NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2023 RESULTS AND DIVIDEND INCREASE
07.08.2025 - 18:03:56 | prnewswire.co.ukAbout Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.
Dividend Details
Dividends payable to Noble shareholders will generally be paid in U.S. dollars (USD). However, holders of shares in the form of share entitlements admitted to trading on NASDAQ Copenhagen will receive an equivalent dividend payment in Danish krone (DKK) as determined by the exchange rate on a specified date. The holders of such share entitlements bear the risk of fluctuations in USD and DKK exchange rates.
Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including those regarding future guidance, including revenue, adjusted EBITDA, the offshore drilling market and demand fundamentals, realization and timing of integration synergies, related costs to achieve, new technology and software platforms, free cash flow expectations, capital expenditure, capital allocation expectations including planned dividend and share repurchases, contract backlog, rig demand, expected future contracts, anticipated contract start dates, dayrates and duration, fleet condition and utilization, 2023 and 2024 financial guidance, business, financial performance and position and our plans, objectives, expectations and intentions related to the Noble-Maersk merger. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this communication, or in the documents incorporated by reference, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "shall," "target," "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. Risks and uncertainties include, but are not limited to, those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the U.S. Securities and Exchange 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. With respect to our capital allocation policy, distributions to shareholders in the form of either dividends or share buybacks are subject to the Board of Directors' assessment of factors such as business development, growth strategy, current leverage and financing needs. There can be no assurance that a dividend will be declared or continued.
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Operating revenues
Contract drilling services
$ 671,004
$ 289,494
$ 1,852,474
$ 746,992
Reimbursables and other
26,446
16,378
93,565
44,263
697,450
305,872
1,946,039
791,255
Operating costs and expenses
Contract drilling services
354,199
186,482
1,078,521
530,710
Reimbursables
16,682
13,284
67,484
37,095
Depreciation and amortization
77,146
24,868
218,412
77,109
General and administrative
33,039
18,089
95,428
52,300
Merger and integration costs
12,966
9,338
47,049
27,916
(Gain) loss on sale of operating assets, net
—
354
—
(3,105)
Hurricane losses and (recoveries), net
2,642
1,896
22,120
4,701
496,674
254,311
1,529,014
726,726
Operating income (loss)
200,776
51,561
417,025
64,529
Other income (expense)
Interest expense, net of amounts capitalized
(13,005)
(7,943)
(44,539)
(23,338)
Gain on bargain purchase
5,005
—
5,005
—
Gain (loss) on extinguishment of debt, net
—
(196)
(26,397)
(196)
Interest income and other, net
17,206
3,235
16,292
4,766
Income (loss) before income taxes
209,982
46,657
367,386
45,761
Income tax benefit (provision)
(51,659)
(13,072)
(35,184)
(11,775)
Net income (loss)
$ 158,323
$ 33,585
$ 332,202
$ 33,986
Per share data
Basic:
Net income (loss)
$ 1.14
$ 0.48
$ 2.42
$ 0.49
Diluted:
Net income (loss)
$ 1.09
$ 0.41
$ 2.29
$ 0.42
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
$ 244,792
$ 476,206
Accounts receivable, net
638,746
468,802
Prepaid expenses and other current assets
147,912
106,782
Total current assets
1,031,450
1,051,790
Intangible assets
11,341
34,372
Property and equipment, at cost
4,413,310
4,163,205
Accumulated depreciation
(399,005)
(181,904)
Property and equipment, net
4,014,305
3,981,301
Goodwill
—
26,016
Other assets
211,820
141,385
Total assets
$ 5,268,916
$ 5,234,864
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt
$ —
$ 159,715
Accounts payable
281,266
290,690
Accrued payroll and related costs
88,953
76,185
Other current liabilities
145,610
140,508
Total current liabilities
515,829
667,098
Long-term debt
585,791
513,055
Other liabilities
270,984
265,743
Noncurrent contract liabilities
63,312
181,883
Total liabilities
1,435,916
1,627,779
Commitments and contingencies
Total shareholders' equity
3,833,000
3,607,085
Total liabilities and equity
$ 5,268,916
$ 5,234,864
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2023
2022
Cash flows from operating activities
Net income (loss)
$ 332,202
$ 33,986
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization
218,412
77,109
Amortization of intangible assets and contract liabilities, net
(95,540)
36,525
Gain on bargain purchase
(5,005)
—
(Gain) loss on extinguishment of debt, net
26,397
196
(Gain) loss on sale of operating assets, net
—
(6,767)
Changes in components of working capital and other operating activities
(189,618)
(31,243)
Net cash provided by (used in) operating activities
286,848
109,806
Cash flows from investing activities
Capital expenditures
(268,131)
(109,235)
Proceeds from disposal of assets, net
—
15,756
Net cash provided by (used in) investing activities
(268,131)
(93,479)
Cash flows from financing activities
Issuance of senior notes
600,000
—
Borrowings on credit facilities
—
220,000
Repayments of debt
(673,411)
(1,828)
Debt extinguishment costs
(25,697)
—
Debt issuance costs
(24,914)
—
Share repurchases
(80,000)
—
Dividend payments
(42,369)
—
Other financing activities
(8,456)
(4,142)
Net cash provided by (used in) financing activities
(254,847)
214,030
Net increase (decrease) in cash, cash equivalents and restricted cash
(236,130)
230,357
Cash, cash equivalents and restricted cash, beginning of period
485,707
196,722
Cash, cash equivalents and restricted cash, end of period
$ 249,577
$ 427,079
NOBLE CORPORATION plc AND SUBSIDIARIES
OPERATIONAL INFORMATION
(Unaudited)
Average Rig Utilization
Three Months Ended
Three Months Ended
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
Floaters
77 %
76 %
78 %
Jackups
64 %
62 %
82 %
Total
72 %
70 %
80 %
Operating Days
Three Months Ended
Three Months Ended
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
Floaters
1,348
1,305
792
Jackups
824
786
606
Total
2,172
2,091
1,398
Average Dayrates
Three Months Ended
Three Months Ended
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
Floaters
$ 403,813
$ 363,167
$ 285,362
Jackups
140,775
128,885
118,209
Total
$ 304,040
$ 275,066
$ 212,958
NOBLE CORPORATION plc AND SUBSIDIARIES
CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE
(In thousands, except per share amounts)
(Unaudited)
The following tables presents the computation of basic and diluted income (loss) per share:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Numerator:
Net income (loss)
$ 158,323
$ 33,585
$ 332,202
$ 33,986
Denominator:
Weighted average shares outstanding - basic
139,400
70,318
137,478
69,260
Dilutive effect of share-based awards
3,204
3,388
3,204
3,388
Dilutive effect of warrants
3,117
8,220
4,339
8,718
Weighted average shares outstanding - diluted
145,721
81,926
145,021
81,366
Per share data
Basic:
Net income (loss)
$ 1.14
$ 0.48
$ 2.42
$ 0.49
Diluted:
Net income (loss)
$ 1.09
$ 0.41
$ 2.29
$ 0.42
NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
Certain non-GAAP 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 income (loss) adjusted for interest expense, net of amounts capitalized; interest income and other, net; income tax benefit (provision); and depreciation and amortization expense, as well as, if applicable, gain (loss) on extinguishment of debt, net; losses on economic impairments; restructuring and similar charges; costs related to mergers and integrations; and certain other infrequent operational events. We believe that the Adjusted EBITDA measure provides greater transparency of our core operating performance. We prepare Adjusted Net Income (Loss) by eliminating from Net Income (Loss) the impact of a number of non-recurring items we do not consider indicative of our on-going performance. We prepare Adjusted Diluted Earnings (Loss) per Share by eliminating from Diluted Earnings per Share the impact of a number of non-recurring items we do not consider indicative of our on-going performance. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends that could otherwise be masked by the effect of the non-recurring items we exclude in the measure.
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 October 31, 2023, are appropriate measures of the continuing and normal operations of the Company:
(i)
In the second and third quarter of 2023 and the third quarter of 2022, merger and integration costs; hurricane losses and (recoveries), net; intangible contract amortization and discrete tax items.
(ii)
The third quarter of 2023 includes a gain on bargain purchase and joint taxation scheme compensation.
(iii)
The second quarter of 2023 and the third quarter of 2022 included a (gain) loss on extinguishment of debt, net.
(iv)
In addition, the third quarter of 2022 included (gain) loss on sale of operating assets, net and professional services costs related to corporate initiatives.
The Company also discloses free cash flow as a non-GAAP liquidity measure. Free cash flow is calculated as Net cash provided by (used in) operating activities less cash paid for capital expenditures. We believe Free Cash Flow is useful to investors because it measures our ability to generate or use cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management team for financial and operational decision-making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling cost, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments.
NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
(In thousands, except per share amounts)
(Unaudited)
Reconciliation of Adjusted EBITDA
Three Months Ended September 30,
Three Months Ended
2023
2022
June 30, 2023
Net income (loss)
$ 158,323
$ 33,585
$ 65,816
Income tax (benefit) provision
51,659
13,072
(671)
Interest expense, net of amounts capitalized
13,005
7,943
14,662
Interest income and other, net
(17,206)
(3,235)
2,940
Depreciation and amortization
77,146
24,868
71,324
Amortization of intangible assets and contract liabilities, net
(10,803)
8,170
(31,009)
Gain on bargain purchase
(5,005)
—
—
(Gain) loss on extinguishment of debt, net
—
196
26,397
Professional services - corporate projects
—
400
—
Merger and integration costs
12,966
9,338
22,452
(Gain) loss on sale of operating assets, net
—
354
—
Hurricane losses and (recoveries), net
2,642
1,896
15,934
Adjusted EBITDA
$ 282,727
$ 96,587
$ 187,845
Reconciliation of Income Tax Benefit (Provision)
Three Months Ended September 30,
Three Months Ended
2023
2022
June 30, 2023
Income tax benefit (provision)
$ (51,659)
$ (13,072)
$ 671
Adjustments
Amortization of intangible assets and contract liabilities, net
6,079
(1,716)
3,747
Joint taxation scheme compensation
(1,981)
—
—
Hurricane losses and (recoveries), net
—
(398)
—
Discrete tax items
(17,088)
(10,628)
(47,601)
Total Adjustments
(12,990)
(12,742)
(43,854)
Adjusted income tax benefit (provision)
$ (64,649)
$ (25,814)
$ (43,183)
NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
(In thousands, except per share amounts)
(Unaudited)
Reconciliation of Net Income (Loss
Three Months Ended September 30,
Three Months Ended
2023
2022
June 30, 2023
Net income (loss)
$ 158,323
$ 33,585
$ 65,816
Adjustments
Amortization of intangible assets and contract liabilities, net
(4,724)
6,454
(27,262)
Joint taxation scheme compensation
(19,837)
—
—
Gain on bargain purchase
(5,005)
—
—
Professional services - corporate projects
—
400
—
Merger and integration costs
12,966
9,338
22,452
(Gain) loss on sale of operating assets, net
—
354
—
Hurricane losses and (recoveries), net
2,642
1,498
15,934
(Gain) loss on extinguishment of debt, net
—
196
26,397
Discrete tax items
(17,088)
(10,628)
(47,601)
Total Adjustments
(31,046)
7,612
(10,080)
Adjusted net income (loss)
$ 127,277
$ 41,197
$ 55,736
Reconciliation of Diluted EPS
Three Months Ended September 30,
Three Months Ended
2023
2022
June 30, 2023
Unadjusted diluted EPS
$ 1.09
$ 0.41
$ 0.45
Adjustments
Amortization of intangible assets and contract liabilities, net
(0.03)
0.08
(0.19)
Joint taxation scheme compensation
(0.14)
—
—
Gain on bargain purchase
(0.03)
—
—
Professional services - corporate projects
—
—
—
Merger and integration costs
0.08
0.12
0.15
(Gain) loss on sale of operating assets, net
—
—
—
Hurricane losses and (recoveries), net
0.02
0.02
0.11
(Gain) loss on extinguishment of debt, net
—
—
0.18
Discrete tax items
(0.12)
(0.13)
(0.32)
Total Adjustments
(0.22)
0.09
(0.07)
Adjusted diluted EPS
$ 0.87
$ 0.50
$ 0.38
Reconciliation of Free Cash Flow
Three Months Ended September 30,
Three Months Ended
2023
2022
June 30, 2023
Net cash provided by (used in) operating activities
$ 138,768
$ 73,507
$ 211,160
Capital expenditures
(98,601)
(29,710)
(106,796)
Free cash flow
$ 40,167
$ 43,797
$ 104,364
View original content:https://www.prnewswire.co.uk/news-releases/noble-corporation-plc-announces-third-quarter-2023-results-and-dividend-increase-301973244.html
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