
|
|
Operating revenues |
|
$ 197,013 |
|
$ 94,380 |
|
Operating costs and expenses |
|
142,917 |
|
95,246 |
|
Depreciation and amortization |
|
22,210 |
|
11,357 |
|
|
|
|
|
|
|
Statements of Cash Flows |
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ 56,867 |
|
$ (8,887) |
|
Capital expenditures |
|
(17,434) |
|
(10,562) |
|
Proceeds from disposal of assets, net |
|
8,910 |
|
5,575 |
|
Dividend payments |
|
— |
|
— |
View original content:https://www.prnewswire.co.uk/news-releases/noble-corporation-plc-announces-third-quarter-2024-results-and-additional-share-repurchase-authorization-302297004.html
