☑
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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England and Wales
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(Registered Number 08354954)
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98-0619597
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. employer identification number)
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Cayman Islands
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98-0366361
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. employer identification number)
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Name of Company
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Title of each class
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Trading symbol(s)
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Name of each exchange on which registered
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Noble Corporation plc
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Ordinary Shares
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NE
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New York Stock Exchange
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Noble Corporation
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None
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—
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—
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Noble Corporation plc:
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Large accelerated filer
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☐
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Accelerated filer
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☑
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Noble Corporation:
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Large accelerated filer
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☐
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Accelerated filer
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☐
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Non-accelerated filer
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☑
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Item 16.
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•
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contract duration extending over a specific period of time or a period necessary to drill a defined number of wells;
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•
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payment of compensation to us (generally in US Dollars although some customers, typically national oil companies, require a part of the compensation to be paid in local currency) on a “daywork” basis, so that we receive a fixed amount for each day (“dayrate”) that the drilling unit is operating under contract (a lower rate or no compensation is payable during periods of equipment breakdown and repair or adverse weather or in the event operations are interrupted by other conditions, some of which may be beyond our control);
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•
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provisions permitting early termination of the contract by the customer (i) if the unit is lost or destroyed, (ii) if operations are suspended for a specified period of time due to breakdown of equipment or breach of contract or (iii) for convenience;
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•
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provisions allowing the impacted party to terminate the contract if specified “force majeure” events beyond the contracting parties’ control occur for a defined period of time;
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•
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payment by us of the operating expenses of the drilling unit, including labor costs and the cost of incidental supplies;
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•
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provisions that allow us to recover certain cost increases from our customers in certain long-term contracts; and
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•
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provisions that require us to lower dayrates for documented cost decreases in certain long-term contracts.
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Name
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Make
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Year Built or Rebuilt (1)
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Water Depth Rating (feet)(2)
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Drilling Depth Capacity (feet)
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Location
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Status (3)
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Floaters—12
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Drillships—8
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Noble Bob Douglas
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GustoMSC P10000
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2013 N
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12,000
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40,000
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Guyana
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Active
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Noble Bully I
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GustoMSC Bully PRD 12000
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2011 N
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8,200
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40,000
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Curaçao
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Stacked
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Noble Bully II
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GustoMSC Bully PRD 12000
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2011 N
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10,000
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40,000
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Malaysia
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Available
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Noble Don Taylor
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GustoMSC P10000
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2013 N
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12,000
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40,000
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Guyana
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Active
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Noble Globetrotter I
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Globetrotter Class
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2011 N
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10,000
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30,000
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US Gulf of Mexico
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Active
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Noble Globetrotter II
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Globetrotter Class
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2013 N
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10,000
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30,000
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US Gulf of Mexico
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Active
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Noble Sam Croft
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GustoMSC P10000
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2014 N
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12,000
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40,000
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Suriname
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Active
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Noble Tom Madden
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GustoMSC P10000
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2014 N
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12,000
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40,000
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Guyana
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Active
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Semisubmersibles—4
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Noble Clyde Boudreaux
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F&G 9500 Enhanced Pacesetter
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2007 R/M
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10,000
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35,000
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Myanmar
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Active
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Noble Danny Adkins
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Bingo 9000-DP
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2009 R
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12,000
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35,000
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US Gulf of Mexico
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Stacked
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Noble Jim Day
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Bingo 9000-DP
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2010 R
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12,000
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35,000
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US Gulf of Mexico
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Stacked
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Noble Paul Romano
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Noble EVA-4000™
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1998 R/ 2007 M/ 2013 R
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6,000
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25,000
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US Gulf of Mexico
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Available
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Independent Leg Cantilevered Jackups—13
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Noble Hans Deul (4)
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F&G JU-2000E
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2009 N
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400
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30,000
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UK
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Active
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Noble Houston Colbert (4)
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F&G JU-3000N
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2014 N
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400
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30,000
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UK
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Active
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Noble Joe Beall
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Modec 300C-38
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2004 R
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300
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25,000
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Saudi Arabia
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Active (5)
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Noble Joe Knight
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GustoMSC CJ46-x100-D
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2018 N
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375
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30,000
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Saudi Arabia
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Active
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Noble Johnny Whitstine
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GustoMSC CJ46-x100-D
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2018 N
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375
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30,000
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Saudi Arabia
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Active
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Noble Lloyd Noble (4)
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GustoMSC CJ70-x150-ST
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2016 N
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500
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32,000
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UK
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Active
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Noble Mick O’Brien (4)
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F&G JU-3000N
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2013 N
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400
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30,000
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Qatar
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Active
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Noble Regina Allen (4)
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F&G JU-3000N
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2013 N
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400
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30,000
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Canada
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Active
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Noble Roger Lewis (4)
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F&G JU-2000E
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2007 N
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400
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30,000
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Saudi Arabia
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Active
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Noble Sam Hartley (4)
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F&G JU-3000N
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2014 N
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400
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30,000
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UK
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Active
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Noble Sam Turner (4)
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F&G JU-3000N
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2014 N
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400
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30,000
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Denmark
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Active
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Noble Scott Marks (4)
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F&G JU-2000E
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2009 N
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400
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30,000
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Saudi Arabia
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Active
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Noble Tom Prosser (4)
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F&G JU-3000N
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2014 N
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400
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30,000
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Australia
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Active
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(1)
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Rigs designated with an “R” were modified, refurbished or otherwise upgraded in the year indicated by capital expenditures of an amount deemed material by management. Rigs designated with an “N” are newbuilds. Rigs designated with an “M” have been upgraded to the Noble NC-5SM mooring standard.
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(2)
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Rated water depth for drillships and semisubmersibles reflects the maximum water depth for which a floating rig has been designed for drilling operations.
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(3)
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Rigs listed as “active” are operating, preparing to operate or under contract; rigs listed as “available” are actively seeking contracts and may include those that are idle or warm stacked; rigs listed as “shipyard” are in a shipyard for construction, repair, refurbishment or upgrade; rigs listed as “stacked” are idle without a contract and have reduced or no crew and are not actively marketed in present market conditions.
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(4)
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Harsh environment capability.
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(5)
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The Noble Joe Beall will not be marketed once the rig completes its current contract, which is expected to be in late February 2020.
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•
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Articles of Association;
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•
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Code of Business Conduct and Ethics;
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•
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Corporate Governance Guidelines;
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Audit Committee Charter;
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Compensation Committee Charter;
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Health, Safety, Environment and Engineering Committee Charter;
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Nominating and Corporate Governance Committee Charter; and
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•
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Finance Committee Charter.
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•
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the cost of exploring for, developing, producing and delivering oil and gas;
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•
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the ability of OPEC to set and maintain production levels and pricing;
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•
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expectations regarding future energy prices;
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•
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increased supply of oil and gas resulting from onshore hydraulic fracturing activity and shale development;
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•
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the relative cost of offshore oil and gas exploration versus onshore oil and gas production;
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•
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worldwide production and demand for oil and gas, which are impacted by changes in the rate of economic growth in the global economy;
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•
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potential acceleration in the development, and the price and availability, of alternative fuels or energy sources;
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•
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the level of production in non-OPEC countries;
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•
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worldwide financial instability or recessions;
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•
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regulatory restrictions or any moratorium on offshore drilling;
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•
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the discovery rate of new oil and gas reserves either onshore or offshore;
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•
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the rate of decline of existing and new oil and gas reserves;
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•
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available pipeline and other oil and gas transportation capacity;
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•
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oil refining capacity;
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•
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the ability of oil and gas companies to raise capital;
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•
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limitations on liquidity and available credit;
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•
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advances in exploration, development and production technology either onshore or offshore;
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•
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technical advances affecting energy consumption, including the displacement of hydrocarbons through increasing transportation fuel efficiencies;
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•
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merger and divestiture activity among oil and gas producers;
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•
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the availability of, and access to, suitable locations from which our customers can produce hydrocarbons;
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•
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adverse weather conditions, including hurricanes, typhoons, cyclones, winter storms and rough seas;
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•
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tax laws, regulations and policies;
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•
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laws and regulations related to environmental matters, including those addressing alternative energy sources and the risks of global climate change;
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•
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the political environment of oil-producing regions, including uncertainty or instability resulting from civil disorder, an outbreak or escalation of armed hostilities or acts of war or terrorism; and
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•
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the laws and regulations of governments regarding exploration and development of their oil and gas reserves or speculation regarding future laws or regulations.
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•
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making it more difficult for us to satisfy our financial obligations, including our obligations with respect to our outstanding debt;
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•
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increasing our vulnerability to adverse economic, regulatory and industry conditions, and placing us at a disadvantage compared to our competitors that are less leveraged;
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•
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limiting our ability to compete and our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
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•
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limiting our ability to borrow additional funds for working capital, capital expenditures, acquisitions and general corporate or other purposes;
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•
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increasing the possibility that our customers may react adversely to our significant debt level and seek alternative service providers; and
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•
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increasing the possibility that our suppliers may react adversely to our significant debt level and seek alternative payment terms or security.
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•
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normal recurring operating expenses;
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•
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planned and discretionary capital expenditures; and
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•
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repayment of debt and interest.
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•
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well blowouts;
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•
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fires;
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•
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collisions or groundings of offshore equipment and helicopter accidents;
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•
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punch-throughs;
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•
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mechanical or technological failures;
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•
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failure of our employees or third-party contractors to comply with our internal environmental, health and safety guidelines;
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pipe or cement failures and casing collapses, which could release oil, gas or drilling fluids;
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geological formations with abnormal pressures;
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•
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loop currents or eddies;
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•
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failure of critical equipment;
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•
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toxic gas emanating from the well;
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•
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spillage handling and disposing of materials; and
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•
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adverse weather conditions, including hurricanes, typhoons, tsunamis, cyclones, winter storms and rough seas.
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•
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seizure, nationalization or expropriation of property or equipment;
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•
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monetary policies, government credit rating downgrades and potential defaults, and foreign currency fluctuations and devaluations;
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•
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limitations on the ability to repatriate income or capital;
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complications associated with repairing and replacing equipment in remote locations;
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repudiation, nullification, modification or renegotiation of contracts;
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•
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limitations on insurance coverage, such as war risk coverage, in certain areas;
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import-export quotas, wage and price controls, imposition of trade barriers and other forms of government regulation and economic conditions that are beyond our control;
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•
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delays in implementing private commercial arrangements as a result of government oversight;
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•
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financial or operational difficulties in complying with foreign bureaucratic actions;
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•
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changing taxation rules or policies;
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•
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other forms of government regulation and economic conditions that are beyond our control and that create operational uncertainty;
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•
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governmental corruption;
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•
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the occurrence or threat of epidemic or pandemic diseases or any government response to such occurrence or threat;
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•
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piracy; and
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•
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terrorist acts, war, revolution and civil disturbances.
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•
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procedural requirements for temporary import permits, which may be difficult to obtain;
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•
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the effect of certain temporary import permit regimes, where the duration of the permit does not coincide with the general term of the drilling contract; and
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ongoing claims in Brazil related to withholding taxes payable on our service contracts.
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the environment and the health and safety of personnel;
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•
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the importing, exporting, equipping and operation of drilling rigs;
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•
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currency exchange controls;
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•
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oil and gas exploration and development;
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•
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taxation of offshore earnings and earnings of expatriate personnel; and
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•
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use and compensation of local employees and suppliers by foreign contractors.
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•
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breakdowns of equipment and other unforeseen engineering problems;
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•
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work stoppages, including labor strikes;
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•
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shortages of material and skilled labor;
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•
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delays in repairs by suppliers;
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•
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surveys by government and maritime authorities;
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•
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periodic classification surveys;
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•
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inability to obtain permits;
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•
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severe weather, strong ocean currents or harsh operating conditions;
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•
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force majeure events; and
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•
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the occurrence or threat of epidemic or pandemic diseases or any government response to such occurrence or threat.
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•
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the release of oil, drilling fluids, natural gas or other materials into the environment;
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•
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air emissions from our drilling rigs or our facilities;
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•
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handling, cleanup and remediation of solid and hazardous wastes at our drilling rigs or our facilities or at locations to which we have sent wastes for disposal;
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•
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restrictions on chemicals and other hazardous substances; and
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wildlife protection, including regulations that ensure our activities do not jeopardize endangered or threatened animals, fish and plant species, nor destroy or modify the critical habitat of such species.
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•
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shortages of equipment, materials or skilled labor;
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•
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work stoppages and labor disputes;
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•
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unscheduled delays in the delivery of ordered materials and equipment;
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•
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local customs strikes or related work slowdowns that could delay importation of equipment or materials;
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•
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weather interferences;
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•
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difficulties in obtaining necessary permits or approvals or in meeting permit or approval conditions;
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•
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design and engineering problems;
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•
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inadequate regulatory support infrastructure in the local jurisdiction;
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•
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latent damages or deterioration to hull, equipment and machinery in excess of engineering estimates and assumptions;
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•
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unforeseen increases in the cost of equipment, labor and raw materials, particularly steel;
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•
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unanticipated actual or purported change orders;
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•
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client acceptance delays;
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•
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disputes with shipyards and suppliers;
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•
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delays in, or inability to obtain, access to funding;
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•
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shipyard availability, failures and difficulties, including as a result of financial problems of shipyards or their subcontractors; and
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•
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failure or delay of third-party equipment vendors or service providers.
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INDEXED RETURNS
Year Ended December 31,
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Company / Index
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2015
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2016
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2017
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2018
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2019
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||||||||||
Noble-UK
|
|
$
|
69.37
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|
|
$
|
39.80
|
|
|
$
|
30.39
|
|
|
$
|
17.62
|
|
|
$
|
8.20
|
|
S&P 500 Index
|
|
101.38
|
|
|
113.51
|
|
|
138.29
|
|
|
132.23
|
|
|
173.86
|
|
|||||
Dow Jones US Oil Equipment & Services
|
|
77.53
|
|
|
98.70
|
|
|
82.20
|
|
|
47.38
|
|
|
51.26
|
|
|||||
Offshore Drillers Peer Group (1)
|
|
62.32
|
|
|
56.29
|
|
|
39.57
|
|
|
22.85
|
|
|
18.35
|
|
(1)
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Our self-determined peer group is weighted according to market capitalization and consists of the Company and the following peer companies: Atwood Oceanics (through October 5, 2017), Diamond Offshore Drilling Inc., Valaris (formerly known as Ensco plc), Rowan Companies plc (through April 10, 2019), Seadrill Ltd. and Transocean Ltd.
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|
|
Year Ended December 31,
|
||||||||||||||||||
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|
2019
|
|
2018
|
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2017
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2016
|
|
2015
|
||||||||||
|
|
(In thousands, except per share amounts)
|
||||||||||||||||||
Statement of Income Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating revenues from continuing operations
|
|
$
|
1,305,438
|
|
|
$
|
1,082,826
|
|
|
$
|
1,236,915
|
|
|
$
|
2,302,065
|
|
|
$
|
3,352,252
|
|
Net income (loss) from continuing operations attributable to Noble-UK (1)
|
|
(696,769
|
)
|
|
(885,050
|
)
|
|
(515,025
|
)
|
|
(929,580
|
)
|
|
511,000
|
|
|||||
Net income (loss) from continuing operations per share attributable to Noble-UK:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
(2.79
|
)
|
|
(3.59
|
)
|
|
(2.10
|
)
|
|
(3.82
|
)
|
|
2.06
|
|
|||||
Diluted
|
|
(2.79
|
)
|
|
(3.59
|
)
|
|
(2.10
|
)
|
|
(3.82
|
)
|
|
2.06
|
|
|||||
Balance Sheet Data (at end of period)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
104,621
|
|
|
375,232
|
|
|
662,829
|
|
|
725,722
|
|
|
512,245
|
|
|||||
Property and equipment, net
|
|
7,733,924
|
|
|
8,480,718
|
|
|
9,489,240
|
|
|
10,061,948
|
|
|
11,483,623
|
|
|||||
Total assets
|
|
8,284,498
|
|
|
9,264,923
|
|
|
10,794,659
|
|
|
11,440,117
|
|
|
12,865,645
|
|
|||||
Long-term debt
|
|
3,779,499
|
|
|
3,877,402
|
|
|
3,795,867
|
|
|
4,040,229
|
|
|
4,162,638
|
|
|||||
Total debt (2)
|
|
3,842,004
|
|
|
3,877,402
|
|
|
4,045,710
|
|
|
4,340,111
|
|
|
4,462,562
|
|
|||||
Total equity
|
|
3,658,972
|
|
|
4,654,574
|
|
|
5,950,628
|
|
|
6,467,445
|
|
|
7,422,230
|
|
|||||
Other Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
|
186,771
|
|
|
171,851
|
|
|
416,675
|
|
|
1,142,740
|
|
|
1,764,907
|
|
|||||
Net cash used in investing activities
|
|
(256,030
|
)
|
|
(189,377
|
)
|
|
(118,325
|
)
|
|
(686,595
|
)
|
|
(432,537
|
)
|
|||||
Net cash used in financing activities
|
|
(200,724
|
)
|
|
(269,396
|
)
|
|
(361,243
|
)
|
|
(242,668
|
)
|
|
(888,635
|
)
|
|||||
Net cash used for capital expenditures
|
|
268,783
|
|
|
194,779
|
|
|
120,707
|
|
|
711,403
|
|
|
422,544
|
|
|||||
Working capital (3)
|
|
(94,821
|
)
|
|
293,599
|
|
|
445,951
|
|
|
559,321
|
|
|
377,034
|
|
|||||
Cash distributions declared per share
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.20
|
|
|
1.28
|
|
(1)
|
Results for 2019, 2018, 2017, 2016 and 2015 include impairment charges of $615.3 million, $802.1 million, $121.6 million, $1.5 billion and $418.3 million, respectively. Results for 2019 include estimated loss of $100.0 million related to the final disposition of Paragon.
|
(2)
|
Consists of long-term debt and current maturities of long-term debt.
|
(3)
|
Working capital is calculated as current assets less current liabilities.
|
•
|
operating revenues totaling $1.3 billion;
|
•
|
net loss attributable to Noble Corporation plc of $700.6 million, or 2.81 per diluted share, which includes a $615.3 million before-tax impairment charge recognized on two of our rigs and certain capital spare equipment; and
|
•
|
net cash provided by operating activities totaling $186.8 million.
|
•
|
oil demand growth;
|
•
|
our customers’ access to capital
|
•
|
sustained higher crude oil prices;
|
•
|
renewed focus by operators on offshore exploration and development and accompanying increase in spending offshore;
|
•
|
improved geologic success with regard to our customers’ exploration efforts;
|
•
|
greater customer access to areas with promising offshore resource potential;
|
•
|
advances in offshore technological applications which reduce offshore costs and improve project economics;
|
•
|
high rate of natural depletion relating to land-based sources of crude oil production;
|
•
|
deteriorating annual production and poor reserve replacement metrics caused, in part, by a period of sustained under-investment by our customers; and
|
•
|
declining supply of rigs due to continued attrition.
|
|
|
|
|
Year Ending December 31, (1)
|
||||||||||||||||||||
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
||||||||||||
|
|
(In thousands)
|
||||||||||||||||||||||
Contract Drilling Services Backlog
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Floaters (2) (3)
|
|
$
|
833,599
|
|
|
$
|
395,824
|
|
|
$
|
213,925
|
|
|
$
|
154,275
|
|
|
$
|
69,575
|
|
|
$
|
—
|
|
Jackups
|
|
621,791
|
|
|
380,341
|
|
|
171,365
|
|
|
70,085
|
|
|
—
|
|
|
—
|
|
||||||
Total (4)
|
|
$
|
1,455,390
|
|
|
$
|
776,165
|
|
|
$
|
385,290
|
|
|
$
|
224,360
|
|
|
$
|
69,575
|
|
|
$
|
—
|
|
Percent of Available Days Committed (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Floaters (3)
|
|
|
|
45
|
%
|
|
19
|
%
|
|
13
|
%
|
|
6
|
%
|
|
—
|
%
|
|||||||
Jackups
|
|
|
|
58
|
%
|
|
32
|
%
|
|
14
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||||
Total
|
|
|
|
52
|
%
|
|
25
|
%
|
|
13
|
%
|
|
3
|
%
|
|
—
|
%
|
(1)
|
Represents a twelve-month period beginning January 1.
|
(2)
|
As previously reported, two of our long-term drilling contracts with Shell, the Noble Globetrotter I and Noble Globetrotter II, contain a dayrate adjustment mechanism that utilizes an average of market rates that match a set of distinct technical attributes and is subject to a modest discount, beginning on the fifth-year anniversary of the contract and continuing every six months thereafter. On December 12, 2016, we amended those drilling contracts with Shell. As a result of the amendments, each of the contracts now has a contractual dayrate floor. The contract amendments for the Noble Globetrotter I and Noble Globetrotter II provide a dayrate floor of $275,000 per day. Once the dayrate adjustment mechanism becomes effective and following any idle periods, the dayrate for these rigs will not be lower than the higher of (i) the contractual dayrate floor or (ii) the market rate as calculated under the adjustment mechanism. The impact to contract backlog from these amendments has been reflected in the table above and the backlog calculation assumes that, after any idle period at the contractual stacking rate, each rig will work at its respective dayrate floor for the remaining contract term.
|
(3)
|
The backlog figures and days committed to contracts excludes the multi-year Commercial Enabling Agreement (the “CEA”) with Exxon Mobil Corporation (“ExxonMobil”) executed in February 2020. Concurrent with signing the CEA, ExxonMobil, has awarded three and half years of term to be added at the conclusion of the Noble Tom Madden’s (three years) and the Noble Bob Douglas’ (six months) current contract commitments, or approximately $242.3 million in backlog based on the initial agreed-upon rates that will be applicable once the first rig is operating under the CEA. Subsequent to the execution of the CEA, ExxonMobil awarded a one-year primary term contract for approximately $69.4 million in backlog on the Noble Sam Croft in February 2020, which has also been excluded from the backlog table above and will be added to the CEA. The aforementioned additional backlog was estimated using an illustrative dayrate of $200,000 and discount, net of performance bonus, of 5%.
|
(4)
|
Some of our drilling contracts provide customers with certain early termination rights and, in limited cases, those termination rights require minimal or no notice and minimal financial penalties.
|
(5)
|
Percent of available days committed is calculated by dividing the total number of days our rigs are operating under contract for such period by the product of the number of our rigs and the number of calendar days in such period.
|
|
|
Average Rig Utilization (1)
|
|
Operating Days (2)
|
|
Average Dayrates
|
||||||||||||||||||||
|
|
December 31,
|
|
December 31,
|
|
|
|
December 31,
|
|
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Jackups
|
|
93
|
%
|
|
77
|
%
|
|
4,054
|
|
|
3,642
|
|
|
11
|
%
|
|
$
|
128,002
|
|
|
$
|
130,217
|
|
|
(2
|
)%
|
Floaters
|
|
62
|
%
|
|
44
|
%
|
|
2,729
|
|
|
2,085
|
|
|
31
|
%
|
|
266,442
|
|
(3)
|
269,452
|
|
|
(1
|
)%
|
||
Total
|
|
78
|
%
|
|
61
|
%
|
|
6,783
|
|
|
5,727
|
|
|
18
|
%
|
|
$
|
183,706
|
|
(3)
|
$
|
180,909
|
|
|
2
|
%
|
(1)
|
We define utilization for a specific period as the total number of days our rigs are operating under contract, divided by the product of the total number of our rigs, including cold stacked rigs, and the number of calendar days in such period. Information reflects our policy of reporting on the basis of the number of available rigs in our fleet, excluding newbuild rigs under construction.
|
(2)
|
Information reflects the number of days that our rigs were operating under contract.
|
(3)
|
Includes the impact of the Noble Bully II contract buyout during the year ended December 31, 2019. Exclusive of this item, the average dayrate for the year ended December 31, 2019 would have been $205,304 for floaters and $159,106 for total rigs.
|
|
|
Year Ended December 31,
|
|
Change
|
|||||||||||
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
$
|
1,246,058
|
|
|
$
|
1,036,082
|
|
|
$
|
209,976
|
|
|
20
|
%
|
Reimbursables and other (1)
|
|
59,380
|
|
|
46,744
|
|
|
12,636
|
|
|
27
|
%
|
|||
|
|
$
|
1,305,438
|
|
|
$
|
1,082,826
|
|
|
$
|
222,612
|
|
|
21
|
%
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|||||||
Contract drilling services
|
|
$
|
698,343
|
|
|
$
|
629,937
|
|
|
$
|
68,406
|
|
|
11
|
%
|
Reimbursables (1)
|
|
49,061
|
|
|
37,084
|
|
|
11,977
|
|
|
32
|
%
|
|||
Depreciation and amortization
|
|
440,221
|
|
|
467,302
|
|
|
(27,081
|
)
|
|
(6
|
)%
|
|||
General and administrative
|
|
168,792
|
|
|
73,216
|
|
|
95,576
|
|
|
131
|
%
|
|||
Loss on impairment
|
|
615,294
|
|
|
802,133
|
|
|
$
|
(186,839
|
)
|
|
(23
|
)%
|
||
|
|
1,971,711
|
|
|
2,009,672
|
|
|
(37,961
|
)
|
|
(2
|
)%
|
|||
Operating loss
|
|
$
|
(666,273
|
)
|
|
$
|
(926,846
|
)
|
|
$
|
260,573
|
|
|
(28
|
)%
|
(1)
|
Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows. For additional information, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations— Critical Accounting Policies.”
|
•
|
normal recurring operating expenses;
|
•
|
retirement of a portion of various tranches of our senior notes in tender offers; and
|
•
|
capital expenditures.
|
•
|
normal recurring operating expenses;
|
•
|
planned and discretionary capital expenditures; and
|
•
|
repayments of debt and interest.
|
•
|
$74.6 million for sustaining capital;
|
•
|
$120.3 million in major projects, including upgrades to the Noble Johnny Whitstine and Noble Joe Knight, reactivations and subsea and other related projects;
|
•
|
$83.8 million to purchase the Noble Joe Knight (inclusive of cash paid and seller financing);
|
•
|
$18.1 million for rebillable capital modifications; and
|
•
|
$9.6 million in capitalized interest.
|
|
|
|
|
Payments Due by Period
|
|
|
||||||||||||||||||||||||||
|
|
|
|
For the Years Ending December 31,
|
|
|
||||||||||||||||||||||||||
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Other
|
||||||||||||||||
Contractual Cash Obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Debt obligations
|
|
$
|
3,886,905
|
|
|
$
|
62,535
|
|
|
$
|
82,937
|
|
|
$
|
83,730
|
|
|
$
|
388,462
|
|
|
$
|
397,025
|
|
|
$
|
2,872,216
|
|
|
$
|
—
|
|
Interest payments
|
|
3,341,726
|
|
|
276,580
|
|
|
271,623
|
|
|
268,527
|
|
|
235,818
|
|
|
219,714
|
|
|
2,069,464
|
|
|
—
|
|
||||||||
Operating leases
|
|
50,203
|
|
|
9,463
|
|
|
7,734
|
|
|
5,345
|
|
|
3,527
|
|
|
3,604
|
|
|
20,530
|
|
|
—
|
|
||||||||
Pension plan contributions
|
|
152,175
|
|
|
16,981
|
|
|
17,547
|
|
|
13,336
|
|
|
13,952
|
|
|
14,245
|
|
|
76,114
|
|
|
—
|
|
||||||||
Tax reserves (1)
|
|
159,669
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
159,669
|
|
||||||||
Total contractual cash obligations
|
|
$
|
7,590,678
|
|
|
$
|
365,559
|
|
|
$
|
379,841
|
|
|
$
|
370,938
|
|
|
$
|
641,759
|
|
|
$
|
634,588
|
|
|
$
|
5,038,324
|
|
|
$
|
159,669
|
|
(1)
|
Tax reserves are included in “Other” due to the difficulty in making reasonably reliable estimates of the timing of cash settlements to taxing authorities. See Part II, Item 8, “Financial Statements and Supplementary Data, Note 12— Income Taxes.”
|
|
|
|
|
|
Amount of Commitment Expiration Per Period
|
|||||||||||||||||||||||
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
Total letters of credit and commercial commitments
|
|
$
|
21,237
|
|
|
$
|
12,844
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
8,385
|
|
|
|
Page
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
/s/ PricewaterhouseCoopers LLP
|
|
Houston, Texas
|
February 20, 2020
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
||||||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
104,621
|
|
|
$
|
375,232
|
|
Accounts receivable, net
|
|
198,665
|
|
|
200,722
|
|
||
Taxes receivable
|
|
59,771
|
|
|
20,498
|
|
||
Prepaid expenses and other current assets
|
|
59,050
|
|
|
62,604
|
|
||
Total current assets
|
|
422,107
|
|
|
659,056
|
|
||
Property and equipment, at cost
|
|
10,306,625
|
|
|
10,956,412
|
|
||
Accumulated depreciation
|
|
(2,572,701
|
)
|
|
(2,475,694
|
)
|
||
Property and equipment, net
|
|
7,733,924
|
|
|
8,480,718
|
|
||
Other assets
|
|
128,467
|
|
|
125,149
|
|
||
Total assets
|
|
$
|
8,284,498
|
|
|
$
|
9,264,923
|
|
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
62,505
|
|
|
$
|
—
|
|
Accounts payable
|
|
108,208
|
|
|
125,557
|
|
||
Accrued payroll and related costs
|
|
56,056
|
|
|
50,284
|
|
||
Taxes payable
|
|
30,715
|
|
|
29,386
|
|
||
Interest payable
|
|
88,047
|
|
|
100,100
|
|
||
Other current liabilities
|
|
171,397
|
|
|
60,130
|
|
||
Total current liabilities
|
|
516,928
|
|
|
365,457
|
|
||
Long-term debt
|
|
3,779,499
|
|
|
3,877,402
|
|
||
Deferred income taxes
|
|
68,201
|
|
|
91,695
|
|
||
Other liabilities
|
|
260,898
|
|
|
275,795
|
|
||
Total liabilities
|
|
4,625,526
|
|
|
4,610,349
|
|
||
Commitments and contingencies (Note 16)
|
|
|
|
|
|
|
||
Shareholders' equity
|
|
|
|
|
||||
Common stock, $0.01 par value, ordinary shares; 249,200 and 246,794 shares outstanding as of December 31, 2019 and December 31, 2018, respectively.
|
|
2,492
|
|
|
2,468
|
|
||
Additional paid-in capital
|
|
807,093
|
|
|
699,409
|
|
||
Retained earnings
|
|
2,907,776
|
|
|
3,608,366
|
|
||
Accumulated other comprehensive loss
|
|
(58,389
|
)
|
|
(57,072
|
)
|
||
Total shareholders' equity
|
|
3,658,972
|
|
|
4,253,171
|
|
||
Noncontrolling interests
|
|
—
|
|
|
401,403
|
|
||
Total equity
|
|
3,658,972
|
|
|
4,654,574
|
|
||
Total liabilities and equity
|
|
$
|
8,284,498
|
|
|
$
|
9,264,923
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Operating revenues
|
|
|
|
|
|
|
||||||
Contract drilling services
|
|
$
|
1,246,058
|
|
|
$
|
1,036,082
|
|
|
$
|
1,207,026
|
|
Reimbursables and other
|
|
59,380
|
|
|
46,744
|
|
|
29,889
|
|
|||
|
|
1,305,438
|
|
|
1,082,826
|
|
|
1,236,915
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
||||||
Contract drilling services
|
|
698,343
|
|
|
629,937
|
|
|
642,937
|
|
|||
Reimbursables
|
|
49,061
|
|
|
37,084
|
|
|
18,435
|
|
|||
Depreciation and amortization
|
|
440,221
|
|
|
486,530
|
|
|
547,990
|
|
|||
General and administrative
|
|
168,792
|
|
|
73,216
|
|
|
71,634
|
|
|||
Loss on impairment
|
|
615,294
|
|
|
802,133
|
|
|
121,639
|
|
|||
|
|
1,971,711
|
|
|
2,028,900
|
|
|
1,402,635
|
|
|||
Operating loss
|
|
(666,273
|
)
|
|
(946,074
|
)
|
|
(165,720
|
)
|
|||
Other income (expense)
|
|
|
|
|
|
|
||||||
Interest expense, net of amount capitalized
|
|
(279,435
|
)
|
|
(297,611
|
)
|
|
(291,989
|
)
|
|||
Gain (loss) on extinguishment of debt, net
|
|
30,616
|
|
|
(1,793
|
)
|
|
—
|
|
|||
Interest income and other, net
|
|
6,007
|
|
|
8,302
|
|
|
7,897
|
|
|||
Loss from continuing operations before income taxes
|
|
(909,085
|
)
|
|
(1,237,176
|
)
|
|
(449,812
|
)
|
|||
Income tax benefit (provision)
|
|
38,540
|
|
|
106,641
|
|
|
(42,629
|
)
|
|||
Net loss from continuing operations
|
|
(870,545
|
)
|
|
(1,130,535
|
)
|
|
(492,441
|
)
|
|||
Net loss from discontinued operations, net of tax
|
|
(3,821
|
)
|
|
—
|
|
|
(1,486
|
)
|
|||
Net loss
|
|
(874,366
|
)
|
|
(1,130,535
|
)
|
|
(493,927
|
)
|
|||
Net (income) loss attributable to noncontrolling interests
|
|
173,776
|
|
|
245,485
|
|
|
(22,584
|
)
|
|||
Net loss attributable to Noble Corporation plc
|
|
$
|
(700,590
|
)
|
|
$
|
(885,050
|
)
|
|
$
|
(516,511
|
)
|
Net loss attributable to Noble Corporation plc
|
|
|
|
|
|
|
||||||
Loss from continuing operations
|
|
$
|
(696,769
|
)
|
|
$
|
(885,050
|
)
|
|
$
|
(515,025
|
)
|
Net loss from discontinued operations, net of tax
|
|
(3,821
|
)
|
|
—
|
|
|
(1,486
|
)
|
|||
Net loss attributable to Noble Corporation plc
|
|
$
|
(700,590
|
)
|
|
$
|
(885,050
|
)
|
|
$
|
(516,511
|
)
|
Per share data
|
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
|
||||||
Loss from continuing operations
|
|
$
|
(2.79
|
)
|
|
$
|
(3.59
|
)
|
|
$
|
(2.10
|
)
|
Loss from discontinued operations
|
|
(0.02
|
)
|
|
—
|
|
|
(0.01
|
)
|
|||
Net loss attributable to Noble Corporation plc
|
|
$
|
(2.81
|
)
|
|
$
|
(3.59
|
)
|
|
$
|
(2.11
|
)
|
Diluted:
|
|
|
|
|
|
|
||||||
Loss from continuing operations
|
|
$
|
(2.79
|
)
|
|
$
|
(3.59
|
)
|
|
$
|
(2.10
|
)
|
Loss from discontinued operations
|
|
(0.02
|
)
|
|
—
|
|
|
(0.01
|
)
|
|||
Net loss attributable to Noble Corporation plc
|
|
$
|
(2.81
|
)
|
|
$
|
(3.59
|
)
|
|
$
|
(2.11
|
)
|
Weighted- Average Shares Outstanding
|
|
|
|
|
|
|
||||||
Basic
|
|
248,949
|
|
|
246,614
|
|
|
244,743
|
|
|||
Diluted
|
|
248,949
|
|
|
246,614
|
|
|
244,743
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net loss
|
|
$
|
(874,366
|
)
|
|
$
|
(1,130,535
|
)
|
|
$
|
(493,927
|
)
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments
|
|
260
|
|
|
(2,729
|
)
|
|
990
|
|
|||
Net pension plan gain (loss) (net of tax provision (benefit) of ($924), ($1,828) and $523 for the year ended December 31, 2019, 2018 and 2017, respectively)
|
|
(3,744
|
)
|
|
(7,099
|
)
|
|
6,774
|
|
|||
Amortization of deferred pension plan amounts (net of tax provision of $584, $345 and $623 for the year ended December 31, 2019, 2018 and 2017, respectively)
|
|
2,197
|
|
|
1,298
|
|
|
1,393
|
|
|||
Net pension plan curtailment and settlement expense (net of tax provision (benefit) of ($8), $28 and zero for the year ended December 31, 2019, 2018 and 2017, respectively)
|
|
(30
|
)
|
|
107
|
|
|
95
|
|
|||
Prior service cost arising during the period (net of tax provision (benefit) of zero, ($55) and zero for the year ended December 31, 2019, 2018 and 2017, respectively)
|
|
—
|
|
|
(221
|
)
|
|
—
|
|
|||
Other comprehensive income (loss), net
|
|
(1,317
|
)
|
|
(8,644
|
)
|
|
9,252
|
|
|||
Net comprehensive (income) loss attributable to noncontrolling interests
|
|
173,776
|
|
|
245,485
|
|
|
(22,584
|
)
|
|||
Comprehensive loss attributable to Noble Corporation plc
|
|
$
|
(701,907
|
)
|
|
$
|
(893,694
|
)
|
|
$
|
(507,259
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
||||||
Net loss
|
|
$
|
(874,366
|
)
|
|
$
|
(1,130,535
|
)
|
|
$
|
(493,927
|
)
|
Adjustments to reconcile net loss to net cash flow from operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
440,221
|
|
|
486,530
|
|
|
547,990
|
|
|||
Loss on impairment
|
|
615,294
|
|
|
802,133
|
|
|
121,639
|
|
|||
(Gain) loss on extinguishment of debt, net
|
|
(30,616
|
)
|
|
1,793
|
|
|
—
|
|
|||
Deferred income taxes
|
|
(17,825
|
)
|
|
(68,416
|
)
|
|
241,326
|
|
|||
Amortization of share-based compensation
|
|
14,737
|
|
|
23,993
|
|
|
29,115
|
|
|||
Other long-term asset write-off
|
|
—
|
|
|
—
|
|
|
29,032
|
|
|||
Other costs, net
|
|
60,259
|
|
|
6,446
|
|
|
12,590
|
|
|||
Changes in components of working capital
|
|
|
|
|
|
|
||||||
Change in taxes receivable
|
|
(11,225
|
)
|
|
84,847
|
|
|
(49,865
|
)
|
|||
Net changes in other operating assets and liabilities
|
|
(9,708
|
)
|
|
(34,940
|
)
|
|
(21,225
|
)
|
|||
Net cash provided by operating activities
|
|
186,771
|
|
|
171,851
|
|
|
416,675
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
(268,783
|
)
|
|
(194,779
|
)
|
|
(120,707
|
)
|
|||
Proceeds from disposal of assets, net
|
|
12,753
|
|
|
5,402
|
|
|
2,382
|
|
|||
Net cash used in investing activities
|
|
(256,030
|
)
|
|
(189,377
|
)
|
|
(118,325
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
|
||||||
Issuance of senior notes
|
|
—
|
|
|
750,000
|
|
|
—
|
|
|||
Borrowings on credit facilities
|
|
755,000
|
|
|
—
|
|
|
—
|
|
|||
Repayments of credit facilities
|
|
(420,000
|
)
|
|
—
|
|
|
—
|
|
|||
Repayments of senior notes
|
|
(400,000
|
)
|
|
(972,708
|
)
|
|
(300,000
|
)
|
|||
Debt issuance costs
|
|
(1,092
|
)
|
|
(15,639
|
)
|
|
(42
|
)
|
|||
Purchase of noncontrolling interests
|
|
(106,744
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid to noncontrolling interests
|
|
(25,109
|
)
|
|
(27,579
|
)
|
|
(56,881
|
)
|
|||
Taxes withheld on employee stock transactions
|
|
(2,779
|
)
|
|
(3,470
|
)
|
|
(4,320
|
)
|
|||
Net cash used in financing activities
|
|
(200,724
|
)
|
|
(269,396
|
)
|
|
(361,243
|
)
|
|||
Net decrease in cash, cash equivalents and restricted cash
|
|
(269,983
|
)
|
|
(286,922
|
)
|
|
(62,893
|
)
|
|||
Cash, cash equivalents and restricted cash, beginning of period
|
|
375,907
|
|
|
662,829
|
|
|
725,722
|
|
|||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
105,924
|
|
|
$
|
375,907
|
|
|
$
|
662,829
|
|
|
|
Shares
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||||
|
|
Balance
|
|
Par Value
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2016
|
|
243,239
|
|
|
$
|
2,432
|
|
|
$
|
654,168
|
|
|
$
|
5,154,221
|
|
|
$
|
(52,140
|
)
|
|
$
|
708,764
|
|
|
$
|
6,467,445
|
|
Employee related equity activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization of share-based compensation
|
|
—
|
|
|
—
|
|
|
29,115
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,115
|
|
||||||
Issuance of share-based compensation shares
|
|
1,732
|
|
|
18
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||||
Tax benefit of equity transactions
|
|
—
|
|
|
—
|
|
|
(4,338
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,338
|
)
|
||||||
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(516,511
|
)
|
|
—
|
|
|
22,584
|
|
|
(493,927
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,881
|
)
|
|
(56,881
|
)
|
||||||
Dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
||||||
Other comprehensive income, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,252
|
|
|
—
|
|
|
9,252
|
|
||||||
Balance at December 31, 2017
|
|
244,971
|
|
|
$
|
2,450
|
|
|
$
|
678,922
|
|
|
$
|
4,637,677
|
|
|
$
|
(42,888
|
)
|
|
$
|
674,467
|
|
|
$
|
5,950,628
|
|
Tax effects of intra-entity asset transfers
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148,393
|
)
|
|
—
|
|
|
—
|
|
|
(148,393
|
)
|
||||||
Stranded tax effect resulting from the Tax Cuts and Jobs Act
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,540
|
|
|
(5,540
|
)
|
|
—
|
|
|
—
|
|
||||||
Adjustment for adopting the revenue recognition standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
||||||
Balance at January 1, 2018
|
|
244,971
|
|
|
2,450
|
|
|
678,922
|
|
|
4,493,336
|
|
|
(48,428
|
)
|
|
674,467
|
|
|
5,800,747
|
|
||||||
Employee related equity activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization of share-based compensation
|
|
—
|
|
|
—
|
|
|
23,993
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,993
|
|
||||||
Issuance of share-based compensation shares
|
|
1,823
|
|
|
18
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Tax benefit of equity transactions
|
|
—
|
|
|
—
|
|
|
(3,488
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,488
|
)
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(885,050
|
)
|
|
—
|
|
|
(245,485
|
)
|
|
(1,130,535
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,579
|
)
|
|
(27,579
|
)
|
||||||
Dividend equivalents (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
80
|
|
||||||
Other comprehensive loss, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,644
|
)
|
|
—
|
|
|
(8,644
|
)
|
||||||
Balance at December 31, 2018
|
|
246,794
|
|
|
$
|
2,468
|
|
|
$
|
699,409
|
|
|
$
|
3,608,366
|
|
|
$
|
(57,072
|
)
|
|
$
|
401,403
|
|
|
$
|
4,654,574
|
|
Employee related equity activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization of share-based compensation
|
|
—
|
|
|
—
|
|
|
14,737
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,737
|
|
||||||
Issuance of share-based compensation shares
|
|
2,406
|
|
|
24
|
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Tax benefit of equity transactions
|
|
—
|
|
|
—
|
|
|
(2,803
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,803
|
)
|
||||||
Purchase of noncontrolling interests
|
|
—
|
|
|
—
|
|
|
95,774
|
|
|
—
|
|
|
—
|
|
|
(202,518
|
)
|
|
(106,744
|
)
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(700,590
|
)
|
|
—
|
|
|
(173,776
|
)
|
|
(874,366
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,109
|
)
|
|
(25,109
|
)
|
||||||
Other comprehensive loss, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,317
|
)
|
|
—
|
|
|
(1,317
|
)
|
||||||
Balance at December 31, 2019
|
|
249,200
|
|
|
$
|
2,492
|
|
|
$
|
807,093
|
|
|
$
|
2,907,776
|
|
|
$
|
(58,389
|
)
|
|
$
|
—
|
|
|
$
|
3,658,972
|
|
(1)
|
Activity associated with dividend equivalents, which are related to 2016 performance awards to be paid upon vesting.
|
|
/s/ PricewaterhouseCoopers LLP
|
|
Houston, Texas
|
February 20, 2020
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
||||||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
104,575
|
|
|
$
|
374,375
|
|
Accounts receivable, net
|
|
198,665
|
|
|
200,722
|
|
||
Taxes receivable
|
|
59,771
|
|
|
20,498
|
|
||
Prepaid expenses and other current assets
|
|
57,890
|
|
|
61,917
|
|
||
Total current assets
|
|
420,901
|
|
|
657,512
|
|
||
Property and equipment, at cost
|
|
10,306,625
|
|
|
10,956,412
|
|
||
Accumulated depreciation
|
|
(2,572,701
|
)
|
|
(2,475,694
|
)
|
||
Property and equipment, net
|
|
7,733,924
|
|
|
8,480,718
|
|
||
Other assets
|
|
128,467
|
|
|
125,149
|
|
||
Total assets
|
|
$
|
8,283,292
|
|
|
$
|
9,263,379
|
|
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
62,505
|
|
|
$
|
—
|
|
Accounts payable
|
|
107,985
|
|
|
125,237
|
|
||
Accrued payroll and related costs
|
|
56,065
|
|
|
50,284
|
|
||
Taxes payable
|
|
30,715
|
|
|
29,386
|
|
||
Interest payable
|
|
88,047
|
|
|
100,100
|
|
||
Other current liabilities
|
|
71,397
|
|
|
60,012
|
|
||
Total current liabilities
|
|
416,714
|
|
|
365,019
|
|
||
Long-term debt
|
|
3,779,499
|
|
|
3,877,402
|
|
||
Deferred income taxes
|
|
68,201
|
|
|
91,695
|
|
||
Other liabilities
|
|
260,898
|
|
|
275,795
|
|
||
Total liabilities
|
|
4,525,312
|
|
|
4,609,911
|
|
||
Commitments and contingencies (Note 16)
|
|
|
|
|
|
|
||
Shareholder equity
|
|
|
|
|
||||
Common stock, $0.10 par value, ordinary shares; 261,246 shares outstanding as of December 31, 2019 and December 31, 2018
|
|
26,125
|
|
|
26,125
|
|
||
Capital in excess of par value
|
|
757,545
|
|
|
647,082
|
|
||
Retained earnings
|
|
3,032,699
|
|
|
3,635,930
|
|
||
Accumulated other comprehensive loss
|
|
(58,389
|
)
|
|
(57,072
|
)
|
||
Total shareholder equity
|
|
3,757,980
|
|
|
4,252,065
|
|
||
Noncontrolling interests
|
|
—
|
|
|
401,403
|
|
||
Total equity
|
|
3,757,980
|
|
|
4,653,468
|
|
||
Total liabilities and equity
|
|
$
|
8,283,292
|
|
|
$
|
9,263,379
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Operating revenues
|
|
|
|
|
|
|
||||||
Contract drilling services
|
|
$
|
1,246,058
|
|
|
$
|
1,036,082
|
|
|
$
|
1,207,026
|
|
Reimbursables and other
|
|
59,380
|
|
|
46,744
|
|
|
29,889
|
|
|||
|
|
1,305,438
|
|
|
1,082,826
|
|
|
1,236,915
|
|
|||
Operating costs and expenses
|
|
|
|
|
|
|
||||||
Contract drilling services
|
|
696,265
|
|
|
628,128
|
|
|
640,483
|
|
|||
Reimbursables
|
|
49,061
|
|
|
37,084
|
|
|
18,435
|
|
|||
Depreciation and amortization
|
|
437,690
|
|
|
482,660
|
|
|
543,119
|
|
|||
General and administrative
|
|
34,602
|
|
|
38,203
|
|
|
41,087
|
|
|||
Loss on impairment
|
|
615,294
|
|
|
802,133
|
|
|
121,639
|
|
|||
|
|
1,832,912
|
|
|
1,988,208
|
|
|
1,364,763
|
|
|||
Operating loss
|
|
(527,474
|
)
|
|
(905,382
|
)
|
|
(127,848
|
)
|
|||
Other income (expense)
|
|
|
|
|
|
|
||||||
Interest expense, net of amount capitalized
|
|
(279,435
|
)
|
|
(297,611
|
)
|
|
(291,989
|
)
|
|||
Gain (loss) on extinguishment of debt, net
|
|
30,616
|
|
|
(1,793
|
)
|
|
—
|
|
|||
Interest income and other, net
|
|
6,670
|
|
|
8,282
|
|
|
7,733
|
|
|||
Loss from continuing operations before income taxes
|
|
(769,623
|
)
|
|
(1,196,504
|
)
|
|
(412,104
|
)
|
|||
Income tax benefit (provision)
|
|
38,540
|
|
|
106,534
|
|
|
(42,595
|
)
|
|||
Net loss from continuing operations
|
|
(731,083
|
)
|
|
(1,089,970
|
)
|
|
(454,699
|
)
|
|||
Net income from discontinued operations, net of tax
|
|
(3,821
|
)
|
|
—
|
|
|
2,967
|
|
|||
Net loss
|
|
(734,904
|
)
|
|
(1,089,970
|
)
|
|
(451,732
|
)
|
|||
Net (income) loss attributable to noncontrolling interests
|
|
173,776
|
|
|
245,485
|
|
|
(22,584
|
)
|
|||
Net loss attributable to Noble Corporation
|
|
$
|
(561,128
|
)
|
|
$
|
(844,485
|
)
|
|
$
|
(474,316
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net loss
|
|
$
|
(734,904
|
)
|
|
$
|
(1,089,970
|
)
|
|
$
|
(451,732
|
)
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation adjustments
|
|
260
|
|
|
(2,729
|
)
|
|
990
|
|
|||
Net pension plan gain (loss) (net of tax provision (benefit) of ($924), ($1,828) and $523 for the year ended December 31, 2019, 2018 and 2017, respectively)
|
|
(3,744
|
)
|
|
(7,099
|
)
|
|
6,774
|
|
|||
Amortization of deferred pension plan amounts (net of tax provision of $584, $345 and $623 for the year ended December 31, 2019, 2018 and 2017, respectively)
|
|
2,197
|
|
|
1,298
|
|
|
1,393
|
|
|||
Net pension plan curtailment and settlement expense (net of tax provision (benefit) of ($8), $28 and zero for the year ended December 31, 2019, 2018 and 2017, respectively)
|
|
(30
|
)
|
|
107
|
|
|
95
|
|
|||
Prior service cost arising during the period (net of tax provision (benefit) of zero, ($55) and zero for the year ended December 31, 2019, 2018 and 2017, respectively)
|
|
—
|
|
|
(221
|
)
|
|
—
|
|
|||
Other comprehensive income (loss), net
|
|
(1,317
|
)
|
|
(8,644
|
)
|
|
9,252
|
|
|||
Net comprehensive (income) loss attributable to noncontrolling interests
|
|
173,776
|
|
|
245,485
|
|
|
(22,584
|
)
|
|||
Comprehensive loss attributable to Noble Corporation
|
|
$
|
(562,445
|
)
|
|
$
|
(853,129
|
)
|
|
$
|
(465,064
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
|
||||||
Net loss
|
|
$
|
(734,904
|
)
|
|
$
|
(1,089,970
|
)
|
|
$
|
(451,732
|
)
|
Adjustments to reconcile net loss to net cash flow from operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
437,690
|
|
|
482,660
|
|
|
543,119
|
|
|||
Loss on impairment
|
|
615,294
|
|
|
802,133
|
|
|
121,639
|
|
|||
(Gain) loss on extinguishment of debt, net
|
|
(30,616
|
)
|
|
1,793
|
|
|
—
|
|
|||
Deferred income taxes
|
|
(17,825
|
)
|
|
(68,416
|
)
|
|
241,326
|
|
|||
Amortization of share-based compensation
|
|
14,689
|
|
|
23,945
|
|
|
29,046
|
|
|||
Other long-term asset write-off
|
|
—
|
|
|
—
|
|
|
29,030
|
|
|||
Other costs, net
|
|
(39,741
|
)
|
|
6,446
|
|
|
12,591
|
|
|||
Change in components of working capital
|
|
|
|
|
|
|
||||||
Change in taxes receivable
|
|
(11,225
|
)
|
|
84,847
|
|
|
(49,865
|
)
|
|||
Net changes in other operating assets and liabilities
|
|
(6,456
|
)
|
|
(30,679
|
)
|
|
(20,080
|
)
|
|||
Net cash provided by operating activities
|
|
226,906
|
|
|
212,759
|
|
|
455,074
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
(268,783
|
)
|
|
(194,779
|
)
|
|
(120,707
|
)
|
|||
Proceeds from disposal of assets
|
|
12,753
|
|
|
5,402
|
|
|
2,382
|
|
|||
Net cash used in investing activities
|
|
(256,030
|
)
|
|
(189,377
|
)
|
|
(118,325
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
|
||||||
Borrowings on credit facilities
|
|
755,000
|
|
|
—
|
|
|
—
|
|
|||
Issuance of senior notes
|
|
—
|
|
|
750,000
|
|
|
—
|
|
|||
Repayment of credit facilities
|
|
(420,000
|
)
|
|
—
|
|
|
—
|
|
|||
Repayments of senior notes
|
|
(400,000
|
)
|
|
(972,708
|
)
|
|
(300,000
|
)
|
|||
Debt issuance costs
|
|
(1,092
|
)
|
|
(15,639
|
)
|
|
(42
|
)
|
|||
Purchase of noncontrolling interests
|
|
(106,744
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid to noncontrolling interests
|
|
(25,109
|
)
|
|
(27,579
|
)
|
|
(56,881
|
)
|
|||
Contributions (distributions) from (to) parent company, net
|
|
(42,103
|
)
|
|
(44,417
|
)
|
|
28,352
|
|
|||
Net cash used in financing activities
|
|
(240,048
|
)
|
|
(310,343
|
)
|
|
(328,571
|
)
|
|||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
(269,172
|
)
|
|
(286,961
|
)
|
|
8,178
|
|
|||
Cash, cash equivalents and restricted cash, beginning of period
|
|
375,050
|
|
|
662,011
|
|
|
653,833
|
|
|||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
105,878
|
|
|
$
|
375,050
|
|
|
$
|
662,011
|
|
|
|
Shares
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests
|
|
Total Equity
|
|||||||||||||||
|
|
Balance
|
|
Par Value
|
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2016
|
|
261,246
|
|
|
$
|
26,125
|
|
|
$
|
594,091
|
|
|
$
|
5,115,137
|
|
|
$
|
(52,140
|
)
|
|
$
|
708,764
|
|
|
$
|
6,391,977
|
|
Contributions from parent company, net
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,352
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,352
|
|
Capital contribution by parent - share-based compensation
|
|
—
|
|
|
—
|
|
|
29,046
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,046
|
|
||||||
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(474,316
|
)
|
|
—
|
|
|
22,584
|
|
|
(451,732
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,881
|
)
|
|
(56,881
|
)
|
||||||
Other comprehensive income, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,252
|
|
|
—
|
|
|
9,252
|
|
||||||
Balance at December 31, 2017
|
|
261,246
|
|
|
26,125
|
|
|
623,137
|
|
|
4,669,173
|
|
|
(42,888
|
)
|
|
674,467
|
|
|
5,950,014
|
|
||||||
Tax effects of intra-entity asset transfers
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(148,393
|
)
|
|
—
|
|
|
—
|
|
|
(148,393
|
)
|
||||||
Stranded tax effect resulting from the Tax Cuts and Jobs Act
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,540
|
|
|
(5,540
|
)
|
|
—
|
|
|
—
|
|
||||||
Adjustment for adopting the revenue recognition standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
|
—
|
|
|
—
|
|
|
(1,488
|
)
|
||||||
Balance at January 1, 2018
|
|
261,246
|
|
|
26,125
|
|
|
623,137
|
|
|
4,524,832
|
|
|
(48,428
|
)
|
|
674,467
|
|
|
5,800,133
|
|
||||||
Distributions to parent company, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44,417
|
)
|
|
—
|
|
|
—
|
|
|
(44,417
|
)
|
||||||
Capital contribution by parent - share-based compensation
|
|
—
|
|
|
—
|
|
|
23,945
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,945
|
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(844,485
|
)
|
|
—
|
|
|
(245,485
|
)
|
|
(1,089,970
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,579
|
)
|
|
(27,579
|
)
|
||||||
Other comprehensive loss, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,644
|
)
|
|
—
|
|
|
(8,644
|
)
|
||||||
Balance at December 31, 2018
|
|
261,246
|
|
|
26,125
|
|
|
647,082
|
|
|
3,635,930
|
|
|
(57,072
|
)
|
|
401,403
|
|
|
4,653,468
|
|
||||||
Distributions to parent company, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,103
|
)
|
|
—
|
|
|
—
|
|
|
(42,103
|
)
|
||||||
Capital contribution by parent - share-based compensation
|
|
—
|
|
|
—
|
|
|
14,689
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,689
|
|
||||||
Purchase of noncontrolling interests
|
|
—
|
|
|
—
|
|
|
95,774
|
|
|
—
|
|
|
—
|
|
|
(202,518
|
)
|
|
(106,744
|
)
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(561,128
|
)
|
|
—
|
|
|
(173,776
|
)
|
|
(734,904
|
)
|
||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,109
|
)
|
|
(25,109
|
)
|
||||||
Other comprehensive loss, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,317
|
)
|
|
—
|
|
|
(1,317
|
)
|
||||||
Balance at December 31, 2019
|
|
261,246
|
|
|
26,125
|
|
|
757,545
|
|
|
3,032,699
|
|
|
(58,389
|
)
|
|
—
|
|
|
3,757,980
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
|
|
|
|
|
||||||
Net loss from continuing operations
|
|
$
|
(696,769
|
)
|
|
$
|
(885,050
|
)
|
|
$
|
(515,025
|
)
|
Net loss from discontinued operations, net of tax
|
|
(3,821
|
)
|
|
—
|
|
|
(1,486
|
)
|
|||
Net loss attributable to Noble Corporation plc
|
|
$
|
(700,590
|
)
|
|
$
|
(885,050
|
)
|
|
$
|
(516,511
|
)
|
Diluted
|
|
|
|
|
|
|
|
|
|
|||
Net loss from continuing operations
|
|
$
|
(696,769
|
)
|
|
$
|
(885,050
|
)
|
|
$
|
(515,025
|
)
|
Net loss from discontinued operations, net of tax
|
|
(3,821
|
)
|
|
—
|
|
|
(1,486
|
)
|
|||
Net loss attributable to Noble Corporation plc
|
|
$
|
(700,590
|
)
|
|
$
|
(885,050
|
)
|
|
$
|
(516,511
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|||
Weighted average shares outstanding - basic
|
|
248,949
|
|
|
246,614
|
|
|
244,743
|
|
|||
Weighted average shares outstanding - diluted
|
|
248,949
|
|
|
246,614
|
|
|
244,743
|
|
|||
Loss per share
|
|
|
|
|
|
|
|
|
|
|||
Basic:
|
|
|
|
|
|
|
||||||
Loss from continuing operations
|
|
$
|
(2.79
|
)
|
|
$
|
(3.59
|
)
|
|
$
|
(2.10
|
)
|
Loss from discontinued operations
|
|
(0.02
|
)
|
|
—
|
|
|
(0.01
|
)
|
|||
Net loss attributable to Noble Corporation plc
|
|
$
|
(2.81
|
)
|
|
$
|
(3.59
|
)
|
|
$
|
(2.11
|
)
|
Diluted:
|
|
|
|
|
|
|
|
|||||
Loss from continuing operations
|
|
$
|
(2.79
|
)
|
|
$
|
(3.59
|
)
|
|
$
|
(2.10
|
)
|
Loss from discontinued operations
|
|
(0.02
|
)
|
|
—
|
|
|
(0.01
|
)
|
|||
Net loss attributable to Noble Corporation plc
|
|
$
|
(2.81
|
)
|
|
$
|
(3.59
|
)
|
|
$
|
(2.11
|
)
|
Dividends per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Drilling equipment and facilities
|
|
$
|
10,014,314
|
|
|
$
|
10,546,376
|
|
Construction in progress
|
|
88,904
|
|
|
209,091
|
|
||
Other
|
|
203,407
|
|
|
200,945
|
|
||
Property and equipment, at cost
|
|
$
|
10,306,625
|
|
|
$
|
10,956,412
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
||||||||||||||
$
|
62,535
|
|
|
$
|
82,937
|
|
|
$
|
83,730
|
|
|
$
|
388,462
|
|
|
$
|
397,025
|
|
|
$
|
2,872,216
|
|
|
$
|
3,886,905
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Senior unsecured notes
|
|
|
|
|
|
|
|
|
||||||||
4.90% Senior Notes due August 2020
|
|
$
|
62,505
|
|
|
$
|
60,660
|
|
|
$
|
65,810
|
|
|
$
|
60,177
|
|
4.625% Senior Notes due March 2021
|
|
79,854
|
|
|
64,262
|
|
|
92,967
|
|
|
84,931
|
|
||||
3.95% Senior Notes due March 2022
|
|
21,181
|
|
|
12,170
|
|
|
41,617
|
|
|
37,096
|
|
||||
7.75% Senior Notes due January 2024
|
|
389,800
|
|
|
211,035
|
|
|
783,350
|
|
|
613,719
|
|
||||
7.95% Senior Notes due April 2025
|
|
446,962
|
|
|
228,515
|
|
|
446,517
|
|
|
339,035
|
|
||||
7.875% Senior Notes due February 2026
|
|
739,371
|
|
|
546,353
|
|
|
738,075
|
|
|
647,085
|
|
||||
6.20% Senior Notes due August 2040
|
|
390,526
|
|
|
149,134
|
|
|
390,454
|
|
|
245,242
|
|
||||
6.05% Senior Notes due March 2041
|
|
389,809
|
|
|
142,646
|
|
|
389,693
|
|
|
247,171
|
|
||||
5.25% Senior Notes due March 2042
|
|
478,122
|
|
|
176,265
|
|
|
477,996
|
|
|
277,056
|
|
||||
8.95% Senior Notes due April 2045
|
|
390,763
|
|
|
164,664
|
|
|
390,672
|
|
|
311,392
|
|
||||
Seller loans:
|
|
|
|
|
|
|
|
|
||||||||
Seller-financed secured loan due September 2022
|
|
62,453
|
|
|
36,968
|
|
|
60,251
|
|
|
57,902
|
|
||||
Seller-financed secured loan due February 2023
|
|
55,658
|
|
|
31,175
|
|
|
—
|
|
|
—
|
|
||||
Credit facility:
|
|
|
|
|
|
|
|
|
||||||||
2017 Credit Facility matures January 2023
|
|
335,000
|
|
|
335,000
|
|
|
—
|
|
|
—
|
|
||||
Total debt
|
|
3,842,004
|
|
|
2,158,847
|
|
|
3,877,402
|
|
|
2,920,806
|
|
||||
Less: Current maturities of long-term debt
|
|
62,505
|
|
|
60,660
|
|
|
—
|
|
|
—
|
|
||||
Long-term debt
|
|
$
|
3,779,499
|
|
|
$
|
2,098,187
|
|
|
$
|
3,877,402
|
|
|
$
|
2,920,806
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||
|
|
Number of
Shares
Underlying
Options
|
|
Weighted
Average
Exercise
Price
|
|
Number of
Shares
Underlying
Options
|
|
Weighted
Average
Exercise
Price
|
|
Number of
Shares
Underlying
Options
|
|
Weighted
Average
Exercise
Price
|
|||||||||
Outstanding at beginning of year
|
|
1,103,242
|
|
|
$
|
28.74
|
|
|
1,313,155
|
|
|
$
|
29.51
|
|
|
1,420,175
|
|
|
$
|
29.52
|
|
Expired
|
|
(394,842
|
)
|
|
24.85
|
|
|
(209,913
|
)
|
|
33.56
|
|
|
(107,020
|
)
|
|
29.74
|
|
|||
Outstanding at end of year (1)
|
|
708,400
|
|
|
30.90
|
|
|
1,103,242
|
|
|
28.74
|
|
|
1,313,155
|
|
|
29.51
|
|
|||
Exercisable at end of year (1)
|
|
708,400
|
|
|
$
|
30.90
|
|
|
1,103,242
|
|
|
$
|
28.74
|
|
|
1,313,155
|
|
|
$
|
29.51
|
|
(1)
|
Options outstanding and exercisable at December 31, 2019 had no intrinsic value.
|
|
|
Options Outstanding and Exercisable
|
|||||||
|
|
Number of
Shares
Underlying
Options
|
|
Weighted
Average
Remaining
Life (Years)
|
|
Weighted
Average
Exercise
Price
|
|||
$20.49 to $25.41
|
|
53,934
|
|
|
2.03
|
|
$
|
25.41
|
|
$25.42 to $30.59
|
|
277,177
|
|
|
2.10
|
|
30.59
|
|
|
$30.60 to $32.78
|
|
377,289
|
|
|
0.70
|
|
31.92
|
|
|
Total
|
|
708,400
|
|
|
1.33
|
|
$
|
30.90
|
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Valuation assumptions:
|
|
|
|
|
|
|
|
|
|
Expected volatility
|
|
59.6
|
%
|
|
61.8
|
%
|
|
56.4
|
%
|
Risk-free interest rate
|
|
2.50
|
%
|
|
2.31
|
%
|
|
1.49
|
%
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
TVRSU
|
|
|
|
|
|
|
|
|
|
|||
Units awarded
|
|
4,639,119
|
|
|
3,578,212
|
|
|
3,231,225
|
|
|||
Weighted-average share price at award date
|
|
$
|
3.02
|
|
|
$
|
4.71
|
|
|
$
|
6.96
|
|
Weighted-average vesting period (years)
|
|
3.0
|
|
|
3.0
|
|
|
3.0
|
|
|||
PVRSU
|
|
|
|
|
|
|
|
|
|
|||
Units awarded
|
|
1,623,399
|
|
|
2,733,906
|
|
|
2,474,978
|
|
|||
Weighted-average share price at award date
|
|
$
|
3.13
|
|
|
$
|
4.55
|
|
|
$
|
7.28
|
|
Three-year performance period ended December 31
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|||
Weighted-average award date fair value
|
|
$
|
3.61
|
|
|
$
|
2.96
|
|
|
$
|
4.37
|
|
|
|
TVRSUs
Outstanding
|
|
Weighted
Average
Award-Date
Fair Value
|
|
PVRSUs
Outstanding (1)
|
|
Weighted
Average
Award-Date
Fair Value
|
||||||
Non-vested RSUs at January 1, 2019
|
|
5,224,403
|
|
|
$
|
5.71
|
|
|
6,191,067
|
|
|
$
|
4.38
|
|
Awarded
|
|
4,639,119
|
|
|
3.02
|
|
|
1,623,399
|
|
|
3.61
|
|
||
Vested
|
|
(2,597,672
|
)
|
|
6.08
|
|
|
(621,759
|
)
|
|
3.81
|
|
||
Forfeited
|
|
(936,821
|
)
|
|
4.44
|
|
|
(2,338,355
|
)
|
|
3.39
|
|
||
Non-vested RSUs at December 31, 2019
|
|
6,329,029
|
|
|
$
|
3.89
|
|
|
4,854,352
|
|
|
$
|
3.56
|
|
|
|
Defined Benefit Pension Items (1)
|
|
Foreign Currency Items
|
|
Total
|
||||||
Balance at December 31, 2017
|
|
$
|
(27,603
|
)
|
|
$
|
(15,285
|
)
|
|
$
|
(42,888
|
)
|
Activity during period:
|
|
|
|
|
|
|
||||||
Stranded tax effect resulting from the Tax Cuts and Jobs Act
|
|
(5,540
|
)
|
|
—
|
|
|
(5,540
|
)
|
|||
Balance at January 1, 2018
|
|
(33,143
|
)
|
|
(15,285
|
)
|
|
(48,428
|
)
|
|||
Activity during period:
|
|
|
|
|
|
|
||||||
Other comprehensive loss before reclassifications
|
|
—
|
|
|
(2,729
|
)
|
|
(2,729
|
)
|
|||
Amounts reclassified from AOCI
|
|
(5,915
|
)
|
|
—
|
|
|
(5,915
|
)
|
|||
Net other comprehensive loss
|
|
(5,915
|
)
|
|
(2,729
|
)
|
|
(8,644
|
)
|
|||
Balance at December 31, 2018
|
|
$
|
(39,058
|
)
|
|
$
|
(18,014
|
)
|
|
$
|
(57,072
|
)
|
Activity during period:
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications
|
|
—
|
|
|
260
|
|
|
260
|
|
|||
Amounts reclassified from AOCI
|
|
(1,577
|
)
|
|
—
|
|
|
(1,577
|
)
|
|||
Net other comprehensive income (loss)
|
|
(1,577
|
)
|
|
260
|
|
|
(1,317
|
)
|
|||
Balance at December 31, 2019
|
|
$
|
(40,635
|
)
|
|
$
|
(17,754
|
)
|
|
$
|
(58,389
|
)
|
(1)
|
Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through “Other income (expense).” See “Note 13— Employee Benefit Plans” for additional information.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Current contract assets
|
|
$
|
21,292
|
|
|
$
|
25,298
|
|
Noncurrent contract assets
|
|
9,508
|
|
|
22,366
|
|
||
Total contract assets
|
|
30,800
|
|
|
47,664
|
|
||
|
|
|
|
|
||||
Current contract liabilities (deferred revenue)
|
|
(34,196
|
)
|
|
(32,906
|
)
|
||
Noncurrent contract liabilities (deferred revenue)
|
|
(30,859
|
)
|
|
(47,847
|
)
|
||
Total contract liabilities
|
|
$
|
(65,055
|
)
|
|
$
|
(80,753
|
)
|
|
|
Contract Assets
|
|
Contract Liabilities
|
||||
Net balance at December 31, 2017
|
|
$
|
55,749
|
|
|
$
|
(108,861
|
)
|
|
|
|
|
|
||||
Amortization of deferred costs
|
|
(32,420
|
)
|
|
—
|
|
||
Additions to deferred costs
|
|
24,335
|
|
|
—
|
|
||
Amortization of deferred revenue
|
|
—
|
|
|
47,798
|
|
||
Additions to deferred revenue
|
|
—
|
|
|
(19,690
|
)
|
||
Total
|
|
(8,085
|
)
|
|
28,108
|
|
||
|
|
|
|
|
||||
Net balance at December 31, 2018
|
|
$
|
47,664
|
|
|
$
|
(80,753
|
)
|
|
|
|
|
|
||||
Amortization of deferred costs
|
|
(39,936
|
)
|
|
—
|
|
||
Additions to deferred costs
|
|
23,072
|
|
|
—
|
|
||
Amortization of deferred revenue
|
|
—
|
|
|
65,312
|
|
||
Additions to deferred revenue
|
|
—
|
|
|
(49,614
|
)
|
||
Total
|
|
(16,864
|
)
|
|
15,698
|
|
||
|
|
|
|
|
||||
Net balance at December 31, 2019
|
|
$
|
30,800
|
|
|
$
|
(65,055
|
)
|
|
|
Year Ending December 31,
|
||||||||||||||||||||||
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024 and beyond
|
|
Total
|
||||||||||||
Floaters
|
|
$
|
17,252
|
|
|
$
|
10,584
|
|
|
$
|
7,798
|
|
|
$
|
3,548
|
|
|
$
|
—
|
|
|
$
|
39,182
|
|
Jackups
|
|
16,912
|
|
|
7,230
|
|
|
1,732
|
|
|
—
|
|
|
—
|
|
|
25,874
|
|
||||||
Total
|
|
$
|
34,164
|
|
|
$
|
17,814
|
|
|
$
|
9,530
|
|
|
$
|
3,548
|
|
|
$
|
—
|
|
|
$
|
65,056
|
|
|
|
Twelve Months Ended December 31, 2019
|
|
Twelve Months Ended December 31, 2018
|
||||
Floaters (1)
|
|
$
|
727,177
|
|
|
$
|
561,825
|
|
Jackups
|
|
518,881
|
|
|
474,257
|
|
||
Total (1)
|
|
$
|
1,246,058
|
|
|
$
|
1,036,082
|
|
|
|
December 31, 2019
|
||
Operating Leases
|
|
|
||
Operating lease right-of-use assets
|
|
$
|
33,480
|
|
Current operating lease liabilities
|
|
6,591
|
|
|
Long-term operating lease liabilities
|
|
26,778
|
|
Weighted average remaining lease term for operating leases (years)
|
|
7.7
|
|
Weighted average discounted rate for operating leases
|
|
9.7
|
%
|
|
|
Twelve Months Ended December 31, 2019
|
||
Operating lease cost
|
|
$
|
8,878
|
|
Short-term lease cost
|
|
7,012
|
|
|
Variable lease cost
|
|
1,620
|
|
|
Total lease cost
|
|
$
|
17,510
|
|
|
|
Twelve Months Ended December 31, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
8,812
|
|
|
|
Operating Leases
|
||
2020
|
|
$
|
9,463
|
|
2021
|
|
7,734
|
|
|
2022
|
|
5,345
|
|
|
2023
|
|
3,527
|
|
|
2024
|
|
3,604
|
|
|
Thereafter
|
|
20,530
|
|
|
Total lease payments
|
|
50,203
|
|
|
Less: Interest
|
|
(16,834
|
)
|
|
Present value of lease liability
|
|
$
|
33,369
|
|
|
|
2019
|
|
2018
|
||||
Deferred tax assets
|
|
|
|
|
|
|
||
United States
|
|
|
|
|
|
|
||
Net operating loss carry forwards
|
|
$
|
129,695
|
|
|
$
|
95,577
|
|
Disallowed interest deduction carryforwards
|
|
92,030
|
|
|
51,423
|
|
||
Deferred pension plan amounts
|
|
10,447
|
|
|
11,887
|
|
||
Accrued expenses not currently deductible
|
|
8,434
|
|
|
9,688
|
|
||
Other
|
|
2,356
|
|
|
1,936
|
|
||
Non-United States
|
|
|
|
|
|
|||
Net operating loss carry forwards
|
|
22,426
|
|
|
26,441
|
|
||
Disallowed interest deduction carryforwards
|
|
13,942
|
|
|
6,254
|
|
||
Deferred pension plan amounts
|
|
787
|
|
|
670
|
|
||
Deferred tax assets
|
|
280,117
|
|
|
203,876
|
|
||
Less: valuation allowance
|
|
(8,084
|
)
|
|
(12,306
|
)
|
||
Net deferred tax assets
|
|
$
|
272,033
|
|
|
$
|
191,570
|
|
Deferred tax liabilities
|
|
|
|
|
|
|
||
United States
|
|
|
|
|
|
|
||
Excess of net book basis over remaining tax basis
|
|
$
|
(299,136
|
)
|
|
$
|
(254,669
|
)
|
Other
|
|
(2,420
|
)
|
|
(6,482
|
)
|
||
Non-United States
|
|
|
|
|
|
|
||
Excess of net book basis over remaining tax basis
|
|
(4,780
|
)
|
|
(1,066
|
)
|
||
Other
|
|
(1,342
|
)
|
|
(1,596
|
)
|
||
Deferred tax liabilities
|
|
(307,678
|
)
|
|
(263,813
|
)
|
||
Net deferred tax liabilities
|
|
$
|
(35,645
|
)
|
|
$
|
(72,243
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
|
$
|
(65,062
|
)
|
|
$
|
(136,083
|
)
|
|
$
|
(81,329
|
)
|
Non-United States
|
|
(844,022
|
)
|
|
(1,101,093
|
)
|
|
(368,485
|
)
|
|||
Total
|
|
$
|
(909,084
|
)
|
|
$
|
(1,237,176
|
)
|
|
$
|
(449,814
|
)
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Current- United States
|
|
$
|
(34,726
|
)
|
|
$
|
(56,574
|
)
|
|
$
|
(227,707
|
)
|
Current- Non-United States
|
|
14,011
|
|
|
18,348
|
|
|
29,010
|
|
|||
Deferred- United States
|
|
(5,307
|
)
|
|
(67,371
|
)
|
|
257,432
|
|
|||
Deferred- Non-United States
|
|
(12,518
|
)
|
|
(1,044
|
)
|
|
(16,106
|
)
|
|||
Total
|
|
$
|
(38,540
|
)
|
|
$
|
(106,641
|
)
|
|
$
|
42,629
|
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
Gross balance at January 1,
|
|
$
|
161,256
|
|
|
$
|
174,437
|
|
|
$
|
159,826
|
|
Additions based on tax positions related to current year
|
|
934
|
|
|
97
|
|
|
14,187
|
|
|||
Additions for tax positions of prior years
|
|
224
|
|
|
25
|
|
|
1,284
|
|
|||
Reductions for tax positions of prior years
|
|
(28,542
|
)
|
|
(12,806
|
)
|
|
(860
|
)
|
|||
Expiration of statutes
|
|
(1,629
|
)
|
|
(497
|
)
|
|
—
|
|
|||
Tax settlements
|
|
(1,406
|
)
|
|
—
|
|
|
—
|
|
|||
Gross balance at December 31,
|
|
130,837
|
|
|
161,256
|
|
|
174,437
|
|
|||
Related tax benefits
|
|
(400
|
)
|
|
(1,008
|
)
|
|
(1,008
|
)
|
|||
Net reserve at December 31,
|
|
$
|
130,437
|
|
|
$
|
160,248
|
|
|
$
|
173,429
|
|
|
|
2019
|
|
2018
|
||||
Reserve for uncertain tax positions, excluding interest and penalties
|
|
$
|
130,437
|
|
|
$
|
160,248
|
|
Interest and penalties included in “Other liabilities”
|
|
29,232
|
|
|
23,538
|
|
||
Reserve for uncertain tax positions, including interest and penalties
|
|
$
|
159,669
|
|
|
$
|
183,786
|
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||
Benefit obligation at beginning of year
|
|
$
|
54,898
|
|
|
$
|
210,944
|
|
|
$
|
61,952
|
|
|
$
|
235,175
|
|
Service cost
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest cost
|
|
1,814
|
|
|
8,711
|
|
|
1,747
|
|
|
8,179
|
|
||||
Actuarial loss (gain)
|
|
6,649
|
|
|
29,078
|
|
|
(2,683
|
)
|
|
(20,673
|
)
|
||||
Plan amendments
|
|
—
|
|
|
—
|
|
|
285
|
|
|
—
|
|
||||
Benefits paid
|
|
(2,821
|
)
|
|
(7,201
|
)
|
|
(3,282
|
)
|
|
(7,218
|
)
|
||||
Settlements and curtailments
|
|
—
|
|
|
(1,283
|
)
|
|
—
|
|
|
(4,519
|
)
|
||||
Foreign exchange rate changes
|
|
1,945
|
|
|
—
|
|
|
(3,121
|
)
|
|
—
|
|
||||
Benefit obligation at end of year
|
|
$
|
62,485
|
|
|
$
|
240,249
|
|
|
$
|
54,898
|
|
|
$
|
210,944
|
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||
Fair value of plan assets at beginning of year
|
|
$
|
68,597
|
|
|
$
|
165,730
|
|
|
$
|
77,141
|
|
|
$
|
189,240
|
|
Actual return on plan assets
|
|
8,282
|
|
|
35,597
|
|
|
(1,366
|
)
|
|
(16,326
|
)
|
||||
Employer contributions
|
|
—
|
|
|
1,317
|
|
|
—
|
|
|
4,553
|
|
||||
Benefits paid
|
|
(2,821
|
)
|
|
(7,201
|
)
|
|
(3,282
|
)
|
|
(7,218
|
)
|
||||
Settlement and curtailment
|
|
—
|
|
|
(1,283
|
)
|
|
—
|
|
|
(4,519
|
)
|
||||
Foreign exchange rate changes
|
|
2,371
|
|
|
—
|
|
|
(3,896
|
)
|
|
—
|
|
||||
Fair value of plan assets at end of year
|
|
$
|
76,429
|
|
|
$
|
194,160
|
|
|
$
|
68,597
|
|
|
$
|
165,730
|
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||
Funded status
|
|
$
|
13,944
|
|
|
$
|
(46,089
|
)
|
|
$
|
13,699
|
|
|
$
|
(45,214
|
)
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||
Other assets (noncurrent)
|
|
$
|
13,944
|
|
|
$
|
—
|
|
|
$
|
13,699
|
|
|
$
|
—
|
|
Other liabilities (current)
|
|
—
|
|
|
(2,535
|
)
|
|
—
|
|
|
(1,062
|
)
|
||||
Other liabilities (noncurrent)
|
|
—
|
|
|
(43,555
|
)
|
|
—
|
|
|
(44,152
|
)
|
||||
Net amount recognized
|
|
$
|
13,944
|
|
|
$
|
(46,090
|
)
|
|
$
|
13,699
|
|
|
$
|
(45,214
|
)
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||
Net actuarial loss
|
|
$
|
4,758
|
|
|
$
|
46,420
|
|
|
$
|
3,622
|
|
|
$
|
45,358
|
|
Prior service cost
|
|
—
|
|
|
—
|
|
|
273
|
|
|
—
|
|
||||
Deferred income tax asset
|
|
(787
|
)
|
|
(9,748
|
)
|
|
(670
|
)
|
|
(9,524
|
)
|
||||
Accumulated other comprehensive loss
|
|
$
|
3,971
|
|
|
$
|
36,672
|
|
|
$
|
3,225
|
|
|
$
|
35,834
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
|
1,814
|
|
|
8,711
|
|
|
1,747
|
|
|
8,179
|
|
|
2,151
|
|
|
8,593
|
|
||||||
Return on plan assets
|
|
(2,471
|
)
|
|
(10,313
|
)
|
|
(2,762
|
)
|
|
(11,914
|
)
|
|
(2,879
|
)
|
|
(11,764
|
)
|
||||||
Amortization of prior service cost
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Recognized net actuarial loss
|
|
—
|
|
|
2,771
|
|
|
—
|
|
|
1,642
|
|
|
743
|
|
|
1,464
|
|
||||||
Settlement and curtailment gains
|
|
—
|
|
|
(37
|
)
|
|
—
|
|
|
135
|
|
|
(838
|
)
|
|
82
|
|
||||||
Net pension benefit cost (gain)
|
|
$
|
(647
|
)
|
|
$
|
1,132
|
|
|
$
|
(1,015
|
)
|
|
$
|
(1,958
|
)
|
|
$
|
(823
|
)
|
|
$
|
(1,625
|
)
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||
Projected benefit obligation
|
|
$
|
62,485
|
|
|
$
|
240,249
|
|
|
$
|
54,898
|
|
|
$
|
210,944
|
|
Accumulated benefit obligation
|
|
62,485
|
|
|
240,249
|
|
|
54,898
|
|
|
210,944
|
|
||||
Fair value of plan assets
|
|
76,429
|
|
|
194,160
|
|
|
68,597
|
|
|
165,730
|
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||
Projected benefit obligation
|
|
$
|
—
|
|
|
$
|
240,249
|
|
|
$
|
—
|
|
|
$
|
210,944
|
|
Fair value of plan assets
|
|
—
|
|
|
194,160
|
|
|
—
|
|
|
165,730
|
|
|
|
Years Ended December 31,
|
||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
||||||||
Accumulated benefit obligation
|
|
$
|
—
|
|
|
$
|
240,249
|
|
|
$
|
—
|
|
|
$
|
210,944
|
|
Fair value of plan assets
|
|
—
|
|
|
194,160
|
|
|
—
|
|
|
165,730
|
|
|
|
Years Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
Weighted-average assumptions used to determine benefit obligations:
|
|
|
|
|
|
|
|
|
Discount Rate
|
|
2.10%
|
|
2.56% - 3.32%
|
|
2.90%
|
|
3.65% - 4.29%
|
Rate of compensation increase
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
|
Non-US
|
|
US
|
Weighted-average assumptions used to determine periodic benefit cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount Rate
|
|
2.90%
|
|
3.65% - 4.29%
|
|
2.60%
|
|
2.84% - 3.66%
|
|
2.48% - 2.70%
|
|
3.00% - 4.24%
|
Expected long-term return on assets
|
|
3.70%
|
|
5.40% - 6.50%
|
|
3.70%
|
|
5.75% - 6.50%
|
|
4.10%
|
|
6.00% - 6.50%
|
Rate of compensation increase
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
|
|
|
Estimated Fair Value Measurements
|
||||||||||||
|
|
Carrying Amount
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Cash and cash equivalents
|
|
$
|
903
|
|
|
$
|
903
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
International companies
|
|
26,131
|
|
|
26,131
|
|
|
—
|
|
|
—
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
49,395
|
|
|
49,395
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
76,429
|
|
|
$
|
76,429
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
|
|
|
Estimated Fair Value
Measurements
|
||||||||||||
|
|
Carrying Amount
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
Cash and cash equivalents
|
|
$
|
151
|
|
|
$
|
151
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
International companies
|
|
25,585
|
|
|
25,585
|
|
|
—
|
|
|
—
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
42,861
|
|
|
42,861
|
|
|
—
|
|
|
—
|
|
||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
68,597
|
|
|
$
|
68,597
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
|
|
|
Estimated Fair Value
Measurements
|
||||||||||||
|
|
Carrying
Amount
|
|
Quoted
Prices in
Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Cash and cash equivalents
|
|
$
|
2,254
|
|
|
$
|
2,254
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
60,422
|
|
|
21,502
|
|
|
38,920
|
|
|
—
|
|
||||
International
|
|
23,470
|
|
|
23,470
|
|
|
—
|
|
|
—
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
75,131
|
|
|
74,253
|
|
|
878
|
|
|
—
|
|
||||
Municipal bonds
|
|
1,064
|
|
|
—
|
|
|
1,064
|
|
|
|
|||||
Treasury bonds
|
|
31,819
|
|
|
31,819
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
194,160
|
|
|
$
|
153,298
|
|
|
$
|
40,862
|
|
|
$
|
—
|
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
|
|
|
Estimated Fair Value
Measurements
|
||||||||||||
|
|
Carrying
Amount
|
|
Quoted
Prices in
Active
Markets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Cash and cash equivalents
|
|
$
|
4,801
|
|
|
$
|
4,801
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
United States
|
|
47,950
|
|
|
16,775
|
|
|
31,175
|
|
|
—
|
|
||||
International
|
|
17,838
|
|
|
17,838
|
|
|
—
|
|
|
—
|
|
||||
Fixed income securities:
|
|
|
|
|
|
|
|
|
||||||||
Corporate bonds
|
|
64,802
|
|
|
59,648
|
|
|
5,154
|
|
|
—
|
|
||||
Treasury bonds
|
|
30,339
|
|
|
30,339
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
165,730
|
|
|
$
|
129,401
|
|
|
$
|
36,329
|
|
|
$
|
—
|
|
|
|
|
|
Payments by Period
|
||||||||||||||||||||||||
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
Estimated benefit payments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Non-US plans
|
|
$
|
38,196
|
|
|
$
|
5,947
|
|
|
$
|
3,128
|
|
|
$
|
3,232
|
|
|
$
|
3,341
|
|
|
$
|
3,454
|
|
|
$
|
19,094
|
|
US plans
|
|
113,979
|
|
|
11,034
|
|
|
14,419
|
|
|
10,104
|
|
|
10,611
|
|
|
10,791
|
|
|
57,020
|
|
|||||||
Total estimated benefit payments
|
|
$
|
152,175
|
|
|
$
|
16,981
|
|
|
$
|
17,547
|
|
|
$
|
13,336
|
|
|
$
|
13,952
|
|
|
$
|
14,245
|
|
|
$
|
76,114
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
Gain/(loss) reclassified from AOCI to “Contract drilling services” costs
|
||||||
Cash flow hedges
|
|
|
|
|
||||
Foreign currency forward contracts
|
|
$
|
320
|
|
|
$
|
—
|
|
|
|
December 31, 2019
|
||||||||||||||
|
|
|
|
Estimated Fair Value Measurements
|
||||||||||||
|
|
Carrying Amount
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||
Assets -
|
|
|
|
|
|
|
|
|
||||||||
Marketable securities
|
|
$
|
10,433
|
|
|
$
|
10,433
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
December 31, 2018
|
||||||||||||||
|
|
|
|
Estimated Fair Value Measurements
|
||||||||||||
|
|
Carrying Amount
|
|
Quoted Prices in Active Markets (Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||
Assets -
|
|
|
|
|
|
|
|
|
||||||||
Marketable securities
|
|
$
|
8,659
|
|
|
$
|
8,659
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Revenues for Year Ended December 31,
|
|
Identifiable Assets as of December 31,
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
||||||||||
Australia
|
|
$
|
33,623
|
|
|
$
|
—
|
|
|
$
|
12,262
|
|
|
$
|
244,244
|
|
|
$
|
243,388
|
|
Brazil
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,910
|
|
|
13,299
|
|
|||||
Brunei
|
|
—
|
|
|
3,080
|
|
|
45,450
|
|
|
—
|
|
|
—
|
|
|||||
Bulgaria
|
|
61,525
|
|
|
84,757
|
|
|
55,145
|
|
|
—
|
|
|
645,689
|
|
|||||
Canada
|
|
46,147
|
|
|
47,085
|
|
|
1,639
|
|
|
199,696
|
|
|
219,421
|
|
|||||
Curacao
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,776
|
|
|
82,521
|
|
|||||
Denmark
|
|
31,076
|
|
|
35,855
|
|
|
44,671
|
|
|
238,413
|
|
|
242,831
|
|
|||||
East Timor
|
|
—
|
|
|
33,733
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Egypt
|
|
49,209
|
|
|
112,473
|
|
|
—
|
|
|
—
|
|
|
689,965
|
|
|||||
Gabon
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,160
|
|
|
8,065
|
|
|||||
Guyana
|
|
132,414
|
|
|
50,839
|
|
|
—
|
|
|
1,807,296
|
|
|
1,250,390
|
|
|||||
Malaysia
|
|
251,497
|
|
|
91,052
|
|
|
131,696
|
|
|
30,012
|
|
|
665,822
|
|
|||||
Mexico
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,032
|
|
|
27,542
|
|
|||||
Myanmar
|
|
56,207
|
|
|
16,572
|
|
|
—
|
|
|
151,116
|
|
|
152,629
|
|
|||||
Qatar
|
|
36,948
|
|
|
35,180
|
|
|
16,488
|
|
|
219,569
|
|
|
478,708
|
|
|||||
Saudi Arabia
|
|
154,807
|
|
|
156,989
|
|
|
140,453
|
|
|
673,884
|
|
|
380,421
|
|
|||||
Singapore
|
|
—
|
|
|
1,769
|
|
|
—
|
|
|
—
|
|
|
125,574
|
|
|||||
South Africa
|
|
—
|
|
|
—
|
|
|
48,228
|
|
|
—
|
|
|
—
|
|
|||||
Suriname
|
|
17,374
|
|
|
(3
|
)
|
|
13,034
|
|
|
599,659
|
|
|
—
|
|
|||||
Tanzania
|
|
—
|
|
|
381
|
|
|
1,526
|
|
|
—
|
|
|
—
|
|
|||||
Turkey
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||||
United Arab Emirates
|
|
—
|
|
|
(17
|
)
|
|
99,825
|
|
|
31,150
|
|
|
45,205
|
|
|||||
United Kingdom
|
|
243,063
|
|
|
194,602
|
|
|
209,338
|
|
|
1,373,524
|
|
|
1,152,596
|
|
|||||
United States
|
|
191,548
|
|
|
218,479
|
|
|
417,163
|
|
|
2,599,057
|
|
|
2,840,857
|
|
|||||
Total
|
|
$
|
1,305,438
|
|
|
$
|
1,082,826
|
|
|
$
|
1,236,915
|
|
|
$
|
8,284,498
|
|
|
$
|
9,264,923
|
|
|
|
Noble-UK
|
|
Noble-Cayman
|
||||||||||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Accounts receivable
|
|
$
|
2,057
|
|
|
$
|
3,974
|
|
|
$
|
114,456
|
|
|
$
|
2,057
|
|
|
$
|
3,974
|
|
|
$
|
114,456
|
|
Other current assets
|
|
3,573
|
|
|
(2,722
|
)
|
|
26,155
|
|
|
4,046
|
|
|
(2,700
|
)
|
|
23,309
|
|
||||||
Other assets
|
|
16,218
|
|
|
(10,378
|
)
|
|
(89,021
|
)
|
|
18,749
|
|
|
(6,424
|
)
|
|
(91,236
|
)
|
||||||
Accounts payable
|
|
(2,279
|
)
|
|
14,955
|
|
|
(14,625
|
)
|
|
(2,182
|
)
|
|
14,795
|
|
|
(14,429
|
)
|
||||||
Other current liabilities
|
|
(4,700
|
)
|
|
(13,940
|
)
|
|
33,906
|
|
|
(4,549
|
)
|
|
(13,495
|
)
|
|
35,033
|
|
||||||
Other liabilities
|
|
(24,577
|
)
|
|
(26,829
|
)
|
|
(92,096
|
)
|
|
(24,577
|
)
|
|
(26,829
|
)
|
|
(87,213
|
)
|
||||||
Total net change in assets and liabilities
|
|
$
|
(9,708
|
)
|
|
$
|
(34,940
|
)
|
|
$
|
(21,225
|
)
|
|
$
|
(6,456
|
)
|
|
$
|
(30,679
|
)
|
|
$
|
(20,080
|
)
|
|
|
Noble - UK
|
|
Noble - Cayman
|
||||||||||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Cash paid during the period for:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest, net of amounts capitalized
|
|
$
|
289,457
|
|
|
$
|
286,506
|
|
|
$
|
246,960
|
|
|
$
|
289,457
|
|
|
$
|
286,506
|
|
|
$
|
246,960
|
|
Income taxes (net of refunds)
|
|
8,181
|
|
|
(107,554
|
)
|
|
30,590
|
|
|
8,181
|
|
|
(107,554
|
)
|
|
30,590
|
|
Notes (1)
|
|
Issuer
|
|
Guarantor
|
4.90% Senior Notes due 2020
|
|
NHIL
|
|
Noble-Cayman
|
4.625% Senior Notes due 2021
|
|
NHIL
|
|
Noble-Cayman
|
3.95% Senior Notes due 2022
|
|
NHIL
|
|
Noble-Cayman
|
7.75% Senior Notes due 2024
|
|
NHIL
|
|
Noble-Cayman
|
7.95% Senior Notes due 2025
|
|
NHIL
|
|
Noble-Cayman
|
6.20% Senior Notes due 2040
|
|
NHIL
|
|
Noble-Cayman
|
6.05% Senior Notes due 2041
|
|
NHIL
|
|
Noble-Cayman
|
5.25% Senior Notes due 2042
|
|
NHIL
|
|
Noble-Cayman
|
8.95% Senior Notes due 2045
|
|
NHIL
|
|
Noble-Cayman
|
|
|
Noble -
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
104,575
|
|
|
$
|
—
|
|
|
$
|
104,575
|
|
Accounts receivable, net
|
|
—
|
|
|
—
|
|
|
198,665
|
|
|
—
|
|
|
198,665
|
|
|||||
Taxes receivable
|
|
—
|
|
|
243
|
|
|
59,528
|
|
|
—
|
|
|
59,771
|
|
|||||
Short-term notes receivable from affiliates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Accounts receivable from affiliates
|
|
—
|
|
|
61,075
|
|
|
1,403,347
|
|
|
(1,464,422
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
—
|
|
|
57,890
|
|
|
—
|
|
|
57,890
|
|
|||||
Total current assets
|
|
—
|
|
|
61,318
|
|
|
1,824,005
|
|
|
(1,464,422
|
)
|
|
420,901
|
|
|||||
Property and equipment, at cost
|
|
—
|
|
|
—
|
|
|
10,306,625
|
|
|
—
|
|
|
10,306,625
|
|
|||||
Accumulated depreciation
|
|
—
|
|
|
—
|
|
|
(2,572,701
|
)
|
|
—
|
|
|
(2,572,701
|
)
|
|||||
Property and equipment, net
|
|
—
|
|
|
—
|
|
|
7,733,924
|
|
|
—
|
|
|
7,733,924
|
|
|||||
Notes receivable from affiliates
|
|
—
|
|
|
—
|
|
|
15,812
|
|
|
(15,812
|
)
|
|
—
|
|
|||||
Investments in affiliates
|
|
3,765,687
|
|
|
7,690,324
|
|
|
—
|
|
|
(11,456,011
|
)
|
|
—
|
|
|||||
Other assets
|
|
—
|
|
|
—
|
|
|
128,467
|
|
|
—
|
|
|
128,467
|
|
|||||
Total assets
|
|
$
|
3,765,687
|
|
|
$
|
7,751,642
|
|
|
$
|
9,702,208
|
|
|
$
|
(12,936,245
|
)
|
|
$
|
8,283,292
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
62,505
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62,505
|
|
Accounts payable
|
|
—
|
|
|
—
|
|
|
107,985
|
|
|
—
|
|
|
107,985
|
|
|||||
Accrued payroll and related costs
|
|
—
|
|
|
—
|
|
|
56,065
|
|
|
—
|
|
|
56,065
|
|
|||||
Accounts payable to affiliates
|
|
7,707
|
|
|
1,395,641
|
|
|
61,074
|
|
|
(1,464,422
|
)
|
|
—
|
|
|||||
Taxes payable
|
|
—
|
|
|
—
|
|
|
30,715
|
|
|
—
|
|
|
30,715
|
|
|||||
Interest payable
|
|
—
|
|
|
85,057
|
|
|
2,990
|
|
|
—
|
|
|
88,047
|
|
|||||
Other current liabilities
|
|
—
|
|
|
—
|
|
|
71,397
|
|
|
—
|
|
|
71,397
|
|
|||||
Total current liabilities
|
|
7,707
|
|
|
1,543,203
|
|
|
330,226
|
|
|
(1,464,422
|
)
|
|
416,714
|
|
|||||
Long-term debt
|
|
—
|
|
|
3,326,389
|
|
|
453,110
|
|
|
—
|
|
|
3,779,499
|
|
|||||
Notes payable to affiliates
|
|
—
|
|
|
15,812
|
|
|
—
|
|
|
(15,812
|
)
|
|
—
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
68,201
|
|
|
—
|
|
|
68,201
|
|
|||||
Other liabilities
|
|
—
|
|
|
—
|
|
|
260,898
|
|
|
—
|
|
|
260,898
|
|
|||||
Total liabilities
|
|
7,707
|
|
|
4,885,404
|
|
|
1,112,435
|
|
|
(1,480,234
|
)
|
|
4,525,312
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total shareholder equity
|
|
3,757,980
|
|
|
2,866,238
|
|
|
8,589,773
|
|
|
(11,456,011
|
)
|
|
3,757,980
|
|
|||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total equity
|
|
3,757,980
|
|
|
2,866,238
|
|
|
8,589,773
|
|
|
(11,456,011
|
)
|
|
3,757,980
|
|
|||||
Total liabilities and equity
|
|
$
|
3,765,687
|
|
|
$
|
7,751,642
|
|
|
$
|
9,702,208
|
|
|
$
|
(12,936,245
|
)
|
|
$
|
8,283,292
|
|
|
|
Noble-
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
17,818
|
|
|
$
|
356,557
|
|
|
$
|
—
|
|
|
$
|
374,375
|
|
Accounts receivable, net
|
|
—
|
|
|
—
|
|
|
200,722
|
|
|
—
|
|
|
200,722
|
|
|||||
Taxes receivable
|
|
—
|
|
|
—
|
|
|
20,498
|
|
|
—
|
|
|
20,498
|
|
|||||
Short-term notes receivable from affiliates
|
|
—
|
|
|
—
|
|
|
3,175,662
|
|
|
(3,175,662
|
)
|
|
—
|
|
|||||
Accounts receivable from affiliates
|
|
275,726
|
|
|
61,046
|
|
|
4,823,902
|
|
|
(5,160,674
|
)
|
|
—
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
—
|
|
|
61,917
|
|
|
—
|
|
|
61,917
|
|
|||||
Total current assets
|
|
275,726
|
|
|
78,864
|
|
|
8,639,258
|
|
|
(8,336,336
|
)
|
|
657,512
|
|
|||||
Property and equipment, at cost
|
|
—
|
|
|
—
|
|
|
10,956,412
|
|
|
—
|
|
|
10,956,412
|
|
|||||
Accumulated depreciation
|
|
—
|
|
|
—
|
|
|
(2,475,694
|
)
|
|
—
|
|
|
(2,475,694
|
)
|
|||||
Property and equipment, net
|
|
—
|
|
|
—
|
|
|
8,480,718
|
|
|
—
|
|
|
8,480,718
|
|
|||||
Notes receivable from affiliates
|
|
5,145
|
|
|
—
|
|
|
—
|
|
|
(5,145
|
)
|
|
—
|
|
|||||
Investments in affiliates
|
|
7,716,068
|
|
|
12,300,840
|
|
|
—
|
|
|
(20,016,908
|
)
|
|
—
|
|
|||||
Other assets
|
|
609
|
|
|
—
|
|
|
124,540
|
|
|
—
|
|
|
125,149
|
|
|||||
Total assets
|
|
$
|
7,997,548
|
|
|
$
|
12,379,704
|
|
|
$
|
17,244,516
|
|
|
$
|
(28,358,389
|
)
|
|
$
|
9,263,379
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Short-term notes payables to affiliates
|
|
$
|
—
|
|
|
$
|
3,175,662
|
|
|
$
|
—
|
|
|
$
|
(3,175,662
|
)
|
|
$
|
—
|
|
Current maturities of long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Accounts payable
|
|
45
|
|
|
—
|
|
|
125,192
|
|
|
—
|
|
|
125,237
|
|
|||||
Accrued payroll and related costs
|
|
—
|
|
|
—
|
|
|
50,284
|
|
|
—
|
|
|
50,284
|
|
|||||
Accounts payable to affiliates
|
|
3,725,506
|
|
|
1,098,395
|
|
|
336,773
|
|
|
(5,160,674
|
)
|
|
—
|
|
|||||
Taxes payable
|
|
—
|
|
|
—
|
|
|
29,386
|
|
|
—
|
|
|
29,386
|
|
|||||
Interest payable
|
|
3
|
|
|
99,997
|
|
|
100
|
|
|
—
|
|
|
100,100
|
|
|||||
Other current liabilities
|
|
—
|
|
|
—
|
|
|
60,012
|
|
|
—
|
|
|
60,012
|
|
|||||
Total current liabilities
|
|
3,725,554
|
|
|
4,374,054
|
|
|
601,747
|
|
|
(8,336,336
|
)
|
|
365,019
|
|
|||||
Long-term debt
|
|
—
|
|
|
3,817,153
|
|
|
60,249
|
|
|
—
|
|
|
3,877,402
|
|
|||||
Notes payable to affiliates
|
|
—
|
|
|
—
|
|
|
5,145
|
|
|
(5,145
|
)
|
|
—
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
91,695
|
|
|
—
|
|
|
91,695
|
|
|||||
Other liabilities
|
|
19,929
|
|
|
—
|
|
|
255,866
|
|
|
—
|
|
|
275,795
|
|
|||||
Total liabilities
|
|
3,745,483
|
|
|
8,191,207
|
|
|
1,014,702
|
|
|
(8,341,481
|
)
|
|
4,609,911
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total shareholder equity
|
|
4,252,065
|
|
|
4,188,497
|
|
|
15,828,411
|
|
|
(20,016,908
|
)
|
|
4,252,065
|
|
|||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
401,403
|
|
|
—
|
|
|
401,403
|
|
|||||
Total equity
|
|
4,252,065
|
|
|
4,188,497
|
|
|
16,229,814
|
|
|
(20,016,908
|
)
|
|
4,653,468
|
|
|||||
Total liabilities and equity
|
|
$
|
7,997,548
|
|
|
$
|
12,379,704
|
|
|
$
|
17,244,516
|
|
|
$
|
(28,358,389
|
)
|
|
$
|
9,263,379
|
|
|
|
Noble-
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,246,058
|
|
|
$
|
—
|
|
|
$
|
1,246,058
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
59,380
|
|
|
—
|
|
|
59,380
|
|
|||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
1,305,438
|
|
|
—
|
|
|
1,305,438
|
|
|||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
|
82
|
|
|
—
|
|
|
696,183
|
|
|
—
|
|
|
696,265
|
|
|||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
49,061
|
|
|
—
|
|
|
49,061
|
|
|||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
437,690
|
|
|
—
|
|
|
437,690
|
|
|||||
General and administrative
|
|
3
|
|
|
239
|
|
|
34,360
|
|
|
—
|
|
|
34,602
|
|
|||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
615,294
|
|
|
—
|
|
|
615,294
|
|
|||||
Total operating costs and expenses
|
|
85
|
|
|
239
|
|
|
1,832,588
|
|
|
—
|
|
|
1,832,912
|
|
|||||
Operating loss
|
|
(85
|
)
|
|
(239
|
)
|
|
(527,150
|
)
|
|
—
|
|
|
(527,474
|
)
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) of unconsolidated affiliates - continuing operations
|
|
(546,044
|
)
|
|
(259,796
|
)
|
|
—
|
|
|
805,840
|
|
|
—
|
|
|||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax
|
|
(3,821
|
)
|
|
(3,821
|
)
|
|
—
|
|
|
7,642
|
|
|
—
|
|
|||||
Interest expense, net of amounts capitalized
|
|
(11,372
|
)
|
|
(255,460
|
)
|
|
(19,040
|
)
|
|
6,437
|
|
|
(279,435
|
)
|
|||||
Gain (loss) on extinguishment of debt, net
|
|
—
|
|
|
31,266
|
|
|
(650
|
)
|
|
—
|
|
|
30,616
|
|
|||||
Interest income and other, net
|
|
194
|
|
|
(10
|
)
|
|
12,923
|
|
|
(6,437
|
)
|
|
6,670
|
|
|||||
Income (loss) before income taxes
|
|
(561,128
|
)
|
|
(488,060
|
)
|
|
(533,917
|
)
|
|
813,482
|
|
|
(769,623
|
)
|
|||||
Income tax benefit
|
|
—
|
|
|
—
|
|
|
38,540
|
|
|
—
|
|
|
38,540
|
|
|||||
Net income (loss) from continuing operations
|
|
(561,128
|
)
|
|
(488,060
|
)
|
|
(495,377
|
)
|
|
813,482
|
|
|
(731,083
|
)
|
|||||
Net loss from discontinuing operations, net of tax
|
|
—
|
|
|
—
|
|
|
(3,821
|
)
|
|
—
|
|
|
(3,821
|
)
|
|||||
Net income (loss)
|
|
(561,128
|
)
|
|
(488,060
|
)
|
|
(499,198
|
)
|
|
813,482
|
|
|
(734,904
|
)
|
|||||
Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
173,776
|
|
|
—
|
|
|
173,776
|
|
|||||
Net income (loss) attributable to Noble Corporation
|
|
(561,128
|
)
|
|
(488,060
|
)
|
|
(325,422
|
)
|
|
813,482
|
|
|
(561,128
|
)
|
|||||
Other comprehensive income (loss), net
|
|
(1,317
|
)
|
|
—
|
|
|
(1,317
|
)
|
|
1,317
|
|
|
(1,317
|
)
|
|||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(562,445
|
)
|
|
$
|
(488,060
|
)
|
|
$
|
(326,739
|
)
|
|
$
|
814,799
|
|
|
$
|
(562,445
|
)
|
|
|
Noble-
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,036,082
|
|
|
$
|
—
|
|
|
$
|
1,036,082
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
46,744
|
|
|
—
|
|
|
46,744
|
|
|||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
1,082,826
|
|
|
—
|
|
|
1,082,826
|
|
|||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling services
|
|
2
|
|
|
(22
|
)
|
|
628,148
|
|
|
—
|
|
|
628,128
|
|
|||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
37,084
|
|
|
—
|
|
|
37,084
|
|
|||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
482,660
|
|
|
—
|
|
|
482,660
|
|
|||||
General and administrative
|
|
57
|
|
|
214
|
|
|
37,932
|
|
|
—
|
|
|
38,203
|
|
|||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
802,133
|
|
|
—
|
|
|
802,133
|
|
|||||
Total operating costs and expenses
|
|
59
|
|
|
192
|
|
|
1,987,957
|
|
|
—
|
|
|
1,988,208
|
|
|||||
Operating loss
|
|
(59
|
)
|
|
(192
|
)
|
|
(905,131
|
)
|
|
—
|
|
|
(905,382
|
)
|
|||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) of unconsolidated affiliates - continuing operations
|
|
(2,738,475
|
)
|
|
(258,687
|
)
|
|
—
|
|
|
2,997,162
|
|
|
—
|
|
|||||
Interest expense, net of amounts capitalized
|
|
(1,324
|
)
|
|
(449,824
|
)
|
|
(1,911,822
|
)
|
|
2,065,359
|
|
|
(297,611
|
)
|
|||||
Gain (loss) on extinguishment of debt, net
|
|
(2,336
|
)
|
|
12,651
|
|
|
(12,108
|
)
|
|
—
|
|
|
(1,793
|
)
|
|||||
Interest income (expense) and other, net
|
|
1,897,709
|
|
|
(74
|
)
|
|
176,006
|
|
|
(2,065,359
|
)
|
|
8,282
|
|
|||||
Income (loss) before income taxes
|
|
(844,485
|
)
|
|
(696,126
|
)
|
|
(2,653,055
|
)
|
|
2,997,162
|
|
|
(1,196,504
|
)
|
|||||
Income tax benefit
|
|
—
|
|
|
—
|
|
|
106,534
|
|
|
—
|
|
|
106,534
|
|
|||||
Net income (loss)
|
|
(844,485
|
)
|
|
(696,126
|
)
|
|
(2,546,521
|
)
|
|
2,997,162
|
|
|
(1,089,970
|
)
|
|||||
Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
245,485
|
|
|
—
|
|
|
245,485
|
|
|||||
Net income (loss) attributable to Noble Corporation
|
|
(844,485
|
)
|
|
(696,126
|
)
|
|
(2,301,036
|
)
|
|
2,997,162
|
|
|
(844,485
|
)
|
|||||
Other comprehensive income (loss), net
|
|
(8,644
|
)
|
|
—
|
|
|
(8,644
|
)
|
|
8,644
|
|
|
(8,644
|
)
|
|||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(853,129
|
)
|
|
$
|
(696,126
|
)
|
|
$
|
(2,309,680
|
)
|
|
$
|
3,005,806
|
|
|
$
|
(853,129
|
)
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
Operating revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
168,592
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,086,320
|
|
|
$
|
(47,886
|
)
|
|
$
|
1,207,026
|
|
Reimbursables and other
|
|
—
|
|
|
—
|
|
|
3,443
|
|
|
—
|
|
|
—
|
|
|
26,446
|
|
|
—
|
|
|
29,889
|
|
||||||||
Total operating revenues
|
|
—
|
|
|
—
|
|
|
172,035
|
|
|
—
|
|
|
—
|
|
|
1,112,766
|
|
|
(47,886
|
)
|
|
1,236,915
|
|
||||||||
Operating costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Contract drilling services
|
|
304
|
|
|
12,090
|
|
|
43,161
|
|
|
3,115
|
|
|
—
|
|
|
629,699
|
|
|
(47,886
|
)
|
|
640,483
|
|
||||||||
Reimbursables
|
|
—
|
|
|
—
|
|
|
1,992
|
|
|
—
|
|
|
—
|
|
|
16,443
|
|
|
—
|
|
|
18,435
|
|
||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
58,236
|
|
|
—
|
|
|
—
|
|
|
484,883
|
|
|
—
|
|
|
543,119
|
|
||||||||
General and administrative
|
|
129
|
|
|
5,761
|
|
|
—
|
|
|
1,588
|
|
|
9
|
|
|
33,600
|
|
|
—
|
|
|
41,087
|
|
||||||||
Loss on impairment
|
|
—
|
|
|
—
|
|
|
45,012
|
|
|
—
|
|
|
—
|
|
|
76,627
|
|
|
—
|
|
|
121,639
|
|
||||||||
Total operating costs and expenses
|
|
433
|
|
|
17,851
|
|
|
148,401
|
|
|
4,703
|
|
|
9
|
|
|
1,241,252
|
|
|
(47,886
|
)
|
|
1,364,763
|
|
||||||||
Operating income (loss)
|
|
(433
|
)
|
|
(17,851
|
)
|
|
23,634
|
|
|
(4,703
|
)
|
|
(9
|
)
|
|
(128,486
|
)
|
|
—
|
|
|
(127,848
|
)
|
||||||||
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax
|
|
(476,382
|
)
|
|
(528,702
|
)
|
|
82,596
|
|
|
188,809
|
|
|
17,874
|
|
|
—
|
|
|
715,805
|
|
|
—
|
|
||||||||
Income (loss) of unconsolidated affiliates - continuing operations
|
|
2,967
|
|
|
4,566
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,533
|
)
|
|
—
|
|
||||||||
Interest expense, net of amounts capitalized
|
|
(10,951
|
)
|
|
(32,838
|
)
|
|
(13,493
|
)
|
|
(430,580
|
)
|
|
(15,288
|
)
|
|
(130,442
|
)
|
|
341,603
|
|
|
(291,989
|
)
|
||||||||
Interest income (expense ) and other, net
|
|
10,483
|
|
|
(141
|
)
|
|
87,287
|
|
|
4,771
|
|
|
224,772
|
|
|
22,164
|
|
|
(341,603
|
)
|
|
7,733
|
|
||||||||
Income (loss) before income taxes
|
|
(474,316
|
)
|
|
(574,966
|
)
|
|
180,024
|
|
|
(241,703
|
)
|
|
227,349
|
|
|
(236,764
|
)
|
|
708,272
|
|
|
(412,104
|
)
|
||||||||
Income tax benefit (provision)
|
|
—
|
|
|
241,960
|
|
|
(440
|
)
|
|
—
|
|
|
—
|
|
|
(284,115
|
)
|
|
—
|
|
|
(42,595
|
)
|
||||||||
Net income (loss) from continuing operations
|
|
(474,316
|
)
|
|
(333,006
|
)
|
|
179,584
|
|
|
(241,703
|
)
|
|
227,349
|
|
|
(520,879
|
)
|
|
708,272
|
|
|
(454,699
|
)
|
||||||||
Net income (loss) from discontinued operations, net of tax
|
|
—
|
|
|
(1,598
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,565
|
|
|
—
|
|
|
2,967
|
|
||||||||
Net income (loss)
|
|
(474,316
|
)
|
|
(334,604
|
)
|
|
179,584
|
|
|
(241,703
|
)
|
|
227,349
|
|
|
(516,314
|
)
|
|
708,272
|
|
|
(451,732
|
)
|
||||||||
Net income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,589
|
)
|
|
(1,995
|
)
|
|
(22,584
|
)
|
||||||||
Net income (loss) attributable to Noble Corporation
|
|
(474,316
|
)
|
|
(334,604
|
)
|
|
179,584
|
|
|
(241,703
|
)
|
|
227,349
|
|
|
(536,903
|
)
|
|
706,277
|
|
|
(474,316
|
)
|
||||||||
Other comprehensive income (loss), net
|
|
9,252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,252
|
|
|
(9,252
|
)
|
|
9,252
|
|
||||||||
Comprehensive income (loss) attributable to Noble Corporation
|
|
$
|
(465,064
|
)
|
|
$
|
(334,604
|
)
|
|
$
|
179,584
|
|
|
$
|
(241,703
|
)
|
|
$
|
227,349
|
|
|
$
|
(527,651
|
)
|
|
$
|
697,025
|
|
|
$
|
(465,064
|
)
|
|
|
Noble-
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities
|
|
$
|
(15,941
|
)
|
|
$
|
(266,939
|
)
|
|
$
|
509,786
|
|
|
$
|
—
|
|
|
$
|
226,906
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(268,783
|
)
|
|
—
|
|
|
(268,783
|
)
|
|||||
Proceeds from disposal of assets
|
|
—
|
|
|
—
|
|
|
12,753
|
|
|
—
|
|
|
12,753
|
|
|||||
Notes receivable to (from) affiliates
|
|
5,145
|
|
|
—
|
|
|
(15,812
|
)
|
|
10,667
|
|
|
—
|
|
|||||
Net cash provided by (used in) investing activities
|
|
5,145
|
|
|
—
|
|
|
(271,842
|
)
|
|
10,667
|
|
|
(256,030
|
)
|
|||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Borrowings on credit facilities
|
|
300,000
|
|
|
—
|
|
|
455,000
|
|
|
—
|
|
|
755,000
|
|
|||||
Debt issuance costs
|
|
—
|
|
|
—
|
|
|
(1,092
|
)
|
|
—
|
|
|
(1,092
|
)
|
|||||
Repayments of credit facilities
|
|
(300,000
|
)
|
|
—
|
|
|
(120,000
|
)
|
|
—
|
|
|
(420,000
|
)
|
|||||
Repayments of senior notes
|
|
—
|
|
|
(400,000
|
)
|
|
—
|
|
|
—
|
|
|
(400,000
|
)
|
|||||
Purchase of noncontrolling interests
|
|
—
|
|
|
—
|
|
|
(106,744
|
)
|
|
—
|
|
|
(106,744
|
)
|
|||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
(25,109
|
)
|
|
—
|
|
|
(25,109
|
)
|
|||||
Distributions to parent company, net
|
|
(42,103
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42,103
|
)
|
|||||
Advances (to) from affiliates
|
|
52,899
|
|
|
633,309
|
|
|
(686,208
|
)
|
|
—
|
|
|
—
|
|
|||||
Notes payable to affiliates
|
|
—
|
|
|
15,812
|
|
|
(5,145
|
)
|
|
(10,667
|
)
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
|
10,796
|
|
|
249,121
|
|
|
(489,298
|
)
|
|
(10,667
|
)
|
|
(240,048
|
)
|
|||||
Net change in cash, cash equivalents and restricted cash
|
|
—
|
|
|
(17,818
|
)
|
|
(251,354
|
)
|
|
—
|
|
|
(269,172
|
)
|
|||||
Cash, cash equivalents and restricted cash, beginning of period
|
|
—
|
|
|
17,818
|
|
|
357,232
|
|
|
—
|
|
|
375,050
|
|
|||||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
105,878
|
|
|
$
|
—
|
|
|
$
|
105,878
|
|
|
|
Noble-
Cayman |
|
NHIL
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in) operating activities
|
|
$
|
1,920,724
|
|
|
$
|
(426,298
|
)
|
|
$
|
(1,281,667
|
)
|
|
$
|
—
|
|
|
$
|
212,759
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(194,779
|
)
|
|
—
|
|
|
(194,779
|
)
|
|||||
Proceeds from disposal of assets
|
|
—
|
|
|
—
|
|
|
5,402
|
|
|
—
|
|
|
5,402
|
|
|||||
Net cash used in investing activities
|
|
—
|
|
|
—
|
|
|
(189,377
|
)
|
|
—
|
|
|
(189,377
|
)
|
|||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repayments of senior notes
|
|
—
|
|
|
(759,053
|
)
|
|
(213,655
|
)
|
|
—
|
|
|
(972,708
|
)
|
|||||
Issuance of senior notes
|
|
—
|
|
|
750,000
|
|
|
—
|
|
|
—
|
|
|
750,000
|
|
|||||
Debt issuance costs
|
|
(845
|
)
|
|
(13,027
|
)
|
|
(1,767
|
)
|
|
—
|
|
|
(15,639
|
)
|
|||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
(27,579
|
)
|
|
—
|
|
|
(27,579
|
)
|
|||||
Distributions to parent company, net
|
|
(44,417
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44,417
|
)
|
|||||
Advances (to) from affiliates
|
|
(1,875,473
|
)
|
|
436,872
|
|
|
1,438,601
|
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
|
(1,920,735
|
)
|
|
414,792
|
|
|
1,195,600
|
|
|
—
|
|
|
(310,343
|
)
|
|||||
Net change in cash, cash equivalents and restricted cash
|
|
(11
|
)
|
|
(11,506
|
)
|
|
(275,444
|
)
|
|
—
|
|
|
(286,961
|
)
|
|||||
Cash, cash equivalents and restricted cash, beginning of period
|
|
11
|
|
|
29,324
|
|
|
632,676
|
|
|
—
|
|
|
662,011
|
|
|||||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
—
|
|
|
$
|
17,818
|
|
|
$
|
357,232
|
|
|
$
|
—
|
|
|
$
|
375,050
|
|
|
|
Noble-
Cayman |
|
NHUS
|
|
NDH
|
|
NHIL
|
|
NDS6
|
|
Other
Non-guarantor Subsidiaries of Noble |
|
Consolidating
Adjustments |
|
Total
|
||||||||||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net cash provided by (used in) operating activities
|
|
$
|
32,195
|
|
|
$
|
100,883
|
|
|
$
|
209,898
|
|
|
$
|
(403,391
|
)
|
|
$
|
217,080
|
|
|
$
|
298,409
|
|
|
$
|
—
|
|
|
$
|
455,074
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(3,622
|
)
|
|
—
|
|
|
—
|
|
|
(117,085
|
)
|
|
—
|
|
|
(120,707
|
)
|
||||||||
Proceeds from disposal of assets
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
2,336
|
|
|
—
|
|
|
2,382
|
|
||||||||
Net cash provided by (used in) investing activities
|
|
—
|
|
|
—
|
|
|
(3,576
|
)
|
|
—
|
|
|
—
|
|
|
(114,749
|
)
|
|
—
|
|
|
(118,325
|
)
|
||||||||
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Repayment of long-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(300,000
|
)
|
||||||||
Issuance of senior notes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Tender offer premium
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Debt issuance costs on senior notes and credit facilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
||||||||
Dividends paid to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56,881
|
)
|
|
—
|
|
|
(56,881
|
)
|
||||||||
Distributions to parent company, net
|
|
28,352
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,352
|
|
||||||||
Advances (to) from affiliates
|
|
(63,073
|
)
|
|
(100,883
|
)
|
|
(194,017
|
)
|
|
732,757
|
|
|
(217,080
|
)
|
|
(157,704
|
)
|
|
—
|
|
|
—
|
|
||||||||
Net cash provided by (used in) financing activities
|
|
(34,721
|
)
|
|
(100,883
|
)
|
|
(194,017
|
)
|
|
432,715
|
|
|
(217,080
|
)
|
|
(214,585
|
)
|
|
—
|
|
|
(328,571
|
)
|
||||||||
Net change in cash, cash equivalents and restricted cash
|
|
(2,526
|
)
|
|
—
|
|
|
12,305
|
|
|
29,324
|
|
|
—
|
|
|
(30,925
|
)
|
|
—
|
|
|
8,178
|
|
||||||||
Cash, cash equivalents and restricted cash, beginning of period
|
|
2,537
|
|
|
—
|
|
|
10,855
|
|
|
—
|
|
|
—
|
|
|
640,441
|
|
|
—
|
|
|
653,833
|
|
||||||||
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
23,160
|
|
|
$
|
29,324
|
|
|
$
|
—
|
|
|
$
|
609,516
|
|
|
$
|
—
|
|
|
$
|
662,011
|
|
|
|
Quarter Ended
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
2019
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues
|
|
$
|
282,888
|
|
|
$
|
292,936
|
|
|
$
|
275,526
|
|
|
$
|
454,088
|
|
Operating income (loss)
|
|
(23,812
|
)
|
|
(118,710
|
)
|
|
(640,012
|
)
|
|
116,261
|
|
||||
Net loss from continuing operations
|
|
(67,068
|
)
|
|
(151,960
|
)
|
|
(444,871
|
)
|
|
(32,870
|
)
|
||||
Net loss from discontinued operations, net of tax
|
|
(3,821
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net loss per share from continuing operations attributable to Noble-UK (1)
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
(0.27
|
)
|
|
(0.61
|
)
|
|
(1.79
|
)
|
|
(0.13
|
)
|
||||
Loss from discontinued operations
|
|
(0.02
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Diluted
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
(0.27
|
)
|
|
(0.61
|
)
|
|
(1.79
|
)
|
|
(0.13
|
)
|
||||
Loss from discontinued operations
|
|
(0.02
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Quarter Ended
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating revenues
|
|
$
|
235,157
|
|
|
$
|
258,369
|
|
|
$
|
279,408
|
|
|
$
|
309,892
|
|
Operating loss
|
|
(56,880
|
)
|
|
(845,606
|
)
|
|
(21,843
|
)
|
|
(21,745
|
)
|
||||
Net loss from continuing operations
|
|
(142,334
|
)
|
|
(628,063
|
)
|
|
(81,591
|
)
|
|
(33,062
|
)
|
||||
Net loss from discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net loss per share from continuing operations attributable to Noble-UK (1)
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
(0.58
|
)
|
|
(2.55
|
)
|
|
(0.33
|
)
|
|
(0.13
|
)
|
||||
Diluted
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
|
(0.58
|
)
|
|
(2.55
|
)
|
|
(0.33
|
)
|
|
(0.13
|
)
|
(1)
|
Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net loss per share may not equal the total computed for the year.
|
Name
|
|
Age
|
|
Position
|
Julie J. Robertson
|
|
63
|
|
Chairman, President and Chief Executive Officer
|
Stephen M. Butz
|
|
48
|
|
Executive Vice President and Chief Financial Officer
|
William E. Turcotte
|
|
56
|
|
Senior Vice President, General Counsel, and Corporate Secretary
|
Robert W. Eifler
|
|
40
|
|
Senior Vice President, Commercial
|
Barry M. Smith
|
|
61
|
|
Senior Vice President, Operations
|
Laura D. Campbell
|
|
47
|
|
Vice President and Controller
|
(a)
|
The following documents are filed as part of this report:
|
(1)
|
A list of the financial statements filed as a part of this report is set forth in Item 8 on page 47 and is incorporated herein by reference.
|
(2)
|
Financial Statement Schedules:
|
(3)
|
Exhibits:
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
2.1
|
|
|
|
|
|
2.2
|
|
|
|
|
|
2.3
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
4.6
|
|
|
|
|
|
4.7
|
|
|
|
|
|
4.8
|
|
|
|
|
|
4.9
|
|
|
|
|
|
4.10
|
|
|
|
|
|
4.11
|
|
|
|
|
|
4.12
|
|
|
|
|
|
4.13
|
|
|
|
|
|
10.1*
|
|
|
|
|
|
10.2*
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
10.3*
|
|
|
|
|
|
10.4*
|
|
|
|
|
|
10.5*
|
|
|
|
|
|
10.6*
|
|
|
|
|
|
10.7*
|
|
|
|
|
|
10.8*
|
|
|
|
|
|
10.9*
|
|
|
|
|
|
10.10*
|
|
|
|
|
|
10.11*
|
|
|
|
|
|
10.12*
|
|
|
|
|
|
10.13*
|
|
|
|
|
|
10.14*
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
10.15*
|
|
|
|
|
|
10.16*
|
|
|
|
|
|
10.17*
|
|
|
|
|
|
10.18*
|
|
|
|
|
|
10.19*
|
|
|
|
|
|
10.20*
|
|
|
|
|
|
10.21*
|
|
|
|
|
|
10.22*
|
|
|
|
|
|
10.23*
|
|
|
|
|
|
10.24*
|
|
|
|
|
|
10.25*
|
|
|
|
|
|
10.26*
|
|
|
|
|
|
10.27*
|
|
|
|
|
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
10.28*
|
|
|
|
|
|
10.29*
|
|
|
|
|
|
10.30*
|
|
|
|
|
|
10.31*
|
|
|
|
|
|
10.32*
|
|
|
|
|
|
10.33*
|
|
|
|
|
|
21.1
|
|
|
|
|
|
23.1
|
|
|
|
|
|
23.2
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1+
|
|
|
|
|
|
32.2+
|
|
|
|
|
|
101.INS
|
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
Exhibit
Number
|
|
Exhibit
|
|
|
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
|
|
|
*
|
Management contract or compensatory plan or arrangement.
|
+
|
Furnished in accordance with Item 601(b)(32)(ii) of Regulation S-K.
|
February 20, 2020
|
By:
|
/s/ Julie J. Robertson
|
|
|
Julie J. Robertson
Chairman, President and Chief Executive Officer
|
/s/ Julie J. Robertson
|
|
February 20, 2020
|
Julie J. Robertson
President and Chief Executive Officer
(Principal Executive Officer)
|
|
Date
|
|
|
|
/s/ Stephen M. Butz
|
|
February 20, 2020
|
Stephen M. Butz
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
|
Date
|
|
|
|
/s/ Laura D. Campbell
|
|
February 20, 2020
|
Laura D. Campbell
Vice President and Controller (Principal Accounting Officer) |
|
Date
|
|
|
|
/s/ Julie H. Edwards
|
|
February 20, 2020
|
Julie H. Edwards Director
|
|
Date
|
|
|
|
/s/ Gordon T. Hall
|
|
February 20, 2020
|
Gordon T. Hall Director
|
|
Date
|
|
|
|
/s/ Roger W. Jenkins
|
|
February 20, 2020
|
Roger W. Jenkins Director
|
|
Date
|
|
|
|
/s/ Scott D. Josey
|
|
February 20, 2020
|
Scott D. Josey Director
|
|
Date
|
|
|
|
/s/ Jon A. Marshall
|
|
February 20, 2020
|
Jon A. Marshall Director
|
|
Date
|
|
|
|
/s/ Mary P. Ricciardello
|
|
February 20, 2020
|
Mary P. Ricciardello Director
|
|
Date
|
February 20, 2020
|
By:
|
/s/ Julie J. Robertson
|
|
|
Julie J. Robertson
President and Chief Executive Officer |
/s/ Julie J. Robertson
|
|
February 20, 2020
|
Julie J. Robertson
President and Chief Executive Officer
(Principal Executive Officer)
|
|
Date
|
|
|
|
/s/ Stephen M. Butz
|
|
February 20, 2020
|
Stephen M. Butz
Director, Executive Vice President and Chief Financial Officer
(Principal Financial Officer) |
|
Date
|
|
|
|
/s/ Laura D. Campbell
|
|
February 20, 2020
|
Laura D. Campbell
Vice President and Controller (Principal Accounting Officer) |
|
Date
|
|
|
|
/s/ David M.J. Dujacquier
|
|
February 20, 2020
|
David M.J. Dujacquier Director
|
|
Date
|
|
|
|
/s/ Brad A. Baldwin
|
|
February 20, 2020
|
Brad A. Baldwin Director
|
|
Date
|
•
|
authorize its directors to increase its share capital by allotting new shares;
|
•
|
consolidate and divide all or any of its share capital into shares of a larger nominal amount than the existing shares; and
|
•
|
subdivide any of its shares into shares of a smaller nominal amount than its existing shares.
|
•
|
the adoption of a resolution to remove a serving member of the Board; and
|
•
|
the adoption of a resolution to amend, vary, suspend the operation of, disapply or cancel the provisions of the Articles relating to (i) the quorum and voting requirements for general meetings of shareholders, (ii) the election and removal of directors and the size of the Board, (iii) “fair price” protections in relation to business combinations and (iv) transactions with “interested shareholders.”
|
•
|
if the shares in question are not fully paid;
|
•
|
if it is not duly stamped (if such a stamp is required);
|
•
|
if it is not presented for registration together with the share certificate and such evidence of title as Board
|
•
|
reasonably requires;
|
•
|
if its is with respect to more than one class of shares;
|
•
|
if it is in favor of more than four persons jointly;
|
•
|
if it is with respect to shares on which the Company has a lien; or
|
•
|
in certain circumstances, if the holder has failed to provide the required particulars to the Company in response to a Statutory Notice, as described in “-Voting in General Meetings” above.
|
|
|
|
|
NOBLE CORPORATION PLC SUBSIDIARIES (as of December 31, 2019)
|
|
||
|
|
||
Name
|
|
Country of incorporation
|
|
Bully 1 (Switzerland) GmbH
|
|
Switzerland
|
|
Bully 1 (US) Corporation
|
|
Delaware
|
|
Bully 2 (Switzerland) GmbH
|
|
Switzerland
|
|
Frontier Driller Cayman, Ltd.
|
|
Cayman Islands
|
|
Frontier Driller Kft.
|
|
Hungary
|
|
Frontier Driller, Inc.
|
|
Delaware
|
|
Frontier Driller, Ltd.
|
|
Cayman Islands/Luxembourg
|
|
Maurer Technology Incorporated
|
|
Delaware
|
|
NE do Brasil Participacoes E Investimentos Ltda.
|
|
Brazil
|
|
NE Drilling Servicos do Brasil Ltda.
|
|
Brazil
|
|
Noble (Servco) UK Limited
|
|
United Kingdom
|
*
|
Noble 2018-I Guarantor LLC
|
|
Delaware
|
|
Noble 2018-II Guarantor LLC
|
|
Delaware
|
|
Noble 2018-III Guarantor LLC
|
|
Delaware
|
|
Noble 2018-IV Guarantor LLC
|
|
Delaware
|
|
Noble Asset Mexico LLC
|
|
Delaware
|
|
Noble BD LLC
|
|
Delaware
|
|
Noble Bill Jennings LLC
|
|
Delaware
|
|
Noble Boudreaux Limited
|
|
Cayman Islands
|
|
Noble Campeche Limited
|
|
Cayman Islands
|
|
Noble Cayman Limited
|
|
Cayman Islands
|
|
Noble Cayman SCS Holding Limited
|
|
Cayman Islands
|
|
Noble Cayman SCS Holding Ltd.
|
|
Cayman Islands
|
|
Noble Contracting II GmbH
|
|
Switzerland
|
|
Noble Contracting Offshore Drilling (M) Sdn Bhd
|
|
Malaysia
|
|
Noble Corporation
|
|
Cayman Islands
|
|
Noble Corporation Holding LLC
|
|
Delaware
|
|
Noble Corporation Holdings Limited
|
|
Cayman Islands
|
|
Noble Dave Beard Limited
|
|
Cayman Islands
|
|
Noble Deepwater (B) Sdn. Bhd.
|
|
Brunei
|
|
Noble Deepwater Ltd.
|
|
Cayman Islands
|
|
Noble Downhole Technology Ltd.
|
|
Cayman Islands
|
|
Noble Drilling (Carmen) Limited
|
|
Cayman Islands
|
|
Noble Drilling (Cyprus) Limited - (pending dissolution)
|
|
Cyprus
|
|
Noble Drilling (Ghana) Limited
|
|
Ghana
|
|
Noble Drilling (Guyana) Inc.
|
|
Guyana
|
|
Noble Drilling (Jim Thompson) LLC
|
|
Delaware
|
|
Noble Drilling (Land Support) Limited
|
|
Scotland
|
|
Noble Drilling (Luxembourg) S.à r.l
|
|
Luxembourg
|
|
Noble Drilling (Myanmar) Limited
|
|
Myanmar
|
|
Noble Drilling (Nederland) II B.V.
|
|
Netherland
|
|
Noble Drilling (Norway) AS
|
|
Norway
|
|
Noble Drilling (Paul Wolff) Ltd.
|
|
Cayman Islands
|
|
|
|
|
|
NOBLE CORPORATION PLC SUBSIDIARIES (as of December 31, 2019)
|
|
||
|
|
||
Noble Drilling (TVL) Ltd.
|
|
Cayman Islands
|
|
Noble Drilling (U.S.) LLC
|
|
Delaware
|
|
Noble Drilling Americas LLC
|
|
Delaware
|
|
Noble Drilling Arabia Company Ltd.
|
|
Saudi Arabia
|
|
Noble Drilling Arabia Services LLC
|
|
Delaware
|
|
Noble Drilling Contracting (Egypt) LLC
|
|
Egypt
|
|
Noble Drilling Doha LLC
|
|
Doha, Qatar
|
|
Noble Drilling Egypt LLC
|
|
Egypt
|
|
Noble Drilling Exploration Company
|
|
Delaware
|
|
Noble Drilling Holding GmbH
|
|
Switzerland
|
|
Noble Drilling Holding LLC
|
|
Delaware
|
|
Noble Drilling Holdings (Cyprus) Limited
|
|
Cyprus
|
|
Noble Drilling International GmbH
|
|
Switzerland
|
|
Noble Drilling Mexico, S. De R.L. De C.V.
|
|
Mexico
|
|
Noble Drilling NHIL LLC
|
|
Delaware
|
|
Noble Drilling Offshore (Labuan) Pte Ltd.
|
|
Labuan, Malaysia
|
|
Noble Drilling Offshore Limited
|
|
Cayman Islands
|
|
Noble Drilling Services (Canada) Corporation
|
|
Nova Scotia, Canada
|
|
Noble Drilling Services 2 LLC
|
|
Delaware
|
|
Noble Drilling Services 3 LLC
|
|
Delaware
|
|
Noble Drilling Services 6 LLC
|
|
Delaware
|
|
Noble Drilling Services Inc.
|
|
Delaware
|
|
Noble Drilling Singapore Pte. Ltd
|
|
Singapore
|
|
Noble Drilling West Africa Limited
|
|
Nigeria
|
|
Noble Drillships 2 S.à r.l
|
|
Luxembourg
|
|
Noble Drillships Holdings 2, Ltd.
|
|
Cayman Islands
|
|
Noble Drillships Holdings, Ltd.
|
|
Cayman Islands
|
|
Noble Drillships S.à r.l
|
|
Luxembourg
|
|
Noble DT LLC
|
|
Delaware
|
|
Noble Eagle Corporation
|
|
Delaware
|
|
Noble Earl Frederickson LLC
|
|
Delaware
|
|
Noble Engineering & development de Venezuela C.A
|
|
Venezuela
|
|
Noble Engineering & Development de Venezuela C.A.
|
|
Venezuela
|
|
Noble FDR Holdings Limited
|
|
Cayman Islands
|
|
Noble Finance Luxembourg Sarl
|
|
Luxembourg
|
*
|
Noble Financing Services Limited
|
|
Cayman Islands
|
|
Noble Gene Rosser Limited
|
|
Cayman Islands
|
|
Noble Holding (Luxemboug) Sarl
|
|
Luxembourg
|
|
Noble Holding (Switzerland) GmbH
|
|
Switzerland
|
|
Noble Holding (U.S.) Eagle Corporation
|
|
Delaware
|
|
Noble Holding (U.S.) LLC
|
|
Delaware
|
|
Noble Holding Europe S.à r.l.
|
|
Luxembourg
|
|
Noble Holding International Limited
|
|
Cayman Islands
|
|
Noble Holding International S.à r.l.
|
|
Luxembourg
|
|
Noble Holding Land Support Limited
|
|
UK
|
|
|
|
|
|
NOBLE CORPORATION PLC SUBSIDIARIES (as of December 31, 2019)
|
|
||
|
|
||
Noble Holding UK Limited
|
|
United Kingdom
|
*
|
Noble International Finance Company
|
|
Cayman Islands
|
|
Noble International Services LLC
|
|
Delaware
|
|
Noble John Sandifer LLC
|
|
Delaware
|
|
Noble Johnnie Hoffman LLC
|
|
Delaware
|
|
Noble Leasing (Switzerland) GmbH
|
|
Switzerland
|
|
Noble Leasing III (Switzerland) GmbH
|
|
Switzerland
|
|
Noble Mexico Limited
|
|
Cayman Islands
|
|
Noble Mexico Services Limited
|
|
Cayman Islands
|
|
Noble NBD Cayman LP
|
|
Cayman Islands
|
|
Noble NBD GP Holding
|
|
Cayman Islands
|
|
Noble NBD LP Holding
|
|
Cayman Islands
|
|
Noble NDC Cayman Limited
|
|
Cayman Islands
|
|
Noble NDC Holding (Cyprus) Limited
|
|
Cyprus
|
|
Noble NEC Holdings Limited
|
|
United Kingdom
|
|
Noble North Africa Limited
|
|
Cayman Islands
|
|
Noble Offshore (Ireland) Limited
|
|
Ireland
|
|
Noble Offshore (North Sea) Ltd.
|
|
Cayman Islands
|
|
Noble Offshore Contracting Limited
|
|
Cayman Islands
|
|
Noble Offshore Mexico Limited
|
|
Cayman Islands
|
|
Noble Offshore Services de Mexico, S. de R.L. de C.V.
|
|
Mexico
|
|
Noble Resources Limited
|
|
Cayman Islands
|
|
Noble Rig Holding 2 Limited
|
|
Cayman Islands
|
|
Noble Rig Holding I Limited
|
|
Cayman Islands
|
|
Noble Rig Holdings Limited
|
|
Cayman Islands
|
|
Noble SA Limited
|
|
Cayman Islands
|
|
Noble SA LLC
|
|
Delaware
|
|
Noble SCS Cayman LP
|
|
Cayman Islands
|
|
Noble SCS Holding Limited
|
|
Cayman Islands
|
|
Noble Services International Limited
|
|
Cayman Islands
|
|
Sedco Dubai LLC
|
|
Dubai, UAE
|
|
Triton Engineering Services Company
|
|
Delaware
|
|
Triton Engineering Services Company, S.A.
|
|
Venezuela
|
|
Triton International de Mexico S. A. De C.V.
|
|
Mexico
|
|
Triton International, Inc.
|
|
Delaware
|
|
*
|
Indicates subsidiary of Noble Corporation plc only. Noble Corporation plc owns 50 percent of Noble (Servco) UK Limited solely and 50 percent in common with Noble Corporation.
|
1.
|
I have reviewed this annual report on Form 10-K of Noble Corporation plc and Noble Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
|
/s/ Julie J. Robertson
|
February 20, 2020
|
Julie J. Robertson
|
Date
|
Chairman, President and Chief Executive Officer (Principal Executive Officer) of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and President and Chief Executive Officer (Principal Executive Officer) of Noble Corporation, a Cayman Islands company
|
|
1.
|
I have reviewed this annual report on Form 10-K of Noble Corporation plc and Noble Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
|
/s/ Stephen M. Butz
|
2/20/2020
|
Stephen M. Butz
|
Date
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and Director, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Noble Corporation, a Cayman Islands company
|
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
February 20, 2020
|
/s/ Julie J. Robertson
|
|
Julie J. Robertson
|
|
Chairman, President and Chief Executive Officer (Principal Executive Officer) of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and President and Chief Executive Officer (Principal Executive Officer) of Noble Corporation, a Cayman Islands company
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
February 20, 2020
|
/s/ Stephen M. Butz
|
|
Stephen M. Butz
|
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and Director, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of Noble Corporation, a Cayman Islands company
|