Cayman Islands | 1381 | 98-0366361 | ||||
(State or other jurisdiction of incorporation or organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||
Emerging growth company | ☐ |
Title of Each Class of Securities to be Registered | Amount to be Registered | Proposed Maximum Offering Price Per Security | Proposed Maximum Aggregate Offering Price | Amount of Registration Fee | ||||
11%/ 13%/ 15% Senior Secured PIK Toggle Notes due 2028 | $435,969,567 (1) | 100% | $435,969,567 | $40,414.38 (2) | ||||
Guarantees of 11%/ 13%/ 15% Senior Secured PIK Toggle Notes due 2028 | — | — | — | — (3) | ||||
Exact Name of Additional Registrant as Specified in its Charter* | State or Other Jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | ||
Bully 1 (Switzerland) GmbH** | Switzerland | 98-0568935 | ||
Noble BD LLC | Delaware | 82-5210197 | ||
Noble Cayman SCS Holding Ltd | Cayman Islands | 98-1350467 | ||
Noble Contracting II GmbH** | Switzerland | — | ||
Noble Drilling (Guyana) Inc.*** | Guyana | 98-1405736 | ||
Noble Drilling (Norway) AS † | Norway | 52-2239546 | ||
Noble Drilling (TVL) Ltd. | Cayman Islands | — | ||
Noble Drilling (U.S.) LLC | Delaware | 76-0295031 | ||
Noble Drilling Doha LLC ‡ | Doha, Qatar | — | ||
Noble Drilling International GmbH** | Switzerland | 98-0688632 | ||
Noble Drilling Services LLC (f/k/a Noble Drilling Services Inc.) | Delaware | 76-0295033 | ||
Noble DT LLC | Delaware | 84-3405555 | ||
Noble International Finance Company | Cayman Islands | 98-0655893 | ||
Noble Leasing (Switzerland) GmbH** | Switzerland | 98-0566694 | ||
Noble Leasing III (Switzerland) GmbH** | Switzerland | 98-0631434 | ||
Noble Resources Limited | Cayman Islands | 98-1096876 | ||
Noble Rig Holding 2 Limited | Cayman Islands | 98-1461033 | ||
Noble Rig Holding I Limited | Cayman Islands | 98-1443703 | ||
Noble SA Limited | Cayman Islands | 98-1343368 | ||
Noble Services Company LLC | Delaware | 85-3318770 | ||
Noble Services International Limited | Cayman Islands | 98-1096893 | ||
Pacific Drilling S.A. + | Luxembourg | 98-1465724 |
* | Each additional registrant is a wholly-owned direct or indirect subsidiary of Noble Finance Company. Unless otherwise indicated, the address, including zip code, and telephone number, including area code, of each additional registrant’s principal executive offices is 13135 Dairy Ashford, Suite 800, Sugar Land, Texas 77478, telephone (281) 276-6100. The primary standard industrial classification code number of each of the additional registrants is 1381. The name, address, including zip code, and telephone number, including area code, of the agent for service for each of the additional registrants is Richard B. Barker, 13135 Dairy Ashford, Suite 800, Sugar Land, Texas 77478, telephone (281)276-6100. |
** | The address, including zip code, of such registrant’s principal executive offices is Dorfstrasse 19a, Baar Switzerland 6340. |
*** | The address, including zip code, of such registrant’s principal executive offices is 63 Hadfield & Cross Streets, Werk-en Rust, Georgetown, Demerara, Guyana. |
† | The address, including zip code, of such registrant’s principal executive offices is Hinna Park Jåttåvågveien 7, Bygg B, PO Box 370, Stavanger, Norway 4067. |
‡ | The address, including zip code, of such registrant’s principal executive offices is Salam Globex Business Center, The Gate- Tower II, Office 807, 8th Level, PO Box 14023, West Bay, Doha, Qatar. |
+ | The address, including zip code, of such registrant’s principal executive offices is 25B, Boulevard Royal, 2449 Luxembourg, Grand Duchy of Luxembourg. |
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F-1 |
Issuer | Noble Finance Company, an exempted company incorporated in the Cayman Islands with limited liability. |
Notes to be Offered by the Selling Securityholders | $ paid-in-kind |
Maturity Date | The notes will mature on February 15, 2028. |
Interest | The notes bear interest, at our option for each interest payment date, at the per annum rates of (i) 11% payable in cash, (ii) 13%, with 6.5% per annum of such interest to be payable in cash and 6.5% per annum of such interest to be payable by issuing PIK notes, or (iii) 15%, with the entirety of such interest to be payable by issuing PIK notes. Interest on the notes will be paid semi-annually, in arrears, on February 15 and August 15, commencing August 15, 2021, to the holders of record at the close of business on the February 1 and August 1 immediately preceding the applicable interest payment date. Interest on the notes will be computed on the basis of a 360-day year of twelve30-day months. See “Description of the Notes—General.” |
Ranking | The notes: |
Optional Redemption | Within 120 days of any Change of Control, we (or the successor entity following such Change of Control) may redeem for cash all (but not less than all) of the outstanding notes, at a redemption price, if the redemption is (x) prior to (but not including) February 15, 2024, equal to the sum of (1) 106% of the principal amount of the notes to be redeemed plus (2) accrued and unpaid interest, if any, to, but excluding, the redemption date or (y) on or after February 15, 2024, equal to the redemption price applicable to the notes (expressed as a percentage of the principal amount of the notes to be redeemed) if redeemed during the 12-month period beginning on February 15, 2024 of the years indicated in the second immediately following paragraph. |
Prior to February 15, 2024, we will be entitled at our option to redeem the notes, in whole or in part, at a redemption price equal to 106% of the principal amount of the notes plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders on the relevant record date to receive interest due on the relevant interest payment date). |
The redemption price for the notes to be redeemed on any redemption date that is on or after February 15, 2024 will be equal to the applicable percentage set forth below of the principal amount of the notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption (subject to the right of holders on the relevant record date to receive interest due on the relevant interest payment date) if redeemed during the 12-month period beginning on February 15 of the years indicated below: |
YEAR | PERCENTAGE | |
2024 | 106.000% | |
2025 | 104.000% | |
2026 | 102.000% | |
2027 and thereafter | 100.000% |
See “Description of the Notes—Optional Redemption.” |
Tax Redemption | The notes will be subject to redemption at any time, in whole but not in part, at a redemption price, if the redemption is (x) prior to (but not including) February 15, 2024, equal to 106% of the principal amount of the notes to be redeemed or (y) on or after February 15, 2024, equal to the redemption price applicable to the notes (expressed as a percentage of the principal amount of notes to be redeemed), in each |
case together with accrued and unpaid interest to, but not including, the Tax Redemption Date, plus all Additional Amounts then due or which will become due on the Tax Redemption Date as a result of the redemption or otherwise, if on the next date on which any amount would be payable in respect of the notes, we are or would be required to pay Additional Amounts, and we cannot avoid any such payment obligation by taking reasonable measures available (including, for the avoidance of doubt, appointment of a new paying agent but excluding the reincorporation or reorganization of the Company), and the requirement arises as a result of a Change in Tax Law. |
See “Description of the Notes—Tax Redemption.” |
Guarantees | The notes are guaranteed on a senior secured basis by each subsidiary guarantor. The notes guarantees of the notes by each subsidiary guarantor: |
Neither Pacific Drilling nor any of its current subsidiaries is a subsidiary guarantor of the Revolving Credit Facility or the notes, and none of their assets secure the Revolving Credit Facility or the notes. In addition, none of the Maersk Drilling assets will secure the Revolving Credit Facility or the notes |
See “Description of the Notes—General” and “Description of the Notes—Notes Guarantee.” |
Collateral | The notes and the notes guarantees are secured by second-priority security interests (subject to Permitted Liens) in the Collateral. Subject to the terms described under “Description of the Notes—Collateral—Release,” the Collateral consists of substantially all of the property and assets of the Company and the subsidiary guarantors, other than Excluded Property, and the pledge of the Capital Stock of |
the Company and some or all of the Capital Stock of certain subsidiary guarantors. See “Description of the Notes—Collateral.” |
The Collateral does not include any assets of, or equity interests in, Pacific Drilling or any of its current subsidiaries. In addition, the Collateral does not include any assets of Maersk Drilling. |
Certain Covenants | The indenture governing the notes restricts our ability and the ability of our restricted subsidiaries to, among other things: |
These limitations will be subject to a number of important qualifications and exceptions. See “Description of the Notes—Certain Covenants.” |
OID | Because the notes provide the issuer with the option to pay interest in the form of additional notes (the PIK notes) in lieu of paying cash interest, the notes will be treated as having been issued with original issue discount for U.S. federal income tax purposes. As a result, a holder of a note who is subject to U.S. federal income tax is generally required to pay U.S. federal income tax on accrual of original issue discount on the notes. See “Material U.S. Federal Income Tax Considerations” for more information. |
Use of Proceeds | We will not receive any proceeds from the sale of the notes by the selling securityholders pursuant to this prospectus. See “Use of Proceeds.” |
Absence of a Public Market | There is currently no established public trading market for the notes, and there can be no assurance that a public trading market will develop. |
Risk Factors | Investing in the notes involves significant risks. You should carefully read and consider the information beginning on page |
�� | • | potential unknown liabilities and unforeseen expenses associated with the Pacific Drilling Merger; |
(i) | integrating new services into joint offerings to customers as an integrated service provider with the objective of removing waste in the |
(ii) | offering new financial models focused on risk and reward sharing through, among other things, deferred payments, fixed pricing or co-investments, enabling operators to develop fields that would otherwise be economically challenged. However, forecasting the success of any new business model is inherently uncertain and depends on a number of factors both within and outside of the Maersk Drilling Group’s control. The Maersk Drilling Group’s actual revenue and profit generated from such business models may be significantly greater or less than forecasts. In addition, the efficiencies anticipated from new business models may fail to be realized, the costs may be higher and the counterparty risk greater than expected. In addition, as the Maersk Drilling Group creates and executes more new business models and expands into other parts of the value chain, the Maersk Drilling Group’s risk profile may continue to shift. See also “— sub-standard performance ornon-performance of those third-party subcontractors”, “—Legal and Regulatory Risks Related to the Maersk Drilling Group—The Maersk Drilling Group’s international activities increase the compliance risk associated with applicable anti-corruption laws” and “—Legal and Regulatory Risks Related to the Maersk Drilling Group—The Maersk Drilling Group’s international activities |
increase the compliance risks associated with economic and trade sanctions imposed by the United States, the European Union and other jurisdictions.” Entering into new business models could have an adverse impact on the Maersk Drilling Group’s business, financial condition, and results of operations. |
Maersk Drilling Historical | ||||||||||||||||||||||||||||
Noble Pro Forma (Note 3) | Maersk Drilling Historical (IFRS) (Note 6) | Maersk Drilling Rig Disposal (IFRS) (Note 7) | Maersk Drilling IFRS-to-GAAP Adjustments (Note 8) | Maersk Drilling Historical Adjusted (U.S. GAAP) | Business Combination Transaction Accounting Adjustments (Note 9) | Topco Pro Forma Combined | ||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||
Contract drilling services | $ | 541,136 | $ | 946,395 | $ | (34,921 | ) (A) | $ | — | $ | 911,474 | $ | — | $ | 1,452,610 | |||||||||||||
Reimbursables and other | 50,465 | 23,000 | — | — | 23,000 | — | 73,465 | |||||||||||||||||||||
591,601 | 969,395 | (34,921 | ) | — | 934,474 | — | 1,526,075 | |||||||||||||||||||||
Operating costs and expense | ||||||||||||||||||||||||||||
Contract drilling services | 501,293 | 599,169 | (22,948 | ) (A) | 17,252 | (J)(K) | 593,473 | 1,342 | (EE) | 1,096,108 | ||||||||||||||||||
Reimbursables | 44,927 | 8,000 | — | — | 8,000 | — | 52,927 | |||||||||||||||||||||
Depreciation and amortization | 71,122 | 167,178 | (6,469 | ) (A) | 160,775 | (J)(L) | 321,484 | (257,753 | ) (AA) | 134,853 | ||||||||||||||||||
General and administrative | 79,910 | 56,386 | — | 2,099 | (J) | 58,485 | — | 138,395 | ||||||||||||||||||||
Merger and integration costs | 13,786 | — | — | — | — | — | 13,786 | |||||||||||||||||||||
Transaction costs on sale of operating assets | 3,146 | — | — | — | — | — | 3,146 | |||||||||||||||||||||
Hurricane losses | 10,441 | — | — | — | — | — | 10,441 | |||||||||||||||||||||
Special items | — | 13,510 | 78 | (A) | (13,588 | ) (K) | — | — | — | |||||||||||||||||||
724,625 | 844,243 | (29,339 | ) | 166,538 | 981,442 | (256,411 | ) | 1,449,656 | ||||||||||||||||||||
Operating income (loss) | (133,024 | ) | 125,152 | (5,582 | ) | (166,538 | ) | (46,968 | ) | 256,411 | 76,419 | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (18,410 | ) | (46,438 | ) | 894 | (A)(C) | 834 | (J) | (44,710 | ) | 4,320 | (DD) | (58,800 | ) | ||||||||||||||
Interest income and other, net | 7,864 | (352 | ) | — | — | (352 | ) | — | 7,512 | |||||||||||||||||||
Gain on extinguishment of debt, net | (2,664 | ) | — | — | — | — | — | (2,664 | ) | |||||||||||||||||||
Loss before income taxes | (146,234 | ) | 78,362 | (4,688 | ) | (165,704 | ) | (92,030 | ) | 260,731 | 22,467 | |||||||||||||||||
Income tax benefit (provision) | 5,494 | (18,403 | ) | 1,487 | (D) | 8,135 | (L) | (8,781 | ) | (23,001 | ) (EE) | (26,288 | ) | |||||||||||||||
Net income (loss) | $ | (140,740 | ) | $ | 59,959 | $ | (3,201 | ) | $ | (157,569 | ) | $ | (100,811 | ) | $ | 237,730 | $ | (3,821 | ) | |||||||||
Basic net income (loss) per share | $ | (2.11 | ) | $ | 1.45 | $ | (0.03 | )(CC) | ||||||||||||||||||||
Diluted net income (loss) per share | $ | (2.11 | ) | $ | 1.44 | $ | (0.03 | )(CC) | ||||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||||
Basic | 66,600 | 41,290 | 133,341 | (CC) | ||||||||||||||||||||||||
Diluted | 66,600 | 41,583 | 133,341 | (CC) |
Maersk Drilling Historical | Maersk Drilling Historical | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noble Pro Forma (Note 4) | Maersk Drilling Historical (IFRS) (Note 6) | Maersk Drilling Rig Disposal (IFRS) (Note 7) | Maersk Drilling IFRS-to-GAAP Adjustments (Note 8) | Maersk Drilling Historical Adjusted (U.S. GAAP) | Business Combination Transaction Accounting Adjustments (Note 9) | Topco Pro Forma Combined | Noble Pro Forma (Note 7) | Maersk Drilling Historical (IFRS) (Note 4) | Maersk Drilling Rig Disposal (IFRS) (Note 5) | Maersk Drilling IFRS-to-GAAP Adjustments (Note 6) | Maersk Drilling Historical Adjusted (U.S. GAAP) | Business Combination Transaction Accounting Adjustments (Note 3) | Topco Pro Forma Combined | |||||||||||||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract drilling services | $ | 903,534 | $ | 1,096,207 | $ | (298 | ) (A) | $ | — | $ | 1,095,909 | $ | — | $ | 1,999,443 | $ | 723,319 | $ | 1,267,136 | $ | (45,869 | ) (A) | $ | — | $ | 1,221,267 | $ | — | $ | 1,944,586 | ||||||||||||||||||||||||||
Reimbursables and other | 70,247 | 19,000 | — | — | 19,000 | — | 89,247 | 65,541 | 30,000 | — | — | 30,000 | — | 95,541 | ||||||||||||||||||||||||||||||||||||||||||
973,781 | 1,115,207 | (298 | ) | — | 1,114,909 | — | 2,088,690 | 788,860 | 1,297,136 | (45,869 | ) | — | 1,251,267 | — | 2,040,127 | |||||||||||||||||||||||||||||||||||||||||
Operating costs and expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract drilling services | 730,343 | 742,419 | (8,667 | ) (A) | 45,365 | (J)(K) | 779,117 | 6,157 | (EE) | 1,515,617 | 676,275 | 848,805 | (29,790 | ) (A) | 17,999 | (C) (D) | 837,014 | 2,640 | (EE) | 1,515,929 | ||||||||||||||||||||||||||||||||||||
Reimbursables | 60,156 | 11,000 | — | — | 11,000 | — | 71,156 | 58,651 | 11,000 | — | — | 11,000 | — | 69,651 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 67,796 | 285,540 | (55 | ) (A) | 175,186 | (J)(L) | 460,671 | (370,504 | ) (AA) | 157,963 | 95,811 | 213,202 | (7,967 | ) (A) | 227,491 | (C) (E) | 432,726 | (308,724 | ) (AA) | 219,813 | ||||||||||||||||||||||||||||||||||||
General and administrative | 164,555 | 75,400 | — | 4,525 | (J)(K) | 79,925 | 58,292 | (BB) | 302,772 | 94,447 | 80,106 | — | 2,794 | (C) | 82,900 | — | 177,347 | |||||||||||||||||||||||||||||||||||||||
Pre-petition charges | 35,628 | — | — | — | — | — | 35,628 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loss on impairment | 3,915,408 | 1,579,847 | — | (1,507,883 | ) (L) | 71,964 | — | 3,987,372 | ||||||||||||||||||||||||||||||||||||||||||||||||
Merger and integration costs | 24,792 | — | — | 7,592 | (D) | 7,592 | 50,718 | (BB) | 83,102 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of operating assets, net | (189,349 | ) | — | (234,483 | ) (B) | — | (234,483 | ) | — | (423,832 | ) | (185,934 | ) | (256,292 | ) | — | — | (256,292 | ) | — | (442,226 | ) | ||||||||||||||||||||||||||||||||||
Hurricane losses | 23,350 | — | — | — | — | — | 23,350 | |||||||||||||||||||||||||||||||||||||||||||||||||
Special items | — | 41,642 | (31 | ) (A) | (41,611 | ) (K) | — | — | — | — | 20,533 | 194 | (A) | (20,727 | ) (D) | — | — | — | ||||||||||||||||||||||||||||||||||||||
4,784,537 | 2,735,848 | (243,236 | ) | (1,324,418 | ) | 1,168,194 | (306,055 | ) | 5,646,676 | 787,392 | 917,354 | (37,563 | ) | 235,149 | 1,114,940 | (255,366 | ) | 1,646,966 | ||||||||||||||||||||||||||||||||||||||
Operating income (loss) | (3,810,756 | ) | (1,620,641 | ) | 242,938 | 1,324,418 | (53,285 | ) | 306,055 | (3,557,986 | ) | 1,468 | 379,782 | (8,306 | ) | (235,149 | ) | 136,327 | 255,366 | 393,161 | ||||||||||||||||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (26,872 | ) | (70,269 | ) | 3,842 | (A)(C) | 1,216 | (J) | (65,211 | ) | 5,780 | (DD) | (86,303 | ) | (24,799 | ) | (64,358 | ) | 1,198 | (A) (B) | 1,072 | (C) | (62,088 | ) | 5,769 | (DD) | (81,118 | ) | ||||||||||||||||||||||||||||
Interest income and other, net | 11,319 | 1,797 | — | — | 1,797 | — | 13,116 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain on extinguishment of debt, net | 16,254 | — | — | — | — | — | 16,254 | (2,664 | ) | — | — | — | — | — | (2,664 | ) | ||||||||||||||||||||||||||||||||||||||||
Interest income and other, net | 14,604 | (2,764 | ) | — | — | (2,764 | ) | — | 11,840 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on bargain purchase | 64,479 | — | — | — | — | — | 64,479 | 62,305 | — | — | — | — | — | 62,305 | ||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (3,742,291 | ) | (1,693,674 | ) | 246,780 | 1,325,634 | (121,260 | ) | 311,835 | (3,551,716 | ) | 47,629 | 317,221 | (7,108 | ) | (234,077 | ) | 76,036 | 261,135 | 384,800 | ||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | 235,174 | 41,346 | (39,878 | ) (D) | (16,774 | ) (L) | (15,306 | ) | (22,296 | ) (EE) | 197,572 | (1,068 | ) | (26,248 | ) | 2,066 | (A) | 10,442 | (F) | (13,740 | ) | (17,518 | ) (EE) | (32,326 | ) | |||||||||||||||||||||||||||||||
Net income (loss) | $ | (3,507,117 | ) | $ | (1,652,328 | ) | $ | 206,902 | $ | 1,308,860 | $ | (136,566 | ) | $ | 289,539 | $ | (3,354,144 | ) | $ | 46,561 | $ | 290,973 | $ | (5,042 | ) | $ | (223,635 | ) | $ | 62,296 | $ | 243,617 | $ | 352,474 | ||||||||||||||||||||||
Basic net loss per share | $ | (52.66 | ) | $ | (39.90 | ) | $ | (25.15 | )(CC) | |||||||||||||||||||||||||||||||||||||||||||||||
Diluted net loss per share | $ | (52.66 | ) | $ | (39.90 | ) | $ | (25.15 | )(CC) | |||||||||||||||||||||||||||||||||||||||||||||||
Basic net income (loss) per share | $ | 0.70 | $ | 7.05 | — | — | — | — | $ | 2.64 | (CC) | |||||||||||||||||||||||||||||||||||||||||||||
Diluted net income (loss) per share | $ | 0.66 | $ | 7.01 | — | — | — | — | $ | 2.55 | (CC) | |||||||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | 66,600 | 41,411 | 133,341 | (CC)�� | 66,615 | 41,290 | — | — | — | — | 133,325 | (CC) | ||||||||||||||||||||||||||||||||||||||||||||
Diluted | 66,600 | 41,411 | 133,341 | (CC) | 71,058 | 41,525 | — | — | — | — | 138,241 | (CC) |
Maersk Drilling Historical | Maersk Drilling Historical | |||||||||||||||||||||||||||||||||||||||||||||||||||
Noble Pro Forma (Note 5) | Maersk Drilling Historical (IFRS) (Note 6) | Maersk Drilling Rig Disposal (IFRS) (Note 7) | Maersk Drilling IFRS-to-GAAP Adjustments (Note 8) | Maersk Drilling Historical Adjusted (U.S. GAAP) | Business Combination Transaction Accounting Adjustments (Note 9) | Topco Pro Forma Combined | Noble Successor Historical | Maersk Drilling Historical (IFRS) (Note 4) | Maersk Drilling IFRS-to-GAAP Adjustments (Note 6) | Maersk Drilling Historical Adjusted (U.S. GAAP) | Business Combination Transaction Accounting Adjustments (Note 3) | Topco Pro Forma Combined | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 200,725 | $ | 221,456 | $ | 292,460 | (E) | $ | — | $ | 513,916 | $ | (57,274 | ) (FF) | $ | 657,367 | $ | 194,138 | $ | 551,088 | $ | — | $ | 551,088 | $ | (59,971 | ) (FF) | $ | 685,255 | |||||||||||||||||||||||
Accounts receivable, net | 227,644 | 295,024 | — | — | 295,024 | — | 522,668 | 200,419 | 256,104 | — | 256,104 | — | 456,523 | |||||||||||||||||||||||||||||||||||||||
Taxes receivable | 29,565 | 39,892 | — | — | 39,892 | — | 69,457 | 16,063 | 27,459 | — | 27,459 | — | 43,522 | |||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 51,476 | 73,001 | — | — | 73,001 | (34,971 | ) (GG) | 89,506 | 45,026 | 76,822 | (7,000 | ) (F) | 69,822 | (32,676 | ) (GG) | 82,172 | ||||||||||||||||||||||||||||||||||||
Assets held for sale | — | 139,057 | (139,057 | ) (F) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 509,410 | 768,430 | 153,403 | — | 921,833 | (92,245 | ) | 1,338,998 | 455,646 | 911,473 | (7,000 | ) | 904,473 | (92,647 | ) | 1,267,472 | ||||||||||||||||||||||||||||||||||||
Intangible assets | 76,262 | — | — | — | — | — | 76,262 | 61,849 | — | — | — | — | 61,849 | |||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | — | — | — | 93,330 | (HH) | 93,330 | — | — | — | — | 259,920 | (HH) | 259,920 | |||||||||||||||||||||||||||||||||||||
Property and equipment, at cost | 1,518,663 | 9,450,350 | — | 3,751,931 | (L) | 13,202,281 | (10,937,484 | ) (II) | 3,783,460 | 1,555,975 | 9,421,623 | 3,751,931 | (E) | 13,173,554 | (10,592,596 | ) (II) | 4,136,933 | |||||||||||||||||||||||||||||||||||
Accumulated depreciation | (56,588 | ) | (6,630,701 | ) | — | (746,147 | ) (L) | (7,376,848 | ) | 7,376,848 | (II) | (56,588 | ) | (77,275 | ) | (6,598,042 | ) | (836,995 | ) (E) | (7,435,037 | ) | 7,435,037 | (II) | (77,275 | ) | |||||||||||||||||||||||||||
Property and equipment, net | 1,462,075 | 2,819,649 | — | 3,005,784 | 5,825,433 | (3,560,636 | ) | 3,726,872 | 1,478,700 | 2,823,581 | 2,914,936 | 5,738,517 | (3,157,559 | ) | 4,059,658 | |||||||||||||||||||||||||||||||||||||
Other assets | 46,882 | 48,060 | — | (9,266 | ) (L) | 38,794 | (6,287 | ) (KK) | 79,389 | 77,247 | 46,817 | (8,184 | ) (E) | 38,633 | (7,559 | ) (JJ) | 108,321 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 2,094,629 | $ | 3,636,139 | $ | 153,403 | $ | 2,996,518 | $ | 6,786,060 | $ | (3,565,838 | ) | $ | 5,314,851 | $ | 2,073,442 | $ | 3,781,871 | $ | 2,899,752 | $ | 6,681,623 | $ | (2,997,845 | ) | $ | 5,757,220 | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 106,429 | $ | 146,362 | $ | — | $ | — | $ | 146,362 | $ | — | $ | 252,791 | $ | 120,389 | $ | 164,158 | $ | — | $ | 164,158 | $ | (10,135 | ) (KK) | $ | 274,412 | |||||||||||||||||||||||||
Accrued payroll and related costs | 56,442 | 25,043 | — | — | 25,043 | — | 81,485 | 48,346 | 33,728 | — | 33,728 | — | 82,074 | |||||||||||||||||||||||||||||||||||||||
Current maturities of long-term debt | — | 130,084 | — | — | 130,084 | — | 130,084 | — | 130,097 | — | 130,097 | — | 130,097 | |||||||||||||||||||||||||||||||||||||||
Taxes payable | 39,312 | 22,268 | 36,000 | (H) | 15,375 | (M) | 73,643 | 6,412 | (KK) | 119,367 | 28,735 | 37,500 | 17,156 | (F) | 54,656 | 4,474 | (JJ) | 87,865 | ||||||||||||||||||||||||||||||||||
Interest payable | 4,293 | 598 | — | — | 598 | — | 4,891 | 9,788 | 639 | — | 639 | — | 10,427 | |||||||||||||||||||||||||||||||||||||||
Other current liabilities | 35,031 | 93,412 | — | — | 93,412 | — | 128,443 | 41,136 | 67,085 | — | 67,085 | — | 108,221 | |||||||||||||||||||||||||||||||||||||||
Total current liabilities | 241,507 | 417,767 | 36,000 | 15,375 | 469,142 | 6,412 | 717,061 | 248,394 | 433,207 | 17,156 | 450,363 | (5,661 | ) | 693,096 | ||||||||||||||||||||||||||||||||||||||
Long-term debt | 216,000 | 1,018,415 | (80,000 | ) (G) | — | 938,415 | 13,737 | (JJ) | 1,168,152 | 216,000 | 907,346 | — | 907,346 | 12,419 | (LL) | 1,135,765 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | 13,568 | 15,408 | 1,697 | (H) | 74,512 | (L) | 91,617 | (76,707 | ) (KK) | 28,478 | 13,195 | 26,305 | 73,328 | (E) | 99,633 | (80,777 | ) (JJ) | 32,051 | ||||||||||||||||||||||||||||||||||
Other liabilities | 84,212 | 101,350 | — | 34,358 | (M) | 135,708 | 140,517 | (KK) | 360,437 | 95,226 | 94,682 | 33,545 | (F) | 128,227 | 150,250 | (JJ) | 373,703 | |||||||||||||||||||||||||||||||||||
Total liabilities | 555,287 | 1,552,940 | (42,303 | ) | 124,245 | 1,634,882 | 83,959 | 2,274,128 | 572,815 | 1,461,540 | 124,029 | 1,585,569 | 76,231 | 2,234,615 | ||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 1 | 62,520 | — | — | 62,520 | (62,519 | ) (LL) | 2 | 1 | 62,520 | — | 62,520 | (62,519 | ) (MM) | 2 | |||||||||||||||||||||||||||||||||||||
Additional paid-in-capital | 1,388,388 | — | — | — | — | 1,559,672 | (LL) | 2,948,060 | 1,393,255 | — | — | — | 2,072,695 | (MM) | 3,465,950 | |||||||||||||||||||||||||||||||||||||
Retained earnings (accumulated deficit) | 151,220 | 2,020,679 | 195,706 | (I) | 2,872,273 | (L) | 5,088,658 | (5,146,950 | ) (LL) | 92,928 | 101,982 | 2,278,838 | 2,775,723 | (E) (F) | 5,054,561 | (5,105,279 | ) (MM) | 51,264 | ||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (267 | ) | — | — | — | — | — | (267 | ) | 5,389 | (21,027 | ) | — | (21,027 | ) | 21,027 | (MM) | 5,389 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 1,539,342 | 2,083,199 | 195,706 | 2,872,273 | 5,151,178 | (3,649,797 | ) | 3,040,723 | 1,500,627 | 2,320,331 | 2,775,723 | 5,096,054 | (3,074,076 | ) | 3,522,605 | |||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 2,094,629 | $ | 3,636,139 | $ | 153,403 | $ | 2,996,518 | $ | 6,786,060 | $ | (3,565,838 | ) | $ | 5,314,851 | $ | 2,073,442 | $ | 3,781,871 | $ | 2,899,752 | $ | 6,681,623 | $ | (2,997,845 | ) | $ | 5,757,220 | ||||||||||||||||||||||||
Preliminary purchase price consideration | ||||||||
Maersk Drilling Shares issued and outstanding as of December 10, 2021 | 41,291 | |||||||
Maersk Drilling Shares issued and outstanding as of March 18, 2022 | 41,291 | |||||||
Fixed exchange ratio | 1.6137 | 1.6137 | ||||||
Number of Topco Shares issued | 66,631 | 66,631 | ||||||
Noble Share price for seven trailing days ended December 10, 2021 | $ | 23.34 | ||||||
Noble Share price for seven trailing days ended March 18, 2022 | $ | 31.02 | ||||||
Preliminary purchase price paid for Maersk Drilling Shares | $ | 1,554,879 | $ | 2,066,794 | ||||
Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price | 3,776 | 5,020 | ||||||
Total preliminary purchase price consideration | $ | 1,558,655 | $ | 2,071,814 | ||||
Estimated Fair Value | Estimated Fair Value | |||||||
Total current assets | $ | 886,862 | $ | 871,797 | ||||
Property and equipment, net | 2,264,797 | 2,580,958 | ||||||
Other noncurrent assets | 32,507 | 31,074 | ||||||
Total assets acquired | 3,184,166 | 3,483,829 | ||||||
Total current liabilities | 475,554 | 454,837 | ||||||
Long-term debt | 952,152 | 919,765 | ||||||
Deferred income taxes | 14,910 | 18,856 | ||||||
Other liabilities | 276,225 | 278,477 | ||||||
Total liabilities assumed | 1,718,841 | 1,671,935 | ||||||
Net assets acquired | 1,465,325 | 1,811,894 | ||||||
Goodwill | 93,330 | 259,920 | ||||||
Total preliminary purchase price consideration | $ | 1,558,655 | $ | 2,071,814 | ||||
Noble Reorganization | ||||||||||||||||||||||||||||||||
Noble Predecessor Historical Period From January 1, 2021 through February 5, 2021 | Noble Successor Historical Period From February 6, 2021 through September 30, 2021 | Nine Months Ended September 30, 2021 | Reorganization Adjustments | Fresh Start Adjustments | Pro Forma Noble (including reorganization items, net) | Removal of Noble Reorganization items, net | Noble Post- reorganization Pro Forma | |||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||
Contract drilling services | $ | 74,051 | $ | 515,680 | $ | 589,731 | $ | — | $ | (5,210 | )(c) | $ | 584,521 | $ | — | $ | 584,521 | |||||||||||||||
Reimbursables and other | 3,430 | 46,467 | 49,897 | — | — | 49,897 | — | 49,897 | ||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||
77,481 | 562,147 | 639,628 | — | (5,210 | ) | 634,418 | — | 634,418 | ||||||||||||||||||||||||
Operating costs and expense | ||||||||||||||||||||||||||||||||
Contract drilling services | 46,965 | 456,853 | 503,818 | 920 | (a) | — | 504,738 | — | 504,738 | |||||||||||||||||||||||
Reimbursables | 2,737 | 41,577 | 44,314 | — | — | 44,314 | — | 44,314 | ||||||||||||||||||||||||
Depreciation and amortization | 20,622 | 64,831 | 85,453 | — | (11,123 | )(d) | 74,330 | — | 74,330 | |||||||||||||||||||||||
General and administrative | 5,727 | 47,939 | 53,666 | 803 | (a) | — | 54,469 | — | 54,469 | |||||||||||||||||||||||
Merger and integration costs | — | 13,786 | 13,786 | — | — | 13,786 | — | 13,786 | ||||||||||||||||||||||||
Transaction costs on sale of operating assets | — | 3,146 | 3,146 | — | — | 3,146 | — | 3,146 | ||||||||||||||||||||||||
Hurricane losses | — | 10,441 | 10,441 | — | — | 10,441 | — | 10,441 | ||||||||||||||||||||||||
76,051 | 638,573 | 714,624 | 1,723 | (11,123 | ) | 705,224 | — | 705,224 | ||||||||||||||||||||||||
Operating income (loss) | 1,430 | (76,426 | ) | (74,996 | ) | (1,723 | ) | 5,913 | (70,806 | ) | — | (70,806 | ) | |||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (229 | ) | (23,628 | ) | (23,857 | ) | (3,518 | )(b) | — | (27,375 | ) | — | (27,375 | ) | ||||||||||||||||||
Gain on extinguishment of debt, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest income and other, net | 399 | 7,490 | 7,889 | — | — | 7,889 | — | 7,889 | ||||||||||||||||||||||||
Reorganization items, net | 252,051 | — | 252,051 | — | — | 252,051 | (252,051 | )(l) | — | |||||||||||||||||||||||
Gain on bargain purchase | — | 64,479 | 64,479 | — | — | 64,479 | — | 64,479 | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 253,651 | (28,085 | ) | 225,566 | (5,241 | ) | 5,913 | 226,238 | (252,051 | ) | (25,813 | ) | ||||||||||||||||||||
Income tax benefit (provision) | (3,423 | ) | 6,631 | 3,208 | 353 | (e) | 1,094 | (e) | 4,655 | — | 4,655 | |||||||||||||||||||||
Net income (loss) | $ | 250,228 | $ | (21,454 | ) | $ | 228,774 | $ | (4,888 | ) | $ | 7,007 | $ | 230,893 | $ | (252,051 | ) | $ | (21,158 | ) | ||||||||||||
Basic net income (loss) per share | $ | 1.00 | $ | (0.35 | ) | $ | (0.42 | ) | ||||||||||||||||||||||||
Diluted net income (loss) per share | $ | 0.98 | $ | (0.35 | ) | $ | (0.42 | ) | ||||||||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||||||||
Basic | 251,115 | 61,847 | 50,000 | |||||||||||||||||||||||||||||
Diluted | 256,571 | 61,847 | 50,000 |
Pacific Drilling Merger | ||||||||||||||||||||||||
Noble Post- reorganization Pro Forma | Pacific Successor Historical From January 1, 2021 through April 15, 2021 | Pacific Drilling Merger Transaction Accounting Adjustments | Noble / Pacific Pro Forma Combined | Noble Rig Disposal Transaction Accounting Adjustments | Noble Pro Forma | |||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||
Contract drilling services | $ | 584,521 | $ | 30,893 | $ | — | $ | 615,414 | $ | (74,278 | )(m) | $ | 541,136 | |||||||||||
Reimbursables and other | 49,897 | 1,791 | — | 51,688 | (1,223 | )(m) | 50,465 | |||||||||||||||||
634,418 | 32,684 | — | 667,102 | (75,501 | ) | 591,601 | ||||||||||||||||||
Operating costs and expense | ||||||||||||||||||||||||
Contract drilling services | 504,738 | 43,586 | 2,108 | (f) | 550,432 | (49,139 | )(m) | 501,293 | ||||||||||||||||
Reimbursables | 44,314 | 1,090 | — | 45,404 | (477 | )(m) | 44,927 | |||||||||||||||||
Depreciation and amortization | 74,330 | 12,026 | (7,656 | )(g) | 78,700 | (7,578 | )(m) | 71,122 | ||||||||||||||||
General and administrative | 54,469 | 25,441 | — | 79,910 | — | 79,910 | ||||||||||||||||||
Merger and integration costs | 13,786 | — | — | 13,786 | — | 13,786 | ||||||||||||||||||
Transaction costs on sale of operating assets | 3,146 | — | — | 3,146 | — | 3,146 | ||||||||||||||||||
Hurricane losses | 10,441 | — | — | 10,441 | — | 10,441 | ||||||||||||||||||
705,224 | 82,143 | (5,548 | ) | 781,819 | (57,194 | ) | 724,625 | |||||||||||||||||
Operating income (loss) | (70,806 | ) | (49,459 | ) | 5,548 | (114,717 | ) | (18,307 | ) | (133,024 | ) | |||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (27,375 | ) | (371 | ) | 371 | (h) | (27,375 | ) | 8,965 | (m)(n) | (18,410 | ) | ||||||||||||
Gain on extinguishment of debt, net | — | (2,664 | ) | — | (2,664 | ) | — | (2,664 | ) | |||||||||||||||
Interest income and other, net | 7,889 | (25 | ) | — | 7,864 | — | 7,864 | |||||||||||||||||
Reorganization items, net | — | — | — | — | — | — | ||||||||||||||||||
Gain on bargain purchase | 64,479 | — | (64,479 | )(i) | — | — | — | |||||||||||||||||
Income (loss) from continuing operations before income taxes | (25,813 | ) | (52,519 | ) | (58,560 | ) | (136,892 | ) | (9,342 | ) | (146,234 | ) | ||||||||||||
Income tax benefit (provision) | 4,655 | (263 | ) | (8 | )(j) | 4,384 | 1,110 | (m)(o) | 5,494 | |||||||||||||||
Net income (loss) | $ | (21,158 | ) | $ | (52,782 | ) | $ | (58,568 | ) | $ | (132,508 | ) | $ | (8,232 | ) | $ | (140,740 | ) | ||||||
Basic net income (loss) per share | $ | (0.42 | ) | $ | (2.11 | ) | ||||||||||||||||||
Diluted net income (loss) per share | $ | (0.42 | ) | $ | (2.11 | ) | ||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||
Basic | 50,000 | 16,600 | (k) | 66,600 | ||||||||||||||||||||
Diluted | 50,000 | 16,600 | (k) | 66,600 |
Nine Months Ended September 30, 2021 | ||||
Reversal of Predecessor interest expense | $ | (229 | ) | |
Pro forma interest on the Successor Revolving Credit Facility and Notes | 3,505 | |||
Amortization of Successor deferred financing costs | 242 | |||
Pro forma adjustment for interest expense | $ | 3,518 | ||
Nine Months Ended September 30, 2021 | ||||
Removal of Predecessor depreciation expense | $ | (20,622 | ) | |
Pro forma depreciation expense | 9,499 | |||
Pro forma adjustment for depreciation and amortization | $ | (11,123 | ) | |
Financial Statement Line Item | Pacific Historical Presentation | Pacific Historical as Presented | ||||||
Contract drilling services | $ | 1,791 | $ | — | ||||
Reimbursables and other | — | 1,791 | ||||||
Operating expense | 44,959 | — | ||||||
Contract drilling services (expense) | — | 43,586 | ||||||
Reimbursables | — | 1,090 | ||||||
Depreciation and amortization | — | 283 | ||||||
Other expense | (25 | ) | — | |||||
Interest income and other, net | — | (25 | ) |
Assuming 70% of Maersk Drilling Shares are acquired | Assuming 90% of Maersk Drilling Shares are acquired | |||||||
Year Ended December 31, 2021 | Year Ended December 31, 2021 | |||||||
Numerator | ||||||||
Net income | $ | 352,474 | $ | 352,474 | ||||
Net income attributable to noncontrolling interest (1) | 98,767 | 32,922 | ||||||
Net income attributable to Topco | 253,707 | 319,552 | ||||||
Denominator | ||||||||
Basic shares: | ||||||||
Pro forma weighted average shares outstanding, basic, assuming 100% of Maersk Drilling Shares are acquired | 133,325 | 133,325 | ||||||
Less: Maersk Drilling Shares not acquired | (19,989 | ) | (6,663 | ) | ||||
Pro forma weighted average shares outstanding, basic | 113,336 | 126,662 | ||||||
Diluted shares: | ||||||||
Pro forma weighted average shares outstanding, diluted, assuming 100% of Maersk Drilling Shares are acquired (2) | 138,241 | 138,241 | ||||||
Less: Maersk Drilling Shares not acquired | (19,989 | ) | (6,663 | ) | ||||
Pro forma weighted average shares outstanding, diluted | $ | 118,252 | $ | 131,578 | ||||
Net income per share attributable to Topco, basic | $ | 2.24 | $ | 2.52 | ||||
Net income per share attributable to Topco, diluted | $ | 2.15 | $ | 2.43 |
Nine Months Ended September 30, 2021 | ||||
Removal of historical depreciation expense | $ | (12,026 | ) | |
Pro forma depreciation expense | 4,370 | |||
Pro forma adjustment for depreciation and amortization | $ | (7,656 | ) | |
Assuming 70% of Maersk Drilling Shares are acquired | Assuming 90% of Maersk Drilling Shares are acquired | |||||||
Year Ended December 31, 2021 | Year Ended December 31, 2021 | |||||||
Maersk Drilling Historical Adjusted (U.S. GAAP) | $ | 62,296 | $ | 62,296 | ||||
Business Combination Transaction Accounting Adjustments (Note 3) | 266,927 | 266,927 | ||||||
Maersk Drilling pro forma net income | $ | 329,223 | $ | 329,223 | ||||
Noncontrolling interest ownership percentage | 30% | 10% | ||||||
Net income attributable to noncontrolling interest | $ | 98,767 | $ | 32,922 | ||||
September 30, 2021 | ||||
The diluted pro forma share count excludes |
effect of 11,097 |
Noble Reorganization | ||||||||||||||||||||||||
Noble Predecessor Historical | Reorganization Adjustments | Fresh Start Adjustments | Pro Forma Noble (including reorganization items, net) | Removal of Noble Reorganization items, net | Noble Post- reorganization Pro Forma | |||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||
Contract drilling services | $ | 909,236 | $ | — | $ | (58,373 | )(ee) | $ | 850,863 | $ | — | $ | 850,863 | |||||||||||
Reimbursables and other | 55,036 | — | — | 55,036 | — | 55,036 | ||||||||||||||||||
964,272 | — | (58,373 | ) | 905,899 | — | 905,899 | ||||||||||||||||||
Operating costs and expense | ||||||||||||||||||||||||
Contract drilling services | 567,487 | 3,708 | (aa)(dd) | — | 571,195 | — | 571,195 | |||||||||||||||||
Reimbursables | 48,188 | — | — | 48,188 | — | 48,188 | ||||||||||||||||||
Depreciation and amortization | 374,129 | — | (279,161 | )(ff) | 94,968 | — | 94,968 | |||||||||||||||||
General and administrative | 121,196 | 4,520 | (aa) | — | 125,716 | — | 125,716 | |||||||||||||||||
Pre-petition charges | 14,409 | — | — | 14,409 | — | 14,409 | ||||||||||||||||||
Loss on impairment | 3,915,408 | — | — | 3,915,408 | — | 3,915,408 | ||||||||||||||||||
Gain on sale of operating assets, net | — | — | — | — | — | — | ||||||||||||||||||
5,040,817 | 8,228 | (279,161 | ) | 4,769,884 | — | 4,769,884 | ||||||||||||||||||
Operating income (loss) | (4,076,545 | ) | (8,228 | ) | 220,788 | (3,863,985 | ) | — | (3,863,985 | ) | ||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (164,653 | ) | 126,035 | (bb) | — | (38,618 | ) | — | (38,618 | ) | ||||||||||||||
Gain on extinguishment of debt, net | 17,254 | — | — | 17,254 | — | 17,254 | ||||||||||||||||||
Interest income and other, net | 9,012 | — | — | 9,012 | — | 9,012 | ||||||||||||||||||
Reorganization items, net | (23,930 | ) | 2,590,514 | (cc) | (2,312,902 | )(hh) | 253,682 | (253,682 | )(pp) | — | ||||||||||||||
Gain on bargain purchase | — | — | — | — | — | — | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | (4,238,862 | ) | 2,708,321 | (2,092,114 | ) | (3,622,655 | ) | (253,682 | ) | (3,876,337 | ) | |||||||||||||
Income tax benefit (provision) | 260,403 | 17,281 | (gg) | (17,376 | )(gg) | 260,308 | — | 260,308 | ||||||||||||||||
Net income (loss) | $ | (3,978,459 | ) | $ | 2,725,602 | $ | (2,109,490 | ) | $ | (3,362,347 | ) | $ | (253,682 | ) | $ | (3,616,029 | ) | |||||||
Basic net loss per share | $ | (15.86 | ) | $ | (72.32 | ) | ||||||||||||||||||
Diluted net loss per share | $ | (15.86 | ) | $ | (72.32 | ) | ||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||
Basic | 250,792 | 50,000 | ||||||||||||||||||||||
Diluted | 250,792 | 50,000 |
Pacific Drilling Merger | ||||||||||||||||||||||||||||||||||||||||||||
Noble Post- reorganization Pro Forma | Pacific Predecessor Historical | Pacific Drilling Merger Transaction Accounting Adjustments | Removal of Pacific Reorganization items, net | Noble / Pacific Pro Forma Combined | Noble Rig Disposal Transaction Accounting Adjustments | Noble Pro Forma | ||||||||||||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||||||||||
Contract drilling services | $ | 850,863 | $ | 181,368 | $ | — | $ | — | $ | 1,032,231 | $ | (128,697 | ) | (qq) | $ | 903,534 | ||||||||||||||||||||||||||||
Reimbursables and other | 55,036 | 16,569 | — | — | 71,605 | (1,358 | ) | (qq) | 70,247 | |||||||||||||||||||||||||||||||||||
905,899 | 197,937 | — | — | 1,103,836 | (130,055 | ) | 973,781 | |||||||||||||||||||||||||||||||||||||
Operating costs and expense | ||||||||||||||||||||||||||||||||||||||||||||
Contract drilling services | 571,195 | 226,611 | (2,147 | ) | (ii)(kk) | — | 795,659 | (65,316 | ) | (qq) | 730,343 | |||||||||||||||||||||||||||||||||
Reimbursables | 48,188 | 12,529 | — | — | 60,717 | (561 | ) | (qq) | 60,156 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 94,968 | 110,567 | (95,333 | ) | (jj) | — | 110,202 | (42,406 | ) | (qq) | 67,796 | |||||||||||||||||||||||||||||||||
General and administrative | 125,716 | 46,161 | (7,322 | ) | (kk) | — | 164,555 | — | 164,555 | |||||||||||||||||||||||||||||||||||
Pre-petition charges | 14,409 | 21,219 | — | — | 35,628 | — | 35,628 | |||||||||||||||||||||||||||||||||||||
Loss on impairment | 3,915,408 | — | — | — | 3,915,408 | — | 3,915,408 | |||||||||||||||||||||||||||||||||||||
Gain on sale of operating assets, net | — | — | — | — | — | (189,349 | ) | (rr) | (189,349 | ) | ||||||||||||||||||||||||||||||||||
4,769,884 | 417,087 | (104,802 | ) | — | 5,082,169 | (297,632 | ) | 4,784,537 | ||||||||||||||||||||||||||||||||||||
Operating income (loss) | (3,863,985 | ) | (219,150 | ) | 104,802 | — | (3,978,333 | ) | 167,577 | (3,810,756 | ) | |||||||||||||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (38,618 | ) | (87,642 | ) | 87,642 | (ll) | — | (38,618 | ) | 11,746 | (qq)(ss) | (26,872 | ) | |||||||||||||||||||||||||||||||
Gain on extinguishment of debt, net | 17,254 | (1,000 | ) | — | — | 16,254 | — | 16,254 | ||||||||||||||||||||||||||||||||||||
Interest income and other, net | 9,012 | 5,592 | — | — | 14,604 | — | 14,604 | |||||||||||||||||||||||||||||||||||||
Reorganization items, net | — | (767,049 | ) | — | 767,049 | (pp | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Gain on bargain purchase | — | — | 64,479 | (mm) | — | 64,479 | — | 64,479 | ||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (3,876,337 | ) | (1,069,249 | ) | 256,923 | 767,049 | (3,921,614 | ) | 179,323 | (3,742,291 | ) | |||||||||||||||||||||||||||||||||
Income tax benefit (provision) | 260,308 | (8,367 | ) | (2,574 | ) | (nn) | — | 249,367 | (14,193 | ) | (tt) | 235,174 | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (3,616,029 | ) | $ | (1,077,616 | ) | $ | 254,349 | $ | 767,049 | $ | (3,672,247 | ) | $ | 165,130 | $ | (3,507,117 | ) | ||||||||||||||||||||||||||
Basic net loss per share | $ | (72.32 | ) | $ | (52.66 | ) | ||||||||||||||||||||||||||||||||||||||
Diluted net loss per share | $ | (72.32 | ) | $ | (52.66 | ) | ||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||||||||||||||||||||
Basic | 50,000 | 16,600 | (oo) | 66,600 | ||||||||||||||||||||||||||||||||||||||||
Diluted | 50,000 | 16,600 | (oo) | 66,600 |
Twelve Months Ended December 31, 2020 | ||||
Reversal of Predecessor interest expense including amortization of deferred financing costs | $ | (164,421 | ) | |
Pro forma interest on the Successor Revolving Credit Facility and Notes | 35,497 | |||
Amortization of Successor deferred financing costs | 2,889 | |||
Pro forma adjustment for interest expense | $ | (126,035 | ) | |
Twelve Months Ended December 31, 2020 | ||||
Acceleration of unrecognized Predecessor share-based compensation | $ | (18,546 | ) | |
Gain on settlement of liabilities subject to compromise | 2,609,060 | |||
Pro forma adjustment to reorganization items, net | $ | 2,590,514 | ||
Twelve Months Ended December 31, 2020 | ||||
Removal of Predecessor depreciation expense | $ | (374,129 | ) | |
Pro forma depreciation expense | 94,968 | |||
Pro forma adjustment for depreciation and amortization | $ | (279,161 | ) | |
Financial Statement Line Item | Pacific Historical Presentation | Pacific Historical as Presented | ||||||
Contract drilling services | $ | 16,569 | $ | — | ||||
Reimbursables and other | — | 16,569 | ||||||
Operating expense | 242,214 | — | ||||||
Contract drilling services (expense) | — | 226,611 | ||||||
Reimbursables | — | 12,529 | ||||||
Depreciation and amortization | — | 3,074 | ||||||
Other expense | (423 | ) | — | |||||
Interest income and other, net | — | (423 | ) | |||||
Write-off of deferred financing costs | 4,448 | — | ||||||
Interest income and other, net | — | 4,448 |
Twelve Months Ended December 31, 2020 | ||||
Removal of historical depreciation expense | $ | (110,567 | ) | |
Pro forma depreciation expense | 15,234 | |||
Pro forma adjustment for depreciation and amortization | $ | (95,333 | ) | |
December 31, 2020 | ||||
Noble Successor Historical | Noble Rig Disposal Transaction Accounting Adjustments | Noble Pro Forma | ||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 112,225 | $ | 88,500 | (aaa | ) | $ | 200,725 | ||||||||
Accounts receivable, net | 227,644 | — | 227,644 | |||||||||||||
Taxes receivable | 29,565 | — | 29,565 | |||||||||||||
Prepaid expenses and other current assets | 51,476 | — | 51,476 | |||||||||||||
Total current assets | 420,910 | 88,500 | 509,410 | |||||||||||||
Intangible assets | 76,262 | — | 76,262 | |||||||||||||
Property and equipment, at cost | 1,518,663 | — | 1,518,663 | |||||||||||||
Accumulated depreciation | (56,588 | ) | — | (56,588 | ) | |||||||||||
Property and equipment, net | 1,462,075 | — | 1,462,075 | |||||||||||||
Property and equipment held for sale | 88,639 | (88,639 | ) | (bbb | ) | — | ||||||||||
Other assets | 46,882 | — | 46,882 | |||||||||||||
Total assets | $ | 2,094,768 | $ | (139 | ) | $ | 2,094,629 | |||||||||
Current liabilities | ||||||||||||||||
Accounts payable | $ | 106,429 | $ | — | $ | 106,429 | ||||||||||
Accrued payroll and related costs | 56,442 | — | 56,442 | |||||||||||||
Taxes payable | 39,312 | — | 39,312 | |||||||||||||
Interest payable | 4,293 | — | 4,293 | |||||||||||||
Other current liabilities | 35,031 | — | 35,031 | |||||||||||||
Total current liabilities | 241,507 | — | 241,507 | |||||||||||||
Long-term debt | 406,000 | (190,000 | ) | (ccc | ) | 216,000 | ||||||||||
Deferred income taxes | 13,568 | — | 13,568 | |||||||||||||
Other liabilities | 67,025 | 17,187 | (ddd | ) | 84,212 | |||||||||||
Total liabilities | 728,100 | (172,813 | ) | 555,287 | ||||||||||||
Shareholders’ equity | ||||||||||||||||
Common stock | 1 | — | 1 | |||||||||||||
Additional paid-in-capital | 1,388,388 | — | 1,388,388 | |||||||||||||
Retained earnings (accumulated deficit) | (21,454 | ) | 172,674 | (eee | ) | 151,220 | ||||||||||
Accumulated other comprehensive income (loss) | (267 | ) | — | (267 | ) | |||||||||||
Total shareholders’ equity | 1,366,668 | 172,674 | 1,539,342 | |||||||||||||
Total liabilities and equity | $ | 2,094,768 | $ | (139 | ) | $ | 2,094,629 | |||||||||
Financial Statement Line Item | Maersk Drilling Historical Presentation | Maersk Drilling Historical as Presented | ||||||
Revenue | $ | 946,395 | $ | — | ||||
Contract drilling services (revenue) | — | 946,395 | ||||||
Cost of sales | (669,133 | ) | — | |||||
Contract drilling services (expense) | — | 627,747 | ||||||
General and administrative | — | 56,386 | ||||||
Reimbursables | — | 8,000 | ||||||
Reimbursables and other | — | 23,000 | ||||||
Impairment losses/reversals | 11,035 | — | ||||||
Contract drilling services (expense) | — | (11,035 | ) | |||||
Gain/loss on sale of non-current assets | 17,543 | — | ||||||
Contract drilling services (expense) | — | (17,543 | ) | |||||
Share of results in joint ventures | (1,178 | ) | — | |||||
Interest income and other, net | — | (1,178 | ) | |||||
Financial expenses, net | (45,612 | ) | — | |||||
Interest expense, net of amounts capitalized | — | (46,438 | ) | |||||
Interest income and other, net | — | 826 | ||||||
Tax | (18,403 | ) | — | |||||
Income tax benefit (provision) | — | (18,403 | ) |
Financial Statement Line Item | Maersk Drilling Historical Presentation | Maersk Drilling Historical as Presented | ||||||
Revenue | $ | 1,096,207 | $ | — | ||||
Contract drilling services (revenue) | — | 1,096,207 | ||||||
Cost of sales | (807,008 | ) | — | |||||
Contract drilling services (expense) | — | 739,608 | ||||||
General and administrative | — | 75,400 | ||||||
Reimbursables | — | 11,000 | ||||||
Reimbursables and other | — | 19,000 | ||||||
Impairment losses/reversals | (1,579,847 | ) | — | |||||
Loss on impairment | — | 1,579,847 | ||||||
Gain/loss on sale of non-current assets | (2,811 | ) | — | |||||
Contract drilling services (expense) | — | 2,811 | ||||||
Share of results in joint ventures | (1,297 | ) | — | |||||
Interest income and other, net | — | (1,297 | ) | |||||
Financial expenses, net | (71,736 | ) | — | |||||
Interest expense, net of amounts capitalized | — | (70,269 | ) | |||||
Interest income and other, net | — | (1,467 | ) | |||||
Tax | 41,346 | — | ||||||
Income tax benefit (provision) | — | 41,346 |
Financial Statement Line Item | Maersk Drilling Historical Presentation | Maersk Drilling Historical as Presented | ||||||
Cash and bank balances | $ | 227,054 | $ | — | ||||
Cash and cash equivalents | — | 221,456 | ||||||
Prepaid expenses and other current assets | — | 5,598 | ||||||
Trade receivables | 260,232 | — | ||||||
Accounts receivable, net | — | 260,232 | ||||||
Other receivables | 57,645 | — | ||||||
Prepaid expenses and other current assets | — | 4,093 | ||||||
Taxes receivable | — | 18,760 | ||||||
Accounts receivable, net | — | 34,792 | ||||||
Prepayments | 58,789 | — | ||||||
Prepaid expenses and other current assets | — | 58,789 | ||||||
Right-of-use | 24,857 | — | ||||||
Other assets | — | 24,857 | ||||||
Deferred tax (asset) | 18,212 | |||||||
Other assets | — | 18,212 | ||||||
Property, plant and equipment | 2,811,852 | — | ||||||
Property and equipment, at cost | — | 9,442,553 | ||||||
Accumulated depreciation | — | (6,630,701 | ) | |||||
Intangible assets | 12,318 | — | ||||||
Property and equipment, at cost | — | 7,797 | ||||||
Prepaid expenses and other current assets | — | 4,521 | ||||||
Financial non-current assets, etc. | 4,991 | — | ||||||
Other assets | — | 4,991 | ||||||
Trade payables | 171,405 | — | ||||||
Accounts payable | — | 146,362 | ||||||
Accrued payroll and related costs | — | 25,043 | ||||||
Deferred income | 38,356 | — | ||||||
Other current liabilities | — | 38,356 | ||||||
Provisions (current) | 3,588 | — | ||||||
Other current liabilities | — | 3,588 | ||||||
Borrowings, current | 136,507 | — | ||||||
Current maturities of long-term debt | — | 130,084 | ||||||
Other current liabilities | — | 6,423 | ||||||
Other payables | 54,243 | — | ||||||
Other current liabilities | — | 45,045 | ||||||
Taxes payable | — | 8,600 | ||||||
Interest payable | — | 598 | ||||||
Taxes payable | 54,200 | — | ||||||
Other liabilities | — | 54,200 | ||||||
Borrowings, non-current | 1,038,634 | — | ||||||
Long-term debt | — | 1,018,415 | ||||||
Other liabilities | — | 20,219 | ||||||
Provisions (non-current) | 4,897 | — | ||||||
Other liabilities | — | 4,897 |
Historical Presentation | Historical as Presented | |||||||
Nine Months Ended September 30, 2021 | Twelve Months Ended December 31, 2020 | |||||||
Elimination of Maersk Drilling’s historical interest on lease liabilities | $ | 834 | $ | 1,216 | ||||
Elimination of Maersk Drilling’s historical depreciation on right-of-use | (4,929 | ) | (7,063 | ) | ||||
Reclassification of amounts to general and administrative expense | 2,099 | 2,752 | ||||||
Reclassification of amounts to contract drilling services expense | 3,664 | 5,527 |
Nine Months Ended September 30, 2021 | Twelve Months Ended December 31, 2020 | |||||||
Special items reclassified to general and administrative expense | $ | — | $ | 1,773 | ||||
Special items reclassified to contract drilling services expense | 13,588 | 39,838 | ||||||
Total Maersk Drilling special items | $ | 13,588 | $ | 41,611 | ||||
As of September 30, 2021 | ||||
Pro forma Condensed Combined Balance Sheet | ||||
Increase to carrying amount of property and equipment | $ | 3,751,931 | ||
Increase to accumulated depreciation | (746,147 | ) | ||
Decrease to deferred income tax assets | (9,266 | ) | ||
Increase to deferred income tax liabilities | 74,512 |
Nine Months Ended September 30, 2021 | Twelve Months Ended December 31, 2020 | |||||||
Pro forma Condensed Combined Statements of Operations | ||||||||
Increase to depreciation expense | $ | 165,704 | $ | 182,249 | ||||
Eliminate historical impairment reversals | — | 16,337 | ||||||
Remove historical impairment losses that would not have incurred under U.S. GAAP impairment model | — | (1,524,220 | ) | |||||
Cumulative adjustment to income tax benefit (provision) | 8,135 | (16,774 | ) |
(AA) Depreciation and amortization |
Twelve Months Ended December 31, 2021 | ||||
Removal of historical depreciation expense | $ | (432,726 | ) | |
Pro forma depreciation expense | 124,002 | |||
Pro forma adjustment for depreciation and amortization | $ | (308,724 | ) | |
Nine Months Ended September 30, 2021 | Twelve Months Ended December 31, 2020 | |||||||
Removal of historical depreciation expense | $ | (320,626 | ) | $ | (454,335 | ) | ||
Pro forma depreciation expense | 62,873 | 83,831 | ||||||
Pro forma adjustment for depreciation and amortization | $ | (257,753 | ) | $ | (370,504 | ) | ||
(ii) stock-based compensation expense of $1.8 million due to the accelerated vesting of cash and equity settled Noble RSU Awards held by Noble’s non-employee directors in connection with the Business Combination. This cost is non-recurring and is not expected to have a continuing impact on the combined company’s operating results in future periods; and |
Assuming no Cash Consideration Election | ||||
Twelve Months Ended December 31, 2021 | ||||
Numerator | ||||
Net income attributable to Topco | $ | 352,474 | ||
Denominator | ||||
Basic shares: | ||||
Topco Shares converted from Noble Shares | 60,152 | |||
Topco Shares converted from Noble Penny Warrants | 6,463 | |||
Topco Shares converted from vested Noble RSUs | 79 | |||
Topco Shares converted from Maersk Drilling Shares | 66,631 | |||
Pro forma weighted average shares outstanding, basic | 133,325 | |||
Diluted shares: | ||||
Pro forma weighted average shares outstanding, basic | 133,325 | |||
Dilutive effect of Topco Shares convertible from Noble in-the-money | 1,263 | |||
Dilutive effect of Topco Shares convertible from unvested Noble RSU Awards | 3,180 | |||
Dilutive effect of Topco Shares convertible from unvested Maersk Drilling RSU Awards | 473 | |||
Pro forma weighted average shares outstanding, diluted (1) | 138,241 | |||
Net income per share attributable to Topco, basic | $ | 2.64 | ||
Net income per share attributable to Topco, diluted | $ | 2.55 |
Assuming no Cash Consideration Election | ||||||||
Nine Months Ended September 30, 2021 | Twelve Months Ended December 31, 2020 | |||||||
Numerator | ||||||||
Net loss | $ | (3,821 | ) | $ | (3,354,144 | ) | ||
Denominator | ||||||||
Basic and diluted shares: | ||||||||
Topco Shares converted from Noble Shares | 60,168 | 60,168 | ||||||
Topco Shares converted from vested Noble RSUs | 79 | 79 | ||||||
Topco Shares converted from Noble Penny Warrants | 6,463 | 6,463 | ||||||
Topco Shares converted from Maersk Drilling Shares | 66,631 | 66,631 | ||||||
Pro forma weighted average shares outstanding, basic and diluted | 133,341 | 133,341 | ||||||
Net loss per share, basic and diluted | $ | (0.03 | ) | $ | (25.15 | ) |
(1) | The diluted pro forma share count excludes the potentially dilutive effect of 11,097 out-of-the-money |
100 |
(EE) Taxes |
(FF) Cash and cash equivalents |
(GG) Deferred costs |
(II) Property and equipment, net |
(JJ) Taxes |
(KK) Accounts payable Adjustment reflects (i) the payment of accrued cash-based bonuses of $2.1 million expected to be paid to executive officers and certain other employees of Maersk Drilling upon completion of the Business Combination, and (ii) the payment of total accrued transaction costs of $8.0 million as of December 31, 2021 for legal, professional and success fees incurred by Noble and Maersk Drilling in connection with the Business Combination. | (LL) Long-term debt Represents the elimination of Maersk Drilling’s unamortized deferred financing costs as a result of applying purchase accounting on a pro forma basis. (MM) Equity |
Common stock: | ||||||||
Add: Topco converted shares (at par of $0.00001) | $ | (62,519 | ) | $ | (62,519 | ) | ||
Pro forma adjustment | $ | (62,519 | ) | $ | (62,519 | ) | ||
Additional paid-in capital: | ||||||||
Add: Topco Shares issued (less par value) to acquire Maersk Drilling | $ | 1,554,878 | $ | 2,066,793 | ||||
Add: Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price | 3,776 | 5,020 | ||||||
Add: Unrecognized compensation costs for vested equity settled Noble non-employee director RSUs | 1,018 | 882 | ||||||
Pro forma adjustment | $ | 1,559,672 | $ | 2,072,695 | ||||
Retained earnings: | ||||||||
Remove Maersk Drilling balance | $ | (5,088,658 | ) | $ | (5,054,561 | ) | ||
Subtract: Estimated transaction costs for Business Combination. See adjustment (BB) | (44,669 | ) | (43,751 | ) | ||||
Subtract: Unrecognized compensation costs for vested cash settled Noble non-employee director RSUs | (2,123 | ) | (1,767 | ) | ||||
Subtract: Estimated Maersk Drilling cash-based transaction bonus | (11,500 | ) | (5,200 | ) | ||||
Pro forma adjustment | $ | (5,146,950 | ) | $ | (5,105,279 | ) | ||
Accumulated other comprehensive income (loss): | ||||||||
Remove Maersk Drilling balance | $ | 21,027 | ||||||
Pro forma adjustment | $ | 21,027 | ||||||
Financial Statement Line Item | Maersk Drilling Historical Presentation | Maersk Drilling Historical as Presented | ||||||
Revenue | $ | 1,267,136 | $ | — | ||||
Contract drilling services (revenue) | — | 1,267,136 | ||||||
Cost of sales | (920,945 | ) | — | |||||
Contract drilling services (expense) | — | 859,839 | ||||||
General and administrative | — | 80,106 | ||||||
Reimbursables | — | 11,000 | ||||||
Reimbursables and other | — | 30,000 | ||||||
Impairment losses/reversals | 11,034 | — | ||||||
Contract drilling services (expense) | — | (11,034 | ) | |||||
Gain/loss on sale of non-current assets | (256,292 | ) | — | |||||
Gain on sale of operating assets, net | — | (256,292 | ) | |||||
Share of results in joint ventures | (1,424 | ) | — | |||||
Interest income and other, net | — | (1,424 | ) | |||||
Financial expenses | (75,402 | ) | — | |||||
Interest expense, net of amounts capitalized | — | (64,358 | ) | |||||
Interest income and other, net | — | (11,044 | ) | |||||
Financial income | 14,265 | — | ||||||
Interest income and other, net | — | 14,265 | ||||||
Tax | (26,248 | ) | — | |||||
Income tax benefit (provision) | — | (26,248 | ) |
Financial Statement Line Item | Maersk Drilling Historical Presentation | Maersk Drilling Historical as Presented | ||||||
Cash and bank balances | $ | 556,753 | $ | — | ||||
Cash and cash equivalents | — | 551,088 | ||||||
Prepaid expenses and other current assets | — | 5,665 | ||||||
Trade receivables | 237,439 | — | ||||||
Accounts receivable, net | — | 237,439 | ||||||
Derivatives (current) | 109 | — | ||||||
Prepaid expenses and other current assets | — | 109 | ||||||
Other receivables | 54,192 | — | ||||||
Prepaid expenses and other current assets | — | 12,509 | ||||||
Taxes receivable | — | 23,018 | ||||||
Accounts receivable, net | — | 18,665 | ||||||
Prepayments | 55,745 | — | ||||||
Prepaid expenses and other current assets | — | 55,745 | ||||||
Intangible assets | 13,401 | — | ||||||
Property and equipment, at cost | — | 10,607 | ||||||
Prepaid expenses and other current assets | — | 2,794 | ||||||
Right-of-use | 23,223 | — | ||||||
Other assets | — | 23,223 | ||||||
Deferred tax (asset) | 16,891 | — | ||||||
Other assets | — | 16,891 | ||||||
Property, plant and equipment | 2,812,974 | — | ||||||
Property and equipment, at cost | — | 9,411,016 | ||||||
Accumulated depreciation | — | (6,598,042 | ) | |||||
Financial non-current assets, etc. | 6,703 | — | ||||||
Other assets | — | 6,703 | ||||||
Trade payables | 164,158 | — | ||||||
Accounts payable | — | 164,158 | ||||||
Deferred income | 39,981 | — | ||||||
Other current liabilities | — | 39,981 | ||||||
Provisions (current) | 1,825 | — | ||||||
Other current liabilities | — | 1,825 | ||||||
Borrowings, current | 136,504 | — | ||||||
Current maturities of long-term debt | — | 130,097 | ||||||
Other current liabilities | — | 6,407 | ||||||
Other payables | 64,980 | — | ||||||
Other current liabilities | — | 18,872 | ||||||
Accrued payroll and related costs | — | 33,728 | ||||||
Taxes payable | — | 11,741 | ||||||
Interest payable | — | 639 | ||||||
Tax payable | 51,600 | — | ||||||
Other liabilities | — | 51,600 | ||||||
Borrowings, non-current | 925,685 | — | ||||||
Long-term debt | — | 907,346 | ||||||
Other liabilities | — | 18,339 | ||||||
Provisions (non-current) | 8,502 | — | ||||||
Other liabilities | — | 8,502 | ||||||
Deferred tax (liability) | 26,305 | — | ||||||
Deferred income taxes | — | 26,305 | ||||||
Derivatives (non-current) | 16,241 | — | ||||||
Other liabilities | — | 16,241 | ||||||
Share capital | 62,520 | |||||||
Common stock | — | 62,520 | ||||||
Reserves and retained earnings | 2,257,811 | — | ||||||
Retained earnings (accumulated deficit) | — | 2,278,838 | ||||||
Accumulated other comprehensive income (loss) | — | (21,027 | ) |
Twelve Months Ended December 31, 2021 | ||||
Elimination of Maersk Drilling’s historical interest on lease liabilities | $ | 1,072 | ||
Elimination of Maersk Drilling’s historical depreciation on right-of-use | (6,586 | ) | ||
Reclassification of amounts to general and administrative expense | 2,794 | |||
Reclassification of amounts to contract drilling services expense | 4,864 |
Twelve Months Ended December 31, 2021 | ||
Special items reclassified to merger and integration costs | $7,592 | |
Special items reclassified to contract drilling services expense | 13,135 | |
Total Maersk Drilling special items | $20,727 | |
As of December 31, 2021 | ||||
Pro forma Condensed Combined Balance Sheet | ||||
Increase to carrying amount of property and equipment | $ | 3,751,931 | ||
Increase to accumulated depreciation | (836,995 | ) | ||
Decrease to deferred income tax assets | (8,184 | ) | ||
Increase to deferred income tax liabilities | 73,328 |
Twelve Months Ended December 31, 2021 | ||||
Pro forma Condensed Combined Statements of Operations | ||||
Increase to depreciation expense | $ | 234,077 | ||
Cumulative adjustment to income tax benefit (provision) | 10,442 |
Noble Reorganization | ||||||||||||||||||||||||||||||||
Noble Predecessor Historical Period From January 1, 2021 through February 5, 2021 | Noble Successor Historical Period From February 6, 2021 through December 31, 2021 | Twelve Months Ended December 31, 2021 | Reorganization Adjustments | Fresh Start Adjustments | Pro Forma Noble (including reorganization items, net) | Removal of Noble Reorganization items, net | Noble Post- reorganization Pro Forma | |||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||
Contract drilling services | $ | 74,051 | $ | 708,131 | $ | 782,182 | $ | — | $ | (5,210 | ) (c) | $ | 776,972 | $ | — | $ | 776,972 | |||||||||||||||
Reimbursables and other | 3,430 | 62,194 | 65,624 | — | — | 65,624 | — | 65,624 | ||||||||||||||||||||||||
77,481 | 770,325 | 847,806 | — | (5,210 | ) | 842,596 | — | 842,596 | ||||||||||||||||||||||||
Operating costs and expense | ||||||||||||||||||||||||||||||||
Contract drilling services | 46,965 | 639,442 | 686,407 | 920 | (a) | — | 687,327 | — | 687,327 | |||||||||||||||||||||||
Reimbursables | 2,737 | 55,832 | 58,569 | — | — | 58,569 | — | 58,569 | ||||||||||||||||||||||||
Depreciation and amortization | 20,622 | 89,535 | 110,157 | — | (11,123 | ) (d) | 99,034 | — | 99,034 | |||||||||||||||||||||||
General and administrative | 5,727 | 62,476 | 68,203 | 803 | (a) | — | 69,006 | — | 69,006 | |||||||||||||||||||||||
Merger and integration costs | — | 24,792 | 24,792 | — | — | 24,792 | — | 24,792 | ||||||||||||||||||||||||
Gain on sale of operating assets, net | — | (185,934 | ) | (185,934 | ) | — | — | (185,934 | ) | — | (185,934 | ) | ||||||||||||||||||||
Hurricane losses | — | 23,350 | 23,350 | — | — | 23,350 | — | 23,350 | ||||||||||||||||||||||||
76,051 | 709,493 | 785,544 | 1,723 | (11,123 | ) | 776,144 | — | 776,144 | ||||||||||||||||||||||||
Operating income (loss) | 1,430 | 60,832 | 62,262 | (1,723 | ) | 5,913 | 66,452 | — | 66,452 | |||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (229 | ) | (31,735 | ) | (31,964 | ) | (3,518 | ) (b) | — | (35,482 | ) | — | (35,482 | ) | ||||||||||||||||||
Gain on extinguishment of debt, net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest income and other, net | 399 | 10,945 | 11,344 | — | — | 11,344 | — | 11,344 | ||||||||||||||||||||||||
Reorganization items, net | 252,051 | — | 252,051 | — | — | 252,051 | (252,051 | ) (k) | — | |||||||||||||||||||||||
Gain on bargain purchase | — | 62,305 | 62,305 | — | — | 62,305 | — | 62,305 | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | 253,651 | 102,347 | 355,998 | (5,241 | ) | 5,913 | 356,670 | (252,051 | ) | 104,619 | ||||||||||||||||||||||
Income tax benefit (provision) | (3,423 | ) | (365 | ) | (3,788 | ) | 353 | (e) | 1,094 | (e) | (2,341 | ) | — | (2,341 | ) | |||||||||||||||||
Net income (loss) | $ | 250,228 | $ | 101,982 | $ | 352,210 | $ | (4,888 | ) | $ | 7,007 | $ | 354,329 | $ | (252,051 | ) | $ | 102,278 | ||||||||||||||
Basic net income (loss) per share | $ | 1.00 | $ | 1.61 | ||||||||||||||||||||||||||||
Diluted net income (loss) per share | $ | 0.98 | $ | 1.51 | ||||||||||||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||||||||
Basic | 251,115 | 63,186 | ||||||||||||||||||||||||||||||
Diluted | 256,571 | 67,628 |
Pacific Drilling Merger | ||||||||||||||||||||||||
Noble Post- reorganization Pro Forma | Pacific Successor Historical From January 1, 2021 through April 15, 2021 | Pacific Drilling Merger Transaction Accounting Adjustments | Noble / Pacific Pro Forma Combined | Noble Rig Disposal Transaction Accounting Adjustments | Noble Pro Forma | |||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||
Contract drilling services | $ | 776,972 | $ | 30,893 | $ | — | $ | 807,865 | $ | (84,546 | ) (l) | $ | 723,319 | |||||||||||
Reimbursables and other | 65,624 | 1,791 | — | 67,415 | (1,874 | ) (l) | 65,541 | |||||||||||||||||
842,596 | 32,684 | — | 875,280 | (86,420 | ) | 788,860 | ||||||||||||||||||
Operating costs and expense | ||||||||||||||||||||||||
Contract drilling services | 687,327 | 43,586 | 2,108 | (f) | 733,021 | (56,746 | ) (l) | 676,275 | ||||||||||||||||
Reimbursables | 58,569 | 1,090 | — | 59,659 | (1,008 | ) (l) | 58,651 | |||||||||||||||||
Depreciation and amortization | 99,034 | 12,026 | (7,656 | ) (g) | 103,404 | (7,593 | ) (l) | 95,811 | ||||||||||||||||
General and administrative | 69,006 | 25,441 | — | 94,447 | — | 94,447 | ||||||||||||||||||
Merger and integration costs | 24,792 | — | — | 24,792 | — | 24,792 | ||||||||||||||||||
Gain on sale of operating assets, net | (185,934 | ) | — | — | (185,934 | ) | — | (185,934 | ) | |||||||||||||||
Hurricane losses | 23,350 | — | — | 23,350 | — | 23,350 | ||||||||||||||||||
776,144 | 82,143 | (5,548 | ) | 852,739 | (65,347 | ) | 787,392 | |||||||||||||||||
Operating income (loss) | 66,452 | (49,459 | ) | 5,548 | 22,541 | (21,073 | ) | 1,468 | ||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (35,482 | ) | (371 | ) | 371 | (h) | (35,482 | ) | 10,683 | (l)(m) | (24,799 | ) | ||||||||||||
Gain on extinguishment of debt, net | — | (2,664 | ) | — | (2,664 | ) | — | (2,664 | ) | |||||||||||||||
Interest income and other, net | 11,344 | (25 | ) | — | 11,319 | — | 11,319 | |||||||||||||||||
Reorganization items, net | — | — | — | — | — | — | ||||||||||||||||||
Gain on bargain purchase | 62,305 | — | — | 62,305 | — | 62,305 | ||||||||||||||||||
Income (loss) from continuing operations before income taxes | 104,619 | (52,519 | ) | 5,919 | 58,019 | (10,390 | ) | 47,629 | ||||||||||||||||
Income tax benefit (provision) | (2,341 | ) | (263 | ) | (8 | ) (i) | (2,612 | ) | 1,544 | (l) | (1,068 | ) | ||||||||||||
Net income (loss) | $ | 102,278 | $ | (52,782 | ) | $ | 5,911 | $ | 55,407 | $ | (8,846 | ) | $ | 46,561 | ||||||||||
Basic net income (loss) per share | $ | 0.70 | (j) | |||||||||||||||||||||
Diluted net income (loss) per share | $ | 0.66 | (j) | |||||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||
Basic | 66,615 | (j) | ||||||||||||||||||||||
Diluted | 71,058 | (j) |
Twelve Months Ended December 31, 2021 | ||||
Reversal of Predecessor interest expense | $ | (229 | ) | |
Pro forma interest on the Successor Revolving Credit Facility and Notes | 3,505 | |||
Amortization of Successor deferred financing costs | 242 | |||
Pro forma adjustment for interest expense | $ | 3,518 | ||
Assuming 80% of Maersk Drilling Shares are acquired | Nine Months Ended September 30, 2021 | Twelve Months Ended December 31, 2020 | ||||||
Numerator | ||||||||
Net loss | $ | (3,821 | ) | $ | (3,354,144 | ) | ||
Net income attributable to noncontrolling interest (1) | 27,384 | 30,595 | ||||||
Net loss attributable to Topco shareholders | $ | (31,205 | ) | $ | (3,384,739 | ) | ||
Denominator | ||||||||
Pro forma weighted average shares outstanding, basic and diluted, assuming 100% of Maersk Drilling Shares are acquired (2) | 133,341 | 133,341 | ||||||
Less: 20% of Maersk Drilling Shares not acquired | (13,326 | ) | (13,326 | ) | ||||
Pro forma weighted average shares outstanding, basic and diluted, assuming 80% of Maersk Drilling Shares are acquired | 120,015 | 120,015 | ||||||
Loss per share, basic and diluted | $ | (0.26 | ) | $ | (28.20 | ) |
Twelve Months Ended December 31, 2021 | ||||
Removal of Predecessor depreciation expense | $ | (20,622 | ) | |
Pro forma depreciation expense | 9,499 | |||
Pro forma adjustment for depreciation and amortization | $ | (11,123 | ) | |
Financial Statement Line Item | Pacific Historical Presentation | Pacific Historical as Presented | ||||||
Contract drilling services | $ | 1,791 | $ | — | ||||
Reimbursables and other | — | 1,791 | ||||||
Operating expense | 44,959 | — | ||||||
Contract drilling services (expense) | — | 43,586 | ||||||
Reimbursables | — | 1,090 | ||||||
Depreciation and amortization | — | 283 | ||||||
Other expense | (25 | ) | — | |||||
Interest income and other, net | — | (25 | ) |
Nine Months Ended September 30, 2021 | Twelve Months Ended December 31, 2020 | |||||||
Maersk Drilling Historical Adjusted (U.S. GAAP) | $ | (100,811 | ) | $ | (136,566 | ) | ||
Business Combination Transaction Accounting Adjustments (Note 9) | 237,730 | 289,539 | ||||||
Maersk Drilling pro forma net income | $ | 136,919 | $ | 152,973 | ||||
Noncontrolling interest ownership percentage | 20 | % | 20 | % | ||||
Net income attributable to noncontrolling interest | $ | 27,384 | $ | 30,595 | ||||
Twelve Months Ended December 31, 2021 | ||||
Removal of historical depreciation expense | $ | (12,026 | ) | |
Pro forma depreciation expense | 4,370 | |||
Pro forma adjustment for depreciation and amortization | $ | (7,656 | ) | |
Twelve Months Ended December 31, 2021 | ||
Numerator | ||
Net income attributable to Noble | $46,561 | |
Denominator | ||
Basic shares: | ||
Noble ordinary shares (excluding penny warrants) | 60,152 | |
Noble penny warrants | 6,463 | |
Pro forma weighted average shares outstanding, basic | 66,615 | |
Diluted shares: | ||
Pro forma weighted average shares outstanding, basic | 66,615 | |
Dilutive effect of Noble in-the-money | 1,263 | |
Dilutive effect from unvested Noble RSU Awards | 3,180 | |
Pro forma weighted average shares outstanding, diluted | 71,058 | |
Net income per share attributable to Noble, basic | $0.70 | |
Net income per share attributable to Noble, diluted | $0.66 |
Year Ending December 31, | Year Ending December 31, (1) | |||||||||||||||||||||||||||||||||||||||
Total | 2021 (1) | 2022 | 2023 | 2024 | 2025 - 2027 | Total | 2022 | 2023 | 2024 | |||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||
Contract Drilling Services Backlog | ||||||||||||||||||||||||||||||||||||||||
Floaters (2)(3) | $ | 1,202,092 | $ | 159,159 | $ | 593,410 | $ | 164,238 | $ | 94,922 | $ | 190,363 | $ | 1,065,168 | $ | 615,645 | $ | 448,226 | $ | 1,297 | ||||||||||||||||||||
Jackups | 327,876 | 77,884 | 216,002 | 33,990 | — | — | 169,619 | 165,044 | 4,575 | — | ||||||||||||||||||||||||||||||
Total | $ | 1,529,968 | $ | 237,043 | $ | 809,412 | $ | 198,228 | $ | 94,922 | $ | 190,363 | $ | 1,234,787 | $ | 780,689 | $ | 452,801 | $ | 1,297 | ||||||||||||||||||||
Percent of Available Days Committed (4) | ||||||||||||||||||||||||||||||||||||||||
Floaters | 69% | 55% | 14% | 8% | 6% | 62% | 43% | ** | ||||||||||||||||||||||||||||||||
Jackups | 75% | 47% | 6% | —% | —% | 52% | 2% | —% | ||||||||||||||||||||||||||||||||
Total | 72% | 51% | 10% | 4% | 3% | 58% | 26% | ** | ||||||||||||||||||||||||||||||||
** | Not a meaningful percentage. |
(1) | Represents a |
(2) | Two of our long-term drilling contracts with Shell, the Noble Globetrotter I Noble Globetrotter II |
(3) | Noble entered into a multi-year Commercial Enabling Agreement (the “CEA”) with ExxonMobil in February 2020. Under the CEA, dayrates earned by each rig will be updated at least twice per year to the projected market rate at the time the new rate goes into effect, subject to a scale-based discount and a performance bonus that appropriately aligns the interests of Noble and ExxonMobil. Under the CEA, the table above includes awarded and remaining term of Noble Tom Madden Noble Bob Douglas Noble Don Taylor Noble Sam Croft |
(4) | 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 (2) | Average Rig Utilization (1) | Operating Days (2) | Average Dayrates (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Floaters | 73 | % | 53 | % | 806 | 582 | 214,304 | 218,821 | 71 | % | 86 | % | 60 | % | 2,561 | 216 | 2,354 | $ | 208,443 | $ | 231,745 | $ | 208,723 | |||||||||||||||||||||||||||||||||||||
Jackups | 75 | % | 62 | % | 828 | 680 | 87,972 | 146,625 | 68 | % | 58 | % | 71 | % | 2,545 | 252 | 3,147 | 88,742 | 95,212 | 132,722 | ||||||||||||||||||||||||||||||||||||||||
Total | 74 | % | 57 | % | 1,634 | 1,262 | $ | 150,287 | $ | 179,900 | 70 | % | 68 | % | 66 | % | 5,106 | 468 | 5,501 | $ | 148,780 | $ | 158,228 | $ | 165,276 | |||||||||||||||||||||||||||||||||||
(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) | An operating day is defined as a calendar day during which a rig operated under a drilling contract. We define average dayrates as revenue from contract drilling services earned per operating day. Average dayrates have not been adjusted for the non-cash amortization related to favorable customer contract intangibles. |
(3) | Calculations in the above table include the rigs acquired from the Pacific Drilling Merger after the effective date of April 15, 2021. Calculations in the above table exclude the four jackups sold in the fourth quarter of 2021, following the closing of the sale on November 5, 2021. |
Successor | Predecessor | |||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||
Operating revenues: | ||||||||
Contract drilling services | $ | 231,154 | $ | 227,050 | ||||
Reimbursables and other (1) | 19,217 | 14,786 | ||||||
250,371 | 241,836 | |||||||
Operating costs and expenses: | ||||||||
Contract drilling services | 188,552 | 137,180 | ||||||
Reimbursables (1) | 16,462 | 13,369 | ||||||
Depreciation and amortization | 25,248 | 90,606 | ||||||
General and administrative | 14,982 | 15,662 | ||||||
Merger and integration costs | 5,033 | — | ||||||
Transaction costs on sale of operating assets | 3,146 | — | ||||||
Hurricane losses | 10,441 | — | ||||||
Pre-petition charges | — | 3,894 | ||||||
263,864 | 260,711 | |||||||
Operating loss | $ | (13,493 | ) | $ | (18,875 | ) | ||
Average Rig Utilization (1) | Operating Days (2) | Average Dayrates (2) | ||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||
Floaters | 72 | % | 86 | % | 55 | % | 1,810 | 216 | 1,802 | 213,680 | 231,745 | 203,792 | ||||||||||||||||||||||||
Jackups | 68 | % | 58 | % | 74 | % | 1,922 | 252 | 2,472 | 86,392 | 95,212 | 140,512 | ||||||||||||||||||||||||
Total | 70 | % | 68 | % | 64 | % | 3,732 | 468 | 4,274 | $ | 148,126 | $ | 158,228 | $ | 167,199 | |||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||
Contract drilling services | $ | 515,680 | $ | 74,051 | $ | 714,555 | $ | 708,131 | $ | 74,051 | $ | 909,236 | ||||||||||||
Reimbursables and other (1) | 46,467 | 3,430 | 46,510 | 62,194 | 3,430 | 55,036 | ||||||||||||||||||
562,147 | 77,481 | 761,065 | $ | 770,325 | $ | 77,481 | $ | 964,272 | ||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||
Contract drilling services | 456,853 | 46,965 | 442,479 | $ | 639,442 | $ | 46,965 | $ | 567,487 | |||||||||||||||
Reimbursables (1) | 41,577 | 2,737 | 41,387 | 55,832 | 2,737 | 48,188 | ||||||||||||||||||
Depreciation and amortization | 64,831 | 20,622 | 283,652 | 89,535 | 20,622 | 374,129 | ||||||||||||||||||
General and administrative | 47,939 | 5,727 | 106,504 | 62,476 | 5,727 | 121,196 | ||||||||||||||||||
Merger and integration costs | 13,786 | — | — | 24,792 | — | — | ||||||||||||||||||
Transaction costs on sale of operating assets | 3,146 | — | — | |||||||||||||||||||||
Hurricane losses | 10,441 | — | — | |||||||||||||||||||||
Gain on sale of operating assets, net | (185,934 | ) | — | — | ||||||||||||||||||||
Hurricane losses and (recoveries), net | 23,350 | — | — | |||||||||||||||||||||
Pre-petition charges | — | — | 14,409 | — | — | 14,409 | ||||||||||||||||||
Loss on impairments | — | — | 1,119,517 | |||||||||||||||||||||
Loss on impairment | — | — | 3,915,408 | |||||||||||||||||||||
638,573 | 76,051 | 2,007,948 | 709,493 | 76,051 | 5,040,817 | |||||||||||||||||||
Operating income (loss) | $ | (76,426 | ) | $ | 1,430 | $ | (1,246,883 | ) | $ | 60,832 | $ | 1,430 | $ | (4,076,545 | ) | |||||||||
(1) | We record reimbursements from customers for out-of-pocket |
Successor | Predecessor | |||||||||||||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||
Floaters | Jackups | Floaters | Jackups | Floaters | Jackups | |||||||||||||||||||||
Contract drilling services revenues | $ | 482.3 | $ | 225.8 | $ | 50.1 | $ | 24.0 | $ | 491.4 | $ | 417.8 | ||||||||||||||
Utilization | 71 | % | 68 | % | 86 | % | 58 | % | 60 | % | 71 | % | ||||||||||||||
Operating Days | 2,561 | 2,545 | 216 | 252 | 2,354 | 3,147 | ||||||||||||||||||||
Average Dayrates | $ | 208,443 | $ | 88,742 | $ | 231,745 | $ | 95,212 | $ | 208,723 | $ | 132,722 | ||||||||||||||
Contracted rigs | — Beginning | 7 | 11 | 7 | 11 | 7 | 13 | |||||||||||||||||||
— Ending | 9 | 6 | 7 | 11 | 7 | 11 | ||||||||||||||||||||
Total rigs | — Beginning | 7 | 12 | 7 | 12 | 12 | 13 | |||||||||||||||||||
— Acquired | 7 | — | — | — | — | — | ||||||||||||||||||||
— Disposed | (2 | ) | (4 | ) | — | — | (5 | ) | (1 | ) | ||||||||||||||||
— Ending | 12 | 8 | 7 | 12 | 7 | 12 | ||||||||||||||||||||
Average Rig Utilization (1) | Operating Days (2) | Average Dayrates (2) | ||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||
Jackups | 71 | % | 93 | % | 3,147 | 4,054 | (22 | )% | $ | 132,722 | $ | 128,002 | 4 | % | ||||||||||||||||||
Floaters | 60 | % | 62 | % | 2,354 | 2,729 | (14 | )% | 208,723 | 266,442 | (3) | (22 | )% | |||||||||||||||||||
Total | 66 | % | 78 | % | 5,501 | 6,783 | (19 | )% | $ | 165,276 | $ | 183,706 | (3) | (10 | )% | |||||||||||||||||
Year Ended December 31, | Change | |||||||||||||||
2020 | 2019 | $ | % | |||||||||||||
Operating revenues: | ||||||||||||||||
Contract drilling services | $ | 909,236 | $ | 1,246,058 | $ | (336,822 | ) | (27)% | ||||||||
Reimbursables and other (1) | 55,036 | 59,380 | (4,344 | ) | (7)% | |||||||||||
$ | 964,272 | $ | 1,305,438 | $ | (341,166 | ) | (26)% | |||||||||
Operating costs and expenses: | ||||||||||||||||
Contract drilling services | $ | 567,487 | $ | 698,343 | $ | (130,856 | ) | (19)% | ||||||||
Reimbursables (1) | 48,188 | 49,061 | (873 | ) | (2)% | |||||||||||
Depreciation and amortization | 374,129 | 440,221 | (66,092 | ) | (15)% | |||||||||||
General and administrative | 121,196 | 168,792 | (47,596 | ) | (28)% | |||||||||||
Loss on impairment | 3,915,408 | 615,294 | $ | 3,300,114 | 536% | |||||||||||
5,026,408 | 1,971,711 | 3,054,697 | 155% | |||||||||||||
Operating loss | $ | (4,062,136 | ) | $ | (666,273 | ) | $ | (3,395,863 | ) | 510% | ||||||
Payments Due by Period | ||||||||||||||||||||||||||||||||
For the Years Ending December 31, | ||||||||||||||||||||||||||||||||
Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Other | |||||||||||||||||||||||||
Contractual Cash Obligations | ||||||||||||||||||||||||||||||||
Debt obligations (1) | $ | 3,997,926 | $ | 3,997,926 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Interest payments (1) | 110,301 | 110,301 | — | — | — | — | — | — | ||||||||||||||||||||||||
Operating leases | 42,040 | 8,594 | 5,545 | 3,567 | 3,629 | 3,687 | 17,018 | — | ||||||||||||||||||||||||
Pension plan contributions | 140,046 | 19,390 | 11,791 | 12,375 | 12,663 | 13,200 | 70,627 | — | ||||||||||||||||||||||||
Tax reserves (2) | 42,501 | — | — | — | — | — | — | 42,501 | ||||||||||||||||||||||||
Total contractual cash obligations | $ | 4,332,814 | $ | 4,136,211 | $ | 17,336 | $ | 15,942 | $ | 16,292 | $ | 16,887 | $ | 87,645 | $ | 42,501 | ||||||||||||||||
Total | Amount of Commitment Expiration Per Period | |||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | |||||||||||||||||||||||
Total letters of credit and commercial commitments | $ | 14,840 | $ | 9,184 | $ | — | $ | — | $ | — | $ | — | $ | 5,656 | ||||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||||||
(In thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||
Current assets | $ | 237,305 | $ | 461,587 | $ | 333,127 | $ | 461,587 | ||||||||
Amounts due from non-guarantor subsidiaries, current | 5,419,725 | 5,552,158 | 5,150,694 | 5,552,158 | ||||||||||||
Noncurrent assets | 1,275,657 | 3,590,865 | 1,214,111 | 3,590,865 | ||||||||||||
Amounts due from non-guarantor subsidiaries, noncurrent | 1,070,031 | 1,045,237 | 646,778 | 1,045,237 | ||||||||||||
Current liabilities | 164,910 | 159,601 | 189,177 | 159,601 | ||||||||||||
Amounts due to non-guarantor subsidiaries, current | 4,996,139 | 5,532,634 | ||||||||||||||
Amounts due from non-guarantor subsidiaries, current | 5,254,540 | 5,532,634 | ||||||||||||||
Noncurrent liabilities | 449,442 | 120,033 | 281,218 | 120,033 | ||||||||||||
Amounts due to non-guarantor subsidiaries, noncurrent | 132,787 | 480,460 | ||||||||||||||
Amounts due from non-guarantor subsidiaries, noncurrent | 168,873 | 480,460 |
Successor (1) Obligors | Predecessor (2) Obligors | Successor (1) Obligors | Predecessor (2) Obligors | |||||||||||||||||||||
(In thousands) | Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||
Operating revenues | $ | 447,010 | $ | 70,584 | $ | 895,295 | $ | 615,432 | $ | 70,584 | $ | 895,295 | ||||||||||||
Operating costs and expenses | | 447,867 | 63,255 | 4,320,475 | 480,367 | 63,255 | 4,320,475 | |||||||||||||||||
Income (loss) from continuing operations before income taxes | (31,801 | ) | (2,303,528 | ) | (3,414,898 | ) | 111,251 | (2,303,528 | ) | (3,414,898 | ) | |||||||||||||
Net income (loss) | (44,378 | ) | (2,318,932 | ) | (3,468,407 | ) | 99,011 | (2,318,932 | ) | (3,468,407 | ) |
(1) | Includes operating revenue of non-guarantor subsidiaries for the period from February 6, 2021 through |
(2) | Includes operating revenue of $3.8 million, operating costs and expenses of $1.1 million and other expense of $(1.2) million attributable to transactions with non-guarantor subsidiaries for the period from January 1, 2021 through February 5, 2021. Includes operating revenue of $88.2 million, operating costs and expenses of $23.7 million and other expense of $3.3 million attributable to transactions withnon-guarantor subsidiaries for the year ended December 31, 2020. |
(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); |
Name | Make | Year Built or Rebuilt (1) | Water Depth Rating (feet) (2) | Drilling Depth Capacity (feet) | Location | Status (3) | Make | Year Built or Rebuilt (1) | Water Depth Rating (feet) (2) | Drilling Depth Capacity (feet) | Location | Status (3) | ||||||||||||||||||||||||||||||||||||
Floaters—12 | ||||||||||||||||||||||||||||||||||||||||||||||||
Drillships—11 | ||||||||||||||||||||||||||||||||||||||||||||||||
Floaters—Drillships—11 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noble Bob Douglas | GustoMSC P10000 | 2013 N | 12,000 | 40,000 | Guyana | Active | GustoMSC P10000 | 2013 N | 12,000 | 40,000 | Guyana | Active | ||||||||||||||||||||||||||||||||||||
Noble Don Taylor | GustoMSC P10000 | 2013 N | 12,000 | 40,000 | Guyana | Active | GustoMSC P10000 | 2013 N | 12,000 | 40,000 | Guyana | Active | ||||||||||||||||||||||||||||||||||||
Noble Faye Kozack | | Samsung 120000 Double Hull | | 2013 N | 12,000 | 40,000 | US Gulf of Mexico | Active | | Samsung 120000 Double Hull | | 2013 N | 12,000 | 40,000 | US Gulf of Mexico | Active | ||||||||||||||||||||||||||||||||
Noble Gerry de Souza | | Samsung 120000 Double Hull | | 2011 N | 12,000 | 40,000 | Las Palmas | Shipyard | | Samsung 120000 Double Hull | | 2011 N | 12,000 | 40,000 | Trinidad and Tobago | Active | ||||||||||||||||||||||||||||||||
Noble Globetrotter I | Globetrotter Class | 2011 N | 10,000 | 30,000 | US Gulf of Mexico | Active | Globetrotter Class | 2011 N | 10,000 | 30,000 | US Gulf of Mexico | Active | ||||||||||||||||||||||||||||||||||||
Noble Globetrotter II | Globetrotter Class | 2013 N | 10,000 | 30,000 | US Gulf of Mexico | Active | Globetrotter Class | 2013 N | 10,000 | 30,000 | US Gulf of Mexico | Active | ||||||||||||||||||||||||||||||||||||
Noble Sam Croft | GustoMSC P10000 | 2014 N | 12,000 | 40,000 | Guyana | Active | GustoMSC P10000 | 2014 N | 12,000 | 40,000 | Guyana | Active | ||||||||||||||||||||||||||||||||||||
Noble Stanley Lafosse | | Samsung 120000 Double Hull | | 2014 N | 12,000 | 40,000 | US Gulf of Mexico | Active | | Samsung 120000 Double Hull | | 2014 N | 12,000 | 40,000 | US Gulf of Mexico | Active | ||||||||||||||||||||||||||||||||
Noble Tom Madden | GustoMSC P10000 | 2014 N | 12,000 | 40,000 | Guyana | Active | GustoMSC P10000 | 2014 N | 12,000 | 40,000 | Guyana | Active | ||||||||||||||||||||||||||||||||||||
Pacific Meltem | | Samsung 12000 Double Hull | | 2014 N | 12,000 | 40,000 | Las Palmas | Stacked | | Samsung 120000 Double Hull | | 2014 N | 12,000 | 40,000 | Las Palmas | Stacked | ||||||||||||||||||||||||||||||||
Pacific Scirocco | | Samsung 12000 Double Hull | | 2011 N | 12,000 | 40,000 | Las Palmas | Stacked | | Samsung 120000 Double Hull | | 2011 N | 12,000 | 40,000 | Las Palmas | Stacked | ||||||||||||||||||||||||||||||||
Semisubmersibles—1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Noble Clyde Boudreaux | | F&G 9500 Enhanced Pacesetter | | 2007 R | 10,000 | 35,000 | Malaysia | | Available | | ||||||||||||||||||||||||||||||||||||||
Independent Leg Cantilevered Jackups—8 | Independent Leg Cantilevered Jackups—8 | Independent Leg Cantilevered Jackups—8 | ||||||||||||||||||||||||||||||||||||||||||||||
Noble Hans Deul (4) | F&G JU-2000E | 2008 N | 400 | 30,000 | UK | Active | F&G JU-2000E | 2008 N | 400 | 30,000 | UK | Active | ||||||||||||||||||||||||||||||||||||
Noble Houston Colbert (4) | F&G JU-3000N | 2014 N | 400 | 30,000 | UK | Available | F&G JU-3000N | 2014 N | 400 | 30,000 | UK | Available | ||||||||||||||||||||||||||||||||||||
Noble Lloyd Noble (4) | | GustoMSC CJ70- x150-ST | 2016 N | 500 | 32,000 | Norway | Active | | GustoMSC CJ70- x150-ST | 2016 N | 500 | 32,000 | Norway | Active | ||||||||||||||||||||||||||||||||||
Noble Mick O’Brien (4) | F&G JU-3000N | 2013 N | 400 | 30,000 | Qatar | Active | F&G JU-3000N | 2013 N | 400 | 30,000 | Qatar | Active | ||||||||||||||||||||||||||||||||||||
Noble Regina Allen (4) | F&G JU-3000N | 2013 N | 400 | 30,000 | Trinidad and Tobago | Available | F&G JU-3000N | 2013 N | 400 | 30,000 | Trinidad and Tobago | Active | ||||||||||||||||||||||||||||||||||||
Noble Sam Hartley (4) | F&G JU-3000N | 2014 N | 400 | 30,000 | UK | Active | F&G JU-3000N | 2014 N | 400 | 30,000 | UK | Active | ||||||||||||||||||||||||||||||||||||
Noble Sam Turner (4) | F&G JU-3000N | 2014 N | 400 | 30,000 | Denmark | Active | F&G JU-3000N | 2014 N | 400 | 30,000 | Denmark | Active | ||||||||||||||||||||||||||||||||||||
Noble Tom Prosser (4) | F&G JU-3000N | 2014 N | 400 | 30,000 | Australia | Active | F&G JU-3000N | 2014 N | 400 | 30,000 | Australia | Active |
(1) | 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. |
(2) | Rated water depth for drillships |
(3) | 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. |
(4) | Harsh environment capability. |
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019(1) | |||||||||||||
Royal Dutch Shell plc | 13.3 | % | 30.0 | % | 21.7 | % | 36.5 | % | ||||||||
Exxon Mobil Corporation | 39.1 | % | 29.8 | % | 26.6 | % | 13.7 | % | ||||||||
Equinor ASA | 3.1 | % | 5.2 | % | 14.3 | % | 13.1 | % | ||||||||
Saudi Arabian Oil Company | 9.8 | % | 13.9 | % | 13.8 | % | 11.9 | % |
(1) | Excluding the Noble Bully II |
Name | Age | Position with Noble Parent | ||
Robert W. Eifler | 42 | Director, President and Chief Executive Officer | ||
Paul Aronzon | 67 | Director | ||
Patrick J. Bartels, Jr. | 46 | Director | ||
Alan J. Hirshberg | 60 | Director | ||
Ann D. Pickard | 66 | Director | ||
Charles M. Sledge | 56 | Director and Chairman of the Board | ||
Melanie M. Trent | 57 | Director | ||
Richard B. Barker | Senior Vice President and Chief Financial Officer | |||
William E. Turcotte | 58 | Senior Vice President, General Counsel and Corporate Secretary | ||
Blake A. Denton | Vice President, Marketing and Contracts | |||
Joey M. Kawaja | Vice President of Operations | |||
Name | Title | |
Robert W. Eifler | President and Chief Executive Officer | |
Richard B. Barker | Senior Vice President and Chief Financial Officer | |
William E. Turcotte | Senior Vice President, General Counsel and Corporate Secretary | |
Joey M. Kawaja | Vice President of Operations | |
Vice President, | ||
Bristow Group Inc. | ChampionX Corporation | Chart Industries, Inc. | ||
Eagle Materials Inc. | Helix Energy Solutions Group, Inc. | Helmerich & Payne, Inc. | ||
MRC Global Inc. | Nabors Industries, Ltd. | NOV Inc. | ||
Oceaneering International, Inc. | Patterson-UTI Energy, Inc. | Tidewater Inc. | ||
Transocean Ltd. |
Name | 2020 Base Salary | 2021 Base Salary | ||||||
Robert W. Eifler | $ | 675,000 | $ | 800,000 | ||||
Julie J. Robertson | $ | 500,000 | ||||||
Richard B. Barker | $ | 475,000 | $ | 475,000 | ||||
William E. Turcotte | $ | 470,000 | $ | 470,000 | ||||
Joey M. Kawaja | $ | 330,000 | $ | 330,000 | ||||
Laura D. Campbell | $ | 260,000 | ||||||
Barry M. Smith | $ | 450,000 | ||||||
Stephen M. Butz | $ | 550,000 | ||||||
Blake A. Denton | $ | 300,000 |
(1) | The Board approved a base salary increase for Mr. Eifler effective February 16, 2021 from $675,000. |
Component of Performance Bonus | How Determined | Weighting of Component | 2021 Target | Threshold/Target/Maximum | Bonus Pool Multiple | |||||
Financial Efficiency Measure | Adjusted Free Cash Flow | 35% | ($154 million) | Threshold: ($182 million) | 0.5 | |||||
Target: ($154 million) | 1 | |||||||||
Maximum: ($88 million) | 2 | |||||||||
Contract Drilling Margin less G&A relative to goal | 35% | 10.50% | Threshold: 7.50% | 0.5 | ||||||
Target: 10.50% | 1 | |||||||||
Maximum: 14.70% | 2 | |||||||||
Safety Performance Measure | TRIR relative to goal | 10% | 0.35 (measured pursuant to the guidelines set for by the International Association of Drilling Contractors “IADC”) | Threshold: ≤ 0.40 | 0.5 | |||||
Target: ≤ 0.35 | 1 | |||||||||
Maximum: ≤ 0.30 | 2 | |||||||||
Loss of Primary Containment (LOPC) | 10% | 0.43 | Threshold: ≤ 0.55 | 0.5 | ||||||
Target: ≤ 0.43 | 1 | |||||||||
Maximum: ≤ 0.30 | 2 | |||||||||
Strategic | Finalizing measurable ESG goals to be included in the Sustainability Report and publishing the report | 10% | Committee Discretion | Threshold: 0.50 | 0.5 | |||||
Target: 1.00 | 1 | |||||||||
Maximum: 2.00 | 2 |
Component of Performance Bonus | Actual 2021 Results | Bonus Pool Multiple | Component Payout (Weighting X Bonus Pool Multiple) | |||||
Adjusted Free Cash Flow | ($95 million) | 1.89 | 0.66 | |||||
Contact Drilling Margin Less G&A | 10.85% | 1.08 | 0.38 | |||||
TRIR Measure | 0.37 | 0.80 | 0.08 | |||||
Loss of Primary Containment (LOPC) | 0.20 | 2.00 | 0.20 | |||||
Finalizing measurable ESG goals to be included in the Sustainability Report and the publishing the report | Weighted at Target | 1.00 | 0.10 | |||||
Goal Achievement | 1.42 |
Name | Target | |||
Robert W. Eifler | 110 | |||
% | ||||
Richard B. Barker | 75 | % | ||
William E. Turcotte | 70 | % | ||
Joey M. Kawaja | 60 | % | ||
% |
Component of Performance Bonus | How Determined | Weighting of Component | 2020 Target | Threshold/Target/Maximum | Bonus Pool Multiple | |||||
Financial Efficiency Measure | EBITDA relative to actual Company budget | 50% | $49.6 million for the last two quarters of the year | Threshold: $34.6 million | 0.5 | |||||
Target: $49.6 million | 1 | |||||||||
Maximum: $64.6 million | 2 | |||||||||
Safety Performance Measure | TRIR relative to goal | 25% | 0.50 (measured pursuant to the guidelines set for by the International Association of Drilling Contractors (“IADC”) | Threshold: 0.65 | 0.5 | |||||
Target: 0.50 | 1 | |||||||||
Maximum: 0.35 | 2 | |||||||||
Operational Excellence Measure | Rig unpaid downtime relative to goal | 25% | 2.75% (unpaid repair days expressed as a percentage of total operating days) | Threshold: 3.50% | 0.5 | |||||
Target: 2.75% | 1 | |||||||||
Maximum: 2.00% | 2 |
Component of Performance Bonus | Actual 2020 Results | Bonus Pool Multiple | Component Payout (Weighting X Bonus Pool Multiple) | Significance of 2020 Results | ||||
EBITDA Measure | $132 million | 2 | 1.0 | Excluding restructuring related charges and a gain on the extinguishment of debt, consolidated EBITDA for the second half of 2020 was $132 million, during a period in which we experienced the effects of the COVID-19 pandemic and the OPEC+ price war. This was achieved through efficiently and effectively managing our response to the pandemic and keeping our fleet contracted above expectations. | ||||
TRIR Measure | 0.31 | 2 | 0.5 | During the second half of 2020, the Company performed well in process and personal safety. The Company’s performance for TRIR improved to 0.31 representing a 60% improvement from 2019 performance for the same time period. | ||||
Rig Unpaid Downtime Measure | 1.10% | 2 | 0.5 | Actual operational downtime for the second half of 2020 was 60% better than planned downtime. | ||||
2.00 | Goal Achievement | |||||||
1.00 | Amount Funded Due to Cap at Target |
Name | 2020 Salary | X | STIP Target | X | Award Factor (1) | X | Individual Achievement (1) | 2020 STIP | ||||||||||||||||||||||||
Robert W. Eifler | $ | 675,000 | X | 110 | % | X | 1.00 | X | 1.00 | $ | 742,500 | |||||||||||||||||||||
Julie J. Robertson | $ | 500,000 | X | 100 | % | X | 1.00 | X | 1.00 | $ | 500,000 | |||||||||||||||||||||
Richard B. Barker | $ | 475,000 | X | 75 | % | X | 1.00 | X | 1.00 | $ | 356,250 | |||||||||||||||||||||
William E. Turcotte | $ | 470,000 | X | 70 | % | X | 1.00 | X | 1.00 | $ | 329,000 | |||||||||||||||||||||
Joey M. Kawaja (2) | $ | 265,000 | X | 45 | % | X | 1.00 | X | 1.00 | $ | 137,805 | |||||||||||||||||||||
$ | 330,000 | 60 | % | |||||||||||||||||||||||||||||
Laura D. Campbell | $ | 260,000 | X | 45 | % | X | 1.00 | X | 1.00 | $ | 117,000 | |||||||||||||||||||||
Barry M. Smith | $ | 450,000 | X | 70 | % | X | 1.00 | X | 1.00 | $ | 315,000 | |||||||||||||||||||||
Stephen M. Butz (3) | $ | 550,000 | X | 75 | % | X | 1.00 | X | 1.00 | (3 | ) |
Name | 2021 Salary | X | STIP Target | X | Award Factor (1) | X | Individual Achievement (1) | 2021 STIP | ||||||||||||||||||||||||
Robert W. Eifler | $ | 800,000 | X | 110 | % | X | 1.34 | X | 1.00 | $ | 1,179,200 | |||||||||||||||||||||
Richard B. Barker | $ | 475,000 | X | 75 | % | X | 1.34 | X | 1.00 | $ | 477,375 | |||||||||||||||||||||
William E. Turcotte | $ | 470,000 | X | 70 | % | X | 1.34 | X | 1.00 | $ | 440,860 | |||||||||||||||||||||
Joey M. Kawaja | $ | 330,000 | X | 60 | % | X | 1.34 | X | 1.00 | $ | 265,320 | |||||||||||||||||||||
Blake A. Denton (2) | $ | 300,000 | X | 60 | % | X | 1.34 | X | 1.00 | $ | 241,200 |
(1) | Award factor resulted in multiplier of 1.42 overall. For the NEOs, the award factor was reduced for operational performance matters. Individual achievement goals were determined at target or a 1 multiple. |
(2) | Mr. Denton was named an executive officer on February 5, 2021 upon emergence. |
Name | Award Values | |||
Robert W. Eifler | $ | 1,540,000 | ||
Julie J. Robertson | $ | 652,667 | ||
Richard B. Barker | $ | 660,000 | ||
William E. Turcotte | $ | 550,000 | ||
Joey M. Kawaja | $ | 137,500 | ||
Laura D. Campbell | $ | 110,000 | ||
Barry M. Smith | $ | 550,000 |
Name | Award Values | |||
Robert W. Eifler | $ | 1,250,400 | ||
Julie J. Robertson | $ | 522,533 | ||
Richard B. Barker | $ | 180,000 | ||
William E. Turcotte | $ | 440,400 | ||
Joey M. Kawaja | $ | 110,050 | ||
Laura D. Campbell | $ | 88,000 | ||
Barry M. Smith | $ | 440,400 |
Name | Award Values | |||
Robert W. Eifler | $ | 650,000 | ||
Richard B. Barker | $ | 1,300,000 | ||
William E. Turcotte | $ | 920,000 | ||
Joey M. Kawaja | $ | 255,000 | ||
Laura D. Campbell | $ | 245,000 |
Name | Award Values @ $13.46 | Award Values @ $20.15 | ||||||
Robert W. Eifler | $ | 10,080,221 | $ | 15,090,375 | ||||
Richard B. Barker | $ | 2,767,241 | $ | 4,142,639 | ||||
William E. Turcotte | $ | 2,145,389 | $ | 3,211,709 | ||||
Joey M. Kawaja | $ | 1,243,704 | $ | 1,861,860 | ||||
Blake A. Denton | $ | 1,243,704 | $ | 1,861,860 |
Name | Award Values @ $13.46 | Award Values @ $16.44 | ||||||
Robert W. Eifler | $ | 6,720,147 | $ | 8,207,966 | ||||
Richard B. Barker | $ | 1,844,828 | $ | 2,253,266 | ||||
William E. Turcotte | $ | 1,430,260 | $ | 1,746,914 | ||||
Joey M. Kawaja | $ | 829,136 | $ | 1,012,704 | ||||
Blake A. Denton | $ | 829,136 | $ | 1,012,704 |
Plan | Description & Eligibility | Benefits & Vesting | ||
401(k) and Profit Sharing Plan | Qualified defined contribution plan that enables qualified employees, including NEOs, to save for retirement through a tax-advantaged combination of employee and Company contributions. |
Plan | Description & Eligibility | Benefits & Vesting | ||
401(k) Savings Restoration Plan | Unfunded, nonqualified employee benefit plan under which specified employees may defer compensation in excess of 401(k) plan limits. | Vesting and, to the extent an employee is prohibited from participating in the 401(k) Savings Plan, matching provisions mirror 401(k) Savings Plan. The Company did not offer enrollment in the plan for | ||
Salaried Employees’ Retirement Plan | Qualified defined benefit pension plan available to participants originally hired on or before July 31, 2004. | Benefits are determined by years of service and average monthly compensation near retirement. The plan was amended effective December 31, 2016 to cease future benefit accruals. | ||
Retirement Restoration Plan | Unfunded, nonqualified defined benefit pension plan available to participants originally hired on or before July 31, 2004. | Eligible compensation in excess of IRS (as defined herein) annual compensation limit for a given year is considered in the Retirement Restoration Plan. The plan was amended effective December 31, 2016 to cease future benefit accruals. |
Position | Minimum Ownership Thresholds | |
Chief Executive Officer | 6.0 Times Then-Current Base Salary | |
Senior Vice President | 3.0 Times Then-Current Base Salary | |
Vice President | 1.0 Times Then-Current Base Salary | |
Non-Executive Director | 5.0 Times Then-Current Annual Retainer |
Name and Principal Position | Year | Salary | Bonus (1) | Stock Awards (2) | Option Awards | Non-Equity Incentive Plan Compensation (3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings (4) | All Other Compensation | Total | |||||||||||||||||||||||||||
Robert W. Eifler: President and Chief Executive Officer (5) | ||||||||||||||||||||||||||||||||||||
2020 | $ | 560,534 | $ | 1,545,200 | $ | 1,114,516 | $ | — | $ | 1,637,700 | $ | — | $ | 24,336 | (10) | $ | 4,882,286 | |||||||||||||||||||
2019 | $ | 360,417 | $ | — | $ | 683,038 | $ | — | $ | 399,000 | $ | — | $ | 40,062 | (10) | $ | 1,482,517 | |||||||||||||||||||
2018 | $ | 325,000 | $ | — | $ | 898,713 | $ | — | $ | 300,300 | $ | — | $ | 26,379 | (10) | $ | 1,550,392 | |||||||||||||||||||
Julie J. Robertson: Former Executive Chairman; former President and Chief Executive Officer (5) | ||||||||||||||||||||||||||||||||||||
2020 | $ | 649,388 | $ | — | $ | 1,322,559 | $ | — | $ | 500,000 | $ | 839,291 | $ | 3,910,781 | (11) | $ | 7,222,019 | |||||||||||||||||||
2019 | $ | 882,083 | $ | — | $ | 4,771,239 | $ | — | $ | 1,947,000 | $ | 1,092,894 | $ | 255,428 | (11) | $ | 8,948,644 | |||||||||||||||||||
2018 | $ | 842,917 | $ | — | $ | 5,522,870 | $ | — | $ | 1,439,900 | $ | — | (9) | $ | 89,268 | (11) | $ | 7,894,955 | ||||||||||||||||||
Richard B. Barker: Senior Vice President and Chief Financial Officer (6) | ||||||||||||||||||||||||||||||||||||
2020 | $ | 360,361 | $ | 1,630,000 | $ | 180,000 | $ | — | $ | 686,250 | $ | — | $ | 2,975 | (12) | $ | 2,859,586 | |||||||||||||||||||
William E. Turcotte: Senior Vice President, General Counsel, and Corporate Secretary | ||||||||||||||||||||||||||||||||||||
2020 | $ | 470,000 | $ | 1,195,000 | $ | 440,323 | $ | — | $ | 604,000 | $ | — | $ | 21,498 | (13) | $ | 2,730,821 | |||||||||||||||||||
2019 | $ | 469,167 | $ | — | $ | 1,044,653 | $ | — | $ | 493,500 | $ | — | $ | 33,354 | (13) | $ | 2,040,674 | |||||||||||||||||||
2018 | $ | 460,000 | $ | — | $ | 1,460,408 | $ | — | $ | 460,460 | $ | — | $ | 22,958 | (13) | $ | 2,403,826 | |||||||||||||||||||
Joey M. Kawaja: Vice President of Operations (7) | ||||||||||||||||||||||||||||||||||||
2020 | $ | 280,167 | $ | 323,775 | $ | 110,081 | $ | — | $ | 188,025 | $ | 90,760 | $ | 14,003 | (14) | $ | 1,006,811 | |||||||||||||||||||
Laura D. Campbell: Vice President, Chief Accounting Officer and Controller | ||||||||||||||||||||||||||||||||||||
2020 | $ | 260,000 | $ | 300,000 | $ | 88,064 | $ | — | $ | 172,000 | $ | — | $ | 12,000 | (15) | $ | 832,064 | |||||||||||||||||||
Barry Smith: Former Senior Vice President of Operations (8) | ||||||||||||||||||||||||||||||||||||
2020 | $ | 392,252 | $ | 275,000 | $ | 440,323 | $ | — | $ | 590,000 | $ | — | $ | 10,312 | (16) | $ | 1,707,887 | |||||||||||||||||||
Stephen M. Butz: Former Executive Vice President and Chief Financial Officer (6) | ||||||||||||||||||||||||||||||||||||
2020 | $ | 137,500 | $ | — | $ | 539,395 | $ | — | $ | — | $ | — | $ | 456,090 | (17) | $ | 1,132,985 | |||||||||||||||||||
2019 | $ | 18,774 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 965 | (17) | $ | 19,739 |
Name and Principal Position | Year | Salary | Bonus (1) | Stock Awards (2)(3) | Option Awards | Non-Equity Incentive Plan Compensation (4) | Change in Pension Value and Nonqualified Deferred Compensation Earnings (5) | All Other Compensation | Total | |||||||||||||||||||||||||||
Robert W. Eifler: President and Chief Executive Officer | ||||||||||||||||||||||||||||||||||||
2021 | $ | 800,000 | $ | — | $ | 23,298,341 | $ | — | $ | 1,179,200 | $ | — | $ | 8,600 | (8) | $ | 25,286,141 | |||||||||||||||||||
2020 | $ | 560,534 | $ | 1,545,200 | $ | 1,114,516 | $ | — | $ | 1,637,700 | $ | — | $ | 24,336 | (8) | $ | 4,882,286 | |||||||||||||||||||
2019 | $ | 360,417 | $ | — | $ | 683,038 | $ | — | $ | 399,000 | $ | — | $ | 40,062 | (8) | $ | 1,482,517 | |||||||||||||||||||
Richard B. Barker: Senior Vice President and Chief Financial Officer | ||||||||||||||||||||||||||||||||||||
2021 | $ | 475,000 | $ | — | $ | 6,395,905 | $ | — | $ | 477,375 | $ | — | $ | 5,888 | (9) | $ | 7,354,168 | |||||||||||||||||||
2020 | $ | 360,361 | $ | 1,630,000 | $ | 180,000 | $ | — | $ | 686,250 | $ | — | $ | 2,975 | (9) | $ | 2,859,586 | |||||||||||||||||||
William E. Turcotte: Senior Vice President, General Counsel, and Corporate Secretary | ||||||||||||||||||||||||||||||||||||
2021 | $ | 470,000 | $ | — | $ | 4,958,623 | $ | — | $ | 440,860 | $ | — | $ | 6,687 | (10) | $ | 5,876,170 | |||||||||||||||||||
2020 | $ | 470,000 | $ | 1,195,000 | $ | 440,323 | $ | — | $ | 604,000 | $ | — | $ | 21,498 | (10) | $ | 2,730,821 | |||||||||||||||||||
2019 | $ | 469,167 | $ | — | $ | 1,044,653 | $ | — | $ | 493,500 | $ | — | $ | 33,354 | (10) | $ | 2,040,674 | |||||||||||||||||||
Joey M. Kawaja: Vice President of Operations (6) | ||||||||||||||||||||||||||||||||||||
2021 | $ | 330,000 | $ | — | $ | 2,874,564 | $ | — | $ | 265,320 | $ | — | (14) | $ | 8,870 | (11) | $ | 3,478,754 | ||||||||||||||||||
2020 | $ | 280,167 | $ | 323,775 | $ | 110,081 | $ | — | $ | 188,025 | $ | 90,760 | $ | 14,003 | (11) | $ | 1,006,811 | |||||||||||||||||||
Blake A. Denton: Vice President, Marketing and Contracts | ||||||||||||||||||||||||||||||||||||
2021 | $ | 300,000 | $ | — | $ | 2,874,564 | $ | — | $ | 241,200 | $ | — | $ | 8,333 | (12) | $ | 3,424,097 | |||||||||||||||||||
Julie J. Robertson: Former Executive Chairman; former President and Chief Executive Officer (7) | ||||||||||||||||||||||||||||||||||||
2021 | $ | 51,283 | $ | — | $ | — | $ | — | $ | — | $ | — | (14) | $ | 8,743,835 | (13) | $ | 8,795,118 | ||||||||||||||||||
2020 | $ | 649,388 | $ | — | $ | 1,322,559 | $ | — | $ | 500,000 | $ | 839,291 | $ | 3,910,781 | (13) | $ | 7,222,019 | |||||||||||||||||||
2019 | $ | 882,083 | $ | — | $ | 4,771,239 | $ | — | $ | 1,947,000 | $ | 1,092,894 | $ | 255,428 | (13) | $ | 8,948,644 |
Name | OCAP Retention (1) | Other Retention (1) | Intended Value of Stock Awards (2) | 2020 STIP (3) | OCAP Performance (3) | July 2020 Cash Payments | ||||||||||||||||||
Robert W. Eifler | $ | 895,200 | $ | 650,000 | $ | 1,000,000 | $ | 742,500 | $ | 895,200 | $ | 4,182,900 | ||||||||||||
Julie J. Robertson | $ | — | $ | — | $ | 1,175,200 | $ | 500,000 | $ | — | $ | 1,675,200 | ||||||||||||
Richard B. Barker | $ | 330,000 | $ | 1,300,000 | $ | 180,000 | $ | 356,250 | $ | 330,000 | $ | 2,496,250 | ||||||||||||
William E. Turcotte | $ | 275,000 | $ | 920,000 | $ | 440,400 | $ | 329,000 | $ | 275,000 | $ | 2,239,400 | ||||||||||||
Joey M. Kawaja | $ | 68,775 | $ | 255,000 | $ | 110,050 | $ | 119,250 | $ | 68,775 | $ | 621,850 | ||||||||||||
Laura D. Campbell | $ | 55,000 | $ | 245,000 | $ | 88,000 | $ | 117,000 | $ | 55,000 | $ | 560,000 | ||||||||||||
Barry M. Smith (8) | $ | 275,000 | $ | — | $ | 440,400 | $ | 315,000 | $ | 275,000 | $ | 1,305,400 |
Name | OCAP Retention (1) | Other Retention (1) | Intended Value of Stock Awards (2) | 2021 STIP (3) | OCAP Performance (3) | July 2020 Cash Payments | ||||||||||||||||||
Robert W. Eifler | $ | 895,200 | $ | 650,000 | $ | 1,000,000 | $ | 742,500 | $ | 895,200 | $ | 4,182,900 | ||||||||||||
Richard B. Barker | $ | 330,000 | $ | 1,300,000 | $ | 180,000 | $ | 356,250 | $ | 330,000 | $ | 2,496,250 | ||||||||||||
William E. Turcotte | $ | 275,000 | $ | 920,000 | $ | 440,400 | $ | 329,000 | $ | 275,000 | $ | 2,239,400 | ||||||||||||
Joey M. Kawaja | $ | 68,775 | $ | 255,000 | $ | 110,050 | $ | 119,250 | $ | 68,775 | $ | 621,850 |
(1) | Non-Equity Incentive Plan column. |
(2) | Represents the |
(3) |
(4) | The cash performance bonuses awarded under the |
The amounts in this column represent the aggregate change in the actuarial present value of each NEO’s accumulated benefit under the Noble Services Company LLC Salaried Employees’ Retirement Plan and the Noble Services Company LLC Retirement Restoration Plan for the year. There are no deferred compensation earnings reported in this column, as the Company’s nonqualified deferred compensation plans do not provide above-market or preferential earnings on deferred |
(6) | Mr. Kawaja, who formerly served as Regional Manager of the Americas, was appointed Vice President of Operations of the Company effective October 7, 2020. |
Effective as of the close of the Company’s Annual General Meeting of Shareholders held on May 21, 2020, Ms. Robertson stepped down from her positions of President and Chief Executive Officer of the Company and transitioned to the position of Executive Chairman, and Mr. Eifler, who formerly served as Senior Vice |
(8) |
The amount in the All Other Compensation column includes Company contributions to the Noble Services Company LLC 401(k) ($4,000 for 2021), the Noble Services Company LLC 401(k) and Profit Sharing Plan ($13,897 for 2020, and $15,618 for |
(9) | The amount in the All Other Compensation column includes Company contributions to the Noble Services Company LLC 401(k) ($2,951 for 2021), the Noble Services Company LLC 401(k) and Profit Sharing Plan ($1,166 for 2020) and premiums paid by the Company for life, AD&D, long term disability, and business travel and accident insurance. |
(10) | The amount in the All Other Compensation column includes Company contributions to the Noble Services Company LLC 401(k) ($3,525 for 2021), the Noble Services Company LLC 401(k) and Profit Sharing Plan ($17,350 for 2020, and $17,200 for 2019), dividend equivalents ($11,353 for 2019), and premiums paid by the Company for life, AD&D, long term disability, and business travel and accident insurance. |
(11) | The amount in the All Other Compensation column includes Company contributions to the Noble Services Company LLC 401(k) ($5,775 for 2021), the Noble Services Company LLC 401(k) and Profit Sharing Plan ($11,908 for 2020), and premiums paid by the Company for life, AD&D, long term disability, and business travel and accident insurance. |
(12) | The amount in the All Other Compensation column includes Company contributions to the Noble Services Company LLC 401(k) and Profit Sharing Plan ($5,250), and premiums paid by the Company for life, AD&D, long term disability, and business travel and accident insurance. |
(13) | For 2021, the amount in the All Other Compensation column includes two retirement plan distributions one on August 13, 2021 in the amount of $3,473,135 from the Noble Services Company LLC 401(k) Savings Restoration Plan and the other on September 1, 2021 in the amount of $5,208,388 from The Noble Services Company LLC Retirement Restoration Plan; vacation payment of $57,691, tax preparation fees of $4,319, and premiums paid by the Company for life, AD&D, long term disability, and business travel and accident insurance. The amount in the All Other Compensation column includes $3,850,000 payable pursuant to a Transition Agreement entered into with Julie J. Robertson in connection with her transition to the position of Executive Chairman (the “Transition Agreement”), Company contributions to the Noble Services Company LLC 401(k) and Profit Sharing Plan ($22,700 for 2020, and $22,300 for |
(14) |
Estimated Possible Payouts Under Non- Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards (2)(5) | All Other Stock Awards: Number of shares of Stock or Units (#)(3)(5) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards (4) | |||||||||||||||||||||||||||||||
Name | Grant Date | Target ($)(1)(5) | Threshold | Target | Maximum | |||||||||||||||||||||||||||||||
Robert W. Eifler | 2/14/2020 | $ | 742,500 | 295,699 | 591,398 | 1,182,796 | 483,871 | — | $ | — | $ | 1,114,516 | ||||||||||||||||||||||||
Julie J. Robertson | 2/14/2020 | $ | 500,000 | 350,896 | 701,792 | 1,403,584 | 574,194 | — | $ | — | $ | 1,322,559 | ||||||||||||||||||||||||
Richard B. Barker | 3/30/2020 | $ | 356,250 | 330,000 | 660,000 | 1,320,000 | 750,000 | — | $ | — | $ | 180,000 | ||||||||||||||||||||||||
William E. Turcotte | 2/14/2020 | $ | 329,000 | 275,000 | 550,000 | 1,100,000 | 483,871 | — | $ | — | $ | 440,323 | ||||||||||||||||||||||||
Joey M. Kawaja | 2/14/2020 | $ | 137,805 | 68,750 | 137,500 | 275,000 | 120,968 | — | $ | — | $ | 110,081 | ||||||||||||||||||||||||
Laura D. Campbell | 2/14/2020 | $ | 117,000 | 55,000 | 110,000 | 220,000 | 96,774 | — | $ | — | $ | 88,064 | ||||||||||||||||||||||||
Barry M. Smith | 2/14/2020 | $ | 315,000 | 275,000 | 550,000 | 1,100,000 | 483,871 | — | $ | — | $ | 440,323 | ||||||||||||||||||||||||
Stephen M. Butz | 2/14/2020 | $ | 412,500 | 336,875 | 673,750 | 1,347,500 | 592,742 | — | $ | — | $ | 539,395 |
Estimated Possible Payouts Under Non-Equity Incentive Plan Awards Target ($)(1) | Estimated Future Payouts Under Equity Incentive Plan Awards (2) | All Other Stock Awards: Number of shares of Stock or Units (#)(3) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards (4) | |||||||||||||||||||||||||||||||
Name | Grant Date | Threshold | Target | Maximum | ||||||||||||||||||||||||||||||||
Robert W. Eifler | 2/19/2021 | $ | 880,000 | 374,451 | 748,902 | 1,497,804 | 499,268 | — | $ | — | $ | 23,298,341 | ||||||||||||||||||||||||
Richard B. Barker | 2/19/2021 | $ | 356,250 | 102,795 | 205,590 | 411,180 | 137,060 | — | $ | — | $ | 6,395,905 | ||||||||||||||||||||||||
William E. Turcotte | 2/19/2021 | $ | 329,000 | 79,695 | 159,390 | 318,780 | 106,260 | — | $ | — | $ | 4,958,623 | ||||||||||||||||||||||||
Joey M. Kawaja | 2/19/2021 | $ | 198,000 | 46,200 | 92,400 | 184,800 | 61,600 | — | $ | — | $ | 2,874,564 | ||||||||||||||||||||||||
Blake A. Denton | 2/19/2021 | $ | 180,000 | 46,200 | 92,400 | 184,800 | 61,600 | — | $ | — | $ | 2,874,564 |
(1) | Represents the dollar value of the target amount of Performance Bonuses awarded under the STIP. The Performance Bonus awarded to the NEOs under the STIP is set forth in the Non-Equity Incentive Plan Compensation column of the Summary Compensation Table. |
(2) | Represents the number of PVRSUs |
(3) | Represents the number of TVRSUs awarded during the year ended December 31, one-third vesting per year on each anniversary of the grant date. |
(4) | Represents the aggregate grant date fair value of the awards computed in accordance with FASB ASC Topic 718. |
169 |
Option Awards (1) | Stock Awards | |||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#)(2) | Market Value of Shares or Units of Stock That Have Not Vested ($)(3) | Equity Incentive Plan Awards: Number of Unearned Shares, Share Units or Other Rights That Have Not Vested (#)(4) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Share Units or Other Rights That Have Not Vested (#)(3) | ||||||||||||||||||||||||
Robert W. Eifler | — | — | $ | — | 96,174 | $ | 2,404 | 187,178 | $ | 4,679 | ||||||||||||||||||||||
Julie J. Robertson | 41,210 | — | $ | 30.59 | 2/3/2022 | 532,983 | (5) | $ | 13,325 | 1,137,084 | $ | 28,427 | ||||||||||||||||||||
41,792 | — | $ | 31.33 | 2/4/2021 | — | $ | — | — | $ | — | ||||||||||||||||||||||
Richard B. Barker | — | — | $ | — | 750,000 | $ | 18,750 | — | $ | — | ||||||||||||||||||||||
William E. Turcotte | 11,646 | (6) | — | $ | 30.59 | 2/3/2022 | 126,137 | (6) | $ | 3,153 | 242,868 | (6) | $ | 6,072 | ||||||||||||||||||
11,811 | (6) | — | $ | 31.33 | 2/4/2021 | — | $ | — | — | $ | — | |||||||||||||||||||||
Joey M. Kawaja | — | — | $ | — | 38,856 | $ | 971 | 38,748 | $ | 969 | ||||||||||||||||||||||
Laura D. Campbell | — | — | $ | — | 25,699 | $ | 642 | 29,806 | $ | 745 |
Stock Awards | ||||||||||||||||
Name | Number of Shares or Units of Stock That Have Not Vested (#)(1) | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | Equity Incentive Plan Awards: Number of Unearned Shares, Share Units or Other Rights That Have Not Vested (#)(3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Share Units or Other Rights That Have Not Vested (#)(4) | ||||||||||||
Robert W. Eifler | 499,268 | $ | 8,207,966 | 748,902 | $ | 15,090,375 | ||||||||||
Richard B. Barker | 137,060 | $ | 2,253,266 | 205,590 | $ | 4,142,639 | ||||||||||
William E. Turcotte | 106,260 | $ | 1,746,914 | 159,390 | $ | 3,211,709 | ||||||||||
Joey M. Kawaja | 61,600 | $ | 1,012,704 | 92,400 | $ | 1,861,860 | ||||||||||
Blake A. Denton | 61,600 | $ | 1,012,704 | 92,400 | $ | 1,861,860 |
(1) |
(2) |
(3) |
(4) | The |
Option Awards | Stock Awards (1) | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | ||||||||||||
Robert W. Eifler | — | $ | — | 94,340 | $ | 62,681 | ||||||||||
Julie J. Robertson | — | $ | — | 808,767 | $ | 597,962 | ||||||||||
Richard B. Barker | — | $ | — | — | $ | — | ||||||||||
William E. Turcotte | — | $ | — | 159,777 | $ | 102,357 | ||||||||||
Joey M. Kawaja | — | $ | — | 34,494 | $ | 28,272 | ||||||||||
Laura D. Campbell | — | $ | — | 15,762 | $ | 9,732 | ||||||||||
Barry M. Smith | — | $ | — | 116,666 | $ | 18,667 |
Option Awards | Stock Awards | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||||||||
Robert W. Eifler | — | $ | — | — | $ | — | ||||||||||
Julie J. Robertson | — | $ | — | — | $ | — | ||||||||||
Richard B. Barker | — | $ | — | — | $ | — | ||||||||||
William E. Turcotte | — | $ | — | — | $ | — | ||||||||||
Joey M. Kawaja | — | $ | — | — | $ | — | ||||||||||
Barry M. Smith | — | $ | — | — | $ | — |
170 |
Name | Plan Name | Number of Years Credited Service (#)(1) | Present Value of Accumulated Benefit ($)(1)(2) | Payments During Last Fiscal Year ($) | ||||||||
Julie J. Robertson (3) | Salaried Employees’ Retirement Plan | 28.0 | $ | 1,593,850 | $ | — | ||||||
Retirement Restoration Plan | 28.0 | $ | 6,454,072 | $ | — | |||||||
Joey M. Kawaja | Salaried Employees’ Retirement Plan | 18.5 | $ | 430,740 | $ | — |
Name | Plan Name | Number of Years Credited Service (#)(1) | Present Value of Accumulated Benefit ($)(1)(2) | Payments During Last Fiscal Year ($) | ||||||||
Joey M. Kawaja | Salaried Employees’ Retirement Plan | 18.5 | $ | 369,497 | $ | — | ||||||
Julie J. Robertson | Salaried Employees’ Retirement Plan | 28.0 | $ | 1,597,019 | $ | — |
(1) | Computed as of December 31, |
(2) | For purposes of calculating the amounts in this column, retirement age was assumed to be the normal retirement age of 65, as defined in the Noble |
compensation in excess of one-twelfth of his or her average amount of earnings which may be considered wages under Section 3121(a) of the Code, in effect for each calendar year during the period ending with the last day of the calendar year in which a participant attains (or will attain) social security retirement age, multiplied by the number of years of benefit service (maximum 30 years).35-year |
Name (1) | Executive Contributions in Last FY ($) (2) | Company Contributions in Last FY ($) (3) | Aggregate Earnings in Last FY ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last FYE ($) (4) | Executive Contributions in Last FY ($) (2) | Company Contributions in Last FY ($) (3) | Aggregate Earnings in Last FY ($) | Aggregate Withdrawals / Distributions ($)(4) | Aggregate Balance at Last FYE ($) | ||||||||||||||||||||||||||||||
Robert W. Eifler | $ | — | $ | — | $ | 15,845 | $ | — | $ | 123,122 | $ | — | $ | — | $ | 20,367 | $ | — | $ | 143,489 | ||||||||||||||||||||
Blake Denton | $ | 125 | $ | — | $ | 197 | $ | — | $ | 1,675 | ||||||||||||||||||||||||||||||
Julie J. Robertson | $ | — | $ | — | $ | 428,541 | $ | — | $ | 3,414,028 | $ | — | $ | — | $ | 476,738 | $ | 3,473,135 | $ | 408,949 |
(1) | Noble Services Company LLC 401(k) Savings Restoration Plan participants are included on this table. |
(2) | The Executive Contributions reported in this column are also included in the Salary column of the Summary Compensation Table. |
(3) | The Company Contributions reported in this column are also included in the All Other Compensation column of the Summary Compensation Table. |
(4) |
Name | Death or Disability | Retirement | Termination without Cause | Resignation for Good Reason | Termination without Cause or Resignation for Good Reason After Change in Control | |||||||||||||||
Robert W. Eifler | ||||||||||||||||||||
Severance Payment | $ | — | $ | — | $ | 3,360,000 | (1) | $ | 3,360,000 | (1) | $ | 5,040,000 | (2) | |||||||
Pro Rata Bonus | 1,179,200 | (3) | — | 1,179,200 | (3) | 1,179,200 | (3) | 1,179,200 | (3) | |||||||||||
Welfare Benefit Continuation | — | — | 36,567 | (4) | 36,567 | (4) | 36,567 | (4) | ||||||||||||
Outplacement Services | — | — | 50,000 | (5) | 50,000 | (5) | 50,000 | (5) | ||||||||||||
Accelerated Vesting of Equity Awards | 21,358,450 | (6) | — | 27,091,787 | (6) | 27,091,787 | (6) | 32,825,123 | (6) | |||||||||||
Richard B. Barker | ||||||||||||||||||||
Severance Payment | — | — | 1,662,500 | (1) | 1,662,500 | (1) | 2,493,750 | (2) | ||||||||||||
Pro Rata Bonus | 477,375 | (3) | — | 477,375 | (3) | 477,375 | (3) | 477,375 | (3) | |||||||||||
Welfare Benefit Continuation | — | — | 36,567 | (4) | 36,567 | (4) | 36,567 | (4) | ||||||||||||
Outplacement Services | — | — | 50,000 | (5) | 50,000 | (5) | 50,000 | (5) | ||||||||||||
Accelerated Vesting of Equity Awards | 5,863,363 | (6) | — | 5,863,363 | (6) | 5,863,363 | (6) | 9,011,216 | (6) | |||||||||||
William E. Turcotte | ||||||||||||||||||||
Severance Payment | — | — | 1,598,000 | (1) | 1,598,000 | (1) | 2,397,000 | (2) | ||||||||||||
Pro Rata Bonus | 440,860 | (3) | — | 440,860 | (3) | 440,860 | (3) | 440,860 | (3) | |||||||||||
Welfare Benefit Continuation | — | — | — | — | — | |||||||||||||||
Outplacement Services | — | — | 50,000 | (5) | 50,000 | (5) | 50,000 | (5) | ||||||||||||
Accelerated Vesting of Equity Awards | 4,545,753 | (6) | 4,545,753 | (6) | 4,545,753 | (6) | 4,545,753 | (6) | 6,986,223 | (6) | ||||||||||
Joey M. Kawaja | ||||||||||||||||||||
Severance Payment | — | — | 264,000 | (7) | 264,000 | (7) | 528,000 | (8) | ||||||||||||
Pro Rata Bonus | 265,320 | (3) | — | 265,320 | (3) | 265,320 | (3) | 265,320 | (3) | |||||||||||
Welfare Benefit Continuation | — | — | 36,567 | (4) | 36,567 | (4) | 36,567 | (4) | ||||||||||||
Outplacement Services | — | — | 50,000 | (5) | 50,000 | (5) | 50,000 | (5) | ||||||||||||
Accelerated Vesting of Equity Awards | 2,635,219 | (6) | — | 2,635,219 | (6) | 2,635,219 | (6) | 4,049,984 | (6) | |||||||||||
Blake A. Denton | ||||||||||||||||||||
Severance Payment | — | — | 240,000 | (7) | 240,000 | (7) | 480,000 | (8) | ||||||||||||
Pro Rata Bonus | 241,200 | (3) | — | 241,200 | (3) | 241,200 | (3) | 241,200 | (3) | |||||||||||
Welfare Benefit Continuation | — | — | 36,567 | (4) | 36,567 | (4) | 36,567 | (4) | ||||||||||||
Outplacement Services | — | — | 50,000 | (5) | 50,000 | (5) | 50,000 | (5) | ||||||||||||
Accelerated Vesting of Equity Awards | 2,635,219 | (6) | — | 2,635,219 | (6) | 2,635,219 | (6) | 4,049,984 | (6) |
(1) |
(2) | If Messrs. Eifler’s, Barker’s or Turcotte’s employment was terminated by us without cause or by them for good reason (in connection with a change in control), they would have been entitled to receive a lump sum payment equal to 3 times (a) their base salary and (b) their target annual bonus. |
(3) | If any of our named executive officer’s employment was terminated as a result of their death, disability, by us without cause (whether or not in connection with a change in control) or by them for good reason (for Messrs. Eifler, Barker and Turcotte, whether or not in connection with a change in control and for Messrs. Denton and Kawaja only in connection with a change in control), pursuant to their employment agreements, they would have been entitled to receive their actual annual bonus, or their target annual bonus in the |
(4) | If any of our named executive officers employment was terminated by us without cause (whether or not in connection with a change in control) or by them for good reason (for Messrs. Eifler, Barker and |
(5) | If any of our named executive officers employment was terminated by us without cause (whether or not in connection with a change in control) or by them for good reason (for Messrs. Eifler, Barker and Turcotte, whether or not in connection with a change in control and for Messrs. Denton and Kawaja only in connection with a change in control), pursuant to their employment agreements, they would have been entitled to receive reimbursement for outplacement services for six months following termination, up to $50,000. |
(6) | Represents the |
(7) | If Messrs. Denton’s or Kawaja’s employment was terminated by us without cause (not in connection with a change in control), they would have been entitled to receive a lump sum payment equal to 0.5 times (a) their base salary and (b) their target annual bonus. |
(8) | If Messrs. Denton’s or Kawaja’s employment was terminated by us without cause or by them for good reason (in connection with a change in control), they would have been entitled to receive a lump sum payment equal to 1 times (a) their base salary and (b) their target annual bonus. Represents an estimate of the |
entitled to vote generally in the election of directors, and (iii) a majority of the members of the board of directors of such company were members of the incumbent board of directors of the Company at the time of the execution of the initial agreement providing for such sale or other disposition of assets; or |
Name | Death or Disability | Retirement | Termination without Cause | Resignation for Good Reason | Termination without Cause or Resignation for Good Reason After Change in Control | |||||||||||||||
($) | ($) | ($) | ($) | ($) | ||||||||||||||||
Robert W. Eifler | ||||||||||||||||||||
TVRSUs (1) | 12,386,839 | — | 12,386,839 | 12,386,839 | 12,386,839 | |||||||||||||||
PVRSUs (2) | 8,971,611 | — | 14,704,948 | 14,704,948 | 20,438,284 | |||||||||||||||
Richard B. Barker | ||||||||||||||||||||
TVRSUs (1) | 3,400,459 | — | 3,400,459 | 3,400,459 | 3,400,459 | |||||||||||||||
PVRSUs (2) | 2,462,904 | — | 2,462,904 | 2,462,904 | 5,610,757 | |||||||||||||||
William E. Turcotte | ||||||||||||||||||||
TVRSUs (1) | 2,636,311 | 2,636,311 | 2,636,311 | 2,636,311 | 2,636,311 | |||||||||||||||
PVRSUs (2) | 1,909,442 | 1,909,442 | 1,909,442 | 1,909,442 | 4,349,912 | |||||||||||||||
Joey M. Kawaja | ||||||||||||||||||||
TVRSUs (1) | 1,528,296 | — | 1,528,296 | 1,528,296 | 1,528,296 | |||||||||||||||
PVRSUs (2) | 1,106,923 | — | 1,106,923 | 1,106,923 | 2,521,688 | |||||||||||||||
Blake A. Denton | ||||||||||||||||||||
TVRSUs (1) | 1,528,296 | — | 1,528,296 | 1,528,296 | 1,528,296 | |||||||||||||||
PVRSUs (2) | 1,106,923 | — | 1,106,923 | 1,106,923 | 2,521,688 |
Potential Benefits Upon Retirement or Termination | ||||||||||||||||
Payment or Benefit | Robert W. Eifler | Richard B. Barker | William E. Turcotte | Laura D. Campbell | ||||||||||||
Accrued Obligations | $ | 778,324 | $ | 392,074 | $ | 501,203 | $ | 210,988 | ||||||||
Severance Amount | $ | 4,252,500 | $ | 2,493,750 | $ | 2,890,500 | $ | 435,500 | ||||||||
Welfare Benefit Continuation | $ | 35,824 | $ | 35,824 | $ | 7,703 | $ | 35,488 | ||||||||
Supplemental Retirement Amount | — | — | — | — | ||||||||||||
Excise Tax Payment | — | — | — | — | ||||||||||||
Outplacement Services (1) | $ | 50,000 | $ | 50,000 | $ | 50,000 | $ | 50,000 | ||||||||
Accelerated Vesting of Options and Restricted Stock (2) | $ | 7,083 | $ | 18,750 | $ | 9,225 | $ | 1,387 |
(1) |
(2) |
Time-Vested Restricted Stock Units | ||||||||
Name | Number of TVRSUs Subject to Acceleration of Vesting | Aggregate Value of Acceleration of Vesting | ||||||
Robert W. Eifler | 96,174 | $ | 2,404 | |||||
Richard B. Barker | 750,000 | $ | 18,250 | |||||
William E. Turcotte | 126,137 | $ | 3,153 | |||||
Laura D. Campbell | 25,699 | $ | 642 | |||||
Performance-Vested Restricted Stock Units (1) | ||||||||
Name | Number of PVRSUs Subject to Acceleration of Vesting | Aggregate Value of Acceleration of Vesting | ||||||
Robert W. Eifler | 187,178 | $ | 4,679 | |||||
Richard B. Barker | — | $ | — | |||||
William E. Turcotte | 242,868 | $ | 6,072 | |||||
Laura D. Campbell | 29,806 | $ | 745 |
Name | Fees Earned or Paid in Cash (1) | Stock Awards (2) | All Other Compensation (3) | Total (4) | ||||||||||||
Kevin S. Corbett (5) | $ | 53,995 | $ | — | $ | — | $ | 53,995 | ||||||||
Julie H. Edwards | $ | 145,500 | $ | — | $ | 175,000 | $ | 357,431 | ||||||||
Gordon T. Hall | $ | 123,000 | $ | — | $ | 175,000 | $ | 334,931 | ||||||||
Roger W. Jenkins | $ | 101,599 | $ | — | $ | 175,000 | $ | 313,530 | ||||||||
Scott D. Josey | $ | 106,599 | $ | — | $ | 175,000 | $ | 318,530 | ||||||||
Jon A. Marshall | $ | 132,000 | $ | — | $ | 175,000 | $ | 343,931 | ||||||||
Mary P. Ricciardello (5) | $ | 62,808 | $ | — | $ | 175,000 | $ | 274,739 |
Name | Fees Earned or Paid in Cash (1) | Stock Awards (2) | All Other Compensation | Total (3) | ||||||||||||
Paul Aronzon (4) | $ | 203,736 | $ | 179,382 | $ | — | $ | 383,118 | ||||||||
Patrick J. Bartels, Jr. | $ | 246,389 | $ | 390,845 | $ | — | $ | 637,234 | ||||||||
Alan J. Hirshberg | $ | 133,333 | $ | 390,845 | $ | — | $ | 524,178 | ||||||||
Ann D. Pickard | $ | 135,383 | $ | 390,845 | $ | — | $ | 526,228 | ||||||||
Charles M. Sledge | $ | 272,500 | $ | 451,919 | $ | — | $ | 724,419 | ||||||||
Melanie M. Trent | $ | 142,361 | $ | 390,845 | $ | — | $ | 533,206 |
(1) | Includes |
(2) | Represents the aggregate grant date fair value of the awards completed in accordance with FASB ASC Topic 718. |
(3) |
Director total compensation varies based upon |
On |
Name | Aggregate Number of Equity Awards | Aggregate Number of Option Awards Outstanding | ||||||
Paul Aronzon (1) | 8,324 | — | ||||||
Patrick J. Bartels, Jr. | 23,774 | — | ||||||
Alan J. Hirshberg | 23,774 | — | ||||||
Ann D. Pickard | 23,774 | — | ||||||
Charles M. Sledge | 27,489 | — | ||||||
Melanie M. Trent | 23,774 | — |
(1) | On April 19, 2021, Mr. Aronzon was appointed as a new Board member and this grant was based on a 1-year vesting as opposed to the3-year vesting platform of the other grants. |
(a) | each of Mr. Aronzon, Mr. Bartels, Mr. Hirshberg, Ms. Pickard, Mr. Sledge and Ms. Trent qualifies as an “independent” director under the NYSE corporate governance rules; |
(b) | each of Mr. Aronzon, Mr. Bartels, Ms. Pickard and Mr. Sledge, constituting all the members of the audit committee, qualifies as “independent” under Rule 10A-3 of the Exchange Act; and |
(c) | each of Ms. Trent, Mr. Hirshberg and Mr. Sledge, constituting all the members of the compensation committee, qualifies as: |
(i) | “independent” under Rule 10C-1(b)(1) under the Exchange Act and the applicable rules of the NYSE; and |
(ii) | a “non-employee director” for purposes of Rule16b-3 under the Exchange Act. |
Ordinary Shares Beneficially Owned | Ordinary Shares Beneficially Owned | |||||||||||||||
Name of Beneficial Owner | Number of Ordinary Shares | Percent of Class | Number of Ordinary Shares | Percent of Class | ||||||||||||
Directors: | ||||||||||||||||
Paul Aronzon | — | — | % | 8,324 | — | % | ||||||||||
Patrick J. Bartels, Jr. | — | — | % | — | — | % | ||||||||||
Robert W. Eifler | — | — | % | 100,791 | — | % | ||||||||||
Alan J. Hirshberg | — | — | % | 7,925 | — | % | ||||||||||
Ann D. Pickard | — | — | % | 7,925 | — | % | ||||||||||
Charles M. Sledge | — | — | % | 9,163 | — | % | ||||||||||
Melanie M. Trent | — | — | % | 7,925 | — | % | ||||||||||
Named Executive Officers (excluding any director listed above): | ||||||||||||||||
Richard B. Barker | — | — | % | 27,510 | — | % | ||||||||||
Julie J. Robertson | — | — | % | |||||||||||||
William E. Turcotte | — | — | % | 21,284 | — | % | ||||||||||
Joey M. Kawaja | — | — | % | 12,230 | — | % | ||||||||||
Laura D. Campbell | — | — | % | |||||||||||||
Barry M. Smith | — | — | % | |||||||||||||
Stephen M. Butz | — | — | % | |||||||||||||
All directors and executive officers as a group (12 persons) | — | — | % | |||||||||||||
Blake A. Denton | 12,225 | — | % | |||||||||||||
All directors and executive officers as a group (11 persons) | 219,742 | — | % | |||||||||||||
5% or Greater Shareholders: | ||||||||||||||||
Investors for which Pacific Investment Management Company LLC serves as investment manager, adviser or sub-adviser (1) | 25,531,373 | 42.0 | % | 25,531,373 | 40.8 | % | ||||||||||
GoldenTree Funds (2) | 6,238,656 | 9.9 | % | 9,129,146 | 9.9 | % | ||||||||||
Funds and accounts advised or managed by Canyon Capital Advisors LLC (3) | 6,221,296 | 9.9 | % | 6,129,894 | 9.9 | % | ||||||||||
King Street Capital Management, L.P. (4) | 4,286,905 | 6.9 | % | 4,286,905 | 6.7 | % |
(1) | Based solely on a Schedule 13G filed with the SEC on February 14, 2022 by Pacific Investment Management Company LLC. Such filing indicates that Pacific Investment Management Company LLC has sole voting |
(2) |
(3) |
(4) |
Ordinary Shares beneficially owned by the reporting persons includes 2,121,295 Ordinary Shares and 2,165,610 Ordinary Shares issuable upon exercise of warrants. KSCM, a registered investment advisor, is the investment manager of various fund entities. As investment manager, KSCM has sole voting and dispositive power over the Ordinary Shares reported in such filing. KSCM GP is the sole general partner of KSCM, and Mr. Higgins is the managing member of KSCM GP. |
YEAR | PERCENTAGE | |||
2024 | 106.000 | % | ||
2025 | 104.000 | % | ||
2026 | 102.000 | % | ||
2027 and thereafter | 100.000 | % |
of (i) $125,000,000 and (ii) 20% of EBITDA for the most recently ended Test Period prior to incurring such Indebtedness; |
capacity as holder of such Capital Stock), including any dividend or distribution payable in connection with any merger or consolidation (other than: (A) dividends or distributions by the Company payable solely in Capital Stock (other than Disqualified Stock) of the Company or in options, warrants or other rights to purchase such Capital Stock (other than Disqualified Stock); or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a wholly-owned subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Capital Stock in such class or series of securities); |
stock or stock equivalents of the Company (or any direct or indirect parent company thereof) or any Subsidiary held by any current or former officer, director or employee pursuant to any equity-based compensation plan, management incentive plan, equity subscription agreement, stock option agreement, shareholders agreement, or other similar arrangement; provided |
maintaining a permanent establishment or fixed base or being physically present in, the Taxing Jurisdiction or otherwise having some present or former connection with the Taxing Jurisdiction other than the holding or ownership of the note or the collection of the principal amount, redemption price and interest (if any), in accordance with the terms of the note and the indenture, or the enforcement of the note or (2) where presentation is required, the note was presented more than 30 days after the date such payment became due or was provided for, whichever is later; |
Fiscal Quarter Ended | EBITDA | |
March 31, 2020 | The amount set forth in the Revolving Loan Credit Agreement as in effect on February 5, 2021. | |
June 30, 2020 | The amount set forth in the Revolving Loan Credit Agreement as in effect on February 5, 2021. | |
September 30, 2020 | The amount set forth in the Revolving Loan Credit Agreement as in effect on February 5, 2021. | |
December 31, 2020 | The amount set forth in the Revolving Loan Credit Agreement as in effect on February 5, 2021. |
third party, unless such consent, approval, license or authorization has been received and (2) any restriction or requirement contained in any organizational documents to comply with local jurisdictional requirements or customs (subject to inclusion of any local law-required limitations and such other changes as may be required or otherwise included in accordance with the Agreed Security Principles)), but excluding any other restriction in any organizational documents of such Subsidiary for purposes of thisclause (i) so long as, in the case of any such restriction contained in any contract, (x) in the case of Subsidiaries of the Company existing on February 5, 2021, such restriction is then in existence and (y) in the case of Subsidiaries of the Company acquired (or formed) after February 5, 2021, such restriction is in existence at the time of such acquisition or formation; (ii) would result in material adverse tax consequences as reasonably determined by the Company; or (iii) would result in a risk to the officers or directors (or equivalent) of such Subsidiary of personal, civil or criminal liability; |
reduction solely to the extent that the Company and/or any Restricted Subsidiaries receives cash in an amount equal to the amount of such reduction, (B) the amount of all payments that are not prohibited under the indenture and are made by the Company and the Restricted Subsidiaries as a result of such event to repay Indebtedness (other than the Securities) secured by such asset or otherwise subject to mandatory prepayment as a result of such event, (C) the pro rata portion of net cash proceeds thereof (calculated without regard to this clause (C) ) attributable to minority interests and not available for distribution to or for the account of the Company and the Restricted Subsidiaries as a result thereof and (D) the amount of any liabilities directly associated with such asset and retained by the Company or the Restricted Subsidiaries, (iii) the amount of all Taxes paid (or reasonably estimated to be payable, including any withholding taxes estimated to be payable in connection with the repatriation of such Net Proceeds), and (iv) the amount of any reserves established by the Company and the Restricted Subsidiaries to fund contingent liabilities reasonably estimated to be payable, that are associated with such event,provided |
Name of Selling Securityholder (1) | Principal Amount of Notes Beneficially Owned Prior to Offering (2) | Principal Amount of Notes That May Be Offered Hereby (2) | Principal Amount of Notes Beneficially Owned After Offering (3) | Percentage of Notes Beneficially Owned After Offering (3) | ||||||||||||
Investors for which Pacific Investment Management Company LLC serves as investment manager, adviser or sub-adviser (4) | $ | 75,732,072 | $ | 75,732,072 | $ | — | — | % | ||||||||
GoldenTree Funds (5) | $ | 6,733,778 | $ | 6,733,778 | $ | — | — | % | ||||||||
Investors for which Goldman Sachs Asset Management, L.P. serves as investment manager, investment adviser or sub-adviser (6) | $ | 5,961,194 | $ | 406,670 | $ | 5,554,524 | 2.6 | % | ||||||||
Entities affiliated with Nomura Corporate Research and Asset Management Inc. (7) | $ | 1,049,493 | $ | 284,916 | $ | 764,577 | * | |||||||||
PFM Multi-Manager Fixed Income Fund (8) | $ | 8,523 | $ | 1,034 | $ | 7,489 | * | |||||||||
Sefton Place Fund (9) | $ | 59,319 | $ | 59,319 | $ | — | — | % | ||||||||
Stichting Blue Sky Active High Yield Fixed Income USA Fund (10) | $ | 5,515 | $ | 5,515 | $ | — | — | % | ||||||||
Entities affiliated with Brigade Capital Management, LP (11) | $ | 3,507,408 | $ | 2,380,931 | $ | 1,126,477 | * | |||||||||
Canyon CZR Holdings LLC (12) | $ | 28,889,989 | $ | 13,316,109 | $ | 15,573,880 | 7.2 | % |
Name of Selling Securityholder (1) | Principal Amount of Notes Beneficially Owned Prior to Offering (2) | Principal Amount of Notes That May Be Offered Hereby (2) | Principal Amount of Notes Beneficially Owned After Offering (3) | Percentage of Notes Beneficially Owned After Offering (3) | ||||||||||||
Investors for which Pacific Investment Management Company LLC serves as investment manager, adviser or sub-adviser (4) | $ | 103,267,102 | $ | 103,267,102 | $ | — | — | % | ||||||||
Investors for which Goldman Sachs Asset Management, L.P. serves as investment manager, investment adviser or sub-adviser (5) | $ | 5,961,194 | $ | 406,670 | $ | 5,554,524 | 2.6 | % | ||||||||
Entities affiliated with Nomura Corporate Research and Asset Management Inc. (6) | $ | 1,049,493 | $ | 282,848 | $ | 766,645 | * | |||||||||
PFM Multi-Manager Fixed Income Fund (7) | $ | 8,523 | $ | 1,034 | $ | 7,489 | * | |||||||||
Sefton Place Fund (8) | $ | 59,319 | $ | 59,319 | $ | — | — | % | ||||||||
Stichting Blue Sky Active High Yield Fixed Income USA Fund (9) | $ | 5,515 | $ | 5,515 | $ | — | — | % | ||||||||
Entities affiliated with Brigade Capital Management, LP (10) | $ | 3,507,408 | $ | 2,380,931 | $ | 1,126,477 | * |
* | Less than 1%. |
(1) | The principal amount of Notes shown in the table includes Notes that would be held in the beneficial owner’s name or jointly with others, or in the name of a bank, nominee or trustee for the beneficial owner’s account. |
(2) | Does not include the PIK Notes (as defined herein) that may be issued if interest on the Notes is paid-in-kind |
(3) | Assumes the selling securityholders sell all of the Notes offered pursuant to this prospectus. The percentage of Notes beneficially owned is based upon $216,000,000 principal amount of Notes outstanding as of |
(4) | According to information provided by Pacific Investment Management Company LLC, Pacific Investment Management Company LLC, as the investment manager, adviser or sub-adviser of the funds and accounts who are the holders of record of the referenced Notes to be registered, may be deemed to have or to share voting and dispositive power over the referenced Notes. The address for such funds and accounts is c/o Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, California 92660. |
(5) |
According to information provided by Goldman Sachs Asset Management, L.P., principal amount of Notes offered hereby consists of (i) $11,775 principal amount of Notes owned by Goldman Sachs Trust—Goldman Sachs Institutional Funds PLC—Global High Yield Portfolio II, (ii) $63,401 principal amount of Notes owned by Goldman Sachs Trust—Goldman Sachs Income Builder Fund, (iii) $51,928 principal amount of Notes owned by Goldman Sachs Funds—Goldman Sachs Global High Yield Portfolio, (iv) $76,081 principal amount of Notes owned by Goldman Sachs Trust—Goldman Sachs High Yield Floating Rate Fund, (v) $55,098 principal amount of Notes owned by Goldman Sachs Trust—Goldman Sachs High Yield Fund, (vi) $11,095 principal amount of Notes owned by UBS Wealth Management—Multi Manager Access II, (vii) $67,929 principal amount of Notes owned by SEI Institutional Managed Trust—Multi-Asset Income Fund, (viii) $10,265 principal amount of Notes owned by Sidera Funds SICAV and (ix) $22,643 principal amount of Notes owned by Factory Mutual Insurance Company. Goldman Sachs Asset Management L.P. serves as the investment manager to each of the GSAM funds and accounts. The Fixed Income Portfolio Management Team of Goldman Sachs Asset Management, L.P. may be deemed to have or to share voting and investment power with respect to the Notes held by the GSAM funds and accounts. The address for the foregoing persons is 200 West Street, 3rd Floor, New York, New York 10282. |
According to information provided by Nomura Corporate Research and Asset Management Inc. (“NCRAM”), the registered holders of the referenced Notes to be registered are the following funds and accounts under the management of NCRAM: Nomura Funds Ireland plc—US High Yield Bond Fund, California Public Employees’ Retirement System, Stichting PGGM Depositary, American Century Investment Trust – NT High Income Fund, The Regents of the University of California, General Dynamics Corporation Group Trust, American Century Investment Trust – High Income Fund, Teachers’ Retirement System of the City of New York, New York City Employees’ Retirement System, Kapitalforeningen MP Invest High yield obligationer V, Mars Associates Retirement Plan, PensionDanmark Pensionforsikringsaktieselskab, The State of Connecticut Acting Through Its treasurer, Kapitalforeningen Industriens Pension Portfolio, High Yield obligationer III, Stichting Bewaarder Syntrus Achmea Global High Yield Pool, New York City Board of Education Retirement System, Barclays Multi-Manager Fund PLC, Best Investment Corporation, Aegon Custody B.V., Montgomery County Employees’ Retirement |
System, Pensionskasse SBB, New York City Police Pension Fund, Investeringsforeningen Lagernes Invest, L3Harris Pension Master Trust, National Railroad Retirement Investment Trust, Ohio Public Employees Retirement System, PACE High Yield Investments, Stichting Pensioenfonds Hoogovens, Delta Master Trust, Commonwealth of Massachusetts Employees Deferred Compensation Plan, Louisiana State Employees’ Retirement System, Pinnacol Assurance, Suzuka Inka, New York City Fire Department Pension Fund, Northern Multi-Manager High Yield Opportunity Fund, Stichting Mars Pensioenfonds, Nomura Multi Managers Fund II—US High Yield Bond, Blue Cross and Blue Shield Association National Retirement Trust, Government of Guam Retirement Fund and Montgomery County Consolidated Retiree Health Benefits Trust (collectively, the “NCRAM Accounts”). NCRAM is the investment manager or sub-investment manager of the NCRAM Accounts and holds the power to direct investments and/or vote the securities held by the NCRAM Accounts. Nomura Holdings, Inc. is the ultimate parent holding company of NCRAM, which, in its capacity as a parent company, disclaims beneficial ownership of the Notes except to the extent of its direct or indirect economic interest in NCRAM. The address for NCRAM is 309 W. 49th St., Worldwide Plaza, New York, New York 10019. |
According to information provided by PFM Multi-Manager Fixed Income Fund, PFM Multi-Manager Fixed Income Fund is part of the PFM Multi-Manager Series Trust. PFM Asset Management LLC serves as the investment advisor for the PFM Multi-Manager Series Trust. The address for PFM Asset Management LLC is 213 Market Street, Harrisburg, Pennsylvania 17101. |
According to information provided by Sefton Place Advisors, Sefton Place Advisors serves as the investment advisor to Sefton Place Fund. Sefton Place Advisors may be deemed to have voting and investment power with respect to the Notes. The address for Sefton Place Fund is c/o Sefton Place Advisors, 25 Green Street, Mayfair, W1K 7AX, London, United Kingdom. |
According to information provided by Stichting Blue Sky Active High Yield Fixed Income USA Fund. The address for Stichting Blue Sky Active High Yield Fixed Income USA Fund is Prof. E.M. Meijerslaan 1, 1183 AV Amstelveen, The Netherlands. |
According to information provided by Brigade Capital Management, LP, consists of (i) $38,098 principal amount of Notes beneficially owned by Brigade Debt Funding I Ltd prior to the offering, $25,800 principal amount of Notes that may be offered hereby and $12,298 principal amount of Notes beneficially owned after the offering, (ii) $31,171 principal amount of Notes beneficially owned by Brigade Debt Funding II Ltd. prior to the offering, $21,109 principal amount of Notes that may be offered hereby and $10,062 principal amount of Notes beneficially owned after the offering, (iii) $2,866,500 principal amount of Notes beneficially owned by Brigade Leveraged Capital Structures Fund Ltd prior to the offering, $1,945,958 principal amount of Notes that may be offered hereby and $920,542 principal amount of Notes beneficially owned after the offering, and (iv) $571,639 principal amount of Notes beneficially owned by Panther BCM |
LLC prior to the offering, $388,064 principal amount of Notes that may be offered hereby and $183,575 principal amount of Notes beneficially owned after the offering. The address for Brigade Capital Management, LP is 399 Park Avenue, 16th Floor, New York, New York 10022. |
1. | That no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and |
2. | In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable: |
2.1 | on or in respect of the shares, debentures or other obligations of the Company; or |
2.2 | by way of the withholding in whole or part, of any relevant payment as defined in Section 6(3) of the Tax Concessions Act (As Revised). |
3. | These concessions shall be for a period of 20 years from the date hereof. |
negotiated prices. |
Noble Corporation and Noble Finance Company Audited Consolidated Financial Statements | ||||
F-8 | ||||
F-9 | ||||
F-10 | ||||
F-11 | ||||
F-12 | ||||
F-13 | ||||
F-16 | ||||
Pacific Drilling Company LLC Unaudited Condensed Consolidated Financial Statements | ||||
Pacific Drilling Company LLC and Pacific Drilling S.A. Audited Consolidated Financial Statements | ||||
The Drilling Company of 1972 A/S Consolidated Financial Statements | ||||
Successor | Predecessor | |||||||
September 30, 2021 | December 31, 2020 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 112,225 | $ | 343,332 | ||||
Accounts receivable, net of allowance for credit losses of 0 and $1,069, respectively | 227,644 | 147,863 | ||||||
Taxes receivable | 29,565 | 30,767 | ||||||
Prepaid expenses and other current assets | 51,476 | 80,322 | ||||||
Total current assets | 420,910 | 602,284 | ||||||
Intangible assets | 76,262 | — | ||||||
Property and equipment, at cost | 1,518,663 | 4,777,697 | ||||||
Accumulated depreciation | (56,588 | ) | (1,200,628 | ) | ||||
Property and equipment, net | 1,462,075 | 3,577,069 | ||||||
Property and equipment held for sale | 88,639 | — | ||||||
Other assets | 46,882 | 84,584 | ||||||
Total assets | $ | 2,094,768 | $ | 4,263,937 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 106,429 | $ | 95,159 | ||||
Accrued payroll and related costs | 56,442 | 36,553 | ||||||
Taxes payable | 39,312 | 36,819 | ||||||
Interest payable | 4,293 | — | ||||||
Other current liabilities | 35,031 | 49,820 | ||||||
Total current liabilities | 241,507 | 218,351 | ||||||
Long-term debt | 406,000 | — | ||||||
Deferred income taxes | 13,568 | 9,292 | ||||||
Other liabilities | 67,025 | 108,039 | ||||||
Liabilities subject to compromise | — | 4,239,643 | ||||||
Total liabilities | 728,100 | 4,575,325 | ||||||
Commitments and contingencies (Note 15) | ||||||||
Shareholders’ equity | ||||||||
Predecessor common stock, $0.01 par value, ordinary shares; 251,084 shares outstanding as of December 31, 2020 | — | 2,511 | ||||||
Successor common stock, $0.00001 par value, ordinary shares; 60,168 shares outstanding as of September 30, 2021 | 1 | — | ||||||
Additional paid-in capital | 1,388,388 | 814,796 | ||||||
Accumulated deficit | (21,454 | ) | (1,070,683 | ) | ||||
Accumulated other comprehensive income (loss) | (267 | ) | (58,012 | ) | ||||
Total shareholders’ equity | 1,366,668 | (311,388 | ) | |||||
Total liabilities and equity | $ | 2,094,768 | $ | 4,263,937 | ||||
Successor | Predecessor | |||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||
Operating revenues | ||||||||
Contract drilling services | $ | 231,154 | $ | 227,050 | ||||
Reimbursables and other | 19,217 | 14,786 | ||||||
250,371 | 241,836 | |||||||
Operating costs and expenses | ||||||||
Contract drilling services | 188,552 | 137,180 | ||||||
Reimbursables | 16,462 | 13,369 | ||||||
Depreciation and amortization | 25,248 | 90,606 | ||||||
General and administrative | 14,982 | 15,662 | ||||||
Merger and integration costs | 5,033 | 0 | ||||||
Transaction costs on sale of operating assets | 3,146 | — | ||||||
Hurricane losses | 10,441 | — | ||||||
Pre-petition charges | 0 | 3,894 | ||||||
263,864 | 260,711 | |||||||
Operating loss | (13,493 | ) | (18,875 | ) | ||||
Other income (expense) | ||||||||
Interest expense, net of amounts capitalized | (8,870 | ) | (23,427 | ) | ||||
Gain on extinguishment of debt, net | — | 17,847 | ||||||
Interest income and other, net | 973 | 7,872 | ||||||
Reorganization items, net | — | (9,014 | ) | |||||
Loss before income taxes | (21,390 | ) | (25,597 | ) | ||||
Income tax provision | (2,275 | ) | (25,271 | ) | ||||
Net loss | $ | (23,665 | ) | $ | (50,868 | ) | ||
Per share data | ||||||||
Basic: | ||||||||
Net loss | $ | (0.36 | ) | $ | (0.20 | ) | ||
Diluted: | ||||||||
Net loss | $ | (0.36 | ) | $ | (0.20 | ) | ||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||
Operating revenues | ||||||||||||
Contract drilling services | $ | 515,680 | $ | 74,051 | $ | 714,555 | ||||||
Reimbursables and other | 46,467 | 3,430 | 46,510 | |||||||||
562,147 | 77,481 | 761,065 | ||||||||||
Operating costs and expenses | ||||||||||||
Contract drilling services | 456,853 | 46,965 | 442,479 | |||||||||
Reimbursables | 41,577 | 2,737 | 41,387 | |||||||||
Depreciation and amortization | 64,831 | 20,622 | 283,652 | |||||||||
General and administrative | 47,939 | 5,727 | 106,504 | |||||||||
Merger and integration costs | 13,786 | 0 | 0 | |||||||||
Transaction costs on sale of operating assets | 3,146 | — | — | |||||||||
Hurricane losses | 10,441 | — | — | |||||||||
Pre-petition charges | 0 | 0 | 14,409 | |||||||||
Loss on impairment | 0 | 0 | 1,119,517 | |||||||||
638,573 | 76,051 | 2,007,948 | ||||||||||
Operating income (loss) | (76,426 | ) | 1,430 | (1,246,883 | ) | |||||||
Other income (expense) | ||||||||||||
Interest expense, net of amounts capitalized | (23,628 | ) | (229 | ) | (164,586 | ) | ||||||
Gain on bargain purchase | 64,479 | 0 | 0 | |||||||||
Gain on extinguishment of debt, net | 0 | 0 | 17,254 | |||||||||
Interest income and other, net | 7,490 | 399 | 8,546 | |||||||||
Reorganization items, net | 0 | 252,051 | (9,014 | ) | ||||||||
Income (loss) before income taxes | (28,085 | ) | 253,651 | (1,394,683 | ) | |||||||
Income tax benefit (provision) | 6,631 | (3,423 | ) | 238,944 | ||||||||
Net income (loss) | $ | (21,454 | ) | $ | 250,228 | (1,155,739 | ) | |||||
Per share data | ||||||||||||
Basic: | ||||||||||||
Net income (loss) | $ | (0.35 | ) | $ | 1.00 | $ | (4.61 | ) | ||||
Diluted: | ||||||||||||
Net income (loss) | $ | (0.35 | ) | $ | 0.98 | $ | (4.61 | ) | ||||
Successor | Predecessor | |||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||
Net loss | $ | (23,665 | ) | $ | (50,868 | ) | ||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | — | 863 | ||||||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision of 0 and $150 for the three months ended September 30, 2021 and 2020, respectively | (435 | ) | 569 | |||||
Other comprehensive income (loss), net | (435 | ) | 1,432 | |||||
Comprehensive loss | $ | (24,100 | ) | $ | (49,436 | ) | ||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||
Net income (loss) | $ | (21,454 | ) | $ | 250,228 | $ | (1,155,739 | ) | ||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustments | — | (116 | ) | (1,812 | ) | |||||||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision of 0, $59 and $450 for the period from February 6, 2021 through September 30, 2021, period from January 1, 2021 through February 5, 2021 and nine months ended September 30, 2020, respectively | (267 | ) | 224 | 1,705 | ||||||||
Other comprehensive income (loss), net | (267 | ) | 108 | (107 | ) | |||||||
Comprehensive income (loss) | $ | (21,721 | ) | $ | 250,336 | $ | (1,155,846 | ) | ||||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) | $ | (21,454 | ) | $ | 250,228 | $ | (1,155,739 | ) | ||||
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||||||||
Depreciation and amortization | 64,831 | 20,622 | 283,652 | |||||||||
Loss on impairment | 0 | 0 | 1,119,517 | |||||||||
Gain on extinguishment of debt, net | 0 | 0 | (17,254 | ) | ||||||||
Gain on bargain purchase | (64,479 | ) | 0 | 0 | ||||||||
Amortization of intangible asset | 37,127 | 0 | 0 | |||||||||
Reorganization items, net | 0 | (280,790 | ) | (11,531 | ) | |||||||
Deferred income taxes | (9,170 | ) | 2,501 | 6,825 | ||||||||
Amortization of share-based compensation | 11,624 | 710 | 7,352 | |||||||||
Other costs, net | 1,912 | (10,754 | ) | (53,179 | ) | |||||||
Changes in components of working capital: | ||||||||||||
Change in taxes receivable | 13,810 | (1,789 | ) | 29,581 | ||||||||
Net changes in other operating assets and liabilities | (10,173 | ) | (26,176 | ) | 27,442 | |||||||
Net cash provided by (used in) operating activities | 24,028 | (45,448 | ) | 236,666 | ||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (117,750 | ) | (14,629 | ) | (112,603 | ) | ||||||
Cash acquired in stock-based business combination | 54,970 | 0 | 0 | |||||||||
Proceeds from disposal of assets, net | 31,247 | 194 | 1,428 | |||||||||
Net cash used in investing activities | (31,533 | ) | (14,435 | ) | (111,175 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Issuance of second lien notes | 0 | 200,000 | 0 | |||||||||
Borrowings on credit facilities | 40,000 | 177,500 | 210,000 | |||||||||
Repayments of credit facilities | (27,500 | ) | (545,000 | ) | 0 | |||||||
Repayments of debt | 0 | 0 | (101,132 | ) | ||||||||
Debt issuance costs | 0 | (23,664 | ) | 0 | ||||||||
Warrants exercised | 647 | 0 | 0 | |||||||||
Cash paid to settle equity compensation awards | 0 | 0 | (1,010 | ) | ||||||||
Taxes withheld on employee stock transactions | 0 | (1 | ) | (417 | ) | |||||||
Net cash provided by (used in) financing activities | 13,147 | (191,165 | ) | 107,441 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 5,642 | (251,048 | ) | 232,932 | ||||||||
Cash, cash equivalents and restricted cash, beginning of period | 113,993 | 365,041 | 105,924 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 119,635 | $ | 113,993 | $ | 338,856 | ||||||
Shares | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||||
Balance | Par Value | |||||||||||||||||||||||
Balance at 6/30/2020 (Predecessor) | 251,041 | $ | 2,510 | $ | 811,483 | $ | 1,802,905 | $ | (59,928 | ) | $ | 2,556,970 | ||||||||||||
Employee related equity activity | ||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 1,500 | — | — | 1,500 | ||||||||||||||||||
Issuance of share-based compensation shares | 21 | 0 | — | — | — | 0 | ||||||||||||||||||
Net loss | — | — | — | (50,868 | ) | — | (50,868 | ) | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 1,432 | 1,432 | ||||||||||||||||||
Balance at 9/30/2020 (Predecessor) | 251,062 | $ | 2,510 | $ | 812,983 | $ | 1,752,037 | $ | (58,496 | ) | $ | 2,509,034 | ||||||||||||
Balance at 6/30/2021 (Successor) | 60,150 | $ | 1 | $ | 1,383,344 | $ | 2,211 | $ | 168 | $ | 1,385,724 | |||||||||||||
Employee related equity activity | ||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 4,668 | — | — | 4,668 | ||||||||||||||||||
Exercise of common stock warrants | 18 | — | 376 | — | — | 376 | ||||||||||||||||||
Net loss | — | — | — | (23,665 | ) | — | (23,665 | ) | ||||||||||||||||
Other comprehensive loss, net | — | — | — | — | (435 | ) | (435 | ) | ||||||||||||||||
Balance at 9/30/2021 (Successor) | 60,168 | $ | 1 | $ | 1,388,388 | $ | (21,454 | ) | $ | (267 | ) | $ | 1,366,668 | |||||||||||
Shares | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||||
Balance | Par Value | |||||||||||||||||||||||
Balance at 12/31/2019 (Predecessor) | 249,200 | $ | 2,492 | $ | 807,093 | $ | 2,907,776 | $ | (58,389 | ) | $ | 3,658,972 | ||||||||||||
Employee related equity activity | ||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 6,342 | — | — | 6,342 | ||||||||||||||||||
Issuance of share-based compensation shares | 1,862 | 18 | (17 | ) | — | — | 1 | |||||||||||||||||
Shares withheld for taxes on equity transactions | — | — | (435 | ) | — | — | (435 | ) | ||||||||||||||||
Net loss | — | — | — | (1,155,739 | ) | — | (1,155,739 | ) | ||||||||||||||||
Other comprehensive loss, net | — | — | — | — | (107 | ) | (107 | ) | ||||||||||||||||
Balance at 9 /30/2020 (Predecessor) | 251,062 | $ | 2,510 | $ | 812,983 | $ | 1,752,037 | $ | (58,496 | ) | $ | 2,509,034 | ||||||||||||
Balance at 12/31/2020 (Predecessor) | 251,084 | $ | 2,511 | $ | 814,796 | $ | (1,070,683 | ) | $ | (58,012 | ) | $ | (311,388 | ) | ||||||||||
Employee related equity activity | ||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 710 | — | — | 710 | ||||||||||||||||||
Issuance of share-based compensation shares | 43 | — | — | — | — | — | ||||||||||||||||||
Shares withheld for taxes on equity transactions | — | — | (1 | ) | — | — | (1 | ) | ||||||||||||||||
Net income | — | — | — | 250,228 | — | 250,228 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 108 | 108 | ||||||||||||||||||
Cancellation of Predecessor equity | (251,127 | ) | (2,511 | ) | (815,505 | ) | 820,455 | 57,904 | 60,343 | |||||||||||||||
Issuance of Successor common stock and warrants | 50,000 | 1 | 1,018,767 | — | — | 1,018,768 | ||||||||||||||||||
Balance at 2/5/2021 (Predecessor) | 50,000 | $ | 1 | $ | 1,018,767 | $ | — | $ | — | $ | 1,018,768 | |||||||||||||
Balance at 2/6/2021 (Successor) | 50,000 | $ | 1 | $ | 1,018,767 | $ | — | $ | — | 1,018,768 | ||||||||||||||
Employee related equity activity | ||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 11,312 | — | — | 11,312 | ||||||||||||||||||
Exchange of common stock for penny warrants | (6,463 | ) | — | — | — | — | — | |||||||||||||||||
Exercise of common stock warrants | 31 | — | 647 | — | — | 647 | ||||||||||||||||||
Issuance of common stock for Pacific Drilling merger | 16,600 | — | 357,662 | — | — | 357,662 | ||||||||||||||||||
Net loss | — | — | — | (21,454 | ) | — | (21,454 | ) | ||||||||||||||||
Other comprehensive loss , net | — | — | — | — | (267 | ) | (267 | ) | ||||||||||||||||
Balance at 9 /30/21 (Successor) | 60,168 | $ | 1 | $ | 1,388,388 | $ | (21,454 | ) | $ | (267 | ) | $ | 1,366,668 | |||||||||||
Successor | Predecessor | |||||||
September 30, 2021 | December 31, 2020 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 111,990 | $ | 343,332 | ||||
Accounts receivable, net of allowance for credit losses of 0 and $1,069, respectively | 227,644 | 147,863 | ||||||
Accounts receivable from affiliates | — | 31,214 | ||||||
Taxes receivable | 29,565 | 30,767 | ||||||
Prepaid expenses and other current assets | 40,317 | 50,469 | ||||||
Total current assets | 409,516 | 603,645 | ||||||
Intangible assets | 76,262 | — | ||||||
Property and equipment, at cost | 1,518,663 | 4,777,697 | ||||||
Accumulated depreciation | (56,588 | ) | (1,200,628 | ) | ||||
Property and equipment, net | 1,462,075 | 3,577,069 | ||||||
Property and equipment held for sale | 88,639 | — | ||||||
Other assets | 46,882 | 84,584 | ||||||
Total assets | $ | 2,083,374 | $ | 4,265,298 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 100,691 | $ | 83,649 | ||||
Accrued payroll and related costs | 56,442 | 36,516 | ||||||
Taxes payable | 39,312 | 36,819 | ||||||
Interest payable | 4,293 | — | ||||||
Other current liabilities | 34,894 | 49,820 | ||||||
Total current liabilities | 235,632 | 206,804 | ||||||
Long-term debt | 406,000 | — | ||||||
Deferred income taxes | 13,568 | 9,292 | ||||||
Other liabilities | 66,851 | 108,039 | ||||||
Liabilities subject to compromise | — | 4,154,555 | ||||||
Total liabilities | 722,051 | 4,478,690 | ||||||
Commitments and contingencies (Note 15) | ||||||||
Shareholders’ equity | ||||||||
Predecessor common stock, $0.10 par value, 261,246 ordinary shares outstanding as of December 31, 2020 | — | 26,125 | ||||||
Successor common stock, $0.10 par value, 261,246 ordinary shares outstanding as of September 30, 2021 | 26,125 | — | ||||||
Capital in excess of par value | 1,390,801 | 766,714 | ||||||
Accumulated deficit | (55,336 | ) | (948,219 | ) | ||||
Accumulated other comprehensive income (loss) | (267 | ) | (58,012 | ) | ||||
Total shareholders’ equity | 1,361,323 | (213,392 | ) | |||||
Total liabilities and equity | $ | 2,083,374 | $ | 4,265,298 | ||||
Successor | Predecessor | |||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||
Operating revenues | ||||||||
Contract drilling services | $ | 231,154 | $ | 227,050 | ||||
Reimbursables and other | 19,217 | 14,786 | ||||||
250,371 | 241,836 | |||||||
Operating costs and expenses | ||||||||
Contract drilling services | 187,886 | 136,975 | ||||||
Reimbursables | 16,462 | 13,369 | ||||||
Depreciation and amortization | 25,241 | 90,236 | ||||||
General and administrative | 7,772 | 6,503 | ||||||
Merger and integration costs | 4,149 | 0 | ||||||
Transaction costs on sale of operating assets | 2,230 | — | ||||||
Hurricane losses | 10,441 | — | ||||||
254,181 | 247,083 | |||||||
Operating loss | (3,810 | ) | (5,247 | ) | ||||
Other income (expense) | ||||||||
Interest expense, net of amounts capitalized | (8,870 | ) | (23,427 | ) | ||||
Gain on extinguishment of debt, net | 0 | 17,847 | ||||||
Interest income and other, net | 975 | 7,871 | ||||||
Reorganization items, net | — | (49,974 | ) | |||||
Loss before income taxes | (11,705 | ) | (52,930 | ) | ||||
Income tax provision | (2,275 | ) | (25,272 | ) | ||||
Net loss | $ | (13,980 | ) | $ | (78,202 | ) | ||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||
Operating revenues | ||||||||||||
Contract drilling services | $ | 515,680 | $ | 74,051 | $ | 714,555 | ||||||
Reimbursables and other | 46,467 | 3,430 | 46,510 | |||||||||
562,147 | 77,481 | 761,065 | ||||||||||
Operating costs and expenses | ||||||||||||
Contract drilling services | 455,124 | 46,703 | 441,485 | |||||||||
Reimbursables | 41,577 | 2,737 | 41,387 | |||||||||
Depreciation and amortization | 64,814 | 20,631 | 282,385 | |||||||||
General and administrative | 26,690 | 5,729 | 30,806 | |||||||||
Merger and integration costs | 7,099 | — | — | |||||||||
Transaction costs on sale of operating assets | 2,230 | — | — | |||||||||
Hurricane losses | 10,441 | — | — | |||||||||
Loss on impairment | — | — | 1,119,517 | |||||||||
607,975 | 75,800 | 1,915,580 | ||||||||||
Operating income (loss) | (45,828 | ) | 1,681 | (1,154,515 | ) | |||||||
Other income (expense) | ||||||||||||
Interest expense, net of amounts capitalized | (23,628 | ) | (229 | ) | (164,586 | ) | ||||||
Gain on extinguishment of debt, net | — | — | 17,254 | |||||||||
Interest income and other, net | 7,489 | 400 | 8,536 | |||||||||
Reorganization items, net | — | 195,395 | (49,974 | ) | ||||||||
Income (loss) before income taxes | (61,967 | ) | 197,247 | (1,343,285 | ) | |||||||
Income tax benefit (provision) | 6,631 | (3,422 | ) | 238,944 | ||||||||
Net income (loss) | $ | (55,336 | ) | $ | 193,825 | $ | (1,104,341 | ) | ||||
Successor | Predecessor | |||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||
Net loss | $ | (13,980 | ) | $ | (78,202 | ) | ||
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | — | 863 | ||||||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision of 0 and $150 for the three months ended September 30, 2021 and 2020,respectively | (435 | ) | 569 | |||||
Other comprehensive income (loss), net | (435 | ) | 1,432 | |||||
Comprehensive (loss) | $ | (14,415 | ) | $ | (76,770 | ) | ||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||
Net income (loss) | $ | (55,336 | ) | $ | 193,825 | $ | (1,104,341 | ) | ||||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustments | — | (116 | ) | (1,812 | ) | |||||||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision of 0, $59 and $450 for the period from February 6, 2021 through September 30, 2021, period from January 1, 2021 through February 5, 2021 and nine months ended September 30, 2020, respectively | (267 | ) | 224 | 1,705 | ||||||||
Other comprehensive income (loss), net | (267 | ) | 108 | (107 | ) | |||||||
Comprehensive income (loss) | $ | (55,603 | ) | $ | 193,933 | $ | (1,104,448 | ) | ||||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) | $ | (55,336 | ) | $ | 193,825 | $ | (1,104,341 | ) | ||||
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||||||||
Depreciation and amortization | 64,814 | 20,631 | 282,385 | |||||||||
Loss on impairment | 0 | 0 | 1,119,517 | |||||||||
Gain on extinguishment of debt, net | 0 | 0 | (17,254 | ) | ||||||||
Amortization of intangible asset | 37,127 | 0 | 0 | |||||||||
Reorganization items, net | 0 | (203,490 | ) | 49,969 | ||||||||
Deferred income taxes | (9,170 | ) | 2,501 | 6,825 | ||||||||
Amortization of share-based compensation | 11,624 | 710 | 7,352 | |||||||||
Other costs, net | 1,912 | (3,054 | ) | (99,679 | ) | |||||||
Changes in components of working capital: | ||||||||||||
Change in taxes receivable | 13,810 | (1,789 | ) | 29,581 | ||||||||
Net changes in other operating assets and liabilities | (7,664 | ) | (21,808 | ) | (2,258 | ) | ||||||
Net cash provided by (used in) operating activities | 57,117 | (12,474 | ) | 272,097 | ||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (117,750 | ) | (14,629 | ) | (112,603 | ) | ||||||
Proceeds from disposal of assets, net | 31,247 | 194 | 1,428 | |||||||||
Net cash used in investing activities | (86,503 | ) | (14,435 | ) | (111,175 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Issuance of second lien notes | 0 | 200,000 | 0 | |||||||||
Borrowings on credit facilities | 40,000 | 177,500 | 210,000 | |||||||||
Repayments of credit facilities | (27,500 | ) | (545,000 | ) | 0 | |||||||
Repayments of debt | 0 | 0 | (101,132 | ) | ||||||||
Debt issuance costs | 0 | (10,139 | ) | 0 | ||||||||
Cash contributed by parent in connection with Pacific Drilling merger | 54,970 | 0 | 0 | |||||||||
Distributions to parent company, net | (32,677 | ) | (26,503 | ) | (49,829 | ) | ||||||
Net cash provided by (used in) financing activities | 34,793 | (204,142 | ) | 59,039 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 5,407 | (231,051 | ) | 219,961 | ||||||||
Cash, cash equivalents and restricted cash, beginning of period | 113,993 | 345,044 | 105,878 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 119,400 | $ | 113,993 | $ | 325,839 | ||||||
Shares | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||||
Balance | Par Value | |||||||||||||||||||||||
Balance at 6/30/2020 (Predecessor) | 261,246 | $ | 26,125 | $ | 763,397 | $ | 1,970,710 | $ | (59,928 | ) | $ | 2,700,304 | ||||||||||||
Distributions to parent company, net | — | — | — | (13,978 | ) | — | (13,978 | ) | ||||||||||||||||
Capital contribution by parent - share-based compensation | — | — | 1,500 | — | — | 1,500 | ||||||||||||||||||
Net loss | — | — | — | (78,202 | ) | — | (78,202 | ) | ||||||||||||||||
Other comprehensive income, net | — | — | — | — | 1,432 | 1,432 | ||||||||||||||||||
Balance at 9/30/2020 (Predecessor) | 261,246 | $ | 26,125 | $ | 764,897 | $ | 1,878,530 | $ | (58,496 | ) | $ | 2,611,056 | ||||||||||||
Balance at 6/30/2021 (Successor) | 261,246 | $ | 26,125 | $ | 1,399,905 | $ | (41,356 | ) | $ | 168 | $ | 1,384,842 | ||||||||||||
Distributions to parent company, net | — | — | (13,772 | ) | — | — | (13,772 | ) | ||||||||||||||||
Capital contribution by parent - share-based compensation | — | — | 4,668 | — | — | 4,668 | ||||||||||||||||||
Net loss | — | — | — | (13,980 | ) | — | (13,980 | ) | ||||||||||||||||
Other comprehensive loss, net | — | — | — | — | (435 | ) | (435 | ) | ||||||||||||||||
Balance at 9/30/2021 (Successor) | 261,246 | $ | 26,125 | $ | 1,390,801 | $ | (55,336 | ) | $ | (267 | ) | $ | 1,361,323 | |||||||||||
Shares | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||||||
Balance | Par Value | |||||||||||||||||||||||
Balance at 12/31/2019 (Predecessor) | 261,246 | $ | 26,125 | $ | 757,545 | $ | 3,032,699 | $ | (58,389 | ) | $ | 3,757,980 | ||||||||||||
Distributions to parent company, net | — | — | — | (49,828 | ) | — | (49,828 | ) | ||||||||||||||||
Capital contribution by parent - share-based compensation | — | — | 7,352 | — | — | 7,352 | ||||||||||||||||||
Net loss | — | — | — | (1,104,341 | ) | — | (1,104,341 | ) | ||||||||||||||||
Other comprehensive loss, net | — | — | — | — | (107 | ) | (107 | ) | ||||||||||||||||
Balance at 9 /30/2020 (Predecessor) | 261,246 | $ | 26,125 | $ | 764,897 | $ | 1,878,530 | $ | (58,496 | ) | $ | 2,611,056 | ||||||||||||
Balance at 12/31/2020 (Predecessor) | 261,246 | $ | 26,125 | $ | 766,714 | $ | (948,219 | ) | $ | (58,012 | ) | $ | (213,392 | ) | ||||||||||
Distributions to parent company, net | — | — | — | (26,503 | ) | — | (26,503 | ) | ||||||||||||||||
Capital contribution by parent - share-based compensation | — | — | 710 | — | — | 710 | ||||||||||||||||||
Net income | — | — | — | 193,825 | — | 193,825 | ||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 108 | 108 | ||||||||||||||||||
Elimination of Predecessor equity | — | — | 222,601 | 780,897 | 57,904 | 1,061,402 | ||||||||||||||||||
Balance at 2/5/2021 (Predecessor) | 261,246 | $ | 26,125 | $ | 990,025 | $ | — | $ | — | $ | 1,016,150 | |||||||||||||
Balance at 2/6/2021 (Successor) | 261,246 | $ | 26,125 | $ | 990,025 | $ | — | $ | — | $ | 1,016,150 | |||||||||||||
Distributions to parent company, net | — | — | (32,677 | ) | — | — | (32,677 | ) | ||||||||||||||||
Capital contribution by parent - share-based compensation | — | — | 11,312 | — | — | 11,312 | ||||||||||||||||||
Capital contribution by parent - Pacific Drilling merger | — | — | 422,141 | — | — | 422,141 | ||||||||||||||||||
Net loss | — | — | — | (55,336 | ) | — | (55,336 | ) | ||||||||||||||||
Other comprehensive loss , net | — | — | — | — | (267 | ) | (267 | ) | ||||||||||||||||
Balance at 9 /30/2021 (Successor) | 261,246 | $ | 26,125 | $ | 1,390,801 | $ | (55,336 | ) | $ | (267 | ) | $ | 1,361,323 | |||||||||||
Successor | Predecessor | |||||||
December 31, 2021 | December 31, 2020 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 194,138 | $ | 343,332 | ||||
Accounts receivable, net | 200,419 | 147,863 | ||||||
Taxes receivable | 16,063 | 30,767 | ||||||
Prepaid expenses and other current assets | 45,026 | 80,322 | ||||||
Total current assets | 455,646 | 602,284 | ||||||
Intangible assets | 61,849 | — | ||||||
Property and equipment, at cost | 1,555,975 | 4,777,697 | ||||||
Accumulated depreciation | (77,275 | ) | (1,200,628 | ) | ||||
Property and equipment, net | 1,478,700 | 3,577,069 | ||||||
Other assets | 77,247 | 84,584 | ||||||
Total assets | $ | 2,073,442 | $ | 4,263,937 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 120,389 | $ | 95,159 | ||||
Accrued payroll and related costs | 48,346 | 36,553 | ||||||
Taxes payable | 28,735 | 36,819 | ||||||
Interest payable | 9,788 | — | ||||||
Other current liabilities | 41,136 | 49,820 | ||||||
Total current liabilities | 248,394 | 218,351 | ||||||
Long-term debt | 216,000 | — | ||||||
Deferred income taxes | 13,195 | 9,292 | ||||||
Other liabilities | 95,226 | 108,039 | ||||||
Liabilities subject to compromise | — | 4,239,643 | ||||||
Total liabilities | 572,815 | 4,575,325 | ||||||
Commitments and contingencies (Note 16) | 0 | 0 | ||||||
Shareholders’ equity (deficit) | ||||||||
Predecessor common stock, $0.01 par value, ordinary shares; 251,084 shares outstanding as of December 31, 2020 | — | 2,511 | ||||||
Successor common stock, $0.00001 par value, ordinary shares; 60,172 shares outstanding as of December 31, 2021 | 1 | — | ||||||
Additional paid-in capital | 1,393,255 | 814,796 | ||||||
Retained earnings (accumulated deficit) | 101,982 | (1,070,683 | ) | |||||
Accumulated other comprehensive income (loss) | 5,389 | (58,012 | ) | |||||
Total shareholders’ equity (deficit) | 1,500,627 | (311,388 | ) | |||||
Total liabilities and equity | $ | 2,073,442 | $ | 4,263,937 | ||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Operating revenues | ||||||||||||||||
Contract drilling services | $ | 708,131 | $ | 74,051 | $ | 909,236 | $ | 1,246,058 | ||||||||
Reimbursables and other | 62,194 | 3,430 | 55,036 | 59,380 | ||||||||||||
770,325 | 77,481 | 964,272 | 1,305,438 | |||||||||||||
Operating costs and expenses | ||||||||||||||||
Contract drilling services | 639,442 | 46,965 | 567,487 | 698,343 | ||||||||||||
Reimbursables | 55,832 | 2,737 | 48,188 | 49,061 | ||||||||||||
Depreciation and amortization | 89,535 | 20,622 | 374,129 | 440,221 | ||||||||||||
General and administrative | 62,476 | 5,727 | 121,196 | 168,792 | ||||||||||||
Merger and integration costs | 24,792 | — | — | — | ||||||||||||
Gain on sale of operating assets, net | (185,934 | ) | — | — | — | |||||||||||
Hurricane losses and (recoveries), net | 23,350 | — | — | — | ||||||||||||
Prepetition and restructuring costs | — | — | 14,409 | — | ||||||||||||
Loss on impairment | — | — | 3,915,408 | 615,294 | ||||||||||||
709,493 | 76,051 | 5,040,817 | 1,971,711 | |||||||||||||
Operating income (loss) | 60,832 | 1,430 | (4,076,545 | ) | (666,273 | ) | ||||||||||
Other income (expense) | ||||||||||||||||
Interest expense, net of amount capitalized | (31,735 | ) | (229 | ) | (164,653 | ) | (279,435 | ) | ||||||||
Bargain purchase gain | 62,305 | — | — | — | ||||||||||||
Gain on extinguishment of debt, net | — | — | 17,254 | 30,616 | ||||||||||||
Interest income and other, net | 10,945 | 399 | 9,012 | 6,007 | ||||||||||||
Reorganization items, net | — | 252,051 | (23,930 | ) | — | |||||||||||
Income (loss) from continuing operations before income taxes | 102,347 | 253,651 | (4,238,862 | ) | (909,085 | ) | ||||||||||
Income tax benefit (provision) | (365 | ) | (3,423 | ) | 260,403 | 38,540 | ||||||||||
Net income (loss) from continuing operations | 101,982 | 250,228 | (3,978,459 | ) | (870,545 | ) | ||||||||||
Net loss from discontinued operations, net of tax | — | — | — | (3,821 | ) | |||||||||||
Net income (loss) | 101,982 | 250,228 | (3,978,459 | ) | (874,366 | ) | ||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 173,776 | ||||||||||||
Net income (loss) attributable to Noble Corporation | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (700,590 | ) | ||||||
Net income (loss) attributable to Noble Corporation | ||||||||||||||||
Income (loss) from continuing operations | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (696,769 | ) | ||||||
Net loss from discontinued operations, net of tax | — | — | — | (3,821 | ) | |||||||||||
Net income (loss) attributable to Noble Corporation | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (700,590 | ) | ||||||
Per share data | ||||||||||||||||
Basic: | ||||||||||||||||
Income (loss) from continuing operations | $ | 1.61 | $ | 1.00 | $ | (15.86 | ) | $ | (2.79 | ) | ||||||
Loss from discontinued operations | — | — | — | (0.02 | ) | |||||||||||
Net income (loss) attributable to Noble Corporation | $ | 1.61 | $ | 1.00 | $ | (15.86 | ) | $ | (2.81 | ) | ||||||
Diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | 1.51 | $ | 0.98 | $ | (15.86 | ) | $ | (2.79 | ) | ||||||
Loss from discontinued operations | — | — | — | (0.02 | ) | |||||||||||
Net income (loss) attributable to Noble Corporation | $ | 1.51 | $ | 0.98 | $ | (15.86 | ) | $ | (2.81 | ) | ||||||
Weighted- Average Shares Outstanding | ||||||||||||||||
Basic | 63,186 | 251,115 | 250,792 | 248,949 | ||||||||||||
Diluted | 67,628 | 256,571 | 250,792 | 248,949 |
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Net income (loss) | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (874,366 | ) | ||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation adjustments | — | (116 | ) | (521 | ) | 260 | ||||||||||
Net pension plan gain (loss) (net of tax provision (benefit) of $ 1,597 , $59 , $(537) and $(924) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | 5,844 | 224 | (1,407 | ) | (3,744 | ) | ||||||||||
Amortization of deferred pension plan amounts (net of tax provision of 0 ,0 , $583 and $584 for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | — | — | 2,183 | 2,197 | ||||||||||||
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $(121), 0, $ 32 and $(8) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | (455 | ) | — | 122 | (30 | ) | ||||||||||
Other comprehensive income (loss), net | 5,389 | 108 | 377 | (1,317 | ) | |||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | — | 173,776 | ||||||||||||
Comprehensive income (loss) attributable to Noble Corporation | $ | 107,371 | $ | 250,336 | $ | (3,978,082 | ) | $ | (701,907 | ) | ||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income (loss) | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (874,366 | ) | ||||||
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||||||||||||
Depreciation and amortization | 89,535 | 20,622 | 374,129 | 440,221 | ||||||||||||
Loss on impairment | 0 | 0 | 3,915,408 | 615,294 | ||||||||||||
Amortization of intangible assets | 51,540 | 0 | 0 | 0 | ||||||||||||
Gain on extinguishment of debt, net | 0 | 0 | (17,254 | ) | (30,616 | ) | ||||||||||
Gain on sale of operating assets, net | (185,934 | ) | 0 | — | — | |||||||||||
Gain on bargain purchase | (62,305 | ) | 0 | — | — | |||||||||||
Reorganization items, net | 0 | (280,790 | ) | (17,366 | ) | — | ||||||||||
Deferred income taxes | (34,264 | ) | 2,501 | (26,325 | ) | (17,825 | ) | |||||||||
Amortization of share-based compensation | 16,510 | 710 | 9,169 | 14,737 | ||||||||||||
Other costs, net | 1,146 | (10,754 | ) | (61,550 | ) | 60,259 | ||||||||||
Changes in components of working capital | ||||||||||||||||
Change in taxes receivable | 27,847 | (1,789 | ) | 29,880 | (11,225 | ) | ||||||||||
Net changes in other operating assets and liabilities | 45,559 | (26,176 | ) | 45,565 | (9,708 | ) | ||||||||||
Net cash provided by (used in) operating activities | 51,616 | (45,448 | ) | 273,197 | 186,771 | |||||||||||
Cash flows from investing activities | ||||||||||||||||
Capital expenditures | (154,411 | ) | (14,629 | ) | (148,886 | ) | (268,783 | ) | ||||||||
Cash acquired in stock-based business combination | 54,970 | 0 | 0 | 0 | ||||||||||||
Proceeds from disposal of assets, net | 307,324 | 194 | 27,366 | 12,753 | ||||||||||||
Net cash provided by (used in) investing activities | 207,883 | (14,435 | ) | (121,520 | ) | (256,030 | ) | |||||||||
Cash flows from financing activities | ||||||||||||||||
Issuance of second lien notes | 0 | 200,000 | 0 | 0 | ||||||||||||
Borrowings on credit facilities | 40,000 | 177,500 | 210,000 | 755,000 | ||||||||||||
Repayments of credit facilities | (217,500 | ) | (545,000 | ) | 0 | (420,000 | ) | |||||||||
Repayments of debt | 0 | 0 | (101,132 | ) | (400,000 | ) | ||||||||||
Debt issuance costs | 0 | (23,664 | ) | 0 | (1,092 | ) | ||||||||||
Warrants exercised | 730 | 0 | 0 | 0 | ||||||||||||
Purchase of noncontrolling interests | 0 | 0 | 0 | (106,744 | ) | |||||||||||
Dividends paid to noncontrolling interests | 0 | 0 | 0 | (25,109 | ) | |||||||||||
Cash paid to settle equity awards | 0 | 0 | (1,010 | ) | 0 | |||||||||||
Taxes withheld on employee stock transactions | 0 | (1 | ) | (418 | ) | (2,779 | ) | |||||||||
Net cash provided by (used in) financing activities | (176,770 | ) | (191,165 | ) | 107,440 | (200,724 | ) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 82,729 | (251,048 | ) | 259,117 | (269,983 | ) | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 113,993 | 365,041 | 105,924 | 375,907 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 196,722 | $ | 113,993 | $ | 365,041 | $ | 105,924 | ||||||||
Shares | Additional Paid-in | Retained Earnings (accumulated | Accumulated Other Comprehensive | Noncontrolling | Total Equity | |||||||||||||||||||||||
Balance | Par Value | Capital | deficit) | income (Loss) | Interests | (Deficit) | ||||||||||||||||||||||
Balance at December 31, 2018 (Predecessor) | 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 (Predecessor) | 249,200 | $ | 2,492 | $ | 807,093 | $ | 2,907,776 | $ | (58,389 | ) | $ | 0 | $ | 3,658,972 | ||||||||||||||
Employee related equity activity | ||||||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 8,159 | — | — | — | 8,159 | |||||||||||||||||||||
Issuance of share-based compensation shares | 1,884 | 19 | (19 | ) | — | — | — | — | ||||||||||||||||||||
Tax benefit of equity transactions | — | — | (437 | ) | — | — | — | (437 | ) | |||||||||||||||||||
Net loss | — | — | — | (3,978,459 | ) | — | (3,978,459 | ) | ||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | 377 | — | 377 | |||||||||||||||||||||
Balance at December 31, 2020 (Predecessor) | 251,084 | $ | 2,511 | $ | 814,796 | $ | (1,070,683 | ) | $ | (58,012 | ) | $ | — | $ | (311,388 | ) | ||||||||||||
Employee related equity activity | ||||||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 710 | — | — | — | 710 | |||||||||||||||||||||
Issuance of share-based compensation shares | 43 | — | — | — | — | — | — | |||||||||||||||||||||
Shares withheld for taxes on equity transactions | — | — | (1 | ) | — | — | — | (1 | ) | |||||||||||||||||||
Net income | — | — | — | 250,228 | — | — | 250,228 | |||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 108 | — | 108 | |||||||||||||||||||||
Cancellation of Predecessor equity | (251,127 | ) | (2,511 | ) | (815,505 | ) | 820,455 | 57,904 | — | 60,343 | ||||||||||||||||||
Issuance of Successor common stock and warrants | 50,000 | 1 | 1,018,767 | — | — | — | 1,018,768 | |||||||||||||||||||||
2/5/2021 (Predecessor) | 50,000 | $ | 1 | $ | 1,018,767 | $ | — | $ | — | $ | — | $ | 1,018,768 | |||||||||||||||
2/6/2021 (Successor) | 50,000 | $ | 1 | $ | 1,018,767 | $ | — | $ | — | $ | — | $ | 1,018,768 | |||||||||||||||
Employee related equity activity | ||||||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 16,096 | — | — | — | 16,096 | |||||||||||||||||||||
Exchange of common stock for penny warrants | (6,463 | ) | — | — | — | — | — | — | ||||||||||||||||||||
Exercise of common stock warrants | 35 | — | 730 | — | — | — | 730 | |||||||||||||||||||||
Issuance of common stock for Pacific Drilling merger | 16,600 | — | 357,662 | — | — | — | 357,662 | |||||||||||||||||||||
Net income | — | — | — | 101,982 | — | — | 101,982 | |||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 5,389 | — | 5,389 | |||||||||||||||||||||
12/31/21 (Successor) | 60,172 | $ | 1 | $ | 1,393,255 | $ | 101,982 | $ | 5,389 | $ | — | $ | 1,500,627 | |||||||||||||||
Successor | Predecessor | |||||||
December 31, 2021 | December 31, 2020 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 192,636 | $ | 343,332 | ||||
Accounts receivable, net | 200,419 | 147,863 | ||||||
Accounts receivable from affiliates | — | 31,214 | ||||||
Taxes receivable | 16,063 | 30,767 | ||||||
Prepaid expenses and other current assets | 36,545 | 50,469 | ||||||
Total current assets | 445,663 | 603,645 | ||||||
Intangible asset | 61,849 | — | ||||||
Property and equipment, at cost | 1,555,975 | 4,777,697 | ||||||
Accumulated depreciation | (77,275 | ) | (1,200,628 | ) | ||||
Property and equipment, net | 1,478,700 | 3,577,069 | ||||||
Other assets | 77,247 | 84,584 | ||||||
Total assets | $ | 2,063,459 | $ | 4,265,298 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 116,030 | $ | 83,649 | ||||
Accrued payroll and related costs | 48,346 | 36,516 | ||||||
Taxes payable | 28,735 | 36,819 | ||||||
Interest payable | 9,788 | — | ||||||
Other current liabilities | 40,949 | 49,820 | ||||||
Total current liabilities | 243,848 | 206,804 | ||||||
Long-term debt | 216,000 | — | ||||||
Deferred income taxes | 13,195 | 9,292 | ||||||
Other liabilities | 94,998 | 108,039 | ||||||
Liabilities subject to compromise | — | 4,154,555 | ||||||
Total liabilities | 568,041 | 4,478,690 | ||||||
Commitments and contingencies (Note 16) | 0 | 0 | ||||||
Shareholder equity (deficit) | ||||||||
Predecessor common stock, $0.10 par value, 261,246 ordinary shares outstanding as of December 31, 2020 | — | 26,125 | ||||||
Successor common stock, $0.10 par value, 261,246 ordinary shares outstanding as of December 31, 2021 | 26,125 | — | ||||||
Capital in excess of par value | 1,393,410 | 766,714 | ||||||
Retained earnings (accumulated deficit) | 70,494 | (948,219 | ) | |||||
Accumulated other comprehensive income (loss) | 5,389 | (58,012 | ) | |||||
Total shareholder equity (deficit) | 1,495,418 | (213,392 | ) | |||||
Total liabilities and equity | $ | 2,063,459 | $ | 4,265,298 | ||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Operating revenues | ||||||||||||||||
Contract drilling services | $ | 708,131 | $ | 74,051 | $ | 909,236 | $ | 1,246,058 | ||||||||
Reimbursables and other | 62,194 | 3,430 | 55,036 | 59,380 | ||||||||||||
770,325 | 77,481 | 964,272 | 1,305,438 | |||||||||||||
Operating costs and expenses | ||||||||||||||||
Contract drilling services | 637,004 | 46,703 | 566,231 | 696,265 | ||||||||||||
Reimbursables | 55,832 | 2,737 | 48,188 | 49,061 | ||||||||||||
Depreciation and amortization | 89,503 | 20,631 | 372,560 | 437,690 | ||||||||||||
General and administrative | 35,300 | 5,729 | 37,798 | 34,602 | ||||||||||||
Merger and integration costs | 8,289 | — | — | — | ||||||||||||
Gain on sale of operating assets, net | (187,493 | ) | — | — | — | |||||||||||
Hurricane losses and (recoveries), net | 23,350 | — | — | — | ||||||||||||
Loss on impairment | — | — | 3,915,408 | 615,294 | ||||||||||||
661,785 | 75,800 | 4,940,185 | 1,832,912 | |||||||||||||
Operating income (loss) | 108,540 | 1,681 | (3,975,913 | ) | (527,474 | ) | ||||||||||
Other income (expense) | ||||||||||||||||
Interest expense, net of amount capitalized | (31,735 | ) | (229 | ) | (164,653 | ) | (279,435 | ) | ||||||||
Gain on extinguishment of debt, net | — | — | 17,254 | 30,616 | ||||||||||||
Interest income and other, net | 10,945 | 400 | 9,014 | 6,670 | ||||||||||||
Reorganization items, net | — | 195,395 | (50,778 | ) | — | |||||||||||
Income (loss) from continuing operations before income taxes | 87,750 | 197,247 | (4,165,076 | ) | (769,623 | ) | ||||||||||
Income tax benefit (provision) | (365 | ) | (3,422 | ) | 260,403 | 38,540 | ||||||||||
Net income (loss) from continuing operations | 87,385 | 193,825 | (3,904,673 | ) | (731,083 | ) | ||||||||||
Net loss from discontinued operations, net of tax | — | — | — | (3,821 | ) | |||||||||||
Net income (loss) | 87,385 | 193,825 | (3,904,673 | ) | (734,904 | ) | ||||||||||
Net loss attributable to noncontrolling interests | — | — | — | 173,776 | ||||||||||||
Net income (loss) attributable to Noble Finance Company | $ | 87,385 | $ | 193,825 | $ | (3,904,673 | ) | $ | (561,128 | ) | ||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Net income (loss) | $ | 87,385 | $ | 193,825 | $ | (3,904,673 | ) | $ | (734,904 | ) | ||||||
Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation adjustments | — | (116 | ) | (521 | ) | 260 | ||||||||||
Net pension plan gain (loss) (net of tax provision (benefit) of $1,597, $59, $(537) and $(924) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | 5,844 | 224 | (1,407 | ) | (3,744 | ) | ||||||||||
Amortization of deferred pension plan amounts (net of tax provision of 0, 0, $583 and $584 for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | — | — | 2,183 | 2,197 | ||||||||||||
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $(121), 0, $32 and $(8) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | (455 | ) | — | 122 | (30 | ) | ||||||||||
Other comprehensive income (loss), net | 5,389 | 108 | 377 | (1,317 | ) | |||||||||||
Net comprehensive loss attributable to noncontrolling interests | — | — | — | 173,776 | ||||||||||||
Comprehensive income (loss) attributable to Noble Finance Company | $ | 92,774 | $ | 193,933 | $ | (3,904,296 | ) | $ | (562,445 | ) | ||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net income (loss) | $ | 87,385 | $ | 193,825 | $ | (3,904,673 | ) | $ | (734,904 | ) | ||||||
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||||||||||||
Depreciation and amortization | 89,503 | 20,631 | 372,560 | 437,690 | ||||||||||||
Loss on impairment | 0 | 0 | 3,915,408 | 615,294 | ||||||||||||
Amortization of intangible assets | 51,540 | 0 | 0 | 0 | ||||||||||||
Gain on extinguishment of debt, net | 0 | 0 | (17,254 | ) | (30,616 | ) | ||||||||||
Gain on sale of operating assets, net | (187,493 | ) | — | — | — | |||||||||||
Reorganization items, net | 0 | (203,490 | ) | 44,134 | 0 | |||||||||||
Deferred income taxes | (34,264 | ) | 2,501 | (26,325 | ) | (17,825 | ) | |||||||||
Amortization of share-based compensation | 16,510 | 710 | 9,169 | 14,689 | ||||||||||||
Other costs, net | 1,146 | (3,054 | ) | (115,550 | ) | (39,741 | ) | |||||||||
Change in components of working capital Change in taxes receivable | 27,847 | (1,789 | ) | 29,880 | (11,225 | ) | ||||||||||
Net changes in other operating assets and liabilities | 46,680 | (21,808 | ) | 20,714 | (6,456 | ) | ||||||||||
Net cash provided by (used in) operating activities | 98,854 | (12,474 | ) | 328,063 | 226,906 | |||||||||||
Cash flows from investing activities | ||||||||||||||||
Capital expenditures | (154,411 | ) | (14,629 | ) | (148,886 | ) | (268,783 | ) | ||||||||
Proceeds from disposal of assets | 308,883 | 194 | 27,366 | 12,753 | ||||||||||||
Net cash provided by (used in) investing activities | 154,472 | (14,435 | ) | (121,520 | ) | (256,030 | ) | |||||||||
Cash flows from financing activities | ||||||||||||||||
Issuance of second lien notes | 0 | 200,000 | 0 | 0 | ||||||||||||
Borrowings on credit facilities | 40,000 | 177,500 | 210,000 | 755,000 | ||||||||||||
Repayment of credit facilities | (217,500 | ) | (545,000 | ) | — | (420,000 | ) | |||||||||
Repayments of debt | 0 | 0 | (101,132 | ) | (400,000 | ) | ||||||||||
Debt issuance costs | 0 | (10,139 | ) | 0 | (1,092 | ) | ||||||||||
Cash contributed by parent in connection with Pacific Drilling merger | 54,970 | 0 | — | — | ||||||||||||
Purchase of noncontrolling interests | — | — | — | (106,744 | ) | |||||||||||
Dividends paid to noncontrolling interests | — | — | — | (25,109 | ) | |||||||||||
Distributions to parent company, net | (49,569 | ) | (26,503 | ) | (76,245 | ) | (42,103 | ) | ||||||||
Net cash provided by (used in) financing activities | (172,099 | ) | (204,142 | ) | 32,623 | (240,048 | ) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 81,227 | (231,051 | ) | 239,166 | (269,172 | ) | ||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 113,993 | 345,044 | 105,878 | 375,050 | ||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 195,220 | $ | 113,993 | $ | 345,044 | $ | 105,878 | ||||||||
Shares | Additional Paid-in | Retained Earnings (accumulated | Accumulated Other Comprehensive | Noncontrolling | Total Equity | |||||||||||||||||||||||
Balance | Par Value | Capital | deficit) | Income (Loss) | Interests | (Deficit) | ||||||||||||||||||||||
Balance at December 31, 2018 (Predecessor) | 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 (Predecessor) | 261,246 | $ | 26,125 | $ | 757,545 | $ | 3,032,699 | $ | (58,389 | ) | $ | 0 | $ | 3,757,980 | ||||||||||||||
Distributions to parent company, net | — | — | — | (76,245 | ) | — | — | (76,245 | ) | |||||||||||||||||||
Capital contribution by parent— share-based compensation | — | — | 9,169 | — | — | — | 9,169 | |||||||||||||||||||||
Net loss | — | — | — | (3,904,673 | ) | — | — | (3,904,673 | ) | |||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | 377 | — | 377 | |||||||||||||||||||||
Balance at December 31, 2020 (Predecessor) | 261,246 | $ | 26,125 | $ | 766,714 | $ | (948,219 | ) | $ | (58,012 | ) | $ | — | $ | (213,392 | ) | ||||||||||||
Distributions to parent company, net | — | — | — | (26,503 | ) | — | — | (26,503 | ) | |||||||||||||||||||
Capital contribution by parent— share-based compensation | — | — | 710 | — | — | — | 710 | |||||||||||||||||||||
Net income | — | — | — | 193,825 | — | — | 193,825 | |||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 108 | — | 108 | |||||||||||||||||||||
Elimination of Predecessor equity | — | — | 222,601 | 780,897 | 57,904 | — | 1,061,402 | |||||||||||||||||||||
Balance at 2/5/2021 (Predecessor) | 261,246 | $ | 26,125 | $ | 990,025 | $ | 0 | $ | 0 | $ | — | $ | 1,016,150 | |||||||||||||||
Balance at 2/6/2021 (Successor) | 261,246 | $ | 26,125 | $ | 990,025 | $ | — | $ | — | $ | — | $ | 1,016,150 | |||||||||||||||
Distributions to parent company, net | — | — | (32,678 | ) | (16,891 | ) | — | — | (49,569 | ) | ||||||||||||||||||
Capital contribution by parent— share-based compensation | — | — | 16,096 | — | — | — | 16,096 | |||||||||||||||||||||
Capital contribution by parent— Pacific Drilling merger | — | — | 419,967 | — | — | — | 419,967 | |||||||||||||||||||||
Net income | — | — | — | 87,385 | — | — | 87,385 | |||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | 5,389 | — | 5,389 | |||||||||||||||||||||
Balance at 12/31/2021 (Successor) | 261,246 | $ | 26,125 | $ | 1,393,410 | $ | 70,494 | $ | 5,389 | $ | — | $ | 1,495,418 | |||||||||||||||
Predecessor | ||||||||
Noble | Finco | |||||||
Period From January 1, 2021 through February 5, 2021 | Period From January 1, 2021 through February 5, 2021 | |||||||
Professional fees (1) | $ | (28,739 | ) | $ | (8,095 | ) | ||
Adjustments for estimated allowed litigation claims | 77,300 | — | ||||||
Write-off of unrecognized share-based compensation | (4,406 | ) | (4,406 | ) | ||||
Gain on settlement of liabilities subject to compromise | 2,556,147 | 2,556,147 | ||||||
Loss on fresh start adjustments | (2,348,251 | ) | (2,348,251 | ) | ||||
Total Reorganization items, net | $ | 252,051 | $ | 195,395 | ||||
Predecessor | ||||||||
Noble | Finco | |||||||
Period From | Period From | |||||||
January 1, 2021 | January 1, 2021 | |||||||
through | through | |||||||
February 5, 2021 | February 5, 2021 | |||||||
Professional fees (1) | $ | (28,739 | ) | $ | (8,095 | ) | ||
Adjustments for estimated allowed litigation claims | 77,300 | — | ||||||
Write-off of unrecognized share-based compensation | (4,406 | ) | (4,406 | ) | ||||
Gain on settlement of liabilities subject to compromise | 2,556,147 | 2,556,147 | ||||||
Loss on fresh start adjustments | (2,348,251 | ) | (2,348,251 | ) | ||||
Total Reorganization items, net | $ | 252,051 | $ | 195,395 | ||||
(1) | Payments of $44.2 million and $7.2 million related to professional fees have been presented as cash outflows from operating activities in our |
February 5, 2021 | February 5, 2021 | |||||||
Enterprise Value | $ | 1,300,300 | $ | 1,300,300 | ||||
Plus: Cash and cash equivalents | 111,968 | 111,968 | ||||||
Less: Fair value of debt | (393,500 | ) | (393,500 | ) | ||||
Fair Value of Successor Equi ty | $ | 1,018,768 | ||||||
Fair Value of Successor Equity | $ | 1,018,768 | ||||||
February 5, 2021 | ||||
Enterprise Value | $ | 1,300,300 | ||
Plus: Cash and cash equivalents | 111,968 | |||
Plus: Non-interest bearing current liabilities | 185,410 | |||
Plus: Non-interest bearingnon-current liabilities | 108,268 | |||
Reorganization value of Successor assets | $ | 1,705,946 | ||
Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | |||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 317,962 | $ | (205,994 | )(a) | $ | 0 | $ | 111,968 | $ | 317,962 | $ | (205,994 | ) | (a | ) | $ | — | $ | 111,968 | ||||||||||||||||||||
Accounts receivable, net | 189,207 | 0 | 0 | 189,207 | 189,207 | 0 | 0 | 189,207 | ||||||||||||||||||||||||||||||||
Taxes receivable | 32,556 | 0 | 0 | 32,556 | 32,556 | 0 | 0 | 32,556 | ||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 63,056 | (20,302 | )(b) | (10,073 | )(m) | 32,681 | 63,056 | (20,302 | ) | (b | ) | (10,073 | ) | (m | ) | 32,681 | ||||||||||||||||||||||||
Total current assets | 602,781 | (226,296 | ) | (10,073 | ) | 366,412 | 602,781 | (226,296 | ) | (10,073 | ) | 366,412 | ||||||||||||||||||||||||||||
Intangible assets | 0 | 0 | 113,389 | (n) | 113,389 | 0 | 0 | 113,389 | (n | ) | 113,389 | |||||||||||||||||||||||||||||
Property and equipment, at cost | 4,787,661 | 0 | (3,631,936 | )(o) | 1,155,725 | 4,787,661 | 0 | (3,631,936 | ) | (o | ) | 1,155,725 | ||||||||||||||||||||||||||||
Accumulated depreciation | (1,221,033 | ) | 0 | 1,221,033 | (o) | 0 | (1,221,033 | ) | 0 | 1,221,033 | (o | ) | 0 | |||||||||||||||||||||||||||
Property and equipment, net | 3,566,628 | 0 | (2,410,903 | ) | 1,155,725 | 3,566,628 | 0 | (2,410,903 | ) | 1,155,725 | ||||||||||||||||||||||||||||||
Other assets | 69,940 | 10,983 | (c) | (10,503 | )(m) | 70,420 | 69,940 | 10,983 | (c | ) | (10,503 | ) | (m | ) | 70,420 | |||||||||||||||||||||||||
Total assets | $ | 4,239,349 | $ | (215,313 | ) | $ | (2,318,090 | ) | $ | 1,705,946 | $ | 4,239,349 | $ | (215,313 | ) | $ | (2,318,090 | ) | $ | 1,705,946 | ||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 89,215 | $ | (7,266 | )(d) | $ | 0 | $ | 81,949 | $ | 89,215 | $ | (7,266 | ) | (d | ) | $ | 0 | $ | 81,949 | ||||||||||||||||||||
Accrued payroll and related costs | 35,615 | 0 | 0 | 35,615 | 35,615 | 0 | 0 | 35,615 | ||||||||||||||||||||||||||||||||
Taxes payable | 34,211 | 0 | 0 | 34,211 | 34,211 | 0 | 0 | 34,211 | ||||||||||||||||||||||||||||||||
Other current liabilities | 64,943 | 21,305 | (e) | (52,613 | )(m) | 33,635 | 64,943 | 21,305 | (e | ) | (52,613 | ) | (m | ) | 33,635 | |||||||||||||||||||||||||
Total current liabilities | 223,984 | 14,039 | (52,613 | ) | 185,410 | 223,984 | 14,039 | (52,613 | ) | 185,410 | ||||||||||||||||||||||||||||||
Long-term debt | 0 | 352,054 | (f) | 41,446 | (p) | 393,500 | 0 | 352,054 | (f | ) | 41,446 | (p | ) | 393,500 | ||||||||||||||||||||||||||
Deferred income taxes | 9,303 | (17,328 | )(g) | 29,550 | (q) | 21,525 | 9,303 | (17,328 | ) | (g | ) | 29,550 | (q | ) | 21,525 | |||||||||||||||||||||||||
Other liabilities | 108,489 | 4,659 | (h) | (26,405 | )(m) | 86,743 | 108,489 | 4,659 | (h | ) | (26,405 | ) | (m | ) | 86,743 | |||||||||||||||||||||||||
Liabilities subject to compromise | 4,143,812 | (4,143,812 | )(i) | 0 | 0 | 4,143,812 | (4,143,812 | ) | (i | ) | 0 | 0 | ||||||||||||||||||||||||||||
Total liabilities | 4,485,588 | (3,790,388 | ) | (8,022 | ) | 687,178 | 4,485,588 | (3,790,388 | ) | (8,022 | ) | 687,178 | ||||||||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity (deficit) | ||||||||||||||||||||||||||||||||||||||||
Common stock (Predecessor) | 2,511 | (2,511 | )(j) | — | — | 2,511 | (2,511 | ) | (j | ) | — | — | ||||||||||||||||||||||||||||
Common stock (Successor) | — | 1 | (k) | — | 1 | — | 1 | (k | ) | — | 1 | |||||||||||||||||||||||||||||
Additional paid-in capital (Predecessor) | 815,505 | (815,505 | )(j) | — | — | 815,505 | (815,505 | ) | (j | ) | — | — | ||||||||||||||||||||||||||||
Additional paid-in capital (Successor) | — | 1,018,767 | (k) | — | 1,018,767 | — | 1,018,767 | (k | ) | — | 1,018,767 | |||||||||||||||||||||||||||||
Accumulated deficit | (1,006,351 | ) | 3,374,323 | (l) | (2,367,972 | )(r) | 0 | |||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (57,904 | ) | 0 | 57,904 | (s) | 0 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | (246,239 | ) | 3,575,075 | (2,310,068 | ) | 1,018,768 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 4,239,349 | $ | (215,313 | ) | $ | (2,318,090 | ) | $ | 1,705,946 | ||||||||||||||||||||||||||||||
Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | |||||||||||||||||||||
Accumulated deficit | (1,006,351 | ) | 3,374,323 | (l | ) | (2,367,972 | ) | (r | ) | 0 | ||||||||||||||
Accumulated other comprehensive loss | (57,904 | ) | 0 | 57,904 | (s | ) | 0 | |||||||||||||||||
Total shareholders’ equity (deficit) | (246,239 | ) | 3,575,075 | (2,310,068 | ) | 1,018,768 | ||||||||||||||||||
Total liabilities and equity | $ | 4,239,349 | $ | (215,313 | ) | $ | (2,318,090 | ) | $ | 1,705,946 | ||||||||||||||
(a) | Represents the reorganization adjustment to cash and cash equivalents: |
Proceeds from Rights Offering | $ | 200,000 | ||
Proceeds from the Revolving Credit Facility, net of issuance costs | 167,361 | |||
Transfer of cash from restricted cash | 300 | |||
Payment of professional service fees | (23,261 | ) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,019 | ) | ||
Deconsolidation of NHUK | (300 | ) | ||
Payment of recurring debt fees | (75 | ) | ||
Change in cash and cash equivalents | $ | (205,994 | ) | |
Proceeds from Rights Offering | $ | 200,000 | ||
Proceeds from the Revolving Credit Facility, net of issuance costs | 167,361 | |||
Transfer of cash from restricted cash | 300 | |||
Payment of professional service fees | (23,261 | ) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,019 | ) | ||
Deconsolidation of NHUK | (300 | ) | ||
Payment of recurring debt fees | (75 | ) | ||
Change in cash and cash equivalents | $ | (205,994 | ) | |
(b) | Represents the reorganization adjustment for the following: |
Payment of professional service fees from escrow | $ | (12,380 | ) | |
Payment of Paragon litigation settlement form escrow | (7,700 | ) | ||
Transfer of restricted cash to cash | (300 | ) | ||
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence | 78 | |||
Change in prepaid expenses and other current assets | $ | (20,302 | ) | |
Payment of professional service fees from escrow | $ | (12,380 | ) | |
Payment of Paragon litigation settlement form escrow | (7,700 | ) | ||
Transfer of restricted cash to cash | (300 | ) | ||
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence | 78 | |||
Change in prepaid expenses and other current assets | $ | (20,302 | ) | |
(c) | Adjustments to other assets relates to capitalization of long-term debt issuance costs related to the Revolving Credit Facility of $11.1 million and the impact of reorganization adjustments on deferred tax assets of (0.1 ) million. |
(d) | Adjustments to accounts payable related to the payment of professional fees (15.2 ) million and the reinstatement of trade payables from liabilities subject to compromise of $8.0 million. |
(e) | Adjustment of $21.3 million to other current liabilities related to the reinstatement of liabilities subject to compromise. |
(f) | Represents $352.1 million of outstanding borrowings, net of financing costs, under the Second Lien Notes and Revolving Credit Facility. |
(g) | Represents the write-off of $(17.3) million deferred income taxes as the result of the Company’s internal restructuring. |
(h) | Represents cancellation of $(0.1) million cash-based compensation plans and the reinstatement of 4.7 millionright-of-use |
(i) | Liabilities subject to compromise settled or reinstated in accordance with the Plan and the resulting gain were determined as follows: |
4.900% senior notes due Aug. 2020 | $ | 62,535 | ||
4.625% senior notes due Mar. 2021 | 79,937 | |||
3.950% senior notes due Mar. 2022 | 21,213 | |||
7.750% senior notes due Jan. 2024 | 397,025 | |||
7.950% senior notes due Apr. 2025 | 450,000 | |||
7.875% senior notes due Feb. 2026 | 750,000 | |||
6.200% senior notes due Aug. 2040 | 393,597 | |||
6.050% senior notes due Mar. 2041 | 395,000 | |||
5.250% senior notes due Mar. 2042 | 483,619 | |||
8.950% senior notes due Apr. 2045 | 400,000 | |||
5.958% revolving credit facility maturing Jan. 2023 | 545,000 | |||
Accrued and unpaid interest | 110,300 | |||
Protection and indemnity insurance liabilities | 25,669 | |||
Accounts payable and other payables | 8,163 | |||
Estimated loss on litigation | 15,700 | |||
Lease liabilities | 6,054 | |||
Total consolidated liabilities subject to compromise | 4,143,812 | |||
Issuance of Successor common stock | (854,909 | ) | ||
Issuance of Successor warrants to certain Predecessor creditors | (141,029 | ) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,020 | ) | ||
Payment of Paragon litigation settlement from escrow | (7,700 | ) | ||
Reinstatement of Transocean litigation liability | (8,000 | ) | ||
Reinstatement of protection and indemnity insurance liabilities | (11,791 | ) | ||
Reinstatement of trade payables and right-of-use | (14,216 | ) | ||
Gain on settlement of liabilities subject to compromise | $ | 2,556,147 | ||
4.900% senior notes due Aug. 2020 | $ | 62,535 | ||
4.625% senior notes due Mar. 2021 | 79,937 | |||
3.950% senior notes due Mar. 2022 | 21,213 | |||
7.750% senior notes due Jan. 2024 | 397,025 | |||
7.950% senior notes due Apr. 2025 | 450,000 | |||
7.875% senior notes due Feb. 2026 | 750,000 | |||
6.200% senior notes due Aug. 2040 | 393,597 | |||
6.050% senior notes due Mar. 2041 | 395,000 | |||
5.250% senior notes due Mar. 2042 | 483,619 | |||
8.950% senior notes due Apr. 2045 | 400,000 | |||
5.958% revolving credit facility maturing Jan. 2023 | 545,000 | |||
Accrued and unpaid interest | 110,300 | |||
Protection and indemnity insurance liabilities | 25,669 | |||
Accounts payable and other payables | 8,163 | |||
Estimated loss on litigation | 15,700 | |||
Lease liabilities | 6,054 | |||
Total consolidated liabilities subject to compromise | 4,143,812 | |||
Issuance of Successor common stock | (854,909 | ) | ||
Issuance of Successor warrants to certain Predecessor creditors | (141,029 | ) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,020 | ) | ||
Payment of Paragon litigation settlement from escrow | (7,700 | ) | ||
Reinstatement of Transocean litigation liability | (8,000 | ) | ||
Reinstatement of protection and indemnity insurance liabilities | (11,791 | ) | ||
Reinstatement of trade payables and right-of-use | (14,216 | ) | ||
Gain on settlement of liabilities subject to compromise | $ | 2,556,147 | ||
(j) | Represents the cancellation of the Predecessor’s common stock of $(2.5) million and Additional paid-in capital of $(815.5) million. |
(k) | Represents the reorganization adjustments to common stock and additional paid in capital: |
Par value of 50 million shares of new common stock issued | $ | 1 | ||
Capital in excess of par value of 50 million issued and authorized shares of new common stock issued | 875,931 | |||
Fair value of new warrants issued | 142,836 | |||
Total Successor equity issued on the Effective Date | $ | 1,018,768 | ||
(l) | Represents the reorganization adjustments to accumulated deficit: |
Gain on settlement of liabilities subject to compromise | $ | 2,556,147 | ||
Professional fees and success fees | (15,017 | ) | ||
Write-off of unrecognized share-based compensation | (4,406 | ) | ||
Reorganization items, net | 2,536,724 | |||
Cancellation of Predecessor common stock and additional paid-in capital | 820,299 | |||
Cancellation of Predecessor cash and equity compensation plans | 2,183 | |||
Issuance of Successor warrants to Predecessor equity holders | (1,807 | ) | ||
Deconsolidation of NHUK | (222 | ) | ||
Recognition of recurring debt fees | (75 | ) | ||
Tax impacts of reorganization | 17,221 | |||
Net impact to Accumulated Deficit | $ | 3,374,323 | ||
(m) | Reflects adjustments to capitalized deferred costs, deferred revenue and pension balances due to the application of fresh start accounting as follows: |
Prepaid expenses and other current assets | Other assets | Other current liabilities | Other liabilities | |||||||||||||
Deferred contract assets and revenues | $ | (10,073 | ) | $ | (2,616 | ) | $ | (52,616 | ) | $ | (20,320 | ) | ||||
Write-off of certain financing costs | 0 | (6,238 | ) | 0 | 0 | |||||||||||
Pension assets and obligations | 0 | (1,010 | ) | 3 | (6,085 | ) | ||||||||||
Fair value adjustments to other assets | 0 | (639 | ) | 0 | 0 | |||||||||||
$ | (10,073 | ) | $ | (10,503 | ) | $ | (52,613 | ) | $ | (26,405 | ) | |||||
(n) | Reflects the fair value adjustment of $113.4 million to record an intangible asset for favorable contracts with customers. |
(o) | Reflects the fair value adjustment of $2.4 billion to property and equipment of the Predecessor. The following table presents a comparison of the historical and new fair values upon emergence: |
Historical Value | Fair Value | |||||||
Drilling equipment and facilities | $ | 4,355,384 | $ | 1,070,931 | ||||
Construction in progress | 231,626 | 75,159 | ||||||
Other | 200,651 | 9,635 | ||||||
Less: accumulated depreciation | (1,221,033 | ) | — | |||||
Property and equipment, at cost | $ | 3,566,628 | $ | 1,155,725 | ||||
(p) | Reflects a fair value adjustment of $41.4 million to the carrying value of the Second Lien Notes due to application of fresh start accounting. |
(q) | New deferred tax balances of $29.6 million were established for favorable contracts with customers due to application of fresh start accounting. |
(r) | The following table summarizes the cumulative impact of the fresh start adjustments, as discussed above, the elimination of the Predecessor’s accumulated other comprehensive loss, and the adjustments required to eliminate accumulated deficit: |
Fair value adjustment to Prepaid and other current assets | $ | (10,073 | ) | |
Fair value adjustment to Intangible assets | 113,389 | |||
Fair value adjustment to Property and equipment, net | (2,410,903 | ) | ||
Fair value adjustment to Other assets | (10,503 | ) | ||
Fair value adjustment to Other current liabilities | 52,613 | |||
Fair value adjustment to Long-term debt | (41,446 | ) | ||
Fair value adjustment to Deferred income taxes | (9,829 | ) | ||
Fair value adjustment to Other liabilities | 26,405 | |||
Derecognition of Predecessor Accumulated other comprehensive loss | (57,904 | ) | ||
Total fresh start adjustments included in Reorganization items, net | (2,348,251 | ) | ||
Tax impact of fresh start adjustments | (19,721 | ) | ||
Net change in accumulated deficit | $ | (2,367,972 | ) | |
(s) | Reflects $57.9 million for the derecognition of Predecessor Accumulated other comprehensive loss through Reorganization items, net. |
Consideration: | ||||||||
Pacific Drilling membership interests outstanding | 2,500 | |||||||
Exchange Ratio | 6.366 | 15,915 | ||||||
Pacific Drilling warrants outstanding | 441 | |||||||
Exchange Ratio | 1.553 | 685 | ||||||
Noble Ordinary Shares issued | 16,600 | |||||||
Fair value of Noble Ordinary Shares on April 15, 2021 | $ | 21.55 | ||||||
Total consideration | $ | 357,662 | ||||||
Assets acquired: | ||||||||
Cash and cash equivalents | $ | 54,970 | ||||||
Accounts receivable | 17,457 | |||||||
Taxes receivable | 1,585 | |||||||
Prepaid expenses and other current assets | 14,081 | |||||||
Total current assets | 88,093 | |||||||
Property and equipment, net | 346,167 | |||||||
Assets held for sale | 30,063 | |||||||
Other assets | 2,631 | |||||||
Total assets acquired | 466,954 | |||||||
Liabilities assumed: | ||||||||
Accounts payable | 18,603 | |||||||
Other current liabilities | 2,900 | |||||||
Accrued payroll and related costs | 16,128 | |||||||
Taxes payable | 1,951 | |||||||
Total current liabilities | 39,582 | |||||||
Deferred income taxes | 798 | |||||||
Other liabilities | 4,433 | |||||||
Total liabilities assumed | 44,813 | |||||||
Net assets acquired | $ | 422,141 | ||||||
Gain on bargain purchase | 64,479 | |||||||
Purchase price consideration | $ | 357,662 | ||||||
Consideration: | ||||||||
Pacific Drilling membership interests outstanding | 2,500 | |||||||
Exchange Ratio | 6.366 | 15,915 | ||||||
Pacific Drilling warrants outstanding | 441 | |||||||
Exchange Ratio | 1.553 | 685 | ||||||
Noble Ordinary Shares issued | 16,600 | |||||||
Fair value of Noble Ordinary Shares on April 15, 2021 | $ | 21.55 | ||||||
Total consideration | $ | 357,662 | ||||||
Assets acquired: | ||||||||
Cash and cash equivalents | $ | 54,970 | ||||||
Accounts receivable | 17,457 | |||||||
Taxes receivable | 1,585 | |||||||
Prepaid expenses and other current assets | 14,081 | |||||||
Total current assets | 88,093 | |||||||
Property and equipment, net | 346,167 | |||||||
Assets held for sale | 30,063 | |||||||
Other assets | 457 | |||||||
Total assets acquired | 464,780 | |||||||
Liabilities assumed: | ||||||||
Accounts payable | 18,603 | |||||||
Other current liabilities | 2,900 | |||||||
Accrued payroll and related costs | 16,128 | |||||||
Taxes payable | 1,951 | |||||||
Total current liabilities | 39,582 | |||||||
Deferred income taxes | 798 | |||||||
Other liabilities | 4,433 | |||||||
Total liabilities assumed | 44,813 | |||||||
Net assets acquired | $ | 419,967 | ||||||
Gain on bargain purchase | 62,305 | |||||||
Purchase price consideration | $ | 357,662 | ||||||
Successor | ||||||||
Three Months Ended September 30, 2021 | Period From February 6, 2021 through September 30, 2021 | |||||||
Revenue | $ | 35,682 | $ | 65,629 | ||||
Net loss | $ | (12,533 | ) | $ | (28,865 | ) |
Successor | ||||||||
Three Months Ended September 30, 2021 | Period From February 6, 2021 through September 30, 2021 | |||||||
Revenue | $ | 250,371 | $ | 584,821 | ||||
Net loss | $ | (23,665 | ) | $ | (53,470 | ) | ||
Net loss per share | ||||||||
Basic | $ | (0.36 | ) | $ | (0.80 | ) | ||
Diluted | $ | (0.36 | ) | $ | (0.80 | ) |
Successor | Predecessor | |||||||||||||||||||
Three Months Ended September 30, 2021 | Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||
Numerator: | ||||||||||||||||||||
Basic | ||||||||||||||||||||
Net income (loss) from continuing operations | $ | (23,665 | ) | $ | (21,454 | ) | $ | 250,228 | $ | (50,868 | ) | $ | (1,155,739 | ) | ||||||
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Net income (loss) | $ | (23,665 | ) | $ | (21,454 | ) | $ | 250,228 | $ | (50,868 | ) | $ | (1,155,739 | ) | ||||||
Diluted | ||||||||||||||||||||
Net income (loss) | $ | (23,665 | ) | $ | (21,454 | ) | $ | 250,228 | $ | (50,868 | ) | $ | (1,155,739 | ) | ||||||
Denominator: | ||||||||||||||||||||
Weighted average shares outstanding - basic | 66,623 | 61,847 | 251,115 | 251,058 | 250,696 | |||||||||||||||
Dilutive effect of share-based awards | 0 | 0 | 5,456 | 0 | 0 | |||||||||||||||
Weighted average shares outstanding - diluted | 66,623 | 61,847 | 256,571 | 251,058 | 250,696 | |||||||||||||||
Per share data | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Net income (loss) | $ | (0.36 | ) | $ | (0.35 | ) | $ | 1.00 | $ | (0.20 | ) | $ | (4.61 | ) | ||||||
Diluted: | ||||||||||||||||||||
Net income (loss) | $ | (0.36 | ) | $ | (0.35 | ) | $ | 0.98 | $ | (0.20 | ) | $ | (4.61 | ) | ||||||
Successor | Predecessor | |||||||||||||||||||
Three Months Ended September 30, 2021 | Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||
Share-based awards | 3,124 | 3,124 | 556 | 6,431 | 6,431 | |||||||||||||||
Warrants (1) | 19,412 | 19,412 | 0 | 0 | 0 |
Successor | Predecessor | |||||||
September 30, 2021 | December 31, 2020 | |||||||
Drilling equipment and facilities | $ | 1,396,570 | $ | 4,476,960 | ||||
Construction in progress | 110,972 | 99,812 | ||||||
Other | 11,121 | 200,925 | ||||||
Property and equipment, at cost | $ | 1,518,663 | $ | 4,777,697 | ||||
Predecessor | ||||||||
Noble | Finco | |||||||
Period From | Period From | |||||||
January 1, 2021 | January 1, 2021 | |||||||
through | through | |||||||
February 5, 2021 | February 5, 2021 | |||||||
Professional fees (1) | $ | (28,739 | ) | $ | (8,095 | ) | ||
Adjustments for estimated allowed litigation claims | 77,300 | — | ||||||
Write-off of unrecognized share-based compensation | (4,406 | ) | (4,406 | ) | ||||
Gain on settlement of liabilities subject to compromise | 2,556,147 | 2,556,147 | ||||||
Loss on fresh start adjustments | (2,348,251 | ) | (2,348,251 | ) | ||||
Total Reorganization items, net | $ | 252,051 | $ | 195,395 | ||||
(1) | Payments of $44.2 million and $7.2 million related to professional fees have been presented as cash outflows from operating activities in our Consolidated Statements of Cash Flows for the period from January 1, 2021 through February 5, 2021 for Noble and Finco, respectively. |
Successor | Predecessor | |||||||||||||||||||
Three Months Ended September 30, 2021 | Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||
Net income before income taxes (1) | $ | 9,768 | $ | 15,176 | $ | 3,128 | $ | 741 | $ | 20,061 |
Successor | Predecessor | |||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
Senior secured notes: | ||||||||||||||||
11.000% Second Lien Notes due February 2028 | $ | 216,000 | $ | 239,071 | $ | 0 | $ | 0 | ||||||||
Senior unsecured notes: | ||||||||||||||||
4.900% Senior Notes due August 2020 | 0 | 0 | 62,535 | 1,366 | ||||||||||||
4.625% Senior Notes due March 2021 | 0 | 0 | 79,936 | 1,596 | ||||||||||||
3.950% Senior Notes due March 2022 | 0 | 0 | 21,213 | 354 | ||||||||||||
7.750% Senior Notes due January 2024 | 0 | 0 | 397,025 | 7,925 | ||||||||||||
7.950% Senior Notes due April 2025 | 0 | 0 | 450,000 | 8,348 | ||||||||||||
7.875% Senior Notes due February 2026 | 0 | 0 | 750,000 | 301,935 | ||||||||||||
6.200% Senior Notes due August 2040 | 0 | 0 | 393,596 | 7,966 | ||||||||||||
6.050% Senior Notes due March 2041 | 0 | 0 | 395,002 | 7,327 | ||||||||||||
5.250% Senior Notes due March 2042 | 0 | 0 | 483,619 | 9,701 | ||||||||||||
8.950% Senior Notes due April 2045 | 0 | 0 | 400,000 | 7,420 | ||||||||||||
Credit facility: | ||||||||||||||||
Senior Secured Revolving Credit Facility matures July 2025 | 190,000 | 190,000 | 0 | 0 | ||||||||||||
2017 Credit Facility matures January 2023 | 0 | 0 | 545,000 | 545,000 | ||||||||||||
Total debt | 406,000 | 429,071 | 3,977,926 | 898,938 | ||||||||||||
Less: Current maturities of long-term debt | 0 | 0 | 0 | 0 | ||||||||||||
Long-term debt | $ | 406,000 | $ | 429,071 | $ | 0 | $ | 0 |
Defined Benefit Pension Items (1) | Foreign Currency Items | Total | ||||||||||
Balance at 12/31/2019 (Predecessor) | $ | (40,635 | ) | $ | (17,754 | ) | $ | (58,389 | ) | |||
Activity during period: | ||||||||||||
Other comprehensive loss before reclassifications | 0 | (2,136 | ) | (2,136 | ) | |||||||
Amounts reclassified from AOCI | 568 | 0 | 568 | |||||||||
Net other comprehensive income (loss) | 568 | (2,136 | ) | (1,568 | ) | |||||||
Balance at 3/31/2020 (Predecessor) | $ | (40,067 | ) | $ | (19,890 | ) | $ | (59,957 | ) | |||
Activity during period: | ||||||||||||
Other comprehensive loss before reclassifications | 0 | (539 | ) | (539 | ) | |||||||
Amounts reclassified from AOCI | 568 | 0 | 568 | |||||||||
Net other comprehensive income (loss) | 568 | (539 | ) | 29 | ||||||||
Balance at 6/30/2020 (Predecessor) | $ | (39,499 | ) | $ | (20,429 | ) | $ | (59,928 | ) | |||
Activity during period: | ||||||||||||
Other comprehensive income (loss) before reclassifications | 0 | 863 | 863 | |||||||||
Amounts reclassified from AOCI | 569 | 0 | 569 | |||||||||
Net other comprehensive income | 569 | 863 | 1,432 | |||||||||
Balance at 9/30/20 (Predecessor) | $ | (38,930 | ) | $ | (19,566 | ) | $ | (58,496 | ) | |||
Balance at 12/31/2020 (Predecessor) | $ | (39,737 | ) | $ | (18,275 | ) | $ | (58,012 | ) | |||
Activity during period: | ||||||||||||
Other comprehensive loss before reclassifications | 0 | (116 | ) | (116 | ) | |||||||
Amounts reclassified from AOCI | 224 | 0 | 224 | |||||||||
Net other comprehensive income (loss) | 224 | (116 | ) | 108 | ||||||||
Cancellation of Predecessor equity | 39,513 | 18,391 | 57,904 | |||||||||
Balance at 2/5/2021 (Predecessor) | $ | 0 | $ | 0 | $ | 0 | ||||||
Balance at 2/6/2021 (Successor) | $ | 0 | $ | 0 | $ | 0 | ||||||
Activity during period: | ||||||||||||
Other comprehensive income before reclassifications | 0 | 0 | 0 | |||||||||
Amounts reclassified from AOCI | 0 | 0 | 0 | |||||||||
Net other comprehensive income | 0 | 0 | 0 | |||||||||
Balance at 3/31/2021 (Successor) | $ | 0 | $ | 0 | $ | 0 | ||||||
Activity during period: | ||||||||||||
Other comprehensive income before reclassifications | 168 | 0 | 168 | |||||||||
Amounts reclassified from AOCI | 0 | 0 | 0 | |||||||||
Net other comprehensive income | 168 | 0 | 168 | |||||||||
Balance at 6/30/2021 (Successor) | $ | 168 | $ | 0 | $ | 168 | ||||||
Defined Benefit Pension Items (1) | Foreign Currency Items | Total | ||||||||||
Activity during period: | ||||||||||||
Other comprehensive loss before reclassifications | (435 | ) | 0 | (435 | ) | |||||||
Amounts reclassified from AOCI | 0 | 0 | 0 | |||||||||
Net other comprehensive loss | (435 | ) | 0 | (435 | ) | |||||||
Balance at 9/30/2021 (Successor) | $ | (267 | ) | $ | 0 | $ | (267 | ) | ||||
Successor | Predecessor | |||||||
September 30, 2021 | December 31, 2020 | |||||||
Current contract assets | $ | 4,143 | $ | 10,687 | ||||
Noncurrent contract assets | 0 | 3,174 | ||||||
Total contract assets | 4,143 | 13,861 | ||||||
Current contract liabilities (deferred revenue) | (13,025 | ) | (34,990 | ) | ||||
Noncurrent contract liabilities (deferred revenue) | (4,466 | ) | (24,896 | ) | ||||
Total contract liabilities | $ | (17,491 | ) | $ | (59,886 | ) | ||
Contract Assets | Contract Liabilities | |||||||
Net balance at 12/31/2019 (Predecessor) | $ | 30,800 | $ | (65,055 | ) | |||
Amortization of deferred costs | (22,736 | ) | — | |||||
Additions to deferred costs | 7,365 | — | ||||||
Amortization of deferred revenue | — | 46,523 | ||||||
Additions to deferred revenue | — | (41,515 | ) | |||||
Total | (15,371 | ) | 5,008 | |||||
Net balance at 9 /30/2020 (Predecessor) | $ | 15,429 | $ | (60,047 | ) | |||
Net balance at 12/31/2020 (Predecessor) | $ | 13,861 | $ | (59,886 | ) | |||
Amortization of deferred costs | (1,607 | ) | — | |||||
Additions to deferred costs | 432 | — | ||||||
Amortization of deferred revenue | — | 4,142 | ||||||
Additions to deferred revenue | — | (25,479 | ) | |||||
Fresh start accounting revaluation | (12,686 | ) | 72,936 | |||||
Total | $ | (13,861 | ) | $ | 51,599 | |||
Net balance at 2/5/21 (Predecessor) | $ | 0 | $ | (8,287 | ) | |||
Net balance at 2/6/21 (Successor) | $ | 0 | $ | (8,287 | ) | |||
Amortization of deferred costs | (1,293 | ) | — | |||||
Additions to deferred costs | 5,436 | 0 | ||||||
Amortization of deferred revenue | — | 5,962 | ||||||
Additions to deferred revenue | — | (15,166 | ) | |||||
Total | 4,143 | (9,204 | ) | |||||
Net balance at 9 /30/2021 (Successor) | $ | 4,143 | $ | (17,491 | ) | |||
For the Years Ended December 31, | ||||||||||||||||||||||||
2021 (1) | 2022 | 2023 | 2024 | 2025 and beyond | Total | |||||||||||||||||||
Floaters | $ | 2,371 | $ | 14,804 | $ | 316 | $ | 0 | $ | 0 | $ | 17,491 | ||||||||||||
Jackups | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total | $ | 2,371 | $ | 14,804 | $ | 316 | $ | 0 | $ | 0 | $ | 17,491 | ||||||||||||
February 5, 2021 | ||||
Enterprise Value | $ | 1,300,300 | ||
Plus: Cash and cash equivalents | 111,968 | |||
Less: Fair value of debt | (393,500 | ) | ||
Fair Value of Successor Equity | $ | 1,018,768 | ||
Successor | Predecessor | |||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||
Floaters | $ | 158,313 | $ | 127,286 | ||||
Jackups | 72,841 | 99,764 | ||||||
Total | $ | 231,154 | $ | 227,050 | ||||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||
Floaters | $ | 349,634 | $ | 50,057 | $ | 367,304 | ||||||
Jackups | 166,046 | 23,994 | 347,251 | |||||||||
Total | $ | 515,680 | $ | 74,051 | $ | 714,555 | ||||||
February 5, 2021 | ||||
Enterprise Value | $ | 1,300,300 | ||
Plus: Cash and cash equivalents | 111,968 | |||
Plus: Non-interest bearing current liabilities | 185,410 | |||
Plus: Non-interest bearingnon-current liabilities | 108,268 | |||
Reorganization value of Successor assets | $ | 1,705,946 | ||
Successor | Predecessor | |||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||
Non-US | US | Non-US | US | |||||||||||||
Interest cost | $ | 344 | $ | 1,634 | $ | 450 | $ | 1,892 | ||||||||
Return on plan assets | (229 | ) | (3,177 | ) | (517 | ) | (2,919 | ) | ||||||||
Recognized net actuarial loss | 0 | 0 | 3 | 716 | ||||||||||||
Net pension benefit cost (gain) | $ | 115 | $ | (1,543 | ) | $ | (64 | ) | $ | (311 | ) | |||||
Successor | Predecessor | |||||||||||||||||||||||
Period From February 6, 2021 through September 30, 2021 | Period From January 1, 2021 through February 5, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||
Interest cost | $ | 926 | $ | 4,358 | $ | 99 | $ | 621 | $ | 1,313 | $ | 5,676 | ||||||||||||
Return on plan assets | (616 | ) | (8,471 | ) | (69 | ) | (1,250 | ) | (1,510 | ) | (8,757 | ) | ||||||||||||
Recognized net actuarial loss | — | — | 1 | 282 | 7 | 2,149 | ||||||||||||||||||
Net pension benefit cost (gain) | $ | 310 | $ | (4,113 | ) | $ | 31 | $ | (347 | ) | $ | (190 | ) | $ | (932 | ) | ||||||||
Successor: | September 30, 2021 | |||||||||||||||
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 | $ | 7,205 | $ | 7,205 | $ | 0 | $ | 0 | ||||||||
Predecessor: | December 31, 2020 | |||||||||||||||
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 | $ | 12,326 | $ | 12,326 | $ | 0 | $ | 0 |
Noble | ||||||||||||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through Septe 30,mber 2021 | Period From January 1, 2021 through February 5, 2021 | Nine MonthsEnded September 30,2020 | ||||||||||
Accounts receivable | $ | (20,980 | ) | $ | (41,344 | ) | $ | 31,230 | ||||
Other current assets | 671 | 17,884 | (4,950 | ) | ||||||||
Other assets | (11,891 | ) | 8,521 | 1,483 | ||||||||
Accounts payable | 3,570 | (16,819 | ) | (1,485 | ) | |||||||
Other current liabilities | 12,888 | 11,428 | 9,033 | |||||||||
Other liabilities | 5,569 | (5,846 | ) | (7,869 | ) | |||||||
Total net change in assets and liabilities | $ | (10,173 | ) | $ | (26,176 | ) | $ | 27,442 | ||||
Finco | ||||||||||||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through September 30,2021 | Period From January 1, 2021 through February 5, 2021 | Nine MonthsEnded September 30,2020 | ||||||||||
Accounts receivable | $ | (20,980 | ) | $ | (41,344 | ) | $ | 299 | ||||
Other current assets | 460 | 19,398 | 8,124 | |||||||||
Other assets | (11,874 | ) | 8,512 | 2,750 | ||||||||
Accounts payable | 6,584 | (14,061 | ) | (14,564 | ) | |||||||
Other current liabilities | 12,751 | 11,623 | 9,002 | |||||||||
Other liabilities | 5,395 | (5,936 | ) | (7,869 | ) | |||||||
Total net change in assets and liabilities | $ | (7,664 | ) | $ | (21,808 | ) | $ | (2,258 | ) | |||
December 31, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 343,332 | $ | 104,621 | ||||
Accounts receivable, net of allowance for credit losses of $1,069 and $1,939, respectively | 147,863 | 198,665 | ||||||
Taxes receivable | 30,767 | 59,771 | ||||||
Prepaid expenses and other current assets | 80,322 | 59,050 | ||||||
Total current assets | 602,284 | 422,107 | ||||||
Property and equipment, at cost | 4,777,697 | 10,306,625 | ||||||
Accumulated depreciation | (1,200,628 | ) | (2,572,701 | ) | ||||
Property and equipment, net | 3,577,069 | 7,733,924 | ||||||
Other assets | 84,584 | 128,467 | ||||||
Total assets | $ | 4,263,937 | $ | 8,284,498 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | — | $ | 62,505 | ||||
Accounts payable | 95,159 | 108,208 | ||||||
Accrued payroll and related costs | 36,553 | 56,056 | ||||||
Taxes payable | 36,819 | 30,715 | ||||||
Interest payable | — | 88,047 | ||||||
Other current liabilities | 49,820 | 171,397 | ||||||
Total current liabilities | 218,351 | 516,928 | ||||||
Long-term debt | — | 3,779,499 | ||||||
Deferred income taxes | 9,292 | 68,201 | ||||||
Other liabilities | 108,039 | 260,898 | ||||||
Liabilities subject to compromise | 4,239,643 | — | ||||||
Total liabilities | 4,575,325 | 4,625,526 | ||||||
Commitments and contingencies (Note 16) | 0 | 0 | ||||||
Shareholders’ equity | ||||||||
Common stock, $0.01 par value, ordinary shares; 251,084 and 249,200 shares outstanding as of December 31, 2020 and December 31, 2019, respectively. | 2,511 | 2,492 | ||||||
Additional paid-in capital | 814,796 | 807,093 | ||||||
Retained earnings (accumulated deficit) | (1,070,683 | ) | 2,907,776 | |||||
Accumulated other comprehensive loss | (58,012 | ) | (58,389 | ) | ||||
Total shareholders’ equity | (311,388 | ) | 3,658,972 | |||||
Total liabilities and equity | $ | 4,263,937 | $ | 8,284,498 | ||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Operating revenues | ||||||||||||
Contract drilling services | $ | 909,236 | $ | 1,246,058 | $ | 1,036,082 | ||||||
Reimbursables and other | 55,036 | 59,380 | 46,744 | |||||||||
964,272 | 1,305,438 | 1,082,826 | ||||||||||
Operating costs and expenses | ||||||||||||
Contract drilling services | 567,487 | 698,343 | 629,937 | |||||||||
Reimbursables | 48,188 | 49,061 | 37,084 | |||||||||
Depreciation and amortization | 374,129 | 440,221 | 486,530 | |||||||||
General and administrative | 121,196 | 168,792 | 73,216 | |||||||||
Pre-petition charges | 14,409 | 0 | 0 | |||||||||
Loss on impairment | 3,915,408 | 615,294 | 802,133 | |||||||||
5,040,817 | 1,971,711 | 2,028,900 | ||||||||||
Operating loss | (4,076,545 | ) | (666,273 | ) | (946,074 | ) | ||||||
Other income (expense) | ||||||||||||
Interest expense, net of amount capitalized | (164,653 | ) | (279,435 | ) | (297,611 | ) | ||||||
Gain (loss) on extinguishment of debt, net | 17,254 | 30,616 | (1,793 | ) | ||||||||
Interest income and other, net | 9,012 | 6,007 | 8,302 | |||||||||
Reorganization items, net | (23,930 | ) | 0 | 0 | ||||||||
Loss from continuing operations before income taxes | (4,238,862 | ) | (909,085 | ) | (1,237,176 | ) | ||||||
Income tax benefit | 260,403 | 38,540 | 106,641 | |||||||||
Net loss from continuing operations | (3,978,459 | ) | (870,545 | ) | (1,130,535 | ) | ||||||
Net loss from discontinued operations, net of tax | 0 | (3,821 | ) | 0 | ||||||||
Net loss | (3,978,459 | ) | (874,366 | ) | (1,130,535 | ) | ||||||
Net loss attributable to noncontrolling interests | 0 | 173,776 | 245,485 | |||||||||
Net loss attributable to Noble Corporation | $ | (3,978,459 | ) | $ | (700,590 | ) | $ | (885,050 | ) | |||
Net loss attributable to Noble Corporation | ||||||||||||
Loss from continuing operations | $ | (3,978,459 | ) | $ | (696,769 | ) | $ | (885,050 | ) | |||
Net loss from discontinued operations, net of tax | 0 | (3,821 | ) | 0 | ||||||||
Net loss attributable to Noble Corporation | $ | (3,978,459 | ) | $ | (700,590 | ) | $ | (885,050 | ) | |||
Per share data | ||||||||||||
Basic: | ||||||||||||
Loss from continuing operations | $ | (15.86 | ) | $ | (2.79 | ) | $ | (3.59 | ) | |||
Loss from discontinued operations | 0 | (0.02 | ) | 0 | ||||||||
Net loss attributable to Noble Corporation | $ | (15.86 | ) | $ | (2.81 | ) | $ | (3.59 | ) | |||
Diluted: | ||||||||||||
Loss from continuing operations | $ | (15.86 | ) | $ | (2.79 | ) | $ | (3.59 | ) | |||
Loss from discontinued operations | 0 | (0.02 | ) | 0 | ||||||||
Net loss attributable to Noble Corporation | $ | (15.86 | ) | $ | (2.81 | ) | $ | (3.59 | ) | |||
Weighted- Average Shares Outstanding | ||||||||||||
Basic | 250,792 | 248,949 | 246,614 | |||||||||
Diluted | 250,792 | 248,949 | 246,614 |
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Net loss | $ | (3,978,459 | ) | $ | (874,366 | ) | $ | (1,130,535 | ) | |||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustments | (521 | ) | 260 | (2,729 | ) | |||||||
Net pension plan gain (loss) (net of tax provision (benefit) of $(537), $(924) and $(1,828) for the year ended December 31, 2020, 2019 and 2018, respectively) | (1,407 | ) | (3,744 | ) | (7,099 | ) | ||||||
Amortization of deferred pension plan amounts (net of tax provision of $583, $584 and $345 for the year ended December 31, 2020, 2019 and 2018, respectively) | 2,183 | 2,197 | 1,298 | |||||||||
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $32, $(8) and $28 for the year ended December 31, 2020, 2019 and 2018, respectively) | 122 | (30 | ) | 107 | ||||||||
Prior service cost arising during the period (net of tax provision (benefit) of 0, 0 and $(55) for the year ended December 31, 2020, 2019 and 2018, respectively) | 0 | 0 | (221 | ) | ||||||||
Other comprehensive income (loss), net | 377 | (1,317 | ) | (8,644 | ) | |||||||
Net comprehensive loss attributable to noncontrolling interests | 0 | 173,776 | 245,485 | |||||||||
Comprehensive loss attributable to Noble Corporation | $ | (3,978,082 | ) | $ | (701,907 | ) | $ | (893,694 | ) | |||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (3,978,459 | ) | $ | (874,366 | ) | $ | (1,130,535 | ) | |||
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||||||||
Depreciation and amortization | 374,129 | 440,221 | 486,530 | |||||||||
Loss on impairment | 3,915,408 | 615,294 | 802,133 | |||||||||
(Gain) loss on extinguishment of debt, net | (17,254 | ) | (30,616 | ) | 1,793 | |||||||
Reorganization items, net | (17,366 | ) | 0 | 0 | ||||||||
Deferred income taxes | (26,325 | ) | (17,825 | ) | (68,416 | ) | ||||||
Amortization of share-based compensation | 9,169 | 14,737 | 23,993 | |||||||||
Other costs, net | (61,550 | ) | 60,259 | 6,446 | ||||||||
Changes in components of working capital | ||||||||||||
Change in taxes receivable | 29,880 | (11,225 | ) | 84,847 | ||||||||
Net changes in other operating assets and liabilities | 45,565 | (9,708 | ) | (34,940 | ) | |||||||
Net cash provided by operating activities | 273,197 | 186,771 | 171,851 | |||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (148,886 | ) | (268,783 | ) | (194,779 | ) | ||||||
Proceeds from disposal of assets, net | 27,366 | 12,753 | 5,402 | |||||||||
Net cash used in investing activities | (121,520 | ) | (256,030 | ) | (189,377 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Issuance of senior notes | 0 | 0 | 750,000 | |||||||||
Borrowings on credit facilities | 210,000 | 755,000 | 0 | |||||||||
Repayments of credit facilities | 0 | (420,000 | ) | 0 | ||||||||
Repayments of debt | (101,132 | ) | (400,000 | ) | (972,708 | ) | ||||||
Debt issuance costs | 0 | (1,092 | ) | (15,639 | ) | |||||||
Purchase of noncontrolling interests | 0 | (106,744 | ) | 0 | ||||||||
Dividends paid to noncontrolling interests | 0 | (25,109 | ) | (27,579 | ) | |||||||
Cash paid to settle equity awards | (1,010 | ) | 0 | 0 | ||||||||
Taxes withheld on employee stock transactions | (418 | ) | (2,779 | ) | (3,470 | ) | ||||||
Net cash provided by (used in) financing activities | 107,440 | (200,724 | ) | (269,396 | ) | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 259,117 | (269,983 | ) | (286,922 | ) | |||||||
Cash, cash equivalents and restricted cash, beginning of period | 105,924 | 375,907 | 662,829 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 365,041 | $ | 105,924 | $ | 375,907 | ||||||
Shares | Additional Paid-in Capital | Retained Earnings (accumulated deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||
Balance | Par Value | |||||||||||||||||||||||||||
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 | ) | — | — | — | 0 | ||||||||||||||||||||
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 | ) | — | — | — | 0 | ||||||||||||||||||||
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 | ||||||||||||||
Employee related equity activity | ||||||||||||||||||||||||||||
Amortization of share-based compensation | — | — | 8,159 | — | — | — | 8,159 | |||||||||||||||||||||
Issuance of share-based compensation shares | 1,884 | 19 | (19 | ) | — | — | — | 0 | ||||||||||||||||||||
Tax benefit of equity transactions | — | — | (437 | ) | — | — | — | (437 | ) | |||||||||||||||||||
Net loss | — | — | — | (3,978,459 | ) | — | (3,978,459 | ) | ||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | 377 | — | 377 | |||||||||||||||||||||
Balance at December 31, 2020 | 251,084 | $ | 2,511 | $ | 814,796 | $ | (1,070,683 | ) | $ | (58,012 | ) | $ | 0 | $ | (311,388 | ) | ||||||||||||
Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 317,962 | $ | (205,994 | ) | (a | ) | $ | — | $ | 111,968 | |||||||||||||
Accounts receivable, net | 189,207 | 0 | 0 | 189,207 | ||||||||||||||||||||
Taxes receivable | 32,556 | 0 | 0 | 32,556 | ||||||||||||||||||||
Prepaid expenses and other current assets | 63,056 | (20,302 | ) | (b | ) | (10,073 | ) | (m | ) | 32,681 | ||||||||||||||
Total current assets | 602,781 | (226,296 | ) | (10,073 | ) | 366,412 | ||||||||||||||||||
Intangible assets | 0 | 0 | 113,389 | (n | ) | 113,389 | ||||||||||||||||||
Property and equipment, at cost | 4,787,661 | 0 | (3,631,936 | ) | (o | ) | 1,155,725 | |||||||||||||||||
Accumulated depreciation | (1,221,033 | ) | 0 | 1,221,033 | (o | ) | 0 | |||||||||||||||||
Property and equipment, net | 3,566,628 | 0 | (2,410,903 | ) | 1,155,725 | |||||||||||||||||||
Other assets | 69,940 | 10,983 | (c | ) | (10,503 | ) | (m | ) | 70,420 | |||||||||||||||
Total assets | $ | 4,239,349 | $ | (215,313 | ) | $ | (2,318,090 | ) | $ | 1,705,946 | ||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 89,215 | $ | (7,266 | ) | (d | ) | $ | 0 | $ | 81,949 | |||||||||||||
Accrued payroll and related costs | 35,615 | 0 | 0 | 35,615 | ||||||||||||||||||||
Taxes payable | 34,211 | 0 | 0 | 34,211 | ||||||||||||||||||||
Other current liabilities | 64,943 | 21,305 | (e | ) | (52,613 | ) | (m | ) | 33,635 | |||||||||||||||
Total current liabilities | 223,984 | 14,039 | (52,613 | ) | 185,410 | |||||||||||||||||||
Long-term debt | 0 | 352,054 | (f | ) | 41,446 | (p | ) | 393,500 | ||||||||||||||||
Deferred income taxes | 9,303 | (17,328 | ) | (g | ) | 29,550 | (q | ) | 21,525 | |||||||||||||||
Other liabilities | 108,489 | 4,659 | (h | ) | (26,405 | ) | (m | ) | 86,743 | |||||||||||||||
Liabilities subject to compromise | 4,143,812 | (4,143,812 | ) | (i | ) | 0 | 0 | |||||||||||||||||
Total liabilities | 4,485,588 | (3,790,388 | ) | (8,022 | ) | 687,178 | ||||||||||||||||||
Shareholders’ equity (deficit) | ||||||||||||||||||||||||
Common stock (Predecessor) | 2,511 | (2,511 | ) | (j | ) | — | — | |||||||||||||||||
Common stock (Successor) | — | 1 | (k | ) | — | 1 | ||||||||||||||||||
Additional paid-in capital (Predecessor) | 815,505 | (815,505 | ) | (j | ) | — | — | |||||||||||||||||
Additional paid-in capital (Successor) | — | 1,018,767 | (k | ) | — | 1,018,767 |
Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | |||||||||||||||||||||
Accumulated deficit | (1,006,351 | ) | 3,374,323 | (l | ) | (2,367,972 | ) | (r | ) | 0 | ||||||||||||||
Accumulated other comprehensive loss | (57,904 | ) | 0 | 57,904 | (s | ) | 0 | |||||||||||||||||
Total shareholders’ equity (deficit) | (246,239 | ) | 3,575,075 | (2,310,068 | ) | 1,018,768 | ||||||||||||||||||
Total liabilities and equity | $ | 4,239,349 | $ | (215,313 | ) | $ | (2,318,090 | ) | $ | 1,705,946 | ||||||||||||||
(a) | Represents the reorganization adjustment to cash and cash equivalents: |
Proceeds from Rights Offering | $ | 200,000 | ||
Proceeds from the Revolving Credit Facility, net of issuance costs | 167,361 | |||
Transfer of cash from restricted cash | 300 | |||
Payment of professional service fees | (23,261 | ) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,019 | ) | ||
Deconsolidation of NHUK | (300 | ) | ||
Payment of recurring debt fees | (75 | ) | ||
Change in cash and cash equivalents | $ | (205,994 | ) | |
(b) | Represents the reorganization adjustment for the following: |
Payment of professional service fees from escrow | $ | (12,380 | ) | |
Payment of Paragon litigation settlement form escrow | (7,700 | ) | ||
Transfer of restricted cash to cash | (300 | ) | ||
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence | 78 | |||
Change in prepaid expenses and other current assets | $ | (20,302 | ) | |
(c) | Adjustments to other assets relates to capitalization of long-term debt issuance costs related to the Revolving Credit Facility of $11.1 million and the impact of reorganization adjustments on deferred tax assets of $ (0.1 ) million. |
(d) | Adjustments to accounts payable related to the payment of professional fees $ (15.2 ) million and the reinstatement of trade payables from liabilities subject to compromise of $8.0 million. |
(e) | Adjustment of $21.3 million to other current liabilities related to the reinstatement of liabilities subject to compromise. |
(f) | Represents $352.1 million of outstanding borrowings, net of financing costs, under the Second Lien Notes and Revolving Credit Facility. |
(g) | Represents the write-off of $(17.3) million deferred income taxes as the result of the Company’s internal restructuring. |
(h) | Represents cancellation of $(0.1) million cash-based compensation plans and the reinstatement of $ 4.7 millionright-of-use |
(i) | Liabilities subject to compromise settled or reinstated in accordance with the Plan and the resulting gain were determined as follows: |
4.900% senior notes due Aug. 2020 | $ | 62,535 | ||
4.625% senior notes due Mar. 2021 | 79,937 | |||
3.950% senior notes due Mar. 2022 | 21,213 | |||
7.750% senior notes due Jan. 2024 | 397,025 | |||
7.950% senior notes due Apr. 2025 | 450,000 | |||
7.875% senior notes due Feb. 2026 | 750,000 | |||
6.200% senior notes due Aug. 2040 | 393,597 | |||
6.050% senior notes due Mar. 2041 | 395,000 | |||
5.250% senior notes due Mar. 2042 | 483,619 | |||
8.950% senior notes due Apr. 2045 | 400,000 | |||
5.958% revolving credit facility maturing Jan. 2023 | 545,000 | |||
Accrued and unpaid interest | 110,300 | |||
Protection and indemnity insurance liabilities | 25,669 | |||
Accounts payable and other payables | 8,163 | |||
Estimated loss on litigation | 15,700 | |||
Lease liabilities | 6,054 | |||
Total consolidated liabilities subject to compromise | 4,143,812 | |||
Issuance of Successor common stock | (854,909 | ) | ||
Issuance of Successor warrants to certain Predecessor creditors | (141,029 | ) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,020 | ) | ||
Payment of Paragon litigation settlement from escrow | (7,700 | ) | ||
Reinstatement of Transocean litigation liability | (8,000 | ) | ||
Reinstatement of protection and indemnity insurance liabilities | (11,791 | ) | ||
Reinstatement of trade payables and right-of-use | (14,216 | ) | ||
Gain on settlement of liabilities subject to compromise | $ | 2,556,147 | ||
(j) | Represents the cancellation of the Predecessor’s common stock of $(2.5) million and Additional paid-in capital of $(815.5) million. |
(k) | Represents the reorganization adjustments to common stock and additional paid in capital: |
Par value of 50 million shares of new common stock issued | $ | 1 | ||
Capital in excess of par value of 50 million issued and authorized shares of new common stock issued | 875,931 | |||
Fair value of new warrants issued | 142,836 | |||
Total Successor equity issued on the Effective Date | $ | 1,018,768 | ||
(l) | Represents the reorganization adjustments to accumulated deficit: |
Gain on settlement of liabilities subject to compromise | $ | 2,556,147 | ||
Professional fees and success fees | (15,017 | ) | ||
Write-off of unrecognized share-based compensation | (4,406 | ) | ||
Reorganization items, net | 2,536,724 | |||
Cancellation of Predecessor common stock and additional paid-in capital | 820,299 | |||
Cancellation of Predecessor cash and equity compensation plans | 2,183 | |||
Issuance of Successor warrants to Predecessor equity holders | (1,807 | ) | ||
Deconsolidation of NHUK | (222 | ) | ||
Recognition of recurring debt fees | (75 | ) | ||
Tax impacts of reorganization | 17,221 | |||
Net impact to Accumulated Deficit | $ | 3,374,323 | ||
(m) | Reflects adjustments to capitalized deferred costs, deferred revenue and pension balances due to the application of fresh start accounting as follows: |
Prepaid expenses and other current assets | Other assets | Other current liabilities | Other liabilities | |||||||||||||
Deferred contract assets and revenues | $ | (10,073 | ) | $ | (2,616 | ) | $ | (52,616 | ) | $ | (20,320 | ) | ||||
Write-off of certain financing costs | 0 | (6,238 | ) | 0 | 0 | |||||||||||
Pension assets and obligations | 0 | (1,010 | ) | 3 | (6,085 | ) | ||||||||||
Fair value adjustments to other assets | 0 | (639 | ) | 0 | 0 | |||||||||||
$ | (10,073 | ) | $ | (10,503 | ) | $ | (52,613 | ) | $ | (26,405 | ) | |||||
(n) | Reflects the fair value adjustment of $113.4 million to record an intangible asset for favorable contracts with customers. |
(o) | Reflects the fair value adjustment of $2.4 billion to property and equipment of the Predecessor. The following table presents a comparison of the historical and new fair values upon emergence: |
Historical Value | Fair Value | |||||||
Drilling equipment and facilities | $ | 4,355,384 | $ | 1,070,931 | ||||
Construction in progress | 231,626 | 75,159 | ||||||
Other | 200,651 | 9,635 | ||||||
Less: accumulated depreciation | (1,221,033 | ) | — | |||||
Property and equipment, at cost | $ | 3,566,628 | $ | 1,155,725 | ||||
(p) | Reflects a fair value adjustment of $41.4 million to the carrying value of the Second Lien Notes due to application of fresh start accounting. |
(q) | New deferred tax balances of $29.6 million were established for favorable contracts with customers due to application of fresh start accounting. |
(r) | The following table summarizes the cumulative impact of the fresh start adjustments, as discussed above, the elimination of the Predecessor’s accumulated other comprehensive loss, and the adjustments required to eliminate accumulated deficit: |
Fair value adjustment to Prepaid and other current assets | $ | (10,073 | ) | |
Fair value adjustment to Intangible assets | 113,389 | |||
Fair value adjustment to Property and equipment, net | (2,410,903 | ) | ||
Fair value adjustment to Other assets | (10,503 | ) | ||
Fair value adjustment to Other current liabilities | 52,613 | |||
Fair value adjustment to Long-term debt | (41,446 | ) | ||
Fair value adjustment to Deferred income taxes | (9,829 | ) | ||
Fair value adjustment to Other liabilities | 26,405 | |||
Derecognition of Predecessor Accumulated other comprehensive loss | (57,904 | ) | ||
Total fresh start adjustments included in Reorganization items, net | (2,348,251 | ) | ||
Tax impact of fresh start adjustments | (19,721 | ) | ||
Net change in accumulated deficit | $ | (2,367,972 | ) | |
(s) | Reflects $57.9 million for the derecognition of Predecessor Accumulated other comprehensive loss through Reorganization items, net. |
December 31, 2020 | December 31, 2019 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 343,332 | $ | 104,575 | ||||
Accounts receivable, net of allowance for credit losses of $1,069 and $1,939, respectively | 147,863 | 198,665 | ||||||
Accounts receivable from affiliates | 31,214 | — | ||||||
Taxes receivable | 30,767 | 59,771 | ||||||
Prepaid expenses and other current assets | 50,469 | 57,890 | ||||||
Total current assets | 603,645 | 420,901 | ||||||
Property and equipment, at cost | 4,777,697 | 10,306,625 | ||||||
Accumulated depreciation | (1,200,628 | ) | (2,572,701 | ) | ||||
Property and equipment, net | 3,577,069 | 7,733,924 | ||||||
Other assets | 84,584 | 128,467 | ||||||
Total assets | $ | 4,265,298 | $ | 8,283,292 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | — | $ | 62,505 | ||||
Accounts payable | 83,649 | 107,985 | ||||||
Accrued payroll and related costs | 36,516 | 56,065 | ||||||
Taxes payable | 36,819 | 30,715 | ||||||
Interest payable | — | 88,047 | ||||||
Other current liabilities | 49,820 | 71,397 | ||||||
Total current liabilities | 206,804 | 416,714 | ||||||
Long-term debt | — | 3,779,499 | ||||||
Deferred income taxes | 9,292 | 68,201 | ||||||
Other liabilities | 108,039 | 260,898 | ||||||
Liabilities subject to compromise | 4,154,555 | — | ||||||
Total liabilities | 4,478,690 | 4,525,312 | ||||||
Commitments and contingencies (Note 16) | 0 | 0 | ||||||
Shareholder equity | ||||||||
Common stock, $0.10 par value, 261,246 ordinary shares; 261,246 shares outstanding as of December 31, 2020 and December 31, 2019 | 26,125 | 26,125 | ||||||
Capital in excess of par value | 766,714 | 757,545 | ||||||
Retained earnings (accumulated deficit) | (948,219 | ) | 3,032,699 | |||||
Accumulated other comprehensive loss | (58,012 | ) | (58,389 | ) | ||||
Total shareholder equity | (213,392 | ) | 3,757,980 | |||||
Total liabilities and equity | $ | 4,265,298 | $ | 8,283,292 | ||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Operating revenues | ||||||||||||
Contract drilling services | $ | 909,236 | $ | 1,246,058 | $ | 1,036,082 | ||||||
Reimbursables and other | 55,036 | 59,380 | 46,744 | |||||||||
964,272 | 1,305,438 | 1,082,826 | ||||||||||
Operating costs and expenses | ||||||||||||
Contract drilling services | 566,231 | 696,265 | 628,128 | |||||||||
Reimbursables | 48,188 | 49,061 | 37,084 | |||||||||
Depreciation and amortization | 372,560 | 437,690 | 482,660 | |||||||||
General and administrative | 37,798 | 34,602 | 38,203 | |||||||||
Loss on impairment | 3,915,408 | 615,294 | 802,133 | |||||||||
4,940,185 | 1,832,912 | 1,988,208 | ||||||||||
Operating loss | (3,975,913 | ) | (527,474 | ) | (905,382 | ) | ||||||
Other income (expense) | ||||||||||||
Interest expense, net of amount capitalized | (164,653 | ) | (279,435 | ) | (297,611 | ) | ||||||
Gain (loss) on extinguishment of debt, net | 17,254 | 30,616 | (1,793 | ) | ||||||||
Interest income and other, net | 9,014 | 6,670 | 8,282 | |||||||||
Reorganization items, net | (50,778 | ) | 0 | 0 | ||||||||
Loss from continuing operations before income taxes | (4,165,076 | ) | (769,623 | ) | (1,196,504 | ) | ||||||
Income tax benefit | 260,403 | 38,540 | 106,534 | |||||||||
Net loss from continuing operations | (3,904,673 | ) | (731,083 | ) | (1,089,970 | ) | ||||||
Net income from discontinued operations, net of tax | 0 | (3,821 | ) | 0 | ||||||||
Net loss | (3,904,673 | ) | (734,904 | ) | (1,089,970 | ) | ||||||
Net loss attributable to noncontrolling interests | 0 | 173,776 | 245,485 | |||||||||
Net loss attributable to Noble Finance Company | $ | (3,904,673 | ) | $ | (561,128 | ) | $ | (844,485 | ) | |||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Net loss | $ | (3,904,673 | ) | $ | (734,904 | ) | $ | (1,089,970 | ) | |||
Other comprehensive income (loss) | ||||||||||||
Foreign currency translation adjustments | (521 | ) | 260 | (2,729 | ) | |||||||
Net pension plan gain (loss) (net of tax provision (benefit) of $(537), $(924) and $(1,828) for the year ended December 31, 2020, 2019 and 2018, respectively) | (1,407 | ) | (3,744 | ) | (7,099 | ) | ||||||
Amortization of deferred pension plan amounts (net of tax provision of $583, $584 and $345 for the year ended December 31, 2020, 2019 and 2018, respectively) | 2,183 | 2,197 | 1,298 | |||||||||
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $32, $(8) and $28 for the year ended December 31, 2020, 2019 and 2018, respectively) | 122 | (30 | ) | 107 | ||||||||
Prior service cost arising during the period (net of tax provision (benefit) of 0, 0 and $(55) for the year ended December 31, 2020, 2019 and 2018, respectively) | 0 | 0 | (221 | ) | ||||||||
Other comprehensive income (loss), net | 377 | (1,317 | ) | (8,644 | ) | |||||||
Net comprehensive loss attributable to noncontrolling interests | 0 | 173,776 | 245,485 | |||||||||
Comprehensive loss attributable to Noble Finance Company | $ | (3,904,296 | ) | $ | (562,445 | ) | $ | (853,129 | ) | |||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (3,904,673 | ) | $ | (734,904 | ) | $ | (1,089,970 | ) | |||
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||||||||
Depreciation and amortization | 372,560 | 437,690 | 482,660 | |||||||||
Loss on impairment | 3,915,408 | 615,294 | 802,133 | |||||||||
(Gain) loss on extinguishment of debt, net | (17,254 | ) | (30,616 | ) | 1,793 | |||||||
Reorganization items, net | 44,134 | 0 | 0 | |||||||||
Deferred income taxes | (26,325 | ) | (17,825 | ) | (68,416 | ) | ||||||
Amortization of share-based compensation | 9,169 | 14,689 | 23,945 | |||||||||
Other costs, net | (115,550 | ) | (39,741 | ) | 6,446 | |||||||
Change in components of working capital | ||||||||||||
Change in taxes receivable | 29,880 | (11,225 | ) | 84,847 | ||||||||
Net changes in other operating assets and liabilities | 20,714 | (6,456 | ) | (30,679 | ) | |||||||
Net cash provided by operating activities | 328,063 | 226,906 | 212,759 | |||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (148,886 | ) | (268,783 | ) | (194,779 | ) | ||||||
Proceeds from disposal of assets | 27,366 | 12,753 | 5,402 | |||||||||
Net cash used in investing activities | (121,520 | ) | (256,030 | ) | (189,377 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Borrowings on credit facilities | 210,000 | 755,000 | 0 | |||||||||
Issuance of senior notes | 0 | 0 | 750,000 | |||||||||
Repayment of credit facilities | 0 | (420,000 | ) | 0 | ||||||||
Repayments of debt | (101,132 | ) | (400,000 | ) | (972,708 | ) | ||||||
Debt issuance costs | 0 | (1,092 | ) | (15,639 | ) | |||||||
Purchase of noncontrolling interests | 0 | (106,744 | ) | 0 | ||||||||
Dividends paid to noncontrolling interests | 0 | (25,109 | ) | (27,579 | ) | |||||||
Contributions (distributions) from (to) parent company, net | (76,245 | ) | (42,103 | ) | (44,417 | ) | ||||||
Net cash provided by (used in) financing activities | 32,623 | (240,048 | ) | (310,343 | ) | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 239,166 | (269,172 | ) | (286,961 | ) | |||||||
Cash, cash equivalents and restricted cash, beginning of period | 105,878 | 375,050 | 662,011 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 345,044 | $ | 105,878 | $ | 375,050 | ||||||
Shares | Additional Paid- in Capital | Retained Earnings (accumulated deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||
Balance | Par Value | |||||||||||||||||||||||||||
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 | — | 0 | 0 | (148,393 | ) | 0 | 0 | (148,393 | ) | |||||||||||||||||||
Stranded tax effect resulting from the Tax Cuts and Jobs Act | — | 0 | 0 | 5,540 | (5,540 | ) | 0 | 0 | ||||||||||||||||||||
Adjustment for adopting the revenue recognition standard | 0 | 0 | 0 | (1,488 | ) | 0 | 0 | (1,488 | ) | |||||||||||||||||||
Balance at January 1, 2018 | 261,246 | $ | 26,125 | $ | 623,137 | $ | 4,524,832 | $ | (48,428 | ) | $ | 674,467 | $ | 5,800,133 | ||||||||||||||
Contributions from parent company, net | — | 0 | 0 | (44,417 | ) | 0 | 0 | (44,417 | ) | |||||||||||||||||||
Capital contribution by parent—share-based compensation | — | 0 | 23,945 | 0 | 0 | 0 | 23,945 | |||||||||||||||||||||
Net loss | — | 0 | 0 | (844,485 | ) | 0 | (245,485 | ) | (1,089,970 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | — | 0 | 0 | 0 | 0 | (27,579 | ) | (27,579 | ) | |||||||||||||||||||
Other comprehensive income, net | — | 0 | 0 | 0 | (8,644 | ) | 0 | (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 | — | 0 | 0 | (42,103 | ) | 0 | 0 | (42,103 | ) | |||||||||||||||||||
Capital contribution by parent—share-based compensation | — | 0 | 14,689 | 0 | 0 | 0 | 14,689 | |||||||||||||||||||||
Purchase of noncontrolling interests | — | 0 | 95,774 | 0 | 0 | (202,518 | ) | (106,744 | ) | |||||||||||||||||||
Net loss | — | 0 | 0 | (561,128 | ) | 0 | (173,776 | ) | (734,904 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interests | — | 0 | 0 | 0 | 0 | (25,109 | ) | (25,109 | ) | |||||||||||||||||||
Other comprehensive loss, net | — | 0 | 0 | 0 | (1,317 | ) | 0 | (1,317 | ) | |||||||||||||||||||
Balance at December 31, 2019 | 261,246 | $ | 26,125 | $ | 757,545 | $ | 3,032,699 | $ | (58,389 | ) | $ | 0 | $ | 3,757,980 | ||||||||||||||
Distributions to parent company, net | — | 0 | 0 | (76,245 | ) | 0 | 0 | (76,245 | ) | |||||||||||||||||||
Capital contribution by parent—share-based compensation | — | 0 | 9,169 | 0 | 0 | 0 | 9,169 | |||||||||||||||||||||
Net loss | — | 0 | 0 | (3,904,673 | ) | 0 | 0 | (3,904,673 | ) | |||||||||||||||||||
Other comprehensive loss, net | — | 0 | 0 | 0 | 377 | 0 | 377 | |||||||||||||||||||||
Balance at December 31, 2020 | 261,246 | $ | 26,125 | $ | 766,714 | $ | (948,219 | ) | $ | (58,012 | ) | $ | 0 | $ | (213,392 | ) | ||||||||||||
Consideration: | ||||||||
Pacific Drilling membership interests outstanding | 2,500 | |||||||
Exchange Ratio | 6.366 | 15,915 | ||||||
Pacific Drilling warrants outstanding | 441 | |||||||
Exchange Ratio | 1.553 | 685 | ||||||
Noble Ordinary Shares issued | 16,600 | |||||||
Fair value of Noble Ordinary Shares on April 15, 2021 | $ | 21.55 | ||||||
Total consideration | $ | 357,662 | ||||||
Assets acquired: | ||||||||
Cash and cash equivalents | $ | 54,970 | ||||||
Accounts receivable | 17,457 | |||||||
Taxes receivable | 1,585 | |||||||
Prepaid expenses and other current assets | 14,081 | |||||||
Total current assets | 88,093 | |||||||
Property and equipment, net | 346,167 | |||||||
Assets held for sale | 30,063 | |||||||
Other assets | 457 | |||||||
Total assets acquired | 464,780 | |||||||
Liabilities assumed: | ||||||||
Accounts payable | 18,603 | |||||||
Other current liabilities | 2,900 | |||||||
Accrued payroll and related costs | 16,128 | |||||||
Taxes payable | 1,951 | |||||||
Total current liabilities | 39,582 | |||||||
Deferred income taxes | 798 | |||||||
Other liabilities | 4,433 | |||||||
Total liabilities assumed | 44,813 | |||||||
Net assets acquired | $ | 419,967 | ||||||
Gain on bargain purchase | 62,305 | |||||||
Purchase price consideration | $ | 357,662 | ||||||
Noble | Finco | |||||||
December 31, 2020 | December 31, 2020 | |||||||
Adjustments for estimated litigation claims (1) | (57,000 | ) | 4,500 | |||||
Write-off of debt financing costs and discount | 45,469 | 45,469 | ||||||
Professional fees (1) | 37,296 | 2,644 | ||||||
Revision of estimated claims | (1,835 | ) | (1,835 | ) | ||||
Total Reorganization items, net | $ | 23,930 | $ | 50,778 | ||||
Predecessor | ||||||||
Noble | Finco | |||||||
Period From | Period From | |||||||
January 1, 2021 | January 1, 2021 | |||||||
through | through | |||||||
February 5, 2021 | February 5, 2021 | |||||||
Professional fees (1) | $ | (28,739 | ) | $ | (8,095 | ) | ||
Adjustments for estimated allowed litigation claims | 77,300 | — | ||||||
Write-off of unrecognized share-based compensation | (4,406 | ) | (4,406 | ) | ||||
Gain on settlement of liabilities subject to compromise | 2,556,147 | 2,556,147 | ||||||
Loss on fresh start adjustments | (2,348,251 | ) | (2,348,251 | ) | ||||
Total Reorganization items, net | $ | 252,051 | $ | 195,395 | ||||
(1) | Payments of |
February 5, 2021 | ||||
Enterprise Value | $ | 1,300,300 | ||
Plus: Cash and cash equivalents | 111,968 | |||
Less: Fair value of debt | (393,500 | ) | ||
Fair Value of Successor Equity | $ | 1,018,768 | ||
February 5, 2021 | ||||
Enterprise Value | $ | 1,300,300 | ||
Plus: Cash and cash equivalents | 111,968 | |||
Plus: Non-interest bearing current liabilities | 185,410 | |||
Plus: Non-interest bearingnon-current liabilities | 108,268 | |||
Reorganization value of Successor assets | $ | 1,705,946 | ||
Noble | Finco | |||||||
December 31, 2020 | December 31, 2020 | |||||||
4.900% Senior Notes due August 2020 | $ | 62,535 | $ | 62,535 | ||||
4.625% Senior Notes due March 2021 | 79,936 | 79,936 | ||||||
3.950% Senior Notes due March 2022 | 21,213 | 21,213 | ||||||
7.750% Senior Notes due January 2024 | 397,025 | 397,025 | ||||||
7.950% Senior Notes due April 2025 | 450,000 | 450,000 | ||||||
7.875% Senior Notes due February 2026 | 750,000 | 750,000 | ||||||
6.200% Senior Notes due August 2040 | 393,596 | 393,596 | ||||||
6.050% Senior Notes due March 2041 | 395,002 | 395,002 | ||||||
5.250% Senior Notes due March 2042 | 483,619 | 483,619 | ||||||
8.950% Senior Notes due April 2045 | 400,000 | 400,000 | ||||||
2017 Credit Facility | 545,000 | 545,000 | ||||||
Litigation | 93,000 | 8,000 | ||||||
Accrued and unpaid interest | 110,301 | 110,301 | ||||||
Accounts payable and other liabilities | 37,447 | 37,359 | ||||||
Lease liabilities | 20,969 | 20,969 | ||||||
Total consolidated liabilities subject to compromise | $ | 4,239,643 | $ | 4,154,555 |
Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 317,962 | $ | (205,994 | ) | (a | ) | $ | — | $ | 111,968 | |||||||||||||
Accounts receivable, net | 189,207 | 0 | 0 | 189,207 | ||||||||||||||||||||
Taxes receivable | 32,556 | 0 | 0 | 32,556 | ||||||||||||||||||||
Prepaid expenses and other current assets | 63,056 | (20,302 | ) | (b | ) | (10,073 | ) | (m | ) | 32,681 | ||||||||||||||
Total current assets | 602,781 | (226,296 | ) | (10,073 | ) | 366,412 | ||||||||||||||||||
Intangible assets | 0 | 0 | 113,389 | (n | ) | 113,389 | ||||||||||||||||||
Property and equipment, at cost | 4,787,661 | 0 | (3,631,936 | ) | (o | ) | 1,155,725 | |||||||||||||||||
Accumulated depreciation | (1,221,033 | ) | 0 | 1,221,033 | (o | ) | 0 | |||||||||||||||||
Property and equipment, net | 3,566,628 | 0 | (2,410,903 | ) | 1,155,725 | |||||||||||||||||||
Other assets | 69,940 | 10,983 | (c | ) | (10,503 | ) | (m | ) | 70,420 | |||||||||||||||
Total assets | $ | 4,239,349 | $ | (215,313 | ) | $ | (2,318,090 | ) | $ | 1,705,946 | ||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | 89,215 | $ | (7,266 | ) | (d | ) | $ | 0 | $ | 81,949 | |||||||||||||
Accrued payroll and related costs | 35,615 | 0 | 0 | 35,615 | ||||||||||||||||||||
Taxes payable | 34,211 | 0 | 0 | 34,211 | ||||||||||||||||||||
Other current liabilities | 64,943 | 21,305 | (e | ) | (52,613 | ) | (m | ) | 33,635 | |||||||||||||||
Total current liabilities | 223,984 | 14,039 | (52,613 | ) | 185,410 | |||||||||||||||||||
Long-term debt | 0 | 352,054 | (f | ) | 41,446 | (p | ) | 393,500 | ||||||||||||||||
Deferred income taxes | 9,303 | (17,328 | ) | (g | ) | 29,550 | (q | ) | 21,525 | |||||||||||||||
Other liabilities | 108,489 | 4,659 | (h | ) | (26,405 | ) | (m | ) | 86,743 | |||||||||||||||
Liabilities subject to compromise | 4,143,812 | (4,143,812 | ) | (i | ) | 0 | 0 | |||||||||||||||||
Total liabilities | 4,485,588 | (3,790,388 | ) | (8,022 | ) | 687,178 | ||||||||||||||||||
Shareholders’ equity (deficit) | ||||||||||||||||||||||||
Common stock (Predecessor) | 2,511 | (2,511 | ) | (j | ) | — | — | |||||||||||||||||
Common stock (Successor) | — | 1 | (k | ) | — | 1 | ||||||||||||||||||
Additional paid-in capital (Predecessor) | 815,505 | (815,505 | ) | (j | ) | — | — | |||||||||||||||||
Additional paid-in capital (Successor) | — | 1,018,767 | (k | ) | — | 1,018,767 |
Predecessor | Reorganization Adjustments | Fresh Start Adjustments | Successor | |||||||||||||||||||||
Accumulated deficit | (1,006,351 | ) | 3,374,323 | (l | ) | (2,367,972 | ) | (r | ) | 0 | ||||||||||||||
Accumulated other comprehensive loss | (57,904 | ) | 0 | 57,904 | (s | ) | 0 | |||||||||||||||||
Total shareholders’ equity (deficit) | (246,239 | ) | 3,575,075 | (2,310,068 | ) | 1,018,768 | ||||||||||||||||||
Total liabilities and equity | $ | 4,239,349 | $ | (215,313 | ) | $ | (2,318,090 | ) | $ | 1,705,946 | ||||||||||||||
(a) | Represents the reorganization adjustment to cash and cash equivalents: |
Proceeds from Rights Offering | $ | 200,000 | ||
Proceeds from the Revolving Credit Facility, net of issuance costs | 167,361 | |||
Transfer of cash from restricted cash | 300 | |||
Payment of professional service fees | (23,261 | ) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,019 | ) | ||
Deconsolidation of NHUK | (300 | ) | ||
Payment of recurring debt fees | (75 | ) | ||
Change in cash and cash equivalents | $ | (205,994 | ) | |
(b) | Represents the reorganization adjustment for the following: |
Payment of professional service fees from escrow | $ | (12,380 | ) | |
Payment of Paragon litigation settlement form escrow | (7,700 | ) | ||
Transfer of restricted cash to cash | (300 | ) | ||
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence | 78 | |||
Change in prepaid expenses and other current assets | $ | (20,302 | ) | |
(c) | Adjustments to other assets relates to capitalization of long-term debt issuance costs related to the Revolving Credit Facility of $11.1 million and the impact of reorganization adjustments on deferred tax assets of $ (0.1 ) million. |
(d) | Adjustments to accounts payable related to the payment of professional fees $ (15.2 ) million and the reinstatement of trade payables from liabilities subject to compromise of $8.0 million. |
(e) | Adjustment of $21.3 million to other current liabilities related to the reinstatement of liabilities subject to compromise. |
(f) | Represents $352.1 million of outstanding borrowings, net of financing costs, under the Second Lien Notes and Revolving Credit Facility. |
(g) | Represents the write-off of $(17.3) million deferred income taxes as the result of the Company’s internal restructuring. |
(h) | Represents cancellation of $(0.1) million cash-based compensation plans and the reinstatement of $ 4.7 millionright-of-use |
(i) | Liabilities subject to compromise settled or reinstated in accordance with the Plan and the resulting gain were determined as follows: |
4.900% senior notes due Aug. 2020 | $ | 62,535 | ||
4.625% senior notes due Mar. 2021 | 79,937 | |||
3.950% senior notes due Mar. 2022 | 21,213 | |||
7.750% senior notes due Jan. 2024 | 397,025 | |||
7.950% senior notes due Apr. 2025 | 450,000 | |||
7.875% senior notes due Feb. 2026 | 750,000 | |||
6.200% senior notes due Aug. 2040 | 393,597 | |||
6.050% senior notes due Mar. 2041 | 395,000 | |||
5.250% senior notes due Mar. 2042 | 483,619 | |||
8.950% senior notes due Apr. 2045 | 400,000 | |||
5.958% revolving credit facility maturing Jan. 2023 | 545,000 | |||
Accrued and unpaid interest | 110,300 | |||
Protection and indemnity insurance liabilities | 25,669 | |||
Accounts payable and other payables | 8,163 | |||
Estimated loss on litigation | 15,700 | |||
Lease liabilities | 6,054 | |||
Total consolidated liabilities subject to compromise | 4,143,812 | |||
Issuance of Successor common stock | (854,909 | ) | ||
Issuance of Successor warrants to certain Predecessor creditors | (141,029 | ) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,020 | ) | ||
Payment of Paragon litigation settlement from escrow | (7,700 | ) | ||
Reinstatement of Transocean litigation liability | (8,000 | ) | ||
Reinstatement of protection and indemnity insurance liabilities | (11,791 | ) | ||
Reinstatement of trade payables and right-of-use | (14,216 | ) | ||
Gain on settlement of liabilities subject to compromise | $ | 2,556,147 | ||
(j) | Represents the cancellation of the Predecessor’s common stock of $(2.5) million and Additional paid-in capital of $(815.5) million. |
(k) | Represents the reorganization adjustments to common stock and additional paid in capital: |
Par value of 50 million shares of new common stock issued | $ | 1 | ||
Capital in excess of par value of 50 million issued and authorized shares of new common stock issued | 875,931 | |||
Fair value of new warrants issued | 142,836 | |||
Total Successor equity issued on the Effective Date | $ | 1,018,768 | ||
(l) | Represents the reorganization adjustments to accumulated deficit: |
Gain on settlement of liabilities subject to compromise | $ | 2,556,147 | ||
Professional fees and success fees | (15,017 | ) | ||
Write-off of unrecognized share-based compensation | (4,406 | ) | ||
Reorganization items, net | 2,536,724 | |||
Cancellation of Predecessor common stock and additional paid-in capital | 820,299 | |||
Cancellation of Predecessor cash and equity compensation plans | 2,183 | |||
Issuance of Successor warrants to Predecessor equity holders | (1,807 | ) | ||
Deconsolidation of NHUK | (222 | ) | ||
Recognition of recurring debt fees | (75 | ) | ||
Tax impacts of reorganization | 17,221 | |||
Net impact to Accumulated Deficit | $ | 3,374,323 | ||
(m) | Reflects adjustments to capitalized deferred costs, deferred revenue and pension balances due to the application of fresh start accounting as follows: |
Prepaid expenses and other current assets | Other assets | Other current liabilities | Other liabilities | |||||||||||||
Deferred contract assets and revenues | $ | (10,073 | ) | $ | (2,616 | ) | $ | (52,616 | ) | $ | (20,320 | ) | ||||
Write-off of certain financing costs | 0 | (6,238 | ) | 0 | 0 | |||||||||||
Pension assets and obligations | 0 | (1,010 | ) | 3 | (6,085 | ) | ||||||||||
Fair value adjustments to other assets | 0 | (639 | ) | 0 | 0 | |||||||||||
$ | (10,073 | ) | $ | (10,503 | ) | $ | (52,613 | ) | $ | (26,405 | ) | |||||
(n) | Reflects the fair value adjustment of $113.4 million to record an intangible asset for favorable contracts with customers. |
(o) | Reflects the fair value adjustment of $2.4 billion to property and equipment of the Predecessor. The following table presents a comparison of the historical and new fair values upon emergence: |
Historical Value | Fair Value | |||||||
Drilling equipment and facilities | $ | 4,355,384 | $ | 1,070,931 | ||||
Construction in progress | 231,626 | 75,159 | ||||||
Other | 200,651 | 9,635 | ||||||
Less: accumulated depreciation | (1,221,033 | ) | — | |||||
Property and equipment, at cost | $ | 3,566,628 | $ | 1,155,725 | ||||
(p) | Reflects a fair value adjustment of $41.4 million to the carrying value of the Second Lien Notes due to application of fresh start accounting. |
(q) | New deferred tax balances of $29.6 million were established for favorable contracts with customers due to application of fresh start accounting. |
(r) | The following table summarizes the cumulative impact of the fresh start adjustments, as discussed above, the elimination of the Predecessor’s accumulated other comprehensive loss, and the adjustments required to eliminate accumulated deficit: |
Fair value adjustment to Prepaid and other current assets | $ | (10,073 | ) | |
Fair value adjustment to Intangible assets | 113,389 | |||
Fair value adjustment to Property and equipment, net | (2,410,903 | ) | ||
Fair value adjustment to Other assets | (10,503 | ) | ||
Fair value adjustment to Other current liabilities | 52,613 | |||
Fair value adjustment to Long-term debt | (41,446 | ) | ||
Fair value adjustment to Deferred income taxes | (9,829 | ) | ||
Fair value adjustment to Other liabilities | 26,405 | |||
Derecognition of Predecessor Accumulated other comprehensive loss | (57,904 | ) | ||
Total fresh start adjustments included in Reorganization items, net | (2,348,251 | ) | ||
Tax impact of fresh start adjustments | (19,721 | ) | ||
Net change in accumulated deficit | $ | (2,367,972 | ) | |
(s) | Reflects $57.9 million for the derecognition of Predecessor Accumulated other comprehensive loss through Reorganization items, net. |
Consideration: | ||||||||
Pacific Drilling membership interests outstanding | 2,500 | |||||||
Exchange Ratio | 6.366 | 15,915 | ||||||
Pacific Drilling warrants outstanding | 441 | |||||||
Exchange Ratio | 1.553 | 685 | ||||||
Noble Ordinary Shares issued | 16,600 | |||||||
Fair value of Noble Ordinary Shares on April 15, 2021 | $ | 21.55 | ||||||
Total consideration | $ | 357,662 | ||||||
Assets acquired: | ||||||||
Cash and cash equivalents | $ | 54,970 | ||||||
Accounts receivable | 17,457 | |||||||
Taxes receivable | 1,585 | |||||||
Prepaid expenses and other current assets | 14,081 | |||||||
Total current assets | 88,093 | |||||||
Property and equipment, net | 346,167 | |||||||
Assets held for sale | 30,063 | |||||||
Other assets | 457 | |||||||
Total assets acquired | 464,780 | |||||||
Liabilities assumed: | ||||||||
Accounts payable | 18,603 | |||||||
Other current liabilities | 2,900 | |||||||
Accrued payroll and related costs | 16,128 | |||||||
Taxes payable | 1,951 | |||||||
Total current liabilities | 39,582 | |||||||
Deferred income taxes | 798 | |||||||
Other liabilities | 4,433 | |||||||
Total liabilities assumed | 44,813 | |||||||
Net assets acquired | $ | 419,967 | ||||||
Gain on bargain purchase | 62,305 | |||||||
Purchase price consideration | $ | 357,662 | ||||||
Successor | ||||
Period From | ||||
February 6, 2021 | ||||
through | ||||
December 31, 2021 | ||||
Revenue | $ | 94,506 | ||
Net loss | $ | (46,646 | ) |
Successor | ||||
Period From | ||||
February 6, 2021 | ||||
through | ||||
December 31, 2021 | ||||
Revenue | $ | 792,999 | ||
Net income | $ | 69,966 | ||
Net income per share | ||||
Basic | $ | 1.05 | ||
Diluted | $ | 0.98 |
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Numerator: | ||||||||||||
Basic | ||||||||||||
Net loss from continuing operations | $ | (3,978,459 | ) | $ | (696,769 | ) | $ | (885,050 | ) | |||
Net loss from discontinued operations, net of tax | 0 | (3,821 | ) | 0 | ||||||||
Net loss attributable to Noble Corporation | $ | (3,978,459 | ) | $ | (700,590 | ) | $ | (885,050 | ) | |||
Diluted | ||||||||||||
Net loss from continuing operations | $ | (3,978,459 | ) | $ | (696,769 | ) | $ | (885,050 | ) | |||
Net loss from discontinued operations, net of tax | 0 | (3,821 | ) | 0 | ||||||||
Net loss attributable to Noble Corporation | $ | (3,978,459 | ) | $ | (700,590 | ) | $ | (885,050 | ) | |||
Denominator: | ||||||||||||
Weighted average shares outstanding—basic | 250,792 | 248,949 | 246,614 | |||||||||
Weighted average shares outstanding—diluted | 250,792 | 248,949 | 246,614 | |||||||||
Loss per share | ||||||||||||
Basic: | ||||||||||||
Loss from continuing operations | $ | (15.86 | ) | $ | (2.79 | ) | $ | (3.59 | ) | |||
Loss from discontinued operations | 0 | (0.02 | ) | 0 | ||||||||
Net loss attributable to Noble Corporation | $ | (15.86 | ) | $ | (2.81 | ) | $ | (3.59 | ) | |||
Diluted: | ||||||||||||
Loss from continuing operations | $ | (15.86 | ) | $ | (2.79 | ) | $ | (3.59 | ) | |||
Loss from discontinued operations | 0 | (0.02 | ) | 0 | ||||||||
Net loss attributable to Noble Corporation | $ | (15.86 | ) | $ | (2.81 | ) | $ | (3.59 | ) | |||
Dividends per share | $ | 0 | $ | 0 | $ | 0 |
Successor | Predecessor | |||||||||||||||
Period From | Period From | |||||||||||||||
February 6, 2021 | January 1, 2021 | |||||||||||||||
through | through | Year Ended | Year Ended | |||||||||||||
December 31, 2021 | February 5, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||
Numerator: | ||||||||||||||||
Basic | ||||||||||||||||
Net income (loss) from continuing operations | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (696,769 | ) | ||||||
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | (3,821 | ) | |||||||||||
Net income (loss) attributable to Noble Corporation | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (700,590 | ) | ||||||
Diluted | ||||||||||||||||
Net income (loss) from continuing operations | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (696,769 | ) | ||||||
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | (3,821 | ) | |||||||||||
Net income (loss) attributable to Noble Corporation | $ | 101,982 | $ | 250,228 | $ | (3,978,459 | ) | $ | (700,590 | ) | ||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding — basic | 63,186 | 251,115 | 250,792 | 248,949 | ||||||||||||
Dilutive effect of share-based awards | 3,180 | 5,456 | 0 | 0 | ||||||||||||
Dilutive effect of warrants | 1,262 | 0 | 0 | 0 | ||||||||||||
Weighted average shares outstanding — diluted | 67,628 | 256,571 | 250,792 | 248,949 | ||||||||||||
Income (loss) per share | ||||||||||||||||
Basic: | ||||||||||||||||
Income (loss) from continuing operations | $ | 1.61 | $ | 1.00 | $ | (15.86 | ) | $ | (2.79 | ) | ||||||
Loss from discontinued operations | 0 | 0 | 0 | (0.02 | ) | |||||||||||
Net income (loss) attributable to Noble Corporation | $ | 1.61 | $ | 1.00 | $ | (15.86 | ) | $ | (2.81 | ) | ||||||
Diluted: | ||||||||||||||||
Income (loss) from continuing operations | $ | 1.51 | $ | 0.98 | $ | (15.86 | ) | $ | (2.79 | ) | ||||||
Loss from discontinued operations | 0 | 0 | 0 | (0.02 | ) | |||||||||||
Net income (loss) attributable to Noble Corporation | $ | 1.51 | $ | 0.98 | $ | (15.86 | ) | $ | (2.81 | ) | ||||||
Successor | Predecessor | |||||||||||||||
Period From | Period From | |||||||||||||||
February 6, 2021 | January 1, 2021 | |||||||||||||||
through | through | Year Ended | Year Ended | |||||||||||||
December 31, 2021 | February 5, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||
Share-based awards | 0 | 556 | 6,082 | 11,892 | ||||||||||||
Warrants (1) | 11,097 | 0 | 0 | 0 |
(1) | Represents the total number of warrants outstanding which did not have a dilutive effect. |
Successor | Predecessor | |||||||
Year Ended December 31, | Year Ended December 31, | |||||||
2021 | 2020 | |||||||
Drilling equipment and facilities | $ | 1,467,772 | $ | 4,476,960 | ||||
Construction in progress | 77,363 | 99,812 | ||||||
Other | 10,840 | 200,925 | ||||||
Property and equipment, at cost | $ | 1,555,975 | $ | 4,777,697 | ||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Drilling equipment and facilities | $ | 4,476,960 | $ | 10,014,314 | ||||
Construction in progress | 99,812 | 88,904 | ||||||
Other | 200,925 | 203,407 | ||||||
Property and equipment, at cost | $ | 4,777,697 | $ | 10,306,625 | ||||
December 31, 2020 (1) | December 31, 2019 | Successor December 31, 2021 | Predecessor December 31, 2020 (1) | |||||||||||||||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||||||||
Senior secured notes | ||||||||||||||||||||||||||||||||
11.000% Senior Notes due February 2028 | $ | 216,000 | $ | 236,792 | $ | 0 | $ | 0 | ||||||||||||||||||||||||
Senior unsecured notes | ||||||||||||||||||||||||||||||||
4.900% Senior Notes due August 2020 | $ | 62,535 | $ | 1,366 | $ | 62,505 | $ | 60,660 | $ | 0 | $ | 0 | $ | 62,535 | $ | 1,366 | ||||||||||||||||
4.625% Senior Notes due March 2021 | 79,936 | 1,596 | 79,854 | 64,262 | 0 | 0 | 79,936 | 1,596 | ||||||||||||||||||||||||
3.950% Senior Notes due March 2022 | 21,213 | 354 | 21,181 | 12,170 | 0 | 0 | 21,213 | 354 | ||||||||||||||||||||||||
7.750% Senior Notes due January 2024 | 397,025 | 7,925 | 389,800 | 211,035 | 0 | 0 | 397,025 | 7,925 | ||||||||||||||||||||||||
7.950% Senior Notes due April 2025 | 450,000 | 8,348 | 446,962 | 228,515 | 0 | 0 | 450,000 | 8,348 | ||||||||||||||||||||||||
7.875% Senior Notes due February 2026 | 750,000 | 301,935 | 739,371 | 546,353 | 0 | 0 | 750,000 | 301,935 | ||||||||||||||||||||||||
6.200% Senior Notes due August 2040 | 393,596 | 7,966 | 390,526 | 149,134 | 0 | 0 | 393,596 | 7,966 | ||||||||||||||||||||||||
6.050% Senior Notes due March 2041 | 395,002 | 7,327 | 389,809 | 142,646 | 0 | 0 | 395,002 | 7,327 | ||||||||||||||||||||||||
5.250% Senior Notes due March 2042 | 483,619 | 9,701 | 478,122 | 176,265 | 0 | 0 | 483,619 | 9,701 | ||||||||||||||||||||||||
8.950% Senior Notes due April 2045 | 400,000 | 7,420 | 390,763 | 164,664 | 0 | 0 | 400,000 | 7,420 | ||||||||||||||||||||||||
Seller loans: | ||||||||||||||||||||||||||||||||
Seller-financed secured loan due September 2022 | 0 | 0 | 62,453 | 36,968 | ||||||||||||||||||||||||||||
Seller-financed secured loan due February 2023 | 0 | 0 | 55,658 | 31,175 | ||||||||||||||||||||||||||||
Credit facility: | ||||||||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility matures July 2025 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
2017 Credit Facility due to mature January 2023 | 545,000 | 545,000 | 335,000 | 335,000 | 0 | 0 | 545,000 | 545,000 | ||||||||||||||||||||||||
Total debt | 3,977,926 | 898,938 | 3,842,004 | 2,158,847 | 216,000 | 236,792 | 3,977,926 | 898,938 | ||||||||||||||||||||||||
Less: Current maturities of long-term debt | 0 | 0 | 62,505 | 60,660 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Long-term debt | $ | 0 | $ | 0 | $ | 3,779,499 | $ | 2,098,187 | $ | 216,000 | $ | 236,792 | $ | 0 | $ | 0 | ||||||||||||||||
(1) | Includes write-off of applicable deferred financing cost and discounts of $45.5 million. See “Note 2— Chapter 11 |
February 19, 2021 | October 1, 2021 | December 1, 2021 | ||||||||||
Valuation assumptions: | ||||||||||||
Expected volatility | 50.0 | % | 92.2 | % | 95.1 | % | ||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | ||||||
Risk-free interest rate | 0.19 | % | 0.33 | % | 0.58 | % |
2021 | ||||
Equity-classified TVRSU | ||||
Units awarded | 1,735,843 | |||
Weighted-average share price at award date | $ | 16.68 | ||
Weighted-average vesting period (years) | 2.94 | |||
Liability-classified TVRSU | ||||
Units awarded | 52,364 | |||
Weighted-average share price at award date | $ | 16.76 | ||
Weighted-average vesting period (years) | 2.81 | |||
PVRSU | ||||
Units awarded | 1,457,842 | |||
Weighted-average share price at award date | $ | 16.74 | ||
Three-year performance period ended December 31 | 2023 | |||
Weighted-average award date fair value | $ | 20.82 |
Equity-Classified TVRSUs Outstanding | Weighted Average Award-Date Fair Value | PVRSUs Outstanding (1) | Weighted Average Award-Date Fair Value | |||||||||||||
Non-vested RSUs at February 5, 2021 (Successor) | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Awarded | 1,735,843 | 16.68 | 1,457,842 | 20.82 | ||||||||||||
Vested | 0 | 0 | 0 | 0 | ||||||||||||
Forfeited | (66,081 | ) | 16.44 | 0 | 0 | |||||||||||
Non-vested RSUs at December 31, 2021 (Successor) | 1,669,762 | $ | 16.69 | 1,457,842 | $ | 20.82 | ||||||||||
(1) | For awards granted during 2021, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance is achieved. The minimum number of units is zero and the “maximum” level of performance is 200 percent of the amounts shown. |
February 5, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
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 period | 556,155 | $ | 30.39 | 708,400 | $ | 30.90 | 1,103,242 | $ | 28.74 | |||||||||||||||
Expired or cancelled | (556,155 | ) | 30.39 | (152,245 | ) | 32.78 | (394,842 | ) | 24.85 | |||||||||||||||
Outstanding at end of period | 0 | 0 | 556,155 | 30.39 | 708,400 | 30.90 | ||||||||||||||||||
Exercisable at end of period | 0 | $ | 0 | 556,155 | $ | 30.39 | 708,400 | $ | 30.90 | |||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||
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 | 708,400 | $ | 30.90 | 1,103,242 | $ | 28.74 | 1,313,155 | $ | 29.51 | |||||||||||||||
Expired | (152,245 | ) | 32.78 | (394,842 | ) | 24.85 | (209,913 | ) | 33.56 | |||||||||||||||
Outstanding at end of year (1) | 556,155 | 30.39 | 708,400 | 30.90 | 1,103,242 | 28.74 | ||||||||||||||||||
Exercisable at end of year (1) | 556,155 | $ | 30.39 | 708,400 | $ | 30.90 | 1,103,242 | $ | 28.74 | |||||||||||||||
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 | 1.02 | $ | 25.41 | ||||||||
$25.42 to $30.59 | 277,177 | 1.09 | 30.59 | |||||||||
$30.60 to $32.78 | 225,044 | 0.10 | 31.33 | |||||||||
Total | 556,155 | 0.68 | $ | 30.39 | ||||||||
2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||
Valuation assumptions: | ||||||||||||||||||||
Expected volatility | 69.8 | % | 59.6 | % | 61.8 | % | 69.8 | % | 59.6 | % | ||||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||||||||||
Risk-free interest rate | 1.40 | % | 2.50 | % | 2.31 | % | 1.40 | % | 2.50 | % |
2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||
TVRSU | ||||||||||||||||||||
Units awarded | 5,559,678 | 4,639,119 | 3,578,212 | 5,559,678 | 4,639,119 | |||||||||||||||
Weighted-average share price at award date | $ | 0.82 | $ | 3.02 | $ | 4.71 | $ | 0.82 | $ | 3.02 | ||||||||||
Weighted-average vesting period (years) | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | |||||||||||||||
PVRSU | ||||||||||||||||||||
Units awarded | 2,696,774 | 1,623,399 | 2,733,906 | 2,696,774 | 1,623,399 | |||||||||||||||
Weighted-average share price at award date | $ | 0.91 | $ | 3.13 | $ | 4.55 | $ | 0.91 | $ | 3.13 | ||||||||||
Three-year performance period ended December 31 | 2022 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||
Weighted-average award date fair value | $ | 1.14 | $ | 3.61 | $ | 2.96 | $ | 1.14 | $ | 3.61 |
TVRSUs Outstanding | Weighted Average Award-Date Fair Value | PVRSUs Outstanding (1) | Weighted Average Award-Date Fair Value | |||||||||||||
Non-vested RSUs at January 1, 2020 | 6,329,029 | $ | 3.89 | 4,854,352 | $ | 3.56 | ||||||||||
Awarded | 5,559,678 | 0.82 | 2,696,774 | 1.14 | ||||||||||||
Vested | (2,924,900 | ) | 4.24 | (1,063,242 | ) | 4.37 | ||||||||||
Forfeited | (6,601,307 | ) | 1.19 | (3,324,771 | ) | 1.67 | ||||||||||
Non-vested RSUs at December 31, 2020 | 2,362,500 | $ | 3.43 | 3,163,113 | $ | 3.22 | ||||||||||
TVRSUs Outstanding | Weighted Average Award-Date Fair Value | PVRSUs Outstanding (1) | Weighted Average Award-Date Fair Value | |||||||||||||
Non-vested RSUs at January 1, 2021 (Predecessor) | 2,362,500 | $ | 3.43 | 3,163,113 | $ | 3.22 | ||||||||||
Awarded | 0 | 0 | 0 | 0 | ||||||||||||
Vested | (61,050 | ) | 5.46 | 0 | 0 | |||||||||||
Forfeited or cancelled | (2,301,450 | ) | 3.37 | (3,163,113 | ) | 3.22 | ||||||||||
Non-vested RSUs at February 5, 2021 (Predecessor) | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
(1) | For awards granted prior to 2019, the number of PVRSUs shown equals the 50 200 |
Number of Awards | Weighted Average Award-Date Fair Value | |||||||
Non-vested Liability-Classified Award at January 1, 2020 | 0 | $ | 0 | |||||
Awarded | 3,619,000 | 0.77 | ||||||
Vested (1) | (2,401,362 | ) | 0.77 | |||||
Forfeited | (1,217,638 | ) | 0.77 | |||||
Non-vested Liability-Classified Awards at December 31, 2020 | 0 | $ | 0 |
Defined Benefit Pension Items (1) | Foreign Currency Items | Total | Defined Benefit Pension Items (1) | Foreign Currency Items | Total | |||||||||||||||||||
Balance at December 31, 2018 | $ | (39,058 | ) | $ | (18,014 | ) | $ | (57,072 | ) | |||||||||||||||
Balance at 12/31/2019 (Predecessor) | $ | (40,635 | ) | $ | (17,754 | ) | $ | (58,389 | ) | |||||||||||||||
Activity during period: | ||||||||||||||||||||||||
Other comprehensive loss before reclassifications | 0 | 260 | 260 | 0 | (521 | ) | (521 | ) | ||||||||||||||||
Amounts reclassified from AOCI | (1,577 | ) | 0 | (1,577 | ) | 898 | 0 | 898 | ||||||||||||||||
Net other comprehensive loss | (1,577 | ) | 260 | (1,317 | ) | 898 | (521 | ) | 377 | |||||||||||||||
Balance at December 31, 2019 | $ | (40,635 | ) | $ | (17,754 | ) | $ | (58,389 | ) | |||||||||||||||
Balance at 12/31/2020 (Predecessor) | $ | (39,737 | ) | $ | (18,275 | ) | $ | (58,012 | ) | |||||||||||||||
Activity during period: | ||||||||||||||||||||||||
Other comprehensive income before reclassifications | 0 | (521 | ) | (521 | ) | 0 | (116 | ) | (116 | ) | ||||||||||||||
Amounts reclassified from AOCI | 898 | 0 | 898 | 224 | 0 | 224 | ||||||||||||||||||
Net other comprehensive income (loss) | 898 | (521 | ) | 377 | 224 | (116 | ) | 108 | ||||||||||||||||
Balance at December 31, 2020 | $ | (39,737 | ) | $ | (18,275 | ) | $ | (58,012 | ) | |||||||||||||||
Cancellation of Predecessor equity | 39,513 | 18,391 | 57,904 | |||||||||||||||||||||
Balance at Balance at 2/5/2021 (Predecessor) | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||
Defined Benefit Pension Items (1) | Foreign Currency Items | Total | ||||||||||
Balance at Balance at 2/6/2021 (Successor) | $ | 0 | $ | 0 | $ | 0 | ||||||
Activity during period: | ||||||||||||
Other comprehensive income before reclassifications | 0 | 0 | 0 | |||||||||
Amounts reclassified to AOCI | 5,389 | 0 | 5,389 | |||||||||
Net other comprehensive income | 5,389 | 0 | 5,389 | |||||||||
Balance at December 31, 2021 | $ | 5,389 | $ | 0 | $ | 5,389 | ||||||
(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 |
December 31, 2020 | December 31, 2019 | Successor December 31, 2021 | Predecessor December 31, 2020 | |||||||||||||
Current contract assets | $ | 10,687 | $ | 21,292 | $ | 5,744 | $ | 10,687 | ||||||||
Noncurrent contract assets | 3,174 | 9,508 | 0 | 3,174 | ||||||||||||
Total contract assets | 13,861 | 30,800 | 5,744 | 13,861 | ||||||||||||
Current contract liabilities (deferred revenue) | (34,990 | ) | (34,196 | ) | (18,403 | ) | (34,990 | ) | ||||||||
Noncurrent contract liabilities (deferred revenue) | (24,896 | ) | (30,859 | ) | (9,352 | ) | (24,896 | ) | ||||||||
Total contract liabilities | $ | (59,886 | ) | $ | (65,055 | ) | $ | (27,755 | ) | $ | (59,886 | ) | ||||
Contract Assets | Contract Liabilities | Contract Assets | Contract Liabilities | |||||||||||||
Net balance at December 31, 2018 | $ | 47,664 | $ | (80,753 | ) | |||||||||||
Net balance at December 31, 2019 (Predecessor) | $ | 30,800 | $ | (65,055 | ) | |||||||||||
Amortization of deferred costs | (39,936 | ) | — | (27,043 | ) | — | ||||||||||
Additions to deferred costs | 23,072 | — | 10,104 | — | ||||||||||||
Amortization of deferred revenue | — | 65,312 | — | 57,915 | ||||||||||||
Additions to deferred revenue | — | (49,614 | ) | — | (52,746 | ) | ||||||||||
Total | (16,864 | ) | 15,698 | (16,939 | ) | 5,169 | ||||||||||
Net balance at December 31, 2019 | $ | 30,800 | $ | (65,055 | ) | |||||||||||
Net balance at December 31, 2020 (Predecessor) | $ | 13,861 | $ | (59,886 | ) | |||||||||||
Amortization of deferred costs | (1,607 | ) | — | |||||||||||||
Additions to deferred costs | 432 | — | ||||||||||||||
Amortization of deferred revenue | — | 4,142 | ||||||||||||||
Additions to deferred revenue | — | (25,479 | ) | |||||||||||||
Fresh start accounting revaluation | (12,686 | ) | 72,936 | |||||||||||||
Total | (13,861 | ) | 51,599 | |||||||||||||
Net balance at 2/5/21 (Predecessor) | $ | — | $ | (8,287 | ) | |||||||||||
Net balance at 2/6/21 (Successor) | $ | — | $ | (8,287 | ) | |||||||||||
Amortization of deferred costs | (27,043 | ) | — | (3,908 | ) | — | ||||||||||
Additions to deferred costs | 10,104 | — | 9,652 | — | ||||||||||||
Amortization of deferred revenue | — | 57,915 | — | 13,729 | ||||||||||||
Additions to deferred revenue | — | (52,746 | ) | — | (33,197 | ) | ||||||||||
Total | (16,939 | ) | 5,169 | 5,744 | (19,468 | ) | ||||||||||
Net balance at December 31, 2020 | $ | 13,861 | $ | (59,886 | ) | |||||||||||
Net balance at 12/31/2021 (Successor) | $ | 5,744 | $ | (27,755 | ) | |||||||||||
Year Ending December 31, | ||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 and beyond | Total | |||||||||||||||||||
Floaters | $ | 27,005 | $ | 13,487 | $ | 9,199 | $ | 915 | $ | 0 | $ | 50,606 | ||||||||||||
Jackups | 7,539 | 1,741 | 0 | 0 | 0 | 9,280 | ||||||||||||||||||
Total | $ | 34,544 | $ | 15,228 | $ | 9,199 | $ | 915 | $ | 0 | $ | 59,886 | ||||||||||||
Year Ending December 31, | ||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 and beyond | Total | |||||||||||||||||||
Floaters | $ | 11,930 | $ | 9,323 | $ | 29 | $ | 0 | $ | 0 | $ | 21,282 | ||||||||||||
Jackups | 6,473 | 0 | 0 | 0 | 0 | 6,473 | ||||||||||||||||||
Total | $ | 18,403 | $ | 9,323 | $ | 29 | $ | 0 | $ | 0 | $ | 27,755 | ||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
Floaters (1) | 491,407 | 727,177 | ||||||
Jackups | 417,829 | 518,881 | ||||||
Total (1) | 909,236 | 1,246,058 | ||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Floaters | $ | 482,283 | $ | 50,057 | $ | 491,407 | $ | 727,177 | ||||||||
Jackups | 225,848 | 23,994 | 417,829 | 518,881 | ||||||||||||
Total | $ | 708,131 | $ | 74,051 | $ | 909,236 | $ | 1,246,058 | ||||||||
December 31, 2020 | December 31, 2019 | |||||||
Operating Leases | ||||||||
Operating lease right-of-use | $ | 26,648 | $ | 33,480 | ||||
Current operating lease liabilities | 1,942 | 6,591 | ||||||
Long-term operating lease liabilities | 4,969 | 26,778 | ||||||
Weighted average remaining lease term for operating leases (years) | 7.8 | 7.7 | ||||||
Weighted average discounted rate for operating leases | 11.1 | % | 9.7 | % |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
Operating lease cost | $ | 9,065 | $ | 8,878 | ||||
Short-term lease cost | 2,893 | 7,012 | ||||||
Variable lease cost | 1,265 | 1,620 | ||||||
Total lease cost | $ | 13,223 | $ | 17,510 | ||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 9,614 | $ | 8,812 |
Operating Leases | ||||
2021 | $ | 8,594 | ||
2022 | 5,545 | |||
2023 | 3,567 | |||
2024 | 3,629 | |||
2025 | 3,687 | |||
Thereafter | 17,018 | |||
Total lease payments | 42,040 | |||
Less: Interest | �� | (14,343 | ) | |
Present value of lease liability (1) | $ | 27,697 | ||
Successor | Predecessor | |||||||
December 31, 2021 | December 31, 2020 | |||||||
Operating Leases | ||||||||
Operating lease right-of-use assets | $ | 17,066 | $ | 26,648 | ||||
Current operating lease liabilities | 3,923 | 1,942 | ||||||
Long-term operating lease liabilities (1) | 13,166 | 4,969 | ||||||
Weighted average remaining lease term for operating leases (years) | 6.25 | 7.8 | ||||||
Weighted average discounted rate for operating leases | 9.5 | % | 11.1 | % |
(1) |
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||
Operating lease cost | $ | 4,803 | $ | 365 | $ | 9,065 | ||||||
Short-term lease cost | 634 | (124 | ) | 2,893 | ||||||||
Variable lease cost | 412 | (605 | ) | 1,265 | ||||||||
Total lease cost | $ | 5,849 | $ | (364 | ) | $ | 13,223 | |||||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||
Operating cash flows used for operating leases | $ | 5,568 | $ | 979 | $ | 9,614 | ||||||
Right-of-use | 9,647 | 0 | 1,217 |
Operating Leases | ||||
2022 | $ | 5,245 | ||
2023 | 4,375 | |||
2024 | 4,252 | |||
2025 | 2,881 | |||
2026 | 2,523 | |||
Thereafter | 4,332 | |||
Total lease payments | 23,608 | |||
Less: Interest | (6,372 | ) | ||
Present value of lease liability | $ | 17,236 | ||
2020 | 2019 | |||||||
Deferred tax assets | ||||||||
United States | ||||||||
Net operating loss carry forwards | $ | 79,047 | $ | 129,695 | ||||
Disallowed interest deduction carryforwards | 62,337 | 92,030 | ||||||
Deferred pension plan amounts | 10,568 | 10,447 | ||||||
Accrued expenses not currently deductible | 5,625 | 8,434 | ||||||
Other | 3,178 | 2,356 | ||||||
Non-United States | ||||||||
Net operating loss carry forwards | 47,187 | 22,426 | ||||||
Disallowed interest deduction carryforwards | 13,625 | 13,942 | ||||||
Deferred pension plan amounts | 558 | 787 | ||||||
Deferred tax assets | 222,125 | 280,117 | ||||||
Less: valuation allowance | (191,835 | ) | (8,084 | ) | ||||
Net deferred tax assets | $ | 30,290 | $ | 272,033 | ||||
Deferred tax liabilities | ||||||||
United States | ||||||||
Excess of net book basis over remaining tax basis | $ | (30,349 | ) | $ | (299,136 | ) | ||
Other | (1,796 | ) | (2,420 | ) | ||||
Non-United States | ||||||||
Excess of net book basis over remaining tax basis | (5,474 | ) | (4,780 | ) | ||||
Other | (1,272 | ) | (1,342 | ) | ||||
Deferred tax liabilities | (38,891 | ) | (307,678 | ) | ||||
Net deferred tax liabilities | $ | (8,601 | ) | $ | (35,645 | ) | ||
Successor 2021 | Predecessor 2020 | |||||||
Deferred tax assets | ||||||||
United States | ||||||||
Net operating loss carry forwards | $ | 3,485 | $ | 79,047 | ||||
Disallowed interest deduction carryforwards | 0 | 62,337 | ||||||
Deferred pension plan amounts | 3,427 | 10,568 | ||||||
Accrued expenses not currently deductible | 5,780 | 5,625 | ||||||
Other | 121 | 3,178 | ||||||
Non-United States | ||||||||
Net operating loss carry forwards | 1,013,281 | 47,187 | ||||||
Transition attribute | 888,962 | 0 | ||||||
Tax credits carryover | 23,849 | 0 | ||||||
Disallowed interest deduction carryforwards | 13,625 | 13,625 | ||||||
Deferred pension plan amounts | 0 | 558 | ||||||
Accrued expenses not currently deductible | 170 | 0 | ||||||
Deferred tax assets | 1,952,700 | 222,125 | ||||||
Less: valuation allowance | (1,899,092 | ) | (191,835 | ) | ||||
Net deferred tax assets | $ | 53,608 | $ | 30,290 | ||||
Deferred tax liabilities | ||||||||
United States | ||||||||
Excess of net book basis over remaining tax basis | $ | 0 | $ | (30,349 | ) | |||
Contract asset | (10,067 | ) | 0 | |||||
Deferred revenue | (3,438 | ) | 0 | |||||
Other | (1,116 | ) | (1,796 | ) | ||||
Non-United States | ||||||||
Excess of net book basis over remaining tax basis | (690 | ) | (5,474 | ) | ||||
Contract asset | (4,173 | ) | 0 | |||||
Other | (1,912 | ) | (1,272 | ) | ||||
Deferred tax liabilities | (21,396 | ) | (38,891 | ) | ||||
Net deferred tax assets (liabilities) | $ | 32,212 | $ | (8,601 | ) | |||
Year Ended December 31, | Successor | Predecessor | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||
United States | $ | (2,150,591 | ) | $ | (65,062 | ) | $ | (136,083 | ) | $ | (47,686 | ) | $ | 1,878,637 | $ | (2,150,591 | ) | $ | (65,062 | ) | ||||||||
Non-United States | (2,088,271 | ) | (844,022 | ) | (1,101,093 | ) | 150,033 | (1,624,986 | ) | (2,088,271 | ) | (844,022 | ) | |||||||||||||||
Total | $ | (4,238,862 | ) | $ | (909,084 | ) | $ | (1,237,176 | ) | $ | 102,347 | $ | 253,651 | $ | (4,238,862 | ) | $ | (909,084 | ) | |||||||||
Year Ended December 31, | Successor | Predecessor | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||
Current- United States | $ | (257,552 | ) | $ | (34,726 | ) | $ | (56,574 | ) | $ | (33,323 | ) | $ | 0 | $ | (257,552 | ) | $ | (34,726 | ) | ||||||||
Current- Non-United States | 23,474 | 14,011 | 18,348 | 67,952 | 922 | 23,474 | 14,011 | |||||||||||||||||||||
Deferred- United States | (57,514 | ) | (5,307 | ) | (67,371 | ) | (7,460 | ) | (4,689 | ) | (57,514 | ) | (5,307 | ) | ||||||||||||||
Deferred- Non-United States | 31,189 | (12,518 | ) | (1,044 | ) | (26,804 | ) | 7,190 | 31,189 | (12,518 | ) | |||||||||||||||||
Total | $ | (260,403 | ) | $ | (38,540 | ) | $ | (106,641 | ) | $ | 365 | $ | 3,423 | $ | (260,403 | ) | $ | (38,540 | ) | |||||||||
2020 | 2019 | 2018 | Successor | Predecessor | ||||||||||||||||||||||||
Gross balance at January 1, | $ | 130,837 | $ | 161,256 | $ | 174,437 | ||||||||||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||
Gross balance at beginning of period | $ | 37,156 | $ | 37,721 | $ | 130,837 | $ | 161,256 | ||||||||||||||||||||
Additions based on tax positions related to current year | 20,266 | 934 | 97 | 26,463 | 1,347 | 20,266 | 934 | |||||||||||||||||||||
Additions for tax positions of prior years | 206 | 224 | 25 | 21,465 | 0 | 206 | 224 | |||||||||||||||||||||
Reductions for tax positions of prior years | (109,330 | ) | (28,542 | ) | (12,806 | ) | (12,331 | ) | (5 | ) | (109,330 | ) | (28,542 | ) | ||||||||||||||
Expiration of statutes | (4,258 | ) | (1,629 | ) | (497 | ) | (9,310 | ) | (1,907 | ) | (4,258 | ) | (1,629 | ) | ||||||||||||||
Tax settlements | 0 | (1,406 | ) | 0 | 0 | 0 | 0 | (1,406 | ) | |||||||||||||||||||
Gross balance at December 31, | 37,721 | 130,837 | 161,256 | |||||||||||||||||||||||||
Gross balance at end of period | 63,443 | 37,156 | 37,721 | 130,837 | ||||||||||||||||||||||||
Related tax benefits | (384 | ) | (400 | ) | (1,008 | ) | (384 | ) | (384 | ) | (384 | ) | (400 | ) | ||||||||||||||
Net reserve at December 31, | $ | 37,337 | $ | 130,437 | $ | 160,248 | ||||||||||||||||||||||
Net reserve at end of period | $ | 63,059 | $ | 36,772 | $ | 37,337 | $ | 130,437 | ||||||||||||||||||||
2020 | 2019 | |||||||
Reserve for uncertain tax positions, excluding interest and penalties | $ | 37,337 | $ | 130,437 | ||||
Interest and penalties included in “Other liabilities” | 5,164 | 29,232 | ||||||
Reserve for uncertain tax positions, including interest and penalties | $ | 42,501 | $ | 159,669 | ||||
Successor | Predecessor | |||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||
Reserve for uncertain tax positions, excluding interest and penalties | $ | 63,059 | $ | 36,772 | $ | 37,337 | ||||||
Interest and penalties included in “Other liabilities” | 11,930 | 5,273 | 5,164 | |||||||||
Reserve for uncertain tax positions, including interest and penalties | $ | 74,989 | $ | 42,045 | $ | 42,501 | ||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Effect of: | ||||||||||||
Tax rates which are different than the UK and Cayman Island rates | 0.4% | 4.3% | 5.0% | |||||||||
Tax impact of asset impairment and disposition | 4.5% | 0.3% | 2.9% | |||||||||
Tax impact of restructuring | 2.1% | (4.1)% | 0 % | |||||||||
Tax impact of the tax regulation change | 0.9% | 0 % | 2.1% | |||||||||
Tax impact of valuation allowance | (4.3)% | 0.5% | (1.0)% | |||||||||
Resolution of (reserve for) tax authority audits | 2.5% | 3.2% | (0.4)% | |||||||||
Total | 6.1% | 4.2% | 8.6% | |||||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Effect of: | ||||||||||||||||
Tax rates which are different than the Cayman Islands (Successor) and UK (Predecessor) rates | 22.6 | % | 0.5 | % | 0.4 | % | 4.3 | % | ||||||||
Tax impact of asset impairment and disposition | 0 | % | 0 | % | 4.5 | % | 0.3 | % | ||||||||
Tax impact of restructuring | 0 | % | 1.0 | % | 2.1 | % | (4.1 | )% | ||||||||
Tax impact of the tax regulation change | 0 | % | 0 | % | 0.9 | % | 0 | % | ||||||||
Tax impact of valuation allowance | (25.2 | )% | 0 | % | (4.3 | )% | 0.5 | % | ||||||||
Resolution of (reserve for) tax authority audits | 2.9 | % | (0.2 | )% | 2.5 | % | 3.2 | % | ||||||||
Total | 0.3 | % | 1.3 | % | 6.1 | % | 4.2 | % | ||||||||
Years Ended December 31, | Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 62,485 | $ | 240,249 | $ | 54,898 | $ | 210,944 | ||||||||||||||||||||||||||||||||
Service cost | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 63,729 | $ | 256,417 | $ | 67,943 | $ | 266,090 | $ | 62,485 | $ | 240,249 | ||||||||||||||||||||||||||||
Interest cost | 1,877 | 7,567 | 1,814 | 8,711 | 1,228 | 5,993 | 97 | 615 | 1,877 | 7,567 | ||||||||||||||||||||||||||||||
Actuarial loss (gain) | 7,190 | 28,266 | 6,649 | 29,078 | 1,548 | (6,465 | ) | (4,366 | ) | (6,491 | ) | 7,190 | 28,266 | |||||||||||||||||||||||||||
Plan amendments | 104 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 104 | 0 | ||||||||||||||||||||||||||||||
Benefits paid | (2,261 | ) | (8,024 | ) | (2,821 | ) | (7,201 | ) | (2,456 | ) | (7,199 | ) | (138 | ) | (1,515 | ) | (2,261 | ) | (8,024 | ) | ||||||||||||||||||||
Settlements and curtailments | (3,751 | ) | (1,968 | ) | 0 | (1,283 | ) | 0 | (5,208 | ) | 0 | (2,282 | ) | (3,751 | ) | (1,968 | ) | |||||||||||||||||||||||
Foreign exchange rate changes | 2,299 | 0 | 1,945 | 0 | (983 | ) | 0 | 193 | 0 | 2,299 | 0 | |||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 67,943 | $ | 266,090 | $ | 62,485 | $ | 240,249 | ||||||||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 63,066 | $ | 243,538 | $ | 63,729 | $ | 256,417 | $ | 67,943 | $ | 266,090 | ||||||||||||||||||||||||||||
Years Ended December 31, | Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 76,429 | $ | 194,160 | $ | 68,597 | $ | 165,730 | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | 79,146 | $ | 221,743 | $ | 83,808 | $ | 222,417 | $ | 76,429 | $ | 194,160 | ||||||||||||||||||||||||||||
Actual return on plan assets | 8,741 | 36,247 | 8,282 | 35,597 | 2,998 | 12,254 | (4,763 | ) | 838 | 8,741 | 36,247 | |||||||||||||||||||||||||||||
Employer contributions | 0 | 2,002 | 0 | 1,317 | 0 | 5,240 | 0 | 2,285 | 0 | 2,002 | ||||||||||||||||||||||||||||||
Benefits paid | (2,261 | ) | (8,024 | ) | (2,821 | ) | (7,201 | ) | (2,456 | ) | (7,199 | ) | (138 | ) | (1,515 | ) | (2,261 | ) | (8,024 | ) | ||||||||||||||||||||
Settlement and curtailment | (3,751 | ) | (1,968 | ) | 0 | (1,283 | ) | 0 | (5,208 | ) | 0 | (2,282 | ) | (3,751 | ) | (1,968 | ) | |||||||||||||||||||||||
Foreign exchange rate changes | 4,650 | 0 | 2,371 | 0 | (1,223 | ) | 0 | 239 | 0 | 4,650 | 0 | |||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 83,808 | $ | 222,417 | $ | 76,429 | $ | 194,160 | ||||||||||||||||||||||||||||||||
Fair value of plan assets at end of period | $ | 78,465 | $ | 226,830 | $ | 79,146 | $ | 221,743 | $ | 83,808 | $ | 222,417 | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Non-US | US | Non-US | US | |||||||||||||
Funded status | $ | 15,865 | $ | (43,673 | ) | $ | 13,944 | $ | (46,089 | ) |
Successor Year Ended December 31, | Predecessor Year Ended December 31, | |||||||||||||||
2021 | 2020 | |||||||||||||||
Non-US | US | Non-US | US | |||||||||||||
Funded status | $ | 15,399 | $ | (16,708 | ) | $ | 15,865 | $ | (43,673 | ) |
Years Ended December 31, | Successor Year Ended December 31, | Predecessor Year Ended December 31, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||||||||
Other assets (noncurrent) | $ | 15,865 | $ | 0 | $ | 13,944 | $ | 0 | $ | 15,399 | $ | 971 | $ | 15,865 | $ | 0 | ||||||||||||||||
Other liabilities (current) | 0 | (8,169 | ) | 0 | (2,535 | ) | 0 | (67 | ) | 0 | (8,169 | ) | ||||||||||||||||||||
Other liabilities (noncurrent) | 0 | (35,504 | ) | 0 | (43,554 | ) | 0 | (17,612 | ) | 0 | (35,504 | ) | ||||||||||||||||||||
Net amount recognized | $ | 15,865 | $ | (43,673 | ) | $ | 13,944 | $ | (46,089 | ) | $ | 15,399 | $ | (16,708 | ) | $ | 15,865 | $ | (43,673 | ) | ||||||||||||
Years Ended December 31, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Non-US | US | Non-US | US | |||||||||||||
Net actuarial loss | $ | 3,108 | $ | 47,094 | $ | 4,758 | $ | 46,420 | ||||||||
Prior service cost | 0 | 0 | 0 | 0 | ||||||||||||
Deferred income tax asset | (558 | ) | (9,890 | ) | (787 | ) | (9,748 | ) | ||||||||
Accumulated other comprehensive loss | $ | 2,550 | $ | 37,204 | $ | 3,971 | $ | 36,672 | ||||||||
Successor | Predecessor | |||||||||||||||
As of December 31, 2021 | As of December 31, 2020 | |||||||||||||||
Non-US | US | Non-US | US | |||||||||||||
Net actuarial (gain) loss | $ | (369 | ) | $ | (6,496 | ) | $ | 3,108 | $ | 47,094 | ||||||
Deferred income tax asset (liability) | 112 | 1,364 | (558 | ) | (9,890 | ) | ||||||||||
Accumulated other comprehensive income (loss) | $ | (257 | ) | $ | (5,132 | ) | $ | 2,550 | $ | 37,204 | ||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | US | Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||
Interest cost | 1,877 | 7,567 | 1,814 | 8,711 | 1,747 | 8,179 | 1,228 | 5,993 | 97 | 615 | 1,877 | 7,567 | 1,814 | 8,711 | ||||||||||||||||||||||||||||||||||||||||||
Return on plan assets | (1,649 | ) | (11,676 | ) | (2,471 | ) | (10,313 | ) | (2,762 | ) | (11,914 | ) | (845 | ) | (11,648 | ) | (85 | ) | (1,239 | ) | (1,649 | ) | (11,676 | ) | (2,471 | ) | (10,313 | ) | ||||||||||||||||||||||||||||
Amortization of prior service cost | 10 | 0 | 10 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 10 | 0 | 10 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Recognized net actuarial loss | 0 | 2,866 | 0 | 2,771 | 0 | 1,642 | 0 | 0 | 0 | 281 | 0 | 2,866 | 0 | 2,771 | ||||||||||||||||||||||||||||||||||||||||||
Settlement and curtailment gains | 9 | 154 | 0 | (37 | ) | 0 | 135 | 0 | (575 | ) | 0 | 301 | 9 | 154 | 0 | (37 | ) | |||||||||||||||||||||||||||||||||||||||
Net pension benefit cost (gain) | $ | 247 | $ | (1,089 | ) | $ | (647 | ) | $ | 1,132 | $ | (1,015 | ) | $ | (1,958 | ) | $ | 383 | $ | (6,230 | ) | $ | 13 | $ | (42 | ) | $ | 247 | $ | (1,089 | ) | $ | (647 | ) | $ | 1,132 | ||||||||||||||||||||
Years Ended December 31, | Successor Years Ended December 31, | Predecessor Years Ended December 31, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||||||||
Projected benefit obligation | $ | 67,943 | $ | 266,090 | $ | 62,485 | $ | 240,249 | $ | 63,066 | $ | 243,538 | $ | 67,943 | $ | 266,090 | ||||||||||||||||
Accumulated benefit obligation | 67,943 | 266,090 | 62,485 | 240,249 | 63,066 | 243,538 | 67,943 | 266,090 | ||||||||||||||||||||||||
Fair value of plan assets | 83,808 | 222,417 | 76,429 | 194,160 | 78,465 | 226,830 | 83,808 | 222,417 |
Years Ended December 31, | Successor Years Ended December 31, | Predecessor Years Ended December 31, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||||||||
Projected benefit obligation | $ | 0 | $ | 266,090 | $ | 0 | $ | 240,249 | $ | 0 | $ | 207,059 | $ | 0 | $ | 266,090 | ||||||||||||||||
Fair value of plan assets | 0 | 222,417 | 0 | 194,160 | 0 | 189,382 | 0 | 222,417 |
Years Ended December 31, | Successor Years Ended December 31, | Predecessor Years Ended December 31, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 0 | $ | 266,090 | $ | 0 | $ | 240,249 | $ | 0 | $ | 207,059 | $ | 0 | $ | 266,090 | ||||||||||||||||
Fair value of plan assets | 0 | 222,417 | 0 | 194,160 | 0 | 189,382 | 0 | 222,417 |
Years Ended December 31, | Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | US | Non-US | US | |||||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||||||||||||||||||||||||||||
Discount Rate | 1.40 | % | 1.82%-2.60 | % | 2.10 | % | 2.56%-3.32 | % | 1.80% | 2.63% - 2.89% | 1.80% | 1.92% - 2.77% | 1.40% | 1.82% - 2.60% | ||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Successor | Predecessor | |||||||||||||||||||||||||||
Years Ended December 31, | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Years Ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||||||||||
Non-US | US | Non-US | US | Non-US | US | Non-US | Non-US | Non-US | Non-US | |||||||||||||||||||
Weighted-average assumptions used to determine periodic benefit cost: | ||||||||||||||||||||||||||||
Discount Rate | 2.10% | 2.56%-3.32% | 2.90% | 3.65%-4.29% | 2.60% | 2.84%-3.66% | 1.80 | % | 1.80 | % | 2.10 | % | 2.90 | % | ||||||||||||||
Expected long-term return on assets | 2.90% | 5.40%-6.30% | 3.70% | 5.40%-6.50% | 3.70% | 5.75%-6.50% | 1.20 | % | 1.20 | % | 2.90 | % | 3.70 | % | ||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Years Ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||||
US | US | US | US | |||||||||||||
Weighted-average assumptions used to determine periodic benefit cost: | ||||||||||||||||
Discount Rate | 1.92% - 2.77% | 1.82% - 2.60% | 2.56% - 3.32% | 3.65% - 4.29% | ||||||||||||
Expected long-term return on assets | 5.00% - 5.80% | 5.10% - 6.10% | 5.40% - 6.30% | 5.40% - 6.50% | ||||||||||||
Rate of compensation increase | N/A | N/A | N/A | N/A |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Successor: | As of December 31, 2021 | |||||||||||||||||||||||||||||||
Estimated Fair Value Measurements | Estimated Fair Value Measurements | |||||||||||||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,405 | $ | 5,405 | $ | 0 | $ | 0 | $ | 938 | $ | 938 | $ | 0 | $ | 0 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
International companies | 4,179 | 4,179 | 0 | 0 | 10,546 | 10,546 | 0 | 0 | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||
Corporate bonds | 72,407 | 72,407 | 0 | 0 | 66,981 | 66,981 | 0 | 0 | ||||||||||||||||||||||||
Other | 1,817 | 1,817 | 0 | 0 | ||||||||||||||||||||||||||||
Total | $ | 83,808 | $ | 83,808 | $ | 0 | $ | 0 | $ | 78,465 | $ | 78,465 | $ | 0 | $ | 0 | ||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Predecessor: | As of December 31, 2020 | |||||||||||||||||||||||||||||||
Estimated Fair Value Measurements | Estimated Fair Value Measurements | |||||||||||||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | 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 | $ | 0 | $ | 0 | $ | 5,405 | $ | 5,405 | $ | 0 | $ | 0 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
International companies | 26,131 | 26,131 | 0 | 0 | 4,179 | 4,179 | 0 | 0 | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||
Corporate bonds | 49,395 | 49,395 | 0 | 0 | 72,407 | 72,407 | 0 | 0 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 1,817 | 1,817 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 76,429 | $ | 76,429 | $ | 0 | $ | 0 | $ | 83,808 | $ | 83,808 | $ | 0 | $ | 0 | ||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Successor: | As of December 31, 2021 | |||||||||||||||||||||||||||||||
Estimated Fair Value Measurements | Estimated Fair Value Measurements | |||||||||||||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,727 | $ | 1,727 | $ | 0 | $ | 0 | $ | 3,718 | $ | 3,718 | $ | 0 | $ | 0 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
United States | 78,019 | 32,387 | 45,632 | 0 | 86,237 | 0 | 86,237 | 0 | ||||||||||||||||||||||||
International | 32,310 | 32,310 | 0 | 0 | ||||||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||
Corporate bonds | 83,645 | 82,669 | 976 | 0 | 103,504 | 100,342 | 3,162 | 0 | ||||||||||||||||||||||||
Municipal bonds | 0 | 0 | 0 | |||||||||||||||||||||||||||||
Treasury bonds | 26,716 | 26,716 | 0 | 0 | 33,371 | 33,371 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 222,417 | $ | 175,809 | $ | 46,608 | $ | 0 | $ | 226,830 | $ | 137,431 | $ | 89,399 | $ | 0 | ||||||||||||||||
Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Predecessor: | As of December 31, 2020 | |||||||||||||||||||||||||||||||
Estimated Fair Value Measurements | Estimated Fair Value Measurements | |||||||||||||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | 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 | $ | 0 | $ | 0 | $ | 1,727 | $ | 1,727 | $ | 0 | $ | 0 | ||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
United States | 60,422 | 21,502 | 38,920 | 0 | 78,019 | 32,387 | 45,632 | 0 | ||||||||||||||||||||||||
International | 23,470 | 23,470 | 0 | 0 | 32,310 | 32,310 | 0 | 0 | ||||||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||||||||||||||
Corporate bonds | 75,131 | 74,253 | 878 | 0 | 83,645 | 82,669 | 976 | 0 | ||||||||||||||||||||||||
Municipal bonds | 1,064 | $ | 0 | $ | 1,064 | |||||||||||||||||||||||||||
Treasury bonds | 31,819 | 31,819 | 0 | 0 | 26,716 | 26,716 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 194,160 | $ | 153,298 | $ | 40,862 | $ | 0 | $ | 222,417 | $ | 175,809 | $ | 46,608 | $ | 0 | ||||||||||||||||
Payments by Period | Payments by Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||
Estimated benefit payments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-US plans | $ | 24,311 | $ | 2,071 | $ | 2,143 | $ | 2,218 | $ | 2,296 | $ | 2,376 | $ | 13,207 | $ | 30,302 | $ | 2,514 | $ | 2,616 | $ | 2,723 | $ | 2,835 | $ | 2,951 | $ | 16,663 | ||||||||||||||||||||||||||||
US plans | 115,735 | 17,319 | 9,648 | 10,157 | 10,367 | 10,824 | 57,420 | 110,107 | 9,710 | 10,190 | 10,397 | 10,844 | 11,059 | 57,907 | ||||||||||||||||||||||||||||||||||||||||||
Total estimated benefit payments | $ | 140,046 | $ | 19,390 | $ | 11,791 | $ | 12,375 | $ | 12,663 | $ | 13,200 | $ | 70,627 | $ | 140,409 | $ | 12,224 | $ | 12,806 | $ | 13,120 | $ | 13,679 | $ | 14,010 | $ | 74,570 | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Gain/(loss) reclassified from AOCI to “Contract drilling services” costs | ||||||||
Cash flow hedges | ||||||||
Foreign currency forward contracts | $ | 0 | $ | 320 |
December 31, 2020 | 12/31/2021 (Successor) | |||||||||||||||||||||||||||||||
Estimated Fair Value Measurements | Estimated Fair Value Measurements | |||||||||||||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets — | ||||||||||||||||||||||||||||||||
Assets - | ||||||||||||||||||||||||||||||||
Marketable securities | $ | 12,326 | $ | 12,326 | $ | 0 | $ | 0 | $ | 7,645 | $ | 7,645 | $ | 0 | $ | 0 |
December 31, 2019 | 12/31/2020 (Predecessor) | |||||||||||||||||||||||||||||||
Estimated Fair Value Measurements | Estimated Fair Value Measurements | |||||||||||||||||||||||||||||||
Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Assets — | ||||||||||||||||||||||||||||||||
Assets - | ||||||||||||||||||||||||||||||||
Marketable securities | $ | 10,433 | $ | 10,433 | $ | 0 | $ | 0 | $ | 12,326 | $ | 12,326 | $ | 0 | $ | 0 |
Revenues | Long-Lived Assets as of | |||||||
Period From February 6, 2021 through December 31, 2021 | December 31, 2021 | |||||||
Australia | $ | 1,954 | $ | 20,704 | ||||
Brazil | 251 | 1,702 | ||||||
Canada | 10 | 0 | ||||||
Canary Islands | 0 | 88,092 | ||||||
Denmark | 25,119 | 18,407 | ||||||
Guyana | 244,638 | 678,852 | ||||||
Indonesia | 23,964 | 0 | ||||||
Malaysia | 0 | 7,341 | ||||||
Mauritania | 29,616 | 0 | ||||||
Mexico | 11,022 | 0 | ||||||
Norway | 20,351 | 228,687 | ||||||
Qatar | 23,247 | 20,487 | ||||||
Saudi Arabia | 75,676 | 371 | ||||||
Suriname | 62,090 | 0 | ||||||
Timor-Leste | 32,257 | 0 | ||||||
Trinidad and Tobago | 35,710 | 19,387 | ||||||
United Arab Emirates | 0 | 607 | ||||||
United Kingdom | 28,126 | 53,198 | ||||||
United States | 156,294 | 360,478 | ||||||
Other | 0 | 55 | ||||||
Total | $ | 770,325 | $ | 1,498,368 | ||||
Revenues for Year Ended December 31, | Identifiable Assets as of December 31, | |||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | ||||||||||||||||
Australia | $ | 50,434 | $ | 33,623 | $ | 0 | $ | 30,498 | $ | 244,244 | ||||||||||
Brazil | 0 | 0 | 0 | 14,184 | 8,910 | |||||||||||||||
Brunei | 0 | 0 | 3,080 | 0 | 0 | |||||||||||||||
Bulgaria | 0 | 61,525 | 84,757 | 0 | 0 | |||||||||||||||
Canada | 28,915 | 46,147 | 47,085 | 4,579 | 199,696 | |||||||||||||||
Curacao | 0 | 0 | 0 | 0 | 75,776 | |||||||||||||||
Denmark | 7,662 | 31,076 | 35,855 | 0 | 238,413 | |||||||||||||||
East Timor | 0 | 0 | 33,733 | 0 | 0 | |||||||||||||||
Egypt | 0 | 49,209 | 112,473 | 0 | 0 | |||||||||||||||
Gabon | 147 | 0 | 0 | 4,509 | 4,160 | |||||||||||||||
Guyana | 222,088 | 132,414 | 50,839 | 1,824,921 | 1,807,296 | |||||||||||||||
Malaysia | 0 | 251,497 | 91,052 | 9,199 | 30,012 | |||||||||||||||
Mexico | 0 | 0 | 0 | 1,297 | 28,032 | |||||||||||||||
Myanmar | 21,084 | 56,207 | 16,572 | 0 | 151,116 | |||||||||||||||
Qatar | 31,024 | 36,948 | 35,180 | 24,024 | 219,569 | |||||||||||||||
Saudi Arabia | 133,246 | 154,807 | 156,989 | 398,093 | 673,884 | |||||||||||||||
Singapore | 0 | 0 | 1,769 | 0 | 0 | |||||||||||||||
Suriname | 61,474 | 17,374 | (3 | ) | 585,994 | 599,659 | ||||||||||||||
Tanzania | 0 | 0 | 381 | 0 | 0 | |||||||||||||||
Trinidad and Tobago | 9,468 | 0 | 0 | 19,031 | 0 | |||||||||||||||
United Arab Emirates | 0 | 0 | (17 | ) | 52,266 | 31,150 | ||||||||||||||
United Kingdom | 180,610 | 243,063 | 194,602 | 749,416 | 1,373,524 | |||||||||||||||
United States | 209,401 | 191,548 | 218,479 | 545,926 | 2,599,057 | |||||||||||||||
Vietnam | 8,719 | 0 | 0 | 0 | 0 | |||||||||||||||
Total | $ | 964,272 | $ | 1,305,438 | $ | 1,082,826 | $ | 4,263,937 | $ | 8,284,498 | ||||||||||
Revenues | Long-Lived Assets as of | |||||||||||||||
Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | December 31, 2020 | |||||||||||||
Australia | $ | 54 | $ | 50,434 | $ | 33,623 | $ | 20,886 | ||||||||
Brazil | 0 | 0 | 0 | 4,794 | ||||||||||||
Bulgaria | 0 | 0 | 61,525 | 0 | ||||||||||||
Canada | 0 | 28,915 | 46,147 | 0 | ||||||||||||
Denmark | 0 | 7,662 | 31,076 | 0 | ||||||||||||
Egypt | 0 | 0 | 49,209 | 0 | ||||||||||||
Gabon | 0 | 147 | 0 | 0 | ||||||||||||
Guyana | 23,012 | 222,088 | 132,414 | 1,753,914 | ||||||||||||
Malaysia | 0 | 0 | 251,497 | 6,310 | ||||||||||||
Myanmar | 0 | 21,084 | 56,207 | 0 |
Revenues | Long-Lived Assets as of | |||||||||||||||
Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | December 31, 2020 | |||||||||||||
Qatar | $ | 2,263 | $ | 31,024 | $ | 36,948 | $ | 18,582 | ||||||||
Saudi Arabia | 10,745 | 133,246 | 154,807 | 301,121 | ||||||||||||
Suriname | 6,029 | 61,474 | 17,374 | 565,327 | ||||||||||||
Trinidad and Tobago | 4,995 | 9,468 | 0 | 18,355 | ||||||||||||
United Arab Emirates | 0 | 0 | 0 | 18,134 | ||||||||||||
United Kingdom | 7,142 | 180,610 | 243,063 | 674,704 | ||||||||||||
United States | 23,241 | 209,401 | 191,548 | 223,653 | ||||||||||||
Vietnam | 0 | 8,719 | 0 | 0 | ||||||||||||
Other | 0 | 0 | 0 | 130 | ||||||||||||
Total | $ | 77,481 | $ | 964,272 | $ | 1,305,438 | $ | 3,605,910 | ||||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 (1) | |||||||||||||
Royal Dutch Shell plc (“Shell”) | 13.3 | % | 30 | % | 21.7 | % | 36.5 | % | ||||||||
Exxon Mobil Corporation (“ExxonMobil”) | 39.1 | % | 29.8 | % | 26.6 | % | 13.7 | % | ||||||||
Equinor ASA (“Equinor”) | 3.1 | % | 5.2 | % | 14.3 | % | 13.1 | % | ||||||||
Saudi Arabian Oil Company (“Saudi Aramco”) | 9.8 | % | 13.9 | % | 13.8 | % | 11.9 | % |
(1) | Excluding the Noble Bully II |
Noble | Finco | Noble | ||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | Successor | Predecessor | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||
Accounts receivable | $ | 50,802 | $ | 2,057 | $ | 3,974 | $ | 19,588 | $ | 2,057 | $ | 3,974 | $ | 6,245 | $ | (41,344 | ) | $ | 50,802 | $ | 2,057 | |||||||||||||||||||
Other current assets | (866 | ) | 3,573 | (2,722 | ) | 7,830 | 4,046 | (2,700 | ) | 2,295 | 17,884 | (866 | ) | 3,573 | ||||||||||||||||||||||||||
Other assets | (2,369 | ) | 16,218 | (10,378 | ) | (800 | ) | 18,749 | (6,424 | ) | (11,650 | ) | 8,521 | (2,369 | ) | 16,218 | ||||||||||||||||||||||||
Accounts payable | 357 | (2,279 | ) | 14,955 | (11,018 | ) | (2,182 | ) | 14,795 | 11,429 | (16,819 | ) | 357 | (2,279 | ) | |||||||||||||||||||||||||
Other current liabilities | 8,582 | (4,700 | ) | (13,940 | ) | 16,055 | (4,549 | ) | (13,495 | ) | 4,312 | 11,428 | 8,582 | (4,700 | ) | |||||||||||||||||||||||||
Other liabilities | (10,941 | ) | (24,577 | ) | (26,829 | ) | (10,941 | ) | (24,577 | ) | (26,829 | ) | 32,928 | (5,846 | ) | (10,941 | ) | (24,577 | ) | |||||||||||||||||||||
Total net change in assets and liabilities | $ | 45,565 | $ | (9,708 | ) | $ | (34,940 | ) | $ | 20,714 | $ | (6,456 | ) | $ | (30,679 | ) | $ | 45,559 | $ | (26,176 | ) | $ | 45,565 | $ | (9,708 | ) | ||||||||||||||
Finco | ||||||||||||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Accounts receivable | $ | 6,245 | $ | (41,344 | ) | $ | 19,588 | $ | 2,057 | |||||||
Other current assets | (594 | ) | 19,398 | 7,830 | 4,046 | |||||||||||
Other assets | (11,618 | ) | 8,512 | (800 | ) | 18,749 | ||||||||||
Accounts payable | 15,822 | (14,061 | ) | (11,018 | ) | (2,182 | ) | |||||||||
Other current liabilities | 4,125 | 11,623 | 16,055 | (4,549 | ) | |||||||||||
Other liabilities | 32,700 | (5,936 | ) | (10,941 | ) | (24,577 | ) | |||||||||
Total net change in assets and liabilities | $ | 46,680 | $ | (21,808 | ) | $ | 20,714 | $ | (6,456 | ) | ||||||
Noble | Finco | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||
Cash paid during the period for: | ||||||||||||||||||||||||
Interest, net of amounts capitalized | $ | 138,040 | $ | 289,457 | $ | 286,506 | $ | 138,040 | $ | 289,457 | $ | 286,506 | ||||||||||||
Income taxes paid (refunded), net | (133,708 | ) | 8,181 | (107,554 | ) | (133,708 | ) | 8,181 | (107,554 | ) |
December 31, 2020 | ||||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ | 201,239 | ||
Accounts receivable | 117,179 | |||
Receivables from non-debtor affiliates | 2,921,225 | |||
Taxes receivable | 24,475 | |||
Prepaid expenses and other current assets | 58,973 | |||
Short-term notes receivable from non-debtor affiliates | 365,112 | |||
Total current assets | 3,688,203 | |||
Property and equipment, at cost | 4,728,956 | |||
Accumulated depreciation | (1,184,698 | ) | ||
Property and equipment, net | 3,544,258 | |||
Investment in non-debtor affiliates | 19,622,028 | |||
Receivables from non-debtor affiliates | 551,368 | |||
Other assets | 60,173 | |||
Total assets | $ | 27,466,030 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ | 76,190 | ||
Accounts payable to non-debtor affiliates | 36,140 | |||
Accrued payroll and related costs | 31,327 | |||
Taxes payable | 24,865 | |||
Other current liabilities | 40,652 | |||
Total current liabilities | 209,174 | |||
Deferred income taxes | 8,678 | |||
Other liabilities | 99,441 | |||
Liabilities subject to compromise, inclusive of payables to non-debtor affiliates of $6,217,729 | 10,457,372 | |||
Total liabilities | 10,774,665 | |||
Total debtors’ equity | 16,691,365 | |||
Total liabilities and debtors’ equity | $ | 27,466,030 | ||
Year Ended December 31, 2020 | ||||
Operating revenues | ||||
Contract drilling services | $ | 717,655 | ||
Reimbursables and other | 53,284 | |||
Non-debtor affiliates | 103,551 | |||
874,490 | ||||
Operating costs and expenses | ||||
Contract drilling services | 477,144 | |||
Reimbursables | 47,794 | |||
Depreciation and amortization | 372,663 | |||
General and administrative | 120,497 | |||
Pre-petition charges | 14,409 | |||
Loss on impairment | 3,914,608 | |||
4,947,115 | ||||
Operating loss | (4,072,625 | ) | ||
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (164,421 | ) | ||
Interest expense from non-debtor affiliates | (33,421 | ) | ||
Gain on extinguishment of debt, net | 17,254 | |||
Interest income and other, net | 9,548 | |||
Interest income from non-debtor affiliates | 31,751 | |||
Reorganization items, net | (23,930 | ) | ||
Loss from continuing operations before income taxes | (4,235,844 | ) | ||
Income tax benefit (provision) | 247,021 | |||
Net loss | $ | (3,988,823 | ) | |
Year Ended December 31, 2020 | ||||
Cash flows from operating activities | ||||
Net loss | $ | (3,988,823 | ) | |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||
Depreciation and amortization | 372,663 | |||
Loss on impairment | 3,914,608 | |||
Reorganization items, net | (17,366 | ) | ||
Gain on extinguishment of debt, net | (17,254 | ) | ||
Deferred income taxes | (26,435 | ) | ||
Amortization of share-based compensation | 9,169 | |||
Other costs, net | (42,020 | ) | ||
Changes in components of working capital: | ||||
Change in taxes receivable | 28,117 | |||
Net changes in other operating assets and liabilities | (274,902 | ) | ||
Net changes in other operating assets and liabilities with non-debtor affiliates | (143,759 | ) | ||
Net cash used in operating activities | (186,002 | ) | ||
Cash flows from investing activities | ||||
Capital expenditures | (148,028 | ) | ||
Proceeds from disposal of assets, net | 26,999 | |||
Net cash used in investing activities | (121,029 | ) | ||
Cash flows from financing activities | ||||
Borrowings on credit facilities | 210,000 | |||
Repayments of senior notes | (101,132 | ) | ||
Cash paid to settle equity awards | (1,010 | ) | ||
Other financing activities with non-debtor affiliates | 348,107 | |||
Taxes withheld on employee stock transactions | (418 | ) | ||
Net cash provided by financing activities | 455,547 | |||
Net increase in cash, cash equivalents and restricted cash | 148,516 | |||
Cash, cash equivalents and restricted cash, beginning of period | 73,682 | |||
Cash, cash equivalents and restricted cash, end of period | $ | 222,198 | ||
Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2020 | ||||||||||||||||
Operating revenues | $ | 281,311 | $ | 237,918 | $ | 241,836 | $ | 203,207 | ||||||||
Operating income (loss) | (1,132,555 | ) | (95,453 | ) | (18,875 | ) | (2,829,662 | ) | ||||||||
Net loss from continuing operations | (1,062,677 | ) | (42,194 | ) | (50,868 | ) | (2,822,720 | ) | ||||||||
Net loss per share from continuing operations attributable to Noble (1) | ||||||||||||||||
Basic | ||||||||||||||||
Loss from continuing operations | (4.25 | ) | (0.17 | ) | (0.20 | ) | (11.24 | ) | ||||||||
Diluted | ||||||||||||||||
Loss from continuing operations | (4.25 | ) | (0.17 | ) | (0.20 | ) | (11.24 | ) |
Noble | ||||||||||||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest, net of amounts capitalized | $ | 21,150 | $ | 0 | $ | 138,040 | $ | 289,457 | ||||||||
Income taxes paid (refunded), net (1) | (8,113 | ) | 4,385 | (133,708 | ) | 8,181 |
Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2019 | ||||||||||||||||
Operating revenues | $ | 282,888 | $ | 292,936 | $ | 275,526 | $ | 454,088 | ||||||||
Operating 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 | ) | 0 | 0 | 0 | |||||||||||
Net loss per share from continuing operations attributable to Noble (1) | ||||||||||||||||
Basic | ||||||||||||||||
Loss from continuing operations | (0.27 | ) | (0.61 | ) | (1.79 | ) | (0.13 | ) | ||||||||
Loss from discontinued operations | (0.02 | ) | 0 | 0 | 0 | |||||||||||
Diluted | ||||||||||||||||
Loss from continuing operations | (0.27 | ) | (0.61 | ) | (1.79 | ) | (0.13 | ) | ||||||||
Loss from discontinued operations | (0.02 | ) | 0 | 0 | 0 |
Finco | ||||||||||||||||
Successor | Predecessor | |||||||||||||||
Period From February 6, 2021 through December 31, 2021 | Period From January 1, 2021 through February 5, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||
Cash paid during the period for: | ||||||||||||||||
Interest, net of amounts capitalized | $ | 21,150 | $ | 0 | $ | 138,040 | $ | 289,457 | ||||||||
Income taxes paid (refunded), net (1) | (8,113 | ) | 4,385 | (133,708 | ) | 8,181 |
(1) |
Three Months Ended March 31, 2021 | ||||
Revenues | ||||
Contract drilling | $ | 26,111 | ||
Costs and expenses | ||||
Operating expenses | 35,911 | |||
General and administrative expenses | 13,694 | |||
Depreciation expense | 10,065 | |||
59,670 | ||||
Operating loss | (33,559 | ) | ||
Other income (expense) | ||||
Interest expense | (338 | ) | ||
Interest income | 12 | |||
Other expense | (366 | ) | ||
Loss before income taxes | (34,251 | ) | ||
Income tax expense | 296 | |||
Net loss | $ | (34,547 | ) | |
March 31, 2021 | ||||
Assets: | ||||
Cash and cash equivalents | $ | 64,648 | ||
Restricted cash | 6,659 | |||
Accounts receivable, net | 22,043 | |||
Materials and supplies | 14,716 | |||
Deferred costs, current | 7,180 | |||
Prepaid expenses and other current assets | 16,056 | |||
Total current assets | 131,302 | |||
Property and equipment, net | 647,098 | |||
Other assets | 11,246 | |||
Total assets | $ | 789,646 | ||
Liabilities and equity: | ||||
Accounts payable | $ | 12,473 | ||
Accrued expenses | 27,494 | |||
Deferred revenue, current | 636 | |||
Total current liabilities | 40,603 | |||
Deferred revenue | 65 | |||
Other long-term liabilities | 29,382 | |||
Total liabilities | 70,050 | |||
Equity: | ||||
Membership capital, no par value, 2,500 units authorized and issued as of March 31, 2021 | 754,143 | |||
Accumulated deficit | (34,547 | ) | ||
Total equity | 719,596 | |||
Total liabilities and equity | $ | 789,646 | ||
Membership Capital | Accumulated Deficit | Total Equity | ||||||||||||||
Units | Amount | |||||||||||||||
Balance at January 1, 2021 | 2,500 | $ | 754,143 | $ | — | $ | 754,143 | |||||||||
Net loss | — | — | (34,547 | ) | (34,547 | ) | ||||||||||
Balance at March 31, 2021 | 2,500 | $ | 754,143 | $ | (34,547 | ) | $ | 719,596 | ||||||||
Three Months Ended March 31, 2021 | ||||
Cash flow from operating activities: | ||||
Net loss | $ | (34,547 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation expense | 10,065 | |||
Amortization of deferred costs | 25 | |||
Amortization of deferred financing costs | 138 | |||
Deferred income taxes | (263 | ) | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (9,316 | ) | ||
Materials and supplies | (1,754 | ) | ||
Deferred costs | (9,006 | ) | ||
Prepaid expenses and other assets | (2,521 | ) | ||
Accounts payable and accrued expenses | (135 | ) | ||
Deferred revenue | 701 | |||
Net cash used in operating activities | (46,613 | ) | ||
Cash flow from investing activities: | ||||
Capital expenditures | (1,085 | ) | ||
Net cash used in investing activities | (1,085 | ) | ||
Net decrease in cash and cash equivalents | (47,698 | ) | ||
Cash, cash equivalents and restricted cash, beginning of period | 119,005 | |||
Cash, cash equivalents and restricted cash, end of period | $ | 71,307 | ||
March 31, 2021 | ||||
(in thousands) | ||||
Drillships and related equipment | $ | 657,164 | ||
Accumulated depreciation | (10,066 | ) | ||
Property and equipment, net | $ | 647,098 | ||
March 31, 2021 | ||||
(in thousands) | ||||
Trade receivables, net | $ | 21,436 | ||
Current contract assets | 160 | |||
Current contract liabilities (deferred revenue) | 636 | |||
Noncurrent contract liabilities (deferred revenue) | 65 |
Contract Assets | Contract Liabilities | |||||||
(in thousands) | ||||||||
Balance at January 1, 2021 | $ | 137 | $ | — | ||||
Increase due to addition of deferred revenue | — | 701 | ||||||
Increase due to demobilization revenue recognized | 23 | — | ||||||
Balance at March 31, 2021 | $ | 160 | $ | 701 |
Remaining nine months | For the years ending December 31, | |||||||||||||||||||
2021 | 2022 | 2023 | 2024 and thereafter | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Amortization of contract liabilities | $ | 482 | $ | 219 | $ | — | $ | — | $ | 701 |
Three Months Ended March 31, 2021 | ||||
(in thousands) | ||||
Lease Expense | ||||
Operating lease cost | $ | 7,371 |
March 31, 2021 | ||||||||
Carrying Value | Estimated Fair Value | |||||||
(in thousands) | ||||||||
Cash and cash equivalents | $ | 64,648 | $ | 64,648 |
Predecessor | ||||
Year Ended December 31, 2020 | ||||
Revenues | ||||
Contract drilling | $ | 197,937 | ||
Costs and expenses | ||||
Operating expenses | 242,214 | |||
General and administrative expenses | 46,161 | |||
Depreciation and amortization expense | 107,493 | |||
Pre-petition charges | 21,219 | |||
417,087 | ||||
Operating loss | (219,150 | ) | ||
Other income (expense) | ||||
Interest expense | (87,642 | ) | ||
Write-off of debt premium, net | 4,448 | |||
Loss on debt extinguishment | (1,000 | ) | ||
Reorganization items | (767,049 | ) | ||
Interest income | 1,567 | |||
Other expense | (423 | ) | ||
Loss before income taxes | (1,069,249 | ) | ||
Income tax expense | (8,367 | ) | ||
Net loss | $ | (1,077,616 | ) | |
Successor | ||||
December 31, 2020 | ||||
Assets: | ||||
Cash and cash equivalents | $ | 103,337 | ||
Restricted cash | 15,668 | |||
Accounts receivable, net | 12,727 | |||
Materials and supplies | 12,962 | |||
Prepaid expenses and other current assets | 12,544 | |||
Total current assets | 157,238 | |||
Property and equipment, net | 655,114 | |||
Other assets | 10,311 | |||
Total assets | $ | 822,663 | ||
Liabilities and equity: | ||||
Accounts payable | $ | 2,428 | ||
Accrued expenses | 36,707 | |||
Total current liabilities | 39,135 | |||
Other long-term liabilities | 29,385 | |||
Total liabilities | 68,520 | |||
Equity: | ||||
Membership capital, no par value, 2,500 units authorized and issued as of December 31, 2020 | 754,143 | |||
Total equity | 754,143 | |||
Total liabilities and equity | $ | 822,663 | ||
Membership Capital | Common Shares | Additional Paid-In Capital | Treasury Shares | Accumulated Deficit | Total Equity | |||||||||||||||||||||||||||||||
Units | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance at January 1, 2020 (Predecessor) | — | $ | — | 75,007 | $ | 751 | $ | 1,652,681 | 7,493 | $ | (652 | ) | $ | (583,949 | ) | $ | 1,068,831 | |||||||||||||||||||
Modification of unvested share-based compensation awards resulting in liability classification | — | — | — | — | (239 | ) | — | — | — | (239 | ) | |||||||||||||||||||||||||
Shares issued under share-based compensation plan | — | — | 196 | 1 | (280 | ) | (196 | ) | — | — | (279 | ) | ||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 9,303 | — | — | — | 9,303 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (1,077,616 | ) | (1,077,616 | ) | |||||||||||||||||||||||||
Elimination of Predecessor equity balances | — | — | (75,203 | ) | (752 | ) | (1,661,465 | ) | (7,297 | ) | 652 | 1,661,565 | — | |||||||||||||||||||||||
Balance at December 31, 2020 (Predecessor) | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Issuance of Successor membership interests | 2,500 | 697,267 | — | — | — | — | — | — | 697,267 | |||||||||||||||||||||||||||
Issuance of warrants | — | 56,876 | — | — | — | — | — | — | 56,876 | |||||||||||||||||||||||||||
Balance at December 31, 2020 (Successor) | 2,500 | $ | 754,143 | — | $ | — | $ | — | — | $ | — | $ | — | $ | 754,143 | |||||||||||||||||||||
Predecessor | ||||
Year Ended December 31, 2020 | ||||
Cash flow from operating activities: | ||||
Net loss | $ | (1,077,616 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization expense | 107,493 | |||
Amortization of deferred revenue | (12,090 | ) | ||
Amortization of deferred costs | 22,291 | |||
Amortization of deferred financing costs | 430 | |||
Amortization of debt (premium) discount, net | (519 | ) | ||
Interest paid-in-kind | 9,237 | |||
Write-off of debt premium, net | (4,448 | ) | ||
Deferred income taxes | 1,072 | |||
Share-based compensation expense | 9,303 | |||
Reorganization items | 751,166 | |||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 16,525 | |||
Materials and supplies | 588 | |||
Deferred costs | (14,858 | ) | ||
Prepaid expenses and other assets | 5,640 | |||
Accounts payable and accrued expenses | 29,239 | |||
Deferred revenue | 5,582 | |||
Net cash used in operating activities | (150,965 | ) | ||
Cash flow from investing activities: | ||||
Capital expenditures | (10,685 | ) | ||
Net cash used in investing activities | (10,685 | ) | ||
Cash flow from financing activities: | ||||
Payments for shares issued under share-based compensation plan | (279 | ) | ||
Proceeds from long-term debt | 50,000 | |||
Payments on long-term debt | (50,000 | ) | ||
Payments for financing costs | (3,775 | ) | ||
Net cash used in financing activities | (4,054 | ) | ||
Net decrease in cash and cash equivalents | (165,704 | ) | ||
Cash, cash equivalents and restricted cash, beginning of period | 284,709 | |||
Cash, cash equivalents and restricted cash, end of period | $ | 119,005 | ||
Balances per Consolidated Balance Sheet: | ||||
Successor | ||||
December 31, 2020 | ||||
Cash and cash equivalents | $ | 103,337 | ||
Restricted cash | 15,668 | |||
Total cash, cash equivalents and restricted cash | $ | 119,005 | ||
Year Ended December 31, 2020 | ||||
(in thousands) | ||||
Professional fees | $ | 22,143 | ||
Gain on the settlement of liabilities subject to compromise | (387,322 | ) | ||
Other claim adjustments | 1,054 | |||
Fresh start accounting adjustments | 1,131,174 | |||
Total reorganization items | $ | 767,049 | ||
Enterprise value | $ | 645,000 | ||
Plus: Cash and cash equivalents (excludes funds held in professional fee escrow of $9.9 million) | 109,143 | |||
Fair value of Successor membership capital | $ | 754,143 | ||
Enterprise value | $ | 645,000 | ||
Plus: Cash and cash equivalents (excludes funds held in professional fee escrow of $9.9 million) | 109,143 | |||
Plus: Current liabilities | 39,135 | |||
Plus: Non-current liabilities | 29,385 | |||
Reorganization value of Successor’s assets to be allocated | $ | 822,663 | ||
As of December 31, 2020 | ||||||||||||||||
(in thousands) | Predecessor | Reorganization Adjustments (1) | Fresh Start Adjustments | Successor | ||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 121,409 | $ | (18,072 | ) (2) | $ | — | $ | 103,337 | |||||||
Restricted cash | 5,806 | 9,862 | (3) | — | 15,668 | |||||||||||
Accounts receivable, net | 12,727 | — | — | 12,727 | ||||||||||||
Materials and supplies | 43,345 | — | (30,383 | ) (13) | 12,962 | |||||||||||
Deferred costs, current | 3,680 | — | (3,680 | ) (14) | — | |||||||||||
Prepaid expenses and other current assets | 23,630 | (10,877 | ) (4) | (209 | ) (15) | 12,544 | ||||||||||
Total current assets | 210,597 | (19,087 | ) | (34,272 | ) | 157,238 | ||||||||||
Property and equipment, net | 1,739,317 | — | (1,084,203 | ) (16) | 655,114 | |||||||||||
Other assets | 22,304 | 1,848 | (5) | (13,841 | ) (17) | 10,311 | ||||||||||
Total assets | $ | 1,972,218 | $ | (17,239 | ) | $ | (1,132,316 | ) | $ | 822,663 | ||||||
Liabilities and equity: | ||||||||||||||||
Accounts payable | $ | 2,428 | $ | — | $ | — | $ | 2,428 | ||||||||
Accrued expenses | 34,672 | 2,035 | (6) | — | 36,707 | |||||||||||
Deferred revenue, current | 933 | — | (933 | ) (18) | — | |||||||||||
Total current liabilities | 38,033 | 2,035 | (933 | ) | 39,135 | |||||||||||
Other long-term liabilities | 36,794 | (202 | ) (7) | (7,207 | ) (19) | 29,385 | ||||||||||
Total liabilities not subject to compromise | 74,827 | 1,833 | (8,140 | ) | 68,520 | |||||||||||
Liabilities subject to compromise | 1,141,465 | (1,141,465 | ) (8) | — | — | |||||||||||
Commitments and contingencies | ||||||||||||||||
Equity: | ||||||||||||||||
Membership capital | — | 754,143 | (9) | — | 754,143 | |||||||||||
Common shares | 752 | (752 | ) (10) | — | — | |||||||||||
Additional paid-in capital | 1,658,877 | 2,688 | (11) | (1,661,565 | ) (20) | — | ||||||||||
Treasury shares, at cost | (652 | ) | 652 | (10) | — | — | ||||||||||
Accumulated deficit | (903,051 | ) | 365,662 | (12) | 537,389 | (20) | — | |||||||||
Total equity | 755,926 | 1,122,393 | (1,124,176 | ) | 754,143 | |||||||||||
Total liabilities and equity | $ | 1,972,218 | $ | (17,239 | ) | $ | (1,132,316 | ) | $ | 822,663 | ||||||
(1) | Represent amounts recorded as of the Plan Effective Date for the implementation of the Plan, including, among other items, settlement of the Predecessor’s liabilities subject to compromise and issuance of the Successor’s membership interests and warrants. |
(2) | Changes in cash and cash equivalents include the following (in thousands): |
Funding of professional fee escrow | $ | (9,862 | ) | |
Payment of professional fees including success fees | (6,253 | ) | ||
Payment of deferred financing costs | (1,957 | ) | ||
Net change in cash and cash equivalents | $ | (18,072 | ) | |
(3) | Represents the funding of the professional fee escrow. |
(4) | Change in prepaid expenses and other current assets includes the following (in thousands): |
Recognition of income tax receivable related to the implementation of the Plan | $ | 124 | ||
Elimination of prepaid directors’ and officers’ insurance policies related to the Predecessor | (6,171 | ) | ||
Expensing of the prepaid backstop commitment fee on Delayed Draw Term Loan Facility | (4,000 | ) | ||
Expensing of the prepaid retention awards earned upon the Plan Effective Date | (830 | ) | ||
Net change in prepaid expenses and other current assets | $ | (10,877 | ) | |
(5) | Change in other assets include the following (in thousands): |
Payment of deferred financing costs | $ | 1,957 | ||
Accrual of deferred financing costs | 800 | |||
Reflects the net reduction of deferred tax assets related to the implementation of the Plan | (909 | ) | ||
Net change in other assets | $ | 1,848 | ||
(6) | Changes in accrued expenses include the following (in thousands): |
Accrual of professional fees - success fees | $ | 3,313 | ||
Accrual of retention awards earned upon the Plan Effective Date | 1,212 | |||
Accrual of deferred financing costs | 800 | |||
Payment of professional fees | (2,811 | ) | ||
Reduction in income tax payable related to the implementation of the Plan | (479 | ) | ||
Net change in accrued expenses | $ | 2,035 | ||
(7) | Reflects the net decrease in deferred tax liabilities related to the implementation of the Plan. |
(8) | Liabilities subject to compromise settled in accordance with the Plan and the resulting gain were determined as follows (in thousands): |
Liabilities subject to compromise | $ | 1,141,465 | ||
Issuance of Successor membership interest to creditors | (697,267 | ) | ||
Issuance of Successor warrants to creditors | (56,876 | ) | ||
Gain on settlement of liabilities subject to compromise | $ | 387,322 | ||
(9) | Represents the issuance of Successor membership interests and warrants to creditors. |
(10) | Represents the elimination of Predecessor common shares and treasury shares in accordance with the Plan. |
(11) | The increase in additional paid-in capital reflects (in thousands): |
Acceleration of incremental compensation expense for vesting of modified equity awards upon the Plan Effective Date | $ | 2,588 | ||
Elimination of Predecessor common shares and treasury shares in accordance with the Plan | 100 | |||
Net change in additional paid-in-capital | $ | 2,688 | ||
(12) | The decrease in accumulated deficit resulted from the following (in thousands): |
Gain on settlement of liabilities subject to compromise | $ | 387,322 | ||
Expensing of the prepaid backstop commitment fee on the Delayed Draw Term Loan Facility | (4,000 | ) | ||
Recognition of professional and success fees paid on Plan Effective Date | (3,442 | ) | ||
Accrual of professional fees - success fees | (3,313 | ) | ||
Elimination of prepaid directors’ and officers’ insurance policies related to the Predecessor | (6,171 | ) | ||
Acceleration of incremental compensation expense for vesting of modified equity awards upon the Plan Effective Date | (2,588 | ) | ||
Acceleration of prepaid retention awards expense earned upon the Plan Effective Date | (2,042 | ) | ||
Reduction in current income tax related to the implementation of the Plan | 603 | |||
Recognition of deferred tax expense related to the implementation of the Plan | (707 | ) | ||
Net change in accumulated deficit | $ | 365,662 | ||
(13) | Reflects the fair value adjustment of $30.4 million to the Company’s materials and supplies due to the adoption of Fresh Start Accounting. |
(14) | Reflects the elimination of current deferred costs of $3.7 million due to the adoption of Fresh Start Accounting. |
(15) | Mainly reflects the fair value adjustment to the Company’s prepaid fuel due to the adoption of Fresh Start Accounting. |
(16) | Reflects the fair value adjustment to the Company’s property and equipment, net due to the adoption of Fresh Start Accounting. A comparison of historical and new fair values is as follows: |
Successor | Predecessor | |||||||
(in thousands) | ||||||||
Drillships and related equipment | $ | 655,114 | $ | 1,966,728 | ||||
Accumulated depreciation | — | (227,411 | ) | |||||
Property and equipment, net | $ | 655,114 | $ | 1,739,317 | ||||
(17) | Reflects the elimination of deferred costs of $13.6 million and reduction in deferred tax balances of $0.2 million due to the adoption of Fresh Start Accounting. |
(18) | Mainly reflects the elimination of deferred revenue due to the adoption of Fresh Start Accounting. |
(19) | Represents the adjustment to deferred tax balances as a result of adopting Fresh Start Accounting. |
(20) | Reflects the cumulative impact of Fresh Start Accounting adjustments discussed above and the elimination of Predecessor accumulated deficit. |
Years | ||||
Drillships and related equipment (Successor) | 6-30 |
Successor | ||||
December 31, 2020 | ||||
(in thousands) | ||||
Drillships and related equipment | $ | 655,114 | ||
Accumulated depreciation | — | |||
Property and equipment, net | $ | 655,114 | ||
Successor | ||||
December 31, 2020 | ||||
(in thousands) | ||||
Debt Obligations: | ||||
Delayed Draw Term Loan Facility | $ | — | ||
Total long-term debt | $ | — | ||
Payment Date | PIK Interest | |||
(in thousands) | ||||
April 1, 2019 | $ | 16,873 | ||
October 1, 2019 | 17,429 | |||
April 1, 2020 | 18,475 |
Predecessor | ||||
Year Ended | ||||
December 31, 2020 | ||||
(in thousands) | ||||
Cayman Islands | $ | (78,783 | ) | |
Luxembourg | 210,708 | |||
United States | (23,161 | ) | ||
British Virgin Islands | (525,668 | ) | ||
Gibraltar | (222,116 | ) | ||
Hungary | (280,673 | ) | ||
Liberia | (121,751 | ) | ||
Other jurisdictions | (27,805 | ) | ||
Loss before income taxes | $ | (1,069,249 | ) | |
Predecessor | ||||
Year Ended | ||||
December 31, 2020 | ||||
(in thousands) | ||||
Current income tax expense: | ||||
Luxembourg | $ | 1,393 | ||
United States | 3,435 | |||
Other foreign | 2,467 | |||
Total current | 7,295 | |||
Deferred tax expense: | ||||
Luxembourg | 805 | |||
United States | 267 | |||
Total deferred | 1,072 | |||
Income tax expense | $ | 8,367 | ||
Predecessor | ||||
Year Ended December 31, 2020 | ||||
Statutory rate | 24.9 | % | ||
Effect of tax rates different from the Luxembourg statutory tax rate | (14.4 | )% | ||
Change in valuation allowance | (11.2 | )% | ||
Equity based compensation shortfall | (0.1 | )% | ||
Change in enacted statutory tax rates | 0.1 | % | ||
Adjustments related to prior years | (0.1 | )% | ||
Effective tax rate | (0.8 | )% | ||
Successor | ||||
December 31, 2020 | ||||
(in thousands) | ||||
Deferred tax assets: | ||||
Net operating loss carryforwards | $ | 780,498 | ||
Depreciation and amortization | 25,783 | |||
Accrued payroll expenses | 746 | |||
Deferred revenue | 40 | |||
Interest expense limitation carryforward | 13,541 | |||
Other | 305 | |||
Deferred tax assets | 820,913 | |||
Less: valuation allowance | (814,350 | ) | ||
Total deferred tax assets | $ | 6,563 | ||
Deferred tax liabilities: | ||||
Depreciation and amortization | $ | (35 | ) | |
Other | (906 | ) | ||
Total deferred tax liabilities | $ | (941 | ) | |
Net deferred tax assets | $ | 5,622 | ||
Successor | ||||
December 31, 2020 | ||||
(in thousands) | ||||
Deferred tax assets: | ||||
Net operating loss carryforwards | $ | 780,498 | ||
Depreciation and amortization | 25,783 | |||
Accrued payroll expenses | 746 | |||
Deferred revenue | 40 | |||
Interest expense limitation carryforward | 13,541 | |||
Other | 305 | |||
Deferred tax assets | 820,913 | |||
Less: valuation allowance | (814,350 | ) | ||
Total deferred tax assets | $ | 6,563 | ||
Deferred tax liabilities: | ||||
Depreciation and amortization | $ | (35 | ) | |
Other | (906 | ) | ||
Total deferred tax liabilities | $ | (941 | ) | |
Net deferred tax assets | $ | 5,622 | ||
Successor | ||||
December 31, 2020 | ||||
(in thousands) | ||||
Trade receivables, net | $ | 12,138 | ||
Current contract assets | 137 |
Contract Assets | Contract Liabilities | |||||||
(in thousands) | ||||||||
Balance at January 1, 2020 | $ | — | $ | 7,567 | ||||
Decrease due to amortization of deferred revenue | — | (12,090 | ) | |||||
Increase due to billings related to mobilization revenue and capital upgrades | — | 5,581 | ||||||
Increase due to demobilization revenue recognized | 5,125 | — | ||||||
Decrease due to billing of demobilization fee | (5,000 | ) | — | |||||
Decrease due to Fresh start accounting adjustments (Note 3) | — | (1,070 | ) | |||||
Transfers between balances | 12 | 12 | ||||||
Balance at December 31, 2020 | $ | 137 | $ | — |
Predecessor | ||||
Year Ended December 31, 2020 | ||||
(in thousands) | ||||
Lease Expense | ||||
Operating lease cost | $ | 28,644 | ||
Supplemental Cash Flows Information | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | 1,348 | |||
Right-of-use | ||||
Operating leases | — |
Predecessor | ||||
Year Ended December 31, 2020 | ||||
(in thousands) | ||||
Operating expenses | $ | 1,927 | ||
General and administrative expenses | 7,376 | |||
Share-based compensation expense | 9,303 | |||
Tax benefit (a) | (1,316 | ) | ||
Total | $ | 7,987 | ||
(a) | The effects of tax benefit from share-based compensation expense are included within income tax expense in our consolidated statement of operations. |
Number of Restricted Share Units | Weighted-Average Grant-Date Fair Value | |||||||
(in thousands) | (per share) | |||||||
Nonvested — January 1, 2020 (Predecessor) | 1,223 | $ | 14.15 | |||||
Granted | 119 | 0.53 | ||||||
Vested | (258 | ) | 14.88 | |||||
Cancelled or forfeited | (1,084 | ) | 12.48 | |||||
Nonvested — December 31, 2020 (Predecessor) | — | $ | — | |||||
Number of Performance Share Units | Weighted-Average Grant-Date FairValue | |||||||
(in thousands) | (per share) | |||||||
Nonvested — January 1, 2020 (Predecessor) | 375 | $ | 15.43 | |||||
Granted | 319 | 0.55 | ||||||
Vested | — | — | ||||||
Cancelled or forfeited | (694 | ) | 8.59 | |||||
Nonvested — December 31, 2020 (Predecessor) | — | $ | — | |||||
Successor | ||||||||
December 31, 2020 | ||||||||
Carrying Value | Estimated Fair Value | |||||||
(in thousands) | ||||||||
Cash and cash equivalents | $ | 103,337 | $ | 103,337 | ||||
New 2L Warrants | 56,876 | 56,876 |
Predecessor | ||||
Year Ended December 31, 2020 | ||||
Petronas | 29.4 | % | ||
Total | 23.2 | % | ||
Equinor | 19.7 | % | ||
Eni | 13.2 | % | ||
Chevron | 11.7 | % | ||
Murphy | 2.8 | % |
Predecessor | ||||
Year Ended December 31, 2020 | ||||
United States | 54.6 | % | ||
Mauritania | 29.4 | % | ||
Oman | 13.2 | % | ||
Mexico | 2.8 | % |
Successor | ||||
December 31, 2020 | ||||
(in thousands) | ||||
Assets | $ | 157 | ||
Liabilities | (121 | ) | ||
Net carrying amount | $ | 36 |
For the 9 months ended 30 September | ||||||||||||
Notes | 2021 | 2020 | ||||||||||
USD million | ||||||||||||
Revenue | 1.1, 1.2 | 946 | 810 | |||||||||
Cost of sales (exclusive of depreciation and amortisation shown separately below) | (669 | ) | (601 | ) | ||||||||
Special items | 1.3 | (14 | ) | (38 | ) | |||||||
Depreciation and amortisation | (167 | ) | (231 | ) | ||||||||
Impairment reversals (losses), net | 1.4 | 11 | (1,504 | ) | ||||||||
Gain/(loss) on sale of non-current assets | 1.5 | 18 | (2 | ) | ||||||||
Share of results in joint ventures | (1 | ) | (1 | ) | ||||||||
Profit/loss before financial items | 124 | (1,567 | ) | |||||||||
Financial expenses, net | (46 | ) | (54 | ) | ||||||||
Profit/loss before tax | 78 | (1,621 | ) | |||||||||
Tax | (18 | ) | 23 | |||||||||
Profit/loss for the period | 60 | (1,598 | ) | |||||||||
Earnings in USD per share of DKK 10 for the period | 1.6 | 1.5 | (38.6 | ) | ||||||||
Diluted earnings in USD per share of DKK 10 for the period | 1.6 | 1.4 | (38.6 | ) |
For the 9 months ended 30 September | ||||||||
2021 | 2020 | |||||||
USD million | ||||||||
Profit/loss for the period | 60 | (1,598 | ) | |||||
Cash flow hedges: | ||||||||
Value adjustment of hedges | (5 | ) | (24 | ) | ||||
Reclassified to income statement | 8 | 11 | ||||||
Total items that have or will be reclassified to the income statement | 3 | (13 | ) | |||||
Other comprehensive income, net of tax | 3 | (13 | ) | |||||
Total comprehensive income for the period | 63 | (1,611 | ) | |||||
For the 9 months ended 30 September | ||||||||
2021 | 2020 | |||||||
USD million | ||||||||
Profit/loss before financial items | 124 | (1,567 | ) | |||||
Depreciation, amortisation and impairment reversals (losses), net | 156 | 1,735 | ||||||
Gain/loss on sale of non-current assets | (18 | ) | 2 | |||||
Change in working capital | (43 | ) | 1 | |||||
Change in provisions | (11 | ) | 12 | |||||
Other non-cash items | 4 | 2 | ||||||
Taxes paid | (23 | ) | (23 | ) | ||||
Cash flow from operating activities | 189 | 162 | ||||||
Purchase of intangible assets and property, plant and equipment | (61 | ) | (154 | ) | ||||
Sale of property, plant and equipment | 32 | 38 | ||||||
Other financial investments | (1 | ) | (1 | ) | ||||
Cash flow used for investing activities | (30 | ) | (117 | ) | ||||
Interest received | — | 2 | ||||||
Interest paid | (41 | ) | (50 | ) | ||||
Repayment of borrowings | (115 | ) | (103 | ) | ||||
Purchase of treasury shares | — | (5 | ) | |||||
Cash flow from financing activities | (156 | ) | (156 | ) | ||||
Net cash flow for the period | 3 | (111 | ) | |||||
Cash and bank balances 1 January | 226 | 310 | ||||||
Currency translation effect on cash and bank balances | (2 | ) | (1 | ) | ||||
Cash and bank balances, end of period | 227 | 198 | ||||||
30 September | ||||||||||||
Note | 2021 | 2020 | ||||||||||
USD million | ||||||||||||
Assets | ||||||||||||
Intangible assets | 12 | 16 | ||||||||||
Property, plant and equipment | 2,812 | 3,156 | ||||||||||
Right-of-use | 25 | 30 | ||||||||||
Financial non-current assets | 5 | 5 | ||||||||||
Deferred tax | 18 | 21 | ||||||||||
Total non-current assets | 2,872 | 3,228 | ||||||||||
Trade receivables | 260 | 224 | ||||||||||
Tax receivables | 21 | 10 | ||||||||||
Other receivables | 58 | 54 | ||||||||||
Prepayments | 59 | 85 | ||||||||||
Receivables, etc. | 398 | 373 | ||||||||||
Cash and bank balances | 227 | 198 | ||||||||||
Assets held for sale | 1.5 | 139 | — | |||||||||
Total current assets | 764 | 571 | ||||||||||
Total assets | 3,636 | 3,799 | ||||||||||
Equity and liabilities | ||||||||||||
Share capital | 63 | 63 | ||||||||||
Reserves and retained earnings | 2,020 | 2,003 | ||||||||||
Total equity | 2,083 | 2,066 | ||||||||||
Borrowings, non-current | 1,039 | 1,180 | ||||||||||
Provisions | 5 | 2 | ||||||||||
Deferred tax | 15 | 9 | ||||||||||
Derivatives | 22 | 38 | ||||||||||
Other non-current liabilities | 42 | 49 | ||||||||||
Total non-current liabilities | 1,081 | 1,229 | ||||||||||
Borrowings, current | 136 | 137 | ||||||||||
Provisions | 4 | 24 | ||||||||||
Trade payables | 172 | 152 | ||||||||||
Tax payables | 68 | 74 | ||||||||||
Other payables | 54 | 56 | ||||||||||
Deferred income | 38 | 61 | ||||||||||
Other current liabilities | 336 | 367 | ||||||||||
Total current liabilities | 472 | 504 | ||||||||||
Total liabilities | 1,553 | 1,733 | ||||||||||
Total equity and liabilities | 3,636 | 3,799 | ||||||||||
Share Capital | Hedge Reserve | Retained Earnings | Total Equity | |||||||||||||
USD million | ||||||||||||||||
Equity 1 January 2021 | 63 | (30 | ) | 1,984 | 2,017 | |||||||||||
Other comprehensive income, net of tax | — | 3 | — | 3 | ||||||||||||
Profit for the period | — | — | 60 | 60 | ||||||||||||
Total comprehensive income for the period | — | 3 | 60 | 63 | ||||||||||||
Value of share-based payments | — | — | 3 | 3 | ||||||||||||
Total transactions with shareholders | — | — | 3 | 3 | ||||||||||||
Equity 30 September 2021 | 63 | (27 | ) | 2,047 | 2,083 | |||||||||||
Equity 1 January 2020 | 63 | (23 | ) | 3,640 | 3,680 | |||||||||||
Other comprehensive income, net of tax | — | (13 | ) | — | (13 | ) | ||||||||||
Loss for the period | — | — | (1,598 | ) | (1,598 | ) | ||||||||||
Total comprehensive income for the period | — | (13 | ) | (1,598 | ) | (1,611 | ) | |||||||||
Value of share-based payments | — | — | 2 | 2 | ||||||||||||
Purchase of own shares | (5 | ) | (5 | ) | ||||||||||||
Total transactions with shareholders | — | — | (3 | ) | (3 | ) | ||||||||||
Equity 30 September 2020 | 63 | (36 | ) | 2,039 | 2,066 | |||||||||||
For the 9 months ended 30 September | ||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||
North Sea | International | Unallocated Activities | Total | North Sea | International | Unallocated Activities | Total | |||||||||||||||||||||||||
USD million | ||||||||||||||||||||||||||||||||
Revenue | 496 | 429 | 21 | 946 | 453 | 335 | 22 | 810 | ||||||||||||||||||||||||
EBITDA before special items | 200 | 68 | — | — | 198 | 2 | — | — | ||||||||||||||||||||||||
Depreciation and amortisation | (96 | ) | (63 | ) | (8 | ) | (167 | ) | (142 | ) | (75 | ) | (14 | ) | (231 | ) | ||||||||||||||||
Impairment reversals (losses), net | 11 | — | — | 11 | (637 | ) | (847 | ) | (20 | ) | (1,504 | ) | ||||||||||||||||||||
Investments in non-current assets | 22 | 28 | 10 | 60 | 55 | 82 | 3 | 140 | ||||||||||||||||||||||||
Non-current assets(1) | 1,615 | 1,126 | 83 | 2,824 | 1,941 | 1,166 | 65 | 3,172 |
For the 9 months ended 30 September | ||||||||
2021 | 2020 | |||||||
USD million | ||||||||
Profit/Loss for the year | 60 | (1,598 | ) | |||||
Adjustments: | ||||||||
Tax expenses | 18 | (23 | ) | |||||
Financial expenses, net | 46 | 54 | ||||||
Share of results in joint ventures | 1 | 1 | ||||||
Gain (loss) on sale of non-current assets | (18 | ) | 2 | |||||
Impairment reversals (losses), net | (11 | ) | 1,504 | |||||
Depreciation and amortisation | 167 | 231 | ||||||
Special items | 14 | 38 | ||||||
EBITDA from unallocated activities | (9 | ) | (9 | ) | ||||
EBITDA before special items | 268 | 200 | ||||||
For the 9 months ended 30 September 2021 | ||||||||||||||||
North Sea | International | Other | Total | |||||||||||||
USD million | ||||||||||||||||
Geographical split | ||||||||||||||||
Denmark | 7 | — | 2 | 9 | ||||||||||||
Norway | 372 | — | — | 372 | ||||||||||||
United Kingdom | 97 | — | — | 97 | ||||||||||||
The Netherlands | 20 | — | — | 20 | ||||||||||||
Angola | — | 67 | — | 67 | ||||||||||||
Australia | — | 75 | — | 75 | ||||||||||||
Azerbaijan | — | 37 | — | 37 | ||||||||||||
Ghana | — | 44 | — | 44 | ||||||||||||
Suriname | — | 97 | — | 97 | ||||||||||||
Trinidad | — | 49 | — | 49 | ||||||||||||
Other | — | 60 | 19 | 79 | ||||||||||||
Total | 496 | 429 | 21 | 946 | ||||||||||||
Composition of revenue | ||||||||||||||||
Day rate revenue | 399 | 339 | 19 | 757 | ||||||||||||
Other revenue | 97 | 90 | 2 | 189 | ||||||||||||
Total | 496 | 429 | 21 | 946 | ||||||||||||
Type of revenue | ||||||||||||||||
Services component | 260 | 296 | 15 | 571 | ||||||||||||
Lease component | 236 | 133 | 6 | 375 | ||||||||||||
Total | 496 | 429 | 21 | 946 | ||||||||||||
For the 9 months ended 30 September 2020 | ||||||||||||||||
North Sea | International | Other | Total | |||||||||||||
USD million | ||||||||||||||||
Geographical split | ||||||||||||||||
Denmark | 20 | — | 2 | 22 | ||||||||||||
Norway | 310 | — | 1 | 311 | ||||||||||||
United Kingdom | 94 | — | — | 94 | ||||||||||||
The Netherlands | 29 | — | — | 29 | ||||||||||||
Angola | — | 36 | — | 36 | ||||||||||||
Australia | — | 46 | — | 46 | ||||||||||||
Egypt | — | 28 | — | 28 | ||||||||||||
Azerbaijan | — | 83 | ��� | 83 | ||||||||||||
Ghana | — | 59 | — | 59 | ||||||||||||
Suriname | — | 4 | — | 4 | ||||||||||||
Trinidad | — | 20 | — | 20 | ||||||||||||
Mexico | — | 35 | — | 35 | ||||||||||||
Myanmar | — | 24 | — | 24 | ||||||||||||
Other | — | — | 19 | 19 | ||||||||||||
Total | 453 | 335 | 22 | 810 | ||||||||||||
Composition of revenue | ||||||||||||||||
Day rate revenue | 403 | 285 | 17 | 705 | ||||||||||||
Other revenue | 50 | 50 | 5 | 105 | ||||||||||||
Total | 453 | 335 | 22 | 810 | ||||||||||||
Type of revenue | ||||||||||||||||
Services component | 211 | 252 | 19 | 482 | ||||||||||||
Lease component | 242 | 83 | 3 | 328 | ||||||||||||
Total | 453 | 335 | 22 | 810 | ||||||||||||
For the 9 months ended 30 September | ||||||||
2021 | 2020 | |||||||
USD million | ||||||||
Transformation and restructuring costs | 1 | 23 | ||||||
COVID-19 costs not recharged to customers | 13 | 15 | ||||||
Special items, costs | 14 | 38 | ||||||
For the 9 months ended 30 September 2020 | ||||||||
Impairment losses | Recoverable amount | |||||||
USD million | ||||||||
Cash generating units | ||||||||
North-sea | 637 | 1,961 | ||||||
International | 847 | 1,202 | ||||||
Benign jack-ups | 20 | 68 | ||||||
Total | 1,504 | |||||||
For the 9 months ended 30 September | ||||||||
2021 | 2020 | |||||||
USD million | ||||||||
Gains | 18 | — | ||||||
Losses | — | 2 | ||||||
Gain/loss on sale of non-current assets, net | 18 | (2 | ) | |||||
Carrying amount of non-current assets | 14 | 40 | ||||||
Gain/loss on sale of non-current asset | 18 | (2 | ) | |||||
Cash flow from sale of non-current assets | 32 | 38 | ||||||
Carrying amount of assets held for sale | 139 | — | ||||||
Notes | 2021 | 2020 | 2019 | |||||||||||||
USD million | ||||||||||||||||
Revenue | 1.1, 1.2 | 1,267 | 1,096 | 1,222 | ||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 1.3 | (921 | ) | (807 | ) | (807 | ) | |||||||||
Special items | 1.4 | (21 | ) | (42 | ) | (16 | ) | |||||||||
Depreciation and amortization | 2.1, 2.2, 2.3 | (213 | ) | (286 | ) | (387 | ) | |||||||||
Impairment (losses)/reversals | 2.4 | 11 | (1,580 | ) | (34 | ) | ||||||||||
Gain/(loss) on sale of non-current assets | 1.7 | 256 | (2 | ) | 8 | |||||||||||
Share of results in joint ventures | (1 | ) | (1 | ) | (2 | ) | ||||||||||
Profit/loss before financial items | 378 | (1,622 | ) | (16 | ) | |||||||||||
Financial income | 1.5 | 14 | 15 | 26 | ||||||||||||
Financial expenses | 1.5 | (75 | ) | (87 | ) | (94 | ) | |||||||||
Profit/loss before tax | 317 | (1,694 | ) | (84 | ) | |||||||||||
Tax | 1.6 | (26 | ) | 41 | (29 | ) | ||||||||||
Profit/loss for the year | 291 | (1,653 | ) | (113 | ) | |||||||||||
Earnings in USD per share of DKK 10 for the year | 4.1 | 7.0 | (39.9 | ) | (2.7 | ) | ||||||||||
Diluted earnings in USD per share of DKK 10 for the year | 4.1 | 7.0 | (39.9 | ) | (2.7 | ) |
Notes | 2020 | 2019 | 2018 | |||||||||||||
(audited) | (audited) | (unaudited) | ||||||||||||||
USD million | ||||||||||||||||
Revenue | 1.1, 1.2 | 1,096 | 1,222 | 1,429 | ||||||||||||
Costs of sales (exclusive of depreciation and amortisation shown separately below) | 1.3 | (807 | ) | (807 | ) | (818 | ) | |||||||||
Special items | 1.4 | (42 | ) | (16 | ) | (16 | ) | |||||||||
Depreciation and amortisation | 2.1, 2.2, 2.3 | (286 | ) | (387 | ) | (403 | ) | |||||||||
Impairment (losses)/reversals | 2.4 | (1,580 | ) | (34 | ) | 810 | ||||||||||
Gain/(loss) on sale of non-current assets | (2 | ) | 8 | — | ||||||||||||
Share of results in joint ventures | (1 | ) | (2 | ) | (1 | ) | ||||||||||
Profit/loss before financial items | (1,622 | ) | (16 | ) | 1,001 | |||||||||||
Financial expenses, net | 1.5 | (72 | ) | (68 | ) | (12 | ) | |||||||||
Profit/loss before tax | (1,694 | ) | (84 | ) | 989 | |||||||||||
Tax | 1.6 | 41 | (29 | ) | (48 | ) | ||||||||||
Profit/loss for the year | (1,653 | ) | (113 | ) | 941 | |||||||||||
Earnings in USD per share of DKK 10 for the year | 4.1 | (39.9 | ) | (2.7 | ) | 22.7 | ||||||||||
Diluted earnings in USD per share of DKK 10 for the year | 4.1 | (39.9 | ) | (2.7 | ) | 22.7 |
Notes | 2021 | 2020 | 2019 | |||||||||||||
USD million | ||||||||||||||||
Profit/loss for the year | 291 | (1,653 | ) | (113 | ) | |||||||||||
Cash flow hedges: | ||||||||||||||||
Value adjustment of hedges for the year | 3.5 | (3 | ) | (20 | ) | (29 | ) | |||||||||
Reclassified to income statement | 11 | 13 | 8 | |||||||||||||
Total items that have or will be reclassified to the income statement | 8 | (7 | ) | (21 | ) | |||||||||||
Actuarial gains/losses on defined benefit plans, etc. | — | — | (2 | ) | ||||||||||||
Total items that will not be reclassified to the income statement | — | — | (2 | ) | ||||||||||||
Other comprehensive income, net of tax | 8 | (7 | ) | (23 | ) | |||||||||||
Total comprehensive income for the year | 299 | (1,660 | ) | (136 | ) | |||||||||||
Notes | 2020 | 2019 | 2018 | |||||||||||||
(audited) | (audited) | (unaudited) | ||||||||||||||
USD million | ||||||||||||||||
Profit/loss for the year | (1,653 | ) | (113 | ) | 941 | |||||||||||
Cash flow hedges: | ||||||||||||||||
Value adjustment of hedges for the year | 3.5 | (20 | ) | (29 | ) | (5 | ) | |||||||||
Reclassified to income statement | 13 | 8 | 2 | |||||||||||||
Total items that have or will be reclassified to the income statement | (7 | ) | (21 | ) | (3 | ) | ||||||||||
Actuarial gains/losses on defined benefit plans, etc. | — | (2 | ) | — | ||||||||||||
Total items that will not be reclassified to the income statement | — | (2 | ) | — | ||||||||||||
Other comprehensive income, net of tax | (7 | ) | (23 | ) | (3 | ) | ||||||||||
Total comprehensive income for the year | (1,660 | ) | (136 | ) | 938 | |||||||||||
Notes | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | Notes | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||
Profit/loss before financial items | (1,622 | ) | (16 | ) | 1,001 | 378 | (1,622 | ) | (16 | ) | ||||||||||||||||||||||
Depreciation, amortisation and impairment losses/reversals, net | 2.1, 2.2, 2.3, 2.4 | 1,866 | 421 | (407 | ) | |||||||||||||||||||||||||||
Depreciation, amortization and impairment losses/reversals, net | | 2.1, 2.2, 2.3, 2.4 | | 202 | 1,866 | 421 | ||||||||||||||||||||||||||
Gain on sale of non-current assets | — | (8 | ) | — | 1.7 | (256 | ) | — | (8 | ) | ||||||||||||||||||||||
Loss on sale of non-current assets | 2 | — | — | — | 2 | — | ||||||||||||||||||||||||||
Change in working capital | 2.11 | 27 | 57 | 11 | 2.11 | (8 | ) | 27 | 57 | |||||||||||||||||||||||
Change in provisions | 5 | (13 | ) | 16 | (14 | ) | 5 | (13 | ) | |||||||||||||||||||||||
Other non-cash items | (2 | ) | 3 | — | 6 | (2 | ) | 3 | ||||||||||||||||||||||||
Taxes paid, net | (9 | ) | (24 | ) | (28 | ) | 7 | (9 | ) | (24 | ) | |||||||||||||||||||||
Cash flow from operating activities | 267 | 420 | 593 | 315 | 267 | 420 | ||||||||||||||||||||||||||
Purchase of property, plant and equipment | 2.11 | (186 | ) | (307 | ) | (155 | ) | 2.11 | (101 | ) | (186 | ) | (307 | ) | ||||||||||||||||||
Sale of property, plant and equipment | 38 | 8 | 21 | 1.7 | 405 | 38 | 8 | |||||||||||||||||||||||||
Other financial investments | (2 | ) | (4 | ) | (2 | ) | (3 | ) | (2 | ) | (4 | ) | ||||||||||||||||||||
Cash flow used for investing activities | (150 | ) | (303 | ) | (136 | ) | ||||||||||||||||||||||||||
Cash flow from/used for investing activities | 301 | (150 | ) | (303 | ) | |||||||||||||||||||||||||||
Interest received | 2 | 6 | 47 | — | 2 | 6 | ||||||||||||||||||||||||||
Interest paid | (64 | ) | (83 | ) | (63 | ) | (54 | ) | (64 | ) | (83 | ) | ||||||||||||||||||||
Proceedings from borrowings | — | — | 1,470 | |||||||||||||||||||||||||||||
Repayment of borrowings | 3.3 | (137 | ) | (103 | ) | (262 | ) | 3.3 | (229 | ) | (137 | ) | (103 | ) | ||||||||||||||||||
Purchase of treasury shares | (5 | ) | — | — | — | (5 | ) | — | ||||||||||||||||||||||||
Dividends distributed | — | — | (1,326 | ) | ||||||||||||||||||||||||||||
Cash flow from financing activities | (204 | ) | (180 | ) | (134 | ) | ||||||||||||||||||||||||||
Cash flow used for financing activities | (283 | ) | (204 | ) | (180 | ) | ||||||||||||||||||||||||||
Net cash flow for the year | (87 | ) | (63 | ) | 323 | 333 | (87 | ) | (63 | ) | ||||||||||||||||||||||
Cash and bank balances 1 January | 310 | 372 | 49 | |||||||||||||||||||||||||||||
Cash and bank balances January 1 | 226 | 310 | 372 | |||||||||||||||||||||||||||||
Currency translation effect on cash and bank balances | 3 | 1 | 0 | (2 | ) | 3 | 1 | |||||||||||||||||||||||||
Cash and bank balances 31 December | 226 | 310 | 372 | |||||||||||||||||||||||||||||
Cash and bank balances December | 557 | 226 | 310 | |||||||||||||||||||||||||||||
Notes | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | Notes | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||
Intangible assets | 2.1 | 15 | 31 | 56 | 2.1 | 14 | 15 | 31 | ||||||||||||||||||||||||
Property, plant and equipment | 2.2, 2.4 | 3,053 | 4,731 | 4,849 | 2.2, 2.4 | 2,813 | 3,053 | 4,731 | ||||||||||||||||||||||||
Right-of-use | 2.3 | 28 | 31 | — | 2.3 | 23 | 28 | 31 | ||||||||||||||||||||||||
Financial non-current assets | 6 | 5 | 3 | 6 | 6 | 5 | ||||||||||||||||||||||||||
Deferred tax | 2.5 | 15 | 3 | 2 | 2.5 | 17 | 15 | 3 | ||||||||||||||||||||||||
Total non-current assets | 3,117 | 4,801 | 4,910 | 2,873 | 3,117 | 4,801 | ||||||||||||||||||||||||||
Trade receivables | 3.4 | 210 | 264 | 339 | 3.4 | 238 | 210 | 264 | ||||||||||||||||||||||||
Tax receivables | 14 | 16 | — | 4 | 14 | 16 | ||||||||||||||||||||||||||
Other receivables | 2.6 | 76 | 47 | 39 | 2.6 | 54 | 76 | 47 | ||||||||||||||||||||||||
Prepayments | 2.7 | 76 | 41 | 58 | 2.7 | 56 | 76 | 41 | ||||||||||||||||||||||||
Receivables, etc. | 376 | 368 | 436 | 352 | 376 | 368 | ||||||||||||||||||||||||||
Cash and bank balances | 226 | 310 | 372 | 557 | 226 | 310 | ||||||||||||||||||||||||||
Assets held for sale | 2.2 | — | 38 | — | 2.2 | — | — | 38 | ||||||||||||||||||||||||
Total current assets | 602 | 716 | 808 | 909 | 602 | 716 | ||||||||||||||||||||||||||
Total assets | 3,719 | 5,517 | 5,718 | 3,782 | 3,719 | 5,517 | ||||||||||||||||||||||||||
Share capital | 63 | 63 | 63 | 63 | 63 | 63 | ||||||||||||||||||||||||||
Reserves and retained earnings | 1,954 | 3,617 | 3,751 | 2,257 | 1,954 | 3,617 | ||||||||||||||||||||||||||
Total equity | 2,017 | 3,680 | 3,814 | 2,320 | 2,017 | 3,680 | ||||||||||||||||||||||||||
Borrowings, non-current | 3.3 | 1,149 | 1,273 | 1,375 | 2.3, 3.3 | 926 | 1,149 | 1,273 | ||||||||||||||||||||||||
Provisions | 2.8 | 5 | 2 | 2 | 2.8 | 9 | 5 | 2 | ||||||||||||||||||||||||
Deferred tax | 2.5 | 12 | 47 | 60 | 2.5 | 27 | 12 | 47 | ||||||||||||||||||||||||
Derivatives | 3.5 | 33 | 22 | — | 3.5 | 16 | 33 | 22 | ||||||||||||||||||||||||
Other non-current liabilities | 50 | 71 | 62 | 52 | 50 | 71 | ||||||||||||||||||||||||||
Total non-current liabilities | 1,199 | 1,344 | 1,437 | 978 | 1,199 | 1,344 | ||||||||||||||||||||||||||
Borrowings, current | 3.3 | 136 | 136 | 95 | 2.3, 3.3 | 136 | 136 | 136 | ||||||||||||||||||||||||
Provisions | 15 | 13 | 26 | 2.8 | 2 | 15 | 13 | |||||||||||||||||||||||||
Trade payables | 167 | 180 | 196 | 164 | 167 | 180 | ||||||||||||||||||||||||||
Tax payables | 65 | 69 | 40 | 77 | 65 | 69 | ||||||||||||||||||||||||||
Other payables | 2.9 | 58 | 63 | 71 | 2.9 | 65 | 58 | 63 | ||||||||||||||||||||||||
Deferred income | 2.10 | 62 | 32 | 39 | 2.10 | 40 | 62 | 32 | ||||||||||||||||||||||||
Other current liabilities | 367 | 357 | 372 | 348 | 367 | 357 | ||||||||||||||||||||||||||
Total current liabilities | 503 | 493 | 467 | 484 | 503 | 493 | ||||||||||||||||||||||||||
Total liabilities | 1,702 | 1,837 | 1,904 | 1,462 | 1,702 | 1,837 | ||||||||||||||||||||||||||
Total equity and liabilities | 3,719 | 5,517 | 5,718 | 3,782 | 3,719 | 5,517 | ||||||||||||||||||||||||||
Share Capital | Hedge Reserve | Retained Earnings | Total Equity | Share Capital | Hedge Reserve | Retained Earnings | Total Equity | |||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||
2018 (unaudited) | ||||||||||||||||||||||||||||||||
Equity 1 January 2018 | 63 | 1 | 6,149 | 6,213 | ||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||||
Profit/loss for the year | — | — | 941 | 941 | ||||||||||||||||||||||||||||
Total comprehensive income for the year | — | (3 | ) | 941 | 938 | |||||||||||||||||||||||||||
Dividends to shareholders | — | — | (3,337 | ) | (3,337 | ) | ||||||||||||||||||||||||||
Total transactions with shareholders | — | — | (3,337 | ) | (3,337 | ) | ||||||||||||||||||||||||||
Equity 31 December 2018 | 63 | (2 | ) | 3,753 | 3,814 | |||||||||||||||||||||||||||
2019 (audited) | ||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Equity January 1, 2019 | 63 | (2 | ) | 3,753 | 3,814 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | (21 | ) | (2 | ) | (23 | ) | — | (21 | ) | (2 | ) | (23 | ) | ||||||||||||||||||
Profit/loss for the year | — | — | (113 | ) | (113 | ) | — | — | (113 | ) | (113 | ) | ||||||||||||||||||||
Total comprehensive income for the year | — | (21 | ) | (115 | ) | (136 | ) | — | (21 | ) | (115 | ) | (136 | ) | ||||||||||||||||||
Value of share-based payments | — | — | 3 | 3 | — | — | 3 | 3 | ||||||||||||||||||||||||
Other equity movements | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||
Total transactions with shareholders | — | — | 2 | 2 | — | — | 2 | 2 | ||||||||||||||||||||||||
Equity 31 December 2019 | 63 | (23 | ) | 3,640 | 3,680 | |||||||||||||||||||||||||||
Equity December 31, 2019 | 63 | (23 | ) | 3,640 | 3,680 | |||||||||||||||||||||||||||
2020 (audited) | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | (7 | ) | — | (7 | ) | — | (7 | ) | — | (7 | ) | ||||||||||||||||||||
Profit/loss for the year | — | — | (1,653 | ) | (1,653 | ) | — | — | (1,653 | ) | (1,653 | ) | ||||||||||||||||||||
Total comprehensive income for the year | — | (7 | ) | (1,653 | ) | (1,660 | ) | — | (7 | ) | (1,653 | ) | (1,660 | ) | ||||||||||||||||||
Value of share-based payments | — | — | 2 | 2 | — | — | 2 | 2 | ||||||||||||||||||||||||
Purchase of own shares | — | — | (5 | ) | (5 | ) | — | — | (5 | ) | (5 | ) | ||||||||||||||||||||
Total transactions with shareholders | — | — | (3 | ) | (3 | ) | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||
Equity 31 December 2020 | 63 | (30 | ) | 1,984 | 2,017 | |||||||||||||||||||||||||||
Equity December 31, 2020 | 63 | (30 | ) | 1,984 | 2,017 | |||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | 8 | — | 8 | ||||||||||||||||||||||||||||
Profit/loss for the year | — | — | 291 | 291 | ||||||||||||||||||||||||||||
Total comprehensive income for the year | — | 8 | 291 | 299 | ||||||||||||||||||||||||||||
Value of share-based payments | — | — | 4 | 4 | ||||||||||||||||||||||||||||
Total transactions with shareholders | — | — | 4 | 4 | ||||||||||||||||||||||||||||
Equity December 31, 2021 | 63 | (22 | ) | 2,279 | 2,320 | |||||||||||||||||||||||||||
Significant | Note | Potential impact from estimates and judgements on company value | ||
Useful lives and residual values of drilling rigs | 2.2 Property, plant and equipment | Low | ||
Valuation of non-current assets (impairment testing) | 2.4 Impairment test | High | ||
Measurement of deferred tax assets and uncertain tax positions | 2.5 Deferred tax | |||
Measurement of provisions | 2.8 Provisions | Low |
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
North Sea | Inter- national | Un-allocated activities | Total | North Sea | Inter- national | Un-allocated activities | Total | North Sea | Inter- national | Un-allocated activities | Total | |||||||||||||||||||||||||||||||||||||
USD million | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 656 | 583 | 28 | 1,267 | 608 | 460 | 28 | 1,096 | 800 | 395 | 27 | 1,222 | ||||||||||||||||||||||||||||||||||||
EBITDA before special items | 254 | 82 | — | — | 264 | 18 | — | — | 385 | 28 | — | — | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | (119 | ) | (83 | ) | (11 | ) | (213 | ) | (177 | ) | (91 | ) | (18 | ) | (286 | ) | (205 | ) | (157 | ) | (25 | ) | (387 | ) | ||||||||||||||||||||||||
Impairment reversals (losses), net | 11 | — | — | 11 | (714 | ) | (846 | ) | (20 | ) | (1,580 | ) | — | — | (34 | ) | (34 | ) | ||||||||||||||||||||||||||||||
Investments in non-current assets | 36 | 56 | 10 | 102 | 59 | 99 | 4 | 162 | 138 | 171 | — | 309 | ||||||||||||||||||||||||||||||||||||
Non-current assets(1) | 1,601 | 1,143 | 83 | 2,827 | 1,831 | 1,162 | 75 | 3,068 | 2,663 | 1,998 | 101 | 4,762 |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||
North Sea | Inter- national | Unallocated Activities | Total | North Sea | Inter- national | Unallocated Activities | Total | North Sea | Inter- national | Unallocated Activities | Total | |||||||||||||||||||||||||||||||||||||
USD million | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 608 | 460 | 28 | 1,096 | 800 | 395 | 27 | 1,222 | 840 | 530 | 59 | 1,429 | ||||||||||||||||||||||||||||||||||||
EBITDA before special items | 264 | 18 | — | — | 385 | 28 | — | — | 459 | 163 | — | — | ||||||||||||||||||||||||||||||||||||
Depreciation and amortisation | (177 | ) | (91 | ) | (18 | ) | (286 | ) | (205 | ) | (157 | ) | (25 | ) | (387 | ) | (184 | ) | (196 | ) | (23 | ) | (403 | ) | ||||||||||||||||||||||||
Impairment reversals (losses), net | (714 | ) | (846 | ) | (20 | ) | (1,580 | ) | — | — | (34 | ) | (34 | ) | 375 | 445 | (10 | ) | 810 | |||||||||||||||||||||||||||||
Investments in non-current assets | 59 | 99 | 4 | 162 | 138 | 171 | — | 309 | 68 | 78 | 36 | 182 | ||||||||||||||||||||||||||||||||||||
Non-current assets(1) | 1,831 | 1,162 | 75 | 3,068 | 2,663 | 1,998 | 101 | 4,762 | 2,716 | 1,997 | 192 | 4,905 |
(1) | Comprises intangible assets and property, plant and equipment. |
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
Profit/Loss for the year | 291 | (1,653 | ) | (113 | ) | |||||||
Adjustments: | ||||||||||||
Tax expenses | 26 | (41 | ) | 29 | ||||||||
Financial income | (14 | ) | (15 | ) | (26 | ) | ||||||
Financial expenses | 75 | 87 | 94 | |||||||||
Share of results in joint ventures | 1 | 1 | 2 | |||||||||
Gain/(loss) on sale of non-current assets | (256 | ) | 2 | (8 | ) | |||||||
Impairment reversals (losses), net | (11 | ) | 1,580 | 34 | ||||||||
Depreciation and amortization | 213 | 286 | 387 | |||||||||
Special items | 21 | 42 | 16 | |||||||||
EBITDA from unallocated activities | (10 | ) | (7 | ) | (2 | ) | ||||||
EBITDA before special items | 336 | 282 | 413 | |||||||||
Year ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
USD million | ||||||||||||
Profit/Loss for the year | (1,653 | ) | (113 | ) | 941 | |||||||
Adjustments: | ||||||||||||
Tax expenses | (41 | ) | 29 | 48 | ||||||||
Financial expenses, net | 72 | 68 | 12 | |||||||||
Share of results in joint ventures | 1 | 2 | 1 | |||||||||
Gain/(loss) on sale of non-current assets | 2 | (8 | ) | — | ||||||||
Impairment reversals (losses), net | 1,580 | 34 | (810 | ) | ||||||||
Depreciation and amortization | 286 | 387 | 403 | |||||||||
Special items | 42 | 16 | 16 | |||||||||
EBITDA from unallocated activities | (7 | ) | (2 | ) | 11 | |||||||
EBITDA before special items | 282 | 413 | 622 | |||||||||
Revenue | Non-current assets(1) | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | Revenue | Non-current assets(1) | |||||||||||||||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | (audited) | (audited) | (unaudited) | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||||||||||||||||||
Geographical split | ||||||||||||||||||||||||||||||||||||||||||||||||
Denmark | 34 | 37 | 69 | 748 | 304 | 253 | 8 | 34 | 37 | 496 | 748 | 304 | ||||||||||||||||||||||||||||||||||||
Norway | 424 | 559 | 630 | 1,054 | 1,912 | 1,943 | 503 | 424 | 559 | 954 | 1,054 | 1,912 | ||||||||||||||||||||||||||||||||||||
United Kingdom | 118 | 156 | 130 | 63 | 440 | 312 | 122 | 118 | 156 | 198 | 63 | 440 | ||||||||||||||||||||||||||||||||||||
United States of America | — | — | 8 | — | — | 363 | ||||||||||||||||||||||||||||||||||||||||||
The Netherlands | 35 | 52 | — | 212 | 114 | — | 25 | 35 | 52 | 76 | 212 | 114 | ||||||||||||||||||||||||||||||||||||
Angola | 62 | — | — | 134 | 328 | — | 79 | 62 | — | — | 134 | 328 | ||||||||||||||||||||||||||||||||||||
Australia | 76 | — | — | 163 | — | — | 103 | 76 | — | 157 | 163 | — | ||||||||||||||||||||||||||||||||||||
Egypt | 28 | 92 | 109 | — | 181 | 184 | — | 28 | 92 | — | — | 181 | ||||||||||||||||||||||||||||||||||||
Azerbaijan | 110 | 79 | 105 | 118 | 143 | 138 | 37 | 110 | 79 | 105 | 118 | 143 | ||||||||||||||||||||||||||||||||||||
Singapore | — | — | — | — | 208 | 74 | — | — | — | — | — | 208 | ||||||||||||||||||||||||||||||||||||
Ghana | 55 | 149 | 256 | — | 301 | 913 | 71 | 55 | 149 | 123 | — | 301 | ||||||||||||||||||||||||||||||||||||
Suriname | 19 | — | — | 135 | — | — | 131 | 19 | — | 128 | 135 | — | ||||||||||||||||||||||||||||||||||||
Trinidad | 28 | — | — | 176 | — | — | 52 | 28 | — | 145 | 176 | — | ||||||||||||||||||||||||||||||||||||
Mexico | 54 | 18 | — | — | 495 | — | — | 54 | 18 | — | — | 495 | ||||||||||||||||||||||||||||||||||||
Myanmar | 24 | 9 | — | — | 279 | — | — | 24 | 9 | — | — | 279 | ||||||||||||||||||||||||||||||||||||
Other Americas | — | — | — | — | — | 167 | ||||||||||||||||||||||||||||||||||||||||||
Brunei | 47 | 26 | — | 58 | 61 | — | ||||||||||||||||||||||||||||||||||||||||||
Guyana | 37 | — | — | 162 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other | 29 | 71 | 122 | 293 | 88 | 558 | 52 | 3 | 71 | 248 | 232 | 88 | ||||||||||||||||||||||||||||||||||||
Total | 1,096 | 1,222 | 1,429 | 3,096 | 4,793 | 4,905 | 1,267 | 1,096 | 1,222 | 2,850 | 3,096 | 4,793 | ||||||||||||||||||||||||||||||||||||
(1) | right-of-use |
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Sea | International | Other | Total | North Sea | International | Other | Total | North Sea | International | Other | Total | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | North Sea | Inter- national | Un- allocated activities | Total | North Sea | Inter- national | Un- allocated activities | Total | North Sea | Inter- national | Un- allocated activities | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Day rate revenue | 533 | 385 | 23 | 941 | 730 | 348 | 21 | 1,099 | 783 | 468 | 51 | 1,302 | 522 | 453 | 25 | 1,000 | 533 | 385 | 23 | 941 | 730 | 348 | 21 | 1,099 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other revenues | 75 | 75 | 5 | 155 | 70 | 47 | 6 | 123 | 57 | 62 | 8 | 127 | 134 | 130 | 3 | 267 | 75 | 75 | 5 | 155 | 70 | 47 | 6 | 123 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 608 | 460 | 28 | 1,096 | 800 | 395 | 27 | 1,222 | 840 | 530 | 59 | 1,429 | 656 | 583 | 28 | 1,267 | 608 | 460 | 28 | 1,096 | 800 | 395 | 27 | 1,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services component | 293 | 344 | 25 | 662 | 385 | 274 | 24 | 683 | 346 | 295 | 24 | 665 | 363 | 431 | 22 | 816 | 293 | 344 | 25 | 662 | 385 | 274 | 24 | 683 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease component | 315 | 116 | 3 | 434 | 415 | 121 | 3 | 539 | 494 | 235 | 35 | 764 | 293 | 152 | 6 | 451 | 315 | 116 | 3 | 434 | 415 | 121 | 3 | 539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 608 | 460 | 28 | 1,096 | 800 | 395 | 27 | 1,222 | 840 | 530 | 59 | 1,429 | 656 | 583 | 28 | 1,267 | 608 | 460 | 28 | 1,096 | 800 | 395 | 27 | 1,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||
Future minimum lease payments | Performance obligations | Total backlog | 2021 | |||||||||||||||||||||
(audited) | Future minimum lease payments | Performance obligations | Total backlog | |||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||
Within one year | 324 | 341 | 665 | 231 | 373 | 604 | ||||||||||||||||||
Between one and two years | 159 | 131 | 290 | 170 | 190 | 360 | ||||||||||||||||||
Between two and three years | 74 | 71 | 145 | 163 | 154 | 317 | ||||||||||||||||||
Between three and four years | 49 | 32 | 81 | 122 | 108 | 230 | ||||||||||||||||||
Between four and five years | 49 | 32 | 81 | 108 | 93 | 201 | ||||||||||||||||||
After five years | 40 | 25 | 65 | 99 | 85 | 184 | ||||||||||||||||||
Total | 695 | 632 | 1,327 | 893 | 1,003 | 1,896 | ||||||||||||||||||
2020 | ||||||||||||
Future minimum lease payments | Performance obligations | Total backlog | ||||||||||
USD million | ||||||||||||
Within one year | 324 | 341 | 665 | |||||||||
Between one and two years | 159 | 131 | 290 | |||||||||
Between two and three years | 74 | 71 | 145 | |||||||||
Between three and four years | 49 | 32 | 81 | |||||||||
Between four and five years | 49 | 32 | 81 | |||||||||
After five years | 40 | 25 | 65 | |||||||||
Total | 695 | 632 | 1,327 | |||||||||
2019 | ||||||||||||
Future minimum lease payments | Performance obligations | Total backlog | ||||||||||
USD million | ||||||||||||
Within one year | 454 | 559 | 1,013 | |||||||||
Between one and two years | 343 | 282 | 625 | |||||||||
Between two and three years | 129 | 120 | 249 | |||||||||
Between three and four years | 66 | 30 | 96 | |||||||||
Between four and five years | 61 | 18 | 79 | |||||||||
After five years | 54 | 15 | 69 | |||||||||
Total | 1,107 | 1,024 | 2,131 | |||||||||
2019 | ||||||||||||
Future minimum lease payments | Performance obligations | Total backlog | ||||||||||
(audited) | ||||||||||||
USD million | ||||||||||||
Within one year | 454 | 559 | 1,013 | |||||||||
Between one and two years | 343 | 282 | 625 | |||||||||
Between two and three years | 129 | 120 | 249 | |||||||||
Between three and four years | 66 | 30 | 96 | |||||||||
Between four and five years | 61 | 18 | 79 | |||||||||
After five years | 54 | 15 | 69 | |||||||||
Total | 1,107 | 1,024 | 2,131 | |||||||||
2018 | ||||||||||||
Future minimum lease payments | Performance obligations | Total backlog | ||||||||||
(unaudited) | ||||||||||||
USD million | ||||||||||||
Within one year | 541 | 481 | 1,022 | |||||||||
Between one and five years | 701 | 676 | 1,377 | |||||||||
After five years | 35 | 32 | 67 | |||||||||
Total | 1,277 | 1,189 | 2,466 | |||||||||
2020 | 2019 | 2018 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
USD million | ||||||||||||
Operating costs | 725 | 710 | 734 | |||||||||
Innovation | 6 | 10 | 3 | |||||||||
Sales, general and administrative costs | 76 | 87 | 81 | |||||||||
Total costs | 807 | 807 | 818 | |||||||||
Other external costs | 468 | 440 | 444 | |||||||||
Of which: | ||||||||||||
Included in Operating costs | 425 | 383 | 379 | |||||||||
Included in Innovation | 3 | 7 | 2 | |||||||||
Included in Sales, general and administrative costs | 32 | 40 | 45 | |||||||||
Included in Special items | 8 | 10 | 18 | |||||||||
Staff costs | ||||||||||||
Wages and salaries | 330 | 362 | 365 | |||||||||
Severance payments | 26 | 4 | 10 | |||||||||
Share based remuneration | 2 | 2 | — | |||||||||
Pension costs | 30 | 33 | 30 | |||||||||
Other social security costs | 11 | 6 | 8 | |||||||||
Total staff costs | 399 | 407 | 413 | |||||||||
Of which: | ||||||||||||
Included in Operating costs | 300 | 327 | 355 | |||||||||
Included in Innovation | 3 | 3 | 1 | |||||||||
Included in Sales, general and administrative costs | 44 | 47 | 36 | |||||||||
Included in Special items | 34 | 8 | 8 | |||||||||
Recognised in the cost of assets | 18 | 22 | 13 | |||||||||
Average number of employees | 2,678 | 2,852 | 2,854 |
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
Operating costs | 836 | 725 | 710 | |||||||||
Innovation | 5 | 6 | 10 | |||||||||
Sales, general and administrative costs | 80 | 76 | 87 | |||||||||
Total costs | 921 | 807 | 807 | |||||||||
Other external costs | 542 | 468 | 440 | |||||||||
Of which: | ||||||||||||
Included in Operating costs | 500 | 425 | 383 | |||||||||
Included in Innovation | 1 | 3 | 7 | |||||||||
Included in Sales, general and administrative costs | 26 | 32 | 40 | |||||||||
Included in Special items | 15 | 8 | 10 | |||||||||
Staff costs | ||||||||||||
Wages and salaries | 369 | 330 | 362 | |||||||||
Severance payments | 3 | 26 | 4 | |||||||||
Share based remuneration | 4 | 2 | 2 | |||||||||
Pension costs | 26 | 30 | 33 | |||||||||
Other social security costs | 6 | 11 | 6 | |||||||||
Total staff costs | 408 | 399 | 407 | |||||||||
Of which: | ||||||||||||
Included in Operating costs | 336 | 300 | 327 | |||||||||
Included in Innovation | 4 | 3 | 3 | |||||||||
Included in Sales, general and administrative costs | 54 | 44 | 47 | |||||||||
Included in Special items | 6 | 34 | 8 | |||||||||
Recognized in the cost of assets | 8 | 18 | 22 | |||||||||
Average number of employees | 2,515 | 2,678 | 2,852 |
2020 | 2019 | 2018 | ||||||||||||||||||||||
(audited) | (audited) | (unaudited) | 2021 | 2020 | 2019 | |||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||
Statutory audit | 1.7 | 0.9 | 1.0 | 1.1 | 1.6 | 0.9 | ||||||||||||||||||
Other assurance services | — | 1.0 | 1.0 | 0.8 | — | 1.0 | ||||||||||||||||||
Tax and VAT advisory services | 0.1 | — | — | 0.1 | 0.1 | — | ||||||||||||||||||
Other services | 0.1 | 0.9 | 1.0 | 0.2 | 0.1 | 0.9 | ||||||||||||||||||
Total fees | 1.9 | 2.8 | 3.0 | 2.2 | 1.8 | 2.8 | ||||||||||||||||||
CEO | CFO | Total | CEO | CFO | Total | |||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||
2020 (audited) | ||||||||||||||||||||||||
Fixed pay | 1.1 | 0.8 | 1.9 | |||||||||||||||||||||
2021 | ||||||||||||||||||||||||
Fixed pay (1) | 1.2 | 0.8 | 2.0 | |||||||||||||||||||||
Short-term incentive | 0.3 | 0.1 | 0.4 | 1.2 | 0.6 | 1.8 | ||||||||||||||||||
Long-term share based incentive | 1.0 | (0.3 | ) | 0.7 | 1.4 | 0.1 | 1.5 | |||||||||||||||||
Total remuneration | 2.4 | 0.6 | 3.0 | 3.8 | 1.5 | 5.3 | ||||||||||||||||||
2019 (audited) (3) | ||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||
Fixed pay | 1.1 | 0.7 | �� | 1.8 | 1.1 | 0.8 | 1.9 | |||||||||||||||||
Short-term incentive (2) | 1.7 | 1.1 | 2.8 | |||||||||||||||||||||
Short-term incentive | 0.3 | 0.1 | 0.4 | |||||||||||||||||||||
Long-term share based incentive (4) | 1.0 | (0.3 | ) | 0.7 | ||||||||||||||||||||
Total remuneration | 2.4 | 0.6 | 3.0 | |||||||||||||||||||||
2019 | ||||||||||||||||||||||||
Fixed pay | 1.1 | 0.7 | 1.8 | |||||||||||||||||||||
Short-term incentive (5) | 1.7 | 1.1 | 2.8 | |||||||||||||||||||||
Long-term share based incentive | 0.7 | 0.3 | 1.0 | 0.7 | 0.3 | 1.0 | ||||||||||||||||||
Total remuneration | 3.5 | 2.1 | 5.6 | 3.5 | 2.1 | 5.6 | ||||||||||||||||||
(1) | The former CFO, Jesper Ridder Olsen, received salary in January 2021 of USD 0.1 million. |
(2) | The cash bonus is composed of USD 0.2 million (CEO) and USD 0.1 million (CFO) for the expected completion of the merger with Noble and USD 1.0 million (CEO) and USD 0.5 million (CFO) for the short-term incentive plan for Executive Management. |
(3) | Executive Management is party to agreements that will provide for enhanced severance terms in the event of termination following the merger. The enhanced severance terms provide that any unvested Maersk Drilling RSU Awards outstanding under the LTI program will vest at the end of employment, subject to completion of the merger. |
(4) | In July 2020, Maersk Drilling announced the resignation of former CFO, Jesper Ridder Olsen. As a consequence thereof, the former CFO forfeited all unvested RSUs under the LTI |
The cash bonus in 2019 was composed of USD 0.9 million (CEO) and USD 0.7 million (CFO) for the completion of the demerger of A.P. Møller—Mærsk A/S and separate listing of Maersk Drilling and USD 0.8 million (CEO) and USD 0.4 million (CFO) for the short-term incentive plan for Executive Management. |
Board of Directors | Executive Management | Other Key Employees | Total | Board of Directors | Executive Management | Other Key Employees | Total | |||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||
2020 (audited) | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
Fixed pay | 1.0 | 2.0 | 1.1 | 4.1 | ||||||||||||||||||||||||||||
Short-term cash incentive (1) | — | 1.8 | 1.0 | 2.8 | ||||||||||||||||||||||||||||
Long-term share based incentive (2) | — | 1.5 | 0.8 | 2.3 | ||||||||||||||||||||||||||||
Total remuneration | 1.0 | 5.3 | 2.9 | 9.2 | ||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Fixed pay | 1.0 | 1.9 | 1.1 | 4.0 | 1.0 | 1.9 | 1.1 | 4.0 | ||||||||||||||||||||||||
Short-term cash incentive | — | 0.4 | 0.3 | 0.7 | — | 0.4 | 0.3 | 0.7 | ||||||||||||||||||||||||
Long-term share based incentive | — | 0.7 | 0.5 | 1.2 | — | 0.7 | 0.5 | 1.2 | ||||||||||||||||||||||||
Total remuneration | 1.0 | 3.0 | 1.9 | 5.9 | 1.0 | 3.0 | 1.9 | 5.9 | ||||||||||||||||||||||||
2019 (audited) | ||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
Fixed pay | 0.8 | 1.8 | 2.2 | 4.8 | 0.8 | 1.8 | 2.2 | 4.8 | ||||||||||||||||||||||||
Short-term cash incentive (1) | — | 2.8 | 2.7 | 5.5 | ||||||||||||||||||||||||||||
Short-term cash incentive (3) | — | 2.8 | 2.7 | 5.5 | ||||||||||||||||||||||||||||
Termination benefits | — | — | 1.1 | 1.1 | — | — | 1.1 | 1.1 | ||||||||||||||||||||||||
Long-term share based incentive | — | 1.0 | 0.8 | 1.8 | — | 1.0 | 0.8 | 1.8 | ||||||||||||||||||||||||
Total remuneration | 0.8 | 5.6 | 6.8 | 13.2 | 0.8 | 5.6 | 6.8 | 13.2 | ||||||||||||||||||||||||
2018 (unaudited) | ||||||||||||||||||||||||||||||||
Fixed pay | — | 1.2 | 2.4 | 3.6 | ||||||||||||||||||||||||||||
Short-term cash incentive | — | 0.8 | 1.1 | 1.9 | ||||||||||||||||||||||||||||
Termination benefits | — | — | 1.0 | 1.0 | ||||||||||||||||||||||||||||
Long-term share based incentive | — | 0.2 | 0.3 | 0.5 | ||||||||||||||||||||||||||||
Total remuneration | — | 2.2 | 4.8 | 7.0 | ||||||||||||||||||||||||||||
(1) | The cash bonus to Other Key Employees is composed of USD 0.2 million for the expected completion of the merger with Noble and USD 0.8 million for the short-term incentive plan for Senior Leaders. |
(2) | Executive Management and two other Key Employees are party to agreements that will provide for enhanced severance terms in the event of termination following the merger. The enhanced severance terms provide that any unvested Maersk Drilling RSU Awards outstanding under the LTI program will vest at the end of employment, subject to completion of the merger. |
(3) | The cash bonus to Other Key Employees in 2019 was composed of USD 1.6 million for the completion of the demerger of A.P. Møller—Mærsk A/S and separate listing of Maersk Drilling and USD 1.1 million for the short-term incentive plan for Senior Leaders. |
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(audited) | (audited) | (unaudited) | USD million | |||||||||||||||||||||
USD million | ||||||||||||||||||||||||
Compensation from shipyard due to late delivery of rig, warranties etc. | — | 2 | 10 | |||||||||||||||||||||
Compensation from shipyard due to late delivery of rig, warranties etc | — | — | 2 | |||||||||||||||||||||
Special items, income | — | 2 | 10 | — | — | 2 | ||||||||||||||||||
Separation and demerger/listing costs | — | 13 | 6 | — | — | 13 | ||||||||||||||||||
Merger related costs | 8 | — | — | |||||||||||||||||||||
Transformation and restructuring costs | 24 | 5 | 20 | 1 | 24 | 5 | ||||||||||||||||||
COVID-19 costs not recharged to customers | 18 | — | — | 12 | 18 | — | ||||||||||||||||||
Special items, costs | 42 | 18 | 26 | 21 | 42 | 18 | ||||||||||||||||||
Special items, net | (42 | ) | (16 | ) | (16 | ) | (21 | ) | (42 | ) | (16 | ) | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
Interest expenses on liabilities (1) | (52 | ) | (56 | ) | (84 | ) | ||||||
Interest income on loans and receivables | — | 2 | 6 | |||||||||
Realized loss on interest rate derivatives – transferred from equity | (13 | ) | (14 | ) | (3 | ) | ||||||
Net interest expenses | (65 | ) | (68 | ) | (81 | ) | ||||||
Exchange rate gains on bank balances, borrowings and working capital | 12 | 12 | 20 | |||||||||
Exchange rate losses on bank balances, borrowings and working capital | (9 | ) | (16 | ) | (7 | ) | ||||||
Net foreign exchange gains/losses | 3 | (4 | ) | 13 | ||||||||
Fair value gains from derivatives | 2 | 1 | — | |||||||||
Fair value losses from derivatives | (1 | ) | (1 | ) | — | |||||||
Net fair value gains/losses | 1 | — | — | |||||||||
Financial expenses, net | (61 | ) | (72 | ) | (68 | ) | ||||||
Of which: | ||||||||||||
Financial income | 14 | 15 | 26 | |||||||||
Financial expenses | (75 | ) | (87 | ) | (94 | ) |
2020 | 2019 | 2018 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
USD million | ||||||||||||
Interest expenses on liabilities | (56 | ) | (84 | ) | (46 | ) | ||||||
Of which borrowing costs capitalised on assets¹ | — | — | — | |||||||||
Interest income on loans and receivables | 2 | 6 | 48 | |||||||||
Realised loss on interest rate derivatives – transferred from equity | (14 | ) | (3 | ) | — | |||||||
Net interest expenses/income | (68 | ) | (81 | ) | 2 | |||||||
Exchange rate gains on bank balances, borrowings and working capital | 12 | 20 | 9 | |||||||||
Exchange rate losses on bank balances, borrowings and working capital | (16 | ) | (7 | ) | (25 | ) | ||||||
Net foreign exchange gains/losses | (4 | ) | 13 | (16 | ) | |||||||
Fair value gains from derivatives | 1 | — | 2 | |||||||||
Fair value losses from derivatives | (1 | ) | — | — | ||||||||
Net fair value gains/losses | — | — | 2 | |||||||||
Financial expenses, net | (72 | ) | (68 | ) | (12 | ) | ||||||
Of which: | ||||||||||||
Financial income | 15 | 26 | 59 | |||||||||
Financial expenses | (87 | ) | (94 | ) | (71 | ) |
(1) | No borrowing costs have been |
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
Tax recognized in the income statement | ||||||||||||
Current tax on profit/loss for the year | (37 | ) | (27 | ) | (22 | ) | ||||||
Adjustment for current tax of prior periods | 24 | 21 | (22 | ) | ||||||||
Total current tax | (13 | ) | (6 | ) | (44 | ) | ||||||
Temporary differences | (4 | ) | 60 | 2 | ||||||||
Adjustment for deferred tax of prior periods | (9 | ) | (13 | ) | 13 | |||||||
Total deferred tax | (13 | ) | 47 | 47 | ||||||||
Total tax | (26 | ) | 41 | 41 | ||||||||
Tax reconciliation | ||||||||||||
Profit/loss before tax | 317 | (1,694 | ) | (84 | ) | |||||||
Tax using the Danish corporation tax rate (22%) | (70 | ) | 373 | 18 | ||||||||
Impairment losses/reversals with no tax impact | — | (302 | ) | (7 | ) | |||||||
Tax rate deviations in foreign jurisdictions net of withholding tax | 9 | (31 | ) | (10 | ) | |||||||
Interest limitation tax rules in Denmark | (2 | ) | (6 | ) | (17 | ) | ||||||
Non-deductible expenses | (2 | ) | — | (3 | ) | |||||||
Adjustment to previous years’ taxes | 15 | 8 | (9 | ) | ||||||||
Unrecognized tax assets and change in tax assets not previously recognized | 24 | (1 | ) | (1 | ) | |||||||
Total tax | (26 | ) | 41 | (29 | ) | |||||||
2020 | 2019 | 2018 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
USD million | ||||||||||||
Tax recognised in the income statement | ||||||||||||
Current tax on profit/loss for the year | (27 | ) | (22 | ) | (30 | ) | ||||||
Adjustment for current tax of prior periods | 21 | (22 | ) | (7 | ) | |||||||
Total current tax | (6 | ) | (44 | ) | (37 | ) | ||||||
Temporary differences | 60 | 2 | (18 | ) | ||||||||
Adjustment for deferred tax of prior periods | (13 | ) | 13 | (1 | ) | |||||||
Reassessment of recoverability of deferred tax assets, net | — | — | 8 | |||||||||
Total deferred tax | 47 | 15 | (11 | ) | ||||||||
Total tax | 41 | (29 | ) | (48 | ) | |||||||
Tax reconciliation | ||||||||||||
Profit/loss before tax | (1,694 | ) | (84 | ) | 989 | |||||||
Tax using the Danish corporation tax rate (22%) | 373 | 18 | (218 | ) | ||||||||
Impairment losses/reversals with no tax impact | (302 | ) | (7 | ) | 148 | |||||||
Tax rate deviations in foreign jurisdictions net of withholding tax | (31 | ) | (10 | ) | 19 | |||||||
Interest limitation tax rules in Denmark | (6 | ) | (17 | ) | — | |||||||
Non-deductible expenses | — | (3 | ) | (3 | ) | |||||||
Adjustment to previous years’ taxes | 8 | (9 | ) | (9 | ) | |||||||
Unrecognised tax assets and change in tax assets not previously recognised | (1 | ) | (1 | ) | 15 | |||||||
Total tax | 41 | (29 | ) | (48 | ) | |||||||
Customer contracts | IT software | Total | ||||||||||
USD million | ||||||||||||
2018 (unaudited) | ||||||||||||
Cost | ||||||||||||
1 January 2018 | 67 | 68 | 135 | |||||||||
Addition | — | — | — | |||||||||
31 December 2018 | 67 | 68 | 135 | |||||||||
Amortisation | ||||||||||||
1 January 2018 | 17 | 33 | 50 | |||||||||
Amortisation | 14 | 15 | 29 | |||||||||
31 December 2018 | 31 | 48 | 79 | |||||||||
Carrying amount at 31 December 2018 | 36 | 20 | 56 | |||||||||
2019 (audited) | ||||||||||||
Cost | ||||||||||||
1 January 2019 | 67 | 68 | 135 | |||||||||
Addition | — | — | — | |||||||||
31 December 2019 | 67 | 68 | 135 | |||||||||
Amortisation | ||||||||||||
1 January 2019 | 31 | 48 | 79 | |||||||||
Amortisation | 13 | 12 | 25 | |||||||||
31 December 2019 | 44 | 60 | 104 | |||||||||
Carrying amount at 31 December 2019 | 23 | 8 | 31 | |||||||||
2020 (audited) | ||||||||||||
Cost | ||||||||||||
1 January 2020 | 67 | 68 | 135 | |||||||||
Addition | — | 4 | 4 | |||||||||
31 December 2020 | 67 | 72 | 139 | |||||||||
Amortisation | ||||||||||||
1 January 2020 | 44 | 60 | 104 | |||||||||
Amortisation | 13 | 7 | 20 | |||||||||
31 December 2020 | 57 | 67 | 124 | |||||||||
Carrying amount at 31 December 2020 | 10 | 5 | 15 | |||||||||
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
Gains | 256 | — | 8 | |||||||||
Losses | — | 2 | — | |||||||||
Gain on sale of non-current assets, net | 256 | (2 | ) | 8 | ||||||||
Carrying amount of non-current assets | 149 | 40 | — | |||||||||
Gain/loss on sale of non-current asset | 256 | (2 | ) | 8 | ||||||||
Cashflow from sale of non-current assets | 405 | 38 | 8 | |||||||||
Customer contracts | IT software | Total | ||||||||||
USD million | ||||||||||||
2019 | ||||||||||||
Cost | ||||||||||||
January 1, 2019 | 67 | 68 | 135 | |||||||||
Additions | — | — | — | |||||||||
December 31, 2019 | 67 | 68 | 135 | |||||||||
Amortization | ||||||||||||
January 1, 2019 | 31 | 48 | 79 | |||||||||
Amortization | 13 | 12 | 25 | |||||||||
December 31, 2019 | 44 | 60 | 104 | |||||||||
Carrying amount at December 31, 2019 | 23 | 8 | 31 | |||||||||
2020 | ||||||||||||
Cost | ||||||||||||
January 1, 2020 | 67 | 68 | 135 | |||||||||
Additions | — | 4 | 4 | |||||||||
December 31, 2020 | 67 | 72 | 139 | |||||||||
Amortization | ||||||||||||
January 1, 2020 | 44 | 60 | 104 | |||||||||
Amortization | 13 | 7 | 20 | |||||||||
December 31, 2020 | 57 | 67 | 124 | |||||||||
Carrying amount at December 31, 2020 | 10 | 5 | 15 | |||||||||
2021 | ||||||||||||
Cost | ||||||||||||
January 1, 2021 | 67 | 72 | 139 | |||||||||
Additions | — | 10 | 10 | |||||||||
Disposals | (67 | ) | — | (67 | ) | |||||||
December 31, 2021 | — | 82 | 82 | |||||||||
Amortization | ||||||||||||
January 1, 2021 | 57 | 67 | 124 | |||||||||
Amortization | 10 | 1 | 11 | |||||||||
Disposals | (67 | ) | — | (67 | ) | |||||||
December 31, 2021 | — | 68 | 68 | |||||||||
Carrying amount at December 31, 2021 | — | 14 | 14 | |||||||||
Useful life (years) | Residual value | |||||||
Customer contracts | Contract term | 0 | % | |||||
IT Software | 3-5 years | 0 | % |
Jack-up rigs | Floaters | Equipment and other | Construction work in progress | Total | ||||||||||||||||
USD million | ||||||||||||||||||||
2018 (unaudited) | ||||||||||||||||||||
Cost | ||||||||||||||||||||
1 January 2018 | 5,515 | 5,103 | 130 | 97 | 10,845 | |||||||||||||||
Addition | — | — | 72 | 110 | 182 | |||||||||||||||
Disposal | (11 | ) | (153 | ) | (40 | ) | — | (204 | ) | |||||||||||
Transfer | 41 | 73 | — | (114 | ) | — | ||||||||||||||
Transfer to assets held for sale | (168 | ) | — | — | — | (168 | ) | |||||||||||||
31 December 2018 | 5,377 | 5,023 | 162 | 93 | 10,655 | |||||||||||||||
Depreciation and impairment losses | ||||||||||||||||||||
1 January 2018 | 2,983 | 3,547 | 41 | — | 6,571 | |||||||||||||||
Amortisation and depreciation | 179 | 191 | 4 | — | 374 | |||||||||||||||
Impairment losses, net of reversals | (365 | ) | (445 | ) | — | — | (810 | ) | ||||||||||||
Disposal | (4 | ) | (142 | ) | (15 | ) | — | (161 | ) | |||||||||||
Transfer | (2 | ) | (23 | ) | 25 | — | — | |||||||||||||
Transfer to assets held for sale | (168 | ) | — | — | — | (168 | ) | |||||||||||||
31 December 2018 | 2,623 | 3,128 | 55 | — | 5,806 | |||||||||||||||
Carrying amount 31 December 2018 | 2,754 | 1,895 | 107 | 93 | 4,849 | |||||||||||||||
2019 (audited) | ||||||||||||||||||||
Cost | ||||||||||||||||||||
1 January 2019 | 5,377 | 5,023 | 162 | 93 | 10,655 | |||||||||||||||
Addition | — | — | — | 309 | 309 | |||||||||||||||
Disposal | (185 | ) | (315 | ) | — | — | (500 | ) | ||||||||||||
Transfer | 47 | 119 | — | (166 | ) | — | ||||||||||||||
Transfer to assets held for sale | (233 | ) | — | — | — | (233 | ) | |||||||||||||
31 December 2019 | 5,006 | 4,827 | 162 | 236 | 10,231 | |||||||||||||||
Depreciation and impairment losses | ||||||||||||||||||||
1 January 2019 | 2,623 | 3,128 | 55 | — | 5,806 | |||||||||||||||
Amortisation and depreciation | 199 | 155 | 1 | — | 355 | |||||||||||||||
Impairment losses | 34 | — | — | — | 34 | |||||||||||||||
Disposal | (185 | ) | (315 | ) | — | — | (500 | ) | ||||||||||||
Transfer to assets held for sale | (195 | ) | — | — | — | (195 | ) | |||||||||||||
31 December 2019 | 2,476 | 2,968 | 56 | — | 5,500 | |||||||||||||||
Carrying amount 31 December 2019 | 2,530 | 1,859 | 106 | 236 | 4,731 | |||||||||||||||
Jack-up rigs | Floaters | Equipment and other | Construction work in progress | Total | ||||||||||||||||
USD million | ||||||||||||||||||||
2020 (audited) | ||||||||||||||||||||
Cost | ||||||||||||||||||||
1 January 2020 | 5,006 | 4,827 | 162 | 236 | 10,231 | |||||||||||||||
Addition | — | — | — | 158 | 158 | |||||||||||||||
Disposal | (53 | ) | (10 | ) | (6 | ) | — | (69 | ) | |||||||||||
Transfer | 80 | 131 | 27 | (234 | ) | 4 | ||||||||||||||
31 December 2020 | 5,033 | 4,948 | 183 | 160 | 10,324 | |||||||||||||||
Depreciation and impairment losses | ||||||||||||||||||||
1 January 2020 | 2,476 | 2,968 | 56 | — | 5,500 | |||||||||||||||
Amortisation and depreciation | 167 | 91 | 1 | — | 259 | |||||||||||||||
Impairment losses, net of reversals | 734 | 846 | — | — | 1,580 | |||||||||||||||
Disposal | (53 | ) | (10 | ) | (3 | ) | — | (66 | ) | |||||||||||
Transfer | — | — | (2 | ) | — | (2 | ) | |||||||||||||
31 December 2020 | 3,324 | 3,895 | 52 | — | 7,271 | |||||||||||||||
Carrying amount 31 December 2020 | 1,709 | 1,053 | 131 | 160 | 3,053 | |||||||||||||||
Jack-up rigs | Floaters | Equipment and other | Construction work in progress | Total | ||||||||||||||||
USD million | ||||||||||||||||||||
2019 | ||||||||||||||||||||
Cost | ||||||||||||||||||||
January 1, 2019 | 5,377 | 5,023 | 162 | 93 | 10,655 | |||||||||||||||
Additions | — | — | — | 309 | 309 | |||||||||||||||
Disposals | (185 | ) | (315 | ) | — | — | (500 | ) | ||||||||||||
Transfers | 47 | 119 | — | (166 | ) | — | ||||||||||||||
Transfers to assets held for sale | (233 | ) | — | — | — | (233 | ) | |||||||||||||
December 31, 2019 | 5,006 | 4,827 | 162 | 236 | 10,231 | |||||||||||||||
Depreciation and impairment losses | ||||||||||||||||||||
January 1, 2019 | 2,623 | 3,128 | 55 | — | 5,806 | |||||||||||||||
Amortization and depreciation | 199 | 155 | 1 | — | 355 | |||||||||||||||
Impairment losses | 34 | — | — | — | 34 | |||||||||||||||
Disposals | (185 | ) | (315 | ) | — | — | (500 | ) | ||||||||||||
Transfers to assets held for sale | (195 | ) | — | — | — | (195 | ) | |||||||||||||
December 31, 2019 | 2,476 | 2,968 | 56 | — | 5,500 | |||||||||||||||
Carrying amount December 31, 2019 | 2,530 | 1,859 | 106 | 236 | 4,731 | |||||||||||||||
2020 | ||||||||||||||||||||
Cost | ||||||||||||||||||||
January 1, 2020 | 5,006 | 4,827 | 162 | 236 | 10,231 | |||||||||||||||
Additions | — | — | — | 158 | 158 | |||||||||||||||
Disposals | (53 | ) | (10 | ) | (6 | ) | — | (69 | ) | |||||||||||
Transfers | 80 | 131 | 27 | (234 | ) | 4 | ||||||||||||||
December 31, 2020 | 5,033 | 4,948 | 183 | 160 | 10,324 | |||||||||||||||
Depreciation and impairment losses | ||||||||||||||||||||
January 1, 2020 | 2,476 | 2,968 | 56 | — | 5,500 | |||||||||||||||
Amortization and depreciation | 167 | 91 | 1 | — | 259 | |||||||||||||||
Impairment losses | 734 | 846 | — | — | 1,580 | |||||||||||||||
Disposals | (53 | ) | (10 | ) | (3 | ) | — | (66 | ) | |||||||||||
Transfers | — | — | (2 | ) | — | (2 | ) | |||||||||||||
December 31, 2020 | 3,324 | 3,895 | 52 | — | 7,271 | |||||||||||||||
Carrying amount December 31, 2020 | 1,709 | 1,053 | 131 | 160 | 3,053 | |||||||||||||||
2021 | ||||||||||||||||||||
Cost | ||||||||||||||||||||
January 1, 2021 | 5,033 | 4,948 | 183 | 160 | 10,324 | |||||||||||||||
Additions | — | — | 8 | 84 | 92 | |||||||||||||||
Disposals | (422 | ) | (69 | ) | (6 | ) | — | (497 | ) | |||||||||||
Transfers | 101 | 56 | 5 | (154 | ) | 8 | ||||||||||||||
Transfers to assets held for sale | (517 | ) | — | — | — | (517 | ) | |||||||||||||
December 31, 2021 | 4,195 | 4,935 | 190 | 90 | 9,410 | |||||||||||||||
Depreciation and impairment losses | ||||||||||||||||||||
January 1, 2021 | 3,324 | 3,895 | 52 | — | 7,271 | |||||||||||||||
Amortization and depreciation | 110 | 83 | 2 | — | 195 | |||||||||||||||
Impairment reversals | (11 | ) | — | — | — | (11 | ) | |||||||||||||
Disposals | (408 | ) | (69 | ) | (6 | ) | — | (483 | ) | |||||||||||
Transfers | — | — | 8 | — | 8 | |||||||||||||||
Transfers to assets held for sale | (383 | ) | — | — | — | (383 | ) | |||||||||||||
December 31, 2021 | 2,632 | 3,909 | 56 | — | 6,597 | |||||||||||||||
Carrying amount December 31, 2021 | 1,563 | 1,026 | 134 | 90 | 2,813 | |||||||||||||||
Useful life (years) | Residual value | |||||||
Rigs, Hull | 25 years | 20-30 | % | |||||
Rigs, Drilling Equipment/owner furnished equipment long | 20 years | 10 | % | |||||
Rigs, Drilling Equipment/owner furnished equipment short | 10 years | 0 | % | |||||
Rigs, Initial offshore inventory | 10 years | 0 | % | |||||
Rigs, Other | 5 years | 0 | % | |||||
Rigs, five-year special periodic survey | 5 years | 0 | % |
Land and buildings | Equipment and other | Total | Land and buildings | Equipment and other | Total | |||||||||||||||||||
(audited) | USD million | |||||||||||||||||||||||
USD million | ||||||||||||||||||||||||
Recognition of right-of-use | 35 | 1 | 36 | |||||||||||||||||||||
Recognition of right-of-use | 35 | 1 | 36 | |||||||||||||||||||||
Additions | 2 | — | 2 | 2 | — | 2 | ||||||||||||||||||
Depreciation | 6 | 1 | 7 | 6 | 1 | 7 | ||||||||||||||||||
31 December 2019 | 31 | — | 31 | |||||||||||||||||||||
December 31, 2019 | 31 | — | 31 | |||||||||||||||||||||
Additions | 6 | — | 6 | 6 | — | 6 | ||||||||||||||||||
Disposals | 2 | — | 2 | (2 | ) | — | (2 | ) | ||||||||||||||||
Depreciation | 7 | — | 7 | (7 | ) | — | (7 | ) | ||||||||||||||||
31 December 2020 | 28 | — | 28 | |||||||||||||||||||||
December 31, 2020 | 28 | — | 28 | |||||||||||||||||||||
Additions | 3 | — | 3 | |||||||||||||||||||||
Disposals | (1 | ) | — | (1 | ) | |||||||||||||||||||
Depreciation | (7 | ) | — | (7 | ) | |||||||||||||||||||
December 31, 2021 | 23 | — | 23 | |||||||||||||||||||||
2020 | 2019 | |||||||
(audited) | (audited) | |||||||
USD million | ||||||||
1 January | 31 | 36 | ||||||
Additions | 6 | 2 | ||||||
Disposals | (1 | ) | — | |||||
Interest expense | 1 | 1 | ||||||
Lease payments | (8 | ) | (7 | ) | ||||
Foreign exchange movements | 2 | (1 | ) | |||||
31 December | 31 | 31 | ||||||
Lease liabilities are recognised in the balance sheet as follows: | ||||||||
Non-current liabilities, presented in ‘Borrowings,non-current’ | 25 | 25 | ||||||
Current liabilities, presented in ‘Borrowings, current’ | 6 | 6 | ||||||
Total lease liabilities | 31 | 31 | ||||||
Recognised in the profit and loss statement as follows: | ||||||||
Interest expense related to lease liabilities | (1 | ) | (1 | ) | ||||
Expense relating to short term leases, not capitalised | (9 | ) | (2 | ) | ||||
Expense relating to leases of low-value assets, not capitalised | (1 | ) | (1 | ) | ||||
Sublease income presented in ‘Other revenue’ | 1 | 1 | ||||||
Recognised in the cash flow statement as follows: | ||||||||
Interest elements of lease payments, presented in ‘Interest paid’ | (1 | ) | (1 | ) | ||||
Principal elements of lease payments, presented in ‘Repayment of borrowings’ | (7 | ) | (6 | ) | ||||
Total cash outflow in respect of leases in the year | (8 | ) | (7 | ) | ||||
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
January 1 | 31 | 31 | 36 | |||||||||
Additions | 3 | 6 | 2 | |||||||||
Disposals | (1 | ) | (1 | ) | — | |||||||
Interest expenses | 1 | 1 | 1 | |||||||||
Lease payments | (7 | ) | (8 | ) | (7 | ) | ||||||
Foreign exchange movements | (2 | ) | 2 | (1 | ) | |||||||
December 31 | 25 | 31 | 31 | |||||||||
Lease liabilities are recognized in the balance sheet as follows: | ||||||||||||
Non-current liabilities, presented in “Borrowings,non-current” | 19 | 25 | 25 | |||||||||
Current liabilities, presented in “Borrowings, current” | 6 | 6 | 6 | |||||||||
Total lease liabilities | 25 | 31 | 31 | |||||||||
Recognized in the profit and loss statement as follows: | ||||||||||||
Interest expenses related to lease liabilities | (1 | ) | (1 | ) | (1 | ) | ||||||
Expenses relating to short term leases, not capitalized | (9 | ) | (9 | ) | (2 | ) | ||||||
Expenses relating to leases of low-value assets, not capitalized | (1 | ) | (1 | ) | (1 | ) | ||||||
Sublease income presented in ‘Other revenue’ | 1 | 1 | 1 | |||||||||
Recognized in the cash flow statement as follows: | ||||||||||||
Interest elements of lease payments, presented in ‘Interest paid’ | (1 | ) | (1 | ) | (1 | ) | ||||||
Principal elements of lease payments, presented in ‘Repayment of borrowings’ | (7 | ) | (7 | ) | (6 | ) | ||||||
Total cash outflow in respect of leases in the year | (8 | ) | (8 | ) | (7 | ) | ||||||
2020 | ||||||||||||||||
Impairment losses | Recoverable amount | 2020 | ||||||||||||||
(audited) | Impairment losses | Recoverable amount | ||||||||||||||
USD million | USD million | |||||||||||||||
North Sea | 714 | 1,914 | 714 | 1,914 | ||||||||||||
International | 846 | 1,219 | 846 | 1,219 | ||||||||||||
Benign jack-ups | 20 | 69 | 20 | 69 | ||||||||||||
Total | 1,580 | 1,580 | ||||||||||||||
2018 | ||||||||
Impairment reversals | Recoverable amount (3) | |||||||
(audited) | ||||||||
USD million | ||||||||
Jack-up rigs(1) | 365 | 2,880 | ||||||
Floaters (2) | 445 | 1,929 | ||||||
Total | 810 | |||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Net Liabilities | Assets | Liabilities | Net Liabilities | Assets | Liabilities | Net Liabilities | Assets | Liabilities | Net Liabilities | Assets | Liabilities | Net Liabilities | Assets | Liabilities | Net Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | 30 | 29 | (1 | ) | 10 | 56 | 46 | 13 | 60 | 47 | 17 | 25 | 8 | 30 | 29 | (1 | ) | 10 | 56 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax loss carry forwards | — | — | — | 1 | — | (1 | ) | — | — | — | 1 | — | (1 | ) | — | — | — | 1 | — | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 4 | 2 | (2 | ) | 4 | 3 | (1 | ) | 2 | 13 | 11 | 1 | 4 | 3 | 4 | 2 | (2 | ) | 4 | 3 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 34 | 31 | (3 | ) | 15 | 59 | 44 | 15 | 73 | 58 | 19 | 29 | 10 | 34 | 31 | (3 | ) | 15 | 59 | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsets | (19 | ) | (19 | ) | — | (12 | ) | (12 | ) | — | (13 | ) | (13 | ) | — | (2 | ) | (2 | ) | — | (19 | ) | (19 | ) | — | (12 | ) | (12 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Total | 15 | 12 | (3 | ) | 3 | 47 | 44 | 2 | 60 | 58 | 17 | 27 | 10 | 15 | 12 | (3 | ) | 3 | 47 | 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
USD million | ||||||||||||
1 January | 44 | 58 | 48 | |||||||||
Property, plant and equipment | (47 | ) | (1 | ) | 14 | |||||||
Tax loss carry forwards | 1 | (1 | ) | — | ||||||||
Other | (1 | ) | (12 | ) | (3 | ) | ||||||
Recognised in the income statement | (47 | ) | (14 | ) | 11 | |||||||
Recognised in other comprehensive income | — | — | (1 | ) | ||||||||
31 December | (3 | ) | 44 | 58 | ||||||||
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
January 1 | (3 | ) | 44 | 58 | ||||||||
Property, plant and equipment | 9 | (47 | ) | (1 | ) | |||||||
Tax loss carry forwards | (1 | ) | 1 | (1 | ) | |||||||
Other | 5 | (1 | ) | (12 | ) | |||||||
Recognized in the income statement | 13 | (47 | ) | (14 | ) | |||||||
Recognized in other comprehensive income | — | — | — | |||||||||
December 31 | 10 | (3 | ) | 44 | ||||||||
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
Tax loss carry forwards | 31 | 45 | 25 | |||||||||
Total | 31 | 45 | 25 | |||||||||
2020 | 2019 | 2018 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
USD million | ||||||||||||
Tax loss carry forwards | 45 | 25 | 9 | |||||||||
Total | 45 | 25 | 9 | |||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||
(audited) | (audited) | (unaudited) | 2021 | 2020 | 2019 | |||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||
Derivatives | 4 | — | — | — | 4 | — | ||||||||||||||||||
Tax receivables | — | — | 5 | |||||||||||||||||||||
Deposits | 1 | 1 | 1 | 8 | 1 | 1 | ||||||||||||||||||
VAT and similar receivables | 31 | 19 | 10 | 23 | 31 | 19 | ||||||||||||||||||
Costs to be reimbursed | 37 | 24 | 15 | 19 | 37 | 24 | ||||||||||||||||||
Other | 3 | 3 | 6 | 4 | 3 | 3 | ||||||||||||||||||
Total | 76 | 47 | 37 | 54 | 76 | 47 | ||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(audited) | (audited) | (unaudited) | USD million | |||||||||||||||||||||
USD million | ||||||||||||||||||||||||
Mobilisation and start-up costs (costs to fulfil contracts) | 54 | 22 | 36 | |||||||||||||||||||||
Mobilization and start-up costs (costs to fulfil contracts) | 30 | 54 | 22 | |||||||||||||||||||||
Other | 22 | 19 | 22 | 26 | 22 | 19 | ||||||||||||||||||
Total | 76 | 41 | 58 | 56 | 76 | 41 | ||||||||||||||||||
Restructuring | Legal, disputes, etc. | Total | Restructuring | Legal, disputes, etc. | Total | |||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||
2018 (unaudited) | ||||||||||||||||||||||||
1 January 2018 | 1 | 9 | 10 | |||||||||||||||||||||
2019 | ||||||||||||||||||||||||
January 1, 2019 | 20 | 8 | 28 | |||||||||||||||||||||
Provision made | 20 | 1 | 21 | 5 | — | 5 | ||||||||||||||||||
Amount used | (1 | ) | — | (1 | ) | (13 | ) | (3 | ) | (16 | ) | |||||||||||||
Amount reversed | — | (2 | ) | (2 | ) | — | (2 | ) | (2 | ) | ||||||||||||||
31 December 2018 | 20 | 8 | 28 | |||||||||||||||||||||
December 31, 2019 | 12 | 3 | 15 | |||||||||||||||||||||
Of which: | ||||||||||||||||||||||||
Of which | ||||||||||||||||||||||||
Classified as non-current | — | 2 | 2 | — | 2 | 2 | ||||||||||||||||||
Classified as current | 20 | 6 | 26 | 12 | 1 | 13 | ||||||||||||||||||
2019 (audited) | ||||||||||||||||||||||||
1 January 2019 | 20 | 8 | 28 | |||||||||||||||||||||
2020 | ||||||||||||||||||||||||
January 1, 2020 | 12 | 3 | 15 | |||||||||||||||||||||
Provision made | 5 | — | 5 | 24 | 16 | 40 | ||||||||||||||||||
Amount used | (13 | ) | (3 | ) | (16 | ) | (34 | ) | — | (34 | ) | |||||||||||||
Amount reversed | — | (2 | ) | (2 | ) | (1 | ) | — | (1 | ) | ||||||||||||||
31 December 2019 | 12 | 3 | 15 | |||||||||||||||||||||
December 31, 2020 | 1 | 19 | 20 | |||||||||||||||||||||
Of which: | ||||||||||||||||||||||||
Of which | ||||||||||||||||||||||||
Classified as non-current | — | 2 | 2 | — | 5 | 5 | ||||||||||||||||||
Classified as current | 12 | 1 | 13 | 1 | 14 | 15 | ||||||||||||||||||
2020 (audited) | ||||||||||||||||||||||||
1 January 2020 | 12 | 3 | 15 | |||||||||||||||||||||
2021 | ||||||||||||||||||||||||
January 1, 2021 | 1 | 19 | 20 | |||||||||||||||||||||
Provision made | 24 | 16 | 40 | 1 | 5 | 6 | ||||||||||||||||||
Amount used | (34 | ) | — | (34 | ) | (2 | ) | (1 | ) | (3 | ) | |||||||||||||
Amount reversed | (1 | ) | — | (1 | ) | — | (12 | ) | (12 | ) | ||||||||||||||
31 December 2020 | 1 | 19 | 20 | |||||||||||||||||||||
December 31, 2021 | — | 11 | 11 | |||||||||||||||||||||
Of which: | ||||||||||||||||||||||||
Of which | ||||||||||||||||||||||||
Classified as non-current | — | 5 | 5 | — | 9 | 9 | ||||||||||||||||||
Classified as current | 1 | 14 | 15 | — | 2 | 2 |
2020 | 2019 | 2018 | ||||||||||||||||||||||
(audited) | (audited) | (unaudited) | 2021 | 2020 | 2019 | |||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||
Derivatives | — | 1 | 1 | 3 | — | 1 | ||||||||||||||||||
Interest payable | 1 | 1 | 4 | 1 | 1 | 1 | ||||||||||||||||||
VAT, duties and similar payables | 12 | 22 | 27 | 16 | 12 | 22 | ||||||||||||||||||
Payables to staff and management | 38 | 30 | 29 | 39 | 38 | 30 | ||||||||||||||||||
Other | 7 | 9 | 10 | 6 | 7 | 9 | ||||||||||||||||||
Total | 58 | 63 | 71 | 65 | 58 | 63 | ||||||||||||||||||
Notes | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | Notes | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||
Contract assets | ||||||||||||||||||||||||||||||||
Mobilisation and start-up costs (costs to fulfil a contract) | 2.7 | 54 | 22 | 36 | 2.7 | 30 | 54 | 22 | ||||||||||||||||||||||||
Costs to be reimbursed | 2.6 | 37 | 24 | — | 2.6 | 19 | 37 | 24 | ||||||||||||||||||||||||
Total | 91 | 46 | 36 | 49 | 91 | 46 | ||||||||||||||||||||||||||
Contract liabilities | ||||||||||||||||||||||||||||||||
Deferred income | 62 | 32 | 39 | 40 | 62 | 32 | ||||||||||||||||||||||||||
Total | 62 | 32 | 39 | 40 | 62 | 32 | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
USD million | ||||||||||||
Trade receivables | 210 | 264 | 339 | |||||||||
Other receivables excluding derivatives and capex receivables | 62 | 47 | 32 | |||||||||
Prepayments | 76 | 41 | 58 | |||||||||
Trade payables excluding capex payables | (142 | ) | (152 | ) | (172 | ) | ||||||
Other payables excluding interest accruals and derivatives | (57 | ) | (61 | ) | (66 | ) | ||||||
Deferred income | (62 | ) | (32 | ) | (39 | ) | ||||||
Net working capital | 87 | 107 | 152 | |||||||||
Change in working capital in balance sheet | 20 | 45 | 21 | |||||||||
Non-cash movements including exchange rate adjustment | 7 | 12 | (10 | ) | ||||||||
Change in working capital in cash flow statement | 27 | 57 | 11 | |||||||||
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
Trade receivables | 238 | 210 | 264 | |||||||||
Other receivables excluding derivatives and capex receivables | 54 | 62 | 47 | |||||||||
Prepayments | 56 | 76 | 41 | |||||||||
Trade payables excluding capex payables | (148 | ) | (142 | ) | (152 | ) | ||||||
Other payables excluding interest accruals and derivatives | (61 | ) | (57 | ) | (61 | ) | ||||||
Deferred income | (40 | ) | (62 | ) | (32 | ) | ||||||
Net working capital | 99 | 87 | 107 | |||||||||
Change in working capital in balance sheet | (12 | ) | 20 | 45 | ||||||||
Non-cash movements including exchange rate adjustment | 4 | 7 | 12 | |||||||||
Change in working capital in cash flow statement | (8 | ) | 27 | 57 | ||||||||
Notes | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | Notes | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||
Additions to Intangible assets | 2.1 | (4 | ) | — | — | 2.1 | (10 | ) | (4 | ) | — | |||||||||||||||||||||
Additions to Property, plant and equipment | 2.2 | (158 | ) | (309 | ) | (182 | ) | 2.2 | (92 | ) | (158 | ) | (309 | ) | ||||||||||||||||||
Change in payables/receivables relating to capital expenditures | (24 | ) | 2 | 27 | (1 | ) | (24 | ) | 2 | |||||||||||||||||||||||
Total | (186 | ) | (307 | ) | (155 | ) | (101 | ) | (186 | ) | (307 | ) | ||||||||||||||||||||
2020 | 2019 (1) | |||||||
(audited) | (audited) | |||||||
No of shares at 1 January | 41,532,112 | 41,532,112 | ||||||
No of shares at 31 December | 41,532,112 | 41,532,112 | ||||||
Treasury shares at 1 January | — | — | ||||||
Acquired through share buy-backs | 245,000 | — | ||||||
Delivered under long-term incentive programmes | (1,836 | ) | — | |||||
Treasury shares at 31 December | 243,164 | — | ||||||
Average number of shares in circulation | 41,410,530 | 41,532,112 |
2021 | 2020 | 2019 (1) | ||||||||||
No of shares at January 1 | 41,532,112 | 41,532,112 | 41,532,112 | |||||||||
No of shares at December 31 | 41,532,112 | 41,532,112 | 41,532,112 | |||||||||
Treasury shares at January 1 | 243,164 | — | — | |||||||||
Acquired through share buy-backs | — | 245,000 | — | |||||||||
Delivered under long-term incentive programs | (1,767 | ) | (1,836 | ) | — | |||||||
Treasury shares at December 31 | 241,397 | 243,164 | — | |||||||||
Average number of shares in circulation | 41,289,831 | 41,410,530 | 41,532,112 | |||||||||
(1) | The number of shares issued upon incorporation of the Company on April 2, 2019. |
1. | Maintain a robust capital structure with sufficient funding available to support the business through the cycle; |
2. | Pursue investment opportunities supporting long-term shareholder value creation; and |
3. | Return surplus capital to shareholders. |
2021 | 2020 | 2019 | ||||||||||
USD million | ||||||||||||
Term loans | 1,037 | 1,254 | 1,378 | |||||||||
Lease liabilities | 25 | 31 | 31 | |||||||||
Total borrowings | 1,062 | 1,285 | 1,409 | |||||||||
Of which: | ||||||||||||
Classified as non-current | 926 | 1,149 | 1,273 | |||||||||
Classified as current | 136 | 136 | 136 |
2020 | 2019 | 2018 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
USD million | ||||||||||||
Term loans | 1,254 | 1,378 | 1,470 | |||||||||
Lease liabilities | 31 | 31 | — | |||||||||
Total borrowings | 1,285 | 1,409 | 1,470 | |||||||||
Of which: | ||||||||||||
Classified as non-current | 1,149 | 1,273 | 1,375 | |||||||||
Classified as current | 136 | 136 | 95 |
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(audited) | (audited) | (unaudited) | USD million | |||||||||||||||||||||
USD million | ||||||||||||||||||||||||
1 January | 1,409 | 1,468 | (1,758 | ) | ||||||||||||||||||||
January 1 | 1,285 | 1,409 | 1,468 | |||||||||||||||||||||
Impact from adoption of IFRS16 | — | 36 | — | — | — | 36 | ||||||||||||||||||
Proceeds from borrowings | — | — | 1,470 | |||||||||||||||||||||
Repayment of borrowings | (137 | ) | (103 | ) | (262 | ) | (229 | ) | (137 | ) | (103 | ) | ||||||||||||
Non-cash changes: | ||||||||||||||||||||||||
Foreign exchange adjustments | 2 | (1 | ) | 4 | (1 | ) | 2 | (1 | ) | |||||||||||||||
Dividend distribution | — | — | 2,011 | |||||||||||||||||||||
Discounting/amortisation | 6 | 6 | — | |||||||||||||||||||||
Discounting/amortization | 6 | 6 | 6 | |||||||||||||||||||||
New lease obligations | 6 | 2 | — | 2 | 6 | 2 | ||||||||||||||||||
Disposal of lease obligations | (1 | ) | — | — | (1 | ) | (1 | ) | — | |||||||||||||||
Other | — | 1 | 3 | — | — | 1 | ||||||||||||||||||
31 December | 1,285 | 1,409 | 1,468 | |||||||||||||||||||||
December 31 | 1,285 | 1,285 | 1,409 | |||||||||||||||||||||
Cash Flows Including Interest | Cash Flows Including Interest | |||||||||||||||||||||||||||||||||||||||
Carrying amount | 0-1 year | 1-5 years | 5- years | Total | Carrying amount | 0-1 years | 1-5 years | 5- years | Total | |||||||||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||||||||||
2020 (audited) | ||||||||||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||||
Term loans | 1,254 | 168 | 1,220 | — | 1,388 | 1,037 | 159 | 965 | — | 1,124 | ||||||||||||||||||||||||||||||
Lease liabilities | 31 | 8 | 23 | 4 | 35 | 25 | 7 | 18 | 1 | 26 | ||||||||||||||||||||||||||||||
Trade and other payables | 225 | 225 | — | — | 225 | 226 | 226 | — | — | 226 | ||||||||||||||||||||||||||||||
Derivatives | 33 | — | 33 | — | 33 | 19 | 3 | 16 | — | 19 | ||||||||||||||||||||||||||||||
Total recognised in balance sheet | 1,543 | 401 | 1,276 | 4 | 1,681 | |||||||||||||||||||||||||||||||||||
Total recognized in balance sheet | 1,307 | 395 | 999 | 1 | 1,395 | |||||||||||||||||||||||||||||||||||
Capital commitments | 30 | — | — | 30 | 38 | 0 | — | 38 | ||||||||||||||||||||||||||||||||
Total | 431 | 1,276 | 4 | 1,711 | 433 | 999 | 1 | 1,433 | ||||||||||||||||||||||||||||||||
2019 (audited) | ||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||||
Term loans | 1,378 | 190 | 1,210 | 220 | 1,620 | 1,254 | 168 | 1,220 | — | 1,388 | ||||||||||||||||||||||||||||||
Lease liabilities | 31 | 7 | 22 | 5 | 34 | 31 | 8 | 23 | 4 | 35 | ||||||||||||||||||||||||||||||
Trade and other payables | 243 | 243 | — | — | 243 | 225 | 225 | — | — | 225 | ||||||||||||||||||||||||||||||
Derivatives | 23 | 1 | 22 | — | 23 | 33 | — | 33 | — | 33 | ||||||||||||||||||||||||||||||
Total recognised in balance sheet | 1,675 | 441 | 1,254 | 225 | 1,920 | |||||||||||||||||||||||||||||||||||
Capital commitments | 95 | — | — | 95 | ||||||||||||||||||||||||||||||||||||
Total | 536 | 1,254 | 225 | 2,015 | ||||||||||||||||||||||||||||||||||||
2018 (unaudited) | ||||||||||||||||||||||||||||||||||||||||
Term loans | 1,470 | 173 | 1,396 | 257 | 1,826 | |||||||||||||||||||||||||||||||||||
Trade and other payables | 267 | 267 | — | — | 267 | |||||||||||||||||||||||||||||||||||
Total recognised in balance sheet | 1,737 | 440 | 1,396 | 257 | 2,093 | |||||||||||||||||||||||||||||||||||
Total recognized in balance sheet | 1,543 | 401 | 1,276 | 4 | 1,681 | |||||||||||||||||||||||||||||||||||
Capital commitments | 46 | — | — | 46 | 30 | 0 | — | 30 | ||||||||||||||||||||||||||||||||
Total | 486 | 1,396 | 257 | 2,139 | 431 | 1,276 | 4 | 1,711 | ||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||
Term loans | 1,378 | 190 | 1,210 | 220 | 1,620 | |||||||||||||||||||||||||||||||||||
Lease liabilities | 31 | 7 | 22 | 5 | 34 | |||||||||||||||||||||||||||||||||||
Trade and other payables | 243 | 243 | — | — | 243 | |||||||||||||||||||||||||||||||||||
Derivatives | 23 | 1 | 22 | — | 23 | |||||||||||||||||||||||||||||||||||
Total recognized in balance sheet | 1,675 | 441 | 1,254 | 225 | 1,920 | |||||||||||||||||||||||||||||||||||
Capital commitments | 95 | 0 | — | 95 | ||||||||||||||||||||||||||||||||||||
Total | 536 | 1,254 | 225 | 2,015 | ||||||||||||||||||||||||||||||||||||
Next Interest Rate Fixing | Next Interest Rate Fixing | |||||||||||||||||||||||||||||||
Carrying amount | 0-1 year | 1-5 years | 5- years | Carrying amount | 0-1 year | 1-5 years | 5- years | |||||||||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||||||||||
2020 (audited) | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
<3% | 501 | 498 | — | 3 | 970 | 506 | 464 | — | ||||||||||||||||||||||||
3–6% | 784 | 1 | 775 | 8 | 92 | 2 | 89 | 1 | ||||||||||||||||||||||||
Total | 1,285 | 499 | 775 | 11 | 1,062 | 508 | 553 | 1 | ||||||||||||||||||||||||
2019 (audited) | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
<3% | 501 | 498 | 0 | 3 | ||||||||||||||||||||||||||||
3–6% | 1,409 | 507 | 875 | 27 | 784 | 1 | 775 | 8 | ||||||||||||||||||||||||
Total | 1,409 | 507 | 875 | 27 | 1,285 | 499 | 775 | 11 | ||||||||||||||||||||||||
2018 (unaudited) | ||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
3–6% | 1,470 | 533 | 937 | — | 1,409 | 507 | 875 | 27 | ||||||||||||||||||||||||
Total | 1,470 | 533 | 937 | — | �� | 1,409 | 507 | 875 | 27 | |||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||
(audited) | (audited) | (unaudited) | 2021 | 2020 | 2019 | |||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||
Receivables not due | 169 | 215 | 237 | 204 | 169 | 215 | ||||||||||||||||||
Less than 90 days overdue | 27 | 31 | 81 | 28 | 27 | 31 | ||||||||||||||||||
More than 90 days overdue | 14 | 18 | 24 | 6 | 14 | 18 | ||||||||||||||||||
Receivables, gross | 210 | 264 | 342 | 238 | 210 | 264 | ||||||||||||||||||
Expected credit loss | — | — | 3 | — | — | — | ||||||||||||||||||
Carrying amount | 210 | 264 | 339 | 238 | 210 | 264 | ||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency | USD | Foreign currency | USD | Foreign currency | USD | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
(audited) | (audited) | (unaudited) | Foreign currency | USD | Foreign currency | USD | Foreign currency | USD | ||||||||||||||||||||||||||||||||||||||||
DKK/USD | 408 | 63 | 551 | 84 | 725 | 113 | 536 | 84 | 408 | 63 | 551 | 84 | ||||||||||||||||||||||||||||||||||||
NOK/USD | — | — | 50 | 6 | — | — | — | — | — | — | 50 | 6 | ||||||||||||||||||||||||||||||||||||
AUD/USD | 38 | 28 | — | — | — | — |
2020 | 2019 | 2018 | ||||||||||||||||||||||
(audited) | (audited) | (unaudited) | 2021 | 2020 | 2019 | |||||||||||||||||||
USD million | USD million | |||||||||||||||||||||||
Hedging foreign exchange risk on operating costs | 1 | (5 | ) | (2 | ) | — | 1 | (5 | ) | |||||||||||||||
Hedging interest rate risk | (14 | ) | (3 | ) | — | (11 | ) | (14 | ) | (3 | ) | |||||||||||||
Total reclassified from equity reserve for hedges | (13 | ) | (8 | ) | (2 | ) | (11 | ) | (13 | ) | (8 | ) | ||||||||||||
Derivatives accounted for as held for trading | ||||||||||||||||||||||||
Currency derivatives recognised directly in financial income/expenses | — | — | 2 | |||||||||||||||||||||
Currency derivatives recognized directly in financial income/expenses | 1 | — | — | |||||||||||||||||||||
Net gains/losses recognised directly in the income statement | — | — | 2 | |||||||||||||||||||||
Net gains/losses recognized directly in the income statement | 1 | — | — | |||||||||||||||||||||
Total | (13 | ) | (8 | ) | — | (10 | ) | (13 | ) | (8 | ) | |||||||||||||
2020 | 2021 | |||||||||||||||||||||||
Foreign exchange risk | Interest rate risk | 2020 Total | Foreign exchange risk | Interest rate risk | 2021 Total | |||||||||||||||||||
(audited) | USD million | |||||||||||||||||||||||
USD million | ||||||||||||||||||||||||
Reserve for hedges 1 January | (1 | ) | (22 | ) | (23 | ) | ||||||||||||||||||
Reserve for hedges January 1 | 3 | (33 | ) | (30 | ) | |||||||||||||||||||
Value adjustment of hedges for the year | 5 | (25 | ) | (20 | ) | (6 | ) | 3 | (3 | ) | ||||||||||||||
Reclassified to income statement | (1 | ) | 14 | 13 | — | 11 | 11 | |||||||||||||||||
Reserve for hedges 31 December | 3 | (33 | ) | (30 | ) | |||||||||||||||||||
Reserve for hedges December 31 | (3 | ) | (19 | ) | (22 | ) | ||||||||||||||||||
2019 | 2020 | |||||||||||||||||||||||
Foreign exchange risk | Interest rate risk | 2019 Total | Foreign exchange risk | Interest rate risk | 2020 Total | |||||||||||||||||||
(audited) | USD million | |||||||||||||||||||||||
USD million | ||||||||||||||||||||||||
Reserve for hedges 1 January | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||
Reserve for hedges January 1 | (1 | ) | (22 | ) | (23 | ) | ||||||||||||||||||
Value adjustment of hedges for the year | (5 | ) | (24 | ) | (29 | ) | 5 | (25 | ) | (20 | ) | |||||||||||||
Reclassified to income statement | 5 | 3 | 8 | (1 | ) | 14 | 13 | |||||||||||||||||
Reserve for hedges 31 December | (1 | ) | (22 | ) | (23 | ) | ||||||||||||||||||
Reserve for hedges December 31 | 3 | (33 | ) | (30 | ) | |||||||||||||||||||
2018 | 2019 | |||||||||||||||||||||||
Foreign exchange risk | Interest rate risk | 2018 Total | Foreign exchange risk | Interest rate risk | 2019 Total | |||||||||||||||||||
(unaudited) | USD million | |||||||||||||||||||||||
USD million | ||||||||||||||||||||||||
Reserve for hedges 1 January | 1 | — | 1 | |||||||||||||||||||||
Reserve for hedges January 1 | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||
Value adjustment of hedges for the year | (4 | ) | (1 | ) | (5 | ) | (5 | ) | (24 | ) | (29 | ) | ||||||||||||
Reclassified to income statement | 2 | — | 2 | 5 | 3 | 8 | ||||||||||||||||||
Reserve for hedges 31 December | (1 | ) | (1 | ) | (2 | ) | ||||||||||||||||||
Reserve for hedges December 31 | (1 | ) | (22 | ) | (23 | ) | ||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||
USD million | ||||||||||||||||||||||||
Carried at amortized cost | ||||||||||||||||||||||||
Trade receivables | 238 | 210 | 264 | |||||||||||||||||||||
Other receivables (non-interest-bearing) | 56 | 75 | 49 | |||||||||||||||||||||
Cash and bank balances | 557 | 226 | 310 | |||||||||||||||||||||
Financial assets at amortized cost | 851 | 511 | 623 | |||||||||||||||||||||
Carried at fair value Derivatives | — | — | 4 | 4 | — | — | ||||||||||||||||||
Financial assets at fair value | — | — | 4 | 4 | — | — | ||||||||||||||||||
Total financial assets | 851 | 515 | 623 | |||||||||||||||||||||
Carried at amortized cost | ||||||||||||||||||||||||
Term loans | 1,037 | 1,100 | 1,254 | 1,276 | 1,378 | 1,404 | ||||||||||||||||||
Lease liabilities | 25 | 25 | 31 | 31 | 31 | 31 | ||||||||||||||||||
Total borrowings | 1,062 | 1,125 | 1,285 | 1,307 | 1,409 | 1,435 | ||||||||||||||||||
Trade payables | 164 | 167 | 180 | |||||||||||||||||||||
Other payables | 62 | 58 | 62 | |||||||||||||||||||||
Financial liabilities at amortized cost | 1,288 | 1,510 | 1,651 | |||||||||||||||||||||
Carried at fair value | ||||||||||||||||||||||||
Derivatives | 19 | 19 | 33 | 33 | 23 | 23 | ||||||||||||||||||
Financial liabilities at fair value | 19 | 19 | 33 | 33 | 23 | 23 | ||||||||||||||||||
Total financial liabilities | 1,307 | 1,543 | 1,674 | |||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||
Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | Fair value | |||||||||||||||||||
(audited) | (audited) | (unaudited) | ||||||||||||||||||||||
USD million | ||||||||||||||||||||||||
Carried at amortised cost | ||||||||||||||||||||||||
Loans receivable | — | — | — | — | 2 | 2 | ||||||||||||||||||
Other interest-bearing receivables | — | — | — | — | 2 | 2 | ||||||||||||||||||
Total interest-bearing receivables | — | — | 4 | 4 | ||||||||||||||||||||
Trade receivables | 210 | 264 | 339 | |||||||||||||||||||||
Other receivables (non-interest-bearing) | 75 | 49 | 32 | |||||||||||||||||||||
Cash and bank balances | 226 | 310 | 372 | |||||||||||||||||||||
Financial assets at amortised cost | 511 | 623 | 747 | |||||||||||||||||||||
Carried at fair value | ||||||||||||||||||||||||
Derivatives | 4 | 4 | — | — | — | — | ||||||||||||||||||
Financial assets at fair value | 4 | 4 | — | — | — | — | ||||||||||||||||||
Total financial assets | 515 | 623 | 747 | |||||||||||||||||||||
Carried at amortised cost | ||||||||||||||||||||||||
Term loans | 1,254 | 1,276 | 1,378 | 1,404 | 1,470 | 1,500 | ||||||||||||||||||
Lease liabilities | 31 | 31 | 31 | 31 | — | — | ||||||||||||||||||
Total borrowings | 1,285 | 1,307 | 1,409 | 1,435 | 1,470 | 1,500 | ||||||||||||||||||
Trade payables | 167 | 180 | 196 | |||||||||||||||||||||
Other payables | 58 | 62 | 70 | |||||||||||||||||||||
Financial liabilities at amortised cost | 1,510 | 1,651 | 1,736 | |||||||||||||||||||||
Carried at fair value | ||||||||||||||||||||||||
Derivatives | 33 | 33 | 23 | 23 | 1 | 1 | ||||||||||||||||||
Financial liabilities at fair value | 33 | 33 | 23 | 23 | 1 | 1 | ||||||||||||||||||
Total financial liabilities | 1,543 | 1,674 | 1,737 | |||||||||||||||||||||
2020 | 2019 | |||||||
(audited) | (audited) | |||||||
Total number of shares | 41,532,112 | 41,532,112 | ||||||
Average number of treasury shares | 121,582 | — | ||||||
Average number of shares in circulation | 41,410,530 | 41,532,112 | ||||||
Average dilution effect from shares outstanding under the LTI programme | — | — | ||||||
Diluted average number of shares in circulation | 41,410,530 | 41,532,112 | ||||||
2021 | 2020 | 2019 | ||||||||||
Total number of shares | 41,532,112 | 41,532,112 | 41,532,112 | |||||||||
Average number of treasury shares | 242,281 | 121,582 | — | |||||||||
Average number of shares in circulation | 41,289,831 | 41,410,530 | 41,532,112 | |||||||||
Average dilution effect from shares outstanding under the LTI program | 234,910 | — | — | |||||||||
Diluted average number of shares in circulation | 41,524,741 | 41,410,530 | 41,532,112 | |||||||||
Shares in The Drilling Company of 1972 A/S | ||||||||||||
Restricted Shares Plan Key Management Personnel | Restricted Shares Plan Other employees | Total fair value (1) | ||||||||||
Outstanding awards under equity-settled incentive plans | No. | No. | USD million | |||||||||
January 1, 2019 | — | — | ||||||||||
Granted | 116,599 | 26,104 | 11 | |||||||||
Vested | — | — | ||||||||||
Forfeited/cancelled | (10,772 | ) | (1,618 | ) | ||||||||
Transfer between categories | (22,844 | ) | 22,844 | |||||||||
Outstanding December 31, 2019 | 82,983 | 47,330 | ||||||||||
Granted | 38,973 | 51,147 | 2 | |||||||||
Vested | (1,836 | ) | — | |||||||||
Forfeited/cancelled | (27,709 | ) | (14,095 | ) | ||||||||
Outstanding December 31, 2020 | 92,411 | 84,382 | ||||||||||
Granted | 63,304 | 67,272 | 5 | |||||||||
Vested | (1,767 | ) | — | |||||||||
Forfeited/cancelled | — | (12,575 | ) | |||||||||
Outstanding December 31, 2021 | 153,948 | 130,079 | ||||||||||
Shares in The Drilling Company of 1972 A/S | ||||||||||||
Restricted Shares Plan Key Management Personnel | Restricted Shares Plan Other employees | Total fair value (1) | ||||||||||
Outstanding awards under equity-settled incentive plans | No. | No. | USD million | |||||||||
1 January 2019 | — | — | ||||||||||
Granted | 116,599 | 26,104 | 11 | |||||||||
Vested | — | — | ||||||||||
Forfeited/cancelled | 10,772 | (1,618 | ) | |||||||||
Transfer between categories | (22,844 | ) | 22,844 | |||||||||
Outstanding 31 December 2019 | 82,983 | 47,330 | ||||||||||
Granted | 38,973 | 51,147 | 2 | |||||||||
Vested | 1,836 | |||||||||||
Forfeited/cancelled | 27,709 | 14,095 | ||||||||||
Outstanding 31 December 2020 | 92,411 | 84,382 | ||||||||||
(1) | At the time of grant. |
B-shares in A.P. Møller—Mærsk A/S | B-shares in A.P. Møller—Mærsk A/S | |||||||||||||||||||||||
Restricted Shares Plan Key Management Personnel (1) | Restricted Shares Plan Other employees (1) | Total fair value (1) | Restricted Shares Plan Key Management Personnel | Restricted Shares Plan Other employees | Total fair value | |||||||||||||||||||
No. | No. | USD million | No. | No. | USD million | |||||||||||||||||||
1 January 2018 | 752 | 553 | ||||||||||||||||||||||
January 1, 2018 | 752 | 553 | ||||||||||||||||||||||
Granted | 354 | 156 | 1 | 354 | 156 | 1 | ||||||||||||||||||
Vested | 219 | 170 | (219 | ) | (170 | ) | ||||||||||||||||||
Outstanding 31 December 2018 | 887 | 539 | ||||||||||||||||||||||
Outstanding December 31, 2018 | 887 | 539 | ||||||||||||||||||||||
Adjustment | 94 | (255 | ) | — | 94 | (255 | ) | — | ||||||||||||||||
Vested | — | 50 | — | 50 | ||||||||||||||||||||
Converted to restricted shares in The Drilling Company of 1972 A/S | (981 | ) | (157 | ) | (981 | ) | (157 | ) | ||||||||||||||||
Outstanding 31 December 2019 | — | 77 | ||||||||||||||||||||||
Outstanding December 31, 2019 | — | 77 | ||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||
Income statement | ||||||||||||
Revenue | 2 | 2 | 3 | |||||||||
Costs | 19 | 22 | 21 | |||||||||
Financial income | 1 | 1 | 2 | |||||||||
Financial expenses | 9 | 10 | 12 | |||||||||
Assets | ||||||||||||
Trade receivables | — | 1 | 1 | |||||||||
Derivatives | — | 4 | — | |||||||||
Cash and bank balances (1) | 75 | 79 | 93 | |||||||||
Liabilities | ||||||||||||
Borrowings (1) | 76 | 93 | 101 | |||||||||
Trade payables | 4 | 3 | 7 | |||||||||
Derivatives | 11 | 16 | 12 | |||||||||
Other payables | — | 1 | 1 |
2020 | 2019 | 2018 | ||||||||||
(audited) | (audited) | (unaudited) | ||||||||||
Income statement | ||||||||||||
Revenue | 2 | 3 | 34 | |||||||||
Costs | 22 | 21 | 14 | |||||||||
Financial income | 1 | 2 | — | |||||||||
Financial expenses | 10 | 12 | 0 | |||||||||
Assets | ||||||||||||
Trade receivables | 1 | 1 | 2 | |||||||||
Derivatives | 4 | — | — | |||||||||
Cash and bank balances (1) | 79 | 93 | 258 | |||||||||
Liabilities | ||||||||||||
Borrowings (1) | 93 | 101 | 105 | |||||||||
Trade payables | 3 | 7 | 5 | |||||||||
Derivatives | 16 | 12 | 0 | |||||||||
Other payables | 1 | 1 | 3 |
(1) | Relates to on demand bank deposits on customary terms and borrowings with Danske Bank. Refer to note 3.3 in relation to terms of the borrowings. |
enterprise expects the tax authorities to treat the uncertain tax positions. The uncertain tax position must be recognized if it is probable that the enterprise will have to pay or receive refunds. The uncertain tax position must be measured so as to better reflect the receivable/liability and the related uncertainty. |
2019 | ||||
USD million | ||||
Operating lease obligations at December 31, | 47 | |||
Service components | ||||
Low-value assets and short-term contracts | ||||
Undiscounted lease liabilities | 42 | |||
Discounting effect | ||||
Lease liability at January 1, | 36 | |||
contract. Examples are moreover added of costs which are considered directly related to a contract and costs which are not. |
SEC registration fee | $ | 37,531.25 | ||
Accounting fees and expenses | * | |||
Legal fees and expenses | * | |||
Printing and engraving expenses | * | |||
Trustee fees and expenses | * | |||
Miscellaneous | * | |||
Total | $ | * | ||
SEC registration fee | $ | 40,414.38 | ||
Accounting fees and expenses | * | |||
Legal fees and expenses | * | |||
Printing and engraving expenses | * | |||
Trustee fees and expenses | * | |||
Miscellaneous | * | |||
Total | $ | * | ||
* | Estimated expenses are not presently known. The foregoing sets forth the general categories of expenses (other than underwriting discounts and commissions) that the registrant anticipates it will incur in connection with the offering of securities under this registration statement. An estimate of the aggregate expenses in connection with the issuance and distribution of the securities being offered will be included in the applicable prospectus supplement. |
(a) | he/she acted honestly and in good faith with a view to the best interest of the company; and |
(b) | in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, he/she had reasonable grounds for believing that his conduct was lawful. |
Exhibit Number | Description | |
101.INS | XBRL Instance Document—this 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 | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
107# | Filing Fees Table. |
* | Management contract or compensatory plan or arrangement. |
† | Certain portions of the exhibit have been omitted. Finco agrees to furnish a supplemental copy with any omitted information to the Securities and Exchange Commission (“SEC”) upon request. |
# | Previously filed. |
NOBLE FINANCE COMPANY | ||
By: | /s/ Robert W. Eifler | |
Robert W. Eifler | ||
President and Chief Executive Officer |
Signature | Title | Date | ||
/s/ Robert W. Eifler Robert W. Eifler | President and Chief Executive Officer (Principal Executive Officer) | |||
/s/ Richard B. Barker Richard B. Barker | Director, Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |||
* Laura D. Campbell | Vice President and Controller and Authorized Representative in the United States (Principal Accounting Officer) | |||
* David M.J. Dujacquier | Director | |||
* Brad A. Baldwin | Director |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
BULLY 1 (SWITZERLAND) GMBH | ||
By: | /s/ Caroline Yu Gin Cho | |
Caroline Yu Gin Cho | ||
Managing Officer |
Signature | Title | Date | ||
* David M.J. Dujacquier | Chairman and General Manager (Principal Executive Officer) | |||
/s/ Caroline Yu Gin Cho Caroline Yu Gin Cho | Managing Officer (Principal Financial and Accounting Officer) | |||
* Matthew John Brodie | Managing Officer | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE BD LLC | ||
By: Noble NBD Cayman LP, its member | ||
By: Noble NBD GP Holding, its general partner | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President and Secretary |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President and Secretary (Principal Executive, Financial and Accounting Officer) |
NOBLE CAYMAN SCS HOLDING LTD | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President, Secretary and Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President, Secretary and Director (Principal Executive Officer) | |||
* David M.J. Dujacquier | Controller and Director (Principal Financial and Accounting Officer) | |||
* Laura D. Campbell |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE CONTRACTING II GMBH | ||
By: | /s/ Caroline Yu Gin Cho | |
Caroline Yu Gin Cho | ||
Managing Officer |
Signature | Title | Date | ||
* David M.J. Dujacquier | Chairman (Principal Executive Officer) | |||
/s/ Caroline Yu Gin Cho Caroline Yu Gin Cho | Managing Officer (Principal Financial and Accounting Officer) | |||
* Matthew John Brodie | Managing Officer | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE DRILLING (GUYANA) INC. | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | Director (Principal Executive, Financial and Accounting Officer) | |||
* C.A. Nigel Hughes | Secretary and Director | |||
* Brett Blackman | Director | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE DRILLING (NORWAY) AS | ||
By: | /s/ David M.J. Dujacquier | |
David M.J. Dujacquier | ||
General Manager and Director |
Signature | Title | Date | ||
/s/ David M.J. Dujacquier David M.J. Dujacquier | General Manager and Director (Principal Executive, Financial and Accounting Officer) | |||
* Matthew John Brodie | Director | |||
* Gunnar Espeland | Director | |||
* Ronald Lee | Director | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE DRILLING (TVL) LTD. | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President, Secretary and Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President, Secretary and Director (Principal Executive and Financial Officer) | |||
* David M.J. Dujacquier | Controller and Director (Principal Accounting Officer) | |||
* Caroline Yu Gin Cho | Director | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE DRILLING (U.S.) LLC | ||
By: Noble Drilling Services LLC, its member | ||
By: | /s/ Blake A. Denton | |
Blake A. Denton | ||
President |
Signature | Title | Date | ||
/s/ Blake A. Denton Blake A. Denton | President (Principal Executive Officer) | |||
* Craig M. Muirhead | Vice President and Treasurer (Principal Financial Officer) | |||
* Laura D. Campbell | Vice President and Controller (Principal Accounting Officer) |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE DRILLING DOHA LLC | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
General Manager |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | General Manager and Manager (Principal Executive, Financial and Accounting Officer) | |||
* Firas Adi | Manager | |||
* Ullatil Achu | Manager | |||
* Ebrahim Ahmad H M Al-Neama | Manager | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE DRILLING INTERNATIONAL GMBH | ||
By: | /s/ Caroline Yu Gin Cho | |
Caroline Yu Gin Cho | ||
Managing Officer |
Signature | Title | Date | ||
* David M.J. Dujacquier | Chairman (Principal Executive Officer) | |||
/s/ Caroline Yu Gin Cho Caroline Yu Gin Cho | Managing Officer (Principal Financial and Accounting Officer) | |||
* Matthew John Brodie | Managing Officer | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE DRILLING SERVICES LLC | ||
By: NDSI Holding Limited, its member | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President and Secretary |
Signature | Title | Date | ||
* Blake A. Denton | President (Principal Executive Officer) | |||
* Laura D. Campbell | Vice President and Controller (Principal Accounting Officer) | |||
* Craig M. Muirhead | Vice President (Principal Financial Officer) |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE DT LLC | ||
By: Noble Boudreaux Limited, its member | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President and Secretary |
Signature | Title | Date | ||
President and Secretary (Principal Executive, Financial and Accounting Officer) | ||||
* | Vice President |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE INTERNATIONAL FINANCE COMPANY | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President, Secretary and Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President, Secretary and Director (Principal Executive Officer) | |||
* Craig M. Muirhead | Treasurer (Principal Financial Officer) | |||
* David M.J. Dujacquier | Controller (Principal Accounting Officer) | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE LEASING (SWITZERLAND) GMBH | ||
By: | /s/ Caroline Yu Gin Cho | |
Caroline Yu Gin Cho | ||
Managing Officer |
Signature | Title | Date | ||
* David M.J. Dujacquier | Chairman (Principal Executive Officer) | |||
/s/ Caroline Yu Gin Cho Caroline Yu Gin Cho | Managing Officer (Principal Financial and Accounting Officer) | |||
* Matthew John Brodie | Managing Officer | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE LEASING III (SWITZERLAND) GMBH | ||
By: | /s/ Caroline Yu Gin Cho | |
Caroline Yu Gin Cho | ||
Managing Officer |
Signature | Title | Date | ||
* David M.J. Dujacquier | Chairman (Principal Executive Officer) | |||
/s/ Caroline Yu Gin Cho Caroline Yu Gin Cho | Managing Officer (Principal Financial and Accounting Officer) | |||
* Matthew John Brodie | Managing Officer | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE RESOURCES LIMITED | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President, Secretary and Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President, Secretary and Director (Principal Executive Officer) | |||
* David M.J. Dujacquier | Controller and Director (Principal Financial and Accounting Officer) | |||
* Caroline Yu Gin Cho | Director | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE RIG HOLDING 2 LIMITED | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President, Secretary and Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President, Secretary and Director (Principal Executive Officer) | |||
* David M.J. Dujacquier | Controller and Director (Principal Financial and Accounting Officer) | |||
* Caroline Yu Gin Cho | Director | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE RIG HOLDING I LIMITED | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President, Secretary and Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President, Secretary and Director (Principal Executive Officer) | |||
* Craig M. Muirhead | Treasurer (Principal Financial Officer) | |||
* David M.J. Dujacquier | Controller and Director (Principal Accounting Officer) | |||
* Caroline Yu Gin Cho | Director | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE SA LIMITED | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President, Secretary and Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President, Secretary and Director (Principal Executive Officer) | |||
* David M.J. Dujacquier | Controller and Director (Principal Financial and Accounting Officer) | |||
* Caroline Yu Gin Cho | Director | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE SERVICES COMPANY LLC | ||
By: Noble Drilling (U.S.) LLC, its member | ||
By: | /s/ Blake A. Denton | |
Blake A. Denton | ||
President |
Signature | Title | Date | ||
* Robert W. Eifler | President and Chief Executive Officer (Principal Executive Officer) | |||
/s/ Richard B. Barker Richard B. Barker | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |||
* Laura D. Campbell | Chief Accounting Officer, Vice President and Controller (Principal Accounting Officer) |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
NOBLE SERVICES INTERNATIONAL LIMITED | ||
By: | /s/ Brad A. Baldwin | |
Brad A. Baldwin | ||
President, Secretary and Director |
Signature | Title | Date | ||
/s/ Brad A. Baldwin Brad A. Baldwin | President, Secretary and Director (Principal Executive Officer) | |||
* David M.J. Dujacquier | Controller and Director (Principal Financial and Accounting Officer) | |||
* Caroline Yu Gin Cho | Director | |||
* Laura D. Campbell | Authorized Representative in the United States |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |
PACIFIC DRILLING S.A. | ||
By: | /s/ David M.J. Dujacquier | |
David M.J. Dujacquier | ||
Day-to-Day |
Signature | Title | Date | ||
/s/ David M.J. Dujacquier | Day-to-Day | |||
David M.J. Dujacquier | (Principal Executive, Financial and Accounting Officer) | |||
Director | ||||
Caroline Yu Gin Cho | ||||
Director | ||||
Frédéric Pascal Jacquemin | ||||
Authorized Representative in the United States | ||||
Laura D. Campbell |
* By: | /s/ Richard B. Barker | |
Richard B. Barker, Attorney-in-Fact |