LONDON, Nov. 2, 2017 /PRNewswire/ -- Noble
Corporation plc (NYSE: NE, the Company) today reported a net loss
attributable to the Company for the three months ended September 30, 2017 of $97
million, or $0.40 per diluted
share, on revenues of $266 million.
The results include a pre-tax charge to operating expenses totaling
$14 million, or $0.04 per diluted share, relating to damage
sustained by two of the Company's cold-stacked semisubmersibles
during Hurricane Harvey. Excluding the charge, the net loss
attributable to Noble Corporation in the third quarter of 2017
would have been $87 million, or
$0.36 per diluted share.
For the three months ended September 30,
2016, Noble Corporation reported a net loss attributable to
the Company of $55 million, or
$0.23 per diluted share, on revenues
of $385 million.
A Non-GAAP supporting schedule is included with the statements
and schedules attached to this press release and can also be found
at www.noblecorp.com which provides a reconciliation for net income
(loss), income tax and diluted earnings per share for the periods
covered.
Commenting on results for the third quarter, David W. Williams, Chairman, President and Chief
Executive Officer of Noble Corporation plc stated, "Our premium
fleet continued to attract the attention of top-tier customers
around the world, as demonstrated by the more than $200 million of new contract awards in the
quarter, further bolstering our excellent contract coverage. Also,
we continued to generate positive free cash flow, despite the
challenging industry environment, while maintaining our traditional
high standards of operational performance."
Contract drilling services revenues for the third quarter of
2017 totaled $260 million compared to
$272 million in the preceding quarter
of the year, which included a $6
million write-off of a derivative instrument relating to
contingent customer payments. Fleet operating days in the third
quarter declined six percent due primarily to the jackup rig fleet,
which saw three rigs complete contracts during the quarter, in
addition to downward dayrate adjustments and reduced bonus
revenues. These items were partially offset by higher mobilization
revenues and one additional calendar day in the quarter.
Contract drilling services costs in the third quarter totaled
$165 million, and included the
$14 million charge relating to the
rigs damaged during Hurricane Harvey. Excluding the charge,
drilling services costs for the third quarter would have been
$151 million. During the preceding
quarter of 2017, contract drilling services costs were $162 million, which included a charge of
$14 million relating to the write-off
of a Pemex receivable. Excluding that charge, contract drilling
services costs for the preceding quarter of 2017 would have been
$148 million. The modest increase in
contract drilling costs for the third quarter, when viewed on an
adjusted basis, was largely due to the commencement of operations
and higher mobilization expenses on the jackup Noble Tom
Prosser following the rig's relocation to Australia, partially offset by a reduction in
idle rig costs.
Operating Highlights
Utilization in the third quarter of the Company's 14 jackups was
81 percent compared to 93 percent in the preceding quarter, with
the decline due primarily to fewer operating days for the Noble
Regina Allen, Noble Houston Colbert and Noble Mick O'Brien, as all three units
completed contracts over the quarter. The decline in operating days
was partially offset by the Noble Tom Prosser, which in
September commenced a contract offshore Australia following an idle period. The
contract for the Noble Tom Prosser contributed to an
increase in average daily revenues in the third quarter to
$127,200 compared to $121,300 in the preceding quarter. Following the
close of the third quarter, the Noble Houston Colbert was
awarded a three-well, estimated one-year contract for work offshore
Qatar. The contract, which is
expected to commence in February
2018, increases to 13 the number of jackups currently under
contract in the Noble fleet, with five units expected to complete
contracts during the fourth quarter of 2017.
The Company's floating rig fleet, comprised of eight drillships
and six semisubmersibles, reported utilization in the third quarter
of 39 percent compared to 37 percent in the preceding quarter of
the year. The slight improvement was due to an increase in
operating days on the drillship Noble Bob Douglas. Average
daily revenues for the third quarter were $253,300 compared to $273,700 in the preceding quarter. The decline
followed lower revenues on the drillship Noble Globetrotter
I, partially offset by higher average revenues on the Noble
Globetrotter II and Noble Don
Taylor. At the close of the third quarter, five of the
Company's eight drillships were under contract, including the
Noble Bob Douglas, which in July was awarded a three-year
primary term contract for work offshore Guyana, with an expected contract commencement
date of first or second quarter of 2018. Also, following the close
of the third quarter, the rig was awarded an estimated 80-day
drilling assignment in the U.S. Gulf of
Mexico, with an expected contract commencement in late
November 2017. With this latest
award, the Noble Bob Douglas, which in late-October
completed a drilling assignment offshore Suriname, is now expected
to remain under contract into early-2021.
The Company's contract backlog, which totaled approximately
$3.2 billion at September 30, 2017, has remained essentially flat
throughout 2017 following the addition of more than $800 million in contracts through the third
quarter. Of the $3.2 billion total,
which extends beyond 2022, an estimated $2.0
billion relates to the floating rig fleet, with $1.2 billion associated with the jackup fleet.
Approximately 54 percent of the available rig operating days
remaining in 2017 are committed to contracts, including 36 percent
for the floating rig fleet and 73 percent for the jackup fleet. For
2018, 40 percent of available operating days are committed to
contracts, including 34 percent and 46 percent of the floating and
jackup rig days, respectively.
Outlook
Addressing the outlook for the offshore industry, Williams
stated, "We believe our industry continues to demonstrate that the
early stages of recovery have begun. Discussions with customers
about their future rig needs have intensified throughout the year
and have resulted in contract awards across numerous regions. As we
sharpen our focus on 2018, we expect these early signs of recovery
to yield measurable benefits to Noble. Our current contract backlog
of $3.2 billion is expected to
provide revenues in 2018 that exceed $860
million, with revenues of over $700
million in 2019, and these estimates exclude contract awards
since the conclusion of the third quarter and any future awards.
Also, our current expectation for 2018 is to generate
positive free cash flow, as we have demonstrated in 2017."
About Noble Corporation plc
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 28 offshore drilling units,
consisting of 14 drillships and semisubmersibles and 14 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,
expense management, revenue, rig demand, fleet condition,
operational or financial performance, shareholder value, contract
commitments, dayrates, contract commencements, contract extensions,
renewals or renegotiations, letters of intent or award, industry
fundamentals, customer relationships and requirements, strategic
initiatives, future performance, growth opportunities, the offshore
drilling market, market outlook, capital allocation strategies, our
financial position, business strategy, taxes and tax rates,
liquidity, competitive position, capital expenditures, financial
flexibility, debt levels, debt repayment, the outcome of any
dispute, litigation, audit or investigation, 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 or claims 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, 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.
Conference Call
Noble also has scheduled a conference call and webcast related
to its third quarter 2017 results on Friday, November 3, 2017, at 8:00 a.m. U.S. Central Daylight Time. Interested
parties are invited to listen to the call by dialing
1-877-201-0168, or internationally 1-647-788-4901, using access
code: 21884040, or by asking for the Noble Corporation plc
conference call. Interested parties may also listen over the
Internet through a link posted in the Investor Relations section of
the Company's Website.
A replay of the conference call will be available on
Friday, November 3, 2017, beginning
at 11:00 a.m. U.S. Central Daylight
Time, through Sunday, December 3,
2017, 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: 21884040. The replay
will also be available on the Company's Website following the end
of the live call.
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Operating
revenues
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$
259,740
|
|
$
373,257
|
|
$
885,931
|
|
$
1,841,321
|
|
Reimbursables
and other
|
|
6,472
|
|
11,896
|
|
21,399
|
|
50,588
|
|
|
|
266,212
|
|
385,153
|
|
907,330
|
|
1,891,909
|
Operating
costs and expenses
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
165,028
|
|
207,204
|
|
487,784
|
|
702,628
|
|
Reimbursables
|
|
3,834
|
|
9,142
|
|
13,374
|
|
39,446
|
|
Depreciation
and amortization
|
|
137,607
|
|
155,242
|
|
409,919
|
|
455,907
|
|
General and
administrative
|
|
15,331
|
|
15,773
|
|
49,869
|
|
54,346
|
|
Loss on
impairment
|
|
-
|
|
-
|
|
-
|
|
16,616
|
|
|
|
321,800
|
|
387,361
|
|
960,946
|
|
1,268,943
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
(55,588)
|
|
(2,208)
|
|
(53,616)
|
|
622,966
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amount capitalized
|
|
(72,887)
|
|
(52,569)
|
|
(219,543)
|
|
(166,975)
|
|
Gain on
extinguishment of debt, net
|
|
-
|
|
-
|
|
-
|
|
11,066
|
|
Interest income
and other, net
|
|
389
|
|
540
|
|
4,286
|
|
(1,443)
|
Income
(loss) from continuing operations before income
taxes
|
|
(128,086)
|
|
(54,237)
|
|
(268,873)
|
|
465,614
|
|
Income tax
benefit (provision)
|
|
28,605
|
|
10,002
|
|
(210,589)
|
|
(40,317)
|
Net income
(loss) from continuing operations
|
|
(99,481)
|
|
(44,235)
|
|
(479,462)
|
|
425,297
|
Net loss from
discontinued operations, net of tax
|
|
-
|
|
-
|
|
(1,486)
|
|
-
|
Net income
(loss)
|
|
(99,481)
|
|
(44,235)
|
|
(480,948)
|
|
425,297
|
|
Net (income)
loss attributable to noncontrolling interests
|
|
2,689
|
|
(10,846)
|
|
(10,888)
|
|
(52,027)
|
Net income
(loss) attributable to Noble Corporation plc
|
|
$
(96,792)
|
|
$
(55,081)
|
|
$
(491,836)
|
|
$
373,270
|
Net income
(loss) attributable to Noble Corporation plc
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$
(96,792)
|
|
$
(55,081)
|
|
$
(490,350)
|
|
$
373,270
|
|
Net loss from
discontinued operations, net of tax
|
|
-
|
|
-
|
|
(1,486)
|
|
-
|
|
Net income
(loss) attributable to Noble Corporation plc
|
|
$
(96,792)
|
|
$
(55,081)
|
|
$
(491,836)
|
|
$
373,270
|
Per share
data:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(2.00)
|
|
$
1.48
|
|
Loss from
discontinued operations
|
|
-
|
|
-
|
|
(0.01)
|
|
-
|
|
Net income
(loss) attributable to Noble Corporation
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(2.01)
|
|
$
1.48
|
Diluted:
|
|
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(2.00)
|
|
$
1.48
|
|
Loss from
discontinued operations
|
|
-
|
|
-
|
|
(0.01)
|
|
-
|
|
Net income
(loss) attributable to Noble Corporation
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(2.01)
|
|
$
1.48
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
2017
|
|
2016
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
608,763
|
|
$
725,722
|
|
Accounts
receivable, net
|
|
202,533
|
|
319,152
|
|
Prepaid
expenses and other current assets
|
|
129,993
|
|
147,740
|
Total current
assets
|
|
941,289
|
|
1,192,614
|
|
|
|
|
|
|
Property and
equipment, at cost
|
|
12,421,765
|
|
12,364,888
|
|
Accumulated
depreciation
|
|
(2,709,498)
|
|
(2,302,940)
|
Property and
equipment, net
|
|
9,712,267
|
|
10,061,948
|
|
|
|
|
|
|
Other
assets
|
|
244,663
|
|
185,555
|
|
Total
assets
|
|
$
10,898,219
|
|
$
11,440,117
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Current
maturities of long-term debt
|
|
$
249,652
|
|
$
299,882
|
|
Accounts
payable
|
|
83,986
|
|
108,224
|
|
Accrued payroll
and related costs
|
|
46,844
|
|
48,383
|
|
Other current
liabilities
|
|
214,779
|
|
176,804
|
Total current
liabilities
|
|
595,261
|
|
633,293
|
|
|
|
|
|
|
Long-term
debt
|
|
3,795,327
|
|
4,040,229
|
Other
liabilities
|
|
542,774
|
|
299,150
|
|
Total
liabilities
|
|
4,933,362
|
|
4,972,672
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Total
shareholders' equity
|
|
5,286,962
|
|
5,758,681
|
|
Noncontrolling
interests
|
|
677,895
|
|
708,764
|
|
Total
equity
|
|
5,964,857
|
|
6,467,445
|
|
Total
liabilities and equity
|
|
$
10,898,219
|
|
$
11,440,117
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
|
2017
|
|
2016
|
Cash flows
from operating activities
|
|
|
|
|
|
Net income
(loss)
|
|
$
(480,948)
|
|
$ 425,297
|
|
Adjustments to
reconcile net income to net cash flow from operating
activities:
|
|
|
|
|
|
Depreciation
and amortization
|
|
409,919
|
|
455,907
|
|
Other long-term
asset write-off
|
|
28,689
|
|
-
|
|
Loss on
impairment
|
|
-
|
|
16,616
|
|
Gain on
extinguishment of debt, net
|
|
-
|
|
(11,066)
|
|
Net change in
operating activities
|
|
341,420
|
|
73,614
|
|
Net cash
provided by operating activities
|
|
299,080
|
|
960,368
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
|
New
construction
|
|
-
|
|
(431,031)
|
|
Capital
expenditures
|
|
(74,363)
|
|
(145,069)
|
|
Change in
accrued capital expenditures
|
|
(12,337)
|
|
(41,235)
|
|
Capitalized
interest
|
|
-
|
|
(15,938)
|
|
Net change in
investing activities
|
|
1,306
|
|
23,390
|
|
Net cash used
in investing activities
|
|
(85,394)
|
|
(609,883)
|
|
|
|
|
|
|
Cash flows
from financing activities
|
|
|
|
|
|
Repayments of
debt
|
|
(300,000)
|
|
(322,207)
|
|
Debt issuance
costs on senior notes and credit facility
|
|
(42)
|
|
-
|
|
Premiums paid
on early repayment of long-term debt
|
|
-
|
|
(1,781)
|
|
Dividend
payments
|
|
-
|
|
(47,534)
|
|
Dividends paid
to noncontrolling interests
|
|
(26,293)
|
|
(61,980)
|
|
Employee stock
transactions
|
|
(4,310)
|
|
(3,176)
|
|
Net cash used
in financing activities
|
|
(330,645)
|
|
(436,678)
|
|
Net decrease in
cash and cash equivalents
|
|
(116,959)
|
|
(86,193)
|
Cash and
cash equivalents, beginning of period
|
|
725,722
|
|
512,245
|
Cash and
cash equivalents, end of period
|
|
$
608,763
|
|
$ 426,052
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
FINANCIAL
AND OPERATIONAL INFORMATION BY SEGMENT
|
(In thousands,
except operating statistics)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Three Months Ended
June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
Contract
|
|
|
|
|
|
Contract
|
|
|
|
|
|
Contract
|
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
|
Services
|
|
Other
|
|
Total
|
|
Services
|
|
Other
|
|
Total
|
|
Services
|
|
Other
|
|
Total
|
Operating
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$ 259,740
|
|
$
-
|
|
$
259,740
|
|
$ 373,257
|
|
$
-
|
|
$ 373,257
|
|
$
271,532
|
|
$
-
|
|
$ 271,532
|
Reimbursables
and other
|
|
6,472
|
|
-
|
|
6,472
|
|
11,896
|
|
-
|
|
11,896
|
|
6,610
|
|
-
|
|
6,610
|
|
|
$ 266,212
|
|
$
-
|
|
$
266,212
|
|
$ 385,153
|
|
$
-
|
|
$ 385,153
|
|
$
278,142
|
|
$
-
|
|
$ 278,142
|
Operating
costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$ 165,028
|
|
$
-
|
|
$
165,028
|
|
$ 207,204
|
|
$
-
|
|
$ 207,204
|
|
$
162,371
|
|
$
-
|
|
$ 162,371
|
Reimbursables
|
|
3,834
|
|
-
|
|
3,834
|
|
9,142
|
|
-
|
|
9,142
|
|
4,394
|
|
-
|
|
4,394
|
Depreciation
and amortization
|
|
131,819
|
|
5,788
|
|
137,607
|
|
149,398
|
|
5,844
|
|
155,242
|
|
130,763
|
|
5,831
|
|
136,594
|
General and
administrative
|
|
15,331
|
|
-
|
|
15,331
|
|
15,773
|
|
-
|
|
15,773
|
|
18,658
|
|
-
|
|
18,658
|
|
|
$ 316,012
|
|
$
5,788
|
|
$
321,800
|
|
$ 381,517
|
|
$
5,844
|
|
$ 387,361
|
|
$
316,186
|
|
$
5,831
|
|
$ 322,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
$ (49,800)
|
|
$ (5,788)
|
|
$
(55,588)
|
|
$
3,636
|
|
$ (5,844)
|
|
$
(2,208)
|
|
$
(38,044)
|
|
$ (5,831)
|
|
$ (43,875)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackups:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
81%
|
|
|
|
|
|
80%
|
|
|
|
|
|
93%
|
|
|
|
|
Operating
Days
|
|
1,043
|
|
|
|
|
|
954
|
|
|
|
|
|
1,183
|
|
|
|
|
Average
Dayrate
|
|
$ 127,163
|
|
|
|
|
|
$ 109,387
|
|
|
|
|
|
$ 121,284
|
|
|
|
|
Semisubmersibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
17%
|
|
|
|
|
|
13%
|
|
|
|
|
|
17%
|
|
|
|
|
Operating
Days
|
|
92
|
|
|
|
|
|
92
|
|
|
|
|
|
91
|
|
|
|
|
Average
Dayrate
|
|
$ 104,028
|
|
|
|
|
|
$ 293,269
|
|
|
|
|
|
$ 126,106
|
|
|
|
|
Drillships:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
56%
|
|
|
|
|
|
70%
|
|
|
|
|
|
52%
|
|
|
|
|
Operating
Days
|
|
410
|
|
|
|
|
|
517
|
|
|
|
|
|
377
|
|
|
|
|
Average
Dayrate
|
|
$ 286,819
|
|
|
|
|
|
$ 467,949
|
|
|
|
|
|
$ 309,313
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
60%
|
|
|
|
|
|
59%
|
|
|
|
|
|
65%
|
|
|
|
|
Operating
Days
|
|
1,545
|
|
|
|
|
|
1,563
|
|
|
|
|
|
1,651
|
|
|
|
|
Average
Dayrate
|
|
$ 168,127
|
|
|
|
|
|
$ 238,869
|
|
|
|
|
|
$ 164,475
|
|
|
|
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CALCULATION
OF BASIC AND DILUTED NET INCOME PER SHARE
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
The following
table presents the computation of basic and diluted net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Numerator:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to Noble -UK
|
|
$ (96,792)
|
|
$ (55,081)
|
|
$
(491,836)
|
|
$ 373,270
|
Net loss from
discontinued operations, net of tax
|
|
-
|
|
-
|
|
1,486
|
|
-
|
Earnings allocated to
unvested share-based payment awards (1)
|
|
-
|
|
-
|
|
-
|
|
(12,754)
|
Net income
(loss) from continuing operations to common shareholders -
basic
|
|
$ (96,792)
|
|
$ (55,081)
|
|
$
(490,350)
|
|
$ 360,516
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to Noble -UK
|
|
$ (96,792)
|
|
$ (55,081)
|
|
$
(491,836)
|
|
$ 373,270
|
Net loss from
discontinued operations, net of tax
|
|
-
|
|
-
|
|
1,486
|
|
-
|
Net income
(loss) from continuing operations to common shareholders -
diluted
|
|
$ (96,792)
|
|
$ (55,081)
|
|
$
(490,350)
|
|
$ 373,270
|
|
|
|
|
|
|
|
|
|
Denominator:
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic
|
|
244,940
|
|
243,224
|
|
244,666
|
|
243,089
|
Incremental shares
issuable from assumed exercise of stock options and unvested
share-based payment awards outstanding
|
|
-
|
|
-
|
|
-
|
|
8,600
|
Weighted
average shares outstanding - diluted
|
|
244,940
|
|
243,224
|
|
244,666
|
|
251,689
|
Earnings
(loss) per share
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(2.00)
|
|
$
1.48
|
Discontinued
operations
|
|
-
|
|
-
|
|
(0.01)
|
|
-
|
Net income
(loss) to Noble Corporation plc
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(2.01)
|
|
$
1.48
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(2.00)
|
|
$
1.48
|
Discontinued
operations
|
|
-
|
|
-
|
|
(0.01)
|
|
-
|
Net income
(loss) to Noble Corporation plc
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(2.01)
|
|
$
1.48
|
|
(1)For the
quarters ended September 30, 2017 and 2016, we experienced net
losses from continuing operations, as well as the year ended
September 30, 2017. As such, unvested share-based payment awards
were excluded from the loss per share calculation during these
periods, as the awards were anti-dilutive.
|
|
Non-GAAP
Reconciliation
|
|
|
|
Certain non-GAAP
performance measures and corresponding reconciliations to GAAP
financial measures for the Company have been provided for
meaningful comparisons between current results and prior operating
periods. Generally, a non-GAAP financial measure is a numerical
measure of a company's performance, financial position, or cash
flows that excludes or includes amounts that are not normally
included or excluded in the most directly comparable measure
calculated and presented in accordance with generally accepted
accounting principles. In order to fully assess the financial
operating results, management believes that the results of
operations, adjusted to exclude the following items, which are
included in the Company's press release issued on November 2, 2017,
and discussed in the related conference call on November 3, 2017,
are appropriate measures of the continuing and normal operations of
the Company:
|
|
|
(i)
|
In the second and
third quarter of 2017, a discrete tax item;
|
|
|
(ii)
|
In the second quarter
of 2017, the Noble Max Smith write-off of receivables;
and
|
|
|
(iii)
|
In the third quarter
of 2017, the Noble Danny Adkins and Noble Jim Day
related cost damage.
|
|
|
|
These non-GAAP
adjusted measures should be considered in addition to, and not as a
substitute for, or superior to, contract drilling revenue, contract
drilling cost, contract drilling margin, average daily revenue,
operating income, cash flows from operations, or other measures of
financial performance prepared in accordance with GAAP. Please see
the following Non-GAAP Financial Measures and Reconciliations for a
complete description of the adjustments.
|
NOBLE CORPORATION
PLC AND SUBSIDIARIES
|
NON-GAAP
MEASURES
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Income tax provision
|
|
Three Months
Ended,
|
|
Three Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
Income tax
provision
|
|
$
28,605
|
|
$
10,002
|
|
$
18,213
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
Noble Danny Adkins
and Noble Jim Day rig damages
|
|
(4,845)
|
|
-
|
|
-
|
|
Total
Adjustments
|
|
(4,845)
|
|
-
|
|
-
|
|
Adjusted income tax
provision
|
|
$
23,760
|
|
$
10,002
|
|
$
18,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
net loss attributable to Noble Corporation plc
|
|
Three Months
Ended,
|
|
Three Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to Noble Corporation plc
|
|
$ (96,792)
|
|
$ (55,081)
|
|
$
(93,350)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
Noble Danny Adkins
and Noble Jim Day rig damages
|
|
9,425
|
|
-
|
|
-
|
|
|
Noble Max
Smith write-off of receivables
|
|
-
|
|
-
|
|
14,419
|
|
Total
Adjustments
|
|
9,425
|
|
-
|
|
14,419
|
|
Adjusted net loss
attributable to Noble Corporation plc
|
|
$ (87,367)
|
|
$ (55,081)
|
|
$
(78,931)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
diluted EPS attributable to continuing operations
|
|
Three Months
Ended,
|
|
Three Months
Ended
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Unadjusted diluted
EPS
|
|
$
(0.40)
|
|
$
(0.23)
|
|
$
(0.38)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
Noble Danny Adkins
and Noble Jim Day rig damages
|
|
0.04
|
|
-
|
|
-
|
|
|
Noble Max
Smith write-off of receivables
|
|
-
|
|
-
|
|
0.06
|
|
Total
Adjustments
|
|
0.04
|
|
-
|
|
0.06
|
|
Adjusted diluted
EPS
|
|
$
(0.36)
|
|
$
(0.23)
|
|
$
(0.32)
|
View original
content:http://www.prnewswire.com/news-releases/noble-corporation-plc-reports-third-quarter-2017-results-300548842.html
SOURCE Noble Corporation