LONDON,
Feb. 4, 2015 /PRNewswire/
-- Noble Corporation plc (NYSE: NE) today reported a fourth
quarter 2014 loss from continuing operations of $595 million, or $2.38 per diluted share. Results for the quarter
included an after-tax charge of $713
million, or $2.86 per diluted
share, relating to the impairment of three rigs and the Company's
total goodwill balance. The Company has decided it will no longer
market the semisubmersibles Noble Paul
Wolff, Noble Driller and Noble Jim
Thompson and plans to retire these three units. Excluding the
fourth quarter after-tax impairment charge, net income from
continuing operations would have been $119
million, or $0.47 per diluted
share, compared to $147 million, or
$0.57 per diluted share, for the
third quarter of 2014. For the fourth quarter of 2013, net income
from continuing operations was $144
million, or $0.56 per diluted
share. Revenues for the fourth quarter of 2014 were $805 million compared to $829 million in the third quarter of 2014 and
$725 million in the fourth quarter of
2013. On August 1, 2014, Noble
Corporation plc completed the spin-off of Paragon Offshore (NYSE:
PGN). The results of Paragon Offshore and incremental spin-off
related costs up to the spin-off date are classified as
discontinued operations for the periods reported.
Net loss from continuing operations for the full year 2014
totaled $152 million, or $0.60 per diluted share, on revenues of
$3.2 billion. Adjusted for the fourth
quarter 2014 impairment charge, net income from continuing
operations would have been $561
million, or $2.18 per diluted
share, compared to $479 million, or
$1.86 per diluted share, on revenues
of $2.5 billion for the full year
2013.
David W. Williams,
Chairman, President and Chief Executive Officer of Noble
Corporation plc noted, "Rapidly declining crude oil prices during
the fourth quarter further aggravated the offshore supply imbalance
and contributed to an increasingly difficult environment for
securing new contract commitments from our customers.
Our financial performance in the quarter included an increase in
idle time on several rigs, lower average daily revenues and margin
contraction.
"Despite the decline in market visibility and the
difficulty in predicting client spending behavior during a period
of falling commodity prices, Noble remains well-positioned in 2015.
We completed some timely transformative steps, including a
well-contracted newbuild program that has driven a decided shift to
a premium fleet mix. Since 2011, we have added to date eight
ultra-deepwater drillships and six high-specification jackups, with
a final newbuild jackup addition expected in 2016. Our
decision to retire and recognize a non-cash charge with respect to
three of our semisubmersibles in the quarter was based on revised
assumptions on each rig's future marketability in light of their
age, technical features, and capital requirements in the context of
the future supply of competitive rigs. These rig retirements will
reduce the average age of a fleet whose concentration of premium
assets is already among the industry's highest. We will continue to
evaluate the fleet in 2015 as we work to opportunistically position
the Company ahead of the next cyclical upturn."
With respect to the Company's decision to retire the
Noble Jim Thompson, Noble and its customer have agreed to
substitute the semisubmersible Noble Paul Romano to execute
the previously announced contract award covering four wells, or a
primary term of up to one year in the U.S. Gulf of Mexico. The Noble Paul Romano
will mobilize from its current location in the Canary Islands and
is expected to commence operations on or around September 1, 2015, following a period to complete
contract preparations. The dayrate for the primary term of the
contract will remain $300,000.
Contract drilling services revenues for the fourth quarter
of 2014 declined 3 percent to $788
million compared to $810
million in the third quarter. Fewer operating days were
experienced on several rigs in the fleet as lower rig demand from
customers persisted, resulting in a decline in average fleet
utilization in the fourth quarter to 82 percent compared to 85
percent in the third quarter. Also, average daily revenues in the
fourth quarter declined to $330,700
from $346,700 in the third quarter,
as several rigs, particularly in the U.S. Gulf of Mexico region, experienced lower
contract dayrates. The decline in contract drilling services
revenues was partially offset in the quarter by improved activity
in the Company's ultra-deepwater fleet, including the commencement
of operations on the newbuild drillship Noble Tom Madden, a
full quarter of operations on the drillship Noble Sam Croft
and improved operating performance on the semisubmersible Noble
Amos Runner and the drillship Noble Globetrotter I.
Contract drilling services operating costs increased modestly in
the fourth quarter to $391 million
compared to $386 million in the third
quarter. The increase was driven primarily by costs associated with
the addition of new rigs and initial crewing expenses for the
high-specification jackup rig Noble Tom
Prosser. The higher costs were partially offset by
reduced operating costs on several rigs idled by the decline in
industry activity. Contract drilling services operating margin
declined to 50 percent in the fourth quarter compared to 52 percent
in the third quarter.
The Company recorded net cash from operating activities of
$390 million in the fourth quarter of
2014, resulting in net cash from operating activities for the full
year 2014 of $1.8 billion.
Capital expenditures in the fourth
quarter totaled $325 million,
including $149 million related to the
Company's newbuild program, which included the delivery of the
final JU3000 high-specification jackup rig, the Noble Sam
Hartley. Capital expenditures, for the full year 2014,
excluding expenditures related to Paragon Offshore prior to the
August 1, 2014 spin-off, totaled
$1.9 billion. As of December 31, 2014, approximately $540 million in newbuild capital expenditures
remain, largely relating to the last of the Company's current
projects, the ultra high-specification jackup rig Noble Lloyd Noble, with an expected delivery
in mid-2016.
Total debt at December 31, 2014
was $4.9 billion, resulting in debt
as a percentage of total capitalization of 40 percent, which
compared to 37 percent at September 30,
2014. The increase in the ratio was due primarily to a
decline in the Company's equity balance as a result of the
$745 million (pre-tax) impairment
charge and additional borrowings in the fourth quarter on the
Company's revolving credit facilities to meet capital
commitments. Liquidity, defined as cash and cash
equivalents plus availability under revolving credit facilities,
was $1.8 billion at December 31, 2014 compared to $2.0 billion at September
30, 2014.
During January 2015, Noble
replaced its previous revolving credit facilities with two new
revolving credit facilities that will provide the Company with a
significant level of revolver capacity. The new
facilities consist of a $2.4 billion five-year revolving credit facility
and a one-year revolver with $225 million of capacity.
These new facilities reflect the Company's commitment to ensuring
liquidity in this phase of the market cycle.
The Company also stated that it had decided to defer
indefinitely the development of a master limited partnership (MLP),
citing the structure's diminished appeal resulting from the decline
in offshore market fundamentals.
In the fourth quarter, the Company exhausted its previous share
repurchase authorization following the purchase of approximately
4.8 million of its ordinary shares at an average price per share of
$21.13, reducing the number of shares
outstanding and trading at December 31,
2014 to 247.5 million. In addition, on December 22, 2014, Noble shareholders approved an
authorization for the repurchase of up to an additional 37 million
shares, or approximately 15 percent of the Company's ordinary
shares outstanding. The Company repurchased $100 million of its ordinary shares at an average
price of $16.10 per share as of
January 31, 2015 under the new
authority granted by shareholders.
Operating Highlights
The Company's total contract backlog at December 31, 2014 was an estimated $10.1 billion compared to $10.6 billion at September
30, 2014. Backlog depletion was partially
offset by new contracts in the quarter that added approximately
$342 million due significantly to
three-year contract extensions on the Middle East-based jackups Noble Gene House and Noble Joe Beall at dayrates of $143,000 each.
Utilization of the Company's floating rig fleet
(semisubmersibles and drillships) declined to 78 percent in the
fourth quarter compared to 80 percent in the third quarter. Lower
activity was experienced on several rigs, including the Noble
Max Smith, Noble Paul Romano and Noble Danny Adkins, all of which completed
contracts during the third quarter or prior to the conclusion of
the fourth quarter. The lower activity was partially offset by the
addition of the newbuild drillship Noble Tom Madden, which
commenced its initial contract 28 days ahead of schedule, a full
quarter of operations on the Noble Sam Croft and improved
performance on the Noble Amos Runner, following the
completion of a shipyard program, and the Noble Globetrotter
I, which incurred downtime in the third quarter to complete
repairs and maintenance. Average daily revenues declined to
$435,000 in the fourth quarter from
$459,500 in the third quarter due
primarily to dayrate reductions on several rigs operating in the
U.S. Gulf of Mexico, partially
offset by the addition of the Noble Tom Madden.
Utilization of the Company's jackup rig fleet was 90
percent in the fourth quarter compared to 91 percent in the third
quarter. Lower operating days on the Noble Mick O'Brien,
following the completion of a contract in the Middle East, were substantially offset by a
full quarter of operations on the Noble Sam Turner and the
return of the Noble David Tinsley following a period of
inactivity. The Sam Turner and David Tinsley were largely responsible for
the improvement in average daily revenues in the fourth quarter to
$184,500 from $182,100 during the third quarter.
At December 31, 2014, 81
percent of the Company's available rig operating days were
committed for 2015, including 80 percent of floating rig days and
82 percent of jackup rig days. For 2016, an estimated 52 percent of
available rig operating days are committed, consisting of 58
percent and 46 percent of floating and jackup rig days,
respectively.
Outlook
Williams closed by stating, "We face this period of market
uncertainty with 81 percent of our fleet operating days under
contract in 2015 and a $10.1 billion
backlog that is expected to provide almost $3.0 billion in gross revenues over the year. We
possess a sound balance sheet and ample liquidity and we will
continue to focus on capital discipline and preservation of
liquidity through the cycle. Finally, an opportune and significant
decline in capital expenditures compared to levels experienced over
the past three years is expected to allow for positive free cash
flow in 2015, providing the Company attractive financial
flexibility during a period of increased market
uncertainty."
About Noble Corporation
Noble is a leading offshore drilling contractor for the
oil and gas industry. The Company owns and operates one of the most
modern, versatile and technically advanced fleets in the offshore
drilling industry. Noble performs, through its subsidiaries,
contract drilling services with a fleet of 32 offshore drilling
units, consisting of 17 semisubmersibles and drillships and 15
jackups, focused largely on ultra-deepwater and high-specification
jackup drilling opportunities in both established and emerging
regions worldwide. Noble is a public limited company registered in
England and Wales with company number 08354954 and
registered office at Devonshire House, 1 Mayfair Place,
London, W1J 8AJ England. Additional information on Noble is
available at
www.noblecorp.com
Forward-looking Disclosure Statement
Statements regarding contract backlog, future earnings,
costs, revenue, rig demand, fleet condition or operational or
financial performance, shareholder value, timing of delivery of
newbuilds, contract commitments, dayrates, contract commencements,
contract extensions or renewals, letters of intent or award,
industry fundamentals, customer relationships and requirements,
strategic initiatives, future performance, growth opportunities,
the development of a master limited partnership, market outlook,
capital allocation strategies, competitive position, capital
expenditures, financial flexibility, share repurchases, as well as
any other statements that are not historical facts in this release,
are forward-looking statements that involve certain risks,
uncertainties and assumptions. These include but are not limited to
operating hazards and delays, risks associated with operations
outside of the U.S., actions by regulatory authorities, customers
and other third parties, legislation and regulations affecting
drilling operations, compliance with regulatory requirements,
factors affecting the level of activity in the oil and gas
industry, supply and demand of drilling rigs, factors affecting the
duration of contracts, delays in the construction of newbuilds, the
actual amount of downtime, factors that reduce applicable dayrates,
violations of anti-corruption laws, hurricanes and other weather
conditions, market conditions, the future price of oil and gas and
other factors detailed in the Company's most recent Form 10-K, Form
10-Q's and other filings with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those
indicated.
Non-GAAP Financial
Measures
A description of all non-GAAP financial measures used in
this press release and a reconciliation to the most comparative
GAAP measure is set forth on the company's website at
www.noblecorp.com in the Investor Relations section.
Conference Call
Noble has scheduled a conference call and webcast
related to its fourth quarter and full year 2014 results on
Thursday, February 5, 2015, at
8:00 a.m. U.S. Central Standard
Time. Interested parties are invited to
listen to the call by dialing 1-866-461-7129, or internationally
1-706-679-3084, using access code: 61256274, or by asking for the
Noble Corporation conference call. Interested parties may also
listen over the Internet through a link posted in the Investor
Relations section of the Company's Web site.
A replay of the conference call will be available on
Thursday, February 5, 2015, beginning
at 11:00 a.m. U.S. Central Standard
Time, through Thursday, March 5, 2015, ending at
11:00 p.m. U.S. Central Standard
Time. The phone number for the conference call replay is
1-855-859-2056 or, for calls from outside of the U.S.,
1-404-537-3406, using access code: 61256274. The
replay will also be available on the Company's Web site following
the end of the live call.
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Operating
revenues
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$ 787,654
|
|
$ 704,118
|
|
$ 3,147,859
|
|
$ 2,454,745
|
|
Reimbursables
|
|
17,086
|
|
20,876
|
|
84,644
|
|
66,292
|
|
Labor contract
drilling services
|
|
-
|
|
95
|
|
-
|
|
17,095
|
|
Other
|
|
-
|
|
-
|
|
1
|
|
11
|
|
|
|
804,740
|
|
725,089
|
|
3,232,504
|
|
2,538,143
|
Operating
costs and expenses
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
391,056
|
|
331,939
|
|
1,500,512
|
|
1,168,764
|
|
Reimbursables
|
|
13,501
|
|
13,724
|
|
66,378
|
|
50,410
|
|
Labor contract
drilling services
|
|
-
|
|
635
|
|
-
|
|
11,601
|
|
Depreciation
and amortization
|
|
167,167
|
|
141,111
|
|
627,473
|
|
511,513
|
|
General and
administrative
|
|
29,452
|
|
31,801
|
|
106,771
|
|
117,997
|
|
Loss on
impairment
|
|
745,428
|
|
-
|
|
745,428
|
|
3,585
|
|
Gain on
disposal of assets, net
|
|
-
|
|
-
|
|
-
|
|
(35,646)
|
|
Gain on
contract settlements/extinguishments, net
|
|
-
|
|
-
|
|
-
|
|
(30,618)
|
|
|
|
1,346,604
|
|
519,210
|
|
3,046,562
|
|
1,797,606
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
(541,864)
|
|
205,879
|
|
185,942
|
|
740,537
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amount capitalized
|
|
(40,685)
|
|
(31,185)
|
|
(155,179)
|
|
(106,300)
|
|
Interest income
and other, net
|
|
(1,429)
|
|
1,953
|
|
(1,298)
|
|
4,184
|
Income
(loss) before income taxes
|
|
(583,978)
|
|
176,647
|
|
29,465
|
|
638,421
|
|
Income tax
benefit (provision)
|
|
3,974
|
|
(17,776)
|
|
(106,651)
|
|
(92,117)
|
Net income (loss)
from continuing operations
|
|
(580,004)
|
|
158,871
|
|
(77,186)
|
|
546,304
|
Net income (loss)
from discontinued operations, net of tax
|
|
(15,030)
|
|
30,037
|
|
160,502
|
|
304,102
|
Net income
(loss)
|
|
(595,034)
|
|
188,908
|
|
83,316
|
|
850,406
|
|
Net income
attributable to noncontrolling interests
|
|
(14,535)
|
|
(14,848)
|
|
(74,825)
|
|
(67,709)
|
Net income
(loss) attributable to Noble Corporation
|
|
$ (609,569)
|
|
$ 174,060
|
|
$ 8,491
|
|
$ 782,697
|
|
|
|
|
|
|
|
|
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$ (2.38)
|
|
$ 0.56
|
|
$ (0.60)
|
|
$
1.86
|
|
Income (loss) from
discontinued operations
|
|
(0.06)
|
|
0.12
|
|
0.63
|
|
1.19
|
|
Net income (loss)
attributable to Noble Corporation
|
|
$ (2.44)
|
|
$ 0.68
|
|
$
0.03
|
|
$
3.05
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$ (2.38)
|
|
$ 0.56
|
|
$ (0.60)
|
|
$
1.86
|
|
Income (loss) from
discontinued operations
|
|
(0.06)
|
|
0.12
|
|
0.63
|
|
1.19
|
|
Net income (loss)
attributable to Noble Corporation
|
|
$ (2.44)
|
|
$ 0.68
|
|
$
0.03
|
|
$
3.05
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
68,510
|
|
$
114,458
|
|
Accounts
receivable
|
|
569,096
|
|
949,069
|
|
Prepaid
expenses and other current assets
|
|
290,956
|
|
327,408
|
Total current
assets
|
|
928,562
|
|
1,390,935
|
|
|
|
|
|
|
Property and
equipment, at cost
|
|
14,442,922
|
|
19,198,767
|
|
Accumulated
depreciation
|
|
(2,330,413)
|
|
(4,640,677)
|
Property and
equipment, net
|
|
12,112,509
|
|
14,558,090
|
|
|
|
|
|
|
Other
assets
|
|
245,751
|
|
268,932
|
|
Total
assets
|
|
$
13,286,822
|
|
$
16,217,957
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
$
265,389
|
|
$
347,214
|
|
Accrued payroll
and related costs
|
|
102,520
|
|
151,161
|
|
Dividends
payable
|
|
-
|
|
128,249
|
|
Other current
liabilities
|
|
300,765
|
|
425,291
|
Total current
liabilities
|
|
668,674
|
|
1,051,915
|
|
|
|
|
|
|
Long-term
debt
|
|
4,869,020
|
|
5,556,251
|
Deferred income
taxes
|
|
120,589
|
|
225,455
|
Other
liabilities
|
|
341,505
|
|
334,308
|
|
Total
liabilities
|
|
5,999,788
|
|
7,167,929
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Total
shareholders' equity
|
|
6,564,730
|
|
8,322,583
|
|
Noncontrolling
interests
|
|
722,304
|
|
727,445
|
|
Total
equity
|
|
7,287,034
|
|
9,050,028
|
|
Total
liabilities and equity
|
|
$
13,286,822
|
|
$
16,217,957
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
Cash flows
from operating activities
|
|
|
|
|
|
Net
income
|
|
$ 83,316
|
|
$ 850,406
|
|
Adjustments to
reconcile net income to net cash from operating
activities:
|
|
|
|
|
|
Depreciation
and amortization
|
|
863,547
|
|
879,422
|
|
Loss on
impairment
|
|
745,428
|
|
43,688
|
|
Gain on
disposal of assets, net
|
|
-
|
|
(35,646)
|
|
Other changes in
operating activities (1)
|
|
85,917
|
|
(35,553)
|
|
Net cash from
operating activities
|
|
1,778,208
|
|
1,702,317
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
|
New
construction
|
|
(1,353,555)
|
|
(1,526,523)
|
|
Other capital
expenditures
|
|
(672,235)
|
|
(845,903)
|
|
Capitalized
interest
|
|
(47,095)
|
|
(115,094)
|
|
Proceeds from
disposal of assets
|
|
-
|
|
61,000
|
|
Other investing
activities
|
|
(36,383)
|
|
(58,587)
|
|
Net cash from
investing activities
|
|
(2,109,268)
|
|
(2,485,107)
|
|
|
|
|
|
|
Cash flows
from financing activities
|
|
|
|
|
|
Net change in
borrowings outstanding on bank credit facilities
|
|
(437,647)
|
|
1,221,333
|
|
Dividend
payments
|
|
(386,579)
|
|
(194,913)
|
|
Dividends paid
to noncontrolling interests
|
|
(79,966)
|
|
(105,388)
|
|
Repurchases of
shares
|
|
(154,145)
|
|
-
|
|
Repayment of
long-term debt
|
|
(250,000)
|
|
(300,000)
|
|
Long-term
borrowings of Paragon Offshore
|
|
1,710,550
|
|
-
|
|
Financing costs
on long-term borrowings of Paragon Offshore
|
|
(14,676)
|
|
-
|
|
Cash balances
of Paragon Offshore in spin-off
|
|
(104,152)
|
|
-
|
|
Other financing
activities
|
|
1,727
|
|
(5,876)
|
|
Net cash from
financing activities
|
|
285,112
|
|
615,156
|
|
Net change in
cash and cash equivalents
|
|
(45,948)
|
|
(167,634)
|
Cash and
cash equivalents, beginning of period
|
|
114,458
|
|
282,092
|
Cash and
cash equivalents, end of period
|
|
$ 68,510
|
|
$ 114,458
|
|
|
|
|
|
|
|
(1) Other
changes in operating activities for 2014 includes the effect of net
assets of Paragon Offshore that were distributed to
shareholders.
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
FINANCIAL
AND OPERATIONAL INFORMATION BY SEGMENT
|
(In thousands,
except operating statistics)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Three Months Ended
September 30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
Contract
|
|
|
|
|
|
Contract
|
|
|
|
|
|
Contract
|
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
|
Services
|
|
Other
|
|
Total
|
|
Services
|
|
Other
|
|
Total
|
|
Services
|
|
Other
|
|
Total
|
Operating
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$ 787,654
|
|
$
-
|
|
$ 787,654
|
|
$ 704,118
|
|
$
-
|
|
$ 704,118
|
|
$ 810,200
|
|
$
-
|
|
$ 810,200
|
Reimbursables
|
|
17,086
|
|
-
|
|
17,086
|
|
19,892
|
|
984
|
|
20,876
|
|
18,514
|
|
81
|
|
18,595
|
Labor contract
drilling services
|
|
-
|
|
-
|
|
-
|
|
-
|
|
95
|
|
95
|
|
-
|
|
-
|
|
-
|
Other
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
-
|
|
1
|
|
|
804,740
|
|
-
|
|
804,740
|
|
724,010
|
|
1,079
|
|
725,089
|
|
828,715
|
|
81
|
|
828,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
391,056
|
|
-
|
|
391,056
|
|
331,939
|
|
-
|
|
331,939
|
|
385,674
|
|
-
|
|
385,674
|
Reimbursables
|
|
13,501
|
|
-
|
|
13,501
|
|
13,477
|
|
247
|
|
13,724
|
|
12,979
|
|
662
|
|
13,641
|
Labor contract
drilling services
|
|
-
|
|
-
|
|
-
|
|
-
|
|
635
|
|
635
|
|
-
|
|
-
|
|
-
|
Depreciation
and amortization
|
|
162,165
|
|
5,002
|
|
167,167
|
|
137,898
|
|
3,213
|
|
141,111
|
|
156,213
|
|
5,033
|
|
161,246
|
General and
administrative
|
|
29,452
|
|
-
|
|
29,452
|
|
31,661
|
|
140
|
|
31,801
|
|
24,552
|
|
50
|
|
24,602
|
Loss on
impairment
|
|
745,428
|
|
-
|
|
745,428
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
1,341,602
|
|
5,002
|
|
1,346,604
|
|
514,975
|
|
4,235
|
|
519,210
|
|
579,418
|
|
5,745
|
|
585,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
$ (536,862)
|
|
$ (5,002)
|
|
$ (541,864)
|
|
$ 209,035
|
|
$ (3,156)
|
|
$ 205,879
|
|
$ 249,297
|
|
$ (5,664)
|
|
$ 243,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackups:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
90%
|
|
|
|
|
|
82%
|
|
|
|
|
|
91%
|
|
|
|
|
Operating
Days
|
|
991
|
|
|
|
|
|
635
|
|
|
|
|
|
951
|
|
|
|
|
Average
Dayrate
|
|
$ 184,482
|
|
|
|
|
|
$ 154,432
|
|
|
|
|
|
$ 182,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semisubmersibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
61%
|
|
|
|
|
|
88%
|
|
|
|
|
|
67%
|
|
|
|
|
Operating
Days
|
|
614
|
|
|
|
|
|
892
|
|
|
|
|
|
674
|
|
|
|
|
Average
Dayrate
|
|
$ 352,515
|
|
|
|
|
|
$ 428,919
|
|
|
|
|
|
$ 435,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drillships:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
100%
|
|
|
|
|
|
100%
|
|
|
|
|
|
100%
|
|
|
|
|
Operating
Days
|
|
777
|
|
|
|
|
|
565
|
|
|
|
|
|
712
|
|
|
|
|
Average
Dayrate
|
|
$ 500,187
|
|
|
|
|
|
$ 395,473
|
|
|
|
|
|
$ 482,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Submersibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
N/A
|
|
|
|
|
|
0%
|
|
|
|
|
|
N/A
|
|
|
|
|
Operating
Days
|
|
N/A
|
|
|
|
|
|
-
|
|
|
|
|
|
N/A
|
|
|
|
|
Average
Dayrate
|
|
N/A
|
|
|
|
|
|
$
-
|
|
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
82%
|
|
|
|
|
|
83%
|
|
|
|
|
|
85%
|
|
|
|
|
Operating
Days
|
|
2,382
|
|
|
|
|
|
2,092
|
|
|
|
|
|
2,337
|
|
|
|
|
Average
Dayrate
|
|
$ 330,739
|
|
|
|
|
|
$ 336,545
|
|
|
|
|
|
$ 346,699
|
|
|
|
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CALCULATION
OF BASIC AND DILUTED NET INCOME (LOSS) PER
SHARE
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
The following
table sets forth the computation of basic and diluted net income
(loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Twelve
months ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Numerator:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$ (594,539)
|
|
$ 144,023
|
|
$ (152,011)
|
|
$ 478,595
|
Earnings
allocated to unvested share-based payment awards
|
|
-
|
|
(1,719)
|
|
-
|
|
(5,669)
|
Income (loss)
from continuing operations to common shareholders
|
|
$ (594,539)
|
|
$ 142,304
|
|
$ (152,011)
|
|
$ 472,926
|
|
|
|
|
|
|
|
|
|
Income (loss)
from discontinued operations
|
|
$ (15,030)
|
|
$ 30,037
|
|
$ 160,502
|
|
$ 304,102
|
Earnings
allocated to unvested share-based payment awards
|
|
-
|
|
(358)
|
|
-
|
|
(3,602)
|
Income (loss)
from discontinued operations, net of tax to common
shareholders
|
|
$ (15,030)
|
|
$ 29,679
|
|
$ 160,502
|
|
$ 300,500
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to Noble Corporation
|
|
$ (609,569)
|
|
$ 174,060
|
|
$ 8,491
|
|
$ 782,697
|
Earnings
allocated to unvested share-based payment awards
|
|
-
|
|
(2,077)
|
|
-
|
|
(9,271)
|
Net income
(loss) attributable to Noble Corporation to common
shareholders
|
|
$ (609,569)
|
|
$ 171,983
|
|
$ 8,491
|
|
$ 773,426
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$ (594,539)
|
|
$ 144,023
|
|
$ (152,011)
|
|
$ 478,595
|
Earnings
allocated to unvested share-based payment awards
|
|
-
|
|
(1,717)
|
|
-
|
|
(5,663)
|
Income (loss)
from continuing operations to common shareholders
|
|
$ (594,539)
|
|
$ 142,306
|
|
$ (152,011)
|
|
$ 472,932
|
|
|
|
|
|
|
|
|
|
Income (loss)
from discontinued operations
|
|
$ (15,030)
|
|
$ 30,037
|
|
$ 160,502
|
|
$ 304,102
|
Earnings
allocated to unvested share-based payment awards
|
|
-
|
|
(358)
|
|
-
|
|
(3,598)
|
Income (loss)
from discontinued operations, net of tax to common
shareholders
|
|
$ (15,030)
|
|
$ 29,679
|
|
$ 160,502
|
|
$ 300,504
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to Noble Corporation
|
|
$ (609,569)
|
|
$ 174,060
|
|
$ 8,491
|
|
$ 782,697
|
Earnings
allocated to unvested share-based payment awards
|
|
-
|
|
(2,075)
|
|
-
|
|
(9,261)
|
Net income
(loss) attributable to Noble Corporation to common
shareholders
|
|
$ (609,569)
|
|
$ 171,985
|
|
$ 8,491
|
|
$ 773,436
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic
|
|
249,650
|
|
253,423
|
|
252,909
|
|
253,288
|
Incremental
shares issuable from assumed exercise of stock
options
|
|
-
|
|
238
|
|
-
|
|
259
|
Weighted
average shares outstanding - diluted
|
|
249,650
|
|
253,661
|
|
252,909
|
|
253,547
|
|
|
|
|
|
|
|
|
|
Weighted
average unvested share-based payment awards
|
|
-
|
|
3,061
|
|
-
|
|
3,036
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$ (2.38)
|
|
$ 0.56
|
|
$ (0.60)
|
|
$ 1.86
|
Discontinued
operations
|
|
(0.06)
|
|
0.12
|
|
0.63
|
|
1.19
|
Net income
attributable to Noble Corporation
|
|
$ (2.44)
|
|
$ 0.68
|
|
$ 0.03
|
|
$ 3.05
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$ (2.38)
|
|
$ 0.56
|
|
$ (0.60)
|
|
$ 1.86
|
Discontinued
operations
|
|
(0.06)
|
|
0.12
|
|
0.63
|
|
1.19
|
Net income
attributable to Noble Corporation
|
|
$ (2.44)
|
|
$ 0.68
|
|
$ 0.03
|
|
$ 3.05
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/noble-corporation-plc-reports-fourth-quarter-and-full-year-2014-results-announces-retirement-of-three-rigs-300031152.html
SOURCE Noble Corporation