NOBLE CORPORATION PLC ANNOUNCES SECOND QUARTER 2024 RESULTS
07.08.2025 - 18:06:40 | 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, costs, the benefits or results of acquisitions or dispositions such as the acquisition of Diamond Offshore Drilling, Inc. (the "Diamond Transaction") free cash flow expectations, capital expenditure, capital additions, capital allocation expectations including planned dividends and share repurchases, contract backlog, rig demand, expected future contracts, anticipated contract start dates, major project schedules, dayrates and duration, fleet condition and utilization, realization and timing of insurance recoverables and 2024 financial guidance. 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," "guidance," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "achieve," "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, including, but not limited to, risks related to the recently announced Diamond Transaction, including the risk that the transaction will not be completed on the timeline or terms currently contemplated, the risk that the benefits of the transaction may not be fully realized or may take longer to realize than expected, the risk that the costs of the acquisition will be significant and the risk that management attention will be diverted to transaction-related issues. 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 or buyback program will be declared or continued.
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Operating revenues
Contract drilling services
$ 660,710
$ 606,180
$ 1,273,135
$ 1,181,470
Reimbursables and other
32,134
32,355
56,793
67,119
692,844
638,535
1,329,928
1,248,589
Operating costs and expenses
Contract drilling services
335,854
362,533
725,721
724,322
Reimbursables
23,331
24,796
41,011
50,802
Depreciation and amortization
90,770
71,324
177,468
141,266
General and administrative
39,669
32,352
65,630
62,389
Merger and integration costs
10,618
22,452
19,949
34,083
(Gain) loss on sale of operating assets, net
(17,357)
—
(17,357)
—
Hurricane losses and (recoveries), net
—
15,934
—
19,478
482,885
529,391
1,012,422
1,032,340
Operating income (loss)
209,959
109,144
317,506
216,249
Other income (expense)
Interest expense, net of amounts capitalized
(11,996)
(14,662)
(29,540)
(31,534)
Gain (loss) on extinguishment of debt, net
—
(26,397)
—
(26,397)
Interest income and other, net
(8,183)
(2,940)
(12,918)
(914)
Income (loss) before income taxes
189,780
65,145
275,048
157,404
Income tax benefit (provision)
5,228
671
15,441
16,475
Net income (loss)
$ 195,008
$ 65,816
$ 290,489
$ 173,879
Per share data
Basic:
Net income (loss)
$ 1.37
$ 0.48
$ 2.04
$ 1.27
Diluted:
Net income (loss)
$ 1.34
$ 0.45
$ 1.99
$ 1.19
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30, 2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents
$ 162,852
$ 360,794
Accounts receivable, net
637,034
548,844
Prepaid expenses and other current assets
186,979
152,110
Total current assets
986,865
1,061,748
Intangible assets
4,356
10,128
Property and equipment, at cost
4,853,998
4,591,936
Accumulated depreciation
(640,185)
(467,600)
Property and equipment, net
4,213,813
4,124,336
Other assets
382,100
311,225
Total assets
$ 5,587,134
$ 5,507,437
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$ 340,161
$ 395,165
Accrued payroll and related costs
68,179
97,313
Other current liabilities
228,658
149,202
Total current liabilities
636,998
641,680
Long-term debt
622,051
586,203
Other liabilities
340,842
307,451
Noncurrent contract liabilities
2,241
50,863
Total liabilities
1,602,132
1,586,197
Commitments and contingencies
Total shareholders' equity
3,985,002
3,921,240
Total liabilities and equity
$ 5,587,134
$ 5,507,437
NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
2024
2023
Cash flows from operating activities
Net income (loss)
$ 290,489
$ 173,879
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization
177,468
141,266
Amortization of intangible assets and contract liabilities, net
(42,850)
(84,737)
(Gain) loss on extinguishment of debt, net
—
26,397
(Gain) loss on sale of operating assets, net
(17,357)
—
Changes in components of working capital and other operating activities
(172,270)
(108,725)
Net cash provided by (used in) operating activities
235,480
148,080
Cash flows from investing activities
Capital expenditures
(307,651)
(169,530)
Proceeds from insurance claims
8,528
—
Proceeds from disposal of assets, net
(690)
—
Net cash provided by (used in) investing activities
(299,813)
(169,530)
Cash flows from financing activities
Issuance of debt
—
600,000
Borrowings on credit facilities
35,000
—
Repayments of debt
—
(673,411)
Debt extinguishment costs
—
(25,697)
Debt issuance costs
—
(24,914)
Warrants exercised
282
102
Share repurchases
—
(70,000)
Dividend payments
(116,581)
—
Taxes withheld on employee stock transactions
(53,627)
(8,355)
Net cash provided by (used in) financing activities
(134,926)
(202,275)
Net increase (decrease) in cash, cash equivalents and restricted cash
(199,259)
(223,725)
Cash, cash equivalents and restricted cash, beginning of period
367,745
485,707
Cash, cash equivalents and restricted cash, end of period
$ 168,486
$ 261,982
NOBLE CORPORATION plc AND SUBSIDIARIES
OPERATIONAL INFORMATION
(Unaudited)
Average Rig Utilization (1)
Three Months Ended
Three Months Ended
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Floaters
70 %
64 %
76 %
Jackups
77 %
67 %
62 %
Total
73 %
65 %
70 %
Operating Days
Three Months Ended
Three Months Ended
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Floaters
1,138
1,101
1,305
Jackups
914
794
786
Total
2,052
1,895
2,091
Average Dayrates
Three Months Ended
Three Months Ended
Three Months Ended
June 30, 2024
March 31, 2024
June 30, 2023
Floaters
$ 435,677
$ 433,608
$ 363,167
Jackups
155,585
144,187
128,885
Total
$ 310,962
$ 312,502
$ 275,066
(1) Average Rig Utilization statistics include all marketed and cold stacked rigs.
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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Numerator:
Net income (loss)
$ 195,008
$ 65,816
$ 290,489
$ 173,879
Denominator:
Weighted average shares outstanding - basic
142,854
138,058
142,404
136,502
Dilutive effect of share-based awards
1,559
3,242
1,559
3,242
Dilutive effect of warrants
1,647
5,692
1,651
6,810
Weighted average shares outstanding - diluted
146,060
146,992
145,614
146,554
Per share data
Basic:
Net income (loss)
$ 1.37
$ 0.48
$ 2.04
$ 1.27
Diluted:
Net income (loss)
$ 1.34
$ 0.45
$ 1.99
$ 1.19
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; amortization of intangible assets and contract liabilities, net; 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.
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 may have certain obligations such as non-discretionary debt service that are not deducted from the measure. Such business needs, obligations, and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses including return of capital.
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 costs, 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 June 30,
Three Months Ended
2024
2023
March 31, 2024
Net income (loss)
$ 195,008
$ 65,816
$ 95,481
Income tax (benefit) provision
(5,228)
(671)
(10,213)
Interest expense, net of amounts capitalized
11,996
14,662
17,544
Interest income and other, net
8,183
2,940
4,735
Depreciation and amortization
90,770
71,324
86,698
Amortization of intangible assets and contract liabilities, net
(22,497)
(31,009)
(20,353)
(Gain) loss on extinguishment of debt, net
—
26,397
—
Merger and integration costs
10,618
22,452
9,331
(Gain) loss on sale of operating assets, net
(17,357)
—
—
Hurricane losses and (recoveries), net
—
15,934
—
Adjusted EBITDA
$ 271,493
$ 187,845
$ 183,223
Reconciliation of Income Tax Benefit (Provision)
Three Months Ended June 30,
Three Months Ended
2024
2023
March 31, 2024
Income tax benefit (provision)
$ 5,228
$ 671
$ 10,213
Adjustments
Amortization of intangible assets and contract liabilities, net
101
3,747
58
Gain (loss) on sale of operating assets, net
2,500
—
—
Discrete tax items
(63,067)
(47,601)
(18,528)
Total Adjustments
(60,466)
(43,854)
(18,470)
Adjusted income tax benefit (provision)
$ (55,238)
$ (43,183)
$ (8,257)
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 June 30,
Three Months Ended
2024
2023
March 31, 2024
Net income (loss)
$ 195,008
$ 65,816
$ 95,481
Adjustments
Amortization of intangible assets and contract liabilities, net
(22,396)
(27,262)
(20,295)
Merger and integration costs
10,618
22,452
9,331
(Gain) loss on sale of operating assets, net
(14,857)
—
—
Hurricane losses and (recoveries), net
—
15,934
—
(Gain) loss on extinguishment of debt, net
—
26,397
—
Discrete tax items
(63,067)
(47,601)
(18,528)
Total Adjustments
(89,702)
(10,080)
(29,492)
Adjusted net income (loss)
$ 105,306
$ 55,736
$ 65,989
Reconciliation of Diluted EPS
Three Months Ended June 30,
Three Months Ended
2024
2023
March 31, 2024
Unadjusted diluted EPS
$ 1.34
$ 0.45
$ 0.66
Adjustments
Amortization of intangible assets and contract liabilities, net
(0.15)
(0.19)
(0.14)
Merger and integration costs
0.06
0.15
0.06
(Gain) loss on sale of operating assets, net
(0.10)
—
—
Hurricane losses and (recoveries), net
—
0.11
—
(Gain) loss on extinguishment of debt, net
—
0.18
—
Discrete tax items
(0.43)
(0.32)
(0.13)
Total Adjustments
(0.62)
(0.07)
(0.21)
Adjusted diluted EPS
$ 0.72
$ 0.38
$ 0.45
Reconciliation of Free Cash Flow
Three Months Ended June 30,
Three Months Ended
2024
2023
March 31, 2024
Net cash provided by (used in) operating activities
$ 106,791
$ 211,160
$ 128,689
Capital expenditures, net of proceeds from insurance claims
(132,513)
(106,796)
(166,610)
Free cash flow
$ (25,722)
$ 104,364
$ (37,921)
View original content:https://www.prnewswire.co.uk/news-releases/noble-corporation-plc-announces-second-quarter-2024-results-302211508.html
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