SUGAR LAND, Texas,
May 4, 2021 /PRNewswire/ -- Noble
Corporation ("Noble" or the "Company") today reported first quarter
2021 results.
|
Successor
|
|
|
Predecessor
|
|
Period from
Feb 6, 2021 -
Mar 31,
2021
|
|
|
Period from
Jan 1, 2021 -
Feb 5, 2021
|
|
Three
Months
Ended
|
|
Three
Months
Ended
|
(stated in
millions, except per share amounts)
|
|
|
|
Dec 31,
2020
|
|
Mar 31,
2020
|
Total
Revenue
|
$
92
|
|
|
$
77
|
|
$
203
|
|
$
281
|
Contract Drilling
Services Revenue
|
85
|
|
|
74
|
|
195
|
|
267
|
Net Income
(Loss)
|
(18)
|
|
|
250
|
|
(2,823)
|
|
(1,063)
|
Adjusted
EBITDA*
|
6
|
|
|
22
|
|
57
|
|
91
|
Adjusted Net
Loss*
|
(27)
|
|
|
(1)
|
|
(25)
|
|
(86)
|
Diluted Earnings
(Loss) Per Share
|
(0.36)
|
|
|
0.98
|
|
(11.24)
|
|
(4.25)
|
Adjusted Diluted Loss
Per Share*
|
(0.54)
|
|
|
-
|
|
(0.10)
|
|
(0.34)
|
Contract Drilling
Services Backlog
|
1,543
|
|
|
NM
|
|
1,612
|
|
1,524
|
|
|
|
|
|
|
|
|
|
* A Non-GAAP
supporting schedule is included with the statements and schedules
attached to this press
release and can be found at
www.noblecorp.com.
|
Robert W. Eifler, President and
Chief Executive Officer of Noble Corporation, stated, "We are
pleased with our first quarter results and the accomplishment of a
number of important strategic objectives in the first part of 2021.
In early February we completed our financial restructuring
transactions and emerged with a much stronger financial
foundation. In March we announced the acquisition of Pacific
Drilling and expeditiously closed the transaction on April 15th. Pacific Drilling
represents a highly strategic acquisition, which enhances our
position in the ultra-deepwater market."
Mr. Eifler continued, "Noble celebrated its one-hundred-year
anniversary a few weeks ago, and while the market environment has
continually changed over the life of our company, Noble's
commitment to its core values does not waiver. I would like to
personally thank all the men and women at Noble, both offshore and
onshore, who remain focused every day on delivering best-in-class
safety and operational performance for our customers."
Noble emerged from Chapter 11 bankruptcy protection on
February 5, 2021 (the "Effective
Date"). Upon emergence, Noble adopted fresh-start accounting which
resulted in Noble becoming a new reporting entity for accounting
and financial reporting purposes. Accordingly, our financial
statements and notes after the Effective Date are not comparable to
our financial statements and notes prior to that date. As
required by GAAP, results for the quarter must be presented
separately for the predecessor period from January 1, 2021 through February 5, 2021 (the "Predecessor" period) and
the successor period from February 6,
2021 through March 31, 2021
(the "Successor" period). However, the Company has combined certain
results of the Predecessor and Successor periods as non-GAAP
measures ("combined" results) to compare to prior periods for
discussion purposes herein since we believe it provides the most
meaningful basis to analyze our results.
On a GAAP basis, total revenue and net loss in the Successor
period from February 6, 2021 to
March 31, 2021 were $92 million and $18
million, respectively. Total revenue and net income in the
Predecessor period from January 1,
2021 to February 5, 2021 were
$77 million and $250 million, respectively. The Predecessor
period includes a net reorganization gain of $252 million from January
1, 2021 to February 5,
2021.
On a non-GAAP basis, contract drilling services revenue for the
combined first quarter of 2021 totaled $159
million compared to $195
million in the fourth quarter of 2020. The decrease in
revenue was largely due to the Noble Lloyd Noble moving to
the shipyard in February to prepare for its upcoming work in
Norway, lower operating days on
the Noble Sam Croft as it moved from its previous work in
Suriname and joined the Commercial Enabling Agreement (the "CEA")
with ExxonMobil in Guyana in
April, lower operating days on the Noble Roger Lewis as it
was on standby for approximately four weeks in the first quarter,
and lower revenue on the Noble Tom Prosser which was idle
during the combined first quarter. Additionally, contract
drilling services revenue for the combined first quarter included a
reduction of $8 million related to
the non-cash amortization of favorable customer contract
intangibles which were recognized on the Effective
Date. Marketed fleet utilization was 66% in the three months
ended March 2021 compared to 70% in
the fourth quarter.
Contract drilling services costs for the combined first quarter
were $127 million compared to
$125 million in the fourth quarter of
2020. Contract drilling margin decreased to 20 percent from 36
percent in the previous period.
Adjusted EBITDA for the three months ended March 2021 was $28
million compared to $57
million in the fourth
quarter.
Operating Highlights
During the combined first
quarter, the jackup Noble Sam
Turner began a two-year contract with Total in
Denmark, and the Noble Lloyd
Noble mobilized to the shipyard and began contract preparation
work prior to its contract with Equinor in Norway, which is scheduled to commence in the
third quarter of 2021. After an approximately four-week
standby period, the Noble Roger Lewis returned to dayrate
for gas well work with Saudi Aramco in mid-March, and the Noble
Scott Marks is preparing to return to work in the second
quarter of 2021 after its one-year suspension. The jackup
Noble Hans Deul began its
approximately 13-month contract with IOG in early April.
The Pacific Santa Ana is
currently under contract with Petronas in Mauritania into the third quarter of 2021. In
April, the Pacific Sharav commenced its contract with
Murphy in the U.S. Gulf of Mexico, with firm term through the
second quarter of 2022. The Pacific Khamsin is currently
preparing for its contract with Petronas in Mexico, scheduled to commence in the third
quarter of 2021. ExxonMobil also utilized the CEA to transfer
term from the Noble Tom Madden, which now has contract
coverage into early 2027, to the Noble Sam Croft, which now
has contract coverage through the end of 2022.
Backlog and Capital Structure
Update
At March 31, 2021, the Company's estimated revenue
backlog totaled approximately $1.5
billion, consisting of approximately $1.1 billion associated with the floating rig
fleet and approximately $400 million
with the jackup fleet. An estimated $568
million of the revenue backlog was attributable to the
remainder of the year 2021.
At March 31, 2021, Noble had total
liquidity of $603 million consisting
of $116 million in cash and
$487 million available under the
Company's revolving credit facility.
At emergence, Legacy Noble's ordinary shares were cancelled and
50 million initial ordinary shares of the Company, which includes
6.5 million penny warrants that are economically equivalent to
ordinary shares, were issued to Legacy Noble's former
bondholders. Certain former bondholders and former equity
holders of Legacy Noble were also issued warrants to purchase
shares of the Company. As part of the Pacific Drilling
transaction, Noble issued 16.6 million new shares to the former
equity holders of Pacific Drilling.
Outlook
Commenting on the Pacific Drilling acquisition
and the state of the offshore drilling industry, Mr. Eifler added,
"We are pleased to have completed the Pacific Drilling acquisition
on an expedited timeline. The integration of Pacific Drilling's
high specification drillships into Noble's operations is going
well, and we are excited to have available drillship capacity again
to better serve the needs of our customers. We are on track to
achieve our synergy target of $30
million before the end of 2021, and in so doing, lowering
our shorebased burden per rig across the consolidated fleet."
Mr. Eifler continued, "We are optimistic about the market
outlook and see a pipeline of interesting tender opportunities
developing along with improving dayrates, especially in the floater
market. We remain committed to maintaining a strong balance
sheet and to capital discipline, and we look forward to continuing
to execute on our strategy and build shareholder value."
About Noble Corporation
Noble is a leading offshore
drilling contractor for the oil and gas industry. The Company owns
and operates one of the most modern, versatile and technically
advanced fleets in the offshore drilling industry. Noble and its
predecessors have been engaged in the contract drilling of oil and
gas wells since 1921. Currently, Noble performs, through its
subsidiaries, contract drilling services with a fleet of 24
offshore drilling units, consisting of 12 drillships and
semisubmersibles and 12 jackups, focused largely on ultra-
deepwater and high-specification jackup drilling opportunities in
both established and emerging regions worldwide. Noble is an
exempted company incorporated in the Cayman Islands with limited liability with
registered office at P.O. BOX 31327, Ugland House, S. Church
Street, Georgetown, Grand Cayman,
KY1-1104. Additional information on Noble is available at
www.noblecorp.com.
Forward-looking Disclosure Statement
This
communication includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act. All statements other than statements of
historical facts included in this communication, including those
regarding the effect, impact, and other implications of our
emergence from bankruptcy, rig demand, the offshore drilling
market, oil prices, contract backlog, fleet status, our future
financial position, business strategy, liquidity, borrowings under
our credit facility or other instruments, sources of funds, future
capital expenditures, contract commitments, dayrates, contract
commencements, extension or renewals, contract tenders, plans and
objectives of management for future operations, industry
conditions, access to financing, impact of competition, worldwide
economic conditions and timing, benefits or results of acquisitions
or dispositions (including the benefits of the Pacific Drilling
acquisition) are forward-looking statements. When used in this
report, or in the documents incorporated by reference, the words
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "project," "should," "shall" and "will" and
similar expressions are intended to be among the statements that
identify forward-looking statements. Although we believe that the
expectations reflected in such forward-looking statements are
reasonable, we cannot assure you that such expectations will prove
to be correct. These forward-looking statements speak only as
of the date of this communication and we undertake no obligation to
revise or update any forward-looking statement for any reason,
except as required by law. We have identified factors,
including, but not limited to, uncertainties relating to our
emergence from bankruptcy, the ability to recognize the anticipated
benefits of the Pacific Drilling acquisition, the effects of public
health threats,pandemics and epidemics, such as the recent and
ongoing outbreak of COVID-19, and the adverse impact thereof on our
business, financial condition and results of operations (including
but not limited to our growth, operating costs, supply chain,
availability of labor, logistical capabilities, customer demand for
our services and industry demand generally, our liquidity, the
price of our securities and trading markets with respect thereto,
our ability to access capital markets, and the global economy and
financial markets generally), the effects of actions by, or
disputes among OPEC+ members with respect to production levels or
other matters related to the price of oil, market conditions,
factors affecting the level of activity in the oil and gas
industry, supply and demand of drilling rigs, factors affecting the
duration of contracts, the actual amount of downtime, factors that
reduce applicable dayrates, operating hazards and delays, risks
associated with operations outside the US, actions by regulatory
authorities, credit rating agencies, customers, joint venture
partners, contractors, lenders and other third parties, legislation
and regulations affecting drilling operations, compliance with
regulatory requirements, violations of anti-corruption laws,
shipyard risk and timing, delays in mobilization of rigs,
hurricanes and other weather conditions, and the future price of
oil and gas, that could cause actual plans or results to differ
materially from those included in any forward-looking
statements. These factors include those "Risk Factors"
referenced or described in the Company's most recent Form 10-K,
Form 10-Q's, and other filings with the Commission. We cannot
control such risk factors and other uncertainties, and in many
cases, we cannot predict the risks and uncertainties that could
cause our actual results to differ materially from those indicated
by the forward-looking statements. You should consider these
risks and uncertainties when you are evaluating us.
Conference Call
Noble has scheduled a conference call
and webcast related to its combined first quarter 2021 results on
Wednesday, May 5, 2021, at
8:00 a.m. U.S. Central
Time. Interested parties are invited to listen to the call by
dialing 1-877-680-4232, or internationally 1-647-689-5432, using
access code: 1637219, or by asking for the Noble Corporation
conference call. Interested parties may also listen over the
Internet through a link posted in the Investor Relations section of
the Company's Website.
A replay of the conference call will be available on
Wednesday, May 5, 2021, beginning at
11:00 a.m. U.S. Central Time, through
Wednesday, June 2, 2021, ending at
11:00 p.m. U.S. Central Time. The
phone number for the conference call replay is 1-800-585-8367 or,
for calls from outside of the U.S., 1-416-621-4642, using access
code: 1637219. The replay will also be available on the
Company's Website following the end of the scheduled call.
NOBLE CORPORATION
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except per share amounts)
(Unaudited)
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
Period
from
|
|
|
Period
from
|
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
Operating
revenues
|
|
|
|
|
|
|
|
Contract drilling
services
|
|
$
|
84,629
|
|
|
|
$
|
74,051
|
|
|
$
|
267,364
|
|
Reimbursables and
other
|
|
7,804
|
|
|
|
3,430
|
|
|
13,947
|
|
|
|
92,433
|
|
|
|
77,481
|
|
|
281,311
|
|
Operating costs
and expenses
|
|
|
|
|
|
|
|
Contract drilling
services
|
|
79,981
|
|
|
|
46,965
|
|
|
161,145
|
|
Reimbursables
|
|
7,044
|
|
|
|
2,737
|
|
|
11,684
|
|
Depreciation and
amortization
|
|
14,244
|
|
|
|
20,622
|
|
|
103,681
|
|
General and
administrative
|
|
9,548
|
|
|
|
5,727
|
|
|
17,839
|
|
Loss on
impairment
|
|
—
|
|
|
|
—
|
|
|
1,119,517
|
|
|
|
110,817
|
|
|
|
76,051
|
|
|
1,413,866
|
|
Operating income
(loss)
|
|
(18,384)
|
|
|
|
1,430
|
|
|
(1,132,555)
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
Interest expense, net
of amounts capitalized
|
|
(6,895)
|
|
|
|
(229)
|
|
|
(70,880)
|
|
Interest income and
other, net
|
|
8
|
|
|
|
399
|
|
|
(2,282)
|
|
Reorganization items,
net
|
|
—
|
|
|
|
252,051
|
|
|
—
|
|
Income (loss)
before income taxes
|
|
(25,271)
|
|
|
|
253,651
|
|
|
(1,205,717)
|
|
Income tax benefit
(provision)
|
|
7,047
|
|
|
|
(3,423)
|
|
|
143,040
|
|
Net income
(loss)
|
|
$
|
(18,224)
|
|
|
|
$
|
250,228
|
|
|
$
|
(1,062,677)
|
|
Per share
data
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(0.36)
|
|
|
|
$
|
1.00
|
|
|
$
|
(4.25)
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(0.36)
|
|
|
|
$
|
0.98
|
|
|
$
|
(4.25)
|
|
NOBLE CORPORATION
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands)
(Unaudited)
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
March 31,
2021
|
|
|
December 31,
2020
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
116,326
|
|
|
|
$
|
343,332
|
|
Accounts receivable,
net
|
|
178,942
|
|
|
|
147,863
|
|
Prepaid expenses and
other current assets
|
|
59,327
|
|
|
|
111,089
|
|
Total current
assets
|
|
354,595
|
|
|
|
602,284
|
|
Intangible
assets
|
|
104,930
|
|
|
|
—
|
|
Property and
equipment, at cost
|
|
1,178,688
|
|
|
|
4,777,697
|
|
Accumulated
depreciation
|
|
(13,873)
|
|
|
|
(1,200,628)
|
|
Property and
equipment, net
|
|
1,164,815
|
|
|
|
3,577,069
|
|
Other
assets
|
|
70,528
|
|
|
|
84,584
|
|
Total
assets
|
|
$
|
1,694,868
|
|
|
|
$
|
4,263,937
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
$
|
96,223
|
|
|
|
$
|
95,159
|
|
Accrued payroll and
related costs
|
|
36,615
|
|
|
|
36,553
|
|
Other current
liabilities
|
|
70,177
|
|
|
|
86,639
|
|
Total current
liabilities
|
|
203,015
|
|
|
|
218,351
|
|
Long-term
debt
|
|
393,500
|
|
|
|
—
|
|
Other
liabilities
|
|
95,791
|
|
|
|
117,331
|
|
Liabilities subject
to compromise
|
|
—
|
|
|
|
4,239,643
|
|
Total
liabilities
|
|
692,306
|
|
|
|
4,575,325
|
|
Commitments and
contingencies
|
|
|
|
|
|
Total shareholders'
equity
|
|
1,002,562
|
|
|
|
(311,388)
|
|
Total liabilities
and equity
|
|
$
|
1,694,868
|
|
|
|
$
|
4,263,937
|
|
NOBLE CORPORATION
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
Successor
|
|
|
Predecessor
|
|
Period
from
|
|
|
Period
from
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(18,224)
|
|
|
|
$
|
250,228
|
|
|
$
|
(1,062,677)
|
|
Adjustments to
reconcile net income (loss) to net cash flow from operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
14,244
|
|
|
|
20,622
|
|
|
103,681
|
|
Loss on
impairment
|
—
|
|
|
|
—
|
|
|
1,119,517
|
|
Amortization of
intangible asset
|
8,459
|
|
|
|
—
|
|
|
—
|
|
Reorganization items,
net
|
—
|
|
|
|
(280,790)
|
|
|
—
|
|
Changes in components
of working capital
|
|
|
|
|
|
|
Change in taxes
receivable
|
1,069
|
|
|
|
(1,789)
|
|
|
(120,838)
|
|
Net changes in other
operating assets and liabilities
|
12,636
|
|
|
|
(33,719)
|
|
|
(40,493)
|
|
Net cash provided by
(used in) operating activities
|
18,184
|
|
|
|
(45,448)
|
|
|
(810)
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Capital
expenditures
|
(15,332)
|
|
|
|
(14,629)
|
|
|
(36,461)
|
|
Proceeds from disposal
of assets, net
|
231
|
|
|
|
194
|
|
|
—
|
|
Net cash used in
investing activities
|
(15,101)
|
|
|
|
(14,435)
|
|
|
(36,461)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Issuance of second
lien notes
|
—
|
|
|
|
200,000
|
|
|
—
|
|
Borrowings on credit
facilities
|
—
|
|
|
|
177,500
|
|
|
110,000
|
|
Repayments of credit
facilities
|
—
|
|
|
|
(545,000)
|
|
|
—
|
|
Debt issuance
costs
|
—
|
|
|
|
(23,664)
|
|
|
—
|
|
Cash paid to settle
equity compensation awards
|
—
|
|
|
|
—
|
|
|
(1,010)
|
|
Taxes withheld on
employee stock transactions
|
—
|
|
|
|
(1)
|
|
|
(413)
|
|
Net cash provided by
(used in) financing activities
|
—
|
|
|
|
(191,165)
|
|
|
108,577
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
3,083
|
|
|
|
(251,048)
|
|
|
71,306
|
|
Cash, cash
equivalents and restricted cash, beginning of period
|
113,993
|
|
|
|
365,041
|
|
|
105,924
|
|
Cash, cash
equivalents and restricted cash, end of period
|
$
|
117,076
|
|
|
|
$
|
113,993
|
|
|
$
|
177,230
|
|
NOBLE CORPORATION
AND SUBSIDIARIES
OPERATIONAL
INFORMATION
(Unaudited)
|
|
|
Average Rig
Utilization
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
Period
from
|
|
|
Period
from
|
|
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
|
December 31,
2020
|
Jackups
|
53
|
%
|
|
|
58
|
%
|
|
94
|
%
|
|
61
|
%
|
Floaters
|
83
|
%
|
|
|
86
|
%
|
|
58
|
%
|
|
86
|
%
|
Total
|
64
|
%
|
|
|
68
|
%
|
|
77
|
%
|
|
70
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Days
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
Period
from
|
|
|
Period
from
|
|
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
|
December 31,
2020
|
Jackups
|
342
|
|
|
|
252
|
|
|
1,082
|
|
|
676
|
|
Floaters
|
314
|
|
|
|
216
|
|
|
637
|
|
|
552
|
|
Total
|
656
|
|
|
|
468
|
|
|
1,719
|
|
|
1,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Dayrates
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
Period
from
|
|
|
Period
from
|
|
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
|
December 31,
2020
|
Jackups
|
$
|
83,472
|
|
|
|
$
|
95,212
|
|
|
$
|
131,253
|
|
|
$
|
104,450
|
|
Floaters
|
205,242
|
|
|
|
231,745
|
|
|
196,759
|
|
|
224,831
|
|
Total
|
$
|
141,752
|
|
|
|
$
|
158,228
|
|
|
$
|
155,526
|
|
|
$
|
158,585
|
|
NOBLE CORPORATION
AND SUBSIDIARIES
CALCULATION OF
BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE
(In thousands,
except per share amounts)
(Unaudited)
|
The following table
presents the computation of basic and diluted income(loss) per
share:
|
|
|
Successor
|
|
|
Predecessor
|
|
Period
from
|
|
|
Period
from
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
Numerator:
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(18,224)
|
|
|
|
$
|
250,228
|
|
|
$
|
(1,062,677)
|
|
Diluted
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(18,224)
|
|
|
|
$
|
250,228
|
|
|
$
|
(1,062,677)
|
|
Denominator:
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic
|
50,000
|
|
|
|
251,115
|
|
|
250,047
|
|
Weighted average
shares outstanding - diluted
|
50,000
|
|
|
|
256,571
|
|
|
250,047
|
|
|
|
|
|
|
|
|
Income (loss) per
share
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(0.36)
|
|
|
|
$
|
1.00
|
|
|
$
|
(4.25)
|
|
Diluted:
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(0.36)
|
|
|
|
$
|
0.98
|
|
|
$
|
(4.25)
|
|
NOBLE CORPORATION AND SUBSIDIARIES
NON-GAAP
MEASURES AND RECONCILIATION
Certain non-GAAP performance measures and corresponding
reconciliations to GAAP financial measures for the Company have
been provided for meaningful comparisons between current results
and prior operating periods. Generally, a non-GAAP financial
measure is a numerical measure of a company's performance,
financial position, or cash flows that excludes or includes amounts
that are not normally included or excluded in the most directly
comparable measure calculated and presented in accordance with
generally accepted accounting principles. The Company defines
"Adjusted EBITDA" as net loss from continuing operations before
income taxes; interest income and other, net; gain (loss) on
extinguishment of debt, net; interest expense, net of amounts
capitalized; loss on impairment; pre-petition charges;
reorganization items, net; certain corporate legal matters; and
depreciation and amortization expense. We believe that Adjusted
EBITDA measure provides greater transparency of our core operating
performance.
In order to fully assess the financial operating results,
management believes that the results of operations, adjusted to
exclude the following items, which are included in the Company's
press release issued on May 4, 2021,
are appropriate measures of the continuing and normal operations of
the Company:
(i)
|
In the first quarter
of 2020, an impairment on four of our rigs, certain capital spare
equipment and discrete tax items;
|
(ii)
|
In the fourth quarter
of 2020, an impairment on 12 of our rigs, discrete tax items, and
reorganization items.
|
(iii)
|
In the period of
January 1, 2021 to February 5, 2021, discrete tax items, and
reorganization items. In the period
of February 6, 2021 to March 31, 2021, merger and integration costs
and discrete tax items.
|
These non-GAAP adjusted measures should be considered in
addition to, and not as a substitute for, or superior to, contract
drilling revenue, contract drilling cost, contract drilling margin,
average daily revenue, operating income, cash flows from
operations, or other measures of financial performance prepared in
accordance with GAAP. Please see the following non-GAAP Financial
Measures and Reconciliations for a complete description of the
adjustments.
NOBLE CORPORATION
AND SUBSIDIARIES
NON-GAAP
MEASURES
(In thousands,
except per share amounts)
(Unaudited)
|
|
Reconciliation of
Adjusted EBITDA
|
|
Successor
|
|
|
Predecessor
|
|
|
Period
from
|
|
|
Period
from
|
|
|
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
|
December 31,
2020
|
Income (loss) before
income taxes
|
|
$
|
(25,271)
|
|
|
|
$
|
253,651
|
|
|
$
|
(1,205,717)
|
|
|
$
|
(2,844,179)
|
|
Interest expense, net
of amounts capitalized
|
|
6,895
|
|
|
|
229
|
|
|
70,880
|
|
|
67
|
|
Interest income and
other, net
|
|
(8)
|
|
|
|
(399)
|
|
|
2,282
|
|
|
(466)
|
|
Depreciation and
amortization
|
|
14,244
|
|
|
|
20,622
|
|
|
103,681
|
|
|
90,477
|
|
Loss on
impairment
|
|
—
|
|
|
|
—
|
|
|
1,119,517
|
|
|
2,795,891
|
|
Intangible contract
amortization
|
|
8,459
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Merger and
integration costs
|
|
2,013
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Reorganization items,
net
|
|
—
|
|
|
|
(252,051)
|
|
|
—
|
|
|
14,916
|
|
Adjusted
EBITDA
|
|
$
|
6,332
|
|
|
|
$
|
22,052
|
|
|
$
|
90,643
|
|
|
$
|
56,706
|
|
NOBLE CORPORATION
AND SUBSIDIARIES
NON-GAAP
RECONCILIATION
(In thousands,
except per share amounts)
(Unaudited)
|
|
Reconciliation of
Income Tax Benefit
(Provision)
|
|
Successor
|
|
|
Predecessor
|
|
|
Period
from
|
|
|
Period
from
|
|
|
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
|
December 31,
2020
|
Income tax benefit
(provision)
|
|
$
|
7,047
|
|
|
|
$
|
(3,423)
|
|
|
$
|
143,040
|
|
|
$
|
21,459
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
Loss on
impairment
|
|
—
|
|
|
|
—
|
|
|
(95,630)
|
|
|
(4,047)
|
|
Reorganization
|
|
—
|
|
|
|
2,500
|
|
|
—
|
|
|
—
|
|
Discrete tax
items
|
|
(10,829)
|
|
|
|
(1,692)
|
|
|
(47,240)
|
|
|
(9,187)
|
|
Total
Adjustments
|
|
(10,829)
|
|
|
|
808
|
|
|
(142,870)
|
|
|
(13,234)
|
|
Adjusted income tax
benefit (provision)
|
|
$
|
(3,782)
|
|
|
|
$
|
(2,615)
|
|
|
$
|
170
|
|
|
$
|
8,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Loss
|
|
Successor
|
|
|
Predecessor
|
|
|
Period
from
|
|
|
Period
from
|
|
|
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
|
December 31,
2020
|
Net (loss)
income
|
|
$
|
(18,224)
|
|
|
|
$
|
250,228
|
|
|
$
|
(1,062,677)
|
|
|
$
|
(2,822,720)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
Loss on impairment,
net of tax
|
|
—
|
|
|
|
—
|
|
|
1,023,887
|
|
|
2,791,844
|
|
Reorganization
|
|
—
|
|
|
|
(249,551)
|
|
|
—
|
|
|
14,916
|
|
Merger and integration
costs
|
|
2,013
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Discrete tax
items
|
|
(10,829)
|
|
|
|
(1,692)
|
|
|
(47,240)
|
|
|
(9,187)
|
|
Total
Adjustments
|
|
(8,816)
|
|
|
|
(251,243)
|
|
|
976,647
|
|
|
2,797,573
|
|
Adjusted net
(loss) income
|
|
$
|
(27,040)
|
|
|
|
$
|
(1,015)
|
|
|
$
|
(86,030)
|
|
|
$
|
(25,147)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Diluted EPS
|
|
Successor
|
|
|
Predecessor
|
|
|
Period
from
|
|
|
Period
from
|
|
|
|
|
|
|
February 6,
2021
|
|
|
January 1,
2021
|
|
|
|
|
|
|
through
|
|
|
through
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
March 31,
2021
|
|
|
February 5,
2021
|
|
March 31,
2020
|
|
December 31,
2020
|
Unadjusted diluted
EPS
|
|
$
|
(0.36)
|
|
|
|
$
|
0.98
|
|
|
$
|
(4.25)
|
|
|
$
|
(11.24)
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
Loss on
impairment
|
|
—
|
|
|
|
—
|
|
|
4.10
|
|
|
11.11
|
|
Reorganization
|
|
—
|
|
|
|
(0.97)
|
|
|
—
|
|
|
0.06
|
|
Merger and integration
costs
|
|
0.04
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Discrete tax
items
|
|
(0.22)
|
|
|
|
(0.01)
|
|
|
(0.19)
|
|
|
(0.03)
|
|
Total
Adjustments
|
|
(0.18)
|
|
|
|
(0.98)
|
|
|
3.91
|
|
|
11.14
|
|
Adjusted diluted
EPS
|
|
$
|
(0.54)
|
|
|
|
$
|
—
|
|
|
$
|
(0.34)
|
|
|
$
|
(0.10)
|
|
View original
content:http://www.prnewswire.com/news-releases/noble-corporation-reports-first-quarter-2021-results-301283943.html
SOURCE Noble Corporation