10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                         

Commission file number: 001-36211

Noble Corporation plc

(Exact name of registrant as specified in its charter)

England and Wales (Registered Number 08354954)	98-0619597
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification number)

Devonshire House, 1 Mayfair Place, London, England, W1J 8AJ

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: +44 20 3300 2300

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Shares, Nominal Value $0.01 per Share	New York Stock Exchange

Commission file number: 001-31306

Noble Corporation

(Exact name of registrant as specified in its charter)

Cayman Islands	98-0366361
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification number)

Suite 3D Landmark Square, 64 Earth Close, P.O. Box 31327

George Town, Grand Cayman, Cayman Islands KY1-1206

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (345) 938-0293

Securities registered pursuant to Sections 12(b) and 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

    Yes  x    No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.    Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Noble Corporation plc: Large accelerated filer  x Accelerated filer  ¨ Non-accelerated filer  ¨ Smaller reporting company  ¨

Noble Corporation: Large accelerated filer  ¨ Accelerated filer  ¨ Non-accelerated filer  x Smaller reporting company  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

    Yes  ¨    No   x

As of June 30, 2014, the aggregate market value of the registered shares of Noble Corporation plc held by non-affiliates of the registrant was $8.5 billion based on the closing sale price as reported on the New York Stock Exchange.

Number of shares outstanding and trading at February 13, 2015: Noble Corporation plc – 241,954,168

Number of shares outstanding: Noble Corporation – 261,245,693

DOCUMENTS INCORPORATED BY REFERENCE

The proxy statement for the 2015 annual general meeting of the shareholders of Noble Corporation plc will be incorporated by reference into Part III of this Form 10-K.

This Form 10-K is a combined annual report being filed separately by two registrants: Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), and its wholly-owned subsidiary, Noble Corporation, a Cayman Islands company (“Noble-Cayman”). Noble-Cayman meets the conditions set forth in General Instructions I(1) of Form 10-K and is therefore filing this Form 10-K with the reduced disclosure format contemplated by paragraphs (a) and (c) of General Instruction I(2) of Form 10-K.

TABLE OF CONTENTS

		PAGE
PART I
Item 1.	Business		2
Item 1A.	Risk Factors		11
Item 1B.	Unresolved Staff Comments		25
Item 2.	Properties		25
Item 3.	Legal Proceedings		28
Item 4.	Mine Safety Disclosures		28
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		28
Item 6.	Selected Financial Data		31
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		31
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk		51
Item 8.	Financial Statements and Supplementary Data		53
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure		113
Item 9A.	Controls and Procedures		113
Item 9B.	Other Information		114
PART III
Item 10.	Directors, Executive Officers and Corporate Governance		114
Item 11.	Executive Compensation		116
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		116
Item 13.	Certain Relationships, Related Transactions and Director Independence		116
Item 14.	Principal Accounting Fees and Services		116
PART IV
Item 15.	Exhibits, Financial Statement Schedules		116
SIGNATURES			117

This combined Annual Report on Form 10-K is separately filed by Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), and Noble Corporation, a Cayman Islands company (“Noble-Cayman”). Information in this filing relating to Noble-Cayman is filed by Noble-UK and separately by Noble-Cayman on its own behalf. Noble-Cayman makes no representation as to information relating to Noble-UK (except as it may relate to Noble-Cayman) or any other affiliate or subsidiary of Noble-UK.

This report should be read in its entirety as it pertains to each Registrant. Except where indicated, the Consolidated Financial Statements and the Notes to the Consolidated Financial Statements are combined. References in this Annual Report on Form 10-K to “Noble,” the “Company,” “we,” “us,” “our” and words of similar meaning refer collectively to Noble-UK and its consolidated subsidiaries, including Noble-Cayman after November 20, 2013 and to Noble Corporation, a Swiss corporation (“Noble-Swiss”), and its consolidated subsidiaries for periods through November 20, 2013. Noble-UK became a successor registrant to Noble-Swiss under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to Rule 12g-3 of the Exchange Act as a result of the consummation of the Transaction described in Part I, Item 1 of this Annual Report on Form 10-K.

PART I

Item 1. Business.

General

Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of mobile offshore drilling units located worldwide. As of the filing date of this Annual Report on Form 10-K, our fleet consisted of 15 jackups, nine drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. This excludes the semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff.

For additional information on the specifications of our fleet, see “Item 2. Properties.—Drilling Fleet.” At December 31, 2014, our fleet was located in the United States, Brazil, Argentina, the North Sea, the Mediterranean, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

Spin-off of Paragon Offshore plc (“Paragon Offshore”)

On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Through the Spin-off, we disposed of most of our standard specification drilling units and related assets, liabilities and business. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program. The results of operations for Paragon Offshore prior to the Spin-off date and incremental Spin-off related costs have been classified as discontinued operations for all periods presented in this Annual Report on Form 10-K. For additional information regarding the Spin-off, see “Part II Item 8 Financial Statements and Supplementary Data, Note 2—Spin-off of Paragon Offshore plc.”

Consummation of Merger and Redomiciliation

On November 20, 2013, pursuant to the Merger Agreement dated as of June 30, 2013 between Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble-UK, Noble-Swiss merged with and into Noble-UK, with Noble-UK as the surviving company (the “Transaction”). In the Transaction, all of the outstanding ordinary shares of Noble-Swiss were cancelled, and Noble-UK issued, through an exchange agent, one ordinary share of Noble-UK in exchange for each ordinary share of Noble-Swiss. The Transaction effectively changed the place of incorporation of our publicly traded parent holding company from Switzerland to the United Kingdom.

Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries.

Business Strategy

Our goal is to be the preferred offshore drilling contractor for the oil and gas industry based upon the following core principles:

• operate in a manner that provides a safe working environment for our employees while protecting the environment and our assets;

• provide an attractive investment vehicle for our shareholders; and

• deliver superior customer service through a diverse and technically advanced fleet operated by proficient crews.

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Our business strategy has also focused on reshaping our fleet to emphasize our deepwater and high specification jackup capabilities, coupled with utilizing those drilling assets in important oil and gas producing areas throughout the world.

We have actively expanded our deepwater and high-specification drilling capabilities in recent years through the construction of rigs. As part of this technical and operational expansion, we believe that we have a fleet which gives us a competitive advantage for the increasingly complex programs required by our customers. During 2014, we continued to execute our newbuild program, completing the following milestones:

• we commenced operations in the first quarter of 2014 on the Noble Houston Colbert, a high-specification, harsh environment jackup, under a 22-month contract in Argentina;

• we commenced operations in the first quarter of 2014 on the Noble Regina Allen, a high-specification, harsh environment jackup, under an 18-month contract in the North Sea;

• we commenced operations in the third quarter of 2014 on the Noble Sam Croft, a dynamically positioned, ultra-deepwater, harsh environment drillship, under a three-year contract in the U.S. Gulf of Mexico;

• we commenced operations in the third quarter of 2014 on the Noble Sam Turner, a high-specification, harsh environment jackup, under a two-year contract in the North Sea;

• we commenced operations in the fourth quarter of 2014 on the Noble Tom Madden, a dynamically positioned, ultra-deepwater, harsh environment drillship, under a three-year contract in the U.S. Gulf of Mexico;

• we completed construction of the Noble Tom Prosser, a high-specification, harsh environment jackup, which was delivered from the shipyard during the second quarter of 2014. This unit is currently undergoing final commissioning and crew familiarization and is scheduled to begin mobilizing to Australia in the third quarter of 2015, after which it will begin operations under an 18-month contract;

• we accepted delivery of the Noble Sam Hartley, a high-specification, harsh environment jackup, which was delivered from the shipyard during the fourth quarter of 2014. The rig is currently undergoing rig modifications before exiting the shipyard in the second quarter of 2015; and

• we continued construction of the Noble Lloyd Noble, (formerly CJ70-Mariner), a high-specification, harsh environment jackup, that is scheduled to commence operations under a four-year contract in the North Sea in mid-2016.

Our historical strategy with respect to construction of new rigs has typically been to expand our drilling fleet in connection with a long-term drilling contract that covers a substantial portion of our capital investment and provides an acceptable return on our capital employed. However, in response to the addition of a significant number of new, technologically advanced units in the global fleet, changes in customer requirements and preferences and our strong backlog, we determined that in order to maintain long-term competitiveness, it was both necessary and desirable for us to engage in building high-specification jackups and floating units on a speculative basis. In 2011, we began our current newbuild program. To date, we have completed and are operating four drillships and four jackups. Currently, we have one newbuild project remaining, the heavy-duty, harsh environment jackup, Noble Lloyd Noble. Additionally, the Noble Sam Hartley, a newbuild heavy-duty, harsh environment jackup, is currently undergoing post-delivery modifications in the shipyard. The Noble Sam Hartley does not have a customer contract and we continue to market the unit. We currently do not have plans to build additional units on speculation given the market uncertainty. While we may decide to pursue new speculative building in the future, we do not plan to do so until we have better visibility into the offshore drilling market.

Demand for our services is, in part, a function of the worldwide demand for oil and gas and the global supply of mobile offshore drilling units. In recent years, there has been a significant increase in the number of jackups and ultra-deepwater drilling units, many of which are currently under construction without a contract. The introduction of non-contracted newbuild rigs into the marketplace has increased the supply of rigs competing for drilling service contracts. Further, since June 2014 the price of oil has dropped by more than 50 percent. As a result, our customers have reduced their planned exploration and development spending and the number of rigs they have under contract and plan to contract during 2015. This combination of increased supply of drilling rigs and reduced demand for such rigs has resulted in falling dayrates and may result in reduced utilization of our units if current contracts expire.

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Drilling Contracts

We typically employ each drilling unit under an individual contract. Although the final terms of the contracts result from negotiations with our customers, many contracts are awarded based upon a competitive bidding process. Our drilling contracts generally contain the following terms:

• contract duration extending over a specific period of time or a period necessary to drill a defined number wells;

• provisions permitting early termination of the contract by the customer (i) if the unit is lost or destroyed or (ii) if operations are suspended for a specified period of time due to breakdown of equipment;

• provisions allowing the impacted party to terminate the contract if specified “force majeure” events beyond the contracting parties’ control occur for a defined period of time;

• payment of compensation to us (generally in U.S. Dollars although some customers, typically national oil companies, require a part of the compensation to be paid in local currency) on a “daywork” basis, so that we receive a fixed amount for each day (“dayrate”) that the drilling unit is operating under contract (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);

• payment by us of the operating expenses of the drilling unit, including labor costs and the cost of incidental supplies; and

• provisions that allow us to recover certain cost increases from our customers in certain long-term contracts.

The terms of some of our drilling contracts permit the customer to terminate the contract after specified notice periods by tendering contractually specified termination amounts and, in some cases, without any payment.

Generally, our contracts allow us to recover our mobilization and demobilization costs associated with moving a drilling unit from one regional location to another. When market conditions require us to assume these costs, our operating margins are reduced accordingly. For shorter moves, such as “field moves,” our customers have generally agreed to assume the costs of moving the unit in the form of a reduced dayrate or “move rate” while the unit is being moved.

For a discussion of our backlog of commitments for contract drilling services, please read “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Contract Drilling Services Backlog.”

Offshore Drilling Operations

Contract Drilling Services

We conduct offshore contract drilling operations, which accounted for over 98 percent of our operating revenues for the years ended December 31, 2014, 2013 and 2012. During the three years ended December 31, 2014, we principally conducted our contract drilling operations in the United States, Argentina, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, Asia and Australia. Revenues from Royal Dutch Shell, plc (“Shell”) and its affiliates accounted for approximately 55 percent, 67 percent and 51 percent of our consolidated operating revenues in 2014, 2013 and 2012, respectively. Revenues from Saudi Arabian Oil Company (“Saudi Aramco”) accounted for approximately 10 percent of our consolidated operating revenues in both 2013 and 2012. Saudi Aramco did not account for more than 10 percent of our consolidated operating revenues in 2014. Revenues from Petróleo Brasileiro S.A. (“Petrobras”) accounted for approximately 11 percent of our consolidated operating revenues in 2012. Petrobras did not account for more than 10 percent of our consolidated operating revenues in either 2014 or 2013. No other single customer accounted for more than 10 percent of our consolidated operating revenues in 2014, 2013 or 2012.

Labor Contracts

During 2011, we commenced a refurbishment project with Shell for one of its rigs. Under the contract, we provided the management and oversight of the project, as well as the personnel necessary to complete the refurbishment. During 2012, the construction phase of the project was completed and the rig began operating off the coast of Alaska. In 2013, in connection with Shell’s delay of the Alaskan Arctic drilling project, this contract was terminated. We provided labor personnel and management services on the project, but did not own or lease the related rig. During 2014, we did not have any active labor contracts nor did we have any revenues or expenses from continuing operations related to labor services contracts.

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Competition

The offshore contract drilling industry is a highly competitive and cyclical business characterized by high capital and maintenance costs. We compete with other providers of offshore drilling rigs. Some of our competitors may have access to greater financial resources than we do.

In the provision of contract drilling services, competition involves numerous factors, including price, rig availability and suitability, experience of the workforce, efficiency, safety performance record, condition and age of equipment, operating integrity, reputation, industry standing and client relations. We believe that we compete favorably with respect to all of these factors. In addition to having one of the newest fleets in the industry among large peer companies, we follow a policy of keeping our equipment well-maintained and technologically competitive. However, our equipment could be made obsolete by the development of new techniques and equipment, regulations or customer preferences.

We compete on a worldwide basis, but competition may vary by region at any particular time. Demand for offshore drilling equipment also depends on the exploration and development programs of oil and gas producers, which in turn are influenced by many factors, including: the financial condition of such producers, general global economic conditions, prices of oil and gas, political considerations and national oil and gas production policies.

In addition, industry-wide shortages of supplies, services, skilled personnel and equipment necessary to conduct our business have historically occurred. We cannot assure that any such shortages experienced in the past will not happen again in the future.

Governmental Regulations and Environmental Matters

Political developments and numerous governmental regulations, which may relate directly or indirectly to the contract drilling industry, affect many aspects of our operations. Our contract drilling operations are subject to various laws and regulations in countries in which we operate, including laws and regulations relating to the equipping and operation of drilling units, environmental discharges and related recordkeeping, safety management systems, the reduction of greenhouse gas emissions to address climate change, currency conversions and repatriation, oil and gas exploration and development, taxation of offshore earnings and earnings of expatriate personnel and use of local employees, content and suppliers by foreign contractors. A number of countries actively regulate and control the ownership of concessions and companies holding concessions, the exportation of oil and gas and other aspects of the oil and gas industries in their countries. In addition, government actions, including initiatives by the Organization of Petroleum Exporting Countries (“OPEC”), may continue to contribute to oil price volatility. In some areas of the world, this government activity has adversely affected the amount of exploration and development work done by oil and gas companies and their need for offshore drilling services, and likely will continue to do so.

The regulations applicable to our operations include provisions that regulate the discharge of materials into the environment or require remediation of contamination under certain circumstances. Many of the countries in whose waters we operate from time to time regulate the discharge of oil and other contaminants in connection with drilling and marine operations. Failure to comply with these laws and regulations, or failure to obtain or comply with permits, may result in the assessment of administrative, civil and criminal penalties, imposition of remedial requirements and the imposition of injunctions to force future compliance. We have made, and will continue to make, expenditures to comply with environmental requirements. To date, we have not made material expenditures in order to comply, and we do not believe that our compliance with such requirements will have a material adverse effect on our results of operations, our competitive position or materially increase our capital expenditures. Although these requirements impact the energy and energy services industries, generally they do not appear to affect us in any material respect that is different, or to any materially greater or lesser extent, than other companies in the energy services industry. However, our business and prospects could be adversely affected by regulatory activity that prohibits or restricts our customers’ exploration and production activities, results in reduced demand for our services or imposes environmental protection requirements that result in increased costs to us, our customers or the oil and natural gas industry in general.

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The following is a summary of some of the existing laws and regulations that apply in the United States and Europe, which serves as an example of the various laws and regulations to which we are subject. While laws vary widely in each jurisdiction, each of the laws and regulations below addresses environmental issues similar to those in most of the other jurisdictions in which we operate.

Spills and Releases. The Comprehensive Environmental Response, Compensation, and Liability Act in the U.S. (“CERCLA”), and similar state and foreign laws and regulations, impose joint and several liabilities, without regard to fault or the legality of the original act, on certain classes of persons that contributed to the release of a “hazardous substance” into the environment. These persons include the “owner” and “operator” of the site where the release occurred, past owners and operators of the site, and companies that disposed or arranged for the disposal of the hazardous substances found at the site. Responsible parties under CERCLA may be liable for the costs of cleaning up hazardous substances that have been released into the environment and for damages to natural resources. In the course of our ordinary operations, we may generate waste that may fall within CERCLA’s definition of a “hazardous substance.” However, we have to date not received any notification that we are, or may be, potentially responsible for cleanup costs under CERCLA.

Offshore Regulation. In response to the Macondo well blowout incident in April 2010, the U.S. Department of Interior, through the Bureau of Ocean Energy Management (“BOEM”) and the Bureau of Safety and Environmental Enforcement (“BSEE”), has undertaken an aggressive overhaul of the offshore oil and natural gas regulatory process that has significantly impacted oil and gas development in the U.S. Gulf of Mexico. From time to time, new rules, regulations and requirements have been proposed and implemented by BOEM, BSEE or the United States Congress that materially limit or prohibit, and increase the cost of, offshore drilling. These new rules, regulations and requirements including the adoption of new safety requirements and policies relating to the approval of drilling permits, restrictions on oil and gas development and production activities in the U.S. Gulf of Mexico and the Arctic, implementation of safety and environmental management systems, mandatory third party compliance audits, and the promulgation of numerous Notices to Lessees have impacted and may continue to impact our operations. In addition to these rules, regulations and requirements, the U.S. federal government is considering new legislation that could impose additional equipment and safety requirements on operators and drilling contractors in the U.S. Gulf of Mexico, as well as regulations relating to the protection of the environment. If the new regulations, policies, operating procedures and possibility of increased legal liability are viewed by our current or future customers as a significant impairment to expected profitability on projects, then they could discontinue or curtail their offshore operations in the impacted region, thereby adversely affecting our operations by limiting drilling opportunities or imposing materially increased costs.

The Oil Pollution Act. The U.S. Oil Pollution Act of 1990 (“OPA”) and similar regulations, including but not limited to the International Convention for the Prevention of Pollution from Ships (“MARPOL”), adopted by the International Maritime Organization (“IMO”), as enforced in the United States through the domestic implementing law called the Act to Prevent Pollution from Ships, impose certain operational requirements on offshore rigs operating in the U.S. and govern liability for leaks, spills and blowouts involving pollutants. OPA imposes strict, joint and several liabilities on “responsible parties” for damages, including natural resource damages, resulting from oil spills into or upon navigable waters, adjoining shorelines or in the exclusive economic zone of the United States. A “responsible party” includes the owner or operator of an onshore facility and the lessee or permit holder of the area in which an offshore facility is located. OPA establishes a liability limit for onshore facilities of $350 million, while the liability limit for offshore facilities is equal to all removal costs plus up to $75 million in other damages. In December 2014, BOEM proposed increasing this liability limit to $134 million. These liability limits may not apply if a spill is caused by a party’s gross negligence or willful misconduct, if the spill resulted from violation of a federal safety, construction or operating regulation, or if a party fails to report a spill or to cooperate fully in a clean-up.

Regulations under OPA require owners and operators of rigs in United States waters to maintain certain levels of financial responsibility. The failure to comply with OPA’s requirements may subject a responsible party to civil, criminal, or administrative enforcement actions. We are not aware of any action or event that would subject us to liability under OPA, and we believe that compliance with OPA’s financial assurance and other operating requirements will not have a material impact on our operations or financial condition.

Waste Handling. The U.S. Resource Conservation and Recovery Act (“RCRA”), and similar state, local and foreign laws and regulations govern the management of wastes, including the treatment, storage and disposal of hazardous wastes. RCRA imposes stringent operating requirements, and liability for failure to meet such requirements, on a person who is either a “generator” or “transporter” of hazardous waste or an “owner” or “operator” of a hazardous waste treatment, storage or disposal facility. RCRA and many state counterparts

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specifically exclude from the definition of hazardous waste drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil and natural gas. As a result, our operations generate minimal quantities of RCRA hazardous wastes. However, these wastes may be regulated by the United States Environmental Protection Agency (“EPA”) or state agencies as solid waste. In addition, ordinary industrial wastes, such as paint wastes, waste solvents, laboratory wastes, and waste compressor oils may be regulated under RCRA as hazardous waste. We do not believe the current costs of managing our wastes, as they are presently classified, to be significant. However, any repeal or modification of this or similar exemption in similar state statutes, would increase the volume of hazardous waste we are required to manage and dispose of, and would cause us, as well as our competitors, to incur increased operating expenses with respect to our U.S. operations.

Water Discharges. The U.S. Federal Water Pollution Control Act of 1972, as amended, also known as the “Clean Water Act,” and similar state laws and regulations impose restrictions and controls on the discharge of pollutants into federal and state waters. These laws also regulate the discharge of storm water in process areas. Pursuant to these laws and regulations, we are required to obtain and maintain approvals or permits for the discharge of wastewater and storm water. In addition, the U.S. Coast Guard has promulgated requirements for ballast water management as well as supplemental ballast water requirements, which include limits applicable to specific discharge streams, such as deck runoff, bilge water and gray water. We do not anticipate that compliance with these laws will cause a material impact on our operations or financial condition.

Air Emissions. The U.S. Federal Clean Air Act and associated state laws and regulations restrict the emission of air pollutants from many sources, including oil and natural gas operations. New facilities may be required to obtain permits before operations can commence, and existing facilities may be required to obtain additional permits, and incur capital costs, in order to remain in compliance. Federal and state regulatory agencies can impose administrative, civil and criminal penalties for non-compliance with air permits or other requirements of the Clean Air Act and associated state laws and regulations. In general, we believe that compliance with the Clean Air Act and similar state laws and regulations will not have a material impact on our operations or financial condition.

Climate Change. There is increasing attention concerning the issue of climate change and the effect of greenhouse gas (“GHG”) emissions. The EPA regulates the permitting of GHG emissions from stationary sources under the Clean Air Act’s Prevention of Significant Deterioration (“PSD”) and Title V permitting programs, which require the use of “best available control technology” for GHG emissions from new and modified major stationary sources, which can sometimes include drillships. The EPA has also adopted rules requiring the monitoring and reporting of GHG emissions from specified sources in the United States, including, among other things, certain onshore and offshore oil and natural gas production facilities, on an annual basis. Facilities containing petroleum and natural gas systems that emit 25,000 metric tons or more of CO2 equivalent per year are now required to report annual GHG emissions to the EPA.

Further, proposed legislation has been introduced in Congress that would establish an economy-wide cap on emissions of GHG’s in the United States and would require most sources of GHG emissions to obtain GHG emission “allowances” corresponding to their annual emissions of GHG’s. Moreover, in 2005, the Kyoto Protocol to the 1992 United Nations Framework Convention on Climate Change, which establishes a binding set of emission targets for GHGs, became binding on all countries that had ratified it. Recent international discussions in advance of the United Nations Climate Change Conference in Paris in 2015 are exploring options to replace the Kyoto Protocol. While it is not possible at this time to predict how new treaties and legislation that may be enacted to address GHG emissions would impact our business, the modification of existing laws or regulations or the adoption of new laws or regulations curtailing exploratory or developmental drilling for oil and gas could materially and adversely affect our operations by limiting drilling opportunities or imposing materially increased costs. Moreover, incentives to conserve energy or use alternative energy sources could have a negative impact on our business if such incentives reduce the worldwide demand for oil and gas.

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Countries in the European Union implement the U.N.’s Kyoto Protocol on GHG emissions through the Emissions Trading System (“ETS”), though ETS will continue to require GHG reductions in the future that are not currently prescribed by the Kyoto Protocol or related agreements. The ETS program establishes a GHG “cap and trade” system for certain industry sectors, including power generation at some offshore facilities. Total GHG from these sectors is capped, and the cap is reduced over time to achieve a 21% GHG reduction from these sectors between 2005 and 2020. More generally, the EU Commission has proposed a roadmap for reducing emissions by 80% by 2050 compared to 1990 levels. Some EU member states have enacted additional and more long-term legally binding targets. For example, the U.K. has committed to reduce GHG emissions by 80% by 2050. These reduction targets may also be affected by future negotiations under the United Nations Framework Convention on Climate Change and its Kyoto Protocol.

Entities operating under the cap must either reduce their GHG emissions, purchase tradable emissions allowances, or EUAs, from other program participants, or purchase international GHG offset credits generated under the Kyoto Protocol’s Clean Development Mechanisms or Joint Implementation. As the cap declines, prices for emissions allowances or GHG offset credits may rise. However, due to the over-allocation of EUAs by EU member states in earlier phases and the impact of the recession in the EU, there has been a general over-supply of EUAs. The EU has recently approved amending legislation to withhold the auction of EUAs in a process known as “backloading.” EU proposals for wider structural reform of the EU ETS may follow the enactment of the backloading proposal. Both backloading and wider structural reforms are aimed at reviving the EU carbon price.

In addition, the U.K. government, which implements ETS in the U.K. North Sea, has introduced a carbon price floor mechanism to place an incrementally increasing minimum price on carbon. Thus, the cost of compliance with ETS can be expected to increase over time. Additional member state climate change legislation may result in potentially material capital expenditures.

We have determined that combustion of diesel fuel (Scope 1) aboard all of our vessels worldwide is the company’s primary source of GHG emissions, including carbon dioxide, methane and nitrous oxide. The data necessary to report indirect emissions from generation of purchased power (Scope 2) has not been previously collected. We will establish the necessary procedures to collect and report Scope 2 data in 2015.

For the year ended December 31, 2014, our estimated carbon dioxide equivalent (“CO2e”) gas emissions, including Paragon Offshore through the Spin-off date, were 832,845 tonnes as compared to 873,971 tonnes for the year ended December 31, 2013. Excluding Paragon Offshore, our estimated CO2e gas emissions for the year ended December 31, 2014 were 631,612 tonnes as compared to 505,223 tonnes for the year ended December 31, 2013 due to fleet expansion. When expressed as an intensity measure of tonnes of C02e gas emissions per dollar of contract drilling revenues from continuing operations, both the 2014 and 2013 intensity measure was .0002.

Our Scope 1 CO2e gas emissions reporting has been prepared with reference to the requirements set out in the UK Companies Act 2006 Regulations 2013, the Environmental Reporting Guidelines (June 2013) issued by the Department for Environment Food & Rural Affairs, the World Resources Institute and World Business Council for Sustainable Development GHG Protocol Corporate Accounting and Reporting Standard Revised and the International Organization for Standardization (“ISO”) 14064-1, “Specification with guidance at the organizational level for quantification and reporting of greenhouse gas emissions and removals (2006).” We have used SANGEA™ Emissions Estimation Software to estimate CO2e gas of Scope 1 emissions based on diesel fuel consumption.

It is our intent to have the procedures related to GHG emissions independently assessed in the future.

Safety. The U.S. Occupational Safety and Health Act (“OSHA”) and other similar laws and regulations govern the protection of the health and safety of employees. The OSHA hazard communication standard, EPA community right-to-know regulations under Title III of CERCLA and similar state statutes require that information be maintained about hazardous materials used or produced in our operations and that this information be provided to employees, state and local governments and citizens. We believe that we are in substantial compliance with these requirements and with other applicable OSHA requirements.

On June 10, 2013, the European Union adopted a new directive, Directive 2013/30/EU, on the safety of offshore oil and gas operations within the exclusive economic zone (which can extend up to 200 nautical miles from a coast) or the continental shelf of any of its member states. The directive establishes minimum requirements for preventing major accidents in offshore oil and gas operations, and aims to limit the consequences of such accidents. All European Union member states will be required to adopt national legislation or regulations by July 19, 2015 to implement the new directive’s requirements, which also include reporting requirements related to major safety and environmental hazards that must be satisfied before drilling can take place, as well as the use of “all suitable measures” to both prevent major accidents and limit the human health and environmental consequences of such a major accident should one occur. We believe that our operations are in substantial compliance with the requirements of the directive (as well as the extensive current health and safety regimes implemented in the member states in which we operate), but future developments could require the company to incur significant costs to comply with its implementation.

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International Regulatory Regime. IMO provides international regulations governing shipping and international maritime trade. IMO regulations have been widely adopted by U.N. member countries, and in some jurisdictions in which we operate, these regulations have been expanded upon. The requirements contained in the International Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code, promulgated by the IMO, govern much of our drilling operations. Among other requirements, the ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies.

The IMO has also adopted MARPOL, including Annex VI to MARPOL which sets limits on sulfur dioxide and nitrogen oxide emissions from ship exhausts and prohibits deliberate emissions of ozone depleting substances. Annex VI, which applies to all ships, fixed and floating drilling rigs and other floating platforms, imposes a global cap on the sulfur content of fuel oil and allows for specialized areas to be established internationally with even more stringent controls on sulfur emissions. For vessels 400 gross tons and greater, platforms and drilling rigs, Annex VI imposes various survey and certification requirements. On July 15, 2011, the IMO approved mandatory measures to reduce emissions of GHGs from international shipping, requiring energy efficiency and survey and certification measures. These amendments to Annex VI apply to all ships of 400 gross tonnage and above and entered into force on January 1, 2013, affecting the operations of vessels that are registered in countries that are signatories to MARPOL Annex VI or vessels that call upon ports located within such countries. Moreover, 2008 amendments to Annex VI require the imposition of progressively stricter limitations on sulfur emissions from ships. These limitations require that fuels of vessels in covered Emission Control Areas, or ECAs, contain no more than 1% sulfur. The North American ECA became effective in August 2012, capping the sulfur limit in marine fuel at 1%, which has been the capped amount for the North Sea and Baltic Sea ECAs since July 1, 2010. The North Sea ECA encompasses all of the North Sea and the full length of the English Channel. These capped amounts are to decrease progressively until they reach 0.5% by January 1, 2020 for non-ECA areas and 0.1% by January 1, 2015 for ECA areas, including the North American ECA. The amendments also establish new tiers of stringent nitrogen oxide emissions standards for new marine engines, depending on their date of installation.

The IMO has negotiated international conventions that impose liability for oil pollution in international waters and the territorial waters of the signatory to such conventions such as the Ballast Water Management Convention, or BWM Convention. The BWM Convention’s implementing regulations call for a phased introduction of mandatory ballast water exchange requirements (beginning in 2009), to be replaced in time with a requirement for mandatory ballast water treatment. The BWM Convention has not become effective, but the IMO has passed a resolution encouraging the ratification of the BWM Convention and calling upon those countries that have already ratified to encourage the installation of ballast water management systems on new ships. Under the requirements of the BWM Convention for rigs with ballast water capacity of more than 5000 cubic meters that were constructed in 2011 or before, ballast water management exchange or treatment will be accepted until 2016. From 2016 (or not later than the first intermediate or renewal survey after 2016), only ballast water treatment will be accepted by the BWM Convention. All of our drilling rigs are in substantial compliance with the proposed terms of the BWM Convention.

The IMO has also adopted the International Convention for Civil Liability for Bunker Oil Pollution Damage of 2001, or Bunker Convention. The Bunker Convention provides a liability, compensation and compulsory insurance system for the victims of oil pollution damage caused by spills of bunker oil. Under the Bunker Convention, ship owners must pay compensation for pollution damage (including the cost of preventive measures) caused in the territory, including the territorial sea of a State Party, as well as its exclusive economic zone or equivalent area. Registered owners of any seagoing vessel and seaborne craft over 1,000 gross tons, of any type whatsoever, and registered in a State Party, or entering or leaving a port in the territory of a State Party, must maintain insurance which meets the requirements of the Bunker Convention and to obtain a certificate issued by a State Party attesting that such insurance is in force. The State issued certificate must be carried on board at all times. We believe that all of our drilling rigs are currently compliant in all material respects with these regulations.

The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulation may have on our operations.

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Insurance and Indemnification Matters

Our operations are subject to many hazards inherent in the drilling business, including blowouts, fires and collisions or groundings of offshore equipment, and damage or loss from adverse weather and sea conditions. These hazards could cause personal injury or loss of life, loss of revenues, pollution and other environmental damage, damage to or destruction of property and equipment and oil and natural gas producing formations, and could result in claims by employees, customers or third parties.

Our drilling contracts provide for varying levels of indemnification from our customers and in most cases also require us to indemnify our customers for certain losses. Under our drilling contracts, liability with respect to personnel and property is typically assigned on a “knock-for-knock” basis, which means that we and our customers assume liability for our respective personnel and property, irrespective of the fault or negligence of the party indemnified. In addition, our customers may indemnify us in certain instances for damage to our down-hole equipment and, in some cases, our subsea equipment.

Our customers typically assume responsibility for and indemnify us from loss or liability resulting from pollution or contamination, including third-party damages and clean-up and removal, arising from operations under the contract and originating below the surface of the water. We are generally responsible for pollution originating above the surface of the water and emanating from our drilling units. Additionally, our customers typically indemnify us for liabilities incurred as a result of a blow-out or cratering of the well and underground reservoir loss or damage.

In addition to the contractual indemnities described above, we also carry Protection and Indemnity (“P&I”) insurance, which is a comprehensive general liability insurance program covering liability resulting from offshore operations. Our P&I insurance includes coverage for liability resulting from personal injury or death of third parties and our offshore employees, third party property damage, pollution, spill clean-up and containment and removal of wrecks or debris. Our insurance policy does not exclude losses resulting from our gross negligence or willful misconduct. Our P&I insurance program is renewed in March of each year and currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million.

Our insurance policies and contractual rights to indemnity may not adequately cover our losses and liabilities in all cases. For additional information, please read “We may have difficulty obtaining or maintaining insurance in the future and our insurance coverage and contractual indemnity rights may not protect us against all of the risks and hazards we face” included in Part I, Item 1A, “Risk Factors,” of this Annual Report on Form 10-K.

The above description of our insurance program and the indemnification provisions of our drilling contracts is only a summary as of the time of preparation of this report, and is general in nature. Our insurance program and the terms of our drilling contracts may change in the future. In addition, the indemnification provisions of our drilling contracts may be subject to differing interpretations, and enforcement of those provisions may be limited by public policy and other considerations.

Employees

At December 31, 2014, we had approximately 3,700 employees, excluding approximately 1,100 persons we engaged through labor contractors or agencies. Approximately 81 percent of our employees are located offshore. Of our shorebased employees, approximately 70 percent are male. We are not a party to any material collective bargaining agreements, and we consider our employee relations to be satisfactory.

We place considerable value on the involvement of our employees and maintain a practice of keeping them informed on matters affecting them, as well as on the performance of the Company. Accordingly, we conduct formal and informal meetings with employees, maintain a Company intranet website with matters of interest, issue a quarterly publication of Company activities and other matters of interest, and offer a variety of in-house training.

We are committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Management actively pursues both the employment of disabled persons whenever a suitable vacancy arises and the continued employment and retraining of employees who become disabled while employed by the company. Training and development is undertaken for all employees, including disabled persons.

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Financial Information about Segments and Geographic Areas

Information regarding our revenues from external customers, segment profit or loss and total assets attributable to each segment for the last three fiscal years is presented in “Part II Item 8. Financial Statements and Supplementary Data, Note 19 — Segment and Related Information.”

Information regarding our operating revenues and identifiable assets attributable to each of our geographic areas of operations for the last three fiscal years is presented in “Part II Item 8. Financial Statements and Supplementary Data, Note 19 — Segment and Related Information.”

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934 are available free of charge at our website at http://www.noblecorp.com. These filings are also available to the public at the U.S. Securities and Exchange Commission’s (the “SEC”) Public Reference Room at 100 F Street, NE, Room 1580, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Electronic filings with the SEC are also available on the SEC’s website at http://www.sec.gov.

You may also find information related to our corporate governance, board committees and company code of ethics (and any amendments or waivers of compliance) at our website. Among the documents you can find there are the following:

• Articles of Association;

• Code of Business Conduct and Ethics

• Corporate Governance Guidelines;

• Audit Committee Charter;

• Nominating and Corporate Governance Committee Charter;

• Health, Safety, Environment and Engineering Committee Charter; and

• Compensation Committee Charter.

Item 1A. Risk Factors.

You should carefully consider the following risk factors in addition to the other information included in this Annual Report on Form 10-K. Each of these risk factors could affect our business, operating results and financial condition, as well as affect an investment in our shares.

Risk Factors Relating to Our Business

Our business depends on the level of activity in the oil and gas industry. Adverse developments affecting the industry, including a decline in oil or gas prices, reduced demand for oil and gas products and increased regulation of drilling and production, could have a material adverse effect on our business, financial condition and results of operations.

Demand for drilling services depends on a variety of economic and political factors and the level of activity in offshore oil and gas exploration and development and production markets worldwide. Commodity prices, including oil and gas prices, and market expectations of potential changes in these prices, may significantly affect this level of activity, as well as dayrates for our services. However, higher prices do not necessarily translate into increased drilling activity because our clients’ expectations of future commodity prices typically drive demand for our rigs. Oil and gas prices and the level of activity in offshore oil and gas exploration and development are extremely volatile and are affected by numerous factors beyond our control, including:

• the cost of exploring for, developing, producing and delivering oil and gas;

• potential acceleration in the development, and the price and availability, of alternative fuels;

• increased supply of oil and gas resulting from growing onshore hydraulic fracturing activity and shale development;

• worldwide production and demand for oil and gas, which are impacted by changes in the rate of economic growth in the global economy;

• the ability of OPEC to set and maintain production levels and pricing;

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• the level of production in non-OPEC countries;

• worldwide financial instability or recessions;

• regulatory restrictions or any moratorium on offshore drilling;

• expectations regarding future energy prices;

• the discovery rate of new oil and gas reserves either onshore or offshore;

• the rate of decline of existing and new oil and gas reserves;

• available pipeline and other oil and gas transportation capacity;

• oil refining capacity;

• the ability of oil and gas companies to raise capital;

• worldwide instability in the financial and credit sectors and a reduction in the availability of liquidity and credit;

• the relative cost of offshore drilling versus onshore oil and gas production;

• advances in exploration, development and production technology either onshore or offshore;

• technical advances affecting energy consumption, including the displacement of hydrocarbons through increasing transportation fuel efficiencies;

• merger and divestiture activity among oil and gas producers;

• the availability of, and access to, suitable locations from which our customers can produce hydrocarbons;

• adverse weather conditions, including hurricanes, typhoons, winter storms and rough seas;

• tax laws, regulations and policies;

• laws and regulations related to environmental matters, including those addressing alternative energy sources and the risks of global climate change;

• the political environment of oil-producing regions, including uncertainty or instability resulting from civil disorder, an outbreak or escalation of armed hostilities or acts of war or terrorism; and

• the laws and regulations of governments regarding exploration and development of their oil and gas reserves or speculation regarding future laws or regulations.

Adverse developments affecting the industry as a result of one or more of these factors, including a decline in oil or gas prices (such as the decline since June 2014, any further decline, or the failure of oil prices to recover from their current levels), a global recession, reduced demand for oil and gas products, increased supply due to the development of new onshore drilling and production technologies, and increased regulation of drilling and production, particularly if several developments were to occur in a short period of time, would have a material adverse effect on our business, financial condition and results of operations.

The contract drilling industry is a highly competitive and cyclical business with intense price competition. If we are unable to compete successfully, our profitability may be materially reduced.

The offshore contract drilling industry is a highly competitive and cyclical business characterized by high capital and operating costs and evolving capability of newer rigs. Drilling contracts are traditionally awarded on a competitive bid basis. Intense price competition, rig availability, location and suitability, experience of the workforce, efficiency, safety performance record, technical capability and condition of equipment, operating integrity, reputation, industry standing and client relations are all factors in determining which contractor is awarded a job. Our future success and profitability will partly depend upon our ability to keep pace with our customers’ demands with respect to these factors. If current competitors, or new market entrants, implement new technical capabilities, services or standards that are more attractive to our customers, it could have a material adverse effect on our business, financial condition and results of operations.

In addition to intense competition, our industry has historically been cyclical. The contract drilling industry is currently in a period characterized by low demand for drilling services and excess rig supply. Periods of low demand or excess rig supply intensify the competition in the industry and may result in some of our rigs being idle or earning substantially lower dayrates for long periods of times. We cannot provide you with any assurances as to when such period will end, or when there will be higher demand for contract drilling services or a reduction in the number of drilling rigs.

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An over-supply of rigs may lead to a reduction in dayrates and demand for our rigs and, therefore, may adversely impact our revenues and profitability.

Prior to the recent downturn, we experienced a period of high utilization and high dayrates, and industry participants increased the supply of drilling rigs by building new drilling rigs, including some drilling rigs that have not yet entered service. This increase in supply, combined with the decrease in demand for drilling rigs resulting from the substantial decline in the price of oil since June 2014, has resulted in an oversupply of drilling rigs, which has contributed to the recent decline in utilization and dayrates.

We are currently experiencing competition from newbuild rigs that have either already entered the market or are scheduled to enter the market in 2015 and beyond. The entry of these rigs into the market has resulted in lower dayrates for both newbuilds and experienced rigs rolling off their current contracts. Lower utilization and dayrates adversely affect our revenues and profitability. In addition, our competitors may relocate rigs to markets in which we operate, which could exacerbate excess rig supply which may lower dayrates and utilization in those markets. To the extent that the drilling rigs currently under construction or on order have not been contracted for future work, there may be increased price competition as such vessels become operational, which could lead to a further reduction in dayrates and in utilization, and we may be required to idle additional drilling rigs.

We may record additional losses or impairment charges related to sold or idle rigs.

Prolonged periods of low utilization or low dayrates, the cold stacking of idle assets, the sale of assets below their then carrying value or the decline in market value of our assets may cause us to experience losses. If future cash flow estimates, based upon information available to management at the time, indicate that the carrying value of any of our rigs may not be recoverable or if we sell assets for less than their then carrying value, we may recognize additional impairment charges on our fleet. For example, in the fourth quarter of 2014, we decided that we would discontinue marketing the Noble Driller, Noble Paul Wolff and Noble Jim Thompson. In connection with this decision, we recorded an impairment charge of $685 million on these three units.

We may not be able to renew or replace expiring contracts or obtain contracts for our uncontracted newbuilds, and our customers may terminate or seek to renegotiate or repudiate our drilling contracts.

We have a number of customer contracts that will expire in 2015 and 2016. Our ability to renew these contracts or obtain new contracts and the terms of any such contracts will depend on market conditions and our customers. During the fourth quarter of 2014 and the first quarter of 2015, a number of oil and gas companies, including some of our customers, have publicly announced significant reductions in their planned exploration and development spending during 2015 and beyond. These reductions in spending could further reduce the demand for contract drilling services and as a result, our business, financial condition and results of operations would be materially adversely affected.

In addition, the Noble Sam Hartley, a newbuild heavy-duty, harsh environment jackup that is currently undergoing post-delivery modifications in the shipyard, does not have a customer contract. We will attempt to secure a contract for this unit prior to the completion of the modification project, but we may be unable to obtain a contract for this rig. In addition, for our rigs under contract that have expired or have been terminated by our customers, we may be unable to secure extensions or new contracts, or in the alternative, may receive dayrates under new contracts which may be below, perhaps substantially below, the existing dayrates. This would have a material adverse effect on our results of operations and cash flows.

Our customers may generally terminate our term drilling contracts if a drilling rig is destroyed or lost or if we have to suspend drilling operations for a specified period of time as a result of a breakdown of major equipment or, in some cases, due to other events beyond the control of either party. In the case of nonperformance and under certain other conditions, our drilling contracts generally allow our customers to terminate without any payment to us. The terms of some of our drilling contracts permit the customer to terminate the contract after a specified notice period by tendering contractually specified termination amounts and, in some cases, without any payment. These termination payments may not fully compensate us for the loss of a contract. The early termination of a contract may result in a rig being idle for an extended period of time and a reduction in our contract backlog and associated revenue, which could have a material adverse effect on our business, financial condition and results of operations.

In addition, during periods of depressed market conditions, such as the one we are currently experiencing and which we expect to continue during 2015, we may be subject to an increased risk of our customers seeking to renegotiate or repudiate their contracts. Our customers’ ability to perform their obligations under drilling contracts with us may also be adversely affected by restricted credit markets, economic downturns and industry downturns, such as the one we are currently experiencing. If our customers cancel or are unable to renew some of their contracts and we are unable to secure new contracts on a timely basis and on substantially similar terms, if contracts are disputed or suspended for an extended period of time or if a number of our contracts are renegotiated, it could have a material adverse effect on our business, financial condition and results of operations.

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We can provide no assurance that our current backlog of contract drilling revenue will be ultimately realized.

Generally, contract backlog only includes future revenues under firm commitments; however, from time to time, we may report anticipated commitments under letters of intent or award for which definitive agreements have not yet been, but are expected to be, executed. In addition, we may not receive some or all of the bonuses that we include in our backlog. We can provide no assurance that we will be able to perform under these contracts due to events beyond our control or that we will be able to ultimately execute a definitive agreement in cases where one does not currently exist. Moreover, we can provide no assurance that our customers will be able to or willing to fulfill their contractual commitments to us or that they will not seek to renegotiate or repudiate their contracts, especially during the current industry downturn. Our inability to perform under our contractual obligations or to execute definitive agreements or our customers’ inability or unwillingness to fulfill their contractual commitments to us, including as a result of contract repudiations during currently depressed market conditions, may have a material adverse effect on our business, financial condition and results of operations.

We are substantially dependent on several of our customers, including Shell and Freeport-McMoRan, Inc. (“Freeport”), and the loss of these customers could have a material adverse effect on our financial condition and results of operations.

Any concentration of customers increases the risks associated with any possible termination or nonperformance of drilling contracts, failure to renew contracts or award new contracts or reduction of their drilling programs. We estimate Shell and Freeport represented approximately 60 percent and 12 percent, respectively, of our backlog at December 31, 2014. Revenues from Shell and Freeport accounted for approximately 55 percent and 4 percent, respectively, of our consolidated operating revenues for the year ended December 31, 2014. This concentration of customers increases the risks associated with any possible termination or nonperformance of contracts, in addition to our exposure to credit risk. If any of these customers were to terminate or fail to perform their obligations under their contracts and we were not able to find other customers for the affected drilling units promptly, our financial condition and results of operations could be materially adversely affected.

Our business involves numerous operating hazards.

Our operations are subject to many hazards inherent in the drilling business, including:

• well blowouts;

• fires;

• collisions or groundings of offshore equipment;

• punch-throughs;

• mechanical or technological failures;

• failure of our employees to comply with our internal environmental, health and safety guidelines;

• pipe or cement failures and casing collapses, which could release oil, gas or drilling fluids;

• geological formations with abnormal pressures;

• spillage handling and disposing of materials; and

• adverse weather conditions, including hurricanes, typhoons, winter storms and rough seas.

These hazards could cause personal injury or loss of life, suspend drilling operations, result in regulatory investigation or penalties, seriously damage or destroy property and equipment, result in claims by employees, customers or third parties, cause environmental damage and cause substantial damage to oil and gas producing formations or facilities. Operations also may be suspended because of machinery breakdowns, abnormal drilling conditions, and failure of subcontractors to perform or supply goods or services or personnel shortages. The occurrence of any of the hazards we face could have a material adverse effect on our business, financial condition and results of operations.

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We are exposed to risks relating to operations in international locations.

We operate in various regions throughout the world that may expose us to political and other uncertainties, including risks of:

• seizure, nationalization or expropriation of property or equipment;

• monetary policies, government credit rating downgrades and potential defaults, and foreign currency fluctuations and devaluations;

• limitations on the ability to repatriate income or capital;

• complications associated with repairing and replacing equipment in remote locations;

• repudiation, nullification, modification or renegotiation of contracts;

• limitations on insurance coverage, such as war risk coverage, in certain areas;

• import-export quotas, wage and price controls, imposition of trade barriers and other forms of government regulation and economic conditions that are beyond our control;

• delays in implementing private commercial arrangements as a result of government oversight;

• financial or operational difficulties in complying with foreign bureaucratic actions;

• changing taxation rules or policies;

• other forms of government regulation and economic conditions that are beyond our control and that create operational uncertainty;

• governmental corruption;

• piracy; and

• terrorist acts, war, revolution and civil disturbances.

Further, we operate in certain less-developed countries with legal systems that are not as mature or predictable as those in more developed countries, which can lead to greater uncertainty in legal matters and proceedings. Examples of challenges of operating in these countries include:

• ongoing changes in Brazilian laws related to the importation of rigs and equipment that may impose bonding, insurance or duty-payment requirements;

• procedural requirements for temporary import permits, which may be difficult to obtain;

• the effect of certain temporary import permit regimes, where the duration of the permit does not coincide with the general term of the drilling contract; and

• ongoing claims in Brazil related to withholding taxes payable on our service contracts.

Our ability to do business in a number of jurisdictions is subject to maintaining required licenses and permits and complying with applicable laws and regulations. Changes in, compliance with, or our failure to comply with the laws and regulations of the countries where we operate may negatively impact our operations in those countries and could have a material adverse effect on our results of operations.

In addition, other governmental actions, including initiatives by OPEC, may continue to cause oil price volatility. In some areas of the world, this governmental activity has adversely affected the amount of exploration and development work done by major oil companies, which may continue. In addition, some governments favor or effectively require the awarding of drilling contracts to local contractors, require use of a local agent, require partial local ownership or require foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction. These practices may adversely affect our ability to compete and our results of operations.

Operating and maintenance costs of our rigs may be significant and may not correspond to revenue earned.

Our operating expenses and maintenance costs depend on a variety of factors including: crew costs, costs of provisions, equipment, insurance, maintenance and repairs, and shipyard costs, many of which are beyond our control. Our total operating costs are generally related to the number of drilling rigs in operation and the cost level in each country or region where such drilling rigs are located. Equipment maintenance costs fluctuate depending upon the type of activity that the drilling rig is performing and the age and condition of the equipment. Operating and maintenance costs will not necessarily fluctuate in proportion to changes in operating revenues. While operating revenues may fluctuate as a function of changes in dayrate, costs for operating a rig may not be proportional to the dayrate received and may vary based on a variety of factors, including the scope and length of required rig preparations and the duration of the contractual period over which such expenditures are amortized. Any investments in our rigs may not result in an increased dayrate for or income from such rigs. A disproportionate amount of operating and maintenance costs in comparison to dayrates could have a material adverse effect on our business, financial condition and results of operations.

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In connection with the Spin-off, we agreed to indemnify Paragon Offshore for certain liabilities, and Paragon Offshore agreed to indemnify us for certain liabilities. We have significant exposure to losses resulting from this obligation, and there can be no assurances that the Paragon Offshore indemnities will be sufficient to insure us against the full amount of the related liabilities, or that Paragon Offshore’s ability to satisfy its indemnification obligations will not be impaired in the future.

We entered into certain agreements with Paragon Offshore in connection with the Spin-off, including a master separation agreement, tax sharing agreement, transition services agreement and transition services agreement relating to our operations offshore Brazil. Pursuant to the agreements, we agreed to indemnify Paragon Offshore for certain liabilities, and Paragon Offshore agreed to indemnify us for certain liabilities. We have significant exposure to losses resulting from our obligations under these agreements. Third parties could seek to hold us responsible for any of the liabilities that Paragon Offshore has agreed to retain, and there can be no assurance that the indemnity from Paragon Offshore will be sufficient to protect us against the full amount of such liabilities, or that Paragon Offshore will be able to fully satisfy its indemnification obligations. Moreover, even if we ultimately succeed in recovering from Paragon Offshore any amounts for which we are held liable, we may be temporarily required to bear these losses. If Paragon Offshore is unable to satisfy its indemnification obligations, the underlying liabilities could have a material adverse effect on our business, financial condition and results of operations.

Following the Spin-off, we continue to rely on Paragon Offshore to assist us in operations offshore Brazil. In addition, Paragon Offshore has significant payables owed to us in connection with the Spin-off and agreements executed in connection with our separation.

Pursuant to the transition services agreement relating to our operations offshore Brazil, Paragon Offshore has agreed to provide local administrative and operational services for rigs operating in Brazil at the time of the Spin-off. We currently have one rig in Brazil operating under this arrangement. In addition, in connection with the Spin-off, we executed a number of agreements with Paragon Offshore that govern our relationship after the Spin-off. If Paragon Offshore is unable to perform under its obligations under the transition services agreement relating to our operations offshore Brazil or is unable or unwilling to repay its obligations under the agreements executed in connection with our separation, it could have a material adverse effect on our business, financial condition and results of operations.

Governmental laws and regulations, including environmental laws and regulations, may add to our costs, result in delays, or limit our drilling activity.

Our business is affected by public policy and laws and regulations relating to the energy industry and the environment in the geographic areas where we operate.

The drilling industry is dependent on demand for services from the oil and gas exploration and production industry, and accordingly, we are directly affected by the adoption of laws and regulations that for economic, environmental or other policy reasons curtail exploration and development drilling for oil and gas. We may be required to make significant capital expenditures to comply with governmental laws and regulations. Governments in some foreign countries are increasingly active in regulating and controlling the ownership of concessions, the exploration for oil and gas, and other aspects of the oil and gas industries. There is increasing attention in the United States and worldwide concerning the issue of climate change and the effect of GHGs.

Our operations are also subject to numerous laws and regulations controlling the discharge of materials into the environment or otherwise relating to the protection of the environment. The modification of existing laws or regulations or the adoption of new laws or regulations that result in the curtailment of exploratory or developmental drilling for oil and gas could materially and adversely affect our operations by limiting drilling opportunities or imposing materially increased costs. As a result, the application of these laws could have a material adverse effect on our results of operations by increasing our cost of doing business, discouraging our customers from drilling for hydrocarbons, disrupting revenue through permitting or similar delays, or subjecting us to liability. For example, we, as an operator of mobile offshore drilling units in navigable U.S. waters and certain offshore areas, including the U.S. Outer Continental Shelf, are liable for damages and for the cost of removing oil spills for which we may be held responsible, subject to certain limitations. Our operations may involve the use or handling of materials that are classified as environmentally hazardous. Laws and regulations protecting the environment have generally become more stringent and in certain circumstances impose “strict liability”, rendering a person liable for environmental damage without regard to negligence or fault. Environmental laws and regulations may expose us to liability for the conduct of or conditions caused by others or for acts that were in compliance with all applicable laws at the time they were performed.

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As disclosed in “Part II Item 8. Financial Statements and Supplementary Data, Note 18 — Commitments and Contingencies”, in November 2012, the U.S. Coast Guard in Alaska conducted an inspection and investigation of the Noble Discoverer and the Kulluk, and referred the matters to the U.S. Department of Justice (“DOJ”) for further investigation. In December 2014, a subsidiary reached a settlement with the DOJ regarding its investigation of the Noble Discoverer and the Kulluk. Under the terms of the plea agreement, the subsidiary pled guilty to violations relating to maintaining proper oil record books for the Noble Discoverer and Kulluk, maintaining proper ballast records for the Noble Discoverer and notification of hazardous conditions with respect to the Noble Discoverer. The subsidiary paid $8.2 million in fines and $4 million in community service payments and implemented a comprehensive environmental compliance plan. Under the plea agreement, we were also placed on probation for four years. If during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges.

Any violation of anti-bribery or anti-corruption laws, including the Foreign Corrupt Practices Act, the United Kingdom Bribery Act, or similar laws and regulations could result in significant expenses, divert management attention, and otherwise have a negative impact on us.

We operate in countries known to have a reputation for corruption. We are subject to the risk that we, our affiliated entities or their respective officers, directors, employees and agents may take action determined to be in violation of such anti-corruption laws, including the U.S. Foreign Corrupt Practices Act of 1977, or FCPA, the United Kingdom Bribery Act 2010, or U.K. Bribery Act, and similar laws in other countries.

In 2010, we finalized settlements with the SEC and the DOJ relating to certain reimbursement payments made by our then Nigerian affiliate to our customs agents in Nigeria in the years 2003 to 2007 and paid fines and penalties to the DOJ and the SEC. Any violation of the FCPA, the U.K. Bribery Act or other applicable anti-corruption laws could result in substantial fines, sanctions, civil and/or criminal penalties and curtailment of operations in certain jurisdictions and might adversely affect our business, results of operations or financial condition. In addition, actual or alleged violations could damage our reputation and ability to do business. Further, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.

Changes in, compliance with, or our failure to comply with the certain laws and regulations may negatively impact our operations and could have a material adverse effect on our results of operations.

Our operations are subject to various laws and regulations in countries in which we operate, including laws and regulations relating to:

• the importing, exporting, equipping and operation of drilling rigs;

• repatriation of foreign earnings;

• currency exchange controls;

• oil and gas exploration and development;

• taxation of offshore earnings and earnings of expatriate personnel; and

• use and compensation of local employees and suppliers by foreign contractors.

Legal and regulatory proceedings relating to the energy industry, and the complex government regulations to which our business is subject, have at times adversely affected our business and may do so in the future. Governmental actions and initiatives by OPEC may continue to cause oil price volatility. In some areas of the world, this activity has adversely affected the amount of exploration and development work done by major oil companies, which may continue. In addition, some governments favor or effectively require the awarding of drilling contracts to local contractors, require use of a local agent or require foreign contractors to employ citizens of, or purchase supplies from, a particular jurisdiction. These practices may adversely affect our ability to compete and our results of operations.

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Public and regulatory scrutiny of the energy industry has resulted in increased regulations being either proposed or implemented. In addition, existing regulations might be revised or reinterpreted, new laws, regulations and permitting requirements might be adopted or become applicable to us, our rigs, our customers, our vendors or our service providers, and future changes in laws and regulations could significantly increase our costs and could have a material adverse effect on our business, financial condition and results of operations. In addition, we may be required to post additional surety bonds to secure performance, tax, customs and other obligations relating to our rigs in jurisdictions where bonding requirements are already in effect and in other jurisdictions where we may operate in the future. These requirements would increase the cost of operating in these countries, which could materially adversely affect our business, financial condition and results of operations.

Adverse effects may continue as a result of the uncertainty of ongoing inquiries, investigations and court proceedings, or additional inquiries and proceedings by federal or state regulatory agencies or private plaintiffs. In addition, we cannot predict the outcome of any of these inquiries or whether these inquiries will lead to additional legal proceedings against us, civil or criminal fines or penalties, or other regulatory action, including legislation or increased permitting requirements. Legal proceedings or other matters against us, including environmental matters, suits, regulatory appeals, challenges to our permits by citizen groups and similar matters, might result in adverse decisions against us. The result of such adverse decisions, either individually or in the aggregate, could be material and may not be covered fully or at all by insurance.

Possible changes in tax laws could affect us and our shareholders.

We operate through various subsidiaries in numerous countries throughout the world. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the United Kingdom, the U.S. or jurisdictions in which we or any of our subsidiaries operate or are incorporated. For example, the Organization for Economic Co-Operation and Development (“OECD”) published a Base Erosion and Profit Shifting Action Plan (“BEPS”) in July 2013. BEPS seeks to reform the taxation of multinational companies. Although any recommendations made by the OECD are not changes in tax law, this may result in unilateral country action which may be uncoordinated, may create double taxation and increase controversy, both of which would be adverse for the global economy and may result in a material adverse effect on our financial statements.

Tax laws and regulations are highly complex and subject to interpretation. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If these laws, treaties or regulations change or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us, resulting in a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions.

In addition, the manner in which our shareholders are taxed on distributions on, and dispositions of, our shares could be affected by changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the United Kingdom, the U.S. or other jurisdictions in which our shareholders are resident. Any such changes could result in increased taxes for our shareholders and affect the trading price of our shares.

Operational interruptions or maintenance or repair work may cause our customers to suspend or reduce payment of dayrates until operation of the respective drilling rig is resumed, which may lead to loss of revenue or termination or renegotiation of the drilling contract.

If our drilling rigs are idle for reasons that are not related to the ability of the rig to operate, our customers are entitled to pay a waiting, or standby, rate lower than the full operational rate. In addition, if our drilling rigs are taken out of service for maintenance and repair for a period of time exceeding the scheduled maintenance periods set forth in our drilling contracts, we will not be entitled to payment of dayrates until the rig is able to work. Several factors could cause operational interruptions, including:

• breakdowns of equipment and other unforeseen engineering problems;

• work stoppages, including labor strikes;

• shortages of material and skilled labor;

• delays in repairs by suppliers;

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• surveys by government and maritime authorities;

• periodic classification surveys;

• inability to obtain permits;

• severe weather, strong ocean currents or harsh operating conditions; and

• force majeure events.

If the interruption of operations were to exceed a determined period due to an event of force majeure, our customers have the right to pay a rate that is significantly lower than the waiting rate for a period of time, and, thereafter, may terminate the drilling contracts related to the subject rig. Suspension of drilling contract payments, prolonged payment of reduced rates or termination of any drilling contract as a result of an interruption of operations as described herein could materially adversely affect our business, financial condition and results of operations.

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As a result of our significant cash flow needs, we may be required to incur additional indebtedness, and in the event of lost market access, may have to delay or cancel discretionary capital expenditures.

Our currently anticipated cash flow needs, both in the short-term and long-term, may include the following:

• normal recurring operating expenses;

• committed and discretionary capital expenditures;

• payments of dividends;

• repayment of maturing debt; and

• repurchase of shares.

In the future, we may require funding for capital expenditures that is beyond the amount available to us from cash generated by our operations, cash on hand and borrowings under our existing bank credit facilities and commercial paper program. We may raise such additional capital in a number of ways, including accessing capital markets, obtaining additional lines of credit or disposing of assets. However, we can provide no assurance that any of these options will be available to us on terms acceptable to us or at all.

Our debt instruments could limit our operations and our debt level may limit our flexibility to obtain financing and pursue business opportunities. Our ability to obtain financing or to access the capital markets may be limited by our financial condition and our credit ratings at the time of any such financing and the covenants in our existing debt agreements, as well as by adverse market conditions resulting from, among other things, a depressed oil price, general economic conditions and uncertainties that are beyond our control. Even if we are successful in obtaining additional capital through debt financings, incurring additional indebtedness may significantly increase our interest expense and may reduce our flexibility to respond to changing business and economic conditions or to fund working capital needs, because we will require additional funds to service our outstanding indebtedness.

Access to our commercial paper program is dependent upon our credit ratings. A decline in our credit ratings below investment grade would prohibit us from accessing the commercial paper market, and we would likely transfer our outstanding borrowings to our revolving credit facilities. Our revolving credit facilities have interest rates that are generally higher than those found in the commercial paper market, which would result in increased interest expense in the future.

In addition, our revolving credit facilities have provisions which change the applicable interest rates based upon our credit ratings. If our credit ratings were to decline, the interest expense under our revolving credit facilities would increase.

We may delay or cancel discretionary capital expenditures, which could have certain adverse consequences including delaying upgrades or equipment purchases that could make the affected rigs less competitive, adversely affect customer relationships and negatively impact our ability to contract such rigs.

We may have difficulty obtaining or maintaining insurance in the future and our insurance coverage and contractual indemnity rights may not protect us against all of the risks and hazards we face.

We do not procure insurance coverage for all of the potential risks and hazards we may face. Furthermore, no assurance can be given that we will be able to obtain insurance against all of the risks and hazards we face or that we will be able to obtain or maintain adequate insurance at rates and with deductibles or retention amounts that we consider commercially reasonable.

Our insurance carriers may interpret our insurance policies such that they do not cover losses for which we make claims. Our insurance policies may also have exclusions of coverage for some losses. Uninsured exposures may include expatriate activities prohibited by U.S. laws, radiation hazards, certain loss or damage to property onboard our rigs and losses relating to shorebased terrorist acts or strikes. Furthermore, the damage sustained to offshore oil and gas assets as a result of hurricanes in recent years has negatively impacted certain aspects of the energy insurance market, resulting in more restrictive and expensive coverage for U.S. named windstorm perils. Accordingly, we have elected to significantly reduce the named windstorm insurance on our rigs operating in the U.S. Gulf of Mexico. Presently, we insure the Noble Jim Thompson, Noble Amos Runner and Noble Driller for “total loss only” when caused by a named windstorm. For the Noble Bully I, our customer assumes the risk of loss due to a named windstorm event, pursuant to the terms of the drilling contract, through the purchase of insurance coverage (provided that we are responsible for any deductible under such policy) or, at its option, the assumption of

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the risk of loss up to the insured value in lieu of the purchase of such insurance. The remaining rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. Further, we may decide to discontinue named windstorm insurance on all of our rigs in the U.S. Gulf of Mexico. If one or more future significant weather-related events occur in the Gulf of Mexico, or in any other geographic area in which we operate, we may experience increases in insurance costs, additional coverage restrictions or unavailability of certain insurance products.

Under our drilling contracts, liability with respect to personnel and property is customarily assigned on a “knock-for-knock” basis, which means that we and our customers assume liability for our respective personnel and property, irrespective of the fault or negligence of the party indemnified. Although our drilling contracts generally provide for indemnification from our customers for certain liabilities, including liabilities resulting from pollution or contamination originating below the surface of the water, enforcement of these contractual rights to indemnity may be limited by public policy and other considerations and, in any event, may not adequately cover our losses from such incidents. There can also be no assurance that those parties with contractual obligations to indemnify us will necessarily be in a financial position to do so.

Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property onboard our rigs and losses relating to shorebased terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could adversely affect our business, financial condition and results of operations.

A loss of a major tax dispute or a successful tax challenge to our operating structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries could result in a higher tax rate on our worldwide earnings, which could result in a material adverse effect on our financial condition.

Income tax returns that we file will be subject to review and examination. We will not recognize the benefit of income tax positions we believe are more likely than not to be disallowed upon challenge by a tax authority. If any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries, if the terms of certain income tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings could increase substantially and result in a material adverse effect on our financial condition.

Construction, conversion or upgrades of rigs are subject to risks, including delays and cost overruns, which could have an adverse impact on our available cash resources and results of operations.

We currently have one remaining ongoing new construction project. In addition, we will continue to make significant upgrade, refurbishment and repair expenditures to our fleet from time to time; some of which may be unplanned. Our customers may also require certain shipyard reliability upgrade projects for our rigs. These projects and other efforts of this type are subject to risks of cost overruns or delays inherent in any large construction project as a result of numerous factors, including the following:

• shortages of equipment, materials or skilled labor;

• work stoppages and labor disputes;

• unscheduled delays in the delivery of ordered materials and equipment;

• local customs strikes or related work slowdowns that could delay importation of equipment or materials;

• weather interferences;

• difficulties in obtaining necessary permits or approvals or in meeting permit or approval conditions;

• design and engineering problems;

• inadequate regulatory support infrastructure in the local jurisdiction;

• latent damages or deterioration to hull, equipment and machinery in excess of engineering estimates and assumptions;

• unforeseen increases in the cost of equipment, labor and raw materials, particularly steel;

• unanticipated actual or purported change orders;

• client acceptance delays;

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• disputes with shipyards and suppliers;

• delays in, or inability to obtain, access to funding;

• shipyard availability, failures and difficulties, including as a result of financial problems of shipyards or their subcontractors; and

• failure or delay of third-party equipment vendors or service providers.

The failure to complete a rig repair, upgrade, refurbishment or new construction on time, or at all, or the inability to complete a rig conversion or new construction in accordance with its design specifications, may result in loss of revenues, penalties, or delay, renegotiation or cancellation of a drilling contract or the recognition of an asset impairment. Additionally, capital expenditures for rig repair, upgrade, refurbishment and construction projects could materially exceed our planned capital expenditures. Moreover, when our rigs are undergoing upgrade, refurbishment and repair, they may not earn a dayrate during the period they are out of service. If we experience substantial delays and cost overruns in our shipyard projects, it could have a material adverse effect on our business, financial condition and results of operations.

Our operations are subject to numerous laws and regulations relating to the protection of the environment and of human health and safety, and compliance with these laws and regulations could impose significant costs and liabilities that exceed our current expectations.

Substantial costs, liabilities, delays and other significant issues could arise from environmental, health and safety laws and regulations covering our operations, and we may incur substantial costs and liabilities in maintaining compliance with such laws and regulations. Our operations are subject to extensive international conventions and treaties, and national or federal, state and local laws and regulations, governing environmental protection, including with respect to the discharge of materials into the environment and the security of chemical and industrial facilities. These laws govern a wide range of environmental issues, including:

• the release of oil, drilling fluids, natural gas or other materials into the environment;

• air emissions from our drilling rigs or our facilities;

• handling, cleanup and remediation of solid and hazardous wastes at our drilling rigs or our facilities or at locations to which we have sent wastes for disposal;

• restrictions on chemicals and other hazardous substances; and

• wildlife protection, including regulations that ensure our activities do not jeopardize endangered or threatened animals, fish and plant species, nor destroy or modify the critical habitat of such species.

Various governmental authorities have the power to enforce compliance with these laws and regulations and the permits issued under them, oftentimes requiring difficult and costly actions. Failure to comply with these laws, regulations and permits, or the release of oil or other materials into the environment, may result in the assessment of administrative, civil and criminal penalties, the imposition of remedial obligations, the imposition of stricter conditions on or revocation of permits, the issuance of moratoria or injunctions limiting or preventing some or all of our operations, delays in granting permits and cancellation of leases, or could affect our relationship with certain consumers.

There is an inherent risk of the incurrence of environmental costs and liabilities in our business, some of which may be material, due to the handling of our customers’ hydrocarbon products as they are gathered, transported, processed and stored, air emissions related to our operations, historical industry operations, and water and waste disposal practices. Joint, several or strict liability may be incurred without regard to fault under certain environmental laws and regulations for the remediation of contaminated areas and in connection with past, present or future spills or releases of natural gas, oil and wastes on, under, or from past, present or future facilities. Private parties may have the right to pursue legal actions to enforce compliance as well as to seek damages for non-compliance with environmental laws and regulations or for personal injury or property damage arising from our operations. In addition, increasingly strict laws, regulations and enforcement policies could materially increase our compliance costs and the cost of any remediation that may become necessary. Our insurance may not cover all environmental risks and costs or may not provide sufficient coverage if an environmental claim is made against us.

Our business may be adversely affected by increased costs due to stricter pollution control equipment requirements or liabilities resulting from non-compliance with required operating or other regulatory permits. Also, we might not be able to obtain or maintain from time to time all required environmental regulatory approvals for our operations. If there is a delay in obtaining any required environmental regulatory approvals, or if we fail to obtain

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and comply with them, the operation or construction of our facilities could be prevented or become subject to additional costs. In addition, the steps we could be required to take to bring certain facilities into regulatory compliance could be prohibitively expensive, and we might be required to shut down, divest or alter the operation of those facilities, which might cause us to incur losses.

We make assumptions and develop expectations about possible expenditures related to environmental conditions based on current laws and regulations and current interpretations of those laws and regulations. If the interpretation of laws or regulations, or the laws and regulations themselves, change, our assumptions may change, and new capital costs may be incurred to comply with such changes. In addition, new environmental laws and regulations might adversely affect our operations, as well as waste management and air emissions. For instance, governmental agencies could impose additional safety requirements, which could affect our profitability. Further, new environmental laws and regulations might adversely affect our customers, which in turn could affect our profitability.

Finally, although some of our drilling rigs will be separately owned by our subsidiaries, under certain circumstances a parent company and all of the unit-owning affiliates in a group under common control engaged in a joint venture could be held liable for damages or debts owed by one of the affiliates, including liabilities for oil spills under environmental laws. Therefore, it is possible that we could be subject to liability upon a judgment against us or any one of our subsidiaries.

Failure to attract and retain skilled personnel or an increase in personnel costs could adversely affect our operations.

We require skilled personnel to operate and provide technical services and support for our drilling units. In the past, during periods of high demand for drilling services and increasing worldwide industry fleet size, shortages of qualified personnel have occurred. These shortages could result in our loss of qualified personnel to competitors, impair our ability to attract and retain qualified personnel for our new or existing drilling units, impair the timeliness and quality of our work and create upward pressure on personnel costs, any of which could adversely affect our operations.

Any failure to comply with the complex laws and regulations governing international trade could adversely affect our operations.

The shipment of goods, services and technology across international borders subjects our business to extensive trade laws and regulations. Import activities are governed by unique customs laws and regulations in each of the countries of operation. Moreover, many countries, including the United States, control the export and re-export of certain goods, services and technology and impose related export recordkeeping and reporting obligations. Governments also may impose economic sanctions against certain countries, persons and other entities that may restrict or prohibit transactions involving such countries, persons and entities. U.S. sanctions, in particular, are targeted against certain countries that are heavily involved in the petroleum and petrochemical industries, which includes drilling activities.

The laws and regulations concerning import activity, export recordkeeping and reporting, export control and economic sanctions are complex and constantly changing. These laws and regulations may be enacted, amended, enforced or interpreted in a manner materially impacting our operations. Shipments can be delayed and denied export or entry for a variety of reasons, some of which are outside our control and some of which may result from failure to comply with existing legal and regulatory regimes. Shipping delays or denials could cause unscheduled operational downtime. Any failure to comply with applicable legal and regulatory trading obligations could also result in criminal and civil penalties and sanctions, such as fines, imprisonment, debarment from government contracts, seizure of shipments and loss of import and export privileges.

Currently, we do not, nor do we intend to, operate in countries that are subject to significant sanctions and embargoes imposed by the U.S. government or identified by the U.S. government as state sponsors of terrorism, such as Cuba, Iran, Sudan and Syria. The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened over time. Although we believe that we will be in compliance with all applicable sanctions and embargo laws and regulations at the filing date, and intend to maintain such compliance, there can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines

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or other penalties and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into drilling contracts with individuals or entities in countries subject to significant U.S. sanctions and embargo laws that are not controlled by the governments of those countries, or engaging in operations associated with those countries pursuant to contracts with third parties that are unrelated to those countries or entities controlled by their governments.

Pension expenses associated with our retirement benefit plans may fluctuate significantly depending upon changes in actuarial assumptions, future investment performance of plan assets and legislative or other regulatory actions.

A portion of our current and retired employee population is covered by pension and other post-retirement benefit plans, the costs of which are dependent upon various assumptions, including estimates of rates of return on benefit plan assets, discount rates for future payment obligations, mortality assumptions, rates of future cost growth and trends for future costs. In addition, funding requirements for benefit obligations of our pension and other post-retirement benefit plans are subject to legislative and other government regulatory actions. Recently, the Society of Actuaries released revised mortality tables, which update life expectancy assumptions. In consideration of these tables, we modified the mortality assumptions used in determining our pension and post-retirement benefit obligations as of December 31, 2014, which increased our pension liability by $14 million as of December 31, 2014. This will have a related impact on our annual pension cost in future years. The new mortality assumptions may result in additional funding requirements dependent upon the funded status of our plans. These expectations presume all other assumptions remain constant and there are no changes to applicable funding regulations. Future changes in estimates and assumptions associated with our pension and other post-retirement benefit plans could have a material adverse effect on our financial condition, results of operations, cash flows and/or financial disclosures.

Our operations present hazards and risks that require significant and continuous oversight, and we depend upon the security and reliability of our technologies, systems and networks in numerous locations where we conduct business.

Our floaters and high-specification units utilize certain technologies that make us vulnerable to cyber-attacks that we may not be able to adequately protect against. These cyber security risks could disrupt certain of our operations for an extended period of time and result in the loss of critical data and in higher costs to correct and remedy the effects of such incidents. If our systems for protecting against information technology and cyber security risks prove to be insufficient, we could be materially adversely affected by having our business and financial systems compromised, our proprietary information altered, lost or stolen, or our business operations and safety procedures disrupted.

Fluctuations in exchange rates and nonconvertibility of currencies could result in losses to us.

We may experience currency exchange losses when revenues are received or expenses are paid in nonconvertible currencies, when we do not hedge an exposure to a foreign currency or when the result of a hedge is a loss. We may also incur losses as a result of an inability to collect revenues due to a shortage of convertible currency available to the country of operation, controls over currency exchange or controls over the repatriation of income or capital.

We are subject to litigation that could have an adverse effect on us.

We are, from time to time, involved in various litigation matters. These matters may include, among other things, contract disputes, personal injury claims, asbestos and other toxic tort claims, environmental claims or proceedings, employment matters, governmental claims for taxes or duties, and other litigation that arises in the ordinary course of our business. Although we intend to defend these matters vigorously, we cannot predict with certainty the outcome or effect of any claim or other litigation matter, and there can be no assurance as to the ultimate outcome of any litigation. Litigation may have an adverse effect on us because of potential negative outcomes, costs of attorneys, the allocation of management’s time and attention, and other factors.

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We are a holding company, and we are dependent upon cash flow from subsidiaries to meet our obligations.

We currently conduct our operations through our subsidiaries, and our operating income and cash flow are generated by our subsidiaries. As a result, cash we obtain from our subsidiaries is the principal source of funds necessary to meet our debt service obligations. Contractual provisions or laws, as well as our subsidiaries’ financial condition and operating requirements, may limit our ability to obtain the cash that we require from our subsidiaries to pay our debt service obligations. Applicable tax laws may also subject such payments to us by our subsidiaries to further taxation.

Forward-Looking Statements

This Annual Report on Form 10-K includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report regarding rig demand, the offshore drilling market, oil prices, contract backlog, fleet status, our financial position, business strategy, impairments, repayment of debt, timing or number of share repurchases, borrowings under our credit facilities or other instruments, sources of funds, completion, delivery dates and acceptance of our newbuild rigs, future capital expenditures, contract commitments, dayrates, contract commencements, extension or renewals, contract tenders, the outcome of any dispute, litigation, audit or investigation, plans and objectives of management for future operations, foreign currency requirements, results of joint ventures, indemnity and other contract claims, construction and upgrade of rigs, industry conditions, access to financing, impact of competition, governmental regulations and permitting, availability of labor, worldwide economic conditions, taxes and tax rates, indebtedness covenant compliance, dividends and distributable reserves, timing or results of acquisitions or dispositions, and timing for compliance with any new regulations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should” 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 factors include those described in “Risk Factors” above, or in our other SEC filings, among others. Such risks and uncertainties are beyond our ability to control, 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 when you are evaluating us.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

Drilling Fleet

Our drilling fleet is composed of the following types of units: drillships, semisubmersibles, and jackups. Each type of drilling rig is described further below. Several factors determine the type of unit most suitable for a particular job, the most significant of which include the water depth and the environment of the intended drilling location, whether the drilling is being done over a platform or other structure, and the intended well depth.

Drillships

Our drillships are self-propelled vessels. These units maintain their position over the well through the use of either a fixed mooring system or a computer-controlled dynamic positioning system. Certain of our drillships are capable of drilling in water depths up to 12,000 feet.

As of the filing date of this Annual Report on Form 10-K, our drillship fleet consisted of the following 9 units:

• four dynamically positioned Gusto Engineering Pelican Class drillships;

• two dynamically positioned Bully-class drillships operated by us through a 50 percent joint venture with a subsidiary of Shell;

• two dynamically positioned Globetrotter-class drillships; and

• one conventionally moored Sonat Discoverer Class drillship capable of drilling in Arctic environments.

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Semisubmersibles

Semisubmersibles are floating platforms which, by means of a water ballasting system, can be submerged to a predetermined depth so that a substantial portion of the hull is below the water surface during drilling operations in order to improve stability. These units maintain their position over the well through the use of either a fixed mooring system or a computer controlled dynamic positioning system and can drill in many areas where jackups cannot drill. Semisubmersibles normally require water depths of at least 200 feet in order to conduct operations. Certain of our semisubmersibles are capable of drilling in water depths of up to 12,000 feet.

As of the filing date of this Annual Report on Form 10-K, our semisubmersible fleet consisted of the following eight units:

• three Noble EVA-4000™ semisubmersibles;

• three Friede & Goldman 9500 Enhanced Pacesetter semisubmersibles; and

• two Bingo 9000 design unit semisubmersibles.

Jackups

Jackups are mobile, self-elevating drilling platforms equipped with legs that can be lowered to the ocean floor until a foundation is established for support. The rig hull includes the drilling rig, jacking system, crew quarters, loading and unloading facilities, storage areas for bulk and liquid materials, helicopter landing deck and other related equipment. All of our jackups are independent leg (i.e., the legs can be raised or lowered independently of each other) and cantilevered. A cantilevered jackup has a feature that permits the drilling platform to be extended out from the hull, allowing it to perform drilling or workover operations over pre-existing platforms or structures. Moving a rig to the drill site involves jacking up its legs until the hull is floating on the surface of the water. The hull is then towed to the drill site by tugs and the legs are jacked down to the ocean floor. The jacking operation continues until the hull is raised out of the water, and drilling operations are conducted with the hull in its raised position. Our jackups are capable of drilling in water depths up to approximately 500 feet. As of the filing date of this Annual Report on Form 10-K, we had 15 jackups in our fleet, including one high-specification, harsh environment jackup under construction.

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Offshore Fleet Table

The following table sets forth certain information concerning our offshore fleet at February 12, 2015. We operate and own all of the units included in the table.

			Water	Drilling
			Depth	Depth
		Year Built	Rating	Capacity
Name	Make	or Rebuilt (1)	(feet)	(feet)	Location	Status (2)
Drillships—9
Noble Bob Douglas	Hyundai Gusto P 10000	2013 N	12,000	40,000	U.S. Gulf of Mexico	Active
Noble Bully I (3)(4)	GustoMSC Bully PRD 12000	2011 N	8,200	40,000	U.S. Gulf of Mexico	Active
Noble Bully II (3)(4)	GustoMSC Bully PRD 12000	2011 N	10,000	40,000	In transit	Active
Noble Discoverer (3)	Sonat Discoverer Class	2009 R	1,000	20,000	Malaysia	Active
Noble Don Taylor(3)	Hyundai Gusto P 10000	2013 N	12,000	40,000	U.S. Gulf of Mexico	Active
Noble Globetrotter I (3)	Globetrotter Class	2011 N	10,000	30,000	U.S. Gulf of Mexico	Active
Noble Globetrotter II (3)	Globetrotter Class	2013 N	10,000	30,000	Turkey	Active
Noble Sam Croft(3)	Hyundai Gusto P 10000	2014 N	12,000	40,000	U.S. Gulf of Mexico	Active
Noble Tom Madden(3)	Hyundai Gusto P 10000	2014 N	12,000	40,000	U.S. Gulf of Mexico	Active
Semisubmersibles—8
Noble Amos Runner	Noble EVA-4000™	1999 R/2008 M	8,000	32,500	U.S. Gulf of Mexico	Active
Noble Clyde Boudreaux	F&G 9500 Enhanced Pacesetter	2007 R/M	10,000	35,000	Australia	Active
Noble Danny Adkins	Bingo 9000—DP	2009 R	12,000	35,000	U.S. Gulf of Mexico	Active
Noble Dave Beard	F&G 9500 Enhanced Pacesetter—DP	2009 R	10,000	35,000	Brazil	Active
Noble Homer Ferrington	F&G 9500 Enhanced Pacesetter	2004 R	7,200	30,000	Italy	Stacked
Noble Jim Day	Bingo 9000—DP	2010 R	12,000	35,000	U.S. Gulf of Mexico	Active
Noble Max Smith	Noble EVA-4000™	1999 R	7,000	30,000	Singapore	Active
Noble Paul Romano	Noble EVA-4000™	1998 R/2007 M	6,000	32,500	Canary Islands	Active
Independent Leg Cantilevered Jackups—15
Noble Alan Hay	Levingston Class 111-C	2005 R	300	25,000	U.A.E.	Active
Noble Charles Copeland	MLT Class 82-SD-C	2001 R	280	20,000	Saudi Arabia	Active
Noble David Tinsley	Modec 300C-38	2010 R	300	25,000	U.A.E.	Active
Noble Gene House	Modec 300C-38	1998 R	300	25,000	Saudi Arabia	Active
Noble Hans Deul (3)	F&G JU-2000E	2009 N	400	30,000	U.K.	Active
Noble Houston Colbert (3)	F&G JU-3000N	2013 N	400	30,000	Argentina	Active
Noble Joe Beall	Modec 300C-38	2004 R	300	25,000	Saudi Arabia	Active
Noble Lloyd Noble (3)	Gusto MSC CJ70-x150-ST	2016 N	500	32,000	Singapore	Active
Noble Mick O’Brien (3)	F&G JU-3000N	2013 N	400	30,000	U.A.E.	Active
Noble Regina Allen (3)	F&G JU-3000N	2013 N	400	30,000	The Netherlands	Active
Noble Roger Lewis (3)	F&G JU-2000E	2007 N	400	30,000	Saudi Arabia	Active
Noble Sam Hartley (3)	F&G JU-3000N	2015 N	400	30,000	Singapore	Shipyard
Noble Sam Turner (3)	F&G JU-3000N	2014 N	400	30,000	Denmark	Active
Noble Scott Marks (3)	F&G JU-2000E	2009 N	400	30,000	Saudi Arabia	Active
Noble Tom Prosser (3)	F&G JU-3000N	2014 N	400	30,000	Singapore	Shipyard

Footnotes to Drilling Fleet Table

1. Rigs designated with an “R” were modified, refurbished or otherwise upgraded in the year indicated by capital expenditures in an amount deemed material by management. Rigs designated with an “N” are newbuilds. Rigs designated with an “M” have been upgraded to the Noble NC-5SM mooring standard.

2. Rigs listed as “active” were either operating under contract or were actively seeking contracts; 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.

3. Harsh environment capability.

4. We own and operate the Noble Bully I and Noble Bully II through joint ventures with a subsidiary of Shell. Under the terms of the joint venture agreements, each party has an equal 50 percent ownership stake in both vessels.

Facilities

Our corporate headquarters are located in London, England. We also maintain offices in Sugar Land, Texas, where significant worldwide global support activity occurs. In addition, we own and lease operational, administrative and marketing offices, as well as other sites used primarily for operations, storage and maintenance and repairs for drilling rigs and equipment in various locations worldwide.

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Item 3. Legal Proceedings.

Information regarding legal proceedings is set forth in Note 18 to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.

Item 4. Mine Safety Disclosures.

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market for Shares and Related Shareholder Information

Noble-UK shares are listed and traded on the New York Stock Exchange under the symbol “NE”. The following table sets forth for the periods indicated the high and low sales prices and dividends or returns of capital declared and paid in U.S. Dollars per share and are adjusted retroactively to reflect the impact of the Spin-off of Paragon Offshore, which was completed on August 1, 2014:

					Cash Dividends
					Declared and
	High		Low		Paid
2014
Fourth quarter	$	21.83	$	14.52	$	0.375
Third quarter		28.59		22.22		0.375
Second quarter		30.44		25.77		0.375
First quarter		33.01		25.05		0.375
2013
Fourth quarter	$	36.48	$	32.18	$	0.250
Third quarter		37.21		33.11		0.250
Second quarter		38.33		30.74		0.130
First quarter		37.49		30.91		0.130

The declaration and payment of dividends or returns of capital will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors and our shareholders.

On February 13, 2015, there were 241,954,168 shares outstanding held by 421 shareholder accounts of record.

UK Tax Consequences to Shareholders of Noble-UK

The tax consequences discussed below do not reflect a complete analysis or listing of all the possible tax consequences that may be relevant to shareholders of Noble. Shareholders should consult their own tax advisors in respect of the tax consequences related to receipt, ownership, purchase or sale or other disposition of our shares.

UK Income Tax on Dividends and Similar Distributions

A non-UK tax resident holder will not be subject to UK income taxes on dividend income and similar distributions in respect of our shares, unless the shares are attributable to a permanent establishment or a fixed place of business maintained in the UK by such non-UK holder.

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Disposition of Noble-UK Shares

Shareholders who are neither UK tax resident nor holding their Noble-UK shares in connection with a trade carried on through a permanent establishment in the UK will not be subject to any UK taxes on chargeable gains as a result of any disposals of their shares. Noble-UK shares held outside the facilities of The Depository Trust Company (“DTC”) should be treated as UK situs assets for the purpose of U.K. inheritance tax.

UK Withholding Tax—Dividends to Shareholders

Payments of dividends by Noble-UK will not be subject to any withholding in respect of UK taxation, regardless of the tax residence of the recipient shareholder.

Stamp Duty and Stamp Duty Reserve Tax in Relation to the Transfer of Shares

Stamp duty and/or stamp duty reserve tax (“SDRT”) are imposed by the UK on certain transfers of chargeable securities (which include shares in companies incorporated in the UK) at a rate of 0.5 percent of the consideration paid for the transfers in question. Certain transfers of shares to depositaries or into clearance systems are charged at a higher rate of 1.5 percent. Her Majesty’s Revenue and Customs (“HMRC”) regard DTC as a clearance system for these purposes.

Transfers of the Ordinary Shares through the facilities of DTC will not attract a charge to stamp duty or SDRT in the UK. Any transfer of title to Ordinary Shares from within those facilities to a holder outside those facilities, and any subsequent transfers that occur entirely outside those facilities, will ordinarily attract stamp duty or SDRT at a rate of 0.5 percent. This duty must be paid (and, where relevant, the transfer document stamped by HMRC) before the transfer can be registered in the books of Noble-UK. However, if those Ordinary Shares of Noble-UK are redeposited into the facilities of DTC, that redeposit will attract stamp duty or SDRT at the rate of 1.5 percent.

Share Repurchases

Under UK law, the company is only permitted to purchase its own shares by way of an “off market purchase” in a plan approved by shareholders. Prior to our redomiciliation to the UK, a resolution was adopted by Noble-UK’s sole shareholder authorizing the repurchase of 6,769,891 shares during the five-year period commencing on the date of the redomiciliation. This number of shares corresponds to the number of shares that Noble-Swiss had authority to repurchase at the time of the redomiciliation. During 2014, we repurchased all shares covered by this authorization.

In December 2014, we received shareholder approval to repurchase up to 37,000,000 additional ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of shareholder approval. Any repurchases are expected to be funded using cash on hand, cash from operations or short-term borrowings under our credit facilities. The authority to make such repurchases will expire on the later of April 2016 or at the end of the Company’s 2016 annual general meeting of shareholders, at which time we could seek shareholder approval for further repurchases.

The following table sets forth for the periods indicated certain information with respect to purchases of shares by Noble-UK during the fourth quarter of 2014:

					Total Number of		Maximum Number
					Shares Purchased		of Shares that May
	Total Number		Average		as Part of Publicly		Yet Be Purchased
	of Shares		Price Paid		Announced Plans		Under Plans
Period	Purchased		per Share(1)		or Programs		or Programs
October 2014		—	$	—		—		4,759,891
November 2014		4,759,891	$	21.13		4,759,891		—
December 2014		—	$	—		—		37,000,000

(1) The average price paid per share does not include the impact of commissions and stamp tax. Including these items, the average price paid per share during the fourth quarter of 2014 was $21.26.

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All share repurchases were made in the open market and were pursuant to the share repurchase program discussed above. All shares repurchased during the quarter were immediately cancelled.

In January 2015, we repurchased 6.2 million of our ordinary shares at an average price of $16.10 per share, excluding commissions and stamp tax. Including these items, the average price paid per share during January 2015 was $16.21. There can be no assurance as to the timing or amount of any additional repurchases. However, we intend to take a cautious approach to future share repurchases at least until market conditions in the offshore drilling business stabilize.

Stock Performance Graph

This graph shows the cumulative total shareholder return of our shares over the five-year period from January 1, 2010 to December 31, 2014. The graph also shows the cumulative total returns for the same five-year period of the S&P 500 Index and the Dow Jones U.S. Oil Equipment & Services Index. The graph assumes that $100 was invested in our shares and the two indices on January 1, 2010 and that all dividends or distributions and returns of capital were reinvested on the date of payment.

	INDEXED RETURNS
	Year Ended December 31,
Company Name / Index	2010		2011		2012		2013		2014
Noble Corporation	$	90.35	$	77.55	$	90.72	$	99.61	$	52.56
S&P 500 Index		115.06		117.49		136.30		180.44		205.14
Dow Jones U.S. Oil Equipment & Services		127.34		111.51		111.88		143.66		118.91

Investors are cautioned against drawing any conclusions from the data contained in the graph, as past results are not necessarily indicative of future performance.

The above graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing.

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Item 6. Selected Financial Data.

The following table sets forth selected financial data of us and our consolidated subsidiaries over the five-year period ended December 31, 2014, which information is derived from our audited financial statements. This information should be read in connection with, and is qualified in its entirety by, the more detailed information in our financial statements included in Item 8 of this Annual Report on Form 10-K.

	Year Ended December 31,
	2014			2013			2012			2011			2010
	(In thousands, except per share amounts)
Statement of Income Data
Operating revenues from continuing operations	$	3,232,504		$	2,538,143		$	2,200,699		$	1,429,826		$	1,194,089
Net income (loss) from continuing operations attributable to Noble-UK(1)		(152,011	)		478,595			414,389			190,745			243,176
Net income (loss) from continuing operations per share attributable to Noble-UK:
Basic		(0.60	)		1.86			1.63			0.75			0.95
Diluted		(0.60	)		1.86			1.63			0.75			0.95
Balance Sheet Data (at end of period)
Cash and marketable securities	$	68,510		$	114,458		$	282,092		$	239,196		$	337,871
Property and equipment, net		12,112,509			14,558,090			13,025,972			12,130,345			10,213,158
Total assets		13,286,822			16,217,957			14,607,774			13,495,159			11,302,387
Long-term debt		4,869,020			5,556,251			4,634,375			4,071,964			2,686,484
Total debt(2)		4,869,020			5,556,251			4,634,375			4,071,964			2,766,697
Total equity		7,287,034			9,050,028			8,488,290			8,097,852			7,287,634
Other Data
Net cash from operating activities	$	1,778,208		$	1,702,317		$	1,381,693		$	740,240		$	1,636,902
Net cash from investing activities		(2,109,268	)		(2,485,107	)		(1,790,888	)		(2,521,546	)		(2,896,469	)
Net cash from financing activities		285,112			615,156			452,091			1,682,631			861,945
Capital expenditures(3)		2,072,885			2,487,520			1,669,811			2,621,235			1,406,010
Working capital(4)		259,888			339,020			393,876			232,432			110,347
Cash distributions declared per share(5)		1.50			0.76			0.54			0.60			0.88

(1) Results for 2014, 2013 and 2012 include impairment charges of $745 million, $4 million and $20 million, respectively.

(2) Consists of Long-Term Debt and Current Maturities of Long-Term Debt.

(3) Capital expenditures includes expenditures made for rigs that were ultimately transferred to Paragon Offshore as part of the Spin-off.

(4) Working capital is calculated as current assets less current liabilities.

(5) Amounts in 2010 include a special dividend of approximately $0.56.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion is intended to assist you in understanding our financial position at December 31, 2014 and 2013, and our results of operations for each of the years in the three-year period ended December 31, 2014. The following discussion should be read in conjunction with the consolidated financial statements and related notes contained in this Annual Report on Form 10-K for the year ended December 31, 2014 filed by Noble-UK and Noble-Cayman.

The results of operations for Paragon Offshore prior to August 1, 2014, the Spin-off date, and non-recurring costs related to the Spin-off have been classified as discontinued operations for all periods presented in this report. The terms “earnings” and “loss” as used in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” refer to income/(loss) from continuing operations. Income/ (loss) from continuing operations is representative of the Company’s current business operations and focus.

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Executive Overview

Our 2014 financial and operating results from continuing operations include:

• operating revenues totaling $3.2 billion;

• net loss of $152 million, or $0.60 per diluted share, which includes a $713 million after-tax impairment charge recognized on three of our rigs and our total goodwill balance;

• net cash from operating activities totaling $1.8 billion; and

• an increase in debt to 40.1 percent of total capitalization at the end of 2014, up from 38.0 percent at the end of 2013 as a result of a decrease in our total equity from the Spin-off and the impairment charge recognized in the current year.

The business environment for offshore drillers during 2014 and early 2015 has been challenging. The supply of offshore drilling rigs from newbuilds and rigs completing current contracts increased while demand for these same rigs decreased. Beginning in June 2014, the price of oil, a key factor in determining customer activity levels, began to decline rapidly, with the Brent crude price declining from approximately $112 per barrel on June 30, 2014 to approximately $52 per barrel on January 30, 2015. In this environment, operators reacted quickly and began to curtail drilling programs. This environment resulted in a dramatic reduction in dayrates for new contracts and lower utilization.

We expect 2015 to be a challenging year with potential for further deterioration of the offshore drilling market. The present level of global economic activity and the lack of production cuts within OPEC are contributing to the uncertainty. Current conditions do not support the capital expenditure programs that the offshore drilling industry has undertaken in recent years. We cannot give any assurances as to when these conditions in the offshore drilling market will improve, or when there will be higher demand for contract drilling services or a decline in the number of drilling rigs. While current market conditions persist, we intend to focus on operating efficiency and cost control, which could include stacking additional drilling rigs.

We do continue to believe in the long-term fundamentals for the industry, especially for those contractors with a modern fleet of high-specification rigs. Also, we believe the ultimate recovery will benefit from any sustained under-investment by clients in this current market phase.

In October 2014, we announced that our Board of Directors authorized the development of a master limited partnership (“MLP”), which would be comprised of interests in select drilling rigs from our existing fleet. The anticipated offering was subject to the final approval of our Board of Directors and market conditions. We believed that the MLP in the then-current market conditions would provide financial flexibility. The drilling market and related MLP market conditions have deteriorated significantly, and we have consequently decided not to pursue an MLP. We will monitor the MLP market and may or may not decide to resume development of an MLP.

In December 2014, we received shareholder approval to repurchase up to 37,000,000 additional ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. Any repurchases are expected to be funded using cash on hand, cash from operations or short-term borrowings under our credit facilities. During January 2015, we repurchased 6.2 million of our ordinary shares at an average price of $16.10 per share, excluding commissions and stamp tax. There can be no assurance as to the timing or amount of any additional repurchases. However, we intend to take a cautious approach to future share repurchases at least until market conditions in the offshore drilling business stabilize. The authority to make such repurchases will expire on the later of April 2016 or at the end of the Company’s 2016 annual general meeting of shareholders, at which time we could seek shareholder approval for further repurchases.

Our business strategy has focused on reshaping our fleet to emphasize our deepwater drilling and high-specification jackup capabilities and the deployment of our drilling assets in important oil and gas producing areas throughout the world.

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We have actively expanded our offshore deepwater drilling and high-specification jackup capabilities in recent years through the construction of rigs. Although we plan to focus on capital preservation and liquidity based on current market conditions, we also plan to continue to evaluate opportunities to enhance our fleet to achieve greater technological capability, which we believe will lead to increased drilling efficiencies and the ability to complete the increasingly more complex programs required by our customers. During 2014, we continued to execute our newbuild program, completing the following milestones:

• we commenced operations in the first quarter of 2014 on the Noble Houston Colbert, a high-specification, harsh environment jackup, under a 22-month contract in Argentina;

• we commenced operations in the first quarter of 2014 on the Noble Regina Allen, a high-specification, harsh environment jackup, under an 18-month contract in the North Sea;

• we commenced operations in the third quarter of 2014 on the Noble Sam Croft, a dynamically positioned, ultra-deepwater, harsh environment drillship, under a three-year contract in the U.S. Gulf of Mexico;

• we commenced operations in the third quarter of 2014 on the Noble Sam Turner, a high-specification, harsh environment jackup, under a two-year contract in the North Sea;

• we commenced operations in the fourth quarter of 2014 on the Noble Tom Madden, a dynamically positioned, ultra-deepwater, harsh environment drillship, under a three-year contract in the U.S. Gulf of Mexico;

• we completed construction of the Noble Tom Prosser, a high-specification, harsh environment jackup, which was delivered from the shipyard during the second quarter of 2014. This unit is currently undergoing final commissioning and crew familiarization and is scheduled to begin mobilizing to Australia in the third quarter of 2015, after which it will begin operations under an 18-month contract;

• we accepted delivery of the Noble Sam Hartley, a high-specification, harsh environment jackup, which was delivered from the shipyard during the fourth quarter of 2014. The rig is currently undergoing rig modifications before exiting the shipyard in the second quarter of 2015; and

• we continued construction of the Noble Lloyd Noble, (formerly CJ70-Mariner), a high-specification, harsh environment jackup, that is scheduled to commence operations under a four-year contract in the North Sea in mid-2016.

While we cannot predict the future level of demand or dayrates for our drilling services or future conditions in the offshore contract drilling industry, we continue to believe we are well positioned within the industry and that our newbuild activity will further strengthen our position.

Spin-off of Paragon Offshore plc

On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Through the Spin-off, we disposed of most of our standard specification drilling units and related assets, liabilities and business. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program. The results of operations for Paragon Offshore prior to the Spin-off date and incremental Spin-off related costs have been classified as discontinued operations for all periods presented in this Annual Report on Form 10-K. For additional information regarding the Spin-off, see “Part II Item 8 Financial Statements and Supplementary Data Note 2—Spin-off of Paragon Offshore plc.”

Prior to the completion of the Spin-off, Noble and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off.

Master Separation Agreement (“MSA”)

The general terms and conditions relating to the separation and Spin-off are set forth in the MSA. The MSA identifies the assets transferred, liabilities assumed and contracts assigned either to Paragon Offshore by us or by Paragon Offshore to us in the separation and describes when and how these transfers, assumptions and assignments would occur. The MSA provides for, among other things, Paragon Offshore’s responsibility for liabilities relating to its business and the responsibility of Noble for liabilities related to our, and in certain limited cases, Paragon Offshore’s business, in each case irrespective of when the liability arose. The MSA also contains indemnification obligations and ongoing commitments by us and Paragon Offshore.

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Employee Matters Agreement (“EMA”)

The EMA allocates liabilities and responsibilities between us and Paragon Offshore relating to employment, compensation and benefits and other employment related matters.

Tax Sharing Agreement

The tax sharing agreement provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims.

Transition Services Agreements

Under two transition services agreements, we agreed to continue, for a limited period of time, to provide various interim support services to Paragon Offshore, and Paragon Offshore agreed to provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations.

Impairment

In the fourth quarter of 2014, we decided that we would discontinue marketing the semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff, as a result of current market conditions. In connection with the preparation of the consolidated financial statements included in this Annual Report, we evaluated these units for impairments and recorded an impairment charge of $685 million on these units. Additionally, we fully impaired the $60 million of goodwill on our books, which originated from the acquisition of FDR Holdings Limited (“Frontier”) in 2010, as a result of a significant decline in the market value of our stock, a decrease in oil and gas prices, significant reductions in the projected dayrates for new contracts and reduced utilization forecasts.

Consistent with our policy, we will continue to evaluate property and equipment for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Further sustained declines in the offshore drilling market, or lack of recovery in market conditions, to the extent actual results do not meet our estimated assumptions, may lead to additional impairments losses in the future.

Contract Drilling Services Backlog

We maintain a backlog (as defined below) of commitments for contract drilling services. The following table sets forth, as of December 31, 2014, the amount of our contract drilling services backlog and the percent of available operating days committed for the periods indicated:

			Year Ending December 31,
	Total		2015			2016			2017			2018			2019-2023
	(In millions)
Contract Drilling Services Backlog
Semisubmersibles/Drillships (1) (4)	$	8,027	$	2,371		$	1,785		$	1,123		$	714		$	2,034
Jackups		2,083		700			520			333			252			278
Total (2)	$	10,110	$	3,071		$	2,305		$	1,456		$	966		$	2,312
Percent of Available Days Committed(3)
Semisubmersibles/Drillships				80	%		58	%		35	%		24	%		14	%
Jackups				82	%		46	%		25	%		19	%		2	%
Total				81	%		52	%		30	%		21	%		8	%

(1) Our drilling contract with Petróleo Brasileiro S.A. (“Petrobras”) provides an opportunity for us to earn performance bonuses based on reaching targets for downtime experienced for our rig operating offshore Brazil. Our backlog includes an amount equal to 50 percent of potential performance bonuses for this rig, or approximately $9 million.

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The drilling contracts with Royal Dutch Shell, plc (“Shell”) for the Noble Globetrotter I, Noble Globetrotter II, Noble Clyde Boudreaux, Noble Don Taylor and the Noble Jim Day provide opportunities for us to earn performance bonuses based on key performance indicators as defined by the contracts. Our backlog includes an amount equal to 25 percent of potential performance bonuses for these rigs, or approximately $141 million.

(2) Some of our drilling contracts provide the customer with certain early termination rights and, in very limited cases, these termination rights require minimal or no notice and financial penalties. However, we have not received any notification of contract cancellations as of February 15, 2015.

(3) Percent of available days committed is calculated by dividing the total number of days our rigs are operating under contract for such period, or committed days, by the product of the total number of our rigs, including cold stacked rigs, and the number of calendar days in such period. Committed days do not include the days that a rig is stacked or the days that a rig is expected to be out of service for significant overhaul, repairs or maintenance. Percentages take into account additional capacity from the estimated dates of deployment of our newbuild rigs that are scheduled to commence operations during 2015 and 2016.

(4) Noble and a subsidiary of Shell are involved in joint ventures that own and operate both the Noble Bully I and the Noble Bully II. Under the terms of the joint venture agreements, each party has an equal 50 percent share in both rigs. As of December 31, 2014, the combined amount of backlog for these rigs totals approximately $1.7 billion, all of which is included in our backlog. Noble’s proportional interest in the backlog for these rigs totals $830 million.

Our contract drilling services backlog reflects estimated future revenues attributable to both signed drilling contracts and letters of intent that we expect to result in binding drilling contracts. A letter of intent is generally subject to customary conditions, including the execution of a definitive drilling contract. It is possible that some customers that have entered into letters of intent will not enter into signed drilling contracts. As of December 31, 2014, our contract drilling services backlog did not include any letters of intent.

We calculate backlog for any given unit and period by multiplying the full contractual operating dayrate for such unit by the number of days remaining in the period. The reported contract drilling services backlog does not include amounts representing revenues for mobilization, demobilization and contract preparation, which are not expected to be significant to our contract drilling services revenues, amounts constituting reimbursables from customers or amounts attributable to uncommitted option periods under drilling contracts or letters of intent.

The amount of actual revenues earned and the actual periods during which revenues are earned may be materially different than the backlog amounts and backlog periods set forth in the table above due to various factors, including, but not limited to, shipyard and maintenance projects, unplanned downtime, achievement of bonuses, weather conditions and other factors that result in applicable dayrates lower than the full contractual operating dayrate. In addition, amounts included in the backlog may change because drilling contracts may be varied or modified by mutual consent or customers may exercise early termination rights contained in some of our drilling contracts or decline to enter into a drilling contract after executing a letter of intent. As a result, our backlog as of any particular date may not be indicative of our actual operating results for the periods for which the backlog is calculated. Please read Part I, Item 1A, “Risk Factors—We can provide no assurance that our current backlog of contract drilling revenue will be ultimately realized.”

RESULTS OF OPERATIONS

2014 Compared to 2013

General

Net loss from continuing operations attributable to Noble-UK for 2014 was $152 million, or $0.60 per diluted share, on operating revenues of $3.2 billion, compared to net income from continuing operations for 2013 of $479 million, or $1.86 per diluted share, on operating revenues of $2.5 billion.

As a result of Noble-UK conducting all of its business through Noble-Cayman and its subsidiaries, the financial position and results of operations for Noble-Cayman, and the reasons for material changes in the amount of revenue and expense items between 2014 and 2013, would be the same as the information presented below regarding Noble-UK in all material respects, except operating income for Noble-Cayman for the years ended December 31, 2014 and 2013 was $50 million and $65 million higher, respectively, than operating income for Noble-UK for the same periods. The operating income difference is primarily a result of executive costs directly attributable to Noble-UK for operations support and stewardship related services. In addition, we had non-recurring costs of $63 million and $18 million in 2014 and 2013, respectively, related to the Spin-off, which we recognized as part of discontinued operations at the Noble-UK level.

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Rig Utilization, Operating Days and Average Dayrates

Operating results from continuing operations for our contract drilling services segment are dependent on three primary metrics: rig utilization, operating days and dayrates. The following table sets forth the average rig utilization, operating days and average dayrates for our rig fleet for 2014 and 2013:

	Average Rig						Operating							Average
	Utilization (1)						Days (2)							Dayrates
	2014			2013			2014		2013		% Change			2014		2013		% Change
Jackups		91	%		95	%		3,682		2,987		23	%	$	177,345	$	145,257		22	%
Semisubmersibles		71	%		86	%		2,844		3,448		-18	%		409,848		385,118		6	%
Drillships		100	%		100	%		2,756		1,715		61	%		482,426		403,947		19	%
Other		0	%		0	%		—		—		—			—		—		—
Total		86	%		85	%		9,282		8,150		14	%	$	339,154	$	301,181		13	%

(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) Information reflects the number of days that our rigs were operating under contract.

Contract Drilling Services

The following table sets forth the operating results from continuing operations for our contract drilling services segment for 2014 and 2013 (dollars in thousands):

						Change
	2014		2013			$			%
Operating revenues:
Contract drilling services	$	3,147,859	$	2,454,745		$	693,114			28	%
Reimbursables (1)		82,393		65,308			17,085			26	%
Other		1		11			(10	)		-91	%
	$	3,230,253	$	2,520,064		$	710,189			28	%
Operating costs and expenses:
Contract drilling services	$	1,500,512	$	1,168,764		$	331,748			28	%
Reimbursables (1)		65,080		50,161			14,919			30	%
Depreciation and amortization		608,590		497,303			111,287			22	%
General and administrative		106,278		116,334			(10,056	)		-9	%
Loss on impairment		745,428		3,585			741,843			20693	%
Gain on disposal of assets, net		—		(35,646	)		35,646			*	*
Gain on contract settlements/extinguishments, net		—		(30,618	)		30,618			*	*
		3,025,888		1,769,883			1,256,005			71	%
Operating income	$	204,365	$	750,181		$	(545,816	)		-73	%

(1) We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.

** Not a meaningful percentage.

Operating Revenues. Changes in contract drilling services revenues for the current year as compared to the prior year were driven by increases in both average dayrates and operating days. The 13 percent increase in average dayrates increased revenues by approximately $352 million while the 14 percent increase in operating days increased revenues by an additional $341 million.

The increase in contract drilling services revenues relates to our drillships and jackups, which generated approximately $636 million and $219 million more revenue, respectively, in 2014. These amounts were offset by decreases in revenues for our semisubmersibles, which declined $162 million from the prior year.

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The increase in drillship revenues was driven by a 61 percent increase in operating days and a 19 percent increase in average dayrates, resulting in a $420 million and a $216 million increase in revenues, respectively, from the prior year. The increase in both average dayrates and operating days was primarily the result of the newbuilds Noble Don Taylor, Noble Globetrotter II, Noble Bob Douglas, Noble Sam Croft and Noble Tom Madden, which commenced their contracts in August 2013, September 2013, December 2013, July 2014 and November 2014, respectively. Additionally, there were favorable dayrate changes on the contracts for the Noble Bully II and the Noble Discoverer during the current year.

The 22 percent increase in jackup average dayrates resulted in a $118 million increase in revenues, which was coupled with a 23 percent increase in jackup operating days, resulting in a $101 million increase in revenues from the prior year. The increase in average dayrates and operating days resulted from the contract commencements of the Noble Mick O’Brien, Noble Regina Allen, Noble Houston Colbert and Noble Sam Turner in November 2013, January 2014, March 2014, and August 2014, respectively. Additionally, a contract extension on the Noble Roger Lewis resulted in a favorable dayrate change during 2014. This was partially offset by increased downtime on the Noble Scott Marks and the Noble David Tinsley. Furthermore, the Noble Lewis Dugger, which was sold in July 2013, was utilized during a portion of the prior year.

The 6 percent increase in average dayrates on our semisubmersibles resulted in a $70 million increase in revenues from 2013. The increase in average dayrates was due to favorable dayrate changes on new contracts across the semisubmersible fleet, as well as the Noble Paul Romano returning to work during the current year. The 18 percent decline in operating days resulted in a $232 million decrease in revenues driven by contract completions on the Noble Paul Wolff, Noble Homer Ferrington and Noble Max Smith. Additionally, the Noble Amos Runner was in the shipyard undergoing regulatory inspections and maintenance during a portion of the current year but operated during the prior year.

Operating Costs and Expenses. Contract drilling services operating costs and expenses increased $332 million for the current year as compared to the prior year. A significant portion of the increase was due to the crew-up and operating expenses for our newbuild rigs as they commenced, or prepared to commence, operating under contracts, which added approximately $322 million in expense in the current year. The remaining change was primarily driven by a $20 million increase in mobilization expense due to certain rig moves and the demobilization of certain rigs, partially offset by a $5 million decrease in operations support and rig-related expenses and a $5 million decrease in rig and operations support labor.

Depreciation and amortization increased $111 million in 2014 over 2013, which is primarily attributable to newbuild rigs placed in service since the beginning of 2013 as noted above.

Loss on impairment during the current year relates to a $685 million charge on our semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff, which we decided to no longer actively market as a result of current market conditions. Additionally, we fully impaired the $60 million of goodwill on our books, which originated from the acquisition of FDR Holdings Limited (“Frontier”) in 2010, as a result of a significant decline in the market value of our stock, coupled with a decrease in oil and gas prices, significant reductions in the projected dayrates for new contracts and reduced utilization forecasts. Loss on impairment during the prior year was related to our two cold stacked submersible rigs. These rigs were subsequently sold to an unrelated third party in January 2014.

Gain on disposal of assets during the prior year was attributable to the sale of the Noble Lewis Dugger to an unrelated third party in Mexico.

Gain on contract settlements/extinguishments during the prior year was attributable to the $45 million settlement of all claims against the former shareholders of Frontier, which we acquired in July 2010, relating to alleged breaches of various representations and warranties contained in the purchase agreement. A portion of the settlement, totaling approximately $14 million, was allocated to discontinued operations as it related to certain standard specification rigs.

37

Other

The following table sets forth the operating results from continuing operations for our other services for 2014 and 2013 (dollars in thousands):

							Change
	2014			2013			$			%
Operating revenues:
Labor contract drilling services	$	—		$	17,095		$	(17,095	)		-100	%
Reimbursables (1)		2,251			984			1,267			129	%
	$	2,251		$	18,079		$	(15,828	)		-88	%
Operating costs and expenses:
Labor contract drilling services	$	—		$	11,601		$	(11,601	)		-100	%
Reimbursables (1)		1,298			249			1,049			421	%
Depreciation and amortization		18,883			14,210			4,673			33	%
General and administrative		493			1,663			(1,170	)		-70	%
		20,674			27,723			(7,049	)		-25	%
Operating loss	$	(18,423	)	$	(9,644	)	$	(8,779	)		-91	%

(1) We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.

Operating Revenues and Costs and Expenses. The change in both revenues and expenses relates to the cancellation of a project with Shell for one of its rigs operating under a labor contract in Alaska during 2013.

Other Income and Expenses

General and administrative expenses. Overall, general and administrative expenses decreased $11 million in 2014 from 2013 primarily as a result of decreased legal and tax expenses related to ongoing projects.

Interest Expense, net of amount capitalized. Interest expense, net of amount capitalized, increased $49 million in 2014 from 2013. The increase is a result of lower capitalized interest in the current year as compared to the prior year due primarily to the completion of construction on four of our newbuild drillships and four of our newbuild jackups, partially offset by the repayment of our $300 million fixed rate senior note in June 2013 and our $250 million fixed rate senior note in March 2014 using availability under our commercial paper program at lower interest rates. During the current year, we capitalized approximately 23 percent of total interest charges versus approximately 52 percent during the prior year.

Income Tax Provision. Our income tax provision increased $15 million in the current year. Excluding the impact of the impairment charges recognized in 2014 and 2013 and the sale of the Noble Lewis Dugger in 2013, taxes increased $58 million driven by a higher worldwide effective tax rate and higher pre-tax income. A 34 percent increase in the worldwide effective tax rate during the current year increased income tax expense by $36 million. The increase in the worldwide effective tax rate was a result of a change in the geographic mix of pre-tax earnings and the effect of the new UK tax law, which became effective retroactively to April 1, 2014, offset by favorable discrete items. Additionally, a 28 percent increase in pre-tax earnings generated a $22 million increase in income tax expense.

Discontinued Operations. Net income from discontinued operations for the current year was $161 million as compared to $304 million for the prior year. Revenues reported within discontinued operations were $1.0 billion during the current year as compared to $1.7 billion for the prior year. Operating income included within discontinued operations was $220 million during the current year and $381 million for the prior year. The variance is attributable to seven months of operations in the current year versus a full year of operations in 2013, coupled with a $45 million increase in non-recurring Spin-off costs during the current year.

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2013 Compared to 2012

General

Net income from continuing operations attributable to Noble-UK for 2013 was $479 million, or $1.86 per diluted share, on operating revenues of $2.5 billion, compared to net income from continuing operations for 2012 of $414 million, or $1.63 per diluted share, on operating revenues of $2.2 billion.

As a result of Noble-UK conducting all of its business through Noble-Cayman and its subsidiaries, the financial position and results of operations for Noble-Cayman, and the reasons for material changes in the amount of revenue and expense items between 2013 and 2012, would be the same as the information presented below regarding Noble-UK in all material respects, except operating income for Noble-Cayman for the years ended December 31, 2013 and 2012 was $65 million and $51 million higher, respectively, than operating income for Noble-UK for the same periods. The operating income difference is primarily a result of executive costs directly attributable to Noble-UK for operations support and stewardship related services. In addition, we had non-recurring costs of $18 million and $7 million in 2013 and 2012, respectively, related to the Spin-off, which we recognized as part of discontinued operations at the Noble-UK level.

Rig Utilization, Operating Days and Average Dayrates

Operating results from continuing operations for our contract drilling services segment are dependent on three primary metrics: rig utilization, operating days and dayrates. The following table sets forth the average rig utilization, operating days and average dayrates for our rig fleet for 2013 and 2012:

	Average Rig						Operating							Average
	Utilization (1)						Days (2)							Dayrates
	2013			2012			2013		2012		% Change			2013		2012		% Change
Jackups		95	%		93	%		2,987		3,079		-3	%	$	145,257	$	121,598		19	%
Semisubmersibles		86	%		91	%		3,448		3,650		-6	%		385,118		368,258		5	%
Drillships		100	%		100	%		1,715		1,092		57	%		403,947		339,959		19	%
Other		0	%		0	%		—		—		—			—		—		—
Total		85	%		86	%		8,150		7,821		4	%	$	301,181	$	267,181		13	%

(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) Information reflects the number of days that our rigs were operating under contract.

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Contract Drilling Services

The following table sets forth the operating results from continuing operations for our contract drilling services segment for 2013 and 2012 (dollars in thousands):

							Change
	2013			2012			$			%
Operating revenues:
Contract drilling services	$	2,454,745		$	2,089,621		$	365,124			17	%
Reimbursables (1)		65,308			65,347			(39	)		0	%
Other		11			12			(1	)		-8	%
	$	2,520,064		$	2,154,980		$	365,084			17	%
Operating costs and expenses:
Contract drilling services	$	1,168,764		$	969,310		$	199,454			21	%
Reimbursables (1)		50,161			55,002			(4,841	)		-9	%
Depreciation and amortization		497,303			427,234			70,069			16	%
General and administrative		116,334			97,967			18,367			19	%
Loss on impairment		3,585			12,710			(9,125	)		-72	%
Gain on disposal of assets, net		(35,646	)		—			(35,646	)		*	*
Gain on contract settlements/extinguishments, net		(30,618	)		(33,255	)		2,637			-8	%
		1,769,883			1,528,968			240,915			16	%
Operating income	$	750,181		$	626,012		$	124,169			20	%

(1) We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.

** Not a meaningful percentage.

Operating Revenues. Changes in contract drilling services revenues for 2013 as compared to 2012 were driven by increases in both average dayrates and operating days. The 13 percent increase in average dayrates increased revenues by approximately $277 million while the 4 percent increase in operating days increased revenues by an additional $88 million.

The increase in contract drilling services revenues relates to our drillships and jackups, which generated approximately $321 million and $60 million more revenue, respectively, in 2013. These amounts were offset by decreases in revenues for our semisubmersibles, which declined $16 million from 2012.

The increase in drillship revenues was driven by a 57 percent increase in operating days and a 19 percent increase in average dayrates, resulting in a $212 million and a $109 million increase in revenues, respectively, from 2012. The increase in both average dayrates and operating days was the result of the timing of contract commencements of our newbuilds during the period.

The 19 percent increase in jackup average dayrates resulted in a $71 million increase in revenues from 2012. The increase in average dayrates resulted from favorable dayrate changes on new contracts across the jackup fleet and the contract commencement of the Noble Mick O’Brien in November 2013. Additionally, revenue of $18 million was recognized in 2013 in connection with the cancellation of a contract by our customer on the Noble Houston Colbert. The 3 percent decline in operating days resulted in an $11 million decrease in revenues driven by the Noble Lewis Dugger, which was sold in July 2013 but fully utilized during 2012.

The 5 percent increase in average dayrates on our semisubmersibles resulted in a $58 million increase in revenues from 2012. The increase in average dayrates is due to favorable dayrate changes on new contracts across the semisubmersible fleet. The 6 percent decline in operating days resulted in a $74 million decrease in revenues driven by the Noble Paul Romano, which was off contract during 2013 but operated during a portion of 2012 and the Noble Homer Ferrington, which completed its contract during 2013 but experienced full utilization during 2012. These decreases were partially offset by the Noble Max Smith, which experienced full utilization during 2013 after being off contract during 2012.

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Operating Costs and Expenses. Contract drilling services operating costs and expenses increased $199 million for 2013 as compared to 2012. A portion of the increase is due to the crew-up and operating expenses for our newbuild rigs as they commenced operating under contracts, which added approximately $134 million in expense in 2013. The remaining change was primarily driven by a $43 million increase in rig and operations support labor due to rigs returning, or preparing to return, to work and salary increases effective in the second and third quarters of 2012 and a $33 million increase in shorebase support due to increased project-related costs. These increases were partially offset by an $11 million decrease in maintenance and rig-related expense.

Depreciation and amortization increased $70 million in 2013 over 2012, which is primarily attributable to newbuild rigs placed in service since the beginning of 2012.

Loss on impairment during 2012 related to an impairment charge on our submersible fleet, primarily as a result of the declining market outlook for drilling services for that rig type. During 2013, we recorded an additional impairment charge of approximately $4 million on our two cold stacked submersible rigs arising from the potential disposition of these assets to an unrelated third party. In January 2014, we completed the sale of the submersibles for a total sales price of $7 million.

Gain on disposal of assets during 2013 was attributable to the sale of the Noble Lewis Dugger to an unrelated third party in Mexico.

Gain on contract settlements/extinguishments during 2013 was attributable to the $45 million settlement of all claims against the former shareholders of Frontier, which we acquired in July 2010, relating to alleged breaches of various representations and warranties contained in the purchase agreement. A portion of the settlement, totaling approximately $14 million, was allocated to discontinued operations as it related to certain standard specification rigs. During 2012, we recognized a $28 million gain on the settlement of an action with certain vendors for damages sustained during Hurricane Ike. Additionally, we recognized a $5 million gain from a claims settlement on the Noble David Tinsley, which had experienced a “punch-through” while being positioned on location in 2009.

Other

The following table sets forth the operating results from continuing operations for our other services for 2013 and 2012 (dollars in thousands):

							Change
	2013			2012			$			%
Operating revenues:
Labor contract drilling services	$	17,095		$	45,299		$	(28,204	)		-62	%
Reimbursables (1)		984			420			564			134	%
	$	18,079		$	45,719		$	(27,640	)		-60	%
Operating costs and expenses:
Labor contract drilling services	$	11,601		$	22,976		$	(11,375	)		-50	%
Reimbursables (1)		249			422			(173	)		-41	%
Depreciation and amortization		14,210			13,072			1,138			9	%
General and administrative		1,663			2,023			(360	)		-18	%
Loss on impairment		—			7,674			(7,674	)		*	*
		27,723			46,167			(18,444	)		-40	%
Operating loss	$	(9,644	)	$	(448	)	$	(9,196	)		-2053	%

(1) We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.

** Not a meaningful percentage.

Operating Revenues and Costs and Expenses. The change in both revenues and expenses for our labor contract drilling services primarily relates to the 2013 cancellation of a project with Shell for one of its rigs operating under a labor contract in Alaska.

41

Loss on impairment during 2012 related to an impairment charge on certain corporate assets, as a result of a declining market for, and the potential disposal of, the assets.

Other Income and Expenses

General and administrative expenses. Overall, general and administrative expenses increased $18 million in 2013 from 2012 primarily as a result of increased legal and tax expenses related to ongoing projects of $9 million, coupled with increases in employee-related costs of $9 million.

Interest Expense, net of amount capitalized. Interest expense, net of amount capitalized, increased $21 million in 2013 from 2012. The increase is a result of a reduction in capitalized interest in 2013 as compared to 2012 due primarily to the completion of construction on three of our newbuild drillships and two of our newbuild jackups, coupled with increased borrowings outstanding under our credit facilities and commercial paper program. During 2013, we capitalized approximately 52 percent of total interest charges versus approximately 61 percent during 2012.

Income Tax Provision. Our income tax provision decreased $3 million in 2013 as compared to 2012. Excluding the impact of the impairment charges recognized in 2013 and 2012 and the sale of the Noble Lewis Dugger in 2013, taxes decreased $19 million driven by a lower effective tax rate, partially offset by higher pre-tax earnings. A 25 percent decrease in the worldwide effective tax rate during 2013 decreased income tax expense by $26 million. The decrease in the effective tax rate was a result of a change in the geographic mix of pre-tax earnings and the resolution of certain discrete tax items. Additionally, an 8 percent increase in pre-tax earnings generated a $7 million increase in income tax expense.

Discontinued Operations. Net income from discontinued operations for 2013 was $304 million as compared to $108 million for 2012. Revenues reported within discontinued operations were $1.7 billion during 2013 as compared to $1.3 billion for 2012. Operating income included within discontinued operations was $381 million during 2013 and $158 million for 2012. The variance is attributable to an increase in average dayrates as a result of improved market conditions and increased operating days as rigs returned to work, partially offset by an $11 million increase in non-recurring Spin-off costs during 2013.

LIQUIDITY AND CAPITAL RESOURCES

Overview

Cash flows from discontinued operations are combined with cash flows from continuing operations within each cash flow statement category on our Consolidated Statements of Cash Flows included in this Annual Report on Form 10-K. Net cash from operating activities in 2014 was $1.8 billion, which compared to $1.7 billion and $1.4 billion in 2013 and 2012, respectively. We had working capital of $260 million and $339 million at December 31, 2014 and 2013, respectively. Our total debt as a percentage of total debt plus equity increased to 40.1 percent at December 31, 2014, up from 38.0 percent at December 31, 2013 as a result of a decrease in our total equity from the Spin-off and the impairment charge recognized in the current year.

Net cash used in investing activities in 2014 was $2.1 billion, which compared to $2.5 billion and $1.8 billion in 2013 and 2012, respectively. The variance primarily relates to lower expenditures related to the completion of a majority of our newbuild projects, coupled with seven months of expenditures for Paragon Offshore in 2014 as compared to a full year in 2013 and 2012.

Net cash from financing activities in 2014 was $285 million, which compared to $615 million and $452 million in 2013 and 2012, respectively. The variance from 2013 to 2014 primarily relates to an increase in our dividends paid to $1.50 per share in 2014 as compared to $0.76 per share in 2013. In 2014, we repurchased approximately 6.8 million shares in accordance with our share repurchase program. Additionally, 2014 includes the proceeds from the issuance of approximately $1.7 billion of long-term debt by Paragon Offshore prior to the Spin-off, which we used to repay commercial paper issuances.

Our principal sources of capital in 2014 were the proceeds from the indebtedness incurred by Paragon Offshore, the cash generated from operating activities noted above and borrowings under our commercial paper program. Cash generated during the current year was primarily used to fund our capital expenditure program.

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Our currently anticipated cash flow needs, both in the short-term and long-term, may include the following:

• normal recurring operating expenses;

• committed and discretionary capital expenditures;

• payments of dividends;

• repayment of maturing debt; and

• repurchase of shares.

We currently expect to fund these cash flow needs with cash generated by our operations, cash on hand, borrowings under our existing or future credit facilities and commercial paper program, potential issuances of long-term debt, or asset sales. However, to adequately cover our expected cash flow needs, we may require capital in excess of the amount available from these sources, and we may seek additional sources of liquidity and/or delay or cancel certain discretionary capital expenditures or other payments as necessary.

At December 31, 2014, we had a total contract drilling services backlog of approximately $10.1 billion. Our backlog as of December 31, 2014 includes a commitment of 81 percent of available days for 2015. See “Contract Drilling Services Backlog” for additional information regarding our backlog.

Capital Expenditures

We expect our primary use of available liquidity during 2015 to be for capital expenditures. Capital expenditures, including capitalized interest, totaled $2.1 billion, $2.5 billion and $1.7 billion for 2014, 2013 and 2012, respectively.

At December 31, 2014, we had one rig under construction, and capital expenditures, excluding capitalized interest, for new construction during 2014 totaled $1.4 billion, as follows (in millions):

Rig type/name
Currently under construction
Jackups
Noble Lloyd Noble (formerly CJ70-Mariner)	$	7.8
Recently completed construction projects
Noble Tom Madden	$	378.2
Noble Sam Croft		355.7
Noble Sam Hartley		158.0
Noble Tom Prosser		149.1
Noble Sam Turner		143.5
Noble Houston Colbert		134.7
Noble Globetrotter II		10.9
Noble Bob Douglas		10.2
Noble Don Taylor		3.2
Noble Regina Allen		1.6
Noble Mick O’Brien		0.5
Other		0.2
Total Newbuild Capital Expenditures	$	1,353.6

In addition to the newbuild expenditures noted above, capital expenditures during 2014, including expenditures related to Paragon Offshore through the date of the Spin-off, consisted of the following:

• $522 million for Noble-related major projects, subsea related expenditures and upgrades and replacements to drilling equipment;

• $150 million for Paragon-related major projects, subsea related expenditures and upgrades and replacements to drilling equipment; and

• $47 million in capitalized interest.

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Our total capital expenditure budget for 2015 is approximately $555 million, which is currently anticipated to be spent as follows:

• $484 million for major projects, subsea related expenditures and upgrades and replacements to drilling equipment; and

• approximately $71 million in newbuild expenditures.

In addition to the amounts noted above, we anticipate incurring capitalized interest, which may fluctuate as a result of the timing of completion of ongoing projects. In connection with our capital expenditure program, we have entered into certain commitments, including shipyard and purchase commitments, for approximately $729 million at December 31, 2014, of which we expect to spend approximately $308 million in 2015.

From time to time we consider possible projects that would require expenditures that are not included in our capital budget, and such unbudgeted expenditures could be significant. In addition, we will continue to evaluate acquisitions of drilling units from time to time. Other factors that could cause actual capital expenditures to materially exceed plan include delays and cost overruns in shipyards (including costs attributable to labor shortages), shortages of equipment, latent damage or deterioration to hull, equipment and machinery in excess of engineering estimates and assumptions, changes in governmental regulations and requirements and changes in design criteria or specifications during repair or construction.

Dividends

Our most recent quarterly dividend payment to shareholders, totaling approximately $93 million (or $0.375 per share), was declared on January 30, 2015 and paid on February 20, 2015 to holders of record on February 10, 2015.

The declaration and payment of dividends require authorization of the Board of Directors of Noble-UK and such dividends on issued share capital may be paid only out of Noble-UK’s “distributable reserves” on its statutory balance sheet. Noble-UK is not permitted to pay dividends out of share capital, which includes share premiums. The amount of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors.

Share Repurchases

Under UK law, the company is only permitted to purchase its own shares by way of an “off market purchase” in a plan approved by shareholders. Prior to our redomiciliation to the UK, a resolution was adopted by Noble-UK’s sole shareholder authorizing the repurchase of 6,769,891 shares during the five-year period commencing on the date of the redomiciliation. This number of shares corresponds to the number of shares that Noble-Swiss had authority to repurchase at the time of the redomiciliation. During 2014, we repurchased all shares covered by this authorization.

Share repurchases for each of the three years ended December 31 are as follows:

Year Ended December 31,	Total Number of Shares Purchased		Total Cost(1)		Average Price Paid per Share(1)
2014		6,769,891	$	154,145	$	22.77
2013		190,187		7,653		40.24
2012		302,150		10,516		34.80

(1) The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market.

In December 2014, we received shareholder approval to repurchase up to 37,000,000 additional ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. Any repurchases are expected to be funded using cash on hand, cash from operations or short-term borrowings under our credit facilities. The authority to make such repurchases will expire on the later of April 2016 or the end of the Company’s 2016 annual general meeting of shareholders, at which time we could seek shareholder approval for further repurchases.

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In January 2015, we repurchased 6.2 million of our ordinary shares at an average price of $16.10 per share, excluding commissions and stamp tax. Including these items, the average price paid per share during January 2015 was $16.21. There can be no assurance as to the timing or amount of any such repurchases. However, we intend to take a cautious approach to future share repurchases at least until market conditions in the offshore drilling business stabilize.

Credit Facilities and Senior Unsecured Notes

Credit Facilities and Commercial Paper Program

At December 31, 2014, we had three credit facilities with an aggregate maximum available capacity of $2.9 billion, and a commercial paper program, which allowed us to issue up to $2.7 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by the unused capacity under our credit facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. The outstanding amounts of commercial paper reduce availability under our credit facilities.

Our total debt related to the credit facilities and commercial paper program was $1.1 billion at December 31, 2014 as compared to $1.6 billion at December 31, 2013. At December 31, 2014, we had no letters of credit issued under the credit facilities.

In January 2015, we replaced the credit facilities discussed above with two new credit facilities, a five year $2.4 billion senior unsecured credit facility that matures in January 2020 and a $225 million 364-day senior unsecured credit facility that matures in January 2016 (together, the “Credit Facilities”). The $2.4 billion facility provides us with the ability to issue up to $500 million in letters of credit. The issuance of letters of credit under the facility reduces the amount available for borrowing. Following the establishment of the new Credit Facilities, we reduced the size of our commercial paper program to $2.4 billion from $2.7 billion. We believe this provides us with sufficient borrowing capacity for our current cash flow needs.

Senior Unsecured Notes

Our total debt related to senior unsecured notes was $3.7 billion at December 31, 2014 as compared to $4.0 billion at December 31, 2013. The decrease in senior unsecured notes outstanding is a result of the maturity of our $250 million 7.375% Senior Notes during March 2014, which was repaid using proceeds from issuances under our commercial paper program.

Our $350 million 3.45% Senior Notes mature during the third quarter of 2015. We anticipate using availability under our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we continue to report the balance as long-term at December 31, 2014.

Covenants

The Credit Facilities and commercial paper program are guaranteed by our indirect, wholly-owned subsidiaries, Noble Holding International Limited (“NHIL”) and Noble Holding Corporation (“NHC”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. At December 31, 2014, our ratio of debt to total tangible capitalization was approximately 0.40. We were in compliance with all covenants under the credit facilities as of December 31, 2014.

In addition to the covenants from the Credit Facilities noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and sale and lease-back transactions. At December 31, 2014, we were in compliance with all of our debt covenants. We continually monitor compliance with the covenants under our notes and expect to remain in compliance during 2015.

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Other

At December 31, 2014, we had letters of credit of $149 million, including bonds covering the temporary importation of equipment, performance bonds and expatriate visa guarantees.

Summary of Contractual Cash Obligations and Commitments

The following table summarizes our contractual cash obligations and commitments at December 31, 2014 (in thousands):

			Payments Due by Period
	Total		2015		2016		2017		2018		2019		Thereafter		Other
Contractual Cash Obligations
Long-term debt obligations (1)	$	4,869,020	$	1,473,495	$	299,982	$	299,920	$	—	$	201,695	$	2,593,928	$	—
Interest payments		2,557,636		178,401		161,252		153,240		149,177		140,983		1,774,583		—
Operating leases		73,575		22,509		17,682		11,492		5,289		5,134		11,469		—
Pension plan contributions		128,229		9,659		8,380		9,209		9,944		11,121		79,916		—
Purchase commitments (2)		729,453		307,676		421,777		—		—		—		—		—
Tax reserves (3)		115,787		—		—		—		—		—		—		115,787
Total contractual cash obligations	$	8,473,700	$	1,991,740	$	909,073	$	473,861	$	164,410	$	358,933	$	4,459,896	$	115,787

(1) In 2015, our $350 million 3.45% Senior Notes and amounts outstanding under our credit facilities and commercial paper program mature. We anticipate drawing on our Credit Facilities or issuances under our commercial paper program to repay these outstanding balances; therefore, we have shown the entire $350 million Senior Notes balance and $1.1 billion balance on our credit facilities and commercial paper program as long-term on our December 31, 2014 Consolidated Balance Sheet.

(2) Purchase commitments consist of obligations outstanding to external vendors primarily related to future capital purchases.

(3) Tax reserves are included in “Other” due to the difficulty in making reasonably reliable estimates of the timing of cash settlements to taxing authorities. See Note 14 to our accompanying consolidated financial statements.

At December 31, 2014, we had other commitments that we are contractually obligated to fulfill with cash if the obligations are called. These obligations include letters of credit that guarantee our performance as it relates to our drilling contracts, tax and other obligations in various jurisdictions. These letters of credit obligations are not normally called, as we typically comply with the underlying performance requirement.

The following table summarizes our other commercial commitments at December 31, 2014 (in thousands):

			Amount of Commitment Expiration Per Period
	Total		2015		2016		2017		2018		2019		Thereafter
Contractual Cash Obligations
Letters of Credit	$	148,870	$	148,309	$	—	$	—	$	—	$	—	$	561
Total commercial commitments	$	148,870	$	148,309	$	—	$	—	$	—	$	—	$	561

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our consolidated financial statements are impacted by the accounting policies used and the estimates and assumptions made by management during their preparation. Critical accounting policies and estimates that most significantly impact our consolidated financial statements are described below.

Principles of Consolidation

The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation.

The combined joint venture carrying amount of the Bully-class drillships at December 31, 2014 totaled $1.4 billion, which was primarily funded through partner equity contributions. For 2014, operating revenues and net income related to these joint ventures totaled $372 million and $157 million, respectively, as compared to operating revenues and net income of $355 million and $145 million in 2013.

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Property and Equipment

Property and equipment is stated at cost, reduced by provisions to recognize economic impairment in value whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. At December 31, 2014 and 2013, we had $970 million and $1.9 billion of construction-in-progress, respectively. Such amounts are included in “Property and equipment, at cost” in the accompanying Consolidated Balance Sheets. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years.

Interest is capitalized on construction-in-progress using the weighted average cost of debt outstanding during the period of construction. Capitalized interest for the years ended December 31, 2014, 2013 and 2012 was $47 million, $115 million and $136 million, respectively.

Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Property and equipment, at cost” in the Consolidated Balance Sheets. Such amounts, net of accumulated depreciation, totaled $179 million and $400 million at December 31, 2014 and 2013, respectively. Depreciation expense from continuing operations related to overhauls and asset replacement totaled $77 million, $70 million and $53 million for the years ended December 31, 2014, 2013 and 2012, respectively.

We evaluate the impairment of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, on an annual basis, we complete an impairment analysis on our rig fleet. An impairment loss on our property and equipment exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig class, we may take an impairment loss in the future.

As a result of our annual impairment test conducted during the fourth quarter of 2014, we recognized a $685 million charge on our semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff, which we decided to no longer actively market as a result of current market conditions. During 2012, we recognized a $13 million impairment charge on our submersible fleet, primarily as a result of the declining market outlook for drilling services for that rig type. During 2013, we recorded an additional impairment charge of approximately $4 million on our two cold stacked submersible rigs arising from the potential disposition of these assets to an unrelated third party. In January 2014, we completed the sale of the submersibles for a total sales price of $7 million. In 2012, we also recognized an impairment charge of $8 million related to certain corporate assets as a result of a declining market for, and the potential disposal of, the assets.

Goodwill

We conduct impairment testing for our goodwill annually during the fourth quarter, and on an interim basis when an event occurs or circumstances change that indicate that the fair value of a reporting unit or the indefinite-lived intangible asset may have declined below its carrying value.

We test goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. Our goodwill is identified to one reporting unit Contract Drilling Services.

Before testing goodwill, we consider whether or not to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and whether the two-step impairment test is required.

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If, as the result of our qualitative assessment, we determine that the two-step impairment test is required, or, alternatively, if we elect to forgo the qualitative assessment, we test goodwill for impairment by comparing the carrying amount of the reporting unit, to the fair value of the reporting unit utilizing both market and income evaluation methodologies. If this test suggests that the goodwill is not supportable, we proceed to the second step which compares the implied goodwill at the date of the test, to the book value of goodwill of the reporting unit. If the implied goodwill is lower than the book value of goodwill a write-down is taken to the implied value.

As a result of our annual impairment test conducted during the fourth quarter of 2014, we determined that the goodwill associated with the acquisition of Frontier in 2010 was impaired as a result of a significant decline in the market value of our stock, coupled with a decrease in oil and gas prices, significant reductions in the projected dayrates for new contracts and reduced utilization forecasts. For the year ended December 31, 2014, we fully impaired the $60 million of goodwill on our books.

Insurance Reserves

We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.

Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2014 and 2013, loss reserves for personal injury and protection claims totaled $21 million and $29 million, respectively, and such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets.

Revenue Recognition

Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling or labor contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured.

In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized into income, using the straight-line method, over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities.

Deferred revenues from drilling contracts totaled $263 million and $303 million at December 31, 2014 and 2013, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $94 million at December 31, 2014 as compared to $157 million at December 31, 2013, and are included in either “Other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition.

We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses.

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Income Taxes

We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. During 2013, the U.S. Internal Revenue Service (“IRS”) completed its examination of our tax reporting for the taxable year ended December 31, 2008 and concluded that we were entitled to a refund. The congressional Joint Committee on Taxation took no exception to the conclusions reached by the IRS, and the refund, plus interest, was received in March 2014. The IRS also completed its examination of our tax reporting for the taxable year ended December 31, 2009, and informed us that it made no changes to our reported tax. During the first quarter of 2014, the IRS began its examination of our tax reporting for the taxable years ended December 31, 2010 and 2011. We believe that we have accurately reported all amounts in our 2010 and 2011 tax returns. We believe the ultimate resolution of the outstanding assessments will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments.

Audit claims of approximately $66 million attributable to income, customs and other business taxes have been assessed against us. We have received tax assessments of approximately $141 million related to Paragon Offshore’s assets that operated through Noble-retained entities in Mexico, and Paragon Offshore has received tax assessments of approximately $165 million for Noble assets that operated through a Paragon Offshore-retained entity in Brazil. Of these tax assessments in Mexico and Brazil, approximately $20 million and $46 million, respectively, relate to Noble’s share of the tax liability. Under the tax sharing agreement (“TSA”) entered into at the time of the Spin-off, Paragon Offshore has an obligation to indemnify us for all assessed amounts that are related to Paragon Offshore’s Mexico assets, approximately $121 million, and we have an obligation to indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Brazil assets, approximately $46 million, in each case, if and when such payments become due. We have contested, or intend to contest, these assessments, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions.

On January 23, 2015, Noble received an official notification of a ruling from the Second Chamber of the Supreme Court in Mexico. The ruling settled an ongoing dispute in Mexico relating to the classification of a Noble subsidiary’s business activity and the applicable rate of depreciation under the Mexican law. The ruling did not result in any additional tax liability to Noble. Additionally, the ruling does not constitute mandatory jurisprudence in Mexico, and thus is only applicable to the Noble subsidiary named in the ruling. We will continue to contest future assessments received. Any claim by the tax authorities relating to this issue is subject to a full indemnification from Paragon Offshore under the TSA.

In certain jurisdictions, we have recognized deferred tax assets and liabilities. Judgment and assumptions are required in determining whether deferred tax assets will be fully or partially utilized. When we estimate that all or some portion of certain deferred tax assets such as net operating loss carryforwards will not be utilized, we establish a valuation allowance for the amount ascertained to be unrealizable. We continually evaluate strategies that could allow for future utilization of our deferred tax assets. Any change in the ability to utilize such deferred tax assets will be accounted for in the period of the event affecting the valuation allowance. If facts and circumstances cause us to change our expectations regarding future tax consequences, the resulting adjustments could have a material effect on our financial results or cash flow.

In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly.

Certain Significant Estimates and Contingent Liabilities

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting

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policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. In addition, we are involved in several litigation matters, some of which could lead to potential liability to us. We follow FASB standards regarding contingent liabilities which are discussed in “Part II Item 8. Financial Statements and Supplementary Data, Note 18—Commitments and Contingencies.”

New Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-off. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2016. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Market risk is the potential for loss due to a change in the value of a financial instrument as a result of fluctuations in interest rates, currency exchange rates or equity prices, as further described below.

Interest Rate Risk

We are subject to market risk exposure related to changes in interest rates on borrowings under the Credit Facilities and commercial paper program. Interest on borrowings under the Credit Facilities is at an agreed upon percentage point spread over LIBOR, or a base rate stated in the agreements. At December 31, 2014, we had $1.1 billion in borrowings outstanding under our credit facilities and commercial paper program, which is supported by the credit facilities. Assuming our current level of debt, a change in LIBOR rates of 1 percent would increase our interest charges by approximately $11 million per year.

Access to our commercial paper program is dependent upon our credit ratings. A decline in our credit ratings below investment grade would prohibit us from accessing the commercial paper market. If we were unable to access the commercial paper market, we would likely transfer our outstanding borrowings to our revolving credit facilities. Our revolving credit facilities have interest rates that are generally higher than those found in the commercial paper market, which would result in increased interest expense in the future.

In addition, our revolving credit facilities have provisions which vary the applicable interest rates based upon the Company’s credit ratings. If our credit ratings were to decline, the interest expense under our revolving credit facilities would increase.

We maintain certain debt instruments at a fixed rate whose fair value will fluctuate based on changes in interest rates and market perceptions of our credit risk. The fair value of our total debt was $4.5 billion and $5.7 billion at December 31, 2014 and December 31, 2013, respectively. The decrease in fair value was a result of a decrease in the value of our senior notes stemming from market conditions, coupled with a decrease in the amount of debt outstanding under our credit facilities and commercial paper program and the repayment of our $250 million fixed rate senior note.

Foreign Currency Risk

Although we are a U.K. company, we define foreign currency as any non-U.S. denominated currency. Our functional currency is primarily the U.S. Dollar, which is consistent with the oil and gas industry. However, outside the United States, a portion of our expenses are incurred in local currencies. Therefore, when the U.S. Dollar weakens (strengthens) in relation to the currencies of the countries in which we operate, our expenses reported in U.S. Dollars will increase (decrease).

We are exposed to risks on future cash flows to the extent that local currency expenses exceed revenues denominated in local currency that are other than the functional currency. To help manage this potential risk, we periodically enter into derivative instruments to manage our exposure to fluctuations in currency exchange rates, and we may conduct hedging activities in future periods to mitigate such exposure. These contracts are primarily accounted for as cash flow hedges, with the effective portion of changes in the fair value of the hedge recorded on the Consolidated Balance Sheet and in “Accumulated other comprehensive loss” (“AOCL”). Amounts recorded in AOCL are reclassified into earnings in the same period or periods that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of the hedged item is recorded directly to earnings. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives.

Specifically, our North Sea and Brazilian operations have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. At December 31, 2014, we had no outstanding derivative contracts. Depending on market conditions, we may elect to utilize short-term forward currency contracts in the future.

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Market Risk

We have a U.S. noncontributory defined benefit pension plan that covers certain salaried employees and a U.S. noncontributory defined benefit pension plan that covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified U.S. plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust. The benefits from these plans are based primarily on years of service and, for the salaried plan, employees’ compensation near retirement. These plans are designed to qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credits available to us, for the qualified U.S. plans when required. The benefit amount that can be covered by the qualified U.S. plans is limited under ERISA and the Internal Revenue Code (“IRC”) of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salary U.S. plan. We refer to the qualified U.S. plans and the excess benefit plan collectively as the “U.S. plans”.

In addition to the U.S. plans, each of Noble Drilling (Land Support) Limited and Noble Resources Limited, both indirect, wholly-owned subsidiaries of Noble-UK, maintains a pension plan that covers all of its salaried, non-union employees. Benefits are based on credited service and employees’ compensation, as defined by the plans.

Changes in market asset values related to the pension plans noted above could have a material impact upon our Consolidated Statement of Comprehensive Income (Loss) and could result in material cash expenditures in future periods.

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Item 8. Financial Statements and Supplementary Data.

The following financial statements are filed in this Item 8:

	Page
Report of Independent Registered Public Accounting Firm (Noble-UK)		54
Noble Corporation plc (Noble-UK) and Subsidiaries Consolidated Balance Sheet as of December  31, 2014 and 2013		55
Noble Corporation plc (Noble-UK) and Subsidiaries Consolidated Statements of Income for the Years Ended December 31, 2014, 2013 and 2012		56
Noble Corporation plc (Noble-UK) and Subsidiaries Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2014, 2013 and 2012		57
Noble Corporation plc (Noble-UK) and Subsidiaries Consolidated Statements of Cash Flows for the Years Ended December 31, 2014, 2013 and 2012		58
Noble Corporation plc (Noble-UK) and Subsidiaries Consolidated Statements of Equity for the Years Ended December 31, 2014, 2013 and 2012		59
Report of Independent Registered Public Accounting Firm (Noble-Cayman)		60
Noble Corporation (Noble-Cayman) and Subsidiaries Consolidated Balance Sheet as of December  31, 2014 and 2013		61
Noble Corporation (Noble-Cayman) and Subsidiaries Consolidated Statements of Income for the Years Ended December 31, 2014, 2013 and 2012		62
Noble Corporation (Noble-Cayman) and Subsidiaries Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2014, 2013 and 2012		63
Noble Corporation (Noble-Cayman) and Subsidiaries Consolidated Statements of Cash Flows for the Years Ended December 31, 2014, 2013 and 2012		64
Noble Corporation (Noble-Cayman) and Subsidiaries Consolidated Statements of Equity for the Years Ended December 31, 2014, 2013 and 2012		65
Notes to Consolidated Financial Statements		66

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Shareholders of Noble Corporation plc

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, comprehensive income (loss), equity, and cash flows present fairly, in all material respects, the financial position of Noble Corporation plc and its subsidiaries at December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Noble Corporation plc’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control over Financial Reporting as appearing under Item 9A. Our responsibility is to express opinions on these financial statements and on Noble Corporation plc’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 27, 2015

54

NOBLE CORPORATION PLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(In thousands)

	December 31,			December 31,
	2014			2013
ASSETS
Current assets
Cash and cash equivalents	$	68,510		$	114,458
Accounts receivable		569,096			949,069
Taxes receivable		107,490			140,269
Prepaid expenses and other current assets		183,466			187,139
Total current assets		928,562			1,390,935
Property and equipment, at cost		14,442,922			19,198,767
Accumulated depreciation		(2,330,413	)		(4,640,677	)
Property and equipment, net		12,112,509			14,558,090
Other assets		245,751			268,932
Total assets	$	13,286,822		$	16,217,957
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	265,389		$	347,214
Accrued payroll and related costs		102,520			151,161
Taxes payable		94,230			125,119
Dividends payable		—			128,249
Other current liabilities		206,535			300,172
Total current liabilities		668,674			1,051,915
Long-term debt		4,869,020			5,556,251
Deferred income taxes		120,589			225,455
Other liabilities		341,505			334,308
Total liabilities		5,999,788			7,167,929
Commitments and contingencies
Equity
Shares; 247,501 and 253,448 shares outstanding		2,475			2,534
Additional paid-in capital		695,638			810,286
Retained earnings		5,936,035			7,591,927
Accumulated other comprehensive loss		(69,418	)		(82,164	)
Total shareholders’ equity		6,564,730			8,322,583
Noncontrolling interests		722,304			727,445
Total equity		7,287,034			9,050,028
Total liabilities and equity	$	13,286,822		$	16,217,957

See accompanying notes to the consolidated financial statements.

55

NOBLE CORPORATION PLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

	Year Ended December 31,
	2014			2013			2012
Operating revenues
Contract drilling services	$	3,147,859		$	2,454,745		$	2,089,621
Reimbursables		84,644			66,292			65,767
Labor contract drilling services		—			17,095			45,299
Other		1			11			12
		3,232,504			2,538,143			2,200,699
Operating costs and expenses
Contract drilling services		1,500,512			1,168,764			969,310
Reimbursables		66,378			50,410			55,424
Labor contract drilling services		—			11,601			22,976
Depreciation and amortization		627,473			511,513			440,306
General and administrative		106,771			117,997			99,990
Loss on impairment		745,428			3,585			20,384
Gain on disposal of assets, net		—			(35,646	)		—
Gain on contract settlements/extinguishments, net		—			(30,618	)		(33,255	)
		3,046,562			1,797,606			1,575,135
Operating income		185,942			740,537			625,564
Other income (expense)
Interest expense, net of amount capitalized		(155,179	)		(106,300	)		(85,763	)
Interest income and other, net		(1,298	)		4,184			3,564
Income from continuing operations before income taxes		29,465			638,421			543,365
Income tax provision		(106,651	)		(92,117	)		(95,183	)
Net income (loss) from continuing operations		(77,186	)		546,304			448,182
Net income from discontinued operations, net of tax		160,502			304,102			107,955
Net income		83,316			850,406			556,137
Net income attributable to noncontrolling interests		(74,825	)		(67,709	)		(33,793	)
Net income attributable to Noble Corporation plc	$	8,491		$	782,697		$	522,344
Net income (loss) attributable to Noble Corporation plc
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Income from discontinued operations		160,502			304,102			107,955
Net income attributable to Noble Corporation plc	$	8,491		$	782,697		$	522,344
Per share data:
Basic:
Income (loss) from continuing operations	$	(0.60	)	$	1.86		$	1.63
Income from discontinued operations		0.63			1.19			0.42
Net income attributable to Noble Corporation plc	$	0.03		$	3.05		$	2.05
Diluted:
Income (loss) from continuing operations	$	(0.60	)	$	1.86		$	1.63
Income from discontinued operations		0.63			1.19			0.42
Net income attributable to Noble Corporation plc	$	0.03		$	3.05		$	2.05
Weighted- Average Shares Outstanding
Basic		252,909			253,288			252,435
Diluted		252,909			253,547			252,791

See accompanying notes to the consolidated financial statements.

56

NOBLE CORPORATION PLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands)

	Year Ended December 31,
	2014			2013			2012
Net income	$	83,316		$	850,406		$	556,137
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(118	)		(3,188	)		(8,076	)
Foreign currency forward contracts		—			—			3,061
Net pension plan gain (loss) (net of tax provision (benefit) of ($21,429) in 2014, $14,155 in 2013 and ($3,777) in 2012 )		(41,608	)		29,861			(41,658	)
Amortization of deferred pension plan amounts (net of tax provision of $1,102 in 2014, $2,924 in 2013 and $2,841 in 2012)		2,764			6,612			5,545
Net pension plan curtailment and settlement expense (net of tax provision of $9,902 in 2014)		18,389			—			—
Prior service cost arising during the period (net of tax benefit of $317 in 2014)		(1,159	)		—			—
Other comprehensive income (loss), net		(21,732	)		33,285			(41,128	)
Total comprehensive income		61,584			883,691			515,009
Net comprehensive income attributable to noncontrolling interests		(74,825	)		(67,709	)		(33,793	)
Comprehensive income (loss) attributable to Noble Corporation plc	$	(13,241	)	$	815,982		$	481,216

See accompanying notes to the consolidated financial statements.

57

NOBLE CORPORATION PLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year Ended December 31,
	2014			2013			2012
Cash flows from operating activities
Net income	$	83,316		$	850,406		$	556,137
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		863,547			879,422			758,621
Loss on impairment		745,428			43,688			20,384
Gain on disposal of assets, net		—			(35,646	)		—
Deferred income taxes		(10,999	)		(15,955	)		(20,119	)
Amortization of share-based compensation		46,389			43,620			35,930
Net change in other assets and liabilities		50,527			(63,218	)		30,740
Net cash from operating activities		1,778,208			1,702,317			1,381,693
Cash flows from investing activities
Capital expenditures		(2,072,885	)		(2,487,520	)		(1,669,811	)
Change in accrued capital expenditures		(36,383	)		(58,587	)		(121,077	)
Proceeds from disposal of assets		—			61,000			—
Net cash from investing activities		(2,109,268	)		(2,485,107	)		(1,790,888	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(437,647	)		1,221,333			(635,192	)
Repayment of long-term debt		(250,000	)		(300,000	)		—
Proceeds from issuance of senior notes, net of debt issuance costs		—			—			1,186,636
Financing costs on credit facilities		(398	)		(2,484	)		(5,221	)
Long-term borrowings of Paragon Offshore		1,710,550			—			—
Financing costs on long-term borrowings of Paragon Offshore		(14,676	)		—			—
Cash balances of Paragon Offshore in Spin-off		(104,152	)		—			—
Dividends paid to noncontrolling interests		(79,966	)		(105,388	)		—
Contributions from noncontrolling interests		—			—			40,000
Repurchases of shares		(154,145	)		—			—
Repurchases of employee shares surrendered for taxes		—			(7,653	)		(10,516	)
Employee stock transactions		2,125			4,261			14,677
Par value reduction/dividend payments		(386,579	)		(194,913	)		(138,293	)
Net cash from financing activities		285,112			615,156			452,091
Net change in cash and cash equivalents		(45,948	)		(167,634	)		42,896
Cash and cash equivalents, beginning of period		114,458			282,092			239,196
Cash and cash equivalents, end of period	$	68,510		$	114,458		$	282,092

See accompanying notes to the consolidated financial statements.

58

NOBLE CORPORATION PLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

																			Accumulated
							Capital in												Other
	Shares						Excess of			Retained			Treasury			Noncontrolling			Comprehensive			Total
	Balance			Par Value			Par Value			Earnings			Shares			Interests			Loss			Equity
Balance at December 31, 2011		252,639		$	766,595		$	48,356		$	6,676,444		$	(10,553	)	$	691,331		$	(74,321	)	$	8,097,852
Employee related equity activity
Amortization of share-based compensation		—			—			35,930			—			—			—			—			35,930
Issuance of share-based compensation shares		437			1,307			(1,299	)		—			—			—			—			8
Exercise of stock options		646			1,836			11,705			—			—			—			—			13,541
Tax benefit of equity transactions		—			—			1,128			—			—			—			—			1,128
Restricted shares forfeited or repurchased for taxes		(374	)		(1,138	)		1,138			—			(10,516	)		—			—			(10,516	)
Net income		—			—			—			522,344			—			33,793			—			556,137
Contributions from noncontrolling interests		—			—			—			—			—			40,000			—			40,000
Par value reduction/dividend payments		—			(58,470	)		(13,427	)		—			—			—			—			(71,897	)
Dividends		—			—			—			(132,765	)		—			—			—			(132,765	)
Other comprehensive loss, net		—			—			—			—			—			—			(41,128	)		(41,128	)
Balance at December 31, 2012		253,348		$	710,130		$	83,531		$	7,066,023		$	(21,069	)	$	765,124		$	(115,449	)	$	8,488,290
Employee related equity activity
Amortization of share-based compensation		—			—			43,620			—			—			—			—			43,620
Issuance of share-based compensation shares		667			1,872			(1,855	)		—			—			—			—			17
Exercise of stock options		212			496			5,155			—			—			—			—			5,651
Tax benefit of equity transactions		—			—			(1,407	)		—			—			—			—			(1,407	)
Restricted shares forfeited or repurchased for taxes		—			—			—			—			(7,653	)		—			—			(7,653	)
Retirement of treasury shares		—			—			(28,722	)		—			28,722			—			—			—
Redomiciliation to the United Kingdom		(779	)		(709,964	)		709,964			—			—			—			—			—
Net income		—			—			—			782,697			—			67,709			—			850,406
Dividends paid to noncontrolling interests		—			—			—			—			—			(105,388	)		—			(105,388	)
Dividends		—			—			—			(256,793	)		—			—			—			(256,793	)
Other comprehensive income, net		—			—			—			—			—			—			33,285			33,285
Balance at December 31, 2013		253,448		$	2,534		$	810,286		$	7,591,927		$	—		$	727,445		$	(82,164	)	$	9,050,028
Employee related equity activity
Amortization of share-based compensation		—			—			46,389			—			—			—			—			46,389
Issuance of share-based compensation shares		692			6			(9,076	)		—			—			—			—			(9,070	)
Exercise of stock options		131			3			2,644			—			—			—			—			2,647
Tax benefit of equity transactions		—			—			(528	)		—			—			—			—			(528	)
Repurchases of shares		(6,770	)		(68	)		(154,077	)		—			—			—			—			(154,145	)
Net income		—			—			—			8,491			—			74,825			—			83,316
Dividends paid to noncontrolling interests		—			—			—			—			—			(79,966	)		—			(79,966	)
Dividends		—			—			—			(258,330	)		—			—			—			(258,330	)
Spin-off of Paragon Offshore		—			—			—			(1,406,053	)		—			—			34,478			(1,371,575	)
Other comprehensive loss, net		—			—			—			—			—			—			(21,732	)		(21,732	)
Balance at December 31, 2014		247,501		$	2,475		$	695,638		$	5,936,035		$	—		$	722,304		$	(69,418	)	$	7,287,034

See accompanying notes to the consolidated financial statements.

59

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Shareholder of Noble Corporation

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, comprehensive income, equity, and cash flows present fairly, in all material respects, the financial position of Noble Corporation and its subsidiaries at December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2014, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Noble Corporation’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control over Financial Reporting as appearing under Item 9A. Our responsibility is to express opinions on these financial statements and on Noble Corporation’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 27, 2015

60

NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(In thousands)

	December 31,			December 31,
	2014			2013
ASSETS
Current assets
Cash and cash equivalents	$	65,780		$	110,382
Accounts receivable		569,096			949,069
Taxes receivable		107,289			140,029
Prepaid expenses and other current assets		139,669			184,348
Total current assets		881,834			1,383,828
Property and equipment, at cost		14,404,371			19,160,350
Accumulated depreciation		(2,318,220	)		(4,631,678	)
Property and equipment, net		12,086,151			14,528,672
Other assets		222,254			269,014
Total assets	$	13,190,239		$	16,181,514
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	261,012		$	345,910
Accrued payroll and related costs		91,487			143,346
Taxes payable		91,471			120,588
Other current liabilities		201,914			300,172
Total current liabilities		645,884			910,016
Long-term debt		4,869,020			5,556,251
Deferred income taxes		120,589			225,455
Other liabilities		335,964			334,308
Total liabilities		5,971,457			7,026,030
Commitments and contingencies
Equity
Ordinary shares; 261,246 shares outstanding		26,125			26,125
Capital in excess of par value		530,657			497,316
Retained earnings		6,009,114			7,986,762
Accumulated other comprehensive loss		(69,418	)		(82,164	)
Total shareholder equity		6,496,478			8,428,039
Noncontrolling interests		722,304			727,445
Total equity		7,218,782			9,155,484
Total liabilities and equity	$	13,190,239		$	16,181,514

See accompanying notes to the consolidated financial statements.

61

NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

	Year Ended December 31,
	2014			2013			2012
Operating revenues
Contract drilling services	$	3,147,859		$	2,454,745		$	2,089,621
Reimbursables		84,644			66,292			65,767
Labor contract drilling services		—			17,095			45,299
Other		1			11			12
		3,232,504			2,538,143			2,200,699
Operating costs and expenses
Contract drilling services		1,507,471			1,159,171			960,837
Reimbursables		66,378			50,410			55,424
Labor contract drilling services		—			11,601			23,129
Depreciation and amortization		624,278			509,341			438,374
General and administrative		52,994			64,859			59,366
Loss on impairment		745,428			3,585			20,384
Gain on disposal of assets, net		—			(35,646	)		—
Gain on contract settlements/extinguishments, net		—			(30,618	)		(33,255	)
		2,996,549			1,732,703			1,524,259
Operating income		235,955			805,440			676,440
Other income (expense)
Interest expense, net of amount capitalized		(155,179	)		(106,300	)		(85,763	)
Interest income and other, net		1,124			3,556			3,071
Income from continuing operations before income taxes		81,900			702,696			593,748
Income tax provision		(105,930	)		(88,977	)		(94,183	)
Net income (loss) from continuing operations		(24,030	)		613,719			499,565
Net income from discontinued operations, net of tax		223,083			321,804			115,151
Net income		199,053			935,523			614,716
Net income attributable to noncontrolling interests		(74,825	)		(67,709	)		(33,793	)
Net income attributable to Noble Corporation	$	124,228		$	867,814		$	580,923

See accompanying notes to the consolidated financial statements.

62

NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

	Year Ended December 31,
	2014			2013			2012
Net income	$	199,053		$	935,523		$	614,716
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(118	)		(3,188	)		(8,076	)
Foreign currency forward contracts		—			—			3,061
Net pension plan gain (loss) (net of tax provision (benefit) of ($21,429) in 2014, $14,155 in 2013 and ($3,777) in 2012 )		(41,608	)		29,861			(41,658	)
Amortization of deferred pension plan amounts (net of tax provision of $1,102 in 2014, $2,924 in 2013 and $2,841 in 2012)		2,764			6,612			5,545
Net pension plan curtailment and settlement expense (net of tax provision of $9,902 in 2014)		18,389			—			—
Prior service cost arising during the period (net of tax benefit of $317 in 2014)		(1,159	)		—			—
Other comprehensive income (loss), net		(21,732	)		33,285			(41,128	)
Total comprehensive income		177,321			968,808			573,588
Net comprehensive income attributable to noncontrolling interests		(74,825	)		(67,709	)		(33,793	)
Comprehensive income attributable to Noble Corporation	$	102,496		$	901,099		$	539,795

See accompanying notes to the consolidated financial statements.

63

NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year ended December 31,
	2014			2013			2012
Cash flows from operating activities
Net income	$	199,053		$	935,523		$	614,716
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		860,353			877,250			756,689
Loss on impairment		745,428			43,688			20,384
Gain on disposal of assets, net		—			(35,646	)		—
Deferred income taxes		(10,999	)		(15,955	)		(20,119	)
Capital contribution by parent—share-based compensation		33,341			26,862			19,838
Net change in other assets and liabilities		44,740			(63,092	)		29,119
Net cash from operating activities		1,871,916			1,768,630			1,420,627
Cash flows from investing activities
Capital expenditures		(2,072,751	)		(2,485,617	)		(1,667,477	)
Change in accrued capital expenditures		(36,383	)		(58,587	)		(121,077	)
Proceeds from disposal of assets		—			61,000			—
Net cash from investing activities		(2,109,134	)		(2,483,204	)		(1,788,554	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(437,647	)		1,221,333			(635,192	)
Repayment of long-term debt		(250,000	)		(300,000	)		—
Proceeds from issuance of senior notes, net of debt issuance costs		—			—			1,186,636
Financing costs on credit facilities		(398	)		(2,484	)		(5,221	)
Long-term borrowings of Paragon Offshore		1,710,550			—			—
Financing costs on long-term borrowing of Paragon Offshore		(14,676	)		—			—
Cash balances of Paragon Offshore in Spin-off		(104,152	)		—			—
Dividends paid to noncontrolling interests		(79,966	)		(105,388	)		—
Contributions from noncontrolling interests		—			—			40,000
Distributions to parent company, net		(631,095	)		(265,880	)		(175,977	)
Net cash from financing activities		192,616			547,581			410,246
Net change in cash and cash equivalents		(44,602	)		(166,993	)		42,319
Cash and cash equivalents, beginning of period		110,382			277,375			235,056
Cash and cash equivalents, end of period	$	65,780		$	110,382		$	277,375

See accompanying notes to the consolidated financial statements.

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CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

	Shares				Capital in Excess of		Retained			Noncontrolling			Accumulated Other Comprehensive			Total
	Balance		Par Value		Par Value		Earnings			Interests			Loss			Equity
Balance at December 31, 2011		261,246	$	26,125	$	450,616	$	6,979,882		$	691,331		$	(74,321	)	$	8,073,633
Distributions to parent		—		—		—		(175,977	)		—			—			(175,977	)
Capital contributions by parent-
Share-based compensation		—		—		19,838		—			—			—			19,838
Net income		—		—		—		580,923			33,793			—			614,716
Contributions from noncontrolling interests		—		—		—		—			40,000			—			40,000
Other comprehensive loss, net		—		—		—		—			—			(41,128	)		(41,128	)
Balance at December 31, 2012		261,246	$	26,125	$	470,454	$	7,384,828		$	765,124		$	(115,449	)	$	8,531,082
Distributions to parent		—		—		—		(265,880	)		—			—			(265,880	)
Capital contributions by parent-
Share-based compensation		—		—		26,862		—			—			—			26,862
Net income		—		—		—		867,814			67,709			—			935,523
Dividends paid to noncontrolling interests		—		—		—		—			(105,388	)		—			(105,388	)
Other comprehensive income, net		—		—		—		—			—			33,285			33,285
Balance at December 31, 2013		261,246	$	26,125	$	497,316	$	7,986,762		$	727,445		$	(82,164	)	$	9,155,484
Distributions to parent		—		—		—		(631,095	)		—			—			(631,095	)
Capital contributions by parent-
Share-based compensation		—		—		33,341		—			—			—			33,341
Net income		—		—		—		124,228			74,825			—			199,053
Dividends paid to noncontrolling interests		—		—		—		—			(79,966	)		—			(79,966	)
Spin-off of Paragon Offshore		—		—		—		(1,470,781	)		—			34,478			(1,436,303	)
Other comprehensive loss, net		—		—		—		—			—			(21,732	)		(21,732	)
Balance at December 31, 2014		261,246	$	26,125	$	530,657	$	6,009,114		$	722,304		$	(69,418	)	$	7,218,782

See accompanying notes to the consolidated financial statements.

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 1 – Organization and Significant Accounting Policies

Organization and Business

Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of mobile offshore drilling units located worldwide. As of the filing date of this Annual Report on Form 10-K, our fleet consisted of 15 jackups, nine drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. This excludes the semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff.

At December 31, 2014, our fleet was located in the United States, Brazil, Argentina, the North Sea, the Mediterranean, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

On November 20, 2013, pursuant to the Merger Agreement dated as of June 30, 2013 between Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble-UK, Noble-Swiss merged with and into Noble-UK, with Noble-UK as the surviving company (the “Transaction”). In the Transaction, all of the outstanding ordinary shares of Noble-Swiss were cancelled, and Noble-UK issued, through an exchange agent, one ordinary share of Noble-UK in exchange for each ordinary share of Noble-Swiss. The Transaction effectively changed the place of incorporation of our publicly traded parent holding company from Switzerland to the United Kingdom.

Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries.

Principles of Consolidation

The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation.

Foreign Currency Translation

Although we are a UK company, we define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while income statement items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the three years ended December 31, 2014.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business.

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Property and Equipment

Property and equipment is stated at cost, reduced by provisions to recognize economic impairment in value whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years. Included in accounts payable were $70 million and $88 million of capital accruals as of December 31, 2014 and 2013, respectively.

Interest is capitalized on construction-in-progress using the weighted average cost of debt outstanding during the period of construction.

Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in Note 7. Such amounts, net of accumulated depreciation, totaled $179 million and $400 million at December 31, 2014 and 2013, respectively. Depreciation expense from continuing operations related to overhauls and asset replacement totaled $77 million, $70 million and $53 million for the years ended December 31, 2014, 2013 and 2012, respectively.

We evaluate the impairment of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, on an annual basis, we complete an impairment analysis on our rig fleet. An impairment loss on our property and equipment exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig class, we may take an impairment loss in the future. For additional information, see Note 11.

Goodwill

We conduct impairment testing for our goodwill annually during the fourth quarter, and on an interim basis when an event occurs or circumstances change that indicate that the fair value of a reporting unit or the indefinite-lived intangible asset may have declined below its carrying value.

We test goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. Our goodwill is identified to one reporting unit Contract Drilling Services.

Before testing goodwill, we consider whether or not to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and whether the two-step impairment test is required.

If, as the result of our qualitative assessment, we determine that the two-step impairment test is required, or, alternatively, if we elect to forgo the qualitative assessment, we test goodwill for impairment by comparing the carrying amount of the reporting unit, to the fair value of the reporting unit utilizing both market and income evaluation methodologies. If this test suggests that the goodwill is not supportable, we proceed to the second step which compares the implied goodwill at the date of the test, to the book value of goodwill of the reporting unit. If the implied goodwill is lower than the book value of goodwill a write-down is taken to the implied value. For additional information, see Note 11.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Deferred Costs

Deferred debt issuance costs are being amortized through interest expense over the life of the debt securities.

Insurance Reserves

We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.

Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2014 and 2013, loss reserves for personal injury and protection claims totaled $21 million and $29 million, respectively, and such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets.

Revenue Recognition

Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling or labor contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured.

In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities.

Deferred revenues from drilling contracts totaled $263 million and $303 million at December 31, 2014 and 2013, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $94 million at December 31, 2014 as compared to $157 million at December 31, 2013, and are included in either “Other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition.

We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses.

Income Taxes

Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly.

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the U.S., UK or jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the U.S. Internal Revenue Service (“IRS”) or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions.

Earnings per Share

Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method.

Share-Based Compensation Plans

We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities.

Certain Significant Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current year presentation.

Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-off. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2016. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

Note 2 – Spin-off of Paragon Offshore plc (“Paragon Offshore”)

On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Through the Spin-off, we disposed of most of our standard specification drilling units and related assets, liabilities and business. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program.

Prior to the completion of the Spin-off, Noble and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off.

Master Separation Agreement (“MSA”)

The general terms and conditions relating to the separation and Spin-off are set forth in the MSA. The MSA identifies the assets transferred, liabilities assumed and contracts assigned either to Paragon Offshore by us or by Paragon Offshore to us in the separation and describes when and how these transfers, assumptions and assignments would occur. The MSA provides for, among other things, Paragon Offshore’s responsibility for liabilities relating to its business and the responsibility of Noble for liabilities related to our, and in certain limited cases, Paragon Offshore’s business, in each case irrespective of when the liability arose. The MSA also contains indemnification obligations and ongoing commitments by us and Paragon Offshore.

Employee Matters Agreement (“EMA”)

The EMA allocates liabilities and responsibilities between us and Paragon Offshore relating to employment, compensation and benefits and other employment related matters.

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Tax Sharing Agreement (“TSA”)

The TSA provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims.

Transition Services Agreements

Under two transition services agreements, we agreed to continue, for a limited period of time, to provide various interim support services to Paragon Offshore, and Paragon Offshore agreed to provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations.

Note 3 — Discontinued Operations

Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the Spin-off, meets the criteria for being reported as discontinued operations and has been reclassified as such in our results of operations. The results of discontinued operations for the three years ended December 31, 2014 include the historical results of Paragon Offshore through the Spin-off date, including costs incurred by Noble to complete the Spin-off. Non-recurring Spin-off related costs totaled $63 million, $18 million and $7 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of debt consisting of:

• $1.08 billion aggregate principal amount of senior notes in two separate tranches, comprising $500 million of 6.75% Senior Notes due 2022 and $580 million of 7.25% Senior Notes due 2024; and

• $650 million of a senior secured term credit agreement, at an interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years.

We allocated interest expense on this debt, which is directly related to Paragon Offshore, to discontinued operations. For the year ended December 31, 2014, we allocated approximately $4 million of interest expense related to such debt. No interest was allocated to discontinued operations for the years ended December 31, 2013 and 2012.

The following table provides the results of operations from discontinued operations:

	Year Ended December 31,
	2014			2013			2012
Operating revenues
Contract drilling services	$	993,253		$	1,615,325		$	1,259,741
Reimbursables		21,899			45,582			49,728
Labor contract drilling services		19,304			35,146			36,591
Other		2			94			253
Operating revenues from discontinued operations	$	1,034,458		$	1,696,147		$	1,346,313
Income from discontinued operations
Income from discontinued operations before income taxes	$	216,391		$	379,591		$	159,860
Income tax provision		(55,889	)		(75,489	)		(51,905	)
Net income from discontinued operations, net of tax	$	160,502		$	304,102		$	107,955

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

The carrying value of the major categories of assets and liabilities of Paragon Offshore immediately preceding the Spin-off on August 1, 2014, which are excluded from our Consolidated Balance Sheet at December 31, 2014, were as follows:

ASSETS
Current assets
Cash and cash equivalents	$	104,152
Accounts receivable		362,100
Prepaid expenses and other current assets		90,089
Total current assets of discontinued operations		556,341
Property and equipment, at cost		5,609,119
Accumulated depreciation		(2,640,943	)
Property and equipment, net		2,968,176
Other assets		84,894
Total assets of discontinued operations	$	3,609,411
LIABILITIES
Current liabilities
Accounts payable	$	132,446
Accrued payroll and related costs		64,580
Other current liabilities		103,768
Total current liabilities of discontinued operations		300,794
Long-term debt		1,726,750
Other liabilities		172,467
Total liabilities of discontinued operations	$	2,200,011

Included in “Other assets” of Paragon Offshore at August 1, 2014 was approximately $15 million of goodwill from the acquisition of FDR Holdings Limited (“Frontier”) that was allocated to Paragon Offshore. The above amounts do not include the impact of the agreements entered into as a result of the Spin-off, which are discussed further in Note 2.

Note 4 – Consolidated Joint Ventures

We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully-class drillships. We have determined that we are the primary beneficiary of the joint ventures. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Consolidated Balance Sheets.

During the years ended December 31, 2014 and 2013, the Bully joint ventures approved and paid dividends totaling $160 million and $211 million, respectively. Of these amounts approximately $80 million and $105 million, respectively, were paid to our joint venture partner.

The combined carrying amount of the Bully-class drillships at both December 31, 2014 and 2013 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $47 million at December 31, 2014 as compared to approximately $50 million at December 31, 2013. Operational results for the years ended December 31, 2014 and 2013 are as follows:

	Year Ended
	December 31,
	2014		2013
Operating revenues	$	372,313	$	355,115
Net income	$	157,171	$	145,447

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 5- Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share for Noble-UK:

	Year Ended December 31,
	2014			2013			2012
Basic
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Earnings allocated to unvested share-based payment awards		—			(5,669	)		(4,212	)
Income (loss) from continuing operations to common shareholders		(152,011	)		472,926			410,177
Income from discontinued operations		160,502			304,102			107,955
Earnings allocated to unvested share-based payment awards		—			(3,602	)		(1,097	)
Income from discontinued operations, net of tax to common shareholders		160,502			300,500			106,858
Net income attributable to Noble-UK		8,491			782,697			522,344
Earnings allocated to unvested share-based payment awards		—			(9,271	)		(5,309	)
Net income to common shareholders—basic	$	8,491		$	773,426		$	517,035
Diluted
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Earnings allocated to unvested share-based payment awards		—			(5,663	)		(4,206	)
Income (loss) from continuing operations to common shareholders		(152,011	)		472,932			410,183
Income from discontinued operations		160,502			304,102			107,955
Earnings allocated to unvested share-based payment awards		—			(3,598	)		(1,096	)
Income from discontinued operations, net of tax to common shareholders		160,502			300,504			106,859
Net income attributable to Noble-UK		8,491			782,697			522,344
Earnings allocated to unvested share-based payment awards		—			(9,261	)		(5,302	)
Net income to common shareholders—diluted	$	8,491		$	773,436		$	517,042
Weighted average shares outstanding—basic		252,909			253,288			252,435
Incremental shares issuable from assumed exercise of stock options		—			259			356
Weighted average shares outstanding—diluted		252,909			253,547			252,791
Weighted average unvested share-based payment awards		—			3,036			2,592
Earnings per share
Basic
Continuing operations	$	(0.60	)	$	1.86		$	1.63
Discontinued operations		0.63			1.19			0.42
Net income attributable to Noble-UK	$	0.03		$	3.05		$	2.05
Diluted
Continuing operations	$	(0.60	)	$	1.86		$	1.63
Discontinued operations		0.63			1.19			0.42
Net income attributable to Noble-UK	$	0.03		$	3.05		$	2.05
Dividends per share	$	1.50		$	0.76		$	0.54

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. The effect of stock options and unvested share-based payment awards is not included in the computation for periods in which a net loss from continuing operations occurs because to do so would be anti-dilutive. For the years ended December 31, 2014, 2013 and 2012, approximately 2 million shares, 0.9 million shares and 1 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. For the year ended December 31, 2014, we experienced a net loss from continuing operations. As such, approximately 4 million unvested share-based payment awards were excluded from the diluted earnings per share calculation at December 31, 2014 as such awards were not dilutive.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 6- Receivables from Customers

At December 31, 2014, we had receivables of approximately $14 million related to the Noble Max Smith, which are being disputed by our former customer, Petróleos Mexicanos (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts.

Note 7- Property and Equipment

Property and equipment, at cost, as of December 31, 2014 and 2013 for Noble-UK consisted of the following:

	2014		2013
Drilling equipment and facilities	$	13,254,240	$	17,130,986
Construction in progress		969,985		1,854,434
Other		218,697		213,347
Property and equipment, at cost	$	14,442,922	$	19,198,767

Capital expenditures, including capitalized interest, totaled $2.1 billion, $2.5 billion and $1.7 billion for the years ended December 31, 2014, 2013 and 2012, respectively. Capitalized interest was $47 million, $115 million and $136 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Capital expenditures related to Paragon Offshore for the years ended December 31, 2014, 2013 and 2012 totaled $150 million, $359 million and $525 million, respectively. Additionally, a portion of our property and equipment at December 31, 2013 was related to Paragon Offshore. Depreciation expense for Paragon Offshore that was classified as discontinued operations totaled $236 million, $368 million and $318 million for the years ended December 31, 2014, 2013 and 2012, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 8- Debt

Long-term debt consists of the following at December 31, 2014 and 2013:

	December 31,		December 31,
	2014		2013
Senior unsecured notes:
7.375% Senior Notes due 2014	$	—	$	249,964
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,982		299,967
2.50% Senior Notes due 2017		299,920		299,886
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		499,151		499,022
4.625% Senior Notes due 2021		399,627		399,576
3.95% Senior Notes due 2022		399,264		399,178
6.20% Senior Notes due 2040		399,895		399,893
6.05% Senior Notes due 2041		397,681		397,646
5.25% Senior Notes due 2042		498,310		498,283
Total senior unsecured notes		3,745,525		3,995,110
Credit facilities & commercial paper program		1,123,495		1,561,141
Total long-term debt	$	4,869,020	$	5,556,251

Credit Facilities and Commercial Paper Program

At December 31, 2014, we had three credit facilities with an aggregate maximum available capacity of $2.9 billion, and a commercial paper program, which allowed us to issue up to $2.7 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by the unused capacity under our credit facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. The outstanding amounts of commercial paper reduce availability under our credit facilities.

In January 2015, we replaced the credit facilities discussed above with two new credit facilities, a five year $2.4 billion senior unsecured credit facility that matures in January 2020 and a $225 million 364-day senior unsecured credit facility that matures in January 2016 (together, the “Credit Facilities”). The $2.4 billion facility provides us with the ability to issue up to $500 million in letters of credit. The issuance of letters of credit under the facility reduces the amount available for borrowing. At December 31, 2014, we had no letters of credit issued under the credit facilities. Following the establishment of the new Credit Facilities, we reduced the size of our commercial paper program to $2.4 billion from $2.7 billion.

Senior Unsecured Notes

In March 2014, we repaid our $250 million 7.375% Senior Notes using issuances under our commercial paper program.

Our $350 million 3.45% Senior Notes mature during the third quarter of 2015. We anticipate using availability under our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we continue to report the balance as long-term at December 31, 2014.

Covenants

The Credit Facilities are guaranteed by our indirect, wholly-owned subsidiaries, Noble Holding International Limited (“NHIL”) and Noble Holding Corporation (“NHC”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. At December 31, 2014, our ratio of debt to total tangible capitalization was approximately 0.40. We were in compliance with all covenants under the credit facilities as of December 31, 2014.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

In addition to the covenants from the Credit Facilities noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and sale and lease-back transactions. At December 31, 2014, we were in compliance with all of our debt covenants.

Other

Interest payable related to our long-term debt was $62 million and $67 million at December 31, 2014 and 2013, respectively. Such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets.

At December 31, 2014, we had letters of credit of $149 million, including bonds covering the temporary importation of equipment, performance bonds and expatriate visa guarantees.

Aggregate principal repayments of total debt for the next five years and thereafter are as follows:

2015(1)(2)	2016		2017		2018		2019		Thereafter		Total
$1,473,495	$	299,982	$	299,920	$	—	$	201,695	$	2,593,928	$	4,869,020

(1) In August 2015, our $350 million 3.45% Senior Notes mature. We anticipate using availability on our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we have shown the entire balance as long-term on our Consolidated Balance Sheet at December 31, 2014.

(2) Amounts outstanding under our credit facilities and commercial paper program mature during 2015. As amounts issued under the commercial paper program are supported by the unused committed capacity under our Credit Facilities, they are classified as long-term on our Consolidated Balance Sheet at December 31, 2014.

Fair Value of Financial Instruments

Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in Note 15 and Note 17.

The following table presents the estimated fair value of our long-term debt as of December 31, 2014 and 2013:

	December 31, 2014				December 31, 2013
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Senior unsecured notes:
7.375% Senior Notes due 2014	$	—	$	—	$	249,964	$	253,634
3.45% Senior Notes due 2015		350,000		354,992		350,000		363,019
3.05% Senior Notes due 2016		299,982		302,515		299,967		309,878
2.50% Senior Notes due 2017		299,920		287,014		299,886		302,891
7.50% Senior Notes due 2019		201,695		212,068		201,695		232,839
4.90% Senior Notes due 2020		499,151		471,095		499,022		528,597
4.625% Senior Notes due 2021		399,627		363,837		399,576		413,868
3.95% Senior Notes due 2022		399,264		346,425		399,178		390,520
6.20% Senior Notes due 2040		399,895		350,351		399,893		421,720
6.05% Senior Notes due 2041		397,681		343,653		397,646		417,312
5.25% Senior Notes due 2042		498,310		385,181		498,283		476,873
Total senior unsecured notes		3,745,525		3,417,131		3,995,110		4,111,151
Credit facilities and commercial paper program		1,123,495		1,123,495		1,561,141		1,561,141
Total long-term debt	$	4,869,020	$	4,540,626	$	5,556,251	$	5,672,292

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 9- Equity

Share Capital

As of December 31, 2014, Noble-UK had approximately 247.5 million shares outstanding and trading as compared to approximately 253.4 million shares outstanding and trading at December 31, 2013. Repurchased shares are recorded at cost, and include shares repurchased pursuant to our approved share repurchase program discussed below. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval.

Our most recent quarterly dividend payment to shareholders, totaling approximately $93 million (or $0.375 per share), was declared on January 30, 2015 and paid on February 20, 2015 to holders of record on February 10, 2015.

The declaration and payment of dividends require authorization of the Board of Directors of Noble-UK, provided that such dividends on issued share capital may be paid only out of Noble-UK’s “distributable reserves” on its statutory balance sheet. Noble-UK is not permitted to pay dividends out of share capital, which includes share premiums. The amount of any such dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors.

Share Repurchases

Under UK law, the company is only permitted to purchase its own shares by way of an “off market purchase” in a plan approved by shareholders. Prior to our redomiciliation to the UK, a resolution was adopted by Noble-UK’s sole shareholder authorizing the repurchase of 6,769,891 shares during the five-year period commencing on the date of the redomiciliation. This number of shares corresponds to the number of shares that Noble-Swiss had authority to repurchase at the time of the redomiciliation. During 2014, we repurchased all shares covered by this authorization.

Share repurchases for each of the three years ended December 31 are as follows:

	Total Number				Average
Year Ended	of Shares				Price Paid
December 31,	Purchased		Total Cost(1)		per Share(1)
2014		6,769,891	$	154,145	$	22.77
2013		190,187		7,653		40.24
2012		302,150		10,516		34.80

(1) The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market.

In December 2014, we received shareholder approval to repurchase up to 37,000,000 additional ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. Any repurchases are expected to be funded using cash on hand, cash from operations or short-term borrowings under our credit facilities. The authority to make such repurchases will expire on the later of April 2016 or the end of the Company’s 2016 annual general meeting of shareholders, at which time we could seek shareholder approval for further repurchases.

Share-Based Compensation Plans

Stock Plans

The Noble Corporation 1991 Stock Option and Restricted Stock Plan, as amended (the “1991 Plan”), provides for the granting of options to purchase our shares, with or without stock appreciation rights, and the awarding of restricted shares or units to selected employees. In connection with the Spin-off, the total number of shares subject to issue under existing awards under the 1991 Plan was increased from 50.1 million to 60.3 million. As of December 31, 2014, we had 6.5 million shares remaining available for grants to employees under the 1991 Plan.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Prior to October 25, 2007, the Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors (the “1992 Plan”) provided for the granting of nonqualified stock options to our non-employee directors. On October 25, 2007, the 1992 Plan was amended and restated to, among other things, eliminate grants of stock options to non-employee directors and modify the annual award of restricted shares from a fixed number of restricted shares to an annually-determined variable number of restricted or unrestricted shares. In connection with the Spin-off, the total number of shares subject to issue under existing awards under the 1992 Plan was increased from 2.0 million to 2.3 million. As of December 31, 2014, we had 0.6 million shares remaining available for award to non-employee directors under the 1992 Plan.

Stock Options

Pursuant to the EMA (see Note 2), we modified the outstanding stock options for our employees in connection with the Spin-off. As the awards contained an antidilution provision, we made certain adjustments to the exercise price and number of our stock options to preserve the economic value of the grants immediately prior to the Spin-off. Each outstanding stock option of Noble, whether or not exercisable, that was held by a current or former Noble employee was adjusted such that the holder received an additional number of stock options of Noble based on a price ratio. The exercise price was adjusted by a factor equal to exercise price of the option prior to the Spin-off divided by the price ratio. The price ratio was calculated by dividing the average closing price of our stock during the 10 trading-day period prior to the Spin-off by the average closing price of our stock during the 10 trading-day period subsequent to the Spin-off. Each outstanding stock option of Noble, whether or not exercisable, that was held by an employee transferring to Paragon Offshore was vested at the Spin-off date and the exercise price and number of awards were adjusted in the same manner as explained above for Noble employees. At the Spin-off, we recognized the remaining expense for the accelerated vesting of stock options held by Paragon Offshore employees.

As a result of the Spin-off, an additional 339,223 stock options were issued to preserve the economic value of the grants immediately prior to the Spin-off, as discussed above. As no incremental fair value was awarded as a result of the issuance of these additional awards, the modification did not result in additional compensation expense.

Options have a term of 10 years, an exercise price equal to the fair market value of a share on the date of grant and generally vest over a three-year period. A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2014, 2013 and 2012 and the changes during the year ended on those dates is presented below:

	2014					2013					2012
	Number of			Weighted		Number of			Weighted		Number of			Weighted
	Shares			Average		Shares			Average		Shares			Average
	Underlying			Exercise		Underlying			Exercise		Underlying			Exercise
	Options			Price		Options			Price		Options			Price
Outstanding at beginning of year		1,808,987		$	33.13		2,027,089		$	32.44		2,498,662		$	29.22
Granted		—			—		—			—		358,772			36.04
Exercised (1)		(131,706	)		20.08		(212,017	)		26.66		(645,731	)		20.97
Forfeited		(57,871	)		30.18		(6,085	)		31.35		(184,614	)		35.92
Spin-off adjustment		339,223			N/A		—			—		—			—
Outstanding at end of year (2)		1,958,633			28.43		1,808,987			33.13		2,027,089			32.44
Exercisable at end of year (2)		1,846,465		$	28.35		1,510,929		$	32.47		1,453,945		$	30.70

(1) The intrinsic value of options exercised during the year ended December 31, 2014 was $3 million.

(2) The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014 was $0.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

The following table summarizes additional information about stock options outstanding at December 31, 2014:

	Options Outstanding						Options Exercisable
	Number of		Weighted		Weighted				Weighted
	Shares		Average		Average				Average
	Underlying		Remaining		Exercise		Number		Exercise
	Options		Life (Years)		Price		Exercisable		Price
$20.49 to $21.99		513,103		2.25	$	21.24		513,103	$	21.24
$22.00 to $29.74		312,531		2.71		27.13		294,553		27.24
$29.75 to $35.73		1,132,999		5.37		32.04		1,038,809		32.17
Total		1,958,633		4.13	$	28.43		1,846,465	$	28.35

No stock options were granted during the years ended December 31, 2014 and 2013, respectively. Fair value information and related valuation assumptions for stock options granted during the year ended December 31, 2012 is as follows:

	2012
Weighted average fair value per option granted	$	13.41
Valuation assumptions:
Expected option term (years)		6
Expected volatility		43.0	%
Historical dividend yield		1.4	%
Risk-free interest rate		1.1	%

The fair value of each option is estimated on the date of grant using a Black-Scholes pricing model. Assumptions used in the valuation are shown in the table above. The expected term of options granted represents the period of time that the options are expected to be outstanding and is derived from historical exercise behavior, current trends and values derived from lattice-based models. Expected volatilities are based on implied volatilities of traded options on our shares, historical volatility of our shares, and other factors. The expected dividend yield is based on historical yields on the date of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.

A summary of the status of our non-vested stock options at December 31, 2014, and changes during the year ended December 31, 2014, is presented below:

	Shares			Weighted-Average
	Under Outstanding			Grant-Date
	Options			Fair Value
Non-Vested Options at January 1, 2014		298,058		$	13.13
Vested		(204,877	)		13.16
Spin-off adjustment		18,987			N/A
Non-Vested Options at December 31, 2014		112,168		$	13.05

At December 31, 2014, there was $0.1 million of total unrecognized compensation cost remaining for option grants awarded under the 1991 Plan. We attribute the service period to the vesting period and the unrecognized compensation is expected to be recognized over a weighted-average period of 0.08 years. Compensation cost recognized during the years ended December 31, 2014, 2013 and 2012 related to stock options totaled $2 million, $3 million and $4 million, respectively. We issue new shares to meet the share requirements upon exercise of stock options.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Restricted Stock Units (“RSU’s)

Pursuant to the EMA (see Note 2), we modified the outstanding RSU awards, both time-vested restricted stock units (“TVRSUs”) and market-based performance-vested restricted stock units (“PVRSUs”), for our employees in connection with the Spin-off. As the awards contained an antidilution provision, we made certain adjustments to the number of our share-based compensation awards to preserve the economic value of the grants immediately prior to the Spin-off. Each outstanding and unvested RSU of Noble that was held by a current or former Noble employee was adjusted such that the holder received an additional number of RSUs of Noble based on a price ratio, which was calculated as noted above in “Stock Options”. Each outstanding and unvested TVRSU of Noble that was held by an employee transferring to Paragon Offshore was cancelled and an equivalent award was granted by Paragon Offshore. Each outstanding and unvested PVRSU of Noble that was held by an employee transferring to Paragon Offshore was continued pro-rata at the time of Spin-off, subject to the achievement of the performance condition at the end of the performance period. The remaining unvested PVRSUs were cancelled and an equivalent award was granted by Paragon Offshore, except for the 2012 PVRSU grants. For the 2012 PVRSU grants, a bonus will be paid by Paragon Offshore for the cancelled portion of the award should the performance factor be achieved.

As a result of the Spin-off, an additional 326,853 TVRSUs and 329,937 PVRSUs were issued to preserve the economic value of the grants immediately prior to the Spin-off, as discussed above. As no incremental fair value was awarded as a result of the issuance of these additional awards, the modification did not result in additional compensation expense.

We have awarded both TVRSU’s and PVRSU’s under the 1991 Plan. The TVRSU’s generally vest over a three year period. The number of PVRSU’s which vest will depend on the degree of achievement of specified corporate performance criteria over a three-year performance period. These criteria are strictly market based criteria as defined by FASB standards.

The TVRSU is valued on the date of award at our underlying share price. The total compensation for units that ultimately vest is recognized over the service period. The shares and related nominal value are recorded when the restricted stock unit vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes.

The market-based PVRSU is valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSU’s include historical volatility, risk-free interest rates, and expected dividends over a time period commensurate with the remaining term prior to vesting, as follows:

	2014			2013			2012
Valuation assumptions:
Expected volatility		33.0	%		34.8	%		41.4	%
Expected dividend yield		4.7	%		1.3	%		1.5	%
Risk-free interest rate		0.7	%		0.4	%		0.3	%

Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model.

A summary of the RSU awards for each of the years in the period ended December 31 is as follows:

	2014		2013		2012
TVRSU
Units awarded (maximum available)		1,617,534		1,033,009		932,274
Weighted-average share price at award date	$	31.56	$	41.32	$	36.53
Weighted-average vesting period (years)		3.0		3.0		3.0
PVRSU
Units awarded (maximum available)		740,364		565,650		481,206
Weighted-average share price at award date	$	31.66	$	41.42	$	36.90
Three-year performance period ended December 31		2016		2015		2014
Weighted-average award-date fair value	$	19.66	$	24.97	$	20.05

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

In October 2014, our Board of Directors approved a modification of certain PVRSU awards. The modification related to the composition of our peer groups for a portion of the 2013 and 2014 grants currently in place. The value of the modification was determined by taking the fair value of the modified award as compared to the fair value of the previous award immediately prior to modification, using a Monte Carlo Simulation Model to value both grants. In connection with this modification, we expect to incur approximately $0.5 million of related compensation cost over the life of the grant.

We award shares under the 1992 Plan. During the years ended December 31, 2014, 2013 and 2012, we awarded 50,796, 57,095 and 65,329 shares to non-employee directors, resulting in related compensation cost of $2 million in each of the three years.

A summary of the status of non-vested RSU’s at December 31, 2014 and changes during the year ended December 31, 2014 is presented below:

				Weighted					Weighted
				Average					Average
	TVRSU’s			Award-Date		PVRSU’s			Award-Date
	Outstanding			Fair Value		Outstanding (1)			Fair Value
Non-vested RSU’s at January 1, 2014		1,652,360		$	39.40		1,397,137		$	21.06
Awarded		1,617,534			31.56		740,364			19.66
Vested		(749,935	)		38.76		(180,975	)		16.77
Forfeited		(149,006	)		35.50		(253,882	)		17.66
Surrendered in connection with Spin-off		(816,627	)		34.22		(89,612	)		20.95
Spin-off adjustment		326,853			N/A		329,937			N/A
Non-vested RSU’s at December 31, 2014		1,881,179		$	34.66		1,942,969		$	21.44

(1) The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown.

At December 31, 2014 there was $31 million of total unrecognized compensation cost related to the TVRSU’s which is expected to be recognized over a remaining weighted-average period of 1.6 years. The total award-date fair value of TVRSU’s vested during the year ended December 31, 2014 was $29 million.

At December 31, 2014, there was $13 million of total unrecognized compensation cost related to the PVRSU’s which is expected to be recognized over a remaining weighted-average period of 1.6 years. The total potential compensation for PVRSU’s is recognized over the service period regardless of whether the performance thresholds are ultimately achieved. During the year ended December 31, 2014, 218,195 PVRSU’s for the 2011-2013 performance period were forfeited. In January 2015, 517,223 PVRSU’s for the 2012-2014 performance period were forfeited.

Share-based amortization recognized during the years ended December 31, 2014, 2013 and 2012 related to all restricted stock totaled $46 million ($37 million net of income tax), $44 million ($36 million net of income tax) and $36 million ($31 million net of income tax), respectively. Included in share-based amortization for the years ended December 31, 2014, 2013 and 2012 was approximately $7 million, $10 million and $8 million, respectively, related to Paragon Offshore that was classified as discontinued operations. Capitalized share-based amortization totaled approximately $1 million per year in 2014, 2013 and 2012, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 10- Accumulated Other Comprehensive Loss

The following tables set forth the components of “Accumulated other comprehensive loss” (“AOCL”) for the years ended December 31, 2014 and 2013 and changes in AOCL by component for the year ended December 31, 2014. All amounts within the tables are shown net of tax.

	Gains /			Defined
	(Losses) on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at December 31, 2012	$	—		$	(95,071	)	$	(20,378	)	$	(115,449	)
Activity during period:
Other comprehensive income (loss) before reclassifications		(1,200	)		29,861			(3,188	)		25,473
Amounts reclassified from AOCL		1,200			6,612			—			7,812
Net other comprehensive income (loss)		—			36,473			(3,188	)		33,285
Balance at December 31, 2013	$	—		$	(58,598	)	$	(23,566	)	$	(82,164	)
Activity during period:
Other comprehensive income (loss) before reclassifications		(4,286	)		(30,952	)		(118	)		(35,356	)
Amounts reclassified from AOCL		4,286			9,338			—			13,624
Net other comprehensive income (loss)		—			(21,614	)		(118	)		(21,732	)
Spin-off of Paragon Offshore(3)		—			21,772			12,706			34,478
Balance at December 31, 2014	$	—		$	(58,440	)	$	(10,978	)	$	(69,418	)

(1) Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 16 for additional information.

(2) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 15 for additional information.

(3) Reclassifications for the Spin-off of Paragon Offshore represent accumulated balances in AOCL that were transferred as part of the Spin-off.

Note 11- Loss on Impairment

Asset impairments

In connection with the preparation of the consolidated financial statements included in this Annual Report, consistent with our accounting policies discussed in Note 1, we evaluate our drilling fleet assets for impairment on an annual basis or whenever there are changes in facts which suggest that the value of the asset is not recoverable.

During the fourth quarter of 2014, in connection with our annual impairment analysis, we reviewed assumptions on the future marketability of the Noble Driller, the Noble Jim Thompson and the Noble Paul Wolff (together the “impaired rigs”) with consideration given to their years in service, limited technical features and anticipated capital requirements in light of the current market conditions and decided to discontinue marketing these units. We evaluated these units for impairment and recorded an impairment of approximately $685 million on these rigs for the year ended December 31, 2014. The total remaining book value at of $47 million at December 31, 2014 represented the equipment present on the rigs, which will be redeployed within our fleet. The remaining book value is a level 3 fair value measurement under accounting literature as it contains significant estimation and non-observable inputs.

In 2012, we determined that our submersible rig fleet, consisting of two cold stacked rigs, was partially impaired due to the declining market outlook for drilling services for that rig type. We estimated the fair value of the rigs based on the salvage value of the rigs and a then recent transaction involving a similar unit owned by a peer

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

company (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $13 million for the year ended December 31, 2012. During 2013, we recorded an additional impairment charge of approximately $4 million on these rigs arising from the potential disposition of these assets to an unrelated third party. In January 2014, we completed the sale of the submersibles for a total sales price of $7 million.

Also in 2012, we determined that certain corporate assets were partially impaired due to a declining market for, and the potential disposal of, the assets. We estimated the fair value of the assets based on a signed letter of intent to sell the assets (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $8 million for the year ended December 31, 2012.

Goodwill

In connection with our acquisition of Frontier in 2010, we recognized goodwill in our Contract Drilling Services reporting unit. In connection with the preparation of the consolidated financial statements included in this Annual Report, as discussed in Note 1, we conduct goodwill impairment testing annually in the fourth quarter of each year and when events occur that would potentially reduce the fair value of our reporting unit below its carrying amount.

As part of our annual test completed during the fourth quarter, we noted a significant decline in the market value of our stock, coupled with a decrease in oil and gas prices, significant reductions in the projected dayrates for new contracts and reduced utilization forecasts. These factors drove our fair value of the reporting unit below the book value, and we concluded that the goodwill in the Contract Drilling Services reporting unit was impaired. We deemed this to be a level 3 fair value measurement under accounting literature as it contains significant estimation and non-observable inputs. During the fourth quarter, we fully impaired the $60 million of goodwill on our books.

Note 12- Gain on Disposal of Assets, net

During the third quarter of 2013, we completed the sale of the Noble Lewis Dugger for $61 million to an unrelated third party in Mexico. In connection with the sale, we recorded a pre-tax gain of approximately $36 million.

Note 13- Gain on Contract Settlements/Extinguishments, Net

In 2013, we received $45 million related to the settlement of all claims against the former shareholders of FDR Holdings, Ltd., which we acquired in July 2010, relating to alleged breaches of various representations and warranties contained in the purchase agreement. A portion of the settlement, totaling approximately $14 million, was allocated to discontinued operations as it related to certain standard specification rigs.

In 2012, we received approximately $5 million from the settlement of a claim relating to the Noble David Tinsley, which had experienced a “punch-through” while being positioned on location in 2009. We had originally recorded a $17 million charge during 2009 related to this incident. Additionally, during the second quarter of 2012, we settled an action against certain vendors for damages sustained during Hurricane Ike. We recognized a net gain of approximately $28 million related to this settlement. We also resolved all outstanding matters with Anadarko Petroleum Company (“Anadarko”) related to the previously disclosed force majeure action, Hurricane Ike matters and receivables relating to the Noble Amos Runner.

Note 14- Income Taxes

Noble-UK is a company which is tax resident in the UK and, as such, will be subject to UK corporation tax on its taxable profits and gains. A UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income of the non-UK subsidiaries is not expected to be subject to UK corporation tax. Prior to the redomiciliation, Noble-Swiss was the group holding company and was exempt from Swiss cantonal and communal income tax on its worldwide income, and was also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying participations. It is expected that the participation relief will result in a full exemption of participation income from Swiss federal income tax. We do not expect the redomiciliation from Switzerland to the UK to have a material impact on our effective tax rate.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Consequently, we have taken account of those tax exemptions and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries have a taxable presence for income tax purposes.

The components of the net deferred taxes are as follows:

	2014			2013
Deferred tax assets
United States
Deferred pension plan amounts	$	23,497		$	8,859
Accrued expenses not currently deductible		14,250			31,769
Other		11,267			14,542
Non-U.S.
Net operating loss carry forwards		6,907			33,021
Deferred pension plan amounts		3,096			2,130
Other		—			300
Deferred tax assets		59,017			90,621
Less: valuation allowance		(6,907	)		(16,847	)
Net deferred tax assets	$	52,110		$	73,774
Deferred tax liabilities
United States
Excess of net book basis over remaining tax basis	$	(166,959	)	$	(275,073	)
Other		(4,969	)		(6,002	)
Non-U.S.
Excess of net book basis over remaining tax basis		(200	)		(1,034	)
Other		(397	)		(2,452	)
Deferred tax liabilities	$	(172,525	)	$	(284,561	)
Net deferred tax liabilities	$	(120,415	)	$	(210,787	)

Income (loss) from continuing operations before income taxes consists of the following:

	Year Ended December 31,
	2014			2013		2012
United States	$	38,206		$	178,090	$	135,618
Non-U.S.		(8,741	)		460,331		407,747
Total	$	29,465		$	638,421	$	543,365

The income tax provision for continuing operations consists of the following:

	Year Ended December 31,
	2014			2013			2012
Current- United States	$	50,829		$	83,302		$	65,244
Current- Non-U.S.		74,288			23,836			45,593
Deferred- United States		(18,655	)		(14,032	)		(16,256	)
Deferred- Non-U.S.		189			(989	)		602
Total	$	106,651		$	92,117		$	95,183

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties:

	2014			2013			2012
Gross balance at January 1,	$	115,969		$	115,009		$	108,036
Additions based on tax positions related to current year		16,880			2,318			3,704
Additions for tax positions of prior years		12,928			18,906			16,432
Reductions for tax positions of prior years		(8	)		(7,910	)		(7,917	)
Expiration of statutes		(2,852	)		(2,633	)		(1,903	)
Reduction due to Spin-off		(26,870	)		—			—
Tax settlements		(7,235	)		(9,721	)		(3,343	)
Gross balance at December 31,		108,812			115,969			115,009
Related tax benefits		(1,064	)		(2,038	)		(9,981	)
Net reserve at December 31,	$	107,748		$	113,931		$	105,028

The liabilities related to our reserve for uncertain tax positions are comprised of the following:

	2014		2013
Reserve for uncertain tax positions, excluding interest and penalties	$	107,748	$	113,931
Interest and penalties included in “Other liabilities”		8,039		13,190
Reserve for uncertain tax positions, including interest and penalties	$	115,787	$	127,121

If these reserves of $116 million are not realized, the provision for income taxes will be reduced by $116 million.

We include, as a component of our “Income tax provision”, potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax benefit of $1 million in 2014, an income tax benefit of $7 million in 2013 and an income tax expense of $5 million in 2012.

It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next twelve months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits.

We conduct business globally and, as a result, we file numerous income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including major jurisdictions such as Brazil, India, Mexico, Nigeria, Norway, Qatar, Saudi Arabia, Switzerland, the United Kingdom and the United States. We are no longer subject to U.S. Federal income tax examinations for years before 2010 and non-U.S. income tax examinations for years before 2000.

Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The income of our non-UK subsidiaries is not subject to UK income tax. Earnings are taxable in the United Kingdom at the UK statutory rate of 21.5 percent. Ongoing consultative process in the United Kingdom and a possible change in law could materially impact our tax rate on operations in the United Kingdom continental shelf. A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below:

	Year Ended December 31,
	2014			2013			2012
Effect of:
Tax rates which are different than the UK and Cayman Island rates		19.3	%		15.5	%		18.6	%
Tax impact of asset impairment		344.0	%		0.0	%		0.0	%
Resolution of tax authority audits		-1.3	%		-1.1	%		-1.1	%
Total		362.0	%		14.4	%		17.5	%

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

We generated and fully utilized U.S. foreign tax credits of $17 million, $15 million and $22 million in 2014, 2013 and 2012, respectively.

For the year ended December 31, 2013, deferred income taxes were not provided on approximately $80 million of undistributed earnings of our subsidiaries. We considered such earnings to be permanently reinvested. If such earnings would have been distributed, we may have been subject to additional income taxes of approximately $20 to $25 million. All aforementioned earnings were held by subsidiaries which, as a result of the Spin-off, are now subsidiaries of Paragon Offshore. Therefore, at December 31, 2014, we have no undistributed earnings of our subsidiaries for which deferred income taxes have not been provided.

Note 15- Employee Benefit Plans

Defined Benefit Plans

Prior to the Spin-off, each of Noble Drilling (Land Support) Limited (“NDLS”), Noble Enterprises Limited (“NEL”) and Noble Drilling (Nederland) B.V. (“NDNBV”), all indirect, wholly-owned subsidiaries of Noble-UK, maintained a pension plan that covered all of its salaried, non-union employees. Benefits were based on credited service and employees’ compensation near retirement, as defined by the respective plan.

As a result of the Spin-off, employees of Paragon Offshore no longer participate in benefit plans sponsored or maintained by Noble. At the time of the Spin-off, NEL and NDNBV transferred all assets and obligations to Paragon Offshore. The benefits of retained Noble employees who participated in the NEL plan prior to the Spin-off were frozen in the NEL plan and their future benefits were replicated into a new plan maintained by an indirect, wholly-owned subsidiary of Noble-UK, Noble Resources Limited (“NRL”).

Subsequent to the Spin-off, Noble maintains the NDLS and NRL plans. Benefits are based on credited service and employees’ compensation near retirement, as defined by the respective plan. Reference to our “non-U.S. plans” included throughout this report relates to the Noble-maintained NDLS and NRL plans, as well as activity for the NEL and NDNBV plans prior to the Spin-off.

In addition to the non-U.S. plans discussed above, we have two U.S. noncontributory defined benefit pension plans: one which covers certain salaried employees and one which covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified U.S. plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust (the “Trust”). The benefits from these plans are based primarily on years of service and, for the salaried plan, employees’ compensation near retirement. These plans qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credit balances available to us under the plan, for the qualified U.S. plans when required. The benefit amount that can be covered by the qualified U.S. plans is limited under ERISA and the Internal Revenue Code (“IRC”) of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salary U.S. plan. We refer to the qualified U.S. plans and the excess benefit plan collectively as the “U.S. plans”.

Employees participating in the U.S. plans that transferred to Paragon Offshore at the time of the Spin-off terminated under these plans as of July 31, 2014. In connection with the termination of these employees, we recognized a curtailment expense of $0.2 million for the year ended December 31, 2014. Additionally in 2014, we recognized a settlement expense of $10 million related to those terminated employees that elected to receive their accumulated benefits as a lump sum distribution.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-U.S. and U.S. plans is as follows:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Benefit obligation at beginning of year	$	161,591		$	223,938		$	151,781		$	225,885
Service cost		4,777			8,901			5,496			10,724
Interest cost		4,650			10,546			5,085			9,049
Actuarial loss (gain)		6,145			51,524			(4,584	)		(17,652	)
Plan amendments		1,595			—			(227	)		—
Benefits paid		(2,819	)		(4,262	)		(2,558	)		(4,068	)
Settlement		—			(34,397	)		—			—
Curtailment		—			(18,178	)		—			—
Plan participants’ contributions		266			—			956			—
Foreign exchange rate changes		(7,071	)		—			5,642			—
Spin-off adjustment		(96,581	)		—			—			—
Benefit obligation at end of year	$	72,553		$	238,072		$	161,591		$	223,938

A reconciliation of the changes in fair value of plan assets is as follows:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Fair value of plan assets at beginning of year	$	174,257		$	201,011		$	151,819		$	167,170
Actual return on plan assets		6,717			7,750			8,470			31,518
Employer contributions		6,863			2,017			9,365			6,391
Benefits and expenses paid		(2,819	)		(4,262	)		(2,558	)		(4,068	)
Settlement		—			(34,397	)		—			—
Plan participants’ contributions		266			—			956			—
Foreign exchange rate changes		(11,068	)		—			6,205			—
Spin-off adjustment		(96,502	)		—			—			—
Fair value of plan assets at end of year	$	77,714		$	172,119		$	174,257		$	201,011

The funded status of the plans is as follows:

	Year Ended December 31,
	2014					2013
	Non-U.S.		U.S.			Non-U.S.		U.S.
Funded status	$	5,161	$	(65,953	)	$	12,666	$	(22,927	)

Amounts recognized in the Consolidated Balance Sheets consist of:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Other assets (noncurrent)	$	7,725		$	—		$	13,586		$	6,132
Other liabilities (current)		—			(3,037	)		—			(2,120	)
Other liabilities (noncurrent)		(2,564	)		(62,916	)		(920	)		(26,939	)
Net amount recognized	$	5,161		$	(65,953	)	$	12,666		$	(22,927	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Amounts recognized in AOCL consist of:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Net actuarial loss	$	11,793		$	73,705		$	30,902		$	45,338
Prior service cost		1,531			468			(232	)		905
Deferred income tax asset		(3,096	)		(25,961	)		(2,130	)		(16,185	)
Accumulated other comprehensive loss	$	10,228		$	48,212		$	28,540		$	30,058

Pension cost includes the following components:

	Year Ended December 31,
	2014						2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.
Service Cost	$	4,777		$	8,901		$	5,496		$	10,724		$	4,461		$	9,612
Interest Cost		4,650			10,546			5,085			9,049			5,372			8,719
Return on plan assets		(6,117	)		(15,499	)		(5,836	)		(13,102	)		(5,344	)		(11,171	)
Amortization of prior service cost		46			196			—			227			—			227
Recognized net actuarial loss		769			2,857			1,670			7,639			803			7,356
Curtailment expense		—			241			—			—			—			—
Settlement expense		—			9,872			—			—			—			—
Net pension expense	$	4,125		$	17,114		$	6,415		$	14,537		$	5,292		$	14,743

Included in net pension expense for the years ended December 31, 2014, 2013 and 2012 for non-U.S. plans was approximately $2 million, $4 million and $3 million, respectively, related to Paragon Offshore that was classified as discontinued operations. Included in net pension expense for the years ended December 31, 2014, 2013 and 2012 for U.S. plans was approximately $11 million, $4 million and $4 million, respectively, related to Paragon Offshore that was classified as discontinued operations.

The estimated prior service cost and net actuarial loss that will be amortized from AOCL into net periodic pension cost in 2015 are $0.1 million and $0.3 million, respectively, for non-U.S. plans and $0.1 million and $6.2 million, respectively, for U.S. plans.

During 2014, we adopted the Retirement Plan (“RP”) 2014 mortality tables with the Mortality Projection (“MP”) scale as issued by the Society of Actuaries. The RP 2014 mortality tables represent the new standard for defined benefit mortality assumptions due to longer life expectancies. The adoption of the updated mortality tables and the mortality improvement scales increased our pension liability on our U.S. plans by approximately $14 million as of December 31, 2014.

Defined Benefit Plans—Disaggregated Plan Information

Disaggregated information regarding our non-U.S. and U.S. plans is summarized below:

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Projected benefit obligation	$	72,553	$	238,072	$	161,591	$	223,938
Accumulated benefit obligation		68,902		202,716		154,140		185,383
Fair value of plan assets		77,714		172,119		174,257		201,011

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2014 and 2013. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases.

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Projected benefit obligation	$	3,157	$	238,072	$	6,740	$	200,472
Fair value of plan assets		592		172,119		5,820		171,413

The PBO for the unfunded excess benefit plan was $20 million at December 31, 2014 as compared to $13 million in 2013, and is included under “U.S.” in the above tables.

The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2014 and 2013. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels.

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Accumulated benefit obligation	$	1,355	$	202,716	$	6,493	$	11,997
Fair value of plan assets		592		172,119		5,820		—

The ABO for the unfunded excess benefit plan was $13 million at December 31, 2014 as compared to $12 million in 2013, and is included under “U.S.” in the above tables.

Defined Benefit Plans—Key Assumptions

The key assumptions for the plans are summarized below:

	Year Ended December 31,
	2014		2013
	Non-U.S.	U.S.	Non-U.S.	U.S.
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	2.6%-3.7%	3.0%-4.1%	3.9%-4.7%	3.9%-5.1%
Rate of compensation increase	3.6%-4.1%	5.0%	3.6%-4.5%	5.0%

	Year Ended December 31,
	2014		2013		2012
	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	2.7%-4.7%	3.9%-5.1%	2.5%-4.5%	3.1%-4.2%	4.7%-5.0%	4.3%-4.7%
Expected long-term return on assets	2.3%-6.0%	7.8%	2.3%-5.7%	7.8%	3.9%-5.4%	7.8%
Rate of compensation increase	3.6%-4.5%	5.0%	3.6%-4.1%	5.0%	2.3%-4.4%	5.0%

The discount rate used to calculate the net present value of future benefit obligations for our U.S. plan is based on the average of current rates earned on long-term bonds that receive a Moody’s rating of “Aa” or better. We have determined that the timing and amount of expected cash outflows on our plan reasonably match this index. For non-U.S. plans, the discount rates used to calculate the net present value of future benefit obligations are determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities.

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

We employ third-party consultants for our U.S. and non-U.S. plans that use a portfolio return model to assess the initial reasonableness of the expected long-term rate of return on plan assets. To develop the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio.

Defined Benefit Plans—Plan Assets

Non-U.S. Plans

Both the NEL and NDNBV pension plans assets and liabilities were transferred to Paragon Offshore as part of the Spin-off.

The NRL pension plan has a targeted asset allocation of 100 percent debt securities. The investment objective for the NRL Plan assets is to earn a favorable return against the Barclays Capital Euro-Treasury AAA index. We evaluate the performance of this plan on an annual basis.

The NDLS pension plan has a target asset allocation of 70 percent equity securities and 30 percent debt securities. The investment objective of the plan, as adopted by the plan’s trustees, is to achieve a favorable return against a benchmark of blended United Kingdom market indices. By achieving this objective, the trustees believe the plan will be able to avoid significant volatility in the contribution rate and provide sufficient plan assets to cover the plan’s benefit obligations were the plan to be liquidated. To achieve these objectives, the trustees have given the plan’s investment managers full discretion in the day-to-day management of the plan’s assets. The plan’s assets are invested with two investment managers. The performance objective communicated to one of these investment managers is to exceed a blend of FTSE A Over 15 Year Gilts index and iBoxx Sterling Non Gilts index by 1.25 percent per annum. The performance objective communicated to the other investment manager is to exceed a blend of FTSE’s All Share index, North America index, Europe index and Pacific Basin index by 1.00 to 2.00 percent per annum. This investment manager is prohibited by the trustees from investing in real estate. The trustees meet with the investment managers periodically to review and discuss their investment performance.

The actual fair values of Non-U.S. pension plans as of December 31, 2014 and 2013 are as follows:

			December 31, 2014
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	87	$	87	$	—	$	—
Equity securities:
International companies	$	53,261	$	53,261	$	—	$	—
Fixed income securities:
Corporate bonds	$	23,774	$	—	$	23,774	$	—
Other		592		—		—		592
Total	$	77,714	$	53,348	$	23,774	$	592

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

			December 31, 2013
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	207	$	207	$	—	$	—
Equity securities:
International companies	$	54,722	$	54,722	$	—	$	—
Fixed income securities:
Corporate bonds	$	41,767	$	—	$	41,767	$	—
Other		77,561		—		—		77,561
Total	$	174,257	$	54,929	$	41,767	$	77,561

At December 31, 2013, assets of both NEL and NDNBV were invested in instruments that are similar in form to a guaranteed insurance contract, which were transferred to Paragon Offshore in the Spin-off. At December 31, 2014, assets of NRL were invested in instruments that are similar in form to a guaranteed insurance contract. There are no observable market values for these assets (Level 3); however, the amounts listed as plan assets were materially similar to the anticipated benefit obligations that were anticipated under the plans. Amounts were therefore calculated using actuarial assumptions completed by third-party consultants employed by Noble. The following table details the activity related to these investments during the year.

	Market
	Value
Balance as of December 31, 2013	$	77,561
Assets transferred out in Spin-off		(77,561	)
Assets purchased		749
Assets sold/benefits paid		(157	)
Balance as of December 31, 2014	$	592

U.S. Plans

The Trust invests in equity securities, fixed income debt securities, and cash equivalents and other short-term investments. The Trust may invest in these investments directly or through pooled vehicles, including mutual funds.

The Company’s overall investment strategy, or target range, is to achieve a mix of approximately 66.5 percent in equity securities, 32 percent in debt securities and 1.5 percent in cash holdings. Actual results may deviate from the target range, however any deviation from the target range of asset allocations must be approved by the Trust’s governing committee.

The performance objective of the Trust is to outperform the return of the Total Index Composite as constructed to reflect the target allocation weightings for each asset class. This objective should be met over a market cycle, which is defined as a period not less than three years or more than five years. U.S. equity securities (common stock, convertible preferred stock and convertible bonds) should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Non-U.S. equity securities (common stock, convertible preferred stock and convertible bonds), either from developed or emerging markets, should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Fixed income debt securities should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years.

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Cash equivalent and short-term investments should achieve relative performance better than the 90-day Treasury bills. When mutual funds are used by the Trust, those mutual funds should achieve a total return that equals or exceeds the total return of each fund’s appropriate Lipper or Morningstar peer category over a full market cycle of three to five years. Lipper and Morningstar are independent mutual fund rating and information services.

For investments in equity securities, no individual options or financial futures contracts are purchased unless approved in writing by the Trust’s governing committee. In addition, no private placements or purchases of venture capital are allowed. The target amount in international equities is 20 percent of plan assets and may not exceed 23 percent of plan assets. Of the international equities amount, no more than 30 percent can be related to any particular country. The Trust’s equity managers vote all proxies in the best interest of the Trust without regards to social issues. The Trust’s governing committee reserves the right to comment on and exercise control over the response to any individual proxy solicitation.

For fixed income debt securities, corporate bonds purchased are primarily limited to investment grade securities as established by Moody’s or Standard & Poor’s. The total fixed income exposure from any single non-government or government agency issuer shall not exceed 42 percent of the Trust’s fixed income holdings. The average duration of the total portfolio shall not exceed the Barclays Capital Aggregate Bond Index by 1.5 years. All interest and principal receipts are swept, as received, into an alternative cash management vehicle until reallocated in accordance with the Trust’s core allocation.

For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund’s prospectus and the other governing documentation at the fund level.

For investments in cash equivalent and short-term investments, the Trust utilizes a money market mutual fund which invests in U.S. government and agency obligations, repurchase agreements collateralized by U.S. government or agency securities, commercial paper, bankers’ acceptances, certificate of deposits, delayed delivery transactions, reverse repurchase agreements, time deposits and Euro obligations. Bankers’ acceptances shall be made in larger banks (ranked by assets) rated “Aa” or better by Moody’s and in conformance with all FDIC regulations concerning capital requirements.

Equity securities include our shares in the amounts $4 million (2.1 percent of total U.S. plan assets) at December 31, 2013. No shares of Noble were included in equity securities at December 31, 2014.

The actual fair values of U.S. pension plan assets as of December 31, 2014 and 2013 are as follows:

			December 31, 2014
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	5,998	$	—	$	5,998	$	—
Equity securities:
United States	$	80,823	$	80,823	$	—	$	—
International		33,392		33,392		—		—
Fixed income securities:
Corporate bonds	$	51,906	$	51,906	$	—	$	—
Total	$	172,119	$	166,121	$	5,998	$	—

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

			December 31, 2013
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	2,184	$	—	$	2,184	$	—
Equity securities:
United States	$	104,899	$	80,714	$	24,185	$	—
International		33,012		33,012		—		—
Fixed income securities:
Corporate bonds	$	60,916	$	60,916	$	—	$	—
Total	$	201,011	$	174,642	$	26,369	$	—

While the underlying investments related to the equity securities are traded in active markets, which is a Level 1 measurement, the funds we own the investments through are not themselves actively traded, and therefore are being presented as a Level 2 measurement at December 31, 2013.

As of December 31, 2014, no single security made up more than 10 percent of total assets of either the U.S. or the Non-U.S. plans.

Defined Benefit Plans—Cash Flows

In 2014, we made total contributions of $7 million and $2 million to our non-U.S. and U.S. pension plans, respectively. In 2013, we made total contributions of $9 million and $6 million to our non-U.S. and U.S. pension plans, respectively. In 2012, we made total contributions of $6 million and $11 million to our non-U.S. and U.S. pension plans, respectively. We expect our aggregate minimum contributions to our non-U.S. and U.S. plans in 2015, subject to applicable law, to be $2 million and $3 million, respectively. We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion.

The following table summarizes our estimated benefit payments at December 31, 2014:

			Payments by Period
	Total		2015		2016		2017		2018		2019		Thereafter
Estimated benefit payments
Non U.S. plans	$	23,037	$	1,630	$	1,693	$	1,882	$	1,955	$	2,207	$	13,670
U.S. plans		105,192		8,029		6,687		7,327		7,989		8,914		66,246
Total estimated benefit payments	$	128,229	$	9,659	$	8,380	$	9,209	$	9,944	$	11,121	$	79,916

Other Benefit Plans

We sponsor a 401(k) Restoration Plan, which is a nonqualified, unfunded employee benefit plan under which specified employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The 401(k) Restoration Plan has no assets, and amounts withheld for the 401(k) Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and associated returns are tracked on a phantom basis. Accordingly, we have a liability to the employee for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, benefit should phantom investment losses occur. At December 31, 2014 and 2013, our liability for the 401(k) Restoration Plan was $7 million and $8 million, respectively, and is included in “Accrued payroll and related costs.”

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

In 2005 we enacted a profit sharing plan, the Noble Drilling Services Inc. Profit Sharing Plan, which covers eligible employees, as defined. Participants in the plan become fully vested in the plan after five years of service, or three years beginning in 2007. Profit sharing contributions are discretionary, require Board of Directors approval and are made in the form of cash. Contributions recorded related to this plan totaled $6 million, $5 million and $4 million in 2014, 2013 and 2012, respectively.

We sponsor a 401(k) savings plan and other retirement, health and welfare plans for the benefit of our employees. The cost of maintaining these plans for continuing operations aggregated approximately $70 million, $80 million and $69 million in 2014, 2013 and 2012, respectively. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees.

Note 16- Derivative Instruments and Hedging Activities

We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives.

For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings.

Cash Flow Hedges

Several of our regional shorebases, including our North Sea and Brazilian operations, have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. During 2014 and 2013, we entered into forward contracts of approximately $195 million and $128 million, respectively, all of which settled during their respective years. At both December 31, 2014 and 2013, we had no outstanding derivative contracts.

Financial Statement Presentation

To supplement the fair value disclosures in Note 17, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the years ended December 31, 2014 and 2013:

	Gain/(loss) recognized through AOCL				Gain reclassified from AOCL to “contract drilling services” expense						Gain/(loss) recognized through “contract drililng services” expense
	2014		2013		2014			2013			2014		2013
Cash flow hedges
Foreign currency forward contracts	$	4,286	$	1,200	$	(4,286	)	$	(1,200	)	$	—	$	—

Note 17- Financial Instruments and Credit Risk

The following tables present the carrying amount and estimated fair value as of December 31, 2014 and 2013 of our financial instruments recognized at fair value on a recurring basis:

	December 31, 2014
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets—
Marketable securities	$	6,175	$	6,175	$	—	$	—

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

	December 31, 2013
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets—
Marketable securities	$	7,230	$	7,230	$	—	$	—

The foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value.

Concentration of Credit Risk

The market for our services is the offshore oil and gas industry, and our customers consist primarily of major integrated oil companies, government-owned oil companies and independent oil and gas producers. We perform ongoing credit evaluations of our customers and do not require material collateral. We maintain reserves for potential credit losses when necessary. Our results of operations and financial condition should be considered in light of the fluctuations in demand experienced by drilling contractors as changes in oil and gas producers’ expenditures and budgets occur. These fluctuations can impact our results of operations and financial condition as supply and demand factors directly affect utilization and dayrates, which are the primary determinants of our net cash provided by operating activities.

Revenues from Shell and its affiliates accounted for approximately 55 percent, 67 percent and 51 percent of our consolidated operating revenues in 2014, 2013 and 2012, respectively. Revenues from Saudi Arabian Oil Company (“Saudi Aramco”) accounted for approximately 10 percent of our consolidated operating revenues in both 2013 and 2012. Saudi Aramco did not account for more than 10 percent of our consolidated operating revenues in 2014. Revenues from Petróleo Brasileiro S.A. (“Petrobras”) accounted for approximately 11 percent of our consolidated operating revenues in 2012. Petrobras did not account for more than 10 percent of our consolidated operating revenues in either 2014 or 2013. No other customer accounted for more than 10 percent of our consolidated operating revenues in 2014, 2013 or 2012.

Note 18- Commitments and Contingencies

The Noble Homer Ferrington was under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), which entered into an assignment agreement with British Petroleum plc (“BP”) for a two-well farmout of the rig in Libya after successfully drilling two wells with the rig for ExxonMobil. In August 2010, BP attempted to terminate the assignment agreement claiming that the rig was not in the required condition, and ExxonMobil informed us that we must look to BP for payment of the dayrate during the assignment period. In August 2010, we initiated arbitration proceedings under the drilling contract against both BP and ExxonMobil. We do not believe BP had the right to terminate the assignment agreement and believe the rig was ready to operate under the drilling contract. The rig operated under farmout arrangements from March 2011 to the conclusion of the contract in the second quarter of 2012. We believe we are owed dayrate by either or both of these clients. The operating dayrate was approximately $538,000 per day for the work in Libya. The arbitration process is proceeding, and we intend to vigorously pursue these claims. As a result of the uncertainties noted above, we have not recognized any revenue during the assignment period and the matter could have a material positive effect on our results of operations or cash flows in the period the matter is resolved should the arbitration panel ultimately rule in our favor.

In November 2012, the U.S. Coast Guard in Alaska conducted an inspection of our drillship, the Noble Discoverer, and cited a number of deficiencies to be remediated, including issues relating to the main propulsion and safety management system. We initiated a comprehensive effort to address the deficiencies identified by the Coast Guard and worked with the agency to keep it apprised of our progress. We also conducted an internal investigation in conjunction with the Coast Guard inspection, and the Coast Guard conducted its own investigation. We reported

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

certain potential violations of applicable law to the Coast Guard identified as a result of our internal investigation. These related to what we believe were certain unauthorized disposals of collected deck and sea water from the Noble Discoverer, collected, treated deck water from the Kulluk and potential record-keeping issues with the oil record books for the Noble Discoverer and Kulluk and other matters. The Coast Guard referred the Noble Discoverer and Kulluk matters to the U.S. Department of Justice (“DOJ”) for further investigation. In December 2014, one of our subsidiaries reached a settlement with the DOJ regarding its investigation of the Noble Discoverer and the Kulluk. Under the terms of the agreement, the subsidiary pled guilty to oil record book, ballast record and required hazardous condition reporting violations with respect to the Noble Discoverer and an oil record book violation with respect to the Kulluk. The subsidiary paid $8.2 million in fines and $4 million in community service payments, and was placed on probation for four years, provided that we may petition the court for early dismissal of probation after three years. If during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. We also implemented a comprehensive environmental compliance plan.

We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At December 31, 2014, there were 42 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the United States in the states of Illinois, Louisiana, Mississippi and Texas. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows.

We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims.

We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. During 2013, the IRS completed its examination of our tax reporting for the taxable year ended December 31, 2008 and concluded that we were entitled to a refund. The congressional Joint Committee on Taxation took no exception to the conclusions reached by the IRS, and the refund, plus interest, was received in March 2014. The IRS also completed its examination of our tax reporting for the taxable year ended December 31, 2009, and informed us that it made no changes to our reported tax. During the first quarter of 2014, the IRS began its examination of our tax reporting for the taxable years ended December 31, 2010 and 2011. We believe that we have accurately reported all amounts in our 2010 and 2011 tax returns. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments.

Audit claims of approximately $66 million attributable to income, customs and other business taxes have been assessed against us. We have received tax assessments of approximately $141 million related to Paragon Offshore assets that operated through Noble-retained entities in Mexico, and Paragon Offshore has received tax assessments of approximately $165 million for Noble assets that operated through a Paragon Offshore-retained entity in Brazil. Of these tax assessments in Mexico and Brazil, approximately $20 million and $46 million, respectively, relate to Noble’s share of the tax liability. Under the TSA, Paragon Offshore has an obligation to indemnify us for all assessed amounts that are related to Paragon Offshore’s Mexico assets, approximately $121 million, and we have an obligation to indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Brazil assets, approximately $46 million, in each case, if and when such payments become due. We have contested, or intend to contest, these assessments, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions.

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

On January 23, 2015, Noble received an official notification of a ruling from the Second Chamber of the Supreme Court in Mexico. The ruling settled an ongoing dispute in Mexico relating to the classification of a Noble subsidiary’s business activity and the applicable rate of depreciation under the Mexican law. The ruling did not result in any additional tax liability to Noble. Additionally, the ruling does not constitute mandatory jurisprudence in Mexico, and thus is only applicable to the Noble subsidiary named in the ruling. We will continue to contest future assessments received. Any claim by the tax authorities relating to this issue is subject to a full indemnification from Paragon Offshore under the TSA.

We have been notified by Petrobras that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs is R$79 million (approximately $30 million). We believe that our contract with Petrobras requires Petrobras to indemnify us for these withholding taxes. We will, if necessary, vigorously defend our rights.

We maintain certain insurance coverage against specified marine perils, which includes physical damage and loss of hire. Damage caused by hurricanes has negatively impacted certain aspects of the energy insurance market, resulting in more restrictive and expensive coverage for U.S. named windstorm perils. Accordingly, we have elected to significantly reduce the named windstorm insurance on our rigs operating in the U.S. Gulf of Mexico. Presently, we insure the Noble Jim Thompson, Noble Amos Runner and Noble Driller for “total loss only” when caused by a named windstorm. For the Noble Bully I, our customer assumes the risk of loss due to a named windstorm event, pursuant to the terms of the drilling contract, through the purchase of insurance coverage (provided that we are responsible for any deductible under such policy) or, at its option, the assumption of the risk of loss up to the insured value in lieu of the purchase of such insurance. The remaining rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. In addition, we maintain a physical damage deductible on our rigs of $25 million per occurrence. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45-day waiting period for each unit and each occurrence.

Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shorebased terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks.

We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million.

In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $729 million at December 31, 2014.

We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances.

Note 19- Segment and Related Information

We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a single, global market for

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NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

contract drilling services and are often redeployed globally due to changing demands of our customers, which consist largely of major non-U.S. and government owned/controlled oil and gas companies throughout the world. As of December 31, 2014, our contract drilling services segment conducts contract drilling operations in the United States, Brazil, Argentina, the North Sea, the Mediterranean, the Middle East, Asia and Australia.

We evaluate the performance of our operating segment based on revenues from external customers and segment profit. Summarized financial information of our reportable segment for continuing operations for the years ended December 31, 2014, 2013 and 2012 is shown in the following tables. The “Other” column includes results of labor contract drilling services in Alaska for 2013 and 2012, as well as corporate related items for all periods. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-UK.

	Contract
	Drilling
	Services			Other			Total
2014
Revenues from external customers	$	3,230,253		$	2,251		$	3,232,504
Depreciation and amortization		608,590			18,883			627,473
Segment operating income (loss)		204,365			(18,423	)		185,942
Interest expense, net of amount capitalized		(164	)		(155,015	)		(155,179	)
Income tax (provision) benefit		(130,654	)		24,003			(106,651	)
Segment profit (loss)		216,659			(208,168	)		8,491
Total assets (at end of period)		13,019,089			267,733			13,286,822
2013
Revenues from external customers	$	2,520,064		$	18,079		$	2,538,143
Depreciation and amortization		497,303			14,210			511,513
Segment operating income (loss)		750,181			(9,644	)		740,537
Interest expense, net of amount capitalized		(694	)		(105,606	)		(106,300	)
Income tax provision		(90,468	)		(1,649	)		(92,117	)
Segment profit (loss)		874,816			(92,119	)		782,697
Total assets (at end of period)		15,495,071			722,886			16,217,957
2012
Revenues from external customers	$	2,154,980		$	45,719		$	2,200,699
Depreciation and amortization		427,234			13,072			440,306
Segment operating income (loss)		626,012			(448	)		625,564
Interest expense, net of amount capitalized		(394	)		(85,369	)		(85,763	)
Income tax (provision) benefit		(110,373	)		15,190			(95,183	)
Segment profit (loss)		645,560			(123,216	)		522,344

98

NOBLE CORPORATION PLC AND SUBSIDIARIES

NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

The following table presents revenues and identifiable assets by country based on the location of the service provided:

	Revenues						Identifiable Assets
	Year Ended December 31,						As of December 31,
	2014		2013		2012		2014		2013 (3)
United States	$	1,639,509	$	1,338,634	$	1,061,254	$	6,739,636	$	5,525,839
Argentina		97,743		—		—		304,131		—
Australia		146,474		133,214		42,353		541,655		624,238
Benin		66,077		41,251		—		—		803,788
Brazil		447,266		527,706		430,737		799,599		3,921,306
Denmark		28,980		—		—		272,788		—
Egypt		19,961		33,685		103,380		—		—
Malaysia		11,126		—		—		1,144,498		23,002
Malta		15,495		7,453		35,776		—		454,951
Mexico		127		14,529		40,218		35,994		439,098
Morocco		69,056		—		—		—		—
New Zealand		56,911		11,995		9,563		—		663,165
Saudi Arabia		260,544		246,083		220,657		479,525		584,230
Singapore (1)		—		—		—		982,731		618,341
South Korea (1)		—		—		—		—		894,347
Switzerland (2)		—		—		—		27,645		32,162
The Netherlands		82,026		—		—		249,074		339,560
Turkey		13,960		—		—		740,362		—
United Arab Emirates		108,044		71,896		59,321		331,812		443,166
United Kingdom		84,078		87,908		66,232		248,835		400,989
Other		85,127		23,789		131,208		388,537		449,775
Total	$	3,232,504	$	2,538,143	$	2,200,699	$	13,286,822	$	16,217,957

(1) Singapore and South Korea consist primarily of asset values for newbuild rigs under construction in shipyards.

(2) Switzerland assets consist of general corporate assets, which generate no external revenue for the Company.

(3) Amounts in 2013 include identifiable assets that were ultimately transferred to Paragon Offshore as part of the Spin-off.

Note 20- Supplemental Cash Flow Information (Noble-UK)

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction.

	December 31,
	2014			2013			2012
Accounts receivable	$	29,730		$	(165,233	)	$	(143,010	)
Other current assets		(3,201	)		(47,848	)		(43,246	)
Other assets		(96,941	)		34,757			(385	)
Accounts payable		63,546			50,731			28,565
Other current liabilities		(28,644	)		61,644			108,385
Other liabilities		86,037			2,731			80,431
	$	50,527		$	(63,218	)	$	30,740

99

NOBLE CORPORATION PLC AND SUBSIDIARIES

NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Additional cash flow information is as follows:

	Year Ended December 31,
	2014		2013		2012
Cash paid during the period for:
Interest, net of amounts capitalized	$	159,835	$	81,897	$	56,144
Income taxes (net of refunds)	$	132,527	$	219,088	$	148,612
Non-cash activities during the period:
Spin-off of Paragon Offshore	$	1,409,400		N/A		N/A

Note 21- Supplemental Cash Flow Information (Noble-Cayman)

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction.

	December 31,
	2014			2013			2012
Accounts receivable	$	29,730		$	(165,233	)	$	(143,010	)
Other current assets		(12,670	)		(48,186	)		(44,632	)
Other assets		(96,925	)		35,103			(385	)
Accounts payable		60,488			49,980			28,289
Other current liabilities		(21,921	)		62,516			108,425
Other liabilities		86,038			2,728			80,432
	$	44,740		$	(63,092	)	$	29,119

Additional cash flow information is as follows:

	Year Ended December 31,
	2014		2013		2012
Cash paid during the period for:
Interest, net of amounts capitalized	$	159,835	$	81,897	$	56,144
Income taxes (net of refunds)	$	130,356	$	216,391	$	148,612
Non-cash activities during the period:
Spin-off of Paragon Offshore	$	1,409,400		N/A		N/A

Note 22- Information about Noble-Cayman

Guarantees of Registered Securities

In May 2014, as part of the separation of Paragon Offshore, NHC assumed all of the obligations of Noble Drilling Corporation (“NDC”) under the Senior Notes due 2019, and NDC was released from all obligations under the Senior Notes due 2019. As such, we removed NDC from the guarantor financial statements and NHC is no longer combined with Noble Drilling Holding, LLC (“NDH”), as they are now issuers and guarantors on separate debt instruments. We have recast prior periods presented to conform to the guarantor structure as it existed at December 31, 2014.

100

NOBLE CORPORATION PLC AND SUBSIDIARIES

NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2014 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor(s)
$350 million 3.45% Senior Notes due 2015	NHIL	Noble-Cayman
$300 million 3.05% Senior Notes due 2016	NHIL	Noble-Cayman
$300 million 2.50% Senior Notes due 2017	NHIL	Noble-Cayman
$202 million 7.50% Senior Notes due 2019	NHC	Noble-Cayman;
	NDH
	Noble Drilling Services 6 LLC (“NDS6”)
$500 million 4.90% Senior Notes due 2020	NHIL	Noble-Cayman
$400 million 4.625% Senior Notes due 2021	NHIL	Noble-Cayman
$400 million 3.95% Senior Notes due 2022	NHIL	Noble-Cayman
$400 million 6.20% Senior Notes due 2040	NHIL	Noble-Cayman
$400 million 6.05% Senior Notes due 2041	NHIL	Noble-Cayman
$500 million 5.25% Senior Notes due 2042	NHIL	Noble-Cayman

The following consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

101

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

(in thousands)

												Other
												Non-guarantor
	Noble-											Subsidiaries			Consolidating
	Cayman		NHC		NDH			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	5	$	—	$	254		$	—	$	—	$	65,521		$	—		$	65,780
Accounts receivable		—		—		37,655			2,336		—		529,105			—			569,096
Taxes receivable		—		63,373		752			—		—		43,164			—			107,289
Short-term notes receivable from affiliates		123,449		—		1,077,965			—		333,966		171,925			(1,707,305	)		—
Accounts receivable from affiliates		2,019,319		374,012		192,771			157,164		125,834		4,191,406			(7,060,506	)		—
Prepaid expenses and other current assets		14,274		—		1,764			—		—		123,631			—			139,669
Total current assets		2,157,047		437,385		1,311,161			159,500		459,800		5,124,752			(8,767,811	)		881,834
Property and equipment, at cost		—		—		2,040,168			—		—		12,364,203			—			14,404,371
Accumulated depreciation		—		—		(278,147	)		—		—		(2,040,073	)		—			(2,318,220	)
Property and equipment, net		—		—		1,762,021			—		—		10,324,130			—			12,086,151
Notes receivable from affiliates		3,304,654		—		236,921			1,980,391		5,000		1,581,429			(7,108,395	)		—
Investments in affiliates		4,567,335		1,318,239		2,921,452			8,266,444		6,290,918		—			(23,364,388	)		—
Other assets		2,908		—		6,212			19,826		517		192,791			—			222,254
Total assets	$	10,031,944	$	1,755,624	$	6,237,767		$	10,426,161	$	6,756,235	$	17,223,102		$	(39,240,594	)	$	13,190,239
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	—	$	171,925	$	—		$	—	$	371,720	$	1,163,660		$	(1,707,305	)	$	—
Accounts payable		600		—		10,130			—		—		250,282			—			261,012
Accrued payroll and related costs		—		—		7,738			—		—		83,749			—			91,487
Accounts payable to affiliates		606,224		63,602		3,513,705			61,982		16,869		2,798,124			(7,060,506	)		—
Taxes payable		—		—		—			—		—		91,471			—			91,471
Other current liabilities		16,150		—		13,409			57,053		4,412		110,890			—			201,914
Total current liabilities		622,974		235,527		3,544,982			119,035		393,001		4,498,176			(8,767,811	)		645,884
Long-term debt		1,123,495		—		—			3,543,830		201,695		—			—			4,869,020
Notes payable to affiliates		1,769,068		—		598,715			1,169,180		192,216		3,379,216			(7,108,395	)		—
Deferred income taxes		—		—		—			—		—		120,589			—			120,589
Other liabilities		19,929		—		29,093			—		—		286,942			—			335,964
Total liabilities		3,535,466		235,527		4,172,790			4,832,045		786,912		8,284,923			(15,876,206	)		5,971,457
Commitments and contingencies
Total shareholder equity		6,496,478		1,520,097		2,064,977			5,594,116		5,969,323		7,812,656			(22,961,169	)		6,496,478
Noncontrolling interests		—		—		—			—		—		1,125,523			(403,219	)		722,304
Total equity		6,496,478		1,520,097		2,064,977			5,594,116		5,969,323		8,938,179			(23,364,388	)		7,218,782
Total liabilities and equity	$	10,031,944	$	1,755,624	$	6,237,767		$	10,426,161	$	6,756,235	$	17,223,102		$	(39,240,594	)	$	13,190,239

102

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013

(in thousands)

												Other
												Non-guarantor
	Noble-											Subsidiaries			Consolidating
	Cayman		NHC		NDH			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	1	$	—	$	402		$	4	$	—	$	109,975		$	—		$	110,382
Accounts receivable		—		—		34,038			—		—		915,031			—			949,069
Taxes receivable		—		52,307		—			—		—		87,722			—			140,029
Short-term notes receivable from affiliates		—		—		1,456,245			139,195		19,500		52,611			(1,667,551	)		—
Accounts receivable from affiliates		1,244,019		—		108,208			210,868		27,537		6,010,430			(7,601,062	)		—
Prepaid expenses and other current assets		—		—		6,336			—		—		178,012			—			184,348
Total current assets		1,244,020		52,307		1,605,229			350,067		47,037		7,353,781			(9,268,613	)		1,383,828
Property and equipment, at cost		—		—		2,340,216			—		—		16,820,134			—			19,160,350
Accumulated depreciation		—		—		(310,171	)		—		—		(4,321,507	)		—			(4,631,678	)
Property and equipment, net		—		—		2,030,045			—		—		12,498,627			—			14,528,672
Notes receivable from affiliates		3,304,753		—		124,216			2,367,555		5,000		1,390,500			(7,192,024	)		—
Investments in affiliates		8,601,712		2,907,379		6,595,591			9,456,735		5,440,004		—			(33,001,421	)		—
Other assets		6,256		—		6,332			22,681		639		233,106			—			269,014
Total assets	$	13,156,741	$	2,959,686	$	10,361,413		$	12,197,038	$	5,492,680	$	21,476,014		$	(49,462,058	)	$	16,181,514
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	—	$	52,611	$	139,195		$	—	$	750,000	$	725,745		$	(1,667,551	)	$	—
Accounts payable		—		—		5,310			—		—		340,600			—			345,910
Accrued payroll and related costs		—		—		8,582			—		—		134,764			—			143,346
Accounts payable to affiliates		1,104,410		653,049		4,032,776			216,866		21,173		1,572,788			(7,601,062	)		—
Taxes payable		—		—		827			—		—		119,761			—			120,588
Other current liabilities		412		—		22,106			62,431		4,412		210,811			—			300,172
Total current liabilities		1,104,822		705,660		4,208,796			279,297		775,585		3,104,469			(9,268,613	)		910,016
Long-term debt		1,561,141		—		—			3,793,414		201,696		—			—			5,556,251
Notes payable to affiliates		2,042,808		—		534,683			975,000		260,216		3,379,317			(7,192,024	)		—
Deferred income taxes		—		—		—			—		—		225,455			—			225,455
Other liabilities		19,931		—		24,502			—		—		289,875			—			334,308
Total liabilities		4,728,702		705,660		4,767,981			5,047,711		1,237,497		6,999,116			(16,460,637	)		7,026,030
Commitments and contingencies
Total shareholder equity		8,428,039		2,254,026		5,593,432			7,149,327		4,255,183		13,238,656			(32,490,624	)		8,428,039
Noncontrolling interests		—		—		—			—		—		1,238,242			(510,797	)		727,445
Total equity		8,428,039		2,254,026		5,593,432			7,149,327		4,255,183		14,476,898			(33,001,421	)		9,155,484
Total liabilities and equity	$	13,156,741	$	2,959,686	$	10,361,413		$	12,197,038	$	5,492,680	$	21,476,014		$	(49,462,058	)	$	16,181,514

103

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2014

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	327,070		$	—		$	—		$	3,067,195		$	(246,406	)	$	3,147,859
Reimbursables		—			—			6,239			—			—			78,405			—			84,644
Other		—			—			—			—			—			1			—			1
Total operating revenues		—			—			333,309			—			—			3,145,601			(246,406	)		3,232,504
Operating costs and expenses
Contract drilling services		30,885			39,039			120,971			115,909			—			1,447,073			(246,406	)		1,507,471
Reimbursables		—			—			4,687			—			—			61,691			—			66,378
Depreciation and amortization		—			—			65,164			—			—			559,114			—			624,278
General and administrative		2,437			11,376			—			31,620			1			7,560			—			52,994
Loss on impairment		—			—			—			—			—			745,428			—			745,428
Total operating costs and expenses		33,322			50,415			190,822			147,529			1			2,820,866			(246,406	)		2,996,549
Operating income (loss)		(33,322	)		(50,415	)		142,487			(147,529	)		(1	)		324,735			—			235,955
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		(2,885,628	)		157,648			(80,080	)		604,419			448,785			—			1,754,856			—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		223,083			50,565			28,580			170,845			6,240			—			(479,313	)		—
Total income (loss) of unconsolidated affiliates		(2,662,545	)		208,213			(51,500	)		775,264			455,025			—			1,275,543			—
Interest expense, net of amounts capitalized		(93,536	)		(3,046	)		(24,974	)		(169,666	)		(33,671	)		(3,148,822	)		3,318,536			(155,179	)
Interest income and other, net		2,913,631			—			249,005			89,449			3,308			64,267			(3,318,536	)		1,124
Income from continuing operations before income taxes		124,228			154,752			315,018			547,518			424,661			(2,759,820	)		1,275,543			81,900
Income tax provision		—			(68,805	)		(3,574	)		—			(1,546	)		(32,005	)		—			(105,930	)
Net income from continuing operations		124,228			85,947			311,444			547,518			423,115			(2,791,825	)		1,275,543			(24,030	)
Net income from discontinued operations, net of tax		—			(18,655	)		6,634			—			—			235,104			—			223,083
Net Income		124,228			67,292			318,078			547,518			423,115			(2,556,721	)		1,275,543			199,053
Net income attributable to noncontrolling interests		—			—			—			—			—			(98,603	)		23,778			(74,825	)
Net income attributable to Noble Corporation		124,228			67,292			318,078			547,518			423,115			(2,655,324	)		1,299,321			124,228
Other comprehensive loss, net		(21,732	)		—			—			—			—			(21,732	)		21,732			(21,732	)
Comprehensive income attributable to Noble Corporation	$	102,496		$	67,292		$	318,078		$	547,518		$	423,115		$	(2,677,056	)	$	1,321,053		$	102,496

104

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2013

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	240,631		$	—		$	—		$	2,291,475		$	(77,361	)	$	2,454,745
Reimbursables		—			—			8,498			—			—			57,794			—			66,292
Labor contract drilling services		—			—			—			—			—			17,095			—			17,095
Other		—			—			—			—			—			11			—			11
Total operating revenues		—			—			249,129			—			—			2,366,375			(77,361	)		2,538,143
Operating costs and expenses
Contract drilling services		24,039			22,195			70,359			110,138			—			1,009,801			(77,361	)		1,159,171
Reimbursables		—			—			6,850			—			—			43,560			—			50,410
Labor contract drilling services		—			—			—			—			—			11,601			—			11,601
Depreciation and amortization		—			—			62,778			—			—			446,563			—			509,341
General and administrative		7,380			7,396			—			36,050			1			14,032			—			64,859
Loss on impairment		—			—			—			—			—			3,585			—			3,585
Gain on disposal of assets, net		—			—			—			—			—			(35,646	)		—			(35,646	)
Gain on contract settlements/extinguishments, net		(45,000	)		—			—			—			—			14,382			—			(30,618	)
Total operating costs and expenses		(13,581	)		29,591			139,987			146,188			1			1,507,878			(77,361	)		1,732,703
Operating income (loss)		13,581			(29,591	)		109,142			(146,188	)		(1	)		858,497			—			805,440
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		653,815			65,868			(53,235	)		641,155			(1,136,831	)		—			(170,772	)		—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		321,804			45,098			308,188			431,149			63,235			—			(1,169,474	)		—
Total income (loss) of unconsolidated affiliates		975,619			110,966			254,953			1,072,304			(1,073,596	)		—			(1,340,246	)		—
Interest expense, net of amounts capitalized		(127,995	)		(1,081	)		(23,156	)		(139,784	)		(45,897	)		(1,852,423	)		2,084,036			(106,300	)
Interest income and other, net		6,609			—			262,717			154,442			1,569,003			94,821			(2,084,036	)		3,556
Income from continuing operations before income taxes		867,814			80,294			603,656			940,774			449,509			(899,105	)		(1,340,246	)		702,696
Income tax provision		—			(24,592	)		3,655			—			—			(68,040	)		—			(88,977	)
Net income from continuing operations		867,814			55,702			607,311			940,774			449,509			(967,145	)		(1,340,246	)		613,719
Net income from discontinued operations, net of tax		—			(16,569	)		24,529			(55	)		—			313,899			—			321,804
Net Income		867,814			39,133			631,840			940,719			449,509			(653,246	)		(1,340,246	)		935,523
Net income attributable to noncontrolling interests		—			—			—			—			—			(114,314	)		46,605			(67,709	)
Net income attributable to Noble Corporation		867,814			39,133			631,840			940,719			449,509			(767,560	)		(1,293,641	)		867,814
Other comprehensive income, net		33,285			—			—			—			—			33,285			(33,285	)		33,285
Comprehensive income attributable to Noble Corporation	$	901,099		$	39,133		$	631,840		$	940,719		$	449,509		$	(734,275	)	$	(1,326,926	)	$	901,099

105

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2012

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	161,577		$	—		$	—		$	2,006,624		$	(78,580	)	$	2,089,621
Reimbursables		—			—			6,637			—			—			59,130			—			65,767
Labor contract drilling services		—			—			—			—			—			45,299			—			45,299
Other		—			—			—			—			—			943			(931	)		12
Total operating revenues		—			—			168,214			—			—			2,111,996			(79,511	)		2,200,699
Operating costs and expenses
Contract drilling services		2,646			17,551			45,474			82,736			—			891,941			(79,511	)		960,837
Reimbursables		—			—			5,886			—			—			49,538			—			55,424
Labor contract drilling services		—			—			—			—			—			23,129			—			23,129
Depreciation and amortization		—			—			60,738			—			—			377,636			—			438,374
General and administrative		3,036			7,786			—			35,606			1			12,937			—			59,366
Loss on impairment		—			—			—			—			—			20,384			—			20,384
Gain on contract settlements/extinguishments, net		—			—			(4,869	)		—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		5,682			25,337			107,229			118,342			1			1,347,179			(79,511	)		1,524,259
Operating income (loss)		(5,682	)		(25,337	)		60,985			(118,342	)		(1	)		764,817			—			676,440
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		569,295			82,257			168,972			527,469			(244,644	)		—			(1,103,349	)		—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		115,151			32,769			188,511			280,121			60,481			—			(677,033	)		—
Total income (loss) of unconsolidated affiliates		684,446			115,026			357,483			807,590			(184,163	)		—			(1,780,382	)		—
Interest expense, net of amounts capitalized		(105,147	)		(20,950	)		(23,105	)		(120,361	)		(43,090	)		(666,968	)		893,858			(85,763	)
Interest income and other, net		7,306			—			40,845			135,001			594,328			119,449			(893,858	)		3,071
Income from continuing operations before income taxes		580,923			68,739			436,208			703,888			367,074			217,298			(1,780,382	)		593,748
Income tax provision		—			(18,446	)		(4,576	)		—			—			(71,161	)		—			(94,183	)
Net income from continuing operations		580,923			50,293			431,632			703,888			367,074			146,137			(1,780,382	)		499,565
Net income from discontinued operations, net of tax		—			(23,622	)		10,160			—			—			128,613			—			115,151
Net Income		580,923			26,671			441,792			703,888			367,074			274,750			(1,780,382	)		614,716
Net income attributable to noncontrolling interests		—			—			—			—			—			(68,969	)		35,176			(33,793	)
Net income attributable to Noble Corporation		580,923			26,671			441,792			703,888			367,074			205,781			(1,745,206	)		580,923
Other comprehensive loss, net		(41,128	)		—			—			—			—			(41,128	)		41,128			(41,128	)
Comprehensive income attributable to Noble Corporation	$	539,795		$	26,671		$	441,792		$	703,888		$	367,074		$	164,653		$	(1,704,078	)	$	539,795

106

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2014

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	2,825,524		$	(151,987	)	$	366,583		$	(232,605	)	$	(31,788	)	$	(903,811	)	$	—		$	1,871,916
Cash flows from investing activities
New construction and capital expenditures		—			—			(1,404,560	)		—			—			(704,574	)		—			(2,109,134	)
Notes receivable from affiliates		50			—			—			273,744			—			—			(273,794	)		—
Net cash from investing activities		50			—			(1,404,560	)		273,744			—			(704,574	)		(273,794	)		(2,109,134	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(437,647	)		—			—			—			—			—			—			(437,647	)
Repayment of long-term debt		—			—			—			(250,000	)		—			—			—			(250,000	)
Long-term borrowings of Paragon Offshore		—			—			—			—			—			1,710,550			—			1,710,550
Financing costs on long-term borrowings of Paragon Offshore		—			—			—			—			—			(14,676	)					(14,676	)
Cash balances of Paragon Offshore in Spin-Off		—			—			—			—			—			(104,152	)		—			(104,152	)
Dividends paid to noncontrolling interests		—			—			—			—			—			(79,966	)		—			(79,966	)
Financing costs on credit facilities		(398	)		—			—			—			—			—			—			(398	)
Distributions to parent company, net		(631,095	)		—			—			—			—			—			—			(631,095	)
Advances (to) from affiliates		(1,482,686	)		151,987			1,037,829			208,857			31,788			52,225			—			—
Notes payable to affiliates		(273,744	)		—			—			—			—			(50	)		273,794			—
Net cash from financing activities		(2,825,570	)		151,987			1,037,829			(41,143	)		31,788			1,563,931			273,794			192,616
Net change in cash and cash equivalents		4			—			(148	)		(4	)		—			(44,454	)		—			(44,602	)
Cash and cash equivalents, beginning of period		1			—			402			4			—			109,975			—			110,382
Cash and cash equivalents, end of period	$	5		$	—		$	254		$	—		$	—		$	65,521		$	—		$	65,780

107

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2013

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(117,993	)	$	(133,595	)	$	424,147		$	(128,315	)	$	1,523,225		$	201,161		$	—		$	1,768,630
Cash flows from investing activities
New construction and capital expenditures		—			—			(1,594,449	)		—			—			(949,755	)		—			(2,544,204	)
Notes receivable from affiliates		—			—			—			—			—			294,798			(294,798	)		—
Proceeds from disposal of assets		—			—			—			—			—			61,000			—			61,000
Net cash from investing activities		—			—			(1,594,449	)		—			—			(593,957	)		(294,798	)		(2,483,204	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		1,221,333			—			—			—			—			—			—			1,221,333
Repayment of long-term debt		(300,000	)		—			—			—			—			—			—			(300,000	)
Dividends paid to noncontrolling interests		—			—			—			—			—			(105,388	)		—			(105,388	)
Financing costs on credit facilities		(2,484	)		—			—			—			—			—			—			(2,484	)
Distributions to parent company, net		(265,880	)		—			—			—			—			—			—			(265,880	)
Advances (to) from affiliates		(241,180	)		133,595			1,169,800			128,317			(1,523,225	)		332,693			—			—
Notes payable to affiliates		(294,798	)		—			—			—			—			—			294,798			—
Net cash from financing activities		116,991			133,595			1,169,800			128,317			(1,523,225	)		227,305			294,798			547,581
Net change in cash and cash equivalents		(1,002	)		—			(502	)		2			—			(165,491	)		—			(166,993	)
Cash and cash equivalents, beginning of period		1,003			—			904			2			—			275,466			—			277,375
Cash and cash equivalents, end of period	$	1		$	—		$	402		$	4		$	—		$	109,975		$	—		$	110,382

108

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2012

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(86,784	)	$	(99,193	)	$	134,370		$	(96,642	)	$	551,358		$	1,017,518		$	—		$	1,420,627
Cash flows from investing activities
New construction and capital expenditures		—			—			(682,477	)		—			—			(1,106,077	)		—			(1,788,554	)
Notes receivable from affiliates		—			—			—			(1,188,287	)		—			—			1,188,287			—
Net cash from investing activities		—			—			(682,477	)		(1,188,287	)		—			(1,106,077	)		1,188,287			(1,788,554	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(635,192	)		—			—			—			—			—			—			(635,192	)
Proceeds from issuance of senior notes, net of debt issuance costs		—			—			—			1,186,636			—			—			—			1,186,636
Financing costs on credit facilities		(5,221	)		—			—			—			—			—			—			(5,221	)
Contributions from joint venture partners		—			—			—			—			—			40,000			—			40,000
Distributions to parent company, net		(175,977	)		—			—			—			—			—			—			(175,977	)
Advances (to) from affiliates		(284,256	)		99,193			548,626			98,295			(551,358	)		89,500			—			—
Notes payable to affiliates		1,188,287			—			—			—			—			—			(1,188,287	)		—
Net cash from financing activities		87,641			99,193			548,626			1,284,931			(551,358	)		129,500			(1,188,287	)		410,246
Net change in cash and cash equivalents		857			—			519			2			—			40,941			—			42,319
Cash and cash equivalents, beginning of period		146			—			385			—			—			234,525			—			235,056
Cash and cash equivalents, end of period	$	1,003		$	—		$	904		$	2		$	—		$	275,466		$	—		$	277,375

109

NOBLE CORPORATION PLC AND SUBSIDIARIES

NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 23- Unaudited Interim Financial Data

Unaudited interim consolidated financial information from continuing operations for Noble-UK for the years ended December 31, 2014 and 2013 is as follows:

	Quarter Ended
	Mar. 31		Jun. 30		Sep. 30		Dec. 31
2014
Operating revenues	$	795,187	$	803,781	$	828,796	$	804,740
Operating income (loss)		248,968		235,205		243,633		(541,864	)
Net income (loss) from continuing operations attributable to Noble-UK		154,814		140,325		147,389		(594,539	)
Net income (loss) per share from continuning operations attributable to Noble-UK (1)
Basic		0.60		0.54		0.57		(2.38	)
Diluted		0.60		0.54		0.57		(2.38	)

	Quarter Ended
	Mar. 31		Jun. 30		Sep. 30		Dec. 31
2013
Operating revenues	$	566,061	$	606,480	$	640,513	$	725,089
Operating income		135,437		159,973		239,248		205,879
Net income from continuing operations attributable to Noble-UK		66,899		102,406		165,267		144,023
Net income per share from continuning operations attributable to Noble-UK (1)
Basic		0.26		0.40		0.64		0.56
Diluted		0.26		0.40		0.64		0.56

(1) Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year.

110

NOBLE CORPORATION PLC AND SUBSIDIARIES

NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

The Consolidated Statements of Comprehensive Income included for both Noble-UK and Noble-Cayman in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 erroneously included an adjustment related to the Spin-off for the historical accumulated other comprehensive income of Paragon Offshore and omitted the line item “Total comprehensive income”. We concluded these errors were not material individually, or in the aggregate, to either Noble-UK or Noble-Cayman in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and we will revise these numbers accordingly in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2015.

The following chart presents the recast of Noble-UK for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods:

	Three Months Ended September 30, 2014						Nine Months Ended September 30, 2014
	As Reported			As Adjusted			As Reported			As Adjusted
Net income	$	147,646		$	147,646		$	678,350		$	678,350
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(1,577	)		(1,577	)		1,143			1,143
Foreign currency forward contracts		(6,925	)		(6,925	)		(273	)		(273	)
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)		(1,409	)		(1,409	)		(1,409	)		(1,409	)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)		358			358			358			358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)		571			571			2,099			2,099
Other comprehensive income (loss), net		(8,982	)		(8,982	)		1,918			1,918
Spin-off of Paragon Offshore		34,478			—			34,478			—
Total comprehensive income		n/a			138,664			n/a			680,268
Net comprehensive income attributable to noncontrolling interests		(20,471	)		(20,471	)		(60,290	)		(60,290	)
Comprehensive income attributable to Noble Corporation plc	$	152,671		$	118,193		$	654,456		$	619,978

111

NOBLE CORPORATION PLC AND SUBSIDIARIES

NOBLE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

The following chart presents the recast of Noble-Cayman for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods:

	Three Months Ended September 30, 2014						Nine Months Ended September 30, 2014
	As Reported			As Adjusted			As Reported			As Adjusted
Net income	$	193,705		$	193,705		$	784,078		$	784,078
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(1,577	)		(1,577	)		1,143			1,143
Foreign currency forward contracts		(6,925	)		(6,925	)		(273	)		(273	)
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)		(1,409	)		(1,409	)		(1,409	)		(1,409	)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)		358			358			358			358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)		571			571			2,099			2,099
Other comprehensive income (loss), net		(8,982	)		(8,982	)		1,918			1,918
Spin-off of Paragon Offshore		34,478			—			34,478			—
Total comprehensive income		n/a			184,723			n/a			785,996
Net comprehensive income attributable to noncontrolling interests		(20,471	)		(20,471	)		(60,290	)		(60,290	)
Comprehensive income attributable to Noble Corporation	$	198,730		$	164,252		$	760,184		$	725,706

Note 24- Subsequent Event

In January 2015, we repurchased 6.2 million of our ordinary shares at an average price of $16.10 per share, excluding commissions and stamp tax. Including these items, the average price paid per share during January 2015 was $16.21. There can be no assurance as to the timing or amount of any additional repurchases. However, we intend to take a cautious approach to future share repurchases at least until market conditions in the offshore drilling business stabilize.

112

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), and James A. MacLennan, Senior Vice President and Chief Financial Officer of Noble-UK, have evaluated the disclosure controls and procedures of Noble-UK as of the end of the period covered by this report. On the basis of this evaluation, Mr. Williams and Mr. MacLennan have concluded that Noble-UK’s disclosure controls and procedures were effective as of December 31, 2014. Noble-UK’s disclosure controls and procedures are designed to ensure that information required to be disclosed by Noble-UK in the reports that it files with or submits to the SEC are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

David W. Williams, President and Chief Executive Officer of Noble Corporation, a Cayman Islands company (“Noble-Cayman”), and Dennis J. Lubojacky, Vice President and Chief Financial Officer of Noble-Cayman, have evaluated the disclosure controls and procedures of Noble-Cayman as of the end of the period covered by this report. On the basis of this evaluation, Mr. Williams and Mr. Lubojacky have concluded that Noble-Cayman’s disclosure controls and procedures were effective as of December 31, 2014. Noble-Cayman’s disclosure controls and procedures are designed to ensure that information required to be disclosed by Noble-Cayman in the reports that it files with or submits to the SEC are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in either Noble-UK’s or Noble-Cayman’s internal control over financial reporting that occurred during the quarter ended December 31, 2014 that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting of each of Noble-UK or Noble-Cayman.

Management’s Annual Report on Internal Control Over Financial Reporting

The management of Noble-UK and Noble-Cayman is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) promulgated under the U.S. Securities Exchange Act of 1934, as amended.

Internal control over financial reporting includes the controls themselves, monitoring (including internal auditing practices), and actions taken to correct deficiencies as identified. There are inherent limitations to the effectiveness of internal control over financial reporting, however well designed, including the possibility of human error and the possible circumvention or overriding of controls. The design of an internal control system is also based in part upon assumptions and judgments made by management about the likelihood of future events, and there can be no assurance that an internal control will be effective under all potential future conditions. As a result, even an effective system of internal controls can provide no more than reasonable assurance with respect to the fair presentation of financial statements and the processes under which they were prepared.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Based on the assessment by management of Noble-UK and Noble-Cayman, both Noble-UK and Noble-Cayman maintained effective internal control over financial reporting as of December 31, 2014.

PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited our financial statements included in this Annual Report on Form 10-K, has audited the effectiveness of internal control over financial reporting as of December 31, 2014 as stated in their report, which is provided in this Annual Report on Form 10-K.

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Item 9B. Other Information.

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The sections entitled “Election of Directors”, “Additional Information Regarding the Board of Directors”, “Section 16(a) Beneficial Ownership Reporting Compliance”, and “Other Matters” appearing in the proxy statement for the 2015 annual general meeting of shareholders (the “2015 Proxy Statement”), will set forth certain information with respect to directors, certain corporate governance matters and reporting under Section 16(a) of the Securities Exchange Act of 1934, and are incorporated in this report by reference.

Executive Officers of the Registrant

The following table sets forth certain information as of February 27, 2015 with respect to our executive officers:

Name	Age	Position
David W. Williams	57	Chairman, President and Chief Executive Officer
Julie J. Robertson	59	Executive Vice President and Corporate Secretary
James A. MacLennan	55	Senior Vice President and Chief Financial Officer
William E. Turcotte	51	Senior Vice President and General Counsel
Simon W. Johnson	44	Senior Vice President – Marketing and Contracts
Scott W. Marks	55	Senior Vice President – Engineering
Bernie G. Wolford	55	Senior Vice President – Operations
Dennis J. Lubojacky	62	Vice President and Controller

David W. Williams was named Chairman, President and Chief Executive Officer effective January 2, 2008. Mr. Williams served as Senior Vice President—Business Development of Noble Drilling Services Inc. from September 2006 to January 2007, as Senior Vice President—Operations of Noble Drilling Services Inc. from January to April 2007, and as Senior Vice President and Chief Operating Officer of Noble from April 2007 to January 2, 2008. Prior to September 2006, Mr. Williams served for more than five years as Executive Vice President of Diamond Offshore Drilling, Inc., an offshore oil and gas drilling contractor.

Julie J. Robertson was named Executive Vice President effective February 10, 2006. In this role, Ms. Robertson is responsible for overseeing human resources, procurement and supply chain, learning and development, health, safety and environmental functions, and information technology. Ms. Robertson served as Senior Vice President—Administration from July 2001 to February 10, 2006. Ms. Robertson has served continuously as Corporate Secretary since December 1993. Ms. Robertson served as Vice President—Administration of Noble Drilling from 1996 to July 2001. In 1994, Ms. Robertson became Vice President—Administration of Noble Drilling Services Inc. From 1989 to 1994, Ms. Robertson served consecutively as Manager of Benefits and Director of Human Resources for Noble Drilling Services Inc. Prior to 1989, Ms. Robertson served consecutively in the positions of Risk and Benefits Manager and Marketing Services Coordinator for a predecessor subsidiary of Noble, beginning in 1979.

James A. MacLennan was named Senior Vice President and Chief Financial Officer effective January 9, 2012. Prior to joining Noble, Mr. MacLennan served as Chief Financial Officer and Corporate Secretary of Ennis Traffic Safety Solutions, a leading producer of pavement marking materials, from January 2011 to December 2011.

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From June 2010 to January 2011, Mr. MacLennan did not hold a principal employment. Mr. MacLennan served as Executive Vice President and Chief Financial Officer of Lodgian, Inc., a publicly-traded independent owner and operator of hotels in the United States from March 2006 until Lodgian was acquired by and merged into Lone Star Funds in May 2010. Prior to joining Lodgian, Mr. MacLennan was Chief Financial Officer and Treasurer of Theragenics Corporation, a New York Stock Exchange-listed company that manufactures medical devices. Previously, Mr. MacLennan was Executive Vice President and Chief Financial Officer of Lanier Worldwide, Inc., a publicly-traded technical products company. Mr. MacLennan spent much of his early career in financial positions of increasing responsibility in the oil and gas industry, most notably with Exxon Corporation and later with Noble Corporation. Mr. MacLennan is a Chartered Accountant.

William E. Turcotte was named Senior Vice President and General Counsel effective December 16, 2008. Prior to joining Noble, Mr. Turcotte served as Senior Vice President, General Counsel and Corporate Secretary of Cornell Companies, Inc., a private corrections company, since March 2007. He served as Vice President, Associate General Counsel and Assistant Secretary of Transocean, Inc., an offshore oil and gas drilling contractor, from October 2005 to March 2007 and as Associate General Counsel and Assistant Secretary from January 2000 to October 2005. From 1992 to 2000, Mr. Turcotte served in various legal positions with Schlumberger Limited in Houston, Caracas and Paris. Mr. Turcotte was in private practice prior to joining Schlumberger.

Simon W. Johnson was named Senior Vice President - Marketing and Contracts effective 1 March 2014. Mr. Johnson joined Noble Corporation in 2010 and most recently served as Vice President - Marketing (Europe, Africa and Middle East). Prior to joining Noble, Mr. Johnson served as a Commercial Director at Seadrill Limited, an offshore driller. Mr. Johnson has held numerous international marketing roles in the offshore drilling industry during the past 16 years. His early career was spent in offshore and shorebase operations roles.

Scott W. Marks was named Senior Vice President – Engineering effective January 2007. Mr. Marks served as Vice President – Project Management and Construction from August 2006 to January 2007, as Vice President – Support Engineering from September 2005 to August 2006 and as Director of Engineering from January 2003 to September 2005. Mr. Marks has been with Noble since 1991, serving as a Project Manager and as a Drilling Superintendent prior to 2003.

Bernie G. Wolford was named Senior Vice President – Operations effective February 6, 2012. Mr. Wolford served as Vice President—Operational Excellence from March 2010 to February 2012. From January 2003 until March 2010, Mr. Wolford was self-employed. During that time, he provided consulting services to Noble as a contractor on the construction of the Noble Dave Beard from March 2009 to December 2009. He also supported the operations of Mass Technology Corp., an independent downstream refining and storage company, as a significant shareholder of that company, from February 2007 to February 2009. Mr. Wolford began his career in the offshore drilling industry with Transworld Drilling in 1981, which was acquired by Noble in 1991. From 1981 through December 2002, he served in various roles in engineering, project management and operations with Transworld and Noble.

Dennis J. Lubojacky was named Vice President and Controller effective April 27, 2012. In this position, Mr. Lubojacky also serves as principal accounting officer of Noble-UK. Since February 2010, Mr. Lubojacky has also served as Vice President and Chief Financial Officer of Noble-Cayman. Mr. Lubojacky has also served as Vice President and Controller of a subsidiary of Noble-UK from July 2007 through October 2011 and from January 2012 until his new appointment. Mr. Lubojacky served as principal financial officer and principal accounting officer of Noble Corporation from October 2011 through January 2012. From April 2006 to June 2007, he served as Controller and Chief Accounting Officer of TODCO, an oil and gas drilling contractor. Mr. Lubojacky is a Certified Public Accountant.

We have adopted a Code of Business Conduct and Ethics that applies to directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer. Our Code of Business Conduct and Ethics is posted on our website at http://www.noblecorp.com in the “Governance” area. Changes to and waivers granted with respect to our Code of Business Conduct and Ethics related to the officers identified above, and our other executive officers and directors, that we are required to disclose pursuant to applicable rules and regulations of the SEC will also be posted on our website.

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Item 11. Executive Compensation.

The sections entitled “Executive Compensation” and “Compensation Committee Report” appearing in the 2015 Proxy Statement set forth certain information with respect to the compensation of our management and our compensation committee report, and are incorporated in this report by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The sections entitled “Equity Compensation Plan Information” and “Security Ownership of Certain Beneficial Owners and Management” appearing in the 2015 Proxy Statement set forth certain information with respect to securities authorized for issuance under equity compensation plans and the ownership of our voting securities and equity securities, and are incorporated in this report by reference.

Item 13. Certain Relationships and Related Transactions and Director Independence.

The sections entitled “Additional Information Regarding the Board of Directors—Board Independence” and “Policies and Procedures Relating to Transactions with Related Persons” appearing in the 2015 Proxy Statement set forth certain information with respect to director independence and transactions with related persons, and are incorporated in this report by reference.

Item 14. Principal Accounting Fees and Services.

The section entitled “Auditors” appearing in the 2015 Proxy Statement sets forth certain information with respect to accounting fees and services, and is incorporated in this report by reference.

PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

(a) The following documents are filed as part of this report:

(1) A list of the financial statements filed as a part of this report is set forth in Item 8 on page 53 and is incorporated herein by reference.

(2) Financial Statement Schedules:

All schedules are omitted because they are either not applicable or required information is shown in the financial statements or notes thereto.

(3) Exhibits:

The information required by this Item 15(a)(3) is set forth in the Index to Exhibits accompanying this Annual Report on Form 10-K and is incorporated herein by reference.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Noble Corporation plc, a company registered under the laws of England and Wales

Date: February 27, 2015	By:	/s/ DAVID W. WILLIAMS
		David W. Williams Chairman, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Capacity In Which Signed	Date
/s/ DAVID W. WILLIAMS	Chairman, President and	February 27, 2015
David W. Williams	Chief Executive Officer
	(Principal Executive Officer)
/s/ JAMES A. MACLENNAN	Senior Vice President and	February 27, 2015
James A. MacLennan	Chief Financial Officer
	(Principal Financial Officer)
/s/ DENNIS J. LUBOJACKY	Vice President and Controller	February 27, 2015
Dennis J. Lubojacky	(Principal Accounting Officer)
/s/ ASHLEY ALMANZA	Director	February 27, 2015
Ashley Almanza
/s/ MICHAEL A. CAWLEY	Director	February 27, 2015
Michael A. Cawley
/s/ JULIE H. EDWARDS	Director	February 27, 2015
Julie H. Edwards
/s/ GORDON T. HALL	Director	February 27, 2015
Gordon T. Hall
/s/ SCOTT D. JOSEY	Director	February 27, 2015
Scott D. Josey
/s/ JON A. MARSHALL	Director	February 27, 2015
Jon A. Marshall
/s/ MARY P. RICCIARDELLO	Director	February 27, 2015
Mary P. Ricciardello

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Noble Corporation, a Cayman Islands company

Date: February 27, 2015	By:	/s/ DAVID W. WILLIAMS
		David W. Williams President, Chief Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Capacity In Which Signed	Date
/s/ DAVID W. WILLIAMS	President, Chief Executive Officer and	February 27, 2015
David W. Williams	Director (Principal Executive Officer)
/s/ DENNIS J. LUBOJACKY	Vice President, Chief Financial	February 27, 2015
Dennis J. Lubojacky	Officer and Director
	(Principal Financial and Accounting Officer)
/s/ DAVID M.J. DUJACQUIER	Director	February 27, 2015
David M.J. Dujacquier
/s/ ALAN R. HAY	Director	February 27, 2015
Alan R. Hay
/s/ ANDREW J. STRONG	Director	February 27, 2015
Andrew J. Strong

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INDEX TO EXHIBITS

Exhibit Number	Exhibit
2.1	Merger Agreement, dated as of June 30, 2013, between Noble Corporation, a Swiss corporation (“Noble-Swiss”) and Noble Corporation Limited (“Noble-UK”)(filed as Exhibit 2.1 to Noble-Swiss’ Current Report on Form 8-K filed on July 1, 2013 and incorporated herein by reference).
2.2	Agreement and Plan of Merger, Reorganization and Consolidation, dated as of December 19, 2008, among Noble-Swiss, Noble Corporation, a Cayman Islands company (“Noble-Cayman”), and Noble Cayman Acquisition Ltd. (filed as Exhibit 1.1 to Noble-Cayman’s Current Report on Form 8-K filed on December 22, 2008 and incorporated herein by reference).
2.3	Amendment No. 1 to Agreement and Plan of Merger, Reorganization and Consolidation, dated as of February 4, 2009, among Noble-Swiss, Noble-Cayman and Noble Cayman Acquisition Ltd. (filed as Exhibit 2.2 to Noble-Cayman’s Current Report on Form 8-K filed on February 4, 2009 and incorporated herein by reference).
2.4	Master Separation Agreement, dated as of July 31, 2014, between Noble-Cayman and Paragon Offshore plc. (filed as Exhibit 2.1 to Noble-UK’s Current Report on Form 8-K filed on August 5, 2014 and incorporated herein by reference).
3.1	Composite Copy of Articles of Association of Noble-UK, as of June 10, 2014 (filed as Exhibit 3.1 to Noble-UK’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and incorporated herein by reference).
3.2	Memorandum and Articles of Association of Noble-Cayman (filed as Exhibit 3.1 to Noble-Cayman’s Current Report on Form 8-K filed on March 30, 2009 and incorporated herein by reference).
4.1	Indenture dated as of March 1, 1999, between Noble Drilling Corporation and JP Morgan Chase Bank, National Association (formerly Chase Bank of Texas, National Association), as trustee (filed as Exhibit 4.1 to Noble Drilling Corporation’s Current Report on Form 8-K filed on March 23, 1999 and incorporated herein by reference).
4.2	Supplemental Indenture dated as of March 16, 1999, between Noble Drilling Corporation and JP Morgan Chase Bank, National Association (formerly Chase Bank of Texas, National Association), as trustee, relating to 7.50% senior notes due 2019 of Noble Drilling Corporation (filed as Exhibit 4.2 to Noble Drilling Corporation’s Current Report on Form 8-K filed on March 23, 1999 and incorporated herein by reference).
4.3	Second Supplemental Indenture, dated as of April 30, 2002, between Noble Drilling Corporation, Noble Holding (U.S.) Corporation and Noble Corporation, and JP Morgan Chase Bank, National Association, as trustee, relating to 7.50% senior notes due 2019 of Noble Drilling Corporation (filed as Exhibit 4.6 to Noble-Cayman’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2002 and incorporated herein by reference).
4.4	Third Supplemental Indenture, dated as of December 20, 2005, between Noble Drilling Corporation, Noble Drilling Holding LLC, Noble Holding (U.S.) Corporation and Noble Corporation and JP Morgan Chase Bank, National Association, as trustee, relating to 7.50% senior notes due 2019 of Noble Drilling Corporation (filed as Exhibit 4.14 to Noble-Cayman’s Registration Statement on Form S-3 (No. 333-131885) and incorporated herein by reference).
4.5	Fourth Supplemental Indenture, dated as of September 25, 2009, among Noble Drilling Corporation, as Issuer, Noble Drilling Holding LLC, as Co-Issuer, Noble Drilling Services 1 LLC, as Co-Issuer, Noble Holding (U.S.) Corporation, as Guarantor, Noble-Cayman, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee (relating to Noble Drilling Corporation 7.50% Senior Notes due 2019) (filed as Exhibit 4.1 to Noble-Swiss’ Current Report on Form 8-K filed on October 1, 2009 and incorporated herein by reference).

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4.6	Fifth Supplemental Indenture, dated as of October 1, 2009, among Noble Drilling Corporation, as Issuer, Noble Drilling Holding LLC, as Co-Issuer, Noble Drilling Services 6 LLC, as Co-Issuer, Noble Holding (U.S.) Corporation, as Guarantor, Noble-Cayman, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee (relating to Noble Drilling Corporation 7.50% Senior Notes due 2019) (filed as Exhibit 4.2 to Noble-Swiss’ Current Report on Form 8-K filed on October 1, 2009 and incorporated herein by reference).
4.7	Indenture, dated as of May 26, 2006, between Noble Corporation, as Issuer, and JPMorgan Chase Bank, National Association, as trustee (filed as Exhibit 4.1 to Noble-Cayman’s Current Report on Form 8-K filed on May 26, 2006 and incorporated herein by reference).
4.8	First Supplemental Indenture, dated as of May 26, 2006, between Noble Corporation, as Issuer, Noble Drilling Corporation, as Guarantor, and JP Morgan Chase Bank, National Association, as trustee, relating to 5.875% senior notes due 2013 of Noble Corporation (filed as Exhibit 4.2 to Noble-Cayman’s Current Report on Form 8-K filed on May 26, 2006 and incorporated herein by reference).
4.9	Second Supplemental Indenture, dated as of October 1, 2009, among Noble-Cayman, as Issuer, Noble Drilling Corporation, as Guarantor, Noble Holding International Limited, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee (relating to Noble-Cayman’s 5.875% Senior Notes due 2013) (filed as Exhibit 4.3 to Noble-Swiss’ Current Report on Form 8-K filed on October 1, 2009 and incorporated herein by reference).
4.10	Revolving Credit Agreement dated as of February 11, 2011 among Noble Corporation, a Cayman Islands company; the Lenders from time to time parties thereto; Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Bank; Barclays Capital, a division of Barclays Bank PLC, and HSBC Securities (USA) Inc., as Co-Syndication Agents; and Wells Fargo Securities, LLC, Barclays Capital, a division of Barclays Bank PLC, and HSBC Securities (USA) Inc., as Joint Lead Arrangers and Joint Lead Bookrunners (filed as Exhibit 4.1 to Noble-Cayman’s Current Report on Form 8-K filed on February 17, 2011 and incorporated herein by reference).
4.11	First Amendment to Revolving Credit Agreement dated as of March 11, 2011 among Noble Corporation, a Cayman Islands company; the Lenders from time to time parties thereto; Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Bank; Barclays Capital, a division of Barclays Bank PLC and HSBC Securities (USA) Inc., as Co-Syndication Agents; and Wells Fargo Securities, LLC, Barclays Capital, a division of Barclays Bank PLC, and HSBC Securities (USA) Inc., as Joint Lead Arrangers and Joint Lead Bookrunners (filed as Exhibit 4.2 to Noble-Swiss’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 and incorporated herein by reference).
4.12	Second Amendment to Revolving Credit Agreement dated as of January 11, 2013 among Noble Corporation, a Cayman Islands company; the Lenders from time to time parties thereto; Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Bank; Barclays Capital, a division of Barclays Bank PLC and HSBC Securities (USA) Inc., as Co-Syndication Agents; and Wells Fargo Securities, LLC, Barclays Capital, a division of Barclays Bank PLC, and HSBC Securities (USA) Inc., as Joint Lead Arrangers and Joint Lead Bookrunners (filed as Exhibit 4.12 to Noble-Swiss’ Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference).
4.13	Third Amendment to Revolving Credit Agreement dated as of December 6, 2013, by and among Noble-Cayman, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto, and consented and agreed to by Noble Drilling Corporation and Noble Holding International Limited, as guarantors (filed as Exhibit 4.1 to Noble-UK’s Current Report on Form 8-K filed on December 12, 2013 and incorporated herein by reference).

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4.14	Indenture, dated as of November 21, 2008, between Noble Holding International Limited, as Issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as Exhibit 4.1 to Noble-Cayman’s Current Report on Form 8-K filed on November 21, 2008 and incorporated herein by reference).
4.15	First Supplemental Indenture, dated as of November 21, 2008, among Noble Holding International Limited, as Issuer, Noble Corporation, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to 7.375% senior notes due 2014 of Noble Holding International Limited (filed as Exhibit 4.2 to Noble-Cayman’s Current Report on Form 8-K filed on November 21, 2008 and incorporated herein by reference).
4.16	Second Supplemental Indenture, dated as of July 26, 2010, among Noble Holding International Limited, as Issuer, Noble Corporation, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to 3.45% senior notes due 2015 of Noble Holding International Limited, 4.90% senior notes due 2020 of Noble Holding International Limited, and 6.20% senior notes due 2040 of Noble Holding International Limited (filed as Exhibit 4.2 to Noble-Cayman’s Current Report on Form 8-K filed on July 26, 2010 and incorporated herein by reference).
4.17	Third Supplemental Indenture, dated as of February 3, 2011, among Noble Holding International Limited, as Issuer, Noble Corporation, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to 3.05% senior notes due 2016 of Noble Holding International Limited, 4.625% senior notes due 2021 of Noble Holding International Limited, and 6.05% senior notes due 2041 of Noble Holding International Limited (filed as Exhibit 4.1 to Noble-Cayman’s Current Report on Form 8-K filed on February 3, 2011 and incorporated herein by reference).
4.18	Fourth Supplemental Indenture, dated as of February 10, 2012, among Noble Holding International Limited, as Issuer, Noble Corporation, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to 2.5% senior notes due 2017 of Noble Holding International Limited, 3.95% senior notes due 2022 of Noble Holding International Limited, and 5.25% senior notes due 2042 of Noble Holding International Limited (filed as Exhibit 4.2 to Noble-Cayman’s Current Report on Form 8-K filed on February 13, 2012 and incorporated herein by reference).
4.19	Revolving Credit Agreement dated as of June 8, 2012 among Noble Corporation, a Cayman Islands company; the Lenders from time to time parties thereto; Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Bank; SunTrust Bank, as Syndication Agent; Barclays Bank PLC, HSBC Securities (USA) Inc. and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Co-Documentation Agents; and Wells Fargo Securities, LLC, SunTrust Robinson Humphrey, Inc., Barclays Bank PLC, HSBC Securities (USA) Inc. and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Lead Bookrunners (filed as Exhibit 4.1 to Noble-Swiss’ Current Report on Form 8-K filed on June 11, 2012 and incorporated herein by reference).
4.20	First Amendment to Revolving Credit Agreement dated as of December 6, 2013, by and among Noble-Cayman, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto, and consented and agreed to by Noble Drilling Corporation and Noble Holding International Limited, as guarantors (filed as Exhibit 4.2 to Noble-UK’s Current Report on Form 8-K filed on December 12, 2013 and incorporated herein by reference).
4.21	Guaranty Agreement dated as of June 8, 2012, between Noble Drilling Corporation, a Delaware corporation, and Wells Fargo Bank, National Association (filed as Exhibit 4.2 to Noble-Swiss’ Current Report on Form 8-K filed on June 11, 2012 and incorporated herein by reference).
4.22	Guaranty Agreement dated as of June 8, 2012, between Noble Holding International Limited, a Cayman Islands company, and Wells Fargo Bank, National Association (filed as Exhibit 4.3 to Noble-Swiss’ Current Report on Form 8-K filed on June 11, 2012 and incorporated herein by reference).

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4.23	364-Day Revolving Credit Agreement dated as of August 22, 2013 among Noble Corporation, a Cayman Islands company; the Lenders from time to time parties thereto; JPMorgan Chase Bank, N.A., as Administrative Agent and Swingline Lender; Barclays Bank PLC, Citibank, N.A., Deutsche Bank Securities, Inc. and Wells Fargo Bank, National Association, as Co-Syndication Agents; and BNP Paribas, Credit Agricole Corporate & Investment Bank, Credit Suisse AG, Cayman Islands Branch, Goldman Sachs Bank USA, HSBC Bank USA, N.A., SunTrust Bank and The Bank of Tokyo-Mitsubishi UFJ, LTD., as Co-Documentation agents (filed as Exhibit 4.1 to Noble-Swiss’ Current Report on Form 8-K filed on August 22, 2013 and incorporated herein by reference).
4.24	First Amendment to 364-Day Revolving Credit Agreement dated as of December 6, 2013, by and among Noble-Cayman, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto, and consented and agreed to by Noble Drilling Corporation and Noble Holding International Limited, as guarantors (filed as Exhibit 4.3 to Noble-UK’s Current Report on Form 8-K filed on December 12, 2013 and incorporated herein by reference).
4.25	Guaranty Agreement dated as of August 22, 2013 between Noble Drilling Corporation, a Delaware corporation, and JPMorgan Chase Bank, N.A. (filed as Exhibit 4.2 to Noble-Swiss’ Current Report on Form 8-K filed on August 22, 2013 and incorporated herein by reference).
4.26	Guaranty Agreement dated as of August 22, 2013 between Noble Holding International Limited, a Cayman Islands company, and JPMorgan Chase Bank, N.A. (filed as Exhibit 4.3 to Noble-Swiss’ Current Report on Form 8-K filed on August 22, 2013 and incorporated herein by reference).
4.27	Second Amendment to 364-Day Revolving Credit Agreement dated as of August 18, 2014, by and among Noble-Cayman, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto, and consented and agreed to by Noble Holding (U.S.) Corporation and Noble Holding International Limited, as guarantors (filed as Exhibit 4.1 to Noble-UK’s Current Report on Form 8-K filed on August 20, 2014 and incorporated herein by reference).
4.28	Revolving Credit Agreement dated as of January 26, 2015, among Noble-Cayman and Noble International Finance Company, a Cayman Islands company, as borrowers; JPMorgan Chase Bank, N.A., as administrative agent and a swingline lender; Wells Fargo Bank, National Association, as a swingline lender; the lenders party thereto; Barclays Bank PLC, Citibank, N.A., DNB Bank ASA New York Branch, HSBC Bank USA, N.A., SunTrust Bank and Wells Fargo, as co-syndication agents; BNP Paribas, Credit Suisse AG, Cayman Islands Branch and Mizuho Bank, Ltd, as co-documentation agents; and J.P. Morgan Securities LLC, Barclays Bank PLC, Citigroup Global Markets Inc., DNB Markets, Inc., HSBC Securities (USA) Inc., SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC, as joint lead arrangers and joint lead bookrunners (filed as Exhibit 4.1 to Noble-UK’s Current Report on Form 8-K filed on January 29, 2015 and incorporated herein by reference).
4.29	364-Day Revolving Credit Agreement dated as of January 29, 2015, among Noble-Cayman and Noble International Finance Company, a Cayman Islands company, as borrowers; JPMorgan, as administrative agent; the lenders party thereto; Barclays Bank PLC, Citibank, N.A. and HSBC Bank USA, N.A., as co-syndication agents; BNP Paribas, as documentation agent; and J.P. Morgan Securities LLC, Barclays Bank PLC, Citigroup Global Markets Inc., and HSBC Securities (USA) Inc., as joint lead arrangers and joint lead bookrunners (filed as Exhibit 4.2 to Noble-UK’s Current Report on Form 8-K filed on January 29, 2015 and incorporated herein by reference).
10.1*	Noble Drilling Corporation Equity Compensation Plan for Non-Employee Directors (filed as Exhibit 4.1 to Noble Drilling Corporation’s Registration Statement on Form S-8 (No. 333-17407) dated December 6, 1996 and incorporated herein by reference).

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10.2*	Amendment, effective as of May 1, 2002, to the Noble Drilling Corporation Equity Compensation Plan for Non-Employee Directors (filed as Exhibit 10.1 to Post-Effective Amendment No. 1 to Noble-Cayman’s Registration Statement on Form S-8 (No. 333-17407) and incorporated herein by reference).
10.3*	Amendment No. 2 to the Noble Corporation Equity Compensation Plan for Non-Employee Directors dated February 4, 2005 (filed as Exhibit 10.20 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2004 and incorporated herein by reference).
10.4*	Amendment to the Noble Corporation Equity Compensation Plan for Non-Employee Directors dated December 31, 2008 (filed as Exhibit 10.29 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference).
10.5*	Amended and Restated Noble Corporation Equity Compensation Plan for Non-Employee Directors effective March 27, 2009 (filed as Exhibit 10.5 to Noble-Swiss’ Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated herein by reference).
10.6*	Noble Corporation Equity Compensation Plan for Non-Employee Directors, effective as of November 20, 2013 (filed as Exhibit 10.7 to Noble-UK’s Current Report on Form 8-K filed on November 20, 2013 and incorporated herein by reference).
10.7*	Noble Drilling Corporation 401(k) Savings Restoration Plan (filed as Exhibit 10.1 to Noble Drilling Corporation’s Registration Statement on Form S-8 dated January 18, 2001 (No. 333-53912) and incorporated herein by reference).
10.8*	Amendment No. 1 to the Noble Drilling Corporation 401(k) Savings Restoration Plan (filed as Exhibit 10.1 to Post-Effective Amendment No. 1 to Noble-Cayman’s Registration Statement on Form S-8 (No. 333-53912) and incorporated herein by reference).
10.9*	Amendment No. 2 to the Noble Drilling Corporation 401(k) Savings Restoration Plan dated February 25, 2003 (filed as Exhibit 10.30 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2005 and incorporated herein by reference).
10.10*	Amendment No. 3 to the Noble Drilling Corporation 401(k) Savings Restoration Plan dated March 9, 2005 (filed as Exhibit 10.31 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2005 and incorporated herein by reference).
10.11*	Amendment No. 4 to the Noble Drilling Corporation 401(k) Savings Restoration Plan dated March 30, 2007 (filed as Exhibit 10.41 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2007 and incorporated herein by reference).
10.12*	Amendment No. 5 to the Noble Drilling Corporation 401(k) Savings Restoration Plan effective May 1, 2010 (filed as Exhibit 10.11 to Noble-Swiss’ Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated herein by reference).
10.13*	Noble Drilling Corporation Retirement Restoration Plan dated April 27, 1995 (filed as Exhibit 10.2 to Noble Drilling Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 1995 and incorporated herein by reference).
10.14*	Amendment No. 1 to the Noble Drilling Corporation Retirement Restoration Plan dated January 29, 1998 (filed as Exhibit 10.18 to Noble Drilling Corporation’s Annual Report on Form 10-K for the year ended December 31, 1997 and incorporated herein by reference).
10.15*	Amendment No. 2 to the Noble Drilling Corporation Retirement Restoration Plan dated June 28, 2004, effective as of July 1, 2004 (filed as Exhibit 10.32 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2005 and incorporated herein by reference).

123

10.16*	Noble Drilling Corporation Retirement Restoration Plan dated December 29, 2008, effective January 1, 2009 (filed as Exhibit 10.32 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference).
10.17*	Amendment No. 1 to Noble Drilling Corporation Retirement Restoration Plan dated July 10, 2009 (filed as Exhibit 10.16 to Noble-Swiss’ Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated herein by reference).
10.18*	Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Restricted Share Plan for Non-Employee Directors dated February 4, 2005 (filed as Exhibit 10.21 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2004 and incorporated herein by reference).
10.19*	Second Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors (filed as Exhibit 10.2 to Noble-Cayman’s Quarterly Report on Form 10-Q for the quarter ended September 25, 2007 and incorporated herein by reference).
10.20*	Amendment to the Second Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors dated December 31, 2008 (filed as Exhibit 10.28 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference).
10.21*	Third Amendment to Second Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors effective March 27, 2009 (filed as Exhibit 10.20 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated herein by reference).
10.22*	Fourth Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors effective February 1, 2013 (filed as Exhibit 10.1 to Noble-Swiss’ Current Report on Form 8-K filed on February 5, 2013 and incorporated herein by reference).
10.23*	Fifth Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors, effective as of November 20, 2013 (filed as Exhibit 10.6 to Noble-UK’s Current Report on Form 8-K filed on November 20, 2013 and incorporated herein by reference).
10.24*	Sixth Amended and Restated Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors, effective as of January 30, 2014 (filed as Exhibit 10.24 to Noble-UK’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
10.25*	Composite copy of the Noble Corporation 1991 Stock Option and Restricted Stock Plan dated as of February 6, 2010 (filed as Exhibit 10.18 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated herein by reference).
10.26*	Third Amendment to the Noble Corporation 1991 Stock Option and Restricted Stock Plan, effective as of February 3, 2012 (filed as Exhibit 10.2 to Noble-Cayman’s Current Report on Form 8-K filed on February 7, 2012 and incorporated herein by reference).
10.27*	Amended and Restated 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.2 to Noble-Cayman’s Current Report on Form 8-K filed on April 30, 2012 and incorporated herein by reference).
10.28*	Noble Corporation 1991 Stock Option and Restricted Stock Plan, effective as of November 20, 2013 (filed as Exhibit 10.5 to Noble-UK’s Current Report on Form 8-K filed on November 20, 2013 and incorporated herein by reference).

124

10.29*	Noble Corporation 1991 Stock Option and Restricted Stock Plan, effective as of January 30, 2014 (filed as Exhibit 10.29 to Noble-UK’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
10.30*	Noble Drilling Corporation 2009 401(k) Savings Restoration Plan effective January 1, 2009 (filed as Exhibit 10.31 to Noble-Cayman’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference).
10.31*	Amendment No. 1 to the Noble Drilling Corporation 2009 401(k) Savings Restoration Plan effective May 1, 2010 (filed as Exhibit 10.23 to Noble-Swiss’ Annual Report on Form 10-K for the year ended December 31, 2010 and incorporated herein by reference).
10.32*	Amendment No. 2 to the Noble Drilling Corporation 2009 401(k) Savings Restoration Plan effective November 1, 2013 (filed as Exhibit 10.32 to Noble-UK’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
10.33*	Noble Corporation Summary of Directors’ Compensation.
10.34*	Form of Noble Corporation Performance-Vested Restricted Stock Agreement under the Noble Corporation 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.2 to Noble-Cayman’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 and incorporated herein by reference).
10.35*	Form of Noble Corporation Time-Vested Restricted Stock Unit Agreement under the Noble Corporation 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.2 to Noble-Cayman’s Current Report on Form 8-K filed on January 13, 2012 and incorporated herein by reference).
10.36*	Form of Noble Corporation Nonqualified Stock Option Agreement under the Noble Corporation 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.3 to Noble-Cayman’s Current Report on Form 8-K filed on January 13, 2012 and incorporated herein by reference).
10.37*	Form of Noble Corporation Performance-Vested Restricted Stock Unit Agreement under the Noble Corporation 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.7 to Noble-Cayman’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 and incorporated herein by reference).
10.38*	Form of Noble Corporation Performance-Vested Restricted Stock Unit Agreement under the Noble Corporation 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 4.12 to Noble-Swiss’ Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference).
10.39*	Form of Noble Corporation Performance-Vested Restricted Stock Unit Award under the Noble Corporation 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.39 to Noble-UK’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
10.40*	Form of Noble Corporation Time-Vested Restricted Stock Unit Award under the Noble Corporation 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.40 to Noble-UK’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
10.41*	Amended and Restated Form of Noble-UK 2013 Performance-Vested Restricted Stock Unit Award under the Noble-UK 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.1 to Noble-UK’s Current Report on Form 8-K for the year filed on October 16, 2014 and incorporated herein by reference).

125

10.42*	Amended and Restated Form of Noble-UK 2014 Performance-Vested Restricted Stock Unit Award under the Noble-UK 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.2 to Noble-UK’s Current Report on Form 8-K for the year filed on October 16, 2014 and incorporated herein by reference).
10.43*	Noble Corporation 2012 Short Term Incentive Plan (filed as Exhibit 10.6 to Noble-Cayman’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 and incorporated herein by reference).
10.44*	Noble Corporation 2013 Short Term Incentive Plan (filed as Exhibit 10.41 to Noble-Swiss’ Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference).
10.45*	Noble Corporation 2013 Short Term Incentive Plan, effective as of November 20, 2013 (filed as Exhibit 10.8 to Noble-UK’s Current Report on Form 8-K filed on November 20, 2013 and incorporated herein by reference).
10.46*	Noble Corporation 2014 Short Term Incentive Plan (filed as Exhibit 10.5 to Noble-UK’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and incorporated herein by reference).
10.47*	Form of Restated Employment Agreement and Guaranty Agreement (2009 Form) (filed as Exhibit 10.2 to Noble-UK’s Current Report on Form 8-K filed on November 20, 2013 and incorporated herein by reference).
10.48*	Form of Restated Employment Agreement and Guaranty Agreement (2011 Form) (filed as Exhibit 10.3 to Noble-UK’s Current Report on Form 8-K filed on November 20, 2013 and incorporated herein by reference).
10.49*	Form of Restated Employment Agreement and Guaranty Agreement (2012 Form) (filed as Exhibit 10.4 to Noble-UK’s Current Report on Form 8-K filed on November 20, 2013 and incorporated herein by reference).
10.50*	Form of Commercial Paper Dealer Agreement dated as of September 19, 2012 between Noble Corporation, a Cayman Islands company, Noble Holding International Limited, a Cayman Islands company, Noble Drilling Corporation, a Delaware corporation, and certain investment banks (filed as Exhibit 10.1 to Noble-Swiss’ Current Report on Form 8-K filed on September 19, 2012 and incorporated herein by reference).
10.51*	Form of Issuing and Paying Agent Agreement dated as of September 19, 2012 between Noble Corporation, a Cayman Islands company, and the Issuing and Paying Agent (filed as Exhibit 10.2 to Noble-Swiss’ Current Report on Form 8-K filed on September 19, 2012 and incorporated herein by reference).
10.52*	Form of Indemnity Agreement (filed as Exhibit 10.1 to Noble-UK’s Current Report on Form 8-K filed on November 20, 2013 and incorporated herein by reference).
10.53	Tax Sharing Agreement, dated as of July 31, 2014, between Noble-UK and Paragon Offshore plc. (filed as Exhibit 10.1 to Noble-UK’s Current Report on Form 8-K filed on August 5, 2014 and incorporated herein by reference).
10.54	Employee Matters Agreement, dated as of July 31, 2014, between Noble-Cayman and Paragon Offshore plc. (filed as Exhibit 10.2 to Noble-UK’s Current Report on Form 8-K filed on August 5, 2014 and incorporated herein by reference).

126

10.55	Transition Services Agreement, dated as of July 31, 2014, between Noble-Cayman and Paragon Offshore plc. (filed as Exhibit 10.3 to Noble-UK’s Current Report on Form 8-K filed on August 5, 2014 and incorporated herein by reference).
10.56	Transition Services Agreement (Brazil), dated as of July 31, 2014, among Paragon Offshore do Brasil Limitada, Paragon Offshore (Nederland) B.V., Paragon Offshore plc, Noble-Cayman, Noble Dave Beard Limited and Noble Drilling (Nederland) II B.V. (filed as Exhibit 10.4 to Noble-UK’s Current Report on Form 8-K filed on August 5, 2014 and incorporated herein by reference).
21.1	Subsidiaries of Noble-UK and Noble-Cayman.
23.1	Consent of PricewaterhouseCoopers LLP.
31.1	Certification of David W. Williams pursuant to SEC Rule 13a-14(a) or Rule 15d-14(a).
31.2	Certification of James A. MacLennan pursuant to SEC Rule 13a-14(a) or Rule 15d-14(a).
31.3	Certification of Dennis J. Lubojacky pursuant to SEC Rule 13a-14(a) or Rule 15d-14(a).
32.1+	Certification of David W. Williams pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+	Certification of James A. MacLennan pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3+	Certification of Dennis J. Lubojacky pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	Interactive data files

* Management contract or compensatory plan or arrangement.

+ Furnished in accordance with Item 601(b)(32)(ii) of Regulation S-K.

127

EX-10.33

Exhibit 10.33

Noble Corporation

Summary of Director Compensation

Annual Retainer. Noble Corporation plc, a company organized under the laws of England and Wales, (the “Company”) pays each of its non-employee directors an annual retainer of $50,000. Under the Noble Corporation Equity Compensation Plan for Non-Employee Directors, non-employee directors may elect to receive up to all of the retainer in shares. The number of shares to be issued under the plan in any particular quarter is generally determined using the average of the daily closing prices of the shares for the last 15 consecutive trading days of the previous quarter. No options are issuable under the plan, and there is no “exercise price” applicable to shares delivered under the plan.

Board Meeting Fees. In addition, the Company pays its non-employee directors a Board meeting fee of $2,500. The Company pays each member of its committees a committee meeting fee of $2,500 per meeting. The Company also reimburses directors for travel, lodging and related expenses they may incur in attending Board and committee meetings, and related activities in connection with the duties as director.

Committee Fees. The chair of the audit committee and the compensation committee receives an annual retainer of $25,000, and the chair of each other standing Board committee receives an annual retainer of $15,000. The lead director also receives an annual fee of $20,000.

Equity Compensation. Under the Noble Corporation 1992 Nonqualified Stock Option and Restricted Share Plan for Nonemployee Directors (the “1992 Plan”) each annually-determined award of a variable number of restricted shares or unrestricted shares is made on a date selected by the Board, or if no such date is selected by the Board, the date on which the Board action approving such award is taken. Any future award of restricted shares will be evidenced by a written agreement that will include such terms and conditions not inconsistent with the terms and conditions of the 1992 Plan as the Board considers appropriate in each case.

EX-21.1

Exhibit 21.1

NOBLE CORPORATION PLC SUBSIDIARIES (as of December 31, 2014)

Name	Country of incorporation
Noble Corporation Holdings Limited	Cayman Islands	*
Noble Services (Switzerland) GmbH	Switzerland	*
Noble Financing Services Limited	Cayman Islands	*
Noble (Servco) UK Limited	United Kingdom	*
Noble Aviation GmbH	Switzerland	*
Noble Corporation	Cayman Islands
Noble NDC Holding (Cyprus) Limited	Cyprus
Noble FDR Holdings Limited	Cayman Islands
Noble Holding International (Luxembourg NHIL) S.à r.l	Luxembourg
Noble Holding International (Luxembourg) S.à r.l	Luxembourg
Noble Drilling (Luxembourg) S.à r.l	Luxembourg
Noble Drillships Holdings, Ltd.	Cayman Islands
Noble Drillships Holdings 2, Ltd.	Cayman Islands
Frontier Driller, Ltd.	Cayman Islands/Luxemburg
Frontier Drilling Cayman, Ltd.	Cayman Islands
Noble Holding S.C.S.	Luxembourg
Noble Drilling (Cyprus) Limited (pending dissolution)	Cyprus
Noble Downhole Technology Ltd.	Cayman Islands
Noble Drilling International GmbH	Switzerland
Noble Drilling Holding GmbH	Switzerland
Noble Holding (U.S.) Corporation	Delaware
Noble Drillships, S.à r.l	Luxembourg
Noble Drillships 2, S.à r.l	Luxembourg
Frontier Driller Kft.	Hungary
Noble Leasing IV (Switzerland) GmbH	Switzerland
Noble Holding International LLC	Delaware
Noble Holding International S.à r.l.	Luxembourg
Noble Technology (Canada) Ltd.	Alberta, Canada
Noble Engineering & Development de Venezuela C.A.	Venezuela
Triton Engineering Services Company	Delaware
Noble Drilling (U.S.) LLC	Delaware
Noble Drilling Services 3 LLC	Delaware
Noble Drilling Services 2 LLC	Delaware
Noble Drilling Services Inc.	Delaware
Maurer Technology Incorporated	Delaware
Bully 1 (Switzerland) GmbH	Switzerland
Bully 2 (Switzerland) GmbH	Switzerland
Frontier Driller, Inc.	Delaware
Noble Holding International Limited	Cayman Islands
Noble Drilling (Jim Thompson) LLC	Delaware
Noble Johnnie Hoffman LLC	Delaware
Noble John Sandifer LLC	Delaware
Noble Drilling Exploration Company	Delaware
Bully 1 (US) Corporation	Delaware
Bully 2 (Luxembourg) S.à r.l.	Luxembourg
Noble Drilling Holding LLC	Delaware
Noble International Services LLC	Delaware
Noble Drilling Americas LLC	Delaware
Noble North Africa Limited	Cayman Islands
Noble Drilling Services 6 LLC	Delaware
Noble Cayman Limited	Cayman Islands
Triton International, Inc.	Delaware
Triton Engineering Services Company, S.A.	Venezuela
Frontier Deepwater, Ltd.	Cayman Islands
Triton International de Mexico S.A. de C.V.	Mexico
Frontier Deepwater (B) Sdn. Bhd.	Brunei
Noble Drilling West Africa Limited	Nigeria
Noble Drilling Offshore Limited	Cayman Islands
TSIA International (Antilles) N.V. (pending dissolution)	Curacao
Noble Drilling Singapore Pte. Ltd.	Singapore
Noble Resources Limited	Cayman Islands
Noble Services International Limited	Cayman Islands
NE Drilling Servicos do Brasil Ltda.	Brazil
NE do Brasil Participacoes E Investimentos Ltda.	Brazil
Noble Earl Frederickson LLC	Delaware
Noble Bill Jennings LLC	Delaware
Noble Asset Mexico LLC	Delaware
Noble Holding (Luxembourg) S.à r.l	Luxembourg
Noble Drilling Holdings (Cyprus) Limited	Cyprus
Noble Drilling Egypt LLC	Egypt
Noble Leasing III (Switzerland) GmbH	Switzerland
Noble Drilling (N.S.) Limited	Scotland
Noble Drilling (Nederland) II B.V.	Netherland
Noble Contracting II GmbH	Switzerland
Noble Holding Europe S.à r.l.	Luxembourg
Noble Leasing (Switzerland) GmbH	Switzerland
Noble Mexico Services Limited	Cayman Islands
Noble Mexico Limited	Cayman Islands
Noble International Finance Company	Cayman Islands
Noble Drilling (TVL) Ltd.	Cayman Islands
Noble Drilling (Carmen) Limited	Cayman Islands
Noble Gene Rosser Limited	Cayman Islands
Noble Campeche Limited	Cayman Islands
Noble Offshore Mexico Limited	Cayman Islands
Noble Offshore Contracting Limited	Cayman Islands
Noble Dave Beard Limited	Cayman Islands

Page 1 of 2

Name	Country of incorporation
Sedco Dubai LLC	Dubai, UAE
International Directional Services Ltd.	Bermuda
Noble Drilling (Paul Wolff) Ltd.	Cayman Islands
Noble India Limited	Cayman Islands
Noble Drilling Arabia Company Ltd.	Saudi Arabia
Noble Drilling (Land Support) Limited	Scotland
Noble Drilling (Norway) AS	Norway
Noble Drilling Offshore (Labuan) Pte Ltd.	Labuan, Malaysia
Noble Contracting Offshore Drilling (M) Sdn Bhd	Malaysia
Noble Drilling International Services Pte. Ltd. (pending dissolution)	Singapore
Noble Drilling International Ltd.	Bermuda
Noble Offshore (North Sea) Ltd.	Cayman Islands
Noble Offshore Services de Mexico, S. de R.L. de C.V.	Mexico

* Indicates subsidiary of Noble Corporation plc only.

Page 2 of 2

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Forms S-8 (Nos. 333-133601-99, 333-133599-99, 033-46724-99, 033-57675-99, 033-62394-99, 333-17407-99, 333-25857-99, 333-80511-99, 333-107450-99, 333-107451-99, 333-179329 and 333-181204) of Noble Corporation plc of our report dated February 27, 2015 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 27, 2015

EX-31.1

EXHIBIT 31.1

Noble Corporation plc, a company registered under the laws of England and Wales

Noble Corporation, a Cayman Islands company

I, David W. Williams, certify that:

1. I have reviewed this annual report on Form 10-K of Noble Corporation plc and Noble Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 27, 2015

/s/ David W. Williams

David W. Williams

Chairman, President and Chief Executive Officer
of Noble Corporation plc, a company registered under the laws of
England and Wales, and
President and Chief Executive Officer
of Noble Corporation, a Cayman Islands company

EX-31.2

EXHIBIT 31.2

Noble Corporation plc, a company registered under the laws of England and Wales

I, James A. MacLennan, certify that:

1. I have reviewed this annual report on Form 10-K of Noble Corporation plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 27, 2015

/s/ James A. MacLennan

James A. MacLennan

Senior Vice President and Chief Financial Officer

of Noble Corporation plc, a company registered under the laws of

England and Wales

EX-31.3

EXHIBIT 31.3

Noble Corporation, a Cayman Islands company

I, Dennis J. Lubojacky, certify that:

1. I have reviewed this annual report on Form 10-K of Noble Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 27, 2015

/s/ Dennis J. Lubojacky

Dennis J. Lubojacky

Vice President and Chief Financial Officer
of Noble Corporation, a Cayman Islands company

EX-32.1

EXHIBIT 32.1

Noble Corporation plc, a company registered under the laws of England and Wales

Noble Corporation, a Cayman Islands company

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Noble Corporation plc, a company registered under the laws of England and Wales (“Noble-UK”), and Noble Corporation, a Cayman Islands company (“Noble-Cayman”) on Form 10-K for the period ended December 31, 2014, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), I, David W. Williams, Chairman, President and Chief Executive Officer of Noble-UK and President and Chief Executive Officer of Noble-Cayman, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

February 27, 2015	/s/ David W. Williams
	David W. Williams
	Chairman, President and Chief Executive Officer of Noble Corporation plc, a company registered under the laws of England and Wales, and President and Chief Executive Officer of Noble Corporation, a Cayman Islands company

EX-32.2

EXHIBIT 32.2

Noble Corporation plc, a company registered under the laws of England and Wales

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Noble Corporation plc (the “Company”) on Form 10-K for the period ended December 31, 2014, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), I, James A. MacLennan, Senior Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

February 27, 2015	/s/ James A. MacLennan
	James A. MacLennan
	Senior Vice President and Chief Financial Officer
	of Noble Corporation plc, a company registered under the laws of England and Wales

EX-32.3

EXHIBIT 32.3

Noble Corporation, a Cayman Islands company

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Noble Corporation (the “Company”) on Form 10-K for the period ended December 31, 2014, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), I, Dennis J. Lubojacky, Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

February 27, 2015	/s/ Dennis J. Lubojacky
	Dennis J. Lubojacky
	Vice President and Chief Financial Officer
	of Noble Corporation, a Cayman Islands company

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Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Changes in AOCL by Component

The following tables set forth the components of “Accumulated other comprehensive loss” (“AOCL”) for the years ended December 31, 2014 and 2013 and changes in AOCL by component for the year ended December 31, 2014. All amounts within the tables are shown net of tax.

	Gains /			Defined
	(Losses) on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at December 31, 2012	$	—		$	(95,071	)	$	(20,378	)	$	(115,449	)
Activity during period:
Other comprehensive income (loss) before reclassifications		(1,200	)		29,861			(3,188	)		25,473
Amounts reclassified from AOCL		1,200			6,612			—			7,812
Net other comprehensive income (loss)		—			36,473			(3,188	)		33,285
Balance at December 31, 2013	$	—		$	(58,598	)	$	(23,566	)	$	(82,164	)
Activity during period:
Other comprehensive income (loss) before reclassifications		(4,286	)		(30,952	)		(118	)		(35,356	)
Amounts reclassified from AOCL		4,286			9,338			—			13,624
Net other comprehensive income (loss)		—			(21,614	)		(118	)		(21,732	)
Spin-off of Paragon Offshore(3)		—			21,772			12,706			34,478
Balance at December 31, 2014	$	—		$	(58,440	)	$	(10,978	)	$	(69,418	)

(1) Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 16 for additional information.

(2) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 15 for additional information.

(3) Reclassifications for the Spin-off of Paragon Offshore represent accumulated balances in AOCL that were transferred as part of the Spin-off.

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Information about Noble-Cayman - Guarantor Obligations (Detail) (Noble-Cayman [Member])	12 Months Ended
	Dec. 31, 2014
3.45% Senior Notes due August 2015 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
3.05% Senior Notes due March 2016 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
2.50% Senior Notes due March 2017 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
7.50% Senior Notes due March 2019 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHC
Guarantor(s)	Noble-Cayman
4.90% Senior Notes due August 2020 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
4.625% Senior Notes due March 2021 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
3.95% Senior Notes due March 2022 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
6.20% Senior Notes due August 2040 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
6.05% Senior Notes due March 2041 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
5.25% Senior Notes due 2042 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman

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Consolidated Joint Ventures - Schedule of Operational Results (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Operating revenues	$ 804,740	$ 828,796	$ 803,781	$ 795,187	$ 725,089	$ 640,513	$ 606,480	$ 566,061	$ 3,232,504	$ 2,538,143	$ 2,200,699
Net income									83,316	850,406	556,137
Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Operating revenues									372,313	355,115
Net income									$ 157,171	$ 145,447

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Organization and Significant Accounting Policies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 JointVenture Rigs	Dec. 31, 2013	Dec. 31, 2012
Description Of Business And Basis Of Presentation [Line Items]
Number of semisubmersibles	8
Number of drillships	9
Number of jackups	15
Number of harsh environment jackup rigs under construction	1
Share exchanged for each ordinary shares	1
Number of joint ventures, where the company hold the variable interest	2
Percentage of variable interest in joint ventures	50.00%
Maturity period of highly liquid investments	Three months or less
Capital accruals	$ 70	$ 88
Period for incurring maintenance costs, Minimum	3 years
Period for incurring maintenance costs, Maximum	5 years
Deferred costs for major maintenance projects, net of accumulated depreciation	179	400
Depreciation expense related to overhauls and asset replacement	77	70	53
Loss reserves for personal injury and protection claims	21	29
Deferred revenues under drilling contracts	263	303
Deferred expenses under drilling contracts	$ 94	$ 157
Drilling Equipment [Member] | Minimum [Member]
Description Of Business And Basis Of Presentation [Line Items]
Maximum useful life of property plant and equipment	3 years
Drilling Equipment [Member] | Maximum [Member]
Description Of Business And Basis Of Presentation [Line Items]
Maximum useful life of property plant and equipment	30 years
Other [Member] | Minimum [Member]
Description Of Business And Basis Of Presentation [Line Items]
Maximum useful life of property plant and equipment	2 years
Other [Member] | Maximum [Member]
Description Of Business And Basis Of Presentation [Line Items]
Maximum useful life of property plant and equipment	40 years

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Equity - Additional Information About Stock Options Outstanding (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Shares Underlying Options, Options Outstanding	1,958,633
Weighted Average Remaining Life (Years), Options Outstanding	4 years 1 month 17 days
Weighted Average Exercise Price, Options Outstanding	$ 28.43
Number Exercisable, Options Exercisable	1,846,465
Weighted Average Exercise Price, Options Exercisable	$ 28.35
$20.49 to $21.99 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Option Plans Exercise Price, lower range limit	$ 20.49
Stock Option Plans Exercise Price, upper range limit	$ 21.99
Number of Shares Underlying Options, Options Outstanding	513,103
Weighted Average Remaining Life (Years), Options Outstanding	2 years 3 months
Weighted Average Exercise Price, Options Outstanding	$ 21.24
Number Exercisable, Options Exercisable	513,103
Weighted Average Exercise Price, Options Exercisable	$ 21.24
$22.00 to $29.74 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Option Plans Exercise Price, lower range limit	$ 22.00
Stock Option Plans Exercise Price, upper range limit	$ 29.74
Number of Shares Underlying Options, Options Outstanding	312,531
Weighted Average Remaining Life (Years), Options Outstanding	2 years 8 months 16 days
Weighted Average Exercise Price, Options Outstanding	$ 27.13
Number Exercisable, Options Exercisable	294,553
Weighted Average Exercise Price, Options Exercisable	$ 27.24
$ 29.75 to $35.73 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock Option Plans Exercise Price, lower range limit	$ 29.75
Stock Option Plans Exercise Price, upper range limit	$ 35.73
Number of Shares Underlying Options, Options Outstanding	1,132,999
Weighted Average Remaining Life (Years), Options Outstanding	5 years 4 months 13 days
Weighted Average Exercise Price, Options Outstanding	$ 32.04
Number Exercisable, Options Exercisable	1,038,809
Weighted Average Exercise Price, Options Exercisable	$ 32.17

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Earnings per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Basic
Income (loss) from continuing operations									$ (152,011)	$ 478,595	$ 414,389
Earnings allocated to unvested share-based payment awards										(5,669)	(4,212)
Income (loss) from continuing operations to common shareholders									(152,011)	472,926	410,177
Income from discontinued operations									160,502	304,102	107,955
Earnings allocated to unvested share-based payment awards										(3,602)	(1,097)
Income from discontinued operations, net of tax to common shareholders									160,502	300,500	106,858
Net income attributable to Noble-UK									8,491	782,697	522,344
Earnings allocated to unvested share-based payment awards										(9,271)	(5,309)
Net income to common shareholders-basic									8,491	773,426	517,035
Diluted
Income (loss) from continuing operations									(152,011)	478,595	414,389
Earnings allocated to unvested share-based payment awards										(5,663)	(4,206)
Income (loss) from continuing operations to common shareholders									(152,011)	472,932	410,183
Income from discontinued operations									160,502	304,102	107,955
Earnings allocated to unvested share-based payment awards										(3,598)	(1,096)
Income from discontinued operations, net of tax to common shareholders									160,502	300,504	106,859
Net income attributable to Noble Corporation plc	(594,539)	147,389	140,325	154,814	144,023	165,267	102,406	66,899	8,491	782,697	522,344
Earnings allocated to unvested share-based payment awards										(9,261)	(5,302)
Net income to common shareholders-diluted									$ 8,491	$ 773,436	$ 517,042
Denominator:
Weighted average shares outstanding-basic									252,909	253,288	252,435
Incremental shares issuable from assumed exercise of stock options										259	356
Weighted average shares outstanding-diluted									252,909	253,547	252,791
Weighted average unvested share-based payment awards										3,036	2,592
Basic
Continuing operations									$ (0.60)	$ 1.86	$ 1.63
Discontinued operations									$ 0.63	$ 1.19	$ 0.42
Net income attributable to Noble-UK	$ (2.38)	$ 0.57	$ 0.54	$ 0.60	$ 0.56	$ 0.64	$ 0.40	$ 0.26	$ 0.03	$ 3.05	$ 2.05
Diluted
Continuing operations									$ (0.60)	$ 1.86	$ 1.63
Discontinued operations									$ 0.63	$ 1.19	$ 0.42
Net income attributable to Noble-UK	$ (2.38)	$ 0.57	$ 0.54	$ 0.60	$ 0.56	$ 0.64	$ 0.40	$ 0.26	$ 0.03	$ 3.05	$ 2.05
Dividends per share									$ 1.50	$ 0.76	$ 0.54

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Loss on Impairment - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended	1 Months Ended	12 Months Ended
	Dec. 31, 2014	Jan. 31, 2014	Dec. 31, 2013	Dec. 31, 2012 Rigs
Significant Unobservable Inputs (Level 3) [Member]
Loss Contingencies [Line Items]
Total impairment charges	$ 47
Significant Unobservable Inputs (Level 3) [Member] | FDR Holdings, Ltd. [Member]
Loss Contingencies [Line Items]
Impairment of goodwill	60
Submersible Rig Fleet [Member]
Loss Contingencies [Line Items]
Impairment related charges			4	13
Number of cold stack rigs				2
Sales value of Rigs		7
Corporate Assets [Member] | Significant Other Observable Inputs (Level 2) [Member]
Loss Contingencies [Line Items]
Impairment related charges				8
Semisubmersible Rig Fleet [Member] | Significant Unobservable Inputs (Level 3) [Member]
Loss Contingencies [Line Items]
Impairment related charges	$ 685

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Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) (Foreign Currency Forward Contracts [Member], Cash Flow Hedges [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized through AOCL	$ 4,286	$ 1,200
Contract Drilling Services [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) reclassified from AOCL to "contract drilling services" expense	(4,286)	(1,200)
Gain/(loss) recognized through AOCL to "contract drilling services" expense

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Information about Noble-Cayman (Tables)

12 Months Ended

Dec. 31, 2014

Guarantees [Abstract]

Guarantor Obligations

Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2014 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor(s)
$350 million 3.45% Senior Notes due 2015	NHIL	Noble-Cayman
$300 million 3.05% Senior Notes due 2016	NHIL	Noble-Cayman
$300 million 2.50% Senior Notes due 2017	NHIL	Noble-Cayman
$202 million 7.50% Senior Notes due 2019	NHC	Noble-Cayman;
	NDH
	Noble Drilling Services 6 LLC (“NDS6”)
$500 million 4.90% Senior Notes due 2020	NHIL	Noble-Cayman
$400 million 4.625% Senior Notes due 2021	NHIL	Noble-Cayman
$400 million 3.95% Senior Notes due 2022	NHIL	Noble-Cayman
$400 million 6.20% Senior Notes due 2040	NHIL	Noble-Cayman
$400 million 6.05% Senior Notes due 2041	NHIL	Noble-Cayman
$500 million 5.25% Senior Notes due 2042	NHIL	Noble-Cayman

Condensed Financial Statements

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

(in thousands)

												Other
												Non-guarantor
	Noble-											Subsidiaries			Consolidating
	Cayman		NHC		NDH			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	5	$	—	$	254		$	—	$	—	$	65,521		$	—		$	65,780
Accounts receivable		—		—		37,655			2,336		—		529,105			—			569,096
Taxes receivable		—		63,373		752			—		—		43,164			—			107,289
Short-term notes receivable from affiliates		123,449		—		1,077,965			—		333,966		171,925			(1,707,305	)		—
Accounts receivable from affiliates		2,019,319		374,012		192,771			157,164		125,834		4,191,406			(7,060,506	)		—
Prepaid expenses and other current assets		14,274		—		1,764			—		—		123,631			—			139,669
Total current assets		2,157,047		437,385		1,311,161			159,500		459,800		5,124,752			(8,767,811	)		881,834
Property and equipment, at cost		—		—		2,040,168			—		—		12,364,203			—			14,404,371
Accumulated depreciation		—		—		(278,147	)		—		—		(2,040,073	)		—			(2,318,220	)
Property and equipment, net		—		—		1,762,021			—		—		10,324,130			—			12,086,151
Notes receivable from affiliates		3,304,654		—		236,921			1,980,391		5,000		1,581,429			(7,108,395	)		—
Investments in affiliates		4,567,335		1,318,239		2,921,452			8,266,444		6,290,918		—			(23,364,388	)		—
Other assets		2,908		—		6,212			19,826		517		192,791			—			222,254
Total assets	$	10,031,944	$	1,755,624	$	6,237,767		$	10,426,161	$	6,756,235	$	17,223,102		$	(39,240,594	)	$	13,190,239
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	—	$	171,925	$	—		$	—	$	371,720	$	1,163,660		$	(1,707,305	)	$	—
Accounts payable		600		—		10,130			—		—		250,282			—			261,012
Accrued payroll and related costs		—		—		7,738			—		—		83,749			—			91,487
Accounts payable to affiliates		606,224		63,602		3,513,705			61,982		16,869		2,798,124			(7,060,506	)		—
Taxes payable		—		—		—			—		—		91,471			—			91,471
Other current liabilities		16,150		—		13,409			57,053		4,412		110,890			—			201,914
Total current liabilities		622,974		235,527		3,544,982			119,035		393,001		4,498,176			(8,767,811	)		645,884
Long-term debt		1,123,495		—		—			3,543,830		201,695		—			—			4,869,020
Notes payable to affiliates		1,769,068		—		598,715			1,169,180		192,216		3,379,216			(7,108,395	)		—
Deferred income taxes		—		—		—			—		—		120,589			—			120,589
Other liabilities		19,929		—		29,093			—		—		286,942			—			335,964
Total liabilities		3,535,466		235,527		4,172,790			4,832,045		786,912		8,284,923			(15,876,206	)		5,971,457
Commitments and contingencies
Total shareholder equity		6,496,478		1,520,097		2,064,977			5,594,116		5,969,323		7,812,656			(22,961,169	)		6,496,478
Noncontrolling interests		—		—		—			—		—		1,125,523			(403,219	)		722,304
Total equity		6,496,478		1,520,097		2,064,977			5,594,116		5,969,323		8,938,179			(23,364,388	)		7,218,782
Total liabilities and equity	$	10,031,944	$	1,755,624	$	6,237,767		$	10,426,161	$	6,756,235	$	17,223,102		$	(39,240,594	)	$	13,190,239

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013

(in thousands)

												Other
												Non-guarantor
	Noble-											Subsidiaries			Consolidating
	Cayman		NHC		NDH			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	1	$	—	$	402		$	4	$	—	$	109,975		$	—		$	110,382
Accounts receivable		—		—		34,038			—		—		915,031			—			949,069
Taxes receivable		—		52,307		—			—		—		87,722			—			140,029
Short-term notes receivable from affiliates		—		—		1,456,245			139,195		19,500		52,611			(1,667,551	)		—
Accounts receivable from affiliates		1,244,019		—		108,208			210,868		27,537		6,010,430			(7,601,062	)		—
Prepaid expenses and other current assets		—		—		6,336			—		—		178,012			—			184,348
Total current assets		1,244,020		52,307		1,605,229			350,067		47,037		7,353,781			(9,268,613	)		1,383,828
Property and equipment, at cost		—		—		2,340,216			—		—		16,820,134			—			19,160,350
Accumulated depreciation		—		—		(310,171	)		—		—		(4,321,507	)		—			(4,631,678	)
Property and equipment, net		—		—		2,030,045			—		—		12,498,627			—			14,528,672
Notes receivable from affiliates		3,304,753		—		124,216			2,367,555		5,000		1,390,500			(7,192,024	)		—
Investments in affiliates		8,601,712		2,907,379		6,595,591			9,456,735		5,440,004		—			(33,001,421	)		—
Other assets		6,256		—		6,332			22,681		639		233,106			—			269,014
Total assets	$	13,156,741	$	2,959,686	$	10,361,413		$	12,197,038	$	5,492,680	$	21,476,014		$	(49,462,058	)	$	16,181,514
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	—	$	52,611	$	139,195		$	—	$	750,000	$	725,745		$	(1,667,551	)	$	—
Accounts payable		—		—		5,310			—		—		340,600			—			345,910
Accrued payroll and related costs		—		—		8,582			—		—		134,764			—			143,346
Accounts payable to affiliates		1,104,410		653,049		4,032,776			216,866		21,173		1,572,788			(7,601,062	)		—
Taxes payable		—		—		827			—		—		119,761			—			120,588
Other current liabilities		412		—		22,106			62,431		4,412		210,811			—			300,172
Total current liabilities		1,104,822		705,660		4,208,796			279,297		775,585		3,104,469			(9,268,613	)		910,016
Long-term debt		1,561,141		—		—			3,793,414		201,696		—			—			5,556,251
Notes payable to affiliates		2,042,808		—		534,683			975,000		260,216		3,379,317			(7,192,024	)		—
Deferred income taxes		—		—		—			—		—		225,455			—			225,455
Other liabilities		19,931		—		24,502			—		—		289,875			—			334,308
Total liabilities		4,728,702		705,660		4,767,981			5,047,711		1,237,497		6,999,116			(16,460,637	)		7,026,030
Commitments and contingencies
Total shareholder equity		8,428,039		2,254,026		5,593,432			7,149,327		4,255,183		13,238,656			(32,490,624	)		8,428,039
Noncontrolling interests		—		—		—			—		—		1,238,242			(510,797	)		727,445
Total equity		8,428,039		2,254,026		5,593,432			7,149,327		4,255,183		14,476,898			(33,001,421	)		9,155,484
Total liabilities and equity	$	13,156,741	$	2,959,686	$	10,361,413		$	12,197,038	$	5,492,680	$	21,476,014		$	(49,462,058	)	$	16,181,514

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2014

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	327,070		$	—		$	—		$	3,067,195		$	(246,406	)	$	3,147,859
Reimbursables		—			—			6,239			—			—			78,405			—			84,644
Other		—			—			—			—			—			1			—			1
Total operating revenues		—			—			333,309			—			—			3,145,601			(246,406	)		3,232,504
Operating costs and expenses
Contract drilling services		30,885			39,039			120,971			115,909			—			1,447,073			(246,406	)		1,507,471
Reimbursables		—			—			4,687			—			—			61,691			—			66,378
Depreciation and amortization		—			—			65,164			—			—			559,114			—			624,278
General and administrative		2,437			11,376			—			31,620			1			7,560			—			52,994
Loss on impairment		—			—			—			—			—			745,428			—			745,428
Total operating costs and expenses		33,322			50,415			190,822			147,529			1			2,820,866			(246,406	)		2,996,549
Operating income (loss)		(33,322	)		(50,415	)		142,487			(147,529	)		(1	)		324,735			—			235,955
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		(2,885,628	)		157,648			(80,080	)		604,419			448,785			—			1,754,856			—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		223,083			50,565			28,580			170,845			6,240			—			(479,313	)		—
Total income (loss) of unconsolidated affiliates		(2,662,545	)		208,213			(51,500	)		775,264			455,025			—			1,275,543			—
Interest expense, net of amounts capitalized		(93,536	)		(3,046	)		(24,974	)		(169,666	)		(33,671	)		(3,148,822	)		3,318,536			(155,179	)
Interest income and other, net		2,913,631			—			249,005			89,449			3,308			64,267			(3,318,536	)		1,124
Income from continuing operations before income taxes		124,228			154,752			315,018			547,518			424,661			(2,759,820	)		1,275,543			81,900
Income tax provision		—			(68,805	)		(3,574	)		—			(1,546	)		(32,005	)		—			(105,930	)
Net income from continuing operations		124,228			85,947			311,444			547,518			423,115			(2,791,825	)		1,275,543			(24,030	)
Net income from discontinued operations, net of tax		—			(18,655	)		6,634			—			—			235,104			—			223,083
Net Income		124,228			67,292			318,078			547,518			423,115			(2,556,721	)		1,275,543			199,053
Net income attributable to noncontrolling interests		—			—			—			—			—			(98,603	)		23,778			(74,825	)
Net income attributable to Noble Corporation		124,228			67,292			318,078			547,518			423,115			(2,655,324	)		1,299,321			124,228
Other comprehensive loss, net		(21,732	)		—			—			—			—			(21,732	)		21,732			(21,732	)
Comprehensive income attributable to Noble Corporation	$	102,496		$	67,292		$	318,078		$	547,518		$	423,115		$	(2,677,056	)	$	1,321,053		$	102,496

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2013

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	240,631		$	—		$	—		$	2,291,475		$	(77,361	)	$	2,454,745
Reimbursables		—			—			8,498			—			—			57,794			—			66,292
Labor contract drilling services		—			—			—			—			—			17,095			—			17,095
Other		—			—			—			—			—			11			—			11
Total operating revenues		—			—			249,129			—			—			2,366,375			(77,361	)		2,538,143
Operating costs and expenses
Contract drilling services		24,039			22,195			70,359			110,138			—			1,009,801			(77,361	)		1,159,171
Reimbursables		—			—			6,850			—			—			43,560			—			50,410
Labor contract drilling services		—			—			—			—			—			11,601			—			11,601
Depreciation and amortization		—			—			62,778			—			—			446,563			—			509,341
General and administrative		7,380			7,396			—			36,050			1			14,032			—			64,859
Loss on impairment		—			—			—			—			—			3,585			—			3,585
Gain on disposal of assets, net		—			—			—			—			—			(35,646	)		—			(35,646	)
Gain on contract settlements/extinguishments, net		(45,000	)		—			—			—			—			14,382			—			(30,618	)
Total operating costs and expenses		(13,581	)		29,591			139,987			146,188			1			1,507,878			(77,361	)		1,732,703
Operating income (loss)		13,581			(29,591	)		109,142			(146,188	)		(1	)		858,497			—			805,440
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		653,815			65,868			(53,235	)		641,155			(1,136,831	)		—			(170,772	)		—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		321,804			45,098			308,188			431,149			63,235			—			(1,169,474	)		—
Total income (loss) of unconsolidated affiliates		975,619			110,966			254,953			1,072,304			(1,073,596	)		—			(1,340,246	)		—
Interest expense, net of amounts capitalized		(127,995	)		(1,081	)		(23,156	)		(139,784	)		(45,897	)		(1,852,423	)		2,084,036			(106,300	)
Interest income and other, net		6,609			—			262,717			154,442			1,569,003			94,821			(2,084,036	)		3,556
Income from continuing operations before income taxes		867,814			80,294			603,656			940,774			449,509			(899,105	)		(1,340,246	)		702,696
Income tax provision		—			(24,592	)		3,655			—			—			(68,040	)		—			(88,977	)
Net income from continuing operations		867,814			55,702			607,311			940,774			449,509			(967,145	)		(1,340,246	)		613,719
Net income from discontinued operations, net of tax		—			(16,569	)		24,529			(55	)		—			313,899			—			321,804
Net Income		867,814			39,133			631,840			940,719			449,509			(653,246	)		(1,340,246	)		935,523
Net income attributable to noncontrolling interests		—			—			—			—			—			(114,314	)		46,605			(67,709	)
Net income attributable to Noble Corporation		867,814			39,133			631,840			940,719			449,509			(767,560	)		(1,293,641	)		867,814
Other comprehensive income, net		33,285			—			—			—			—			33,285			(33,285	)		33,285
Comprehensive income attributable to Noble Corporation	$	901,099		$	39,133		$	631,840		$	940,719		$	449,509		$	(734,275	)	$	(1,326,926	)	$	901,099

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2012

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	161,577		$	—		$	—		$	2,006,624		$	(78,580	)	$	2,089,621
Reimbursables		—			—			6,637			—			—			59,130			—			65,767
Labor contract drilling services		—			—			—			—			—			45,299			—			45,299
Other		—			—			—			—			—			943			(931	)		12
Total operating revenues		—			—			168,214			—			—			2,111,996			(79,511	)		2,200,699
Operating costs and expenses
Contract drilling services		2,646			17,551			45,474			82,736			—			891,941			(79,511	)		960,837
Reimbursables		—			—			5,886			—			—			49,538			—			55,424
Labor contract drilling services		—			—			—			—			—			23,129			—			23,129
Depreciation and amortization		—			—			60,738			—			—			377,636			—			438,374
General and administrative		3,036			7,786			—			35,606			1			12,937			—			59,366
Loss on impairment		—			—			—			—			—			20,384			—			20,384
Gain on contract settlements/extinguishments, net		—			—			(4,869	)		—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		5,682			25,337			107,229			118,342			1			1,347,179			(79,511	)		1,524,259
Operating income (loss)		(5,682	)		(25,337	)		60,985			(118,342	)		(1	)		764,817			—			676,440
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		569,295			82,257			168,972			527,469			(244,644	)		—			(1,103,349	)		—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		115,151			32,769			188,511			280,121			60,481			—			(677,033	)		—
Total income (loss) of unconsolidated affiliates		684,446			115,026			357,483			807,590			(184,163	)		—			(1,780,382	)		—
Interest expense, net of amounts capitalized		(105,147	)		(20,950	)		(23,105	)		(120,361	)		(43,090	)		(666,968	)		893,858			(85,763	)
Interest income and other, net		7,306			—			40,845			135,001			594,328			119,449			(893,858	)		3,071
Income from continuing operations before income taxes		580,923			68,739			436,208			703,888			367,074			217,298			(1,780,382	)		593,748
Income tax provision		—			(18,446	)		(4,576	)		—			—			(71,161	)		—			(94,183	)
Net income from continuing operations		580,923			50,293			431,632			703,888			367,074			146,137			(1,780,382	)		499,565
Net income from discontinued operations, net of tax		—			(23,622	)		10,160			—			—			128,613			—			115,151
Net Income		580,923			26,671			441,792			703,888			367,074			274,750			(1,780,382	)		614,716
Net income attributable to noncontrolling interests		—			—			—			—			—			(68,969	)		35,176			(33,793	)
Net income attributable to Noble Corporation		580,923			26,671			441,792			703,888			367,074			205,781			(1,745,206	)		580,923
Other comprehensive loss, net		(41,128	)		—			—			—			—			(41,128	)		41,128			(41,128	)
Comprehensive income attributable to Noble Corporation	$	539,795		$	26,671		$	441,792		$	703,888		$	367,074		$	164,653		$	(1,704,078	)	$	539,795

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2014

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	2,825,524		$	(151,987	)	$	366,583		$	(232,605	)	$	(31,788	)	$	(903,811	)	$	—		$	1,871,916
Cash flows from investing activities
New construction and capital expenditures		—			—			(1,404,560	)		—			—			(704,574	)		—			(2,109,134	)
Notes receivable from affiliates		50			—			—			273,744			—			—			(273,794	)		—
Net cash from investing activities		50			—			(1,404,560	)		273,744			—			(704,574	)		(273,794	)		(2,109,134	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(437,647	)		—			—			—			—			—			—			(437,647	)
Repayment of long-term debt		—			—			—			(250,000	)		—			—			—			(250,000	)
Long-term borrowings of Paragon Offshore		—			—			—			—			—			1,710,550			—			1,710,550
Financing costs on long-term borrowings of Paragon Offshore		—			—			—			—			—			(14,676	)					(14,676	)
Cash balances of Paragon Offshore in Spin-Off		—			—			—			—			—			(104,152	)		—			(104,152	)
Dividends paid to noncontrolling interests		—			—			—			—			—			(79,966	)		—			(79,966	)
Financing costs on credit facilities		(398	)		—			—			—			—			—			—			(398	)
Distributions to parent company, net		(631,095	)		—			—			—			—			—			—			(631,095	)
Advances (to) from affiliates		(1,482,686	)		151,987			1,037,829			208,857			31,788			52,225			—			—
Notes payable to affiliates		(273,744	)		—			—			—			—			(50	)		273,794			—
Net cash from financing activities		(2,825,570	)		151,987			1,037,829			(41,143	)		31,788			1,563,931			273,794			192,616
Net change in cash and cash equivalents		4			—			(148	)		(4	)		—			(44,454	)		—			(44,602	)
Cash and cash equivalents, beginning of period		1			—			402			4			—			109,975			—			110,382
Cash and cash equivalents, end of period	$	5		$	—		$	254		$	—		$	—		$	65,521		$	—		$	65,780

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2013

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(117,993	)	$	(133,595	)	$	424,147		$	(128,315	)	$	1,523,225		$	201,161		$	—		$	1,768,630
Cash flows from investing activities
New construction and capital expenditures		—			—			(1,594,449	)		—			—			(949,755	)		—			(2,544,204	)
Notes receivable from affiliates		—			—			—			—			—			294,798			(294,798	)		—
Proceeds from disposal of assets		—			—			—			—			—			61,000			—			61,000
Net cash from investing activities		—			—			(1,594,449	)		—			—			(593,957	)		(294,798	)		(2,483,204	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		1,221,333			—			—			—			—			—			—			1,221,333
Repayment of long-term debt		(300,000	)		—			—			—			—			—			—			(300,000	)
Dividends paid to noncontrolling interests		—			—			—			—			—			(105,388	)		—			(105,388	)
Financing costs on credit facilities		(2,484	)		—			—			—			—			—			—			(2,484	)
Distributions to parent company, net		(265,880	)		—			—			—			—			—			—			(265,880	)
Advances (to) from affiliates		(241,180	)		133,595			1,169,800			128,317			(1,523,225	)		332,693			—			—
Notes payable to affiliates		(294,798	)		—			—			—			—			—			294,798			—
Net cash from financing activities		116,991			133,595			1,169,800			128,317			(1,523,225	)		227,305			294,798			547,581
Net change in cash and cash equivalents		(1,002	)		—			(502	)		2			—			(165,491	)		—			(166,993	)
Cash and cash equivalents, beginning of period		1,003			—			904			2			—			275,466			—			277,375
Cash and cash equivalents, end of period	$	1		$	—		$	402		$	4		$	—		$	109,975		$	—		$	110,382

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2012

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(86,784	)	$	(99,193	)	$	134,370		$	(96,642	)	$	551,358		$	1,017,518		$	—		$	1,420,627
Cash flows from investing activities
New construction and capital expenditures		—			—			(682,477	)		—			—			(1,106,077	)		—			(1,788,554	)
Notes receivable from affiliates		—			—			—			(1,188,287	)		—			—			1,188,287			—
Net cash from investing activities		—			—			(682,477	)		(1,188,287	)		—			(1,106,077	)		1,188,287			(1,788,554	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(635,192	)		—			—			—			—			—			—			(635,192	)
Proceeds from issuance of senior notes, net of debt issuance costs		—			—			—			1,186,636			—			—			—			1,186,636
Financing costs on credit facilities		(5,221	)		—			—			—			—			—			—			(5,221	)
Contributions from joint venture partners		—			—			—			—			—			40,000			—			40,000
Distributions to parent company, net		(175,977	)		—			—			—			—			—			—			(175,977	)
Advances (to) from affiliates		(284,256	)		99,193			548,626			98,295			(551,358	)		89,500			—			—
Notes payable to affiliates		1,188,287			—			—			—			—			—			(1,188,287	)		—
Net cash from financing activities		87,641			99,193			548,626			1,284,931			(551,358	)		129,500			(1,188,287	)		410,246
Net change in cash and cash equivalents		857			—			519			2			—			40,941			—			42,319
Cash and cash equivalents, beginning of period		146			—			385			—			—			234,525			—			235,056
Cash and cash equivalents, end of period	$	1,003		$	—		$	904		$	2		$	—		$	275,466		$	—		$	277,375

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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Operation from Discontinued Operations

The following table provides the results of operations from discontinued operations:

	Year Ended December 31,
	2014			2013			2012
Operating revenues
Contract drilling services	$	993,253		$	1,615,325		$	1,259,741
Reimbursables		21,899			45,582			49,728
Labor contract drilling services		19,304			35,146			36,591
Other		2			94			253
Operating revenues from discontinued operations	$	1,034,458		$	1,696,147		$	1,346,313
Income from discontinued operations
Income from discontinued operations before income taxes	$	216,391		$	379,591		$	159,860
Income tax provision		(55,889	)		(75,489	)		(51,905	)
Net income from discontinued operations, net of tax	$	160,502		$	304,102		$	107,955

Schedule of Carrying Value of Major Categories of Assets and Liabilities

The carrying value of the major categories of assets and liabilities of Paragon Offshore immediately preceding the Spin-off on August 1, 2014, which are excluded from our Consolidated Balance Sheet at December 31, 2014, were as follows:

ASSETS
Current assets
Cash and cash equivalents	$	104,152
Accounts receivable		362,100
Prepaid expenses and other current assets		90,089
Total current assets of discontinued operations		556,341
Property and equipment, at cost		5,609,119
Accumulated depreciation		(2,640,943	)
Property and equipment, net		2,968,176
Other assets		84,894
Total assets of discontinued operations	$	3,609,411
LIABILITIES
Current liabilities
Accounts payable	$	132,446
Accrued payroll and related costs		64,580
Other current liabilities		103,768
Total current liabilities of discontinued operations		300,794
Long-term debt		1,726,750
Other liabilities		172,467
Total liabilities of discontinued operations	$	2,200,011

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Gain on Disposal of Assets, net - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Sep. 30, 2013
Property Plant and Equipment Useful Life and Values [Abstract]
Sale of the Noble Lewis Dugger	$ 61
Gain on sale of assets	$ 36

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Unaudited Interim Financial Data - Consolidated Statements of Comprehensive Income Included in Quarterly Report (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended			3 Months Ended	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2014	Sep. 30, 2014
Schedule Of Quarterly Financial Data [Line Items]
Net income	$ 83,316	$ 850,406	$ 556,137
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(118)	(3,188)	(8,076)
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)	(41,608)	29,861	(41,658)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)	18,389
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)	2,764	6,612	5,545
Other comprehensive income (loss), net	(21,732)	33,285	(41,128)
Spin-off of Paragon Offshore	1,409,400
Total comprehensive income	61,584	883,691	515,009
Net comprehensive income attributable to noncontrolling interests	(74,825)	(67,709)	(33,793)
Comprehensive income (loss) attributable to Noble Corporation plc	(13,241)	815,982	481,216
Noble-Cayman [Member]
Schedule Of Quarterly Financial Data [Line Items]
Net income	124,228	867,814	580,923
Other comprehensive income (loss), net of tax
Other comprehensive income (loss), net	(21,732)	33,285	(41,128)
Comprehensive income (loss) attributable to Noble Corporation plc	102,496	901,099	539,795
Foreign Currency Forward Contracts [Member]
Other comprehensive income (loss), net of tax
Gain (loss) from derivatives instruments designated			3,061
As Reported [Member]
Schedule Of Quarterly Financial Data [Line Items]
Net income				147,646	678,350
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments				(1,577)	1,143
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)				(1,409)	(1,409)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)				358	358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)				571	2,099
Other comprehensive income (loss), net				(8,982)	1,918
Spin-off of Paragon Offshore				34,478	34,478
Net comprehensive income attributable to noncontrolling interests				(20,471)	(60,290)
Comprehensive income (loss) attributable to Noble Corporation plc				152,671	654,456
As Reported [Member] | Noble-Cayman [Member]
Schedule Of Quarterly Financial Data [Line Items]
Net income				193,705	784,078
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments				(1,577)	1,143
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)				(1,409)	(1,409)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)				358	358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)				571	2,099
Other comprehensive income (loss), net				(8,982)	1,918
Spin-off of Paragon Offshore				34,478	34,478
Net comprehensive income attributable to noncontrolling interests				(20,471)	(60,290)
Comprehensive income (loss) attributable to Noble Corporation plc				198,730	760,184
As Reported [Member] | Foreign Currency Forward Contracts [Member]
Other comprehensive income (loss), net of tax
Gain (loss) from derivatives instruments designated				(6,925)	(273)
As Reported [Member] | Foreign Currency Forward Contracts [Member] | Noble-Cayman [Member]
Other comprehensive income (loss), net of tax
Gain (loss) from derivatives instruments designated				(6,925)	(273)
As Adjusted [Member]
Schedule Of Quarterly Financial Data [Line Items]
Net income				147,646	678,350
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments				(1,577)	1,143
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)				(1,409)	(1,409)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)				358	358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)				571	2,099
Other comprehensive income (loss), net				(8,982)	1,918
Total comprehensive income				138,664	680,268
Net comprehensive income attributable to noncontrolling interests				(20,471)	(60,290)
Comprehensive income (loss) attributable to Noble Corporation plc				118,193	619,978
As Adjusted [Member] | Noble-Cayman [Member]
Schedule Of Quarterly Financial Data [Line Items]
Net income				193,705	784,078
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments				(1,577)	1,143
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)				(1,409)	(1,409)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)				358	358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)				571	2,099
Other comprehensive income (loss), net				(8,982)	1,918
Total comprehensive income				184,723	785,996
Net comprehensive income attributable to noncontrolling interests				(20,471)	(60,290)
Comprehensive income (loss) attributable to Noble Corporation plc				164,252	725,706
As Adjusted [Member] | Foreign Currency Forward Contracts [Member]
Other comprehensive income (loss), net of tax
Gain (loss) from derivatives instruments designated				(6,925)	(273)
As Adjusted [Member] | Foreign Currency Forward Contracts [Member] | Noble-Cayman [Member]
Other comprehensive income (loss), net of tax
Gain (loss) from derivatives instruments designated				$ (6,925)	$ (273)

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Equity - Assumptions used to Value the Performance-Vested Restricted Stock Awards (Detail) (Restricted Stock Awards [Member])	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Restricted Stock Awards [Member]
Valuation assumptions:
Expected volatility	33.00%	34.80%	41.40%
Expected dividend yield	4.70%	1.30%	1.50%
Risk-free interest rate	0.70%	0.40%	0.30%

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Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plan (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	$ 161,591	$ 151,781
Service Cost	4,777	5,496	4,461
Interest cost	4,650	5,085	5,372
Actuarial loss (gain)	6,145	(4,584)
Plan amendments	1,595	(227)
Benefits paid	(2,819)	(2,558)
Settlement
Curtailment
Plan participants' contributions	266	956
Foreign exchange rate changes	(7,071)	5,642
Spin-off adjustment	(96,581)
Benefit obligation at end of year	72,553	161,591	151,781
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	223,938	225,885
Service Cost	8,901	10,724	9,612
Interest cost	10,546	9,049	8,719
Actuarial loss (gain)	51,524	(17,652)
Plan amendments
Benefits paid	(4,262)	(4,068)
Settlement	(34,397)
Curtailment	(18,178)
Plan participants' contributions
Foreign exchange rate changes
Spin-off adjustment
Benefit obligation at end of year	$ 238,072	$ 223,938	$ 225,885

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Receivables from Customers - Additional Information (Detail) (Petroleos Mexicanos [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2014
Petroleos Mexicanos [Member]
Receivables From Major Customers [Line Items]
Approximate receivable	$ 14

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Segment and Related Information - Revenues and Identifiable Assets by Country Based on the Location of the Service Provided (Detail) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 804,740,000	$ 828,796,000	$ 803,781,000	$ 795,187,000	$ 725,089,000	$ 640,513,000	$ 606,480,000	$ 566,061,000	$ 3,232,504,000	$ 2,538,143,000	$ 2,200,699,000
Identifiable Assets	13,286,822,000				16,217,957,000				13,286,822,000	16,217,957,000
Revenue earned by jackup rigs									0
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									1,639,509,000	1,338,634,000	1,061,254,000
Identifiable Assets	6,739,636,000				5,525,839,000				6,739,636,000	5,525,839,000
Argentina [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									97,743,000
Identifiable Assets	304,131,000								304,131,000
Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									146,474,000	133,214,000	42,353,000
Identifiable Assets	541,655,000				624,238,000				541,655,000	624,238,000
Benin [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									66,077,000	41,251,000
Identifiable Assets					803,788,000					803,788,000
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									447,266,000	527,706,000	430,737,000
Identifiable Assets	799,599,000				3,921,306,000				799,599,000	3,921,306,000
Denmark [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									28,980,000
Identifiable Assets	272,788,000								272,788,000
Egypt [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									19,961,000	33,685,000	103,380,000
Malaysia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									11,126,000
Identifiable Assets	1,144,498,000				23,002,000				1,144,498,000	23,002,000
Malta [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									15,495,000	7,453,000	35,776,000
Identifiable Assets					454,951,000					454,951,000
Mexico [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									127,000	14,529,000	40,218,000
Identifiable Assets	35,994,000				439,098,000				35,994,000	439,098,000
Morocco [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									69,056,000
New Zealand [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									56,911,000	11,995,000	9,563,000
Identifiable Assets					663,165,000					663,165,000
Saudi Arabia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									260,544,000	246,083,000	220,657,000
Identifiable Assets	479,525,000				584,230,000				479,525,000	584,230,000
Singapore [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Identifiable Assets	982,731,000				618,341,000				982,731,000	618,341,000
South Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Identifiable Assets					894,347,000					894,347,000
Switzerland [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Identifiable Assets	27,645,000				32,162,000				27,645,000	32,162,000
The Netherlands [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									82,026,000
Identifiable Assets	249,074,000				339,560,000				249,074,000	339,560,000
Turkey [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									13,960,000
Identifiable Assets	740,362,000								740,362,000
United Arab Emirates [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									108,044,000	71,896,000	59,321,000
Identifiable Assets	331,812,000				443,166,000				331,812,000	443,166,000
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									84,078,000	87,908,000	66,232,000
Identifiable Assets	248,835,000				400,989,000				248,835,000	400,989,000
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues									85,127,000	23,789,000	131,208,000
Identifiable Assets	$ 388,537,000				$ 449,775,000				$ 388,537,000	$ 449,775,000

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Equity - Summary of Status of Non-Vested Restricted Shares (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Minimum number of performance vested shares	0
Target level of performance	50.00%

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Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Line Items]
Reserves for uncertain tax positions net	$ 115,787,000	$ 127,121,000
Reduction in the provision for income taxes, if reserves not realized	116,000,000
Interest and penalties resulted in an income tax benefit and (expense)	1,000,000	7,000,000	(5,000,000)
Operational period	12 months
Federal statutory income tax rate	21.50%
Foreign tax credits	17,000,000	15,000,000	22,000,000
Undistributed earnings of subsidiaries	0	80,000,000
Minimum [Member]
Income Taxes [Line Items]
Expected additional Income tax liability on undistributed earning from subsidiary		20,000,000
Maximum [Member]
Income Taxes [Line Items]
Expected additional Income tax liability on undistributed earning from subsidiary		$ 25,000,000

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Income Taxes - Components of Net Deferred Taxes (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets
Deferred tax assets	$ 59,017	$ 90,621
Less: valuation allowance	(6,907)	(16,847)
Net deferred tax assets	52,110	73,774
Deferred tax liabilities
Deferred tax liabilities	(172,525)	(284,561)
Net deferred tax liabilities	(120,415)	(210,787)
United States [Member]
Deferred tax assets
Deferred pension plan amounts	23,497	8,859
Accrued expenses not currently deductible	14,250	31,769
Other	11,267	14,542
Deferred tax liabilities
Excess of net book basis over remaining tax basis	(166,959)	(275,073)
Other	(4,969)	(6,002)
Foreign Tax Authority [Member]
Deferred tax assets
Net operating loss carry forwards	6,907	33,021
Deferred pension plan amounts	3,096	2,130
Other		300
Deferred tax liabilities
Excess of net book basis over remaining tax basis	(200)	(1,034)
Other	$ (397)	$ (2,452)

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Income Taxes - Reconciliation of Statutory and Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Tax rates which are different than the UK and Cayman Island rates	19.30%	15.50%	18.60%
Tax impact of asset impairment	344.00%	0.00%	0.00%
Resolution of tax authority audits	(1.30%)	(1.10%)	(1.10%)
Total	362.00%	14.40%	17.50%

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Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (82,164)	$ (115,449)
Other comprehensive income (loss) before reclassifications	(35,356)	25,473
Amounts reclassified from AOCL	13,624	7,812
Other comprehensive income (loss), net	(21,732)	33,285	(41,128)
Spin-off of Paragon Offshore	34,478
Ending balance	(69,418)	(82,164)	(115,449)
Cash Flow Hedge Gain (Loss) Reclassified [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	(4,286)	(1,200)
Amounts reclassified from AOCL	4,286	1,200
Other comprehensive income (loss), net
Spin-off of Paragon Offshore
Ending balance
Defined Benefit Pension Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(58,598)	(95,071)
Other comprehensive income (loss) before reclassifications	(30,952)	29,861
Amounts reclassified from AOCL	9,338	6,612
Other comprehensive income (loss), net	(21,614)	36,473
Spin-off of Paragon Offshore	21,772
Ending balance	(58,440)	(58,598)
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(23,566)	(20,378)
Other comprehensive income (loss) before reclassifications	(118)	(3,188)
Amounts reclassified from AOCL
Other comprehensive income (loss), net	(118)	(3,188)
Spin-off of Paragon Offshore	12,706
Ending balance	$ (10,978)	$ (23,566)

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Equity - Valuation Assumptions for Stock Options Granted (Detail) (Stock Options Granted [Member], Stock Options [Member], USD $)	12 Months Ended
	Dec. 31, 2012
Stock Options Granted [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per option granted	$ 13.41
Valuation assumptions:
Expected option term (years)	6 years
Expected volatility	43.00%
Historical dividend yield	1.40%
Risk-free interest rate	1.10%

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Financial Instruments and Credit Risk

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Financial Instruments and Credit Risk

Note 17- Financial Instruments and Credit Risk

The following tables present the carrying amount and estimated fair value as of December 31, 2014 and 2013 of our financial instruments recognized at fair value on a recurring basis:

	December 31, 2014
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets—
Marketable securities	$	6,175	$	6,175	$	—	$	—

	December 31, 2013
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets—
Marketable securities	$	7,230	$	7,230	$	—	$	—

The foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value.

Concentration of Credit Risk

The market for our services is the offshore oil and gas industry, and our customers consist primarily of major integrated oil companies, government-owned oil companies and independent oil and gas producers. We perform ongoing credit evaluations of our customers and do not require material collateral. We maintain reserves for potential credit losses when necessary. Our results of operations and financial condition should be considered in light of the fluctuations in demand experienced by drilling contractors as changes in oil and gas producers’ expenditures and budgets occur. These fluctuations can impact our results of operations and financial condition as supply and demand factors directly affect utilization and dayrates, which are the primary determinants of our net cash provided by operating activities.

Revenues from Shell and its affiliates accounted for approximately 55 percent, 67 percent and 51 percent of our consolidated operating revenues in 2014, 2013 and 2012, respectively. Revenues from Saudi Arabian Oil Company (“Saudi Aramco”) accounted for approximately 10 percent of our consolidated operating revenues in both 2013 and 2012. Saudi Aramco did not account for more than 10 percent of our consolidated operating revenues in 2014. Revenues from Petróleo Brasileiro S.A. (“Petrobras”) accounted for approximately 11 percent of our consolidated operating revenues in 2012. Petrobras did not account for more than 10 percent of our consolidated operating revenues in either 2014 or 2013. No other customer accounted for more than 10 percent of our consolidated operating revenues in 2014, 2013 or 2012.

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Discontinued Operations - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Aug. 01, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term debt issued	$ 1,726,750,000			$ 1,700,000,000
Non Recurring [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-recurring Spin-Off related costs totaled	63,000,000	18,000,000	7,000,000
Paragon Offshore [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount of senior notes	1,080,000,000
Number of tranches	2
Senior secured term credit agreement, Amount	650,000,000
Senior secured term credit agreement, Description	Interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years.
Interest rate initial term	7 years
Interest expense related to related to Paragon issued debt to discontinued operations	4,000,000	0	0
Paragon Offshore [Member] | 6.75% Senior Notes Due 2022 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount of senior notes	500,000,000
Senior Notes, Percentage	6.75%
Senior Notes, Maturity year	2022
Paragon Offshore [Member] | 7.25% Senior Notes Due 2024 [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount of senior notes	580,000,000
Senior Notes, Percentage	7.25%
Senior Notes, Maturity year	2024
FDR Holdings, Ltd. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill				$ 15,000,000

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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summarization of Recognized Gains and Losses of Cash Flow Hedges

To supplement the fair value disclosures in Note 17, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the years ended December 31, 2014 and 2013:

	Gain/(loss) recognized through AOCL				Gain reclassified from AOCL to “contract drilling services” expense						Gain/(loss) recognized through “contract drililng services” expense
	2014		2013		2014			2013			2014		2013
Cash flow hedges
Foreign currency forward contracts	$	4,286	$	1,200	$	(4,286	)	$	(1,200	)	$	—	$	—

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Equity - Summary of Status of Non-Vested Restricted Shares (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
TVRSU's Outstanding [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested restricted shares, Restricted Shares Outstanding, Beginning balance	1,652,360
Awarded, Restricted Shares Outstanding	1,617,534
Vested, Restricted Shares Outstanding	(749,935)
Forfeited, Restricted Shares Outstanding	(149,006)
Surrendered in connection with Spin-Off, Restricted Shares Outstanding	(816,627)
Spin-Off adjustment, Restricted Shares Outstanding	326,853
Non-vested restricted shares, Restricted Shares Outstanding, Ending balance	1,881,179
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Beginning balance	$ 39.40
Awarded, Weighted Average Award-Date Fair Value	$ 31.56
Vested, Weighted Average Award-Date Fair Value	$ 38.76
Forfeited, Weighted Average Award-Date Fair Value	$ 35.50
Surrendered in connection with Spin-off, Weighted Average Award-Date Fair Value	$ 34.22
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Ending balance	$ 34.66
PVRSU's Outstanding [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested restricted shares, Restricted Shares Outstanding, Beginning balance	1,397,137
Awarded, Restricted Shares Outstanding	740,364
Vested, Restricted Shares Outstanding	(180,975)
Forfeited, Restricted Shares Outstanding	(253,882)
Surrendered in connection with Spin-Off, Restricted Shares Outstanding	(89,612)
Spin-Off adjustment, Restricted Shares Outstanding	329,937
Non-vested restricted shares, Restricted Shares Outstanding, Ending balance	1,942,969
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Beginning balance	$ 21.06
Awarded, Weighted Average Award-Date Fair Value	$ 19.66
Vested, Weighted Average Award-Date Fair Value	$ 16.77
Forfeited, Weighted Average Award-Date Fair Value	$ 17.66
Surrendered in connection with Spin-off, Weighted Average Award-Date Fair Value	$ 20.95
Non-vested restricted shares, Weighted Average Award-Date Fair Value, Ending balance	$ 21.44

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Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 13,000	$ 12,000
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	1,355	6,493
Fair value of plan assets	592	5,820
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	202,716	11,997
Fair value of plan assets	$ 172,119

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Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consists of the following at December 31, 2014 and 2013:

	December 31,		December 31,
	2014		2013
Senior unsecured notes:
7.375% Senior Notes due 2014	$	—	$	249,964
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,982		299,967
2.50% Senior Notes due 2017		299,920		299,886
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		499,151		499,022
4.625% Senior Notes due 2021		399,627		399,576
3.95% Senior Notes due 2022		399,264		399,178
6.20% Senior Notes due 2040		399,895		399,893
6.05% Senior Notes due 2041		397,681		397,646
5.25% Senior Notes due 2042		498,310		498,283
Total senior unsecured notes		3,745,525		3,995,110
Credit facilities & commercial paper program		1,123,495		1,561,141
Total long-term debt	$	4,869,020	$	5,556,251

Repayments of Total Debt

Aggregate principal repayments of total debt for the next five years and thereafter are as follows:

2015(1)(2)	2016		2017		2018		2019		Thereafter		Total
$1,473,495	$	299,982	$	299,920	$	—	$	201,695	$	2,593,928	$	4,869,020

(1) In August 2015, our $350 million 3.45% Senior Notes mature. We anticipate using availability on our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we have shown the entire balance as long-term on our Consolidated Balance Sheet at December 31, 2014.

(2) Amounts outstanding under our credit facilities and commercial paper program mature during 2015. As amounts issued under the commercial paper program are supported by the unused committed capacity under our Credit Facilities, they are classified as long-term on our Consolidated Balance Sheet at December 31, 2014.

Estimated Fair Value of Our Long-Term Debt

The following table presents the estimated fair value of our long-term debt as of December 31, 2014 and 2013:

	December 31, 2014				December 31, 2013
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Senior unsecured notes:
7.375% Senior Notes due 2014	$	—	$	—	$	249,964	$	253,634
3.45% Senior Notes due 2015		350,000		354,992		350,000		363,019
3.05% Senior Notes due 2016		299,982		302,515		299,967		309,878
2.50% Senior Notes due 2017		299,920		287,014		299,886		302,891
7.50% Senior Notes due 2019		201,695		212,068		201,695		232,839
4.90% Senior Notes due 2020		499,151		471,095		499,022		528,597
4.625% Senior Notes due 2021		399,627		363,837		399,576		413,868
3.95% Senior Notes due 2022		399,264		346,425		399,178		390,520
6.20% Senior Notes due 2040		399,895		350,351		399,893		421,720
6.05% Senior Notes due 2041		397,681		343,653		397,646		417,312
5.25% Senior Notes due 2042		498,310		385,181		498,283		476,873
Total senior unsecured notes		3,745,525		3,417,131		3,995,110		4,111,151
Credit facilities and commercial paper program		1,123,495		1,123,495		1,561,141		1,561,141
Total long-term debt	$	4,869,020	$	4,540,626	$	5,556,251	$	5,672,292

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Discontinued Operations - Schedule of Carrying Value of Major Categories of Assets and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Aug. 01, 2014
Current assets
Cash and cash equivalents	$ 104,152
Accounts receivable	362,100
Prepaid expenses and other current assets	90,089
Total current assets of discontinued operations	556,341
Property and equipment, at cost	5,609,119
Accumulated depreciation	(2,640,943)
Property and equipment, net	2,968,176
Other assets	84,894
Total assets of discontinued operations	3,609,411
Current liabilities
Accounts payable	132,446
Accrued payroll and related costs	64,580
Other current liabilities	103,768
Total current liabilities of discontinued operations	300,794
Long-term debt	1,726,750	1,700,000
Other liabilities	172,467
Total liabilities of discontinued operations	$ 2,200,011

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Equity - Share Repurchases (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Total Number of Shares Purchased	6,769,891	190,187	302,150
Total Cost	$ 154,145	$ 7,653	$ 10,516
Average Price Paid per Share	$ 22.77	$ 40.24	$ 34.80

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Supplemental Cash Flow Information - Additional Cash Flow Information (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash paid during the period for:
Interest, net of amounts capitalized	$ 159,835	$ 81,897	$ 56,144
Income taxes (net of refunds)	132,527	219,088	148,612
Non-cash activities during the period:
Spin-off of Paragon Offshore	1,409,400
Noble-Cayman [Member]
Cash paid during the period for:
Interest, net of amounts capitalized	159,835	81,897	56,144
Income taxes (net of refunds)	130,356	216,391	148,612
Non-cash activities during the period:
Spin-off of Paragon Offshore	$ 1,409,400

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Debt - Schedule of Debt (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2014
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	7.375%	7.375%
Senior notes, maturity date	2014
3.45% Senior Notes due August 2015 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	3.45%
Senior notes, maturity date	2015
3.05% Senior Notes due March 2016 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	3.05%
Senior notes, maturity date	2016
2.50% Senior Notes due March 2017 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	2.50%
Senior notes, maturity date	2017
7.50% Senior Notes due March 2019 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	7.50%
Senior notes, maturity date	2019
4.90% Senior Notes due August 2020 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	4.90%
Senior notes, maturity date	2020
4.625% Senior Notes due March 2021 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	4.625%
Senior notes, maturity date	2021
3.95% Senior Notes due March 2022 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	3.95%
Senior notes, maturity date	2022
6.20% Senior Notes due August 2040 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	6.20%
Senior notes, maturity date	2040
6.05% Senior Notes due March 2041 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	6.05%
Senior notes, maturity date	2041
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.25%
Senior notes, maturity date	2042

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Unaudited Interim Financial Data (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information

Unaudited interim consolidated financial information from continuing operations for Noble-UK for the years ended December 31, 2014 and 2013 is as follows:

	Quarter Ended
	Mar. 31		Jun. 30		Sep. 30		Dec. 31
2014
Operating revenues	$	795,187	$	803,781	$	828,796	$	804,740
Operating income (loss)		248,968		235,205		243,633		(541,864	)
Net income (loss) from continuing operations attributable to Noble-UK		154,814		140,325		147,389		(594,539	)
Net income (loss) per share from continuning operations attributable to Noble-UK (1)
Basic		0.60		0.54		0.57		(2.38	)
Diluted		0.60		0.54		0.57		(2.38	)

	Quarter Ended
	Mar. 31		Jun. 30		Sep. 30		Dec. 31
2013
Operating revenues	$	566,061	$	606,480	$	640,513	$	725,089
Operating income		135,437		159,973		239,248		205,879
Net income from continuing operations attributable to Noble-UK		66,899		102,406		165,267		144,023
Net income per share from continuning operations attributable to Noble-UK (1)
Basic		0.26		0.40		0.64		0.56
Diluted		0.26		0.40		0.64		0.56

(1) Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year.

Consolidated Statements of Comprehensive Income Included in Quarterly Report

The following chart presents the recast of Noble-UK for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods:

	Three Months Ended September 30, 2014						Nine Months Ended September 30, 2014
	As Reported			As Adjusted			As Reported			As Adjusted
Net income	$	147,646		$	147,646		$	678,350		$	678,350
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(1,577	)		(1,577	)		1,143			1,143
Foreign currency forward contracts		(6,925	)		(6,925	)		(273	)		(273	)
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)		(1,409	)		(1,409	)		(1,409	)		(1,409	)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)		358			358			358			358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)		571			571			2,099			2,099
Other comprehensive income (loss), net		(8,982	)		(8,982	)		1,918			1,918
Spin-off of Paragon Offshore		34,478			—			34,478			—
Total comprehensive income		n/a			138,664			n/a			680,268
Net comprehensive income attributable to noncontrolling interests		(20,471	)		(20,471	)		(60,290	)		(60,290	)
Comprehensive income attributable to Noble Corporation plc	$	152,671		$	118,193		$	654,456		$	619,978

Noble-Cayman [Member]

Consolidated Statements of Comprehensive Income Included in Quarterly Report

The following chart presents the recast of Noble-Cayman for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods:

	Three Months Ended September 30, 2014						Nine Months Ended September 30, 2014
	As Reported			As Adjusted			As Reported			As Adjusted
Net income	$	193,705		$	193,705		$	784,078		$	784,078
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(1,577	)		(1,577	)		1,143			1,143
Foreign currency forward contracts		(6,925	)		(6,925	)		(273	)		(273	)
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)		(1,409	)		(1,409	)		(1,409	)		(1,409	)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)		358			358			358			358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)		571			571			2,099			2,099
Other comprehensive income (loss), net		(8,982	)		(8,982	)		1,918			1,918
Spin-off of Paragon Offshore		34,478			—			34,478			—
Total comprehensive income		n/a			184,723			n/a			785,996
Net comprehensive income attributable to noncontrolling interests		(20,471	)		(20,471	)		(60,290	)		(60,290	)
Comprehensive income attributable to Noble Corporation	$	198,730		$	164,252		$	760,184		$	725,706

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Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Organization and Significant Accounting Policies

Note 1 – Organization and Significant Accounting Policies

Organization and Business

Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of mobile offshore drilling units located worldwide. As of the filing date of this Annual Report on Form 10-K, our fleet consisted of 15 jackups, nine drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. This excludes the semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff.

At December 31, 2014, our fleet was located in the United States, Brazil, Argentina, the North Sea, the Mediterranean, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

On November 20, 2013, pursuant to the Merger Agreement dated as of June 30, 2013 between Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble-UK, Noble-Swiss merged with and into Noble-UK, with Noble-UK as the surviving company (the “Transaction”). In the Transaction, all of the outstanding ordinary shares of Noble-Swiss were cancelled, and Noble-UK issued, through an exchange agent, one ordinary share of Noble-UK in exchange for each ordinary share of Noble-Swiss. The Transaction effectively changed the place of incorporation of our publicly traded parent holding company from Switzerland to the United Kingdom.

Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries.

Principles of Consolidation

The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation.

Foreign Currency Translation

Although we are a UK company, we define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while income statement items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the three years ended December 31, 2014.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business.

Property and Equipment

Property and equipment is stated at cost, reduced by provisions to recognize economic impairment in value whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years. Included in accounts payable were $70 million and $88 million of capital accruals as of December 31, 2014 and 2013, respectively.

Interest is capitalized on construction-in-progress using the weighted average cost of debt outstanding during the period of construction.

Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in Note 7. Such amounts, net of accumulated depreciation, totaled $179 million and $400 million at December 31, 2014 and 2013, respectively. Depreciation expense from continuing operations related to overhauls and asset replacement totaled $77 million, $70 million and $53 million for the years ended December 31, 2014, 2013 and 2012, respectively.

We evaluate the impairment of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, on an annual basis, we complete an impairment analysis on our rig fleet. An impairment loss on our property and equipment exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig class, we may take an impairment loss in the future. For additional information, see Note 11.

Goodwill

We conduct impairment testing for our goodwill annually during the fourth quarter, and on an interim basis when an event occurs or circumstances change that indicate that the fair value of a reporting unit or the indefinite-lived intangible asset may have declined below its carrying value.

We test goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. Our goodwill is identified to one reporting unit Contract Drilling Services.

Before testing goodwill, we consider whether or not to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and whether the two-step impairment test is required.

If, as the result of our qualitative assessment, we determine that the two-step impairment test is required, or, alternatively, if we elect to forgo the qualitative assessment, we test goodwill for impairment by comparing the carrying amount of the reporting unit, to the fair value of the reporting unit utilizing both market and income evaluation methodologies. If this test suggests that the goodwill is not supportable, we proceed to the second step which compares the implied goodwill at the date of the test, to the book value of goodwill of the reporting unit. If the implied goodwill is lower than the book value of goodwill a write-down is taken to the implied value. For additional information, see Note 11.

Deferred Costs

Deferred debt issuance costs are being amortized through interest expense over the life of the debt securities.

Insurance Reserves

We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.

Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2014 and 2013, loss reserves for personal injury and protection claims totaled $21 million and $29 million, respectively, and such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets.

Revenue Recognition

Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling or labor contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured.

In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities.

Deferred revenues from drilling contracts totaled $263 million and $303 million at December 31, 2014 and 2013, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $94 million at December 31, 2014 as compared to $157 million at December 31, 2013, and are included in either “Other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition.

We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses.

Income Taxes

Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly.

We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the U.S., UK or jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the U.S. Internal Revenue Service (“IRS”) or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions.

Earnings per Share

Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method.

Share-Based Compensation Plans

We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities.

Certain Significant Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current year presentation.

Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-off. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2016. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

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Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net cash from operating activities	$ 1,778,208	$ 1,702,317	$ 1,381,693
Cash flows from investing activities
Proceeds from disposal of assets		61,000
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	(437,647)	1,221,333	(635,192)
Repayment of long-term debt	(250,000)	(300,000)
Proceeds from issuance of senior notes, net of debt issuance costs			1,186,636
Long-term borrowings of Paragon Offshore	1,710,550
Financing costs on long-term borrowings of Paragon Offshore	(14,676)
Cash balances of Paragon Offshore in Spin-off	(104,152)
Dividends paid to noncontrolling interests	(79,966)	(105,388)
Financing costs on credit facilities	(398)	(2,484)	(5,221)
Contributions from joint venture partners			40,000
Net change in cash and cash equivalents	(45,948)	(167,634)	42,896
Cash and cash equivalents, beginning of period	114,458	282,092	239,196
Cash and cash equivalents, end of period	68,510	114,458	282,092
Consolidating Adjustments [Member]
Cash flows from investing activities
Notes receivable from affiliates	(273,794)	(294,798)	1,188,287
Net cash from investing activities	(273,794)	(294,798)	1,188,287
Cash flows from financing activities
Notes payable to affiliates	273,794	294,798	(1,188,287)
Net cash from financing activities	273,794	294,798	(1,188,287)
Noble-Cayman [Member]
Cash flows from operating activities
Net cash from operating activities	2,825,524	(117,993)	(86,784)
Cash flows from investing activities
Notes receivable from affiliates	50
Net cash from investing activities	50
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	(437,647)	1,221,333	(635,192)
Repayment of long-term debt		(300,000)
Financing costs on credit facilities	(398)	(2,484)	(5,221)
Distributions to parent company, net	(631,095)	(265,880)	(175,977)
Advances (to) from affiliates	(1,482,686)	(241,180)	(284,256)
Notes payable to affiliates	(273,744)	(294,798)	1,188,287
Net cash from financing activities	(2,825,570)	116,991	87,641
Net change in cash and cash equivalents	4	(1,002)	857
Cash and cash equivalents, beginning of period	1	1,003	146
Cash and cash equivalents, end of period	5	1	1,003
NHC [Member]
Cash flows from operating activities
Net cash from operating activities	(151,987)	(133,595)	(99,193)
Cash flows from financing activities
Advances (to) from affiliates	151,987	133,595	99,193
Net cash from financing activities	151,987	133,595	99,193
NDH [Member]
Cash flows from operating activities
Net cash from operating activities	366,583	424,147	134,370
Cash flows from investing activities
New construction and capital expenditures	(1,404,560)	(1,594,449)	(682,477)
Net cash from investing activities	(1,404,560)	(1,594,449)	(682,477)
Cash flows from financing activities
Advances (to) from affiliates	1,037,829	1,169,800	548,626
Net cash from financing activities	1,037,829	1,169,800	548,626
Net change in cash and cash equivalents	(148)	(502)	519
Cash and cash equivalents, beginning of period	402	904	385
Cash and cash equivalents, end of period	254	402	904
NHIL [Member]
Cash flows from operating activities
Net cash from operating activities	(232,605)	(128,315)	(96,642)
Cash flows from investing activities
Notes receivable from affiliates	273,744		(1,188,287)
Net cash from investing activities	273,744		(1,188,287)
Cash flows from financing activities
Repayment of long-term debt	(250,000)
Proceeds from issuance of senior notes, net of debt issuance costs			1,186,636
Advances (to) from affiliates	208,857	128,317	98,295
Net cash from financing activities	(41,143)	128,317	1,284,931
Net change in cash and cash equivalents	(4)	2	2
Cash and cash equivalents, beginning of period	4	2
Cash and cash equivalents, end of period		4	2
NDS6 [Member]
Cash flows from operating activities
Net cash from operating activities	(31,788)	1,523,225	551,358
Cash flows from financing activities
Advances (to) from affiliates	31,788	(1,523,225)	(551,358)
Net cash from financing activities	31,788	(1,523,225)	(551,358)
Other Non-guarantor Subsidiaries of Noble [Member]
Cash flows from operating activities
Net cash from operating activities	(903,811)	201,161	1,017,518
Cash flows from investing activities
New construction and capital expenditures	(704,574)	(949,755)	(1,106,077)
Notes receivable from affiliates		294,798
Proceeds from disposal of assets		61,000
Net cash from investing activities	(704,574)	(593,957)	(1,106,077)
Cash flows from financing activities
Long-term borrowings of Paragon Offshore	1,710,550
Financing costs on long-term borrowings of Paragon Offshore	(14,676)
Cash balances of Paragon Offshore in Spin-off	(104,152)
Dividends paid to noncontrolling interests	(79,966)	(105,388)
Contributions from joint venture partners			40,000
Advances (to) from affiliates	52,225	332,693	89,500
Notes payable to affiliates	(50)
Net cash from financing activities	1,563,931	227,305	129,500
Net change in cash and cash equivalents	(44,454)	(165,491)	40,941
Cash and cash equivalents, beginning of period	109,975	275,466	234,525
Cash and cash equivalents, end of period	65,521	109,975	275,466
Noble-Cayman [Member]
Cash flows from operating activities
Net cash from operating activities	1,871,916	1,768,630	1,420,627
Cash flows from investing activities
New construction and capital expenditures	(2,109,134)	(2,544,204)	(1,788,554)
Proceeds from disposal of assets		61,000
Net cash from investing activities	(2,109,134)	(2,483,204)	(1,788,554)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	(437,647)	1,221,333	(635,192)
Repayment of long-term debt	(250,000)	(300,000)
Proceeds from issuance of senior notes, net of debt issuance costs			1,186,636
Long-term borrowings of Paragon Offshore	1,710,550
Financing costs on long-term borrowings of Paragon Offshore	(14,676)
Cash balances of Paragon Offshore in Spin-off	(104,152)
Dividends paid to noncontrolling interests	(79,966)	(105,388)
Financing costs on credit facilities	(398)	(2,484)	(5,221)
Contributions from joint venture partners			40,000
Distributions to parent company, net	(631,095)	(265,880)	(175,977)
Net cash from financing activities	192,616	547,581	410,246
Net change in cash and cash equivalents	(44,602)	(166,993)	42,319
Cash and cash equivalents, beginning of period	110,382	277,375	235,056
Cash and cash equivalents, end of period	$ 65,780	$ 110,382	$ 277,375

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Debt - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended	1 Months Ended
	Mar. 31, 2014	Dec. 31, 2014	Jan. 31, 2015	Dec. 31, 2013
Debt Instrument [Line Items]
Number of credit facilities		3
Maximum available letter of credit under credit facilities		500,000,000
Borrowings outstanding		0
Maximum debt to tangible capitalization covenant		0.60
Line of credit facility debt to tangible capitalization ratio		0.40
Letters of credit		149,000,000
Interest payable related to long-term debt		62,000,000		67,000,000
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	7.375%	7.375%
Repayment of senior notes using proceeds from commercial paper	250,000,000
Senior notes maturity date		2014
3.45% Senior Notes due August 2015 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes		3.45%
Senior notes maturity date		2015
Face value of senior notes		350,000,000
Commercial Paper Program [Member]
Debt Instrument [Line Items]
Maximum amount to be issued under commercial paper		2,700,000,000
Commercial Paper Program [Member] | New Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount to be issued under commercial paper		2,400,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum available letter of credit under credit facilities		2,900,000,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Number of credit facilities			2
Subsequent Event [Member] | Revolving Credit Facility Which Matures in 2016 [Member]
Debt Instrument [Line Items]
Maximum available letter of credit under credit facilities			225,000,000
Senior unsecured Revolving Credit Facility Maturity date			2016-01
Senior unsecured revolving credit facility maturity period			364 days
Subsequent Event [Member] | Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum available letter of credit under credit facilities			$ 2,400,000,000
Senior unsecured Revolving Credit Facility Maturity date			2020-01
Senior unsecured revolving credit facility maturity period			5 years

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Financial Instruments and Credit Risk (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Value of Financial Instruments

The following tables present the carrying amount and estimated fair value as of December 31, 2014 and 2013 of our financial instruments recognized at fair value on a recurring basis:

	December 31, 2014
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets—
Marketable securities	$	6,175	$	6,175	$	—	$	—

	December 31, 2013
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets—
Marketable securities	$	7,230	$	7,230	$	—	$	—

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Information about Noble-Cayman

12 Months Ended

Dec. 31, 2014

Guarantees [Abstract]

Information about Noble-Cayman

Note 22- Information about Noble-Cayman

Guarantees of Registered Securities

In May 2014, as part of the separation of Paragon Offshore, NHC assumed all of the obligations of Noble Drilling Corporation (“NDC”) under the Senior Notes due 2019, and NDC was released from all obligations under the Senior Notes due 2019. As such, we removed NDC from the guarantor financial statements and NHC is no longer combined with Noble Drilling Holding, LLC (“NDH”), as they are now issuers and guarantors on separate debt instruments. We have recast prior periods presented to conform to the guarantor structure as it existed at December 31, 2014.

Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of December 31, 2014 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor(s)
$350 million 3.45% Senior Notes due 2015	NHIL	Noble-Cayman
$300 million 3.05% Senior Notes due 2016	NHIL	Noble-Cayman
$300 million 2.50% Senior Notes due 2017	NHIL	Noble-Cayman
$202 million 7.50% Senior Notes due 2019	NHC	Noble-Cayman;
	NDH
	Noble Drilling Services 6 LLC (“NDS6”)
$500 million 4.90% Senior Notes due 2020	NHIL	Noble-Cayman
$400 million 4.625% Senior Notes due 2021	NHIL	Noble-Cayman
$400 million 3.95% Senior Notes due 2022	NHIL	Noble-Cayman
$400 million 6.20% Senior Notes due 2040	NHIL	Noble-Cayman
$400 million 6.05% Senior Notes due 2041	NHIL	Noble-Cayman
$500 million 5.25% Senior Notes due 2042	NHIL	Noble-Cayman

The following consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

(in thousands)

												Other
												Non-guarantor
	Noble-											Subsidiaries			Consolidating
	Cayman		NHC		NDH			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	5	$	—	$	254		$	—	$	—	$	65,521		$	—		$	65,780
Accounts receivable		—		—		37,655			2,336		—		529,105			—			569,096
Taxes receivable		—		63,373		752			—		—		43,164			—			107,289
Short-term notes receivable from affiliates		123,449		—		1,077,965			—		333,966		171,925			(1,707,305	)		—
Accounts receivable from affiliates		2,019,319		374,012		192,771			157,164		125,834		4,191,406			(7,060,506	)		—
Prepaid expenses and other current assets		14,274		—		1,764			—		—		123,631			—			139,669
Total current assets		2,157,047		437,385		1,311,161			159,500		459,800		5,124,752			(8,767,811	)		881,834
Property and equipment, at cost		—		—		2,040,168			—		—		12,364,203			—			14,404,371
Accumulated depreciation		—		—		(278,147	)		—		—		(2,040,073	)		—			(2,318,220	)
Property and equipment, net		—		—		1,762,021			—		—		10,324,130			—			12,086,151
Notes receivable from affiliates		3,304,654		—		236,921			1,980,391		5,000		1,581,429			(7,108,395	)		—
Investments in affiliates		4,567,335		1,318,239		2,921,452			8,266,444		6,290,918		—			(23,364,388	)		—
Other assets		2,908		—		6,212			19,826		517		192,791			—			222,254
Total assets	$	10,031,944	$	1,755,624	$	6,237,767		$	10,426,161	$	6,756,235	$	17,223,102		$	(39,240,594	)	$	13,190,239
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	—	$	171,925	$	—		$	—	$	371,720	$	1,163,660		$	(1,707,305	)	$	—
Accounts payable		600		—		10,130			—		—		250,282			—			261,012
Accrued payroll and related costs		—		—		7,738			—		—		83,749			—			91,487
Accounts payable to affiliates		606,224		63,602		3,513,705			61,982		16,869		2,798,124			(7,060,506	)		—
Taxes payable		—		—		—			—		—		91,471			—			91,471
Other current liabilities		16,150		—		13,409			57,053		4,412		110,890			—			201,914
Total current liabilities		622,974		235,527		3,544,982			119,035		393,001		4,498,176			(8,767,811	)		645,884
Long-term debt		1,123,495		—		—			3,543,830		201,695		—			—			4,869,020
Notes payable to affiliates		1,769,068		—		598,715			1,169,180		192,216		3,379,216			(7,108,395	)		—
Deferred income taxes		—		—		—			—		—		120,589			—			120,589
Other liabilities		19,929		—		29,093			—		—		286,942			—			335,964
Total liabilities		3,535,466		235,527		4,172,790			4,832,045		786,912		8,284,923			(15,876,206	)		5,971,457
Commitments and contingencies
Total shareholder equity		6,496,478		1,520,097		2,064,977			5,594,116		5,969,323		7,812,656			(22,961,169	)		6,496,478
Noncontrolling interests		—		—		—			—		—		1,125,523			(403,219	)		722,304
Total equity		6,496,478		1,520,097		2,064,977			5,594,116		5,969,323		8,938,179			(23,364,388	)		7,218,782
Total liabilities and equity	$	10,031,944	$	1,755,624	$	6,237,767		$	10,426,161	$	6,756,235	$	17,223,102		$	(39,240,594	)	$	13,190,239

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2013

(in thousands)

												Other
												Non-guarantor
	Noble-											Subsidiaries			Consolidating
	Cayman		NHC		NDH			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	1	$	—	$	402		$	4	$	—	$	109,975		$	—		$	110,382
Accounts receivable		—		—		34,038			—		—		915,031			—			949,069
Taxes receivable		—		52,307		—			—		—		87,722			—			140,029
Short-term notes receivable from affiliates		—		—		1,456,245			139,195		19,500		52,611			(1,667,551	)		—
Accounts receivable from affiliates		1,244,019		—		108,208			210,868		27,537		6,010,430			(7,601,062	)		—
Prepaid expenses and other current assets		—		—		6,336			—		—		178,012			—			184,348
Total current assets		1,244,020		52,307		1,605,229			350,067		47,037		7,353,781			(9,268,613	)		1,383,828
Property and equipment, at cost		—		—		2,340,216			—		—		16,820,134			—			19,160,350
Accumulated depreciation		—		—		(310,171	)		—		—		(4,321,507	)		—			(4,631,678	)
Property and equipment, net		—		—		2,030,045			—		—		12,498,627			—			14,528,672
Notes receivable from affiliates		3,304,753		—		124,216			2,367,555		5,000		1,390,500			(7,192,024	)		—
Investments in affiliates		8,601,712		2,907,379		6,595,591			9,456,735		5,440,004		—			(33,001,421	)		—
Other assets		6,256		—		6,332			22,681		639		233,106			—			269,014
Total assets	$	13,156,741	$	2,959,686	$	10,361,413		$	12,197,038	$	5,492,680	$	21,476,014		$	(49,462,058	)	$	16,181,514
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	—	$	52,611	$	139,195		$	—	$	750,000	$	725,745		$	(1,667,551	)	$	—
Accounts payable		—		—		5,310			—		—		340,600			—			345,910
Accrued payroll and related costs		—		—		8,582			—		—		134,764			—			143,346
Accounts payable to affiliates		1,104,410		653,049		4,032,776			216,866		21,173		1,572,788			(7,601,062	)		—
Taxes payable		—		—		827			—		—		119,761			—			120,588
Other current liabilities		412		—		22,106			62,431		4,412		210,811			—			300,172
Total current liabilities		1,104,822		705,660		4,208,796			279,297		775,585		3,104,469			(9,268,613	)		910,016
Long-term debt		1,561,141		—		—			3,793,414		201,696		—			—			5,556,251
Notes payable to affiliates		2,042,808		—		534,683			975,000		260,216		3,379,317			(7,192,024	)		—
Deferred income taxes		—		—		—			—		—		225,455			—			225,455
Other liabilities		19,931		—		24,502			—		—		289,875			—			334,308
Total liabilities		4,728,702		705,660		4,767,981			5,047,711		1,237,497		6,999,116			(16,460,637	)		7,026,030
Commitments and contingencies
Total shareholder equity		8,428,039		2,254,026		5,593,432			7,149,327		4,255,183		13,238,656			(32,490,624	)		8,428,039
Noncontrolling interests		—		—		—			—		—		1,238,242			(510,797	)		727,445
Total equity		8,428,039		2,254,026		5,593,432			7,149,327		4,255,183		14,476,898			(33,001,421	)		9,155,484
Total liabilities and equity	$	13,156,741	$	2,959,686	$	10,361,413		$	12,197,038	$	5,492,680	$	21,476,014		$	(49,462,058	)	$	16,181,514

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2014

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	327,070		$	—		$	—		$	3,067,195		$	(246,406	)	$	3,147,859
Reimbursables		—			—			6,239			—			—			78,405			—			84,644
Other		—			—			—			—			—			1			—			1
Total operating revenues		—			—			333,309			—			—			3,145,601			(246,406	)		3,232,504
Operating costs and expenses
Contract drilling services		30,885			39,039			120,971			115,909			—			1,447,073			(246,406	)		1,507,471
Reimbursables		—			—			4,687			—			—			61,691			—			66,378
Depreciation and amortization		—			—			65,164			—			—			559,114			—			624,278
General and administrative		2,437			11,376			—			31,620			1			7,560			—			52,994
Loss on impairment		—			—			—			—			—			745,428			—			745,428
Total operating costs and expenses		33,322			50,415			190,822			147,529			1			2,820,866			(246,406	)		2,996,549
Operating income (loss)		(33,322	)		(50,415	)		142,487			(147,529	)		(1	)		324,735			—			235,955
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		(2,885,628	)		157,648			(80,080	)		604,419			448,785			—			1,754,856			—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		223,083			50,565			28,580			170,845			6,240			—			(479,313	)		—
Total income (loss) of unconsolidated affiliates		(2,662,545	)		208,213			(51,500	)		775,264			455,025			—			1,275,543			—
Interest expense, net of amounts capitalized		(93,536	)		(3,046	)		(24,974	)		(169,666	)		(33,671	)		(3,148,822	)		3,318,536			(155,179	)
Interest income and other, net		2,913,631			—			249,005			89,449			3,308			64,267			(3,318,536	)		1,124
Income from continuing operations before income taxes		124,228			154,752			315,018			547,518			424,661			(2,759,820	)		1,275,543			81,900
Income tax provision		—			(68,805	)		(3,574	)		—			(1,546	)		(32,005	)		—			(105,930	)
Net income from continuing operations		124,228			85,947			311,444			547,518			423,115			(2,791,825	)		1,275,543			(24,030	)
Net income from discontinued operations, net of tax		—			(18,655	)		6,634			—			—			235,104			—			223,083
Net Income		124,228			67,292			318,078			547,518			423,115			(2,556,721	)		1,275,543			199,053
Net income attributable to noncontrolling interests		—			—			—			—			—			(98,603	)		23,778			(74,825	)
Net income attributable to Noble Corporation		124,228			67,292			318,078			547,518			423,115			(2,655,324	)		1,299,321			124,228
Other comprehensive loss, net		(21,732	)		—			—			—			—			(21,732	)		21,732			(21,732	)
Comprehensive income attributable to Noble Corporation	$	102,496		$	67,292		$	318,078		$	547,518		$	423,115		$	(2,677,056	)	$	1,321,053		$	102,496

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2013

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	240,631		$	—		$	—		$	2,291,475		$	(77,361	)	$	2,454,745
Reimbursables		—			—			8,498			—			—			57,794			—			66,292
Labor contract drilling services		—			—			—			—			—			17,095			—			17,095
Other		—			—			—			—			—			11			—			11
Total operating revenues		—			—			249,129			—			—			2,366,375			(77,361	)		2,538,143
Operating costs and expenses
Contract drilling services		24,039			22,195			70,359			110,138			—			1,009,801			(77,361	)		1,159,171
Reimbursables		—			—			6,850			—			—			43,560			—			50,410
Labor contract drilling services		—			—			—			—			—			11,601			—			11,601
Depreciation and amortization		—			—			62,778			—			—			446,563			—			509,341
General and administrative		7,380			7,396			—			36,050			1			14,032			—			64,859
Loss on impairment		—			—			—			—			—			3,585			—			3,585
Gain on disposal of assets, net		—			—			—			—			—			(35,646	)		—			(35,646	)
Gain on contract settlements/extinguishments, net		(45,000	)		—			—			—			—			14,382			—			(30,618	)
Total operating costs and expenses		(13,581	)		29,591			139,987			146,188			1			1,507,878			(77,361	)		1,732,703
Operating income (loss)		13,581			(29,591	)		109,142			(146,188	)		(1	)		858,497			—			805,440
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		653,815			65,868			(53,235	)		641,155			(1,136,831	)		—			(170,772	)		—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		321,804			45,098			308,188			431,149			63,235			—			(1,169,474	)		—
Total income (loss) of unconsolidated affiliates		975,619			110,966			254,953			1,072,304			(1,073,596	)		—			(1,340,246	)		—
Interest expense, net of amounts capitalized		(127,995	)		(1,081	)		(23,156	)		(139,784	)		(45,897	)		(1,852,423	)		2,084,036			(106,300	)
Interest income and other, net		6,609			—			262,717			154,442			1,569,003			94,821			(2,084,036	)		3,556
Income from continuing operations before income taxes		867,814			80,294			603,656			940,774			449,509			(899,105	)		(1,340,246	)		702,696
Income tax provision		—			(24,592	)		3,655			—			—			(68,040	)		—			(88,977	)
Net income from continuing operations		867,814			55,702			607,311			940,774			449,509			(967,145	)		(1,340,246	)		613,719
Net income from discontinued operations, net of tax		—			(16,569	)		24,529			(55	)		—			313,899			—			321,804
Net Income		867,814			39,133			631,840			940,719			449,509			(653,246	)		(1,340,246	)		935,523
Net income attributable to noncontrolling interests		—			—			—			—			—			(114,314	)		46,605			(67,709	)
Net income attributable to Noble Corporation		867,814			39,133			631,840			940,719			449,509			(767,560	)		(1,293,641	)		867,814
Other comprehensive income, net		33,285			—			—			—			—			33,285			(33,285	)		33,285
Comprehensive income attributable to Noble Corporation	$	901,099		$	39,133		$	631,840		$	940,719		$	449,509		$	(734,275	)	$	(1,326,926	)	$	901,099

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Year Ended December 31, 2012

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	161,577		$	—		$	—		$	2,006,624		$	(78,580	)	$	2,089,621
Reimbursables		—			—			6,637			—			—			59,130			—			65,767
Labor contract drilling services		—			—			—			—			—			45,299			—			45,299
Other		—			—			—			—			—			943			(931	)		12
Total operating revenues		—			—			168,214			—			—			2,111,996			(79,511	)		2,200,699
Operating costs and expenses
Contract drilling services		2,646			17,551			45,474			82,736			—			891,941			(79,511	)		960,837
Reimbursables		—			—			5,886			—			—			49,538			—			55,424
Labor contract drilling services		—			—			—			—			—			23,129			—			23,129
Depreciation and amortization		—			—			60,738			—			—			377,636			—			438,374
General and administrative		3,036			7,786			—			35,606			1			12,937			—			59,366
Loss on impairment		—			—			—			—			—			20,384			—			20,384
Gain on contract settlements/extinguishments, net		—			—			(4,869	)		—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		5,682			25,337			107,229			118,342			1			1,347,179			(79,511	)		1,524,259
Operating income (loss)		(5,682	)		(25,337	)		60,985			(118,342	)		(1	)		764,817			—			676,440
Other income (expense)
Income (loss) of unconsolidated affiliates—continuing operations		569,295			82,257			168,972			527,469			(244,644	)		—			(1,103,349	)		—
Income (loss) of unconsolidated affiliates—discontinued operations, net of tax		115,151			32,769			188,511			280,121			60,481			—			(677,033	)		—
Total income (loss) of unconsolidated affiliates		684,446			115,026			357,483			807,590			(184,163	)		—			(1,780,382	)		—
Interest expense, net of amounts capitalized		(105,147	)		(20,950	)		(23,105	)		(120,361	)		(43,090	)		(666,968	)		893,858			(85,763	)
Interest income and other, net		7,306			—			40,845			135,001			594,328			119,449			(893,858	)		3,071
Income from continuing operations before income taxes		580,923			68,739			436,208			703,888			367,074			217,298			(1,780,382	)		593,748
Income tax provision		—			(18,446	)		(4,576	)		—			—			(71,161	)		—			(94,183	)
Net income from continuing operations		580,923			50,293			431,632			703,888			367,074			146,137			(1,780,382	)		499,565
Net income from discontinued operations, net of tax		—			(23,622	)		10,160			—			—			128,613			—			115,151
Net Income		580,923			26,671			441,792			703,888			367,074			274,750			(1,780,382	)		614,716
Net income attributable to noncontrolling interests		—			—			—			—			—			(68,969	)		35,176			(33,793	)
Net income attributable to Noble Corporation		580,923			26,671			441,792			703,888			367,074			205,781			(1,745,206	)		580,923
Other comprehensive loss, net		(41,128	)		—			—			—			—			(41,128	)		41,128			(41,128	)
Comprehensive income attributable to Noble Corporation	$	539,795		$	26,671		$	441,792		$	703,888		$	367,074		$	164,653		$	(1,704,078	)	$	539,795

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2014

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	2,825,524		$	(151,987	)	$	366,583		$	(232,605	)	$	(31,788	)	$	(903,811	)	$	—		$	1,871,916
Cash flows from investing activities
New construction and capital expenditures		—			—			(1,404,560	)		—			—			(704,574	)		—			(2,109,134	)
Notes receivable from affiliates		50			—			—			273,744			—			—			(273,794	)		—
Net cash from investing activities		50			—			(1,404,560	)		273,744			—			(704,574	)		(273,794	)		(2,109,134	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(437,647	)		—			—			—			—			—			—			(437,647	)
Repayment of long-term debt		—			—			—			(250,000	)		—			—			—			(250,000	)
Long-term borrowings of Paragon Offshore		—			—			—			—			—			1,710,550			—			1,710,550
Financing costs on long-term borrowings of Paragon Offshore		—			—			—			—			—			(14,676	)					(14,676	)
Cash balances of Paragon Offshore in Spin-Off		—			—			—			—			—			(104,152	)		—			(104,152	)
Dividends paid to noncontrolling interests		—			—			—			—			—			(79,966	)		—			(79,966	)
Financing costs on credit facilities		(398	)		—			—			—			—			—			—			(398	)
Distributions to parent company, net		(631,095	)		—			—			—			—			—			—			(631,095	)
Advances (to) from affiliates		(1,482,686	)		151,987			1,037,829			208,857			31,788			52,225			—			—
Notes payable to affiliates		(273,744	)		—			—			—			—			(50	)		273,794			—
Net cash from financing activities		(2,825,570	)		151,987			1,037,829			(41,143	)		31,788			1,563,931			273,794			192,616
Net change in cash and cash equivalents		4			—			(148	)		(4	)		—			(44,454	)		—			(44,602	)
Cash and cash equivalents, beginning of period		1			—			402			4			—			109,975			—			110,382
Cash and cash equivalents, end of period	$	5		$	—		$	254		$	—		$	—		$	65,521		$	—		$	65,780

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2013

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(117,993	)	$	(133,595	)	$	424,147		$	(128,315	)	$	1,523,225		$	201,161		$	—		$	1,768,630
Cash flows from investing activities
New construction and capital expenditures		—			—			(1,594,449	)		—			—			(949,755	)		—			(2,544,204	)
Notes receivable from affiliates		—			—			—			—			—			294,798			(294,798	)		—
Proceeds from disposal of assets		—			—			—			—			—			61,000			—			61,000
Net cash from investing activities		—			—			(1,594,449	)		—			—			(593,957	)		(294,798	)		(2,483,204	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		1,221,333			—			—			—			—			—			—			1,221,333
Repayment of long-term debt		(300,000	)		—			—			—			—			—			—			(300,000	)
Dividends paid to noncontrolling interests		—			—			—			—			—			(105,388	)		—			(105,388	)
Financing costs on credit facilities		(2,484	)		—			—			—			—			—			—			(2,484	)
Distributions to parent company, net		(265,880	)		—			—			—			—			—			—			(265,880	)
Advances (to) from affiliates		(241,180	)		133,595			1,169,800			128,317			(1,523,225	)		332,693			—			—
Notes payable to affiliates		(294,798	)		—			—			—			—			—			294,798			—
Net cash from financing activities		116,991			133,595			1,169,800			128,317			(1,523,225	)		227,305			294,798			547,581
Net change in cash and cash equivalents		(1,002	)		—			(502	)		2			—			(165,491	)		—			(166,993	)
Cash and cash equivalents, beginning of period		1,003			—			904			2			—			275,466			—			277,375
Cash and cash equivalents, end of period	$	1		$	—		$	402		$	4		$	—		$	109,975		$	—		$	110,382

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Year Ended December 31, 2012

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(86,784	)	$	(99,193	)	$	134,370		$	(96,642	)	$	551,358		$	1,017,518		$	—		$	1,420,627
Cash flows from investing activities
New construction and capital expenditures		—			—			(682,477	)		—			—			(1,106,077	)		—			(1,788,554	)
Notes receivable from affiliates		—			—			—			(1,188,287	)		—			—			1,188,287			—
Net cash from investing activities		—			—			(682,477	)		(1,188,287	)		—			(1,106,077	)		1,188,287			(1,788,554	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(635,192	)		—			—			—			—			—			—			(635,192	)
Proceeds from issuance of senior notes, net of debt issuance costs		—			—			—			1,186,636			—			—			—			1,186,636
Financing costs on credit facilities		(5,221	)		—			—			—			—			—			—			(5,221	)
Contributions from joint venture partners		—			—			—			—			—			40,000			—			40,000
Distributions to parent company, net		(175,977	)		—			—			—			—			—			—			(175,977	)
Advances (to) from affiliates		(284,256	)		99,193			548,626			98,295			(551,358	)		89,500			—			—
Notes payable to affiliates		1,188,287			—			—			—			—			—			(1,188,287	)		—
Net cash from financing activities		87,641			99,193			548,626			1,284,931			(551,358	)		129,500			(1,188,287	)		410,246
Net change in cash and cash equivalents		857			—			519			2			—			40,941			—			42,319
Cash and cash equivalents, beginning of period		146			—			385			—			—			234,525			—			235,056
Cash and cash equivalents, end of period	$	1,003		$	—		$	904		$	2		$	—		$	275,466		$	—		$	277,375

XML

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2014

Supplemental Cash Flow Information

Note 20- Supplemental Cash Flow Information (Noble-UK)

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction.

	December 31,
	2014			2013			2012
Accounts receivable	$	29,730		$	(165,233	)	$	(143,010	)
Other current assets		(3,201	)		(47,848	)		(43,246	)
Other assets		(96,941	)		34,757			(385	)
Accounts payable		63,546			50,731			28,565
Other current liabilities		(28,644	)		61,644			108,385
Other liabilities		86,037			2,731			80,431
	$	50,527		$	(63,218	)	$	30,740

Additional cash flow information is as follows:

	Year Ended December 31,
	2014		2013		2012
Cash paid during the period for:
Interest, net of amounts capitalized	$	159,835	$	81,897	$	56,144
Income taxes (net of refunds)	$	132,527	$	219,088	$	148,612
Non-cash activities during the period:
Spin-off of Paragon Offshore	$	1,409,400		N/A		N/A

Noble-Cayman [Member]

Supplemental Cash Flow Information

Note 21- Supplemental Cash Flow Information (Noble-Cayman)

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction.

	December 31,
	2014			2013			2012
Accounts receivable	$	29,730		$	(165,233	)	$	(143,010	)
Other current assets		(12,670	)		(48,186	)		(44,632	)
Other assets		(96,925	)		35,103			(385	)
Accounts payable		60,488			49,980			28,289
Other current liabilities		(21,921	)		62,516			108,425
Other liabilities		86,038			2,728			80,432
	$	44,740		$	(63,092	)	$	29,119

Additional cash flow information is as follows:

	Year Ended December 31,
	2014		2013		2012
Cash paid during the period for:
Interest, net of amounts capitalized	$	159,835	$	81,897	$	56,144
Income taxes (net of refunds)	$	130,356	$	216,391	$	148,612
Non-cash activities during the period:
Spin-off of Paragon Offshore	$	1,409,400		N/A		N/A

XML

Employee Benefit Plans - Schedule of Activity Related to Investments (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Fair value of plan assets at beginning of year	$ 77,561
Assets transferred out in Spin-off	(77,561)
Assets purchased	749
Assets sold/benefits paid	(157)
Fair value of plan assets at end of year	$ 592

XML

Earnings per Share - Additional Information (Detail) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the diluted net income per share	2.0	0.9	1.0
Unvested Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the diluted net income per share	4.0

XML

Segment and Related Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Summarized Financial Information of Reportable Segment

subsidiaries. As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-UK.

	Contract
	Drilling
	Services			Other			Total
2014
Revenues from external customers	$	3,230,253		$	2,251		$	3,232,504
Depreciation and amortization		608,590			18,883			627,473
Segment operating income (loss)		204,365			(18,423	)		185,942
Interest expense, net of amount capitalized		(164	)		(155,015	)		(155,179	)
Income tax (provision) benefit		(130,654	)		24,003			(106,651	)
Segment profit (loss)		216,659			(208,168	)		8,491
Total assets (at end of period)		13,019,089			267,733			13,286,822
2013
Revenues from external customers	$	2,520,064		$	18,079		$	2,538,143
Depreciation and amortization		497,303			14,210			511,513
Segment operating income (loss)		750,181			(9,644	)		740,537
Interest expense, net of amount capitalized		(694	)		(105,606	)		(106,300	)
Income tax provision		(90,468	)		(1,649	)		(92,117	)
Segment profit (loss)		874,816			(92,119	)		782,697
Total assets (at end of period)		15,495,071			722,886			16,217,957
2012
Revenues from external customers	$	2,154,980		$	45,719		$	2,200,699
Depreciation and amortization		427,234			13,072			440,306
Segment operating income (loss)		626,012			(448	)		625,564
Interest expense, net of amount capitalized		(394	)		(85,369	)		(85,763	)
Income tax (provision) benefit		(110,373	)		15,190			(95,183	)
Segment profit (loss)		645,560			(123,216	)		522,344

Revenues and Identifiable Assets by Country Based on the Location of the Service Provided

The following table presents revenues and identifiable assets by country based on the location of the service provided:

	Revenues						Identifiable Assets
	Year Ended December 31,						As of December 31,
	2014		2013		2012		2014		2013 (3)
United States	$	1,639,509	$	1,338,634	$	1,061,254	$	6,739,636	$	5,525,839
Argentina		97,743		—		—		304,131		—
Australia		146,474		133,214		42,353		541,655		624,238
Benin		66,077		41,251		—		—		803,788
Brazil		447,266		527,706		430,737		799,599		3,921,306
Denmark		28,980		—		—		272,788		—
Egypt		19,961		33,685		103,380		—		—
Malaysia		11,126		—		—		1,144,498		23,002
Malta		15,495		7,453		35,776		—		454,951
Mexico		127		14,529		40,218		35,994		439,098
Morocco		69,056		—		—		—		—
New Zealand		56,911		11,995		9,563		—		663,165
Saudi Arabia		260,544		246,083		220,657		479,525		584,230
Singapore (1)		—		—		—		982,731		618,341
South Korea (1)		—		—		—		—		894,347
Switzerland (2)		—		—		—		27,645		32,162
The Netherlands		82,026		—		—		249,074		339,560
Turkey		13,960		—		—		740,362		—
United Arab Emirates		108,044		71,896		59,321		331,812		443,166
United Kingdom		84,078		87,908		66,232		248,835		400,989
Other		85,127		23,789		131,208		388,537		449,775
Total	$	3,232,504	$	2,538,143	$	2,200,699	$	13,286,822	$	16,217,957

(1) Singapore and South Korea consist primarily of asset values for newbuild rigs under construction in shipyards.

(2) Switzerland assets consist of general corporate assets, which generate no external revenue for the Company.

(3) Amounts in 2013 include identifiable assets that were ultimately transferred to Paragon Offshore as part of the Spin-off.

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Unaudited Interim Financial Data

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Unaudited Interim Financial Data

Note 23- Unaudited Interim Financial Data

Unaudited interim consolidated financial information from continuing operations for Noble-UK for the years ended December 31, 2014 and 2013 is as follows:

	Quarter Ended
	Mar. 31		Jun. 30		Sep. 30		Dec. 31
2014
Operating revenues	$	795,187	$	803,781	$	828,796	$	804,740
Operating income (loss)		248,968		235,205		243,633		(541,864	)
Net income (loss) from continuing operations attributable to Noble-UK		154,814		140,325		147,389		(594,539	)
Net income (loss) per share from continuning operations attributable to Noble-UK (1)
Basic		0.60		0.54		0.57		(2.38	)
Diluted		0.60		0.54		0.57		(2.38	)

	Quarter Ended
	Mar. 31		Jun. 30		Sep. 30		Dec. 31
2013
Operating revenues	$	566,061	$	606,480	$	640,513	$	725,089
Operating income		135,437		159,973		239,248		205,879
Net income from continuing operations attributable to Noble-UK		66,899		102,406		165,267		144,023
Net income per share from continuning operations attributable to Noble-UK (1)
Basic		0.26		0.40		0.64		0.56
Diluted		0.26		0.40		0.64		0.56

(1) Net income (loss) per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net income (loss) per share may not equal the total computed for the year.

The Consolidated Statements of Comprehensive Income included for both Noble-UK and Noble-Cayman in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 erroneously included an adjustment related to the Spin-off for the historical accumulated other comprehensive income of Paragon Offshore and omitted the line item “Total comprehensive income”. We concluded these errors were not material individually, or in the aggregate, to either Noble-UK or Noble-Cayman in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 and we will revise these numbers accordingly in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2015.

The following chart presents the recast of Noble-UK for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods:

	Three Months Ended September 30, 2014						Nine Months Ended September 30, 2014
	As Reported			As Adjusted			As Reported			As Adjusted
Net income	$	147,646		$	147,646		$	678,350		$	678,350
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(1,577	)		(1,577	)		1,143			1,143
Foreign currency forward contracts		(6,925	)		(6,925	)		(273	)		(273	)
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)		(1,409	)		(1,409	)		(1,409	)		(1,409	)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)		358			358			358			358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)		571			571			2,099			2,099
Other comprehensive income (loss), net		(8,982	)		(8,982	)		1,918			1,918
Spin-off of Paragon Offshore		34,478			—			34,478			—
Total comprehensive income		n/a			138,664			n/a			680,268
Net comprehensive income attributable to noncontrolling interests		(20,471	)		(20,471	)		(60,290	)		(60,290	)
Comprehensive income attributable to Noble Corporation plc	$	152,671		$	118,193		$	654,456		$	619,978

The following chart presents the recast of Noble-Cayman for the three and nine months ended September 30, 2014 to properly reflect the activity for the respective periods:

	Three Months Ended September 30, 2014						Nine Months Ended September 30, 2014
	As Reported			As Adjusted			As Reported			As Adjusted
Net income	$	193,705		$	193,705		$	784,078		$	784,078
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(1,577	)		(1,577	)		1,143			1,143
Foreign currency forward contracts		(6,925	)		(6,925	)		(273	)		(273	)
Net pension plan loss (net of tax benefit of $386 for both the three and nine months ended September 30, 2014)		(1,409	)		(1,409	)		(1,409	)		(1,409	)
Net pension plan curtailment and settlement expense (net of tax provision of $193 for both the three and nine months ended September 30, 2014)		358			358			358			358
Amortization of deferred pension plan amounts (net of tax provision of $253 and $732 for the three months ended September 30, 2014 and 2013, respectively, and $758 and $2,192 for the nine months ended September 30, 2014 and 2013, respectively)		571			571			2,099			2,099
Other comprehensive income (loss), net		(8,982	)		(8,982	)		1,918			1,918
Spin-off of Paragon Offshore		34,478			—			34,478			—
Total comprehensive income		n/a			184,723			n/a			785,996
Net comprehensive income attributable to noncontrolling interests		(20,471	)		(20,471	)		(60,290	)		(60,290	)
Comprehensive income attributable to Noble Corporation	$	198,730		$	164,252		$	760,184		$	725,706

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Subsequent Event

12 Months Ended

Dec. 31, 2014

Subsequent Events [Abstract]

Subsequent Event

Note 24- Subsequent Event

In January 2015, we repurchased 6.2 million of our ordinary shares at an average price of $16.10 per share, excluding commissions and stamp tax. Including these items, the average price paid per share during January 2015 was $16.21. There can be no assurance as to the timing or amount of any additional repurchases. However, we intend to take a cautious approach to future share repurchases at least until market conditions in the offshore drilling business stabilize.

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Consolidated Statements of Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Noble-Cayman [Member]	Shares [Member]	Shares [Member] Noble-Cayman [Member]	Capital in Excess of Par Value [Member]	Capital in Excess of Par Value [Member] Noble-Cayman [Member]	Retained Earnings [Member]	Retained Earnings [Member] Noble-Cayman [Member]	Treasury Shares [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member] Noble-Cayman [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Other Comprehensive Loss [Member] Noble-Cayman [Member]
Beginning Balance at Dec. 31, 2011	$ 8,097,852	$ 8,073,633	$ 766,595	$ 26,125	$ 48,356	$ 450,616	$ 6,676,444	$ 6,979,882	$ (10,553)	$ 691,331	$ 691,331	$ (74,321)	$ (74,321)
Beginning Balance, Shares at Dec. 31, 2011			252,639,000	261,246,000
Employee related equity activity
Amortization of share-based compensation	35,930				35,930
Issuance of share-based compensation shares	8		1,307		(1,299)
Issuance of share-based compensation shares, Shares			437,000
Exercise of stock options	13,541		1,836		11,705
Exercise of stock options, Shares	645,731		646,000
Tax benefit of equity transactions	1,128				1,128
Restricted shares forfeited or repurchased for taxes	(10,516)		(1,138)		1,138				(10,516)
Restricted shares forfeited or repurchased for taxes, Shares			374,000
Net income	556,137	614,716					522,344	580,923		33,793	33,793
Contributions from noncontrolling interests	40,000									40,000
Par value reduction/dividend payments	(71,897)		(58,470)		(13,427)
Distributions to parent	(132,765)	(175,977)					(132,765)	(175,977)
Capital contributions by parent-Share-based compensation		19,838				19,838
Contributions from noncontrolling interests		40,000									40,000
Other comprehensive income (loss), net	(41,128)	(41,128)										(41,128)	(41,128)
Ending Balance at Dec. 31, 2012	8,488,290	8,531,082	710,130	26,125	83,531	470,454	7,066,023	7,384,828	(21,069)	765,124	765,124	(115,449)	(115,449)
Ending Balance, Shares at Dec. 31, 2012			253,348,000	261,246,000
Employee related equity activity
Amortization of share-based compensation	43,620				43,620
Issuance of share-based compensation shares	17		1,872		(1,855)
Issuance of share-based compensation shares, Shares			667,000
Exercise of stock options	5,651		496		5,155
Exercise of stock options, Shares	212,017		212,000
Tax benefit of equity transactions	(1,407)				(1,407)
Restricted shares forfeited or repurchased for taxes	(7,653)								(7,653)
Restricted shares forfeited or repurchased for taxes, Shares
Retirement of treasury shares					(28,722)				28,722
Retirement of treasury shares, Shares
Redomiciliation to the United Kingdom			(709,964)		709,964
Redomiciliation to the United Kingdom, Shares			(779,000)
Net income	850,406	935,523					782,697	867,814		67,709	67,709
Dividends paid to noncontrolling interests	(105,388)	(105,388)								(105,388)	(105,388)
Distributions to parent	(256,793)	(265,880)					(256,793)	(265,880)
Capital contributions by parent-Share-based compensation		26,862				26,862
Other comprehensive income (loss), net	33,285	33,285										33,285	33,285
Ending Balance at Dec. 31, 2013	9,050,028	9,155,484	2,534	26,125	810,286	497,316	7,591,927	7,986,762		727,445	727,445	(82,164)	(82,164)
Ending Balance, Shares at Dec. 31, 2013			253,448,000	261,246,000
Beginning Balance, Shares at Dec. 31, 2013	253,448,000	261,246,000
Employee related equity activity
Amortization of share-based compensation	46,389				46,389
Issuance of share-based compensation shares	(9,070)		6		(9,076)
Issuance of share-based compensation shares, Shares			692,000
Exercise of stock options	2,647		3		2,644
Exercise of stock options, Shares	131,706		131,000
Tax benefit of equity transactions	(528)				(528)
Restricted shares forfeited or repurchased for taxes	(154,145)
Repurchases of shares	(154,145)		(68)		(154,077)
Repurchases of shares, Shares			(6,770,000)
Net income	83,316	199,053					8,491	124,228		74,825	74,825
Dividends paid to noncontrolling interests	(79,966)	(79,966)								(79,966)	(79,966)
Distributions to parent	(258,330)	(631,095)					(258,330)	(631,095)
Capital contributions by parent-Share-based compensation		33,341				33,341
Spin-off of Paragon Offshore	(1,371,575)	(1,436,303)					(1,406,053)	(1,470,781)				34,478	34,478
Other comprehensive income (loss), net	(21,732)	(21,732)										(21,732)	(21,732)
Ending Balance at Dec. 31, 2014	$ 7,287,034	$ 7,218,782	$ 2,475	$ 26,125	$ 695,638	$ 530,657	$ 5,936,035	$ 6,009,114		$ 722,304	$ 722,304	$ (69,418)	$ (69,418)
Ending Balance, Shares at Dec. 31, 2014			247,501,000	261,246,000

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Organization and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Organization and Business

Organization and Business

Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble-UK”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of mobile offshore drilling units located worldwide. As of the filing date of this Annual Report on Form 10-K, our fleet consisted of 15 jackups, nine drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. This excludes the semisubmersibles, Noble Driller, Noble Jim Thompson and Noble Paul Wolff.

At December 31, 2014, our fleet was located in the United States, Brazil, Argentina, the North Sea, the Mediterranean, the Middle East, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

On November 20, 2013, pursuant to the Merger Agreement dated as of June 30, 2013 between Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble-UK, Noble-Swiss merged with and into Noble-UK, with Noble-UK as the surviving company (the “Transaction”). In the Transaction, all of the outstanding ordinary shares of Noble-Swiss were cancelled, and Noble-UK issued, through an exchange agent, one ordinary share of Noble-UK in exchange for each ordinary share of Noble-Swiss. The Transaction effectively changed the place of incorporation of our publicly traded parent holding company from Switzerland to the United Kingdom.

Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is an indirect, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include our accounts, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Our consolidated financial statements include the accounts of two joint ventures, in each of which we own a 50 percent interest. Our ownership interest meets the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we have determined that we are the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation.

Foreign Currency Translation

Foreign Currency Translation

Although we are a UK company, we define foreign currency as any non-U.S. denominated currency. In non-U.S. locations where the U.S. Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income. In non-U.S. locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while income statement items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the U.S. Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the three years ended December 31, 2014.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business.

Property and Equipment

Property and Equipment

Property and equipment is stated at cost, reduced by provisions to recognize economic impairment in value whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to thirty years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to forty years. Included in accounts payable were $70 million and $88 million of capital accruals as of December 31, 2014 and 2013, respectively.

Interest is capitalized on construction-in-progress using the weighted average cost of debt outstanding during the period of construction.

Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in Note 7. Such amounts, net of accumulated depreciation, totaled $179 million and $400 million at December 31, 2014 and 2013, respectively. Depreciation expense from continuing operations related to overhauls and asset replacement totaled $77 million, $70 million and $53 million for the years ended December 31, 2014, 2013 and 2012, respectively.

We evaluate the impairment of property and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In addition, on an annual basis, we complete an impairment analysis on our rig fleet. An impairment loss on our property and equipment exists when the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Any impairment loss recognized represents the excess of the asset’s carrying value over the estimated fair value. As part of this analysis, we make assumptions and estimates regarding future market conditions. To the extent actual results do not meet our estimated assumptions, for a given rig class, we may take an impairment loss in the future. For additional information, see Note 11.

Goodwill

Goodwill

We conduct impairment testing for our goodwill annually during the fourth quarter, and on an interim basis when an event occurs or circumstances change that indicate that the fair value of a reporting unit or the indefinite-lived intangible asset may have declined below its carrying value.

We test goodwill at the reporting unit level, which is defined as an operating segment or one level below an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. Our goodwill is identified to one reporting unit Contract Drilling Services.

Before testing goodwill, we consider whether or not to first assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount and whether the two-step impairment test is required.

If, as the result of our qualitative assessment, we determine that the two-step impairment test is required, or, alternatively, if we elect to forgo the qualitative assessment, we test goodwill for impairment by comparing the carrying amount of the reporting unit, to the fair value of the reporting unit utilizing both market and income evaluation methodologies. If this test suggests that the goodwill is not supportable, we proceed to the second step which compares the implied goodwill at the date of the test, to the book value of goodwill of the reporting unit. If the implied goodwill is lower than the book value of goodwill a write-down is taken to the implied value. For additional information, see Note 11.

Deferred Costs

Deferred Costs

Deferred debt issuance costs are being amortized through interest expense over the life of the debt securities.

Insurance Reserves

Insurance Reserves

We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability, and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.

Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2014 and 2013, loss reserves for personal injury and protection claims totaled $21 million and $29 million, respectively, and such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets.

Revenue Recognition

Revenue Recognition

Our typical dayrate drilling contracts require our performance of a variety of services for a specified period of time. We determine progress towards completion of the contract by measuring efforts expended and the cost of services required to perform under a drilling contract, as the basis for our revenue recognition. Revenues generated from our dayrate-basis drilling contracts and labor contracts are recognized on a per day basis as services are performed and begin upon the contract commencement, as defined under the specified drilling or labor contract. Dayrate revenues are typically earned, and contract drilling expenses are typically incurred ratably over the term of our drilling contracts. We review and monitor our performance under our drilling contracts to confirm the basis for our revenue recognition. Revenues from bonuses are recognized when earned, and when collectability is reasonably assured.

In our dayrate drilling contracts, we typically receive compensation and incur costs for mobilization, equipment modification or other activities prior to the commencement of a contract. Any such compensation may be paid through a lump-sum payment or other daily compensation. Pre-contract compensation and costs are deferred until the contract commences. The deferred pre-contract compensation and costs are amortized, using the straight-line method, into income over the term of the initial contract period, regardless of the activity taking place. This approach is consistent with the economics for which the parties have contracted. Once a contract commences, we may conduct various activities, including drilling and well bore related activities, rig maintenance and equipment installation, movement between well locations or other activities.

Deferred revenues from drilling contracts totaled $263 million and $303 million at December 31, 2014 and 2013, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $94 million at December 31, 2014 as compared to $157 million at December 31, 2013, and are included in either “Other current assets” or “Other assets” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition.

We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses.

Income Taxes

Income Taxes

Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly.

We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the U.S., UK or jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the U.S. Internal Revenue Service (“IRS”) or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions.

Earnings per Share

Earnings per Share

Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the “two-class” method. The “two-class” method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the “two-class” method also includes the dilutive effect of potential shares issued in connection with stock options. The dilutive effect of stock options is determined using the treasury stock method.

Share-Based Compensation Plans

Share-Based Compensation Plans

We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities.

Certain Significant Estimates

Certain Significant Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements.

Reclassifications

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current year presentation.

Accounting Pronouncements

Accounting Pronouncements

In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. This standard was not early adopted in connection with the Spin-off. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2016. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In August 2014, the FASB issued ASU No. 2014-15, which amends ASC Subtopic 205-40, “Disclosure of Uncertainties about an Entity’s Ability to continue as a Going Concern.” The amendments in this ASU provide guidance related to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In January 2015, the FASB issued ASU No. 2015-01, which amends ASC Subtopic 225-20, “Income Statement – Extraordinary and Unusual Items.” The amendment in this ASU eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for interim and annual reporting periods beginning after December 15, 2015. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In February 2015, the FASB issued ASU No. 2015-02 which amends ASC Subtopic 810, “Consolidations.” This amendment affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities; eliminate the presumption that a general partner should consolidate a limited partnership; affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The standard is effective for interim and annual reporting periods beginning after December 15, 2015. The standard may be applied retrospectively or through a cumulative effect adjustment to retained earnings as of the beginning of the year of adoption. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

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Income Taxes - Income Tax Provision for Continuing Operations (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Current- United States	$ 50,829	$ 83,302	$ 65,244
Current- Non-U.S.	74,288	23,836	45,593
Deferred- United States	(18,655)	(14,032)	(16,256)
Deferred- Non-U.S.	189	(989)	602
Total	$ 106,651	$ 92,117	$ 95,183

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Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 68,510	$ 114,458	$ 282,092	$ 239,196
Accounts receivable	569,096	949,069
Taxes receivable	107,490	140,269
Prepaid expenses and other current assets	183,466	187,139
Total current assets	928,562	1,390,935
Property and equipment, at cost	14,442,922	19,198,767
Accumulated depreciation	(2,330,413)	(4,640,677)
Property and equipment, net	12,112,509	14,558,090
Other assets	245,751	268,932
Total assets	13,286,822	16,217,957
Current liabilities
Accounts payable	265,389	347,214
Accrued payroll and related costs	102,520	151,161
Taxes payable	94,230	125,119
Other current liabilities	206,535	300,172
Total current liabilities	668,674	1,051,915
Long-term debt	4,869,020	5,556,251
Deferred income taxes	120,589	225,455
Other liabilities	341,505	334,308
Total liabilities	5,999,788	7,167,929
Total shareholder equity	6,564,730	8,322,583
Noncontrolling interests	722,304	727,445
Total equity	7,287,034	9,050,028	8,488,290	8,097,852
Total liabilities and equity	13,286,822	16,217,957
Consolidating Adjustments [Member]
Current assets
Short-term notes receivable from affiliates	(1,707,305)	(1,667,551)
Accounts receivable from affiliates	(7,060,506)	(7,601,062)
Total current assets	(8,767,811)	(9,268,613)
Notes receivable from affiliates	(7,108,395)	(7,192,024)
Investments in affiliates	(23,364,388)	(33,001,421)
Total assets	(39,240,594)	(49,462,058)
Current liabilities
Short-term notes payables from affiliates	(1,707,305)	(1,667,551)
Accounts payable to affiliates	(7,060,506)	(7,601,062)
Total current liabilities	(8,767,811)	(9,268,613)
Notes payable to affiliates	(7,108,395)	(7,192,024)
Total liabilities	(15,876,206)	(16,460,637)
Commitments and contingencies
Total shareholder equity	(22,961,169)	(32,490,624)
Noncontrolling interests	(403,219)	(510,797)
Total equity	(23,364,388)	(33,001,421)
Total liabilities and equity	(39,240,594)	(49,462,058)
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	5	1	1,003	146
Short-term notes receivable from affiliates	123,449
Accounts receivable from affiliates	2,019,319	1,244,019
Prepaid expenses and other current assets	14,274
Total current assets	2,157,047	1,244,020
Notes receivable from affiliates	3,304,654	3,304,753
Investments in affiliates	4,567,335	8,601,712
Other assets	2,908	6,256
Total assets	10,031,944	13,156,741
Current liabilities
Accounts payable	600
Accounts payable to affiliates	606,224	1,104,410
Other current liabilities	16,150	412
Total current liabilities	622,974	1,104,822
Long-term debt	1,123,495	1,561,141
Notes payable to affiliates	1,769,068	2,042,808
Other liabilities	19,929	19,931
Total liabilities	3,535,466	4,728,702
Commitments and contingencies
Total shareholder equity	6,496,478	8,428,039
Total equity	6,496,478	8,428,039
Total liabilities and equity	10,031,944	13,156,741
NHC [Member]
Current assets
Taxes receivable	63,373	52,307
Accounts receivable from affiliates	374,012
Total current assets	437,385	52,307
Investments in affiliates	1,318,239	2,907,379
Total assets	1,755,624	2,959,686
Current liabilities
Short-term notes payables from affiliates	171,925	52,611
Accounts payable to affiliates	63,602	653,049
Total current liabilities	235,527	705,660
Total liabilities	235,527	705,660
Commitments and contingencies
Total shareholder equity	1,520,097	2,254,026
Total equity	1,520,097	2,254,026
Total liabilities and equity	1,755,624	2,959,686
NDH [Member]
Current assets
Cash and cash equivalents	254	402	904	385
Accounts receivable	37,655	34,038
Taxes receivable	752
Short-term notes receivable from affiliates	1,077,965	1,456,245
Accounts receivable from affiliates	192,771	108,208
Prepaid expenses and other current assets	1,764	6,336
Total current assets	1,311,161	1,605,229
Property and equipment, at cost	2,040,168	2,340,216
Accumulated depreciation	(278,147)	(310,171)
Property and equipment, net	1,762,021	2,030,045
Notes receivable from affiliates	236,921	124,216
Investments in affiliates	2,921,452	6,595,591
Other assets	6,212	6,332
Total assets	6,237,767	10,361,413
Current liabilities
Short-term notes payables from affiliates		139,195
Accounts payable	10,130	5,310
Accrued payroll and related costs	7,738	8,582
Accounts payable to affiliates	3,513,705	4,032,776
Taxes payable		827
Other current liabilities	13,409	22,106
Total current liabilities	3,544,982	4,208,796
Notes payable to affiliates	598,715	534,683
Other liabilities	29,093	24,502
Total liabilities	4,172,790	4,767,981
Commitments and contingencies
Total shareholder equity	2,064,977	5,593,432
Total equity	2,064,977	5,593,432
Total liabilities and equity	6,237,767	10,361,413
NHIL [Member]
Current assets
Cash and cash equivalents		4	2
Accounts receivable	2,336
Short-term notes receivable from affiliates		139,195
Accounts receivable from affiliates	157,164	210,868
Total current assets	159,500	350,067
Notes receivable from affiliates	1,980,391	2,367,555
Investments in affiliates	8,266,444	9,456,735
Other assets	19,826	22,681
Total assets	10,426,161	12,197,038
Current liabilities
Accounts payable to affiliates	61,982	216,866
Other current liabilities	57,053	62,431
Total current liabilities	119,035	279,297
Long-term debt	3,543,830	3,793,414
Notes payable to affiliates	1,169,180	975,000
Total liabilities	4,832,045	5,047,711
Commitments and contingencies
Total shareholder equity	5,594,116	7,149,327
Total equity	5,594,116	7,149,327
Total liabilities and equity	10,426,161	12,197,038
NDS6 [Member]
Current assets
Short-term notes receivable from affiliates	333,966	19,500
Accounts receivable from affiliates	125,834	27,537
Total current assets	459,800	47,037
Notes receivable from affiliates	5,000	5,000
Investments in affiliates	6,290,918	5,440,004
Other assets	517	639
Total assets	6,756,235	5,492,680
Current liabilities
Short-term notes payables from affiliates	371,720	750,000
Accounts payable to affiliates	16,869	21,173
Other current liabilities	4,412	4,412
Total current liabilities	393,001	775,585
Long-term debt	201,695	201,696
Notes payable to affiliates	192,216	260,216
Total liabilities	786,912	1,237,497
Commitments and contingencies
Total shareholder equity	5,969,323	4,255,183
Total equity	5,969,323	4,255,183
Total liabilities and equity	6,756,235	5,492,680
Other Non-guarantor Subsidiaries of Noble [Member]
Current assets
Cash and cash equivalents	65,521	109,975	275,466	234,525
Accounts receivable	529,105	915,031
Taxes receivable	43,164	87,722
Short-term notes receivable from affiliates	171,925	52,611
Accounts receivable from affiliates	4,191,406	6,010,430
Prepaid expenses and other current assets	123,631	178,012
Total current assets	5,124,752	7,353,781
Property and equipment, at cost	12,364,203	16,820,134
Accumulated depreciation	(2,040,073)	(4,321,507)
Property and equipment, net	10,324,130	12,498,627
Notes receivable from affiliates	1,581,429	1,390,500
Other assets	192,791	233,106
Total assets	17,223,102	21,476,014
Current liabilities
Short-term notes payables from affiliates	1,163,660	725,745
Accounts payable	250,282	340,600
Accrued payroll and related costs	83,749	134,764
Accounts payable to affiliates	2,798,124	1,572,788
Taxes payable	91,471	119,761
Other current liabilities	110,890	210,811
Total current liabilities	4,498,176	3,104,469
Notes payable to affiliates	3,379,216	3,379,317
Deferred income taxes	120,589	225,455
Other liabilities	286,942	289,875
Total liabilities	8,284,923	6,999,116
Commitments and contingencies
Total shareholder equity	7,812,656	13,238,656
Noncontrolling interests	1,125,523	1,238,242
Total equity	8,938,179	14,476,898
Total liabilities and equity	17,223,102	21,476,014
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	65,780	110,382	277,375	235,056
Accounts receivable	569,096	949,069
Taxes receivable	107,289	140,029
Prepaid expenses and other current assets	139,669	184,348
Total current assets	881,834	1,383,828
Property and equipment, at cost	14,404,371	19,160,350
Accumulated depreciation	(2,318,220)	(4,631,678)
Property and equipment, net	12,086,151	14,528,672
Other assets	222,254	269,014
Total assets	13,190,239	16,181,514
Current liabilities
Accounts payable	261,012	345,910
Accrued payroll and related costs	91,487	143,346
Taxes payable	91,471	120,588
Other current liabilities	201,914	300,172
Total current liabilities	645,884	910,016
Long-term debt	4,869,020	5,556,251
Deferred income taxes	120,589	225,455
Other liabilities	335,964	334,308
Total liabilities	5,971,457	7,026,030
Commitments and contingencies
Total shareholder equity	6,496,478	8,428,039
Noncontrolling interests	722,304	727,445
Total equity	7,218,782	9,155,484	8,531,082	8,073,633
Total liabilities and equity	$ 13,190,239	$ 16,181,514

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Net Deferred Taxes

The components of the net deferred taxes are as follows:

	2014			2013
Deferred tax assets
United States
Deferred pension plan amounts	$	23,497		$	8,859
Accrued expenses not currently deductible		14,250			31,769
Other		11,267			14,542
Non-U.S.
Net operating loss carry forwards		6,907			33,021
Deferred pension plan amounts		3,096			2,130
Other		—			300
Deferred tax assets		59,017			90,621
Less: valuation allowance		(6,907	)		(16,847	)
Net deferred tax assets	$	52,110		$	73,774
Deferred tax liabilities
United States
Excess of net book basis over remaining tax basis	$	(166,959	)	$	(275,073	)
Other		(4,969	)		(6,002	)
Non-U.S.
Excess of net book basis over remaining tax basis		(200	)		(1,034	)
Other		(397	)		(2,452	)
Deferred tax liabilities	$	(172,525	)	$	(284,561	)
Net deferred tax liabilities	$	(120,415	)	$	(210,787	)

Income (Loss) from Continuing Operations Before Income Taxes

Income (loss) from continuing operations before income taxes consists of the following:

	Year Ended December 31,
	2014			2013		2012
United States	$	38,206		$	178,090	$	135,618
Non-U.S.		(8,741	)		460,331		407,747
Total	$	29,465		$	638,421	$	543,365

Income Tax Provision for Continuing Operations

The income tax provision for continuing operations consists of the following:

	Year Ended December 31,
	2014			2013			2012
Current- United States	$	50,829		$	83,302		$	65,244
Current- Non-U.S.		74,288			23,836			45,593
Deferred- United States		(18,655	)		(14,032	)		(16,256	)
Deferred- Non-U.S.		189			(989	)		602
Total	$	106,651		$	92,117		$	95,183

Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties

The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties:

	2014			2013			2012
Gross balance at January 1,	$	115,969		$	115,009		$	108,036
Additions based on tax positions related to current year		16,880			2,318			3,704
Additions for tax positions of prior years		12,928			18,906			16,432
Reductions for tax positions of prior years		(8	)		(7,910	)		(7,917	)
Expiration of statutes		(2,852	)		(2,633	)		(1,903	)
Reduction due to Spin-off		(26,870	)		—			—
Tax settlements		(7,235	)		(9,721	)		(3,343	)
Gross balance at December 31,		108,812			115,969			115,009
Related tax benefits		(1,064	)		(2,038	)		(9,981	)
Net reserve at December 31,	$	107,748		$	113,931		$	105,028

Summary of Liabilities Related to Reserve for Uncertain Tax Positions

The liabilities related to our reserve for uncertain tax positions are comprised of the following:

	2014		2013
Reserve for uncertain tax positions, excluding interest and penalties	$	107,748	$	113,931
Interest and penalties included in “Other liabilities”		8,039		13,190
Reserve for uncertain tax positions, including interest and penalties	$	115,787	$	127,121

Reconciliation of Statutory and Effective Income Tax Rate

A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below:

	Year Ended December 31,
	2014			2013			2012
Effect of:
Tax rates which are different than the UK and Cayman Island rates		19.3	%		15.5	%		18.6	%
Tax impact of asset impairment		344.0	%		0.0	%		0.0	%
Resolution of tax authority audits		-1.3	%		-1.1	%		-1.1	%
Total		362.0	%		14.4	%		17.5	%

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Consolidated Joint Ventures - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014 Rigs JointVenture	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]
Percent of interest in joint ventures	50.00%
Number of joint ventures acquired	2
Number of bully class drillships	2
Dividend paid to joint venture partner	$ 80,000,000	$ 105,000,000
Carrying amount of the drillships	1,400,000,000	1,400,000,000
Cash held by Bully joint venture	68,510,000	114,458,000	282,092,000	239,196,000
Affiliated Entity [Member]
Schedule of Equity Method Investments [Line Items]
Cash held by Bully joint venture	47,000,000	50,000,000
Bully Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Dividend paid by Bully Joint Venture Partners	$ 160,000,000	$ 211,000,000

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Equity - Summary of Status of Non-Vested Stock Options (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Spin-Off adjustment, Number of Shares Underlying Options	339,223
Non-Vested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of year, Number of Shares Underlying Options	298,058
Shares Under Outstanding Options, Vested	(204,877)
Spin-Off adjustment, Number of Shares Underlying Options	18,987
Outstanding at end of year, Number of Shares Underlying Options	112,168
Weighted-Average Grant-Date Fair Value, Beginning balance	13.13
Weighted-Average Grant-Date Fair Value Vested	13.16
Weighted-Average Grant-Date Fair Value, Ending balance	13.05

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Consolidated Balance Sheet (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 68,510	$ 114,458
Accounts receivable	569,096	949,069
Taxes receivable	107,490	140,269
Prepaid expenses and other current assets	183,466	187,139
Total current assets	928,562	1,390,935
Property and equipment, at cost	14,442,922	19,198,767
Accumulated depreciation	(2,330,413)	(4,640,677)
Property and equipment, net	12,112,509	14,558,090
Other assets	245,751	268,932
Total assets	13,286,822	16,217,957
Current liabilities
Accounts payable	265,389	347,214
Accrued payroll and related costs	102,520	151,161
Taxes payable	94,230	125,119
Dividends payable		128,249
Other current liabilities	206,535	300,172
Total current liabilities	668,674	1,051,915
Long-term debt	4,869,020	5,556,251
Deferred income taxes	120,589	225,455
Other liabilities	341,505	334,308
Total liabilities	5,999,788	7,167,929
Equity
Shares	2,475	2,534
Additional paid-in capital	695,638	810,286
Retained earnings	5,936,035	7,591,927
Accumulated other comprehensive loss	(69,418)	(82,164)
Total shareholders' equity	6,564,730	8,322,583
Noncontrolling interests	722,304	727,445
Total equity	7,287,034	9,050,028
Total liabilities and equity	13,286,822	16,217,957
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	65,780	110,382
Accounts receivable	569,096	949,069
Taxes receivable	107,289	140,029
Prepaid expenses and other current assets	139,669	184,348
Total current assets	881,834	1,383,828
Property and equipment, at cost	14,404,371	19,160,350
Accumulated depreciation	(2,318,220)	(4,631,678)
Property and equipment, net	12,086,151	14,528,672
Other assets	222,254	269,014
Total assets	13,190,239	16,181,514
Current liabilities
Accounts payable	261,012	345,910
Accrued payroll and related costs	91,487	143,346
Taxes payable	91,471	120,588
Other current liabilities	201,914	300,172
Total current liabilities	645,884	910,016
Long-term debt	4,869,020	5,556,251
Deferred income taxes	120,589	225,455
Other liabilities	335,964	334,308
Total liabilities	5,971,457	7,026,030
Commitments and contingencies
Equity
Shares	26,125	26,125
Capital in excess of par value	530,657	497,316
Retained earnings	6,009,114	7,986,762
Accumulated other comprehensive loss	(69,418)	(82,164)
Total shareholders' equity	6,496,478	8,428,039
Noncontrolling interests	722,304	727,445
Total equity	7,218,782	9,155,484
Total liabilities and equity	$ 13,190,239	$ 16,181,514

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Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2014

Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction.

	December 31,
	2014			2013			2012
Accounts receivable	$	29,730		$	(165,233	)	$	(143,010	)
Other current assets		(3,201	)		(47,848	)		(43,246	)
Other assets		(96,941	)		34,757			(385	)
Accounts payable		63,546			50,731			28,565
Other current liabilities		(28,644	)		61,644			108,385
Other liabilities		86,037			2,731			80,431
	$	50,527		$	(63,218	)	$	30,740

Additional Cash Flow Information

Additional cash flow information is as follows:

	Year Ended December 31,
	2014		2013		2012
Cash paid during the period for:
Interest, net of amounts capitalized	$	159,835	$	81,897	$	56,144
Income taxes (net of refunds)	$	132,527	$	219,088	$	148,612
Non-cash activities during the period:
Spin-off of Paragon Offshore	$	1,409,400		N/A		N/A

Noble-Cayman [Member]

Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows. Amounts for 2014 are shown net of Paragon Offshore, which was distributed to shareholders in a non-cash transaction.

	December 31,
	2014			2013			2012
Accounts receivable	$	29,730		$	(165,233	)	$	(143,010	)
Other current assets		(12,670	)		(48,186	)		(44,632	)
Other assets		(96,925	)		35,103			(385	)
Accounts payable		60,488			49,980			28,289
Other current liabilities		(21,921	)		62,516			108,425
Other liabilities		86,038			2,728			80,432
	$	44,740		$	(63,092	)	$	29,119

Additional Cash Flow Information

Additional cash flow information is as follows:

	Year Ended December 31,
	2014		2013		2012
Cash paid during the period for:
Interest, net of amounts capitalized	$	159,835	$	81,897	$	56,144
Income taxes (net of refunds)	$	130,356	$	216,391	$	148,612
Non-cash activities during the period:
Spin-off of Paragon Offshore	$	1,409,400		N/A		N/A

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Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Detail) (Projected benefit obligation [Member], USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 3,157	$ 6,740
Fair value of plan assets	592	5,820
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	238,072	200,472
Fair value of plan assets	$ 172,119	$ 171,413

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Information about Noble-Cayman - Guarantor Obligations (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
3.45% Senior Notes due August 2015 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	3.45%
Senior notes, maturity date	2015
3.45% Senior Notes due August 2015 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	350
Interest rate on the notes	3.45%
Senior notes, maturity date	2015
3.05% Senior Notes due March 2016 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	3.05%
Senior notes, maturity date	2016
3.05% Senior Notes due March 2016 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	300
Interest rate on the notes	3.05%
Senior notes, maturity date	2016
2.50% Senior Notes due March 2017 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	2.50%
Senior notes, maturity date	2017
2.50% Senior Notes due March 2017 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	300
Interest rate on the notes	2.50%
Senior notes, maturity date	2017
7.50% Senior Notes due March 2019 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	7.50%
Senior notes, maturity date	2019
7.50% Senior Notes due March 2019 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	202
Interest rate on the notes	7.50%
Senior notes, maturity date	2019
4.90% Senior Notes due August 2020 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	4.90%
Senior notes, maturity date	2020
4.90% Senior Notes due August 2020 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	500
Interest rate on the notes	4.90%
Senior notes, maturity date	2020
4.625% Senior Notes due March 2021 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	4.625%
Senior notes, maturity date	2021
4.625% Senior Notes due March 2021 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	400
Interest rate on the notes	4.625%
Senior notes, maturity date	2021
3.95% Senior Notes due March 2022 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	3.95%
Senior notes, maturity date	2022
3.95% Senior Notes due March 2022 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	400
Interest rate on the notes	3.95%
Senior notes, maturity date	2022
6.20% Senior Notes due August 2040 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	6.20%
Senior notes, maturity date	2040
6.20% Senior Notes due August 2040 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	400
Interest rate on the notes	6.20%
Senior notes, maturity date	2040
6.05% Senior Notes due March 2041 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	6.05%
Senior notes, maturity date	2041
6.05% Senior Notes due March 2041 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	400
Interest rate on the notes	6.05%
Senior notes, maturity date	2041
5.25% Senior Notes due 2042 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	5.25%
Senior notes, maturity date	2042
5.25% Senior Notes due 2042 [Member] | Noble-Cayman [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	500
Interest rate on the notes	5.25%
Senior notes, maturity date	2042

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Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net pension plan gain (loss), tax provision (benefit)	$ (21,429)	$ 14,155	$ (3,777)
Amortization of deferred pension plan, tax provision	1,102	2,924	2,841
Net pension plan curtailment and settlement expense, tax provision	9,902
Prior service cost arising during the period, tax benefit	317
Noble-Cayman [Member]
Net pension plan gain (loss), tax provision (benefit)	(21,429)	14,155	(3,777)
Amortization of deferred pension plan, tax provision	1,102	2,924	2,841
Net pension plan curtailment and settlement expense, tax provision	9,902
Prior service cost arising during the period, tax benefit	$ 317

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Employee Benefit Plans - Pension Costs (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 4,777	$ 5,496	$ 4,461
Interest cost	4,650	5,085	5,372
Return on plan assets	(6,117)	(5,836)	(5,344)
Amortization of prior service cost	46
Recognized net actuarial loss	769	1,670	803
Curtailment expense
Settlement expense
Net pension expense	4,125	6,415	5,292
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	8,901	10,724	9,612
Interest cost	10,546	9,049	8,719
Return on plan assets	(15,499)	(13,102)	(11,171)
Amortization of prior service cost	196	227	227
Recognized net actuarial loss	2,857	7,639	7,356
Curtailment expense	241
Settlement expense	9,872
Net pension expense	$ 17,114	$ 14,537	$ 14,743

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Property and Equipment - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Capital expenditures	$ 2,100	$ 2,500	$ 1,700
Capitalized interest on construction-in-progress	47	115	136
Paragon Offshore [Member]
Property, Plant and Equipment [Line Items]
Capital expenditures	150	359	525
Depreciation expense	$ 236	$ 368	$ 318

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Employee Benefit Plans - Actual Fair Values of Non-U.S. Pension Plans (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	$ 592	$ 77,561
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	77,714	174,257
Estimated Fair Value Measurements	77,714	174,257	151,819
Non-U.S. Plans [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	87	207
Non-U.S. Plans [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	53,261	54,722
Non-U.S. Plans [Member] | Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	23,774	41,767
Non-U.S. Plans [Member] | Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	592	77,561
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	53,348	54,929
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	87	207
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	53,261	54,722
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
Non-U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	23,774	41,767
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	23,774	41,767
Non-U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	592	77,561
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
Non-U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	$ 592	$ 77,561

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Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share for Noble-UK

The following table sets forth the computation of basic and diluted earnings per share for Noble-UK:

	Year Ended December 31,
	2014			2013			2012
Basic
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Earnings allocated to unvested share-based payment awards		—			(5,669	)		(4,212	)
Income (loss) from continuing operations to common shareholders		(152,011	)		472,926			410,177
Income from discontinued operations		160,502			304,102			107,955
Earnings allocated to unvested share-based payment awards		—			(3,602	)		(1,097	)
Income from discontinued operations, net of tax to common shareholders		160,502			300,500			106,858
Net income attributable to Noble-UK		8,491			782,697			522,344
Earnings allocated to unvested share-based payment awards		—			(9,271	)		(5,309	)
Net income to common shareholders—basic	$	8,491		$	773,426		$	517,035
Diluted
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Earnings allocated to unvested share-based payment awards		—			(5,663	)		(4,206	)
Income (loss) from continuing operations to common shareholders		(152,011	)		472,932			410,183
Income from discontinued operations		160,502			304,102			107,955
Earnings allocated to unvested share-based payment awards		—			(3,598	)		(1,096	)
Income from discontinued operations, net of tax to common shareholders		160,502			300,504			106,859
Net income attributable to Noble-UK		8,491			782,697			522,344
Earnings allocated to unvested share-based payment awards		—			(9,261	)		(5,302	)
Net income to common shareholders—diluted	$	8,491		$	773,436		$	517,042
Weighted average shares outstanding—basic		252,909			253,288			252,435
Incremental shares issuable from assumed exercise of stock options		—			259			356
Weighted average shares outstanding—diluted		252,909			253,547			252,791
Weighted average unvested share-based payment awards		—			3,036			2,592
Earnings per share
Basic
Continuing operations	$	(0.60	)	$	1.86		$	1.63
Discontinued operations		0.63			1.19			0.42
Net income attributable to Noble-UK	$	0.03		$	3.05		$	2.05
Diluted
Continuing operations	$	(0.60	)	$	1.86		$	1.63
Discontinued operations		0.63			1.19			0.42
Net income attributable to Noble-UK	$	0.03		$	3.05		$	2.05
Dividends per share	$	1.50		$	0.76		$	0.54

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Debt - Estimated Fair Value of Our Long-Term Debt (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014	Mar. 31, 2014
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	7.375%	7.375%
Senior notes, maturity date	2014
3.45% Senior Notes due August 2015 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	3.45%
Senior notes, maturity date	2015
3.05% Senior Notes due March 2016 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	3.05%
Senior notes, maturity date	2016
2.50% Senior Notes due March 2017 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	2.50%
Senior notes, maturity date	2017
7.50% Senior Notes due March 2019 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	7.50%
Senior notes, maturity date	2019
4.90% Senior Notes due August 2020 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	4.90%
Senior notes, maturity date	2020
4.625% Senior Notes due March 2021 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	4.625%
Senior notes, maturity date	2021
3.95% Senior Notes due March 2022 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	3.95%
Senior notes, maturity date	2022
6.20% Senior Notes due August 2040 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	6.20%
Senior notes, maturity date	2040
6.05% Senior Notes due March 2041 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	6.05%
Senior notes, maturity date	2041
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Interest rate on senior notes	5.25%
Senior notes, maturity date	2042

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Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Note 14- Income Taxes

Noble-UK is a company which is tax resident in the UK and, as such, will be subject to UK corporation tax on its taxable profits and gains. A UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income of the non-UK subsidiaries is not expected to be subject to UK corporation tax. Prior to the redomiciliation, Noble-Swiss was the group holding company and was exempt from Swiss cantonal and communal income tax on its worldwide income, and was also granted participation relief from Swiss federal tax for qualifying dividend income and capital gains related to the sale of qualifying participations. It is expected that the participation relief will result in a full exemption of participation income from Swiss federal income tax. We do not expect the redomiciliation from Switzerland to the UK to have a material impact on our effective tax rate.

Consequently, we have taken account of those tax exemptions and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries have a taxable presence for income tax purposes.

The components of the net deferred taxes are as follows:

	2014			2013
Deferred tax assets
United States
Deferred pension plan amounts	$	23,497		$	8,859
Accrued expenses not currently deductible		14,250			31,769
Other		11,267			14,542
Non-U.S.
Net operating loss carry forwards		6,907			33,021
Deferred pension plan amounts		3,096			2,130
Other		—			300
Deferred tax assets		59,017			90,621
Less: valuation allowance		(6,907	)		(16,847	)
Net deferred tax assets	$	52,110		$	73,774
Deferred tax liabilities
United States
Excess of net book basis over remaining tax basis	$	(166,959	)	$	(275,073	)
Other		(4,969	)		(6,002	)
Non-U.S.
Excess of net book basis over remaining tax basis		(200	)		(1,034	)
Other		(397	)		(2,452	)
Deferred tax liabilities	$	(172,525	)	$	(284,561	)
Net deferred tax liabilities	$	(120,415	)	$	(210,787	)

Income (loss) from continuing operations before income taxes consists of the following:

	Year Ended December 31,
	2014			2013		2012
United States	$	38,206		$	178,090	$	135,618
Non-U.S.		(8,741	)		460,331		407,747
Total	$	29,465		$	638,421	$	543,365

The income tax provision for continuing operations consists of the following:

	Year Ended December 31,
	2014			2013			2012
Current- United States	$	50,829		$	83,302		$	65,244
Current- Non-U.S.		74,288			23,836			45,593
Deferred- United States		(18,655	)		(14,032	)		(16,256	)
Deferred- Non-U.S.		189			(989	)		602
Total	$	106,651		$	92,117		$	95,183

The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties:

	2014			2013			2012
Gross balance at January 1,	$	115,969		$	115,009		$	108,036
Additions based on tax positions related to current year		16,880			2,318			3,704
Additions for tax positions of prior years		12,928			18,906			16,432
Reductions for tax positions of prior years		(8	)		(7,910	)		(7,917	)
Expiration of statutes		(2,852	)		(2,633	)		(1,903	)
Reduction due to Spin-off		(26,870	)		—			—
Tax settlements		(7,235	)		(9,721	)		(3,343	)
Gross balance at December 31,		108,812			115,969			115,009
Related tax benefits		(1,064	)		(2,038	)		(9,981	)
Net reserve at December 31,	$	107,748		$	113,931		$	105,028

The liabilities related to our reserve for uncertain tax positions are comprised of the following:

	2014		2013
Reserve for uncertain tax positions, excluding interest and penalties	$	107,748	$	113,931
Interest and penalties included in “Other liabilities”		8,039		13,190
Reserve for uncertain tax positions, including interest and penalties	$	115,787	$	127,121

If these reserves of $116 million are not realized, the provision for income taxes will be reduced by $116 million.

We include, as a component of our “Income tax provision”, potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax benefit of $1 million in 2014, an income tax benefit of $7 million in 2013 and an income tax expense of $5 million in 2012.

It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next twelve months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits.

We conduct business globally and, as a result, we file numerous income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including major jurisdictions such as Brazil, India, Mexico, Nigeria, Norway, Qatar, Saudi Arabia,

Switzerland, the United Kingdom and the United States. We are no longer subject to U.S. Federal income tax examinations for years before 2010 and non-U.S. income tax examinations for years before 2000.

Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. The income of our non-UK subsidiaries is not subject to UK income tax. Earnings are taxable in the United Kingdom at the UK statutory rate of 21.5 percent. Ongoing consultative process in the United Kingdom and a possible change in law could materially impact our tax rate on operations in the United Kingdom continental shelf. A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Noble-UK effective rate for continuing operations is shown below:

	Year Ended December 31,
	2014			2013			2012
Effect of:
Tax rates which are different than the UK and Cayman Island rates		19.3	%		15.5	%		18.6	%
Tax impact of asset impairment		344.0	%		0.0	%		0.0	%
Resolution of tax authority audits		-1.3	%		-1.1	%		-1.1	%
Total		362.0	%		14.4	%		17.5	%

We generated and fully utilized U.S. foreign tax credits of $17 million, $15 million and $22 million in 2014, 2013 and 2012, respectively.

For the year ended December 31, 2013, deferred income taxes were not provided on approximately $80 million of undistributed earnings of our subsidiaries. We considered such earnings to be permanently reinvested. If such earnings would have been distributed, we may have been subject to additional income taxes of approximately $20 to $25 million. All aforementioned earnings were held by subsidiaries which, as a result of the Spin-off, are now subsidiaries of Paragon Offshore. Therefore, at December 31, 2014, we have no undistributed earnings of our subsidiaries for which deferred income taxes have not been provided.

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Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment, at Cost

Property and equipment, at cost, as of December 31, 2014 and 2013 for Noble-UK consisted of the following:

	2014		2013
Drilling equipment and facilities	$	13,254,240	$	17,130,986
Construction in progress		969,985		1,854,434
Other		218,697		213,347
Property and equipment, at cost	$	14,442,922	$	19,198,767

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Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Non-U.S. Plans [Member] | Minimum [Member]
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	2.60%	3.90%
Rate of compensation increase	3.60%	3.60%
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	2.70%	2.50%	4.70%
Expected long-term return on assets	2.30%	2.30%	3.90%
Rate of compensation increase	3.60%	3.60%	2.30%
Non-U.S. Plans [Member] | Maximum [Member]
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	3.70%	4.70%
Rate of compensation increase	4.10%	4.50%
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	4.70%	4.50%	5.00%
Expected long-term return on assets	6.00%	5.70%	5.40%
Rate of compensation increase	4.50%	4.10%	4.40%
U.S. Plans [Member] | Minimum [Member]
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	3.00%	3.90%
Rate of compensation increase	5.00%	5.00%
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	3.90%	3.10%	4.30%
Expected long-term return on assets	7.80%	7.80%	7.80%
Rate of compensation increase	5.00%	5.00%	5.00%
U.S. Plans [Member] | Maximum [Member]
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	4.10%	5.10%
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	5.10%	4.20%	4.70%

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Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Note 16- Derivative Instruments and Hedging Activities

We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives.

For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings.

Cash Flow Hedges

Several of our regional shorebases, including our North Sea and Brazilian operations, have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. During 2014 and 2013, we entered into forward contracts of approximately $195 million and $128 million, respectively, all of which settled during their respective years. At both December 31, 2014 and 2013, we had no outstanding derivative contracts.

Financial Statement Presentation

To supplement the fair value disclosures in Note 17, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the years ended December 31, 2014 and 2013:

	Gain/(loss) recognized through AOCL				Gain reclassified from AOCL to “contract drilling services” expense						Gain/(loss) recognized through “contract drililng services” expense
	2014		2013		2014			2013			2014		2013
Cash flow hedges
Foreign currency forward contracts	$	4,286	$	1,200	$	(4,286	)	$	(1,200	)	$	—	$	—

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Equity - Summary of Stock Options Granted (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Outstanding at beginning of year, Number of Shares Underlying Options	1,808,987	2,027,089	2,498,662
Granted, Number of Shares Underlying Options			358,772
Exercised, Number of Shares Underlying Options	(131,706)	(212,017)	(645,731)
Forfeited, Number of Shares Underlying Options	(57,871)	(6,085)	(184,614)
Spin-off adjustment, Number of Shares Underlying Options	339,223
Outstanding at end of year, Number of Shares Underlying Options	1,958,633	1,808,987	2,027,089
Exercisable at end of year, Number of Shares Underlying Options	1,846,465	1,510,929	1,453,945
Outstanding at beginning of year, Weighted Average Exercise Price	$ 33.13	$ 32.44	$ 29.22
Granted, Weighted Average Exercise Price			$ 36.04
Exercised, Weighted Average Exercise Price	$ 20.08	$ 26.66	$ 20.97
Forfeited, Weighted Average Exercise Price	$ 30.18	$ 31.35	$ 35.92
Outstanding at end of year, Weighted Average Exercise Price	$ 28.43	$ 33.13	$ 32.44
Exercisable at end of year, Weighted Average Exercise Price	$ 28.35	$ 32.47	$ 30.70

XML

Segment and Related Information - Summarized Financial Information of Reportable Segment (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Revenues from external customers	$ 804,740	$ 828,796	$ 803,781	$ 795,187	$ 725,089	$ 640,513	$ 606,480	$ 566,061	$ 3,232,504	$ 2,538,143	$ 2,200,699
Depreciation and amortization									627,473	511,513	440,306
Segment operating income (loss)	(541,864)	243,633	235,205	248,968	205,879	239,248	159,973	135,437	185,942	740,537	625,564
Interest expense, net of amount capitalized									(155,179)	(106,300)	(85,763)
Income tax (provision) benefit									(106,651)	(92,117)	(95,183)
Segment profit (loss)	(594,539)	147,389	140,325	154,814	144,023	165,267	102,406	66,899	8,491	782,697	522,344
Total assets (at end of period)	13,286,822				16,217,957				13,286,822	16,217,957
Contract Drilling Services [Member]
Segment Reporting Information [Line Items]
Revenues from external customers									3,230,253	2,520,064	2,154,980
Depreciation and amortization									608,590	497,303	427,234
Segment operating income (loss)									204,365	750,181	626,012
Interest expense, net of amount capitalized									(164)	(694)	(394)
Income tax (provision) benefit									(130,654)	(90,468)	(110,373)
Segment profit (loss)									216,659	874,816	645,560
Total assets (at end of period)	13,019,089				15,495,071				13,019,089	15,495,071
Other [Member]
Segment Reporting Information [Line Items]
Revenues from external customers									2,251	18,079	45,719
Depreciation and amortization									18,883	14,210	13,072
Segment operating income (loss)									(18,423)	(9,644)	(448)
Interest expense, net of amount capitalized									(155,015)	(105,606)	(85,369)
Income tax (provision) benefit									24,003	(1,649)	15,190
Segment profit (loss)									(208,168)	(92,119)	(123,216)
Total assets (at end of period)	$ 267,733				$ 722,886				$ 267,733	$ 722,886

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net income	$ 83,316	$ 850,406	$ 556,137
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	627,473	511,513	440,306
Loss on impairment	745,428	43,688	20,384
Gain on disposal of assets, net		(35,646)
Deferred income taxes	(10,999)	(15,955)	(20,119)
Amortization of share-based compensation	46,389	43,620	35,930
Net change in other assets and liabilities	50,527	(63,218)	30,740
Net cash from operating activities	1,778,208	1,702,317	1,381,693
Cash flows from investing activities
Capital expenditures	(2,072,885)	(2,487,520)	(1,669,811)
Change in accrued capital expenditures	(36,383)	(58,587)	(121,077)
Proceeds from disposal of assets		61,000
Net cash from investing activities	(2,109,268)	(2,485,107)	(1,790,888)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	(437,647)	1,221,333	(635,192)
Repayment of long-term debt	(250,000)	(300,000)
Proceeds from issuance of senior notes, net of debt issuance costs			1,186,636
Financing costs on credit facilities	(398)	(2,484)	(5,221)
Long-term borrowings of Paragon Offshore	1,710,550
Financing costs on long-term borrowing of Paragon Offshore	(14,676)
Cash balances of Paragon Offshore in Spin-off	(104,152)
Dividends paid to noncontrolling interests	(79,966)	(105,388)
Contributions from noncontrolling interests			40,000
Repurchases of shares	(154,145)
Repurchases of employee shares surrendered for taxes		(7,653)	(10,516)
Employee stock transactions	2,125	4,261	14,677
Par value reduction/dividend payments	(386,579)	(194,913)	(138,293)
Net cash from financing activities	285,112	615,156	452,091
Net change in cash and cash equivalents	(45,948)	(167,634)	42,896
Cash and cash equivalents, beginning of period	114,458	282,092	239,196
Cash and cash equivalents, end of period	68,510	114,458	282,092
Noble-Cayman [Member]
Cash flows from operating activities
Net income	199,053	935,523	614,716
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	624,278	509,341	438,374
Loss on impairment	745,428	43,688	20,384
Gain on disposal of assets, net		(35,646)
Deferred income taxes	(10,999)	(15,955)	(20,119)
Capital contribution by parent-share-based compensation	33,341	26,862	19,838
Net change in other assets and liabilities	44,740	(63,092)	29,119
Net cash from operating activities	1,871,916	1,768,630	1,420,627
Cash flows from investing activities
Capital expenditures	(2,072,751)	(2,485,617)	(1,667,477)
Change in accrued capital expenditures	(36,383)	(58,587)	(121,077)
Proceeds from disposal of assets		61,000
Net cash from investing activities	(2,109,134)	(2,483,204)	(1,788,554)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	(437,647)	1,221,333	(635,192)
Repayment of long-term debt	(250,000)	(300,000)
Proceeds from issuance of senior notes, net of debt issuance costs			1,186,636
Financing costs on credit facilities	(398)	(2,484)	(5,221)
Long-term borrowings of Paragon Offshore	1,710,550
Financing costs on long-term borrowing of Paragon Offshore	(14,676)
Cash balances of Paragon Offshore in Spin-off	(104,152)
Dividends paid to noncontrolling interests	(79,966)	(105,388)
Contributions from noncontrolling interests			40,000
Distributions to parent company, net	(631,095)	(265,880)	(175,977)
Net cash from financing activities	192,616	547,581	410,246
Net change in cash and cash equivalents	(44,602)	(166,993)	42,319
Cash and cash equivalents, beginning of period	110,382	277,375	235,056
Cash and cash equivalents, end of period	$ 65,780	$ 110,382	$ 277,375

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Consolidated Balance Sheet (Parenthetical) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Ordinary shares, shares outstanding	247,501	253,448
Noble-Cayman [Member]
Ordinary shares, shares outstanding	261,246	261,246

XML

Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Equity

Note 9- Equity

Share Capital

As of December 31, 2014, Noble-UK had approximately 247.5 million shares outstanding and trading as compared to approximately 253.4 million shares outstanding and trading at December 31, 2013. Repurchased shares are recorded at cost, and include shares repurchased pursuant to our approved share repurchase program discussed below. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval.

Our most recent quarterly dividend payment to shareholders, totaling approximately $93 million (or $0.375 per share), was declared on January 30, 2015 and paid on February 20, 2015 to holders of record on February 10, 2015.

The declaration and payment of dividends require authorization of the Board of Directors of Noble-UK, provided that such dividends on issued share capital may be paid only out of Noble-UK’s “distributable reserves” on its statutory balance sheet. Noble-UK is not permitted to pay dividends out of share capital, which includes share premiums. The amount of any such dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors.

Share Repurchases

Under UK law, the company is only permitted to purchase its own shares by way of an “off market purchase” in a plan approved by shareholders. Prior to our redomiciliation to the UK, a resolution was adopted by Noble-UK’s sole shareholder authorizing the repurchase of 6,769,891 shares during the five-year period commencing on the date of the redomiciliation. This number of shares corresponds to the number of shares that Noble-Swiss had authority to repurchase at the time of the redomiciliation. During 2014, we repurchased all shares covered by this authorization.

Share repurchases for each of the three years ended December 31 are as follows:

	Total Number				Average
Year Ended	of Shares				Price Paid
December 31,	Purchased		Total Cost(1)		per Share(1)
2014		6,769,891	$	154,145	$	22.77
2013		190,187		7,653		40.24
2012		302,150		10,516		34.80

(1) The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market.

In December 2014, we received shareholder approval to repurchase up to 37,000,000 additional ordinary shares, or approximately 15 percent of our outstanding ordinary shares at the time of the shareholder approval. Any repurchases are expected to be funded using cash on hand, cash from operations or short-term borrowings under our credit facilities. The authority to make such repurchases will expire on the later of April 2016 or the end of the Company’s 2016 annual general meeting of shareholders, at which time we could seek shareholder approval for further repurchases.

Share-Based Compensation Plans

Stock Plans

The Noble Corporation 1991 Stock Option and Restricted Stock Plan, as amended (the “1991 Plan”), provides for the granting of options to purchase our shares, with or without stock appreciation rights, and the awarding of restricted shares or units to selected employees. In connection with the Spin-off, the total number of shares subject to issue under existing awards under the 1991 Plan was increased from 50.1 million to 60.3 million. As of December 31, 2014, we had 6.5 million shares remaining available for grants to employees under the 1991 Plan.

Prior to October 25, 2007, the Noble Corporation 1992 Nonqualified Stock Option and Share Plan for Non-Employee Directors (the “1992 Plan”) provided for the granting of nonqualified stock options to our non-employee directors. On October 25, 2007, the 1992 Plan was amended and restated to, among other things, eliminate grants of stock options to non-employee directors and modify the annual award of restricted shares from a fixed number of restricted shares to an annually-determined variable number of restricted or unrestricted shares. In connection with the Spin-off, the total number of shares subject to issue under existing awards under the 1992 Plan was increased from 2.0 million to 2.3 million. As of December 31, 2014, we had 0.6 million shares remaining available for award to non-employee directors under the 1992 Plan.

Stock Options

Pursuant to the EMA (see Note 2), we modified the outstanding stock options for our employees in connection with the Spin-off. As the awards contained an antidilution provision, we made certain adjustments to the exercise price and number of our stock options to preserve the economic value of the grants immediately prior to the Spin-off. Each outstanding stock option of Noble, whether or not exercisable, that was held by a current or former Noble employee was adjusted such that the holder received an additional number of stock options of Noble based on a price ratio. The exercise price was adjusted by a factor equal to exercise price of the option prior to the Spin-off divided by the price ratio. The price ratio was calculated by dividing the average closing price of our stock during the 10 trading-day period prior to the Spin-off by the average closing price of our stock during the 10 trading-day period subsequent to the Spin-off. Each outstanding stock option of Noble, whether or not exercisable, that was held by an employee transferring to Paragon Offshore was vested at the Spin-off date and the exercise price and number of awards were adjusted in the same manner as explained above for Noble employees. At the Spin-off, we recognized the remaining expense for the accelerated vesting of stock options held by Paragon Offshore employees.

As a result of the Spin-off, an additional 339,223 stock options were issued to preserve the economic value of the grants immediately prior to the Spin-off, as discussed above. As no incremental fair value was awarded as a result of the issuance of these additional awards, the modification did not result in additional compensation expense.

Options have a term of 10 years, an exercise price equal to the fair market value of a share on the date of grant and generally vest over a three-year period. A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2014, 2013 and 2012 and the changes during the year ended on those dates is presented below:

	2014					2013					2012
	Number of			Weighted		Number of			Weighted		Number of			Weighted
	Shares			Average		Shares			Average		Shares			Average
	Underlying			Exercise		Underlying			Exercise		Underlying			Exercise
	Options			Price		Options			Price		Options			Price
Outstanding at beginning of year		1,808,987		$	33.13		2,027,089		$	32.44		2,498,662		$	29.22
Granted		—			—		—			—		358,772			36.04
Exercised (1)		(131,706	)		20.08		(212,017	)		26.66		(645,731	)		20.97
Forfeited		(57,871	)		30.18		(6,085	)		31.35		(184,614	)		35.92
Spin-off adjustment		339,223			N/A		—			—		—			—
Outstanding at end of year (2)		1,958,633			28.43		1,808,987			33.13		2,027,089			32.44
Exercisable at end of year (2)		1,846,465		$	28.35		1,510,929		$	32.47		1,453,945		$	30.70

(1) The intrinsic value of options exercised during the year ended December 31, 2014 was $3 million.

(2) The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014 was $0.

The following table summarizes additional information about stock options outstanding at December 31, 2014:

	Options Outstanding						Options Exercisable
	Number of		Weighted		Weighted				Weighted
	Shares		Average		Average				Average
	Underlying		Remaining		Exercise		Number		Exercise
	Options		Life (Years)		Price		Exercisable		Price
$20.49 to $21.99		513,103		2.25	$	21.24		513,103	$	21.24
$22.00 to $29.74		312,531		2.71		27.13		294,553		27.24
$29.75 to $35.73		1,132,999		5.37		32.04		1,038,809		32.17
Total		1,958,633		4.13	$	28.43		1,846,465	$	28.35

No stock options were granted during the years ended December 31, 2014 and 2013, respectively. Fair value information and related valuation assumptions for stock options granted during the year ended December 31, 2012 is as follows:

	2012
Weighted average fair value per option granted	$	13.41
Valuation assumptions:
Expected option term (years)		6
Expected volatility		43.0	%
Historical dividend yield		1.4	%
Risk-free interest rate		1.1	%

The fair value of each option is estimated on the date of grant using a Black-Scholes pricing model. Assumptions used in the valuation are shown in the table above. The expected term of options granted represents the period of time that the options are expected to be outstanding and is derived from historical exercise behavior, current trends and values derived from lattice-based models. Expected volatilities are based on implied volatilities of traded options on our shares, historical volatility of our shares, and other factors. The expected dividend yield is based on historical yields on the date of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant.

A summary of the status of our non-vested stock options at December 31, 2014, and changes during the year ended December 31, 2014, is presented below:

	Shares			Weighted-Average
	Under Outstanding			Grant-Date
	Options			Fair Value
Non-Vested Options at January 1, 2014		298,058		$	13.13
Vested		(204,877	)		13.16
Spin-off adjustment		18,987			N/A
Non-Vested Options at December 31, 2014		112,168		$	13.05

At December 31, 2014, there was $0.1 million of total unrecognized compensation cost remaining for option grants awarded under the 1991 Plan. We attribute the service period to the vesting period and the unrecognized compensation is expected to be recognized over a weighted-average period of 0.08 years. Compensation cost recognized during the years ended December 31, 2014, 2013 and 2012 related to stock options totaled $2 million, $3 million and $4 million, respectively. We issue new shares to meet the share requirements upon exercise of stock options.

Restricted Stock Units (“RSU’s)

Pursuant to the EMA (see Note 2), we modified the outstanding RSU awards, both time-vested restricted stock units (“TVRSUs”) and market-based performance-vested restricted stock units (“PVRSUs”), for our employees in connection with the Spin-off. As the awards contained an antidilution provision, we made certain adjustments to the number of our share-based compensation awards to preserve the economic value of the grants immediately prior to the Spin-off. Each outstanding and unvested RSU of Noble that was held by a current or former Noble employee was adjusted such that the holder received an additional number of RSUs of Noble based on a price ratio, which was calculated as noted above in “Stock Options”. Each outstanding and unvested TVRSU of Noble that was held by an employee transferring to Paragon Offshore was cancelled and an equivalent award was granted by Paragon Offshore. Each outstanding and unvested PVRSU of Noble that was held by an employee transferring to Paragon Offshore was continued pro-rata at the time of Spin-off, subject to the achievement of the performance condition at the end of the performance period. The remaining unvested PVRSUs were cancelled and an equivalent award was granted by Paragon Offshore, except for the 2012 PVRSU grants. For the 2012 PVRSU grants, a bonus will be paid by Paragon Offshore for the cancelled portion of the award should the performance factor be achieved.

As a result of the Spin-off, an additional 326,853 TVRSUs and 329,937 PVRSUs were issued to preserve the economic value of the grants immediately prior to the Spin-off, as discussed above. As no incremental fair value was awarded as a result of the issuance of these additional awards, the modification did not result in additional compensation expense.

We have awarded both TVRSU’s and PVRSU’s under the 1991 Plan. The TVRSU’s generally vest over a three year period. The number of PVRSU’s which vest will depend on the degree of achievement of specified corporate performance criteria over a three-year performance period. These criteria are strictly market based criteria as defined by FASB standards.

The TVRSU is valued on the date of award at our underlying share price. The total compensation for units that ultimately vest is recognized over the service period. The shares and related nominal value are recorded when the restricted stock unit vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes.

The market-based PVRSU is valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSU’s include historical volatility, risk-free interest rates, and expected dividends over a time period commensurate with the remaining term prior to vesting, as follows:

	2014			2013			2012
Valuation assumptions:
Expected volatility		33.0	%		34.8	%		41.4	%
Expected dividend yield		4.7	%		1.3	%		1.5	%
Risk-free interest rate		0.7	%		0.4	%		0.3	%

Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model.

A summary of the RSU awards for each of the years in the period ended December 31 is as follows:

	2014		2013		2012
TVRSU
Units awarded (maximum available)		1,617,534		1,033,009		932,274
Weighted-average share price at award date	$	31.56	$	41.32	$	36.53
Weighted-average vesting period (years)		3.0		3.0		3.0
PVRSU
Units awarded (maximum available)		740,364		565,650		481,206
Weighted-average share price at award date	$	31.66	$	41.42	$	36.90
Three-year performance period ended December 31		2016		2015		2014
Weighted-average award-date fair value	$	19.66	$	24.97	$	20.05

In October 2014, our Board of Directors approved a modification of certain PVRSU awards. The modification related to the composition of our peer groups for a portion of the 2013 and 2014 grants currently in place. The value of the modification was determined by taking the fair value of the modified award as compared to the fair value of the previous award immediately prior to modification, using a Monte Carlo Simulation Model to value both grants. In connection with this modification, we expect to incur approximately $0.5 million of related compensation cost over the life of the grant.

We award shares under the 1992 Plan. During the years ended December 31, 2014, 2013 and 2012, we awarded 50,796, 57,095 and 65,329 shares to non-employee directors, resulting in related compensation cost of $2 million in each of the three years.

A summary of the status of non-vested RSU’s at December 31, 2014 and changes during the year ended December 31, 2014 is presented below:

				Weighted					Weighted
				Average					Average
	TVRSU’s			Award-Date		PVRSU’s			Award-Date
	Outstanding			Fair Value		Outstanding (1)			Fair Value
Non-vested RSU’s at January 1, 2014		1,652,360		$	39.40		1,397,137		$	21.06
Awarded		1,617,534			31.56		740,364			19.66
Vested		(749,935	)		38.76		(180,975	)		16.77
Forfeited		(149,006	)		35.50		(253,882	)		17.66
Surrendered in connection with Spin-off		(816,627	)		34.22		(89,612	)		20.95
Spin-off adjustment		326,853			N/A		329,937			N/A
Non-vested RSU’s at December 31, 2014		1,881,179		$	34.66		1,942,969		$	21.44

(1) The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown.

At December 31, 2014 there was $31 million of total unrecognized compensation cost related to the TVRSU’s which is expected to be recognized over a remaining weighted-average period of 1.6 years. The total award-date fair value of TVRSU’s vested during the year ended December 31, 2014 was $29 million.

At December 31, 2014, there was $13 million of total unrecognized compensation cost related to the PVRSU’s which is expected to be recognized over a remaining weighted-average period of 1.6 years. The total potential compensation for PVRSU’s is recognized over the service period regardless of whether the performance thresholds are ultimately achieved. During the year ended December 31, 2014, 218,195 PVRSU’s for the 2011-2013 performance period were forfeited. In January 2015, 517,223 PVRSU’s for the 2012-2014 performance period were forfeited.

Share-based amortization recognized during the years ended December 31, 2014, 2013 and 2012 related to all restricted stock totaled $46 million ($37 million net of income tax), $44 million ($36 million net of income tax) and $36 million ($31 million net of income tax), respectively. Included in share-based amortization for the years ended December 31, 2014, 2013 and 2012 was approximately $7 million, $10 million and $8 million, respectively, related to Paragon Offshore that was classified as discontinued operations. Capitalized share-based amortization totaled approximately $1 million per year in 2014, 2013 and 2012, respectively.

XML

Derivative Instruments and Hedging Activities - Additional Information (Detail) (Forward Contracts [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Forward Contracts [Member]
Derivative [Line Items]
Derivative Instrument Settled	$ 195,000,000	$ 128,000,000
Notional amount of forward contracts outstanding	$ 0	$ 0

XML

Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	$ 11,793	$ 30,902
Prior service cost	1,531	(232)
Deferred income tax asset	(3,096)	(2,130)
Accumulated other comprehensive loss	10,228	28,540
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss	73,705	45,338
Prior service cost	468	905
Deferred income tax asset	(25,961)	(16,185)
Accumulated other comprehensive loss	$ 48,212	$ 30,058

XML

Employee Benefit Plans - Funded Status of Plans (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded status	$ 5,161	$ 12,666
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded status	$ (65,953)	$ (22,927)

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Unaudited Interim Financial Data - Consolidated Statements of Comprehensive Income Included in Quarterly Report (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Quarterly Financial Data [Line Items]
Net pension plan gain loss, tax provision (benefit)	$ 386		$ 386		$ (21,429)	$ 14,155	$ (3,777)
Net pension plan curtailment and settlement expense, tax provision	193		193		9,902
Amortization of deferred pension plan, tax provision	253	732	758	2,192	1,102	2,924	2,841
Noble-Cayman [Member]
Schedule Of Quarterly Financial Data [Line Items]
Net pension plan gain loss, tax provision (benefit)	386		386
Net pension plan curtailment and settlement expense, tax provision	193		193
Amortization of deferred pension plan, tax provision	$ 253	$ 732	$ 758	$ 2,192

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Document and Entity Information (USD $) In Billions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Feb. 13, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	NE
Entity Registrant Name	NOBLE CORP PLC
Entity Central Index Key	0001458891
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		241,954,168
Entity Public Float			$ 8.5
Noble-Cayman [Member]
Document Information [Line Items]
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		261,245,693

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Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Accumulated Other Comprehensive Loss

Note 10- Accumulated Other Comprehensive Loss

The following tables set forth the components of “Accumulated other comprehensive loss” (“AOCL”) for the years ended December 31, 2014 and 2013 and changes in AOCL by component for the year ended December 31, 2014. All amounts within the tables are shown net of tax.

	Gains /			Defined
	(Losses) on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at December 31, 2012	$	—		$	(95,071	)	$	(20,378	)	$	(115,449	)
Activity during period:
Other comprehensive income (loss) before reclassifications		(1,200	)		29,861			(3,188	)		25,473
Amounts reclassified from AOCL		1,200			6,612			—			7,812
Net other comprehensive income (loss)		—			36,473			(3,188	)		33,285
Balance at December 31, 2013	$	—		$	(58,598	)	$	(23,566	)	$	(82,164	)
Activity during period:
Other comprehensive income (loss) before reclassifications		(4,286	)		(30,952	)		(118	)		(35,356	)
Amounts reclassified from AOCL		4,286			9,338			—			13,624
Net other comprehensive income (loss)		—			(21,614	)		(118	)		(21,732	)
Spin-off of Paragon Offshore(3)		—			21,772			12,706			34,478
Balance at December 31, 2014	$	—		$	(58,440	)	$	(10,978	)	$	(69,418	)

(1) Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “contract drilling services” expense on our Consolidated Statements of Income. See Note 16 for additional information.

(2) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and curtailment and settlement expenses. Reclassifications from AOCL are recognized as expense on our Consolidated Statements of Income through either “contract drilling services” or “general and administrative”. See Note 15 for additional information.

(3) Reclassifications for the Spin-off of Paragon Offshore represent accumulated balances in AOCL that were transferred as part of the Spin-off.

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Gain on Contract Settlements/Extinguishments, net - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2009
Additional Expenditures by Other Contractual Commitments [Line Items]
Net gain recognized on contract settlements/ extinguishments, net line	$ 28
FDR Holdings, Ltd. [Member]
Additional Expenditures by Other Contractual Commitments [Line Items]
Net gain recognized on contract settlements/ extinguishments, net line		45
Settlement amount allocated to discontinued operations		14
Noble David Tinsley [Member]
Additional Expenditures by Other Contractual Commitments [Line Items]
Net gain recognized on contract settlements/ extinguishments, net line			5
Incident charge				$ 17

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Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 592	$ 77,561
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	174,257	151,819
Actual return on plan assets	6,717	8,470
Employer contributions	6,863	9,365	6,000
Benefits and expenses paid	(2,819)	(2,558)
Settlement
Plan participants' contributions	266	956
Foreign exchange rate changes	(11,068)	6,205
Spin-off adjustment	(96,502)
Fair value of plan assets at end of year	77,714	174,257	151,819
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	201,011	167,170
Actual return on plan assets	7,750	31,518
Employer contributions	2,017	6,391	11,000
Benefits and expenses paid	(4,262)	(4,068)
Settlement	(34,397)
Plan participants' contributions
Foreign exchange rate changes
Spin-off adjustment
Fair value of plan assets at end of year	$ 172,119	$ 201,011	$ 167,170

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Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating revenues
Contract drilling services	$ 3,147,859	$ 2,454,745	$ 2,089,621
Reimbursables	84,644	66,292	65,767
Labor contract drilling services		17,095	45,299
Other	1	11	12
Total operating revenues	3,232,504	2,538,143	2,200,699
Operating costs and expenses
Contract drilling services	1,500,512	1,168,764	969,310
Reimbursables	66,378	50,410	55,424
Labor contract drilling services		11,601	22,976
Depreciation and amortization	627,473	511,513	440,306
General and administrative	106,771	117,997	99,990
Loss on impairment	745,428	3,585	20,384
Gain on disposal of assets, net		(35,646)
Gain on contract settlements/extinguishments, net		(30,618)	(33,255)
Total operating costs and expenses	3,046,562	1,797,606	1,575,135
Operating income	185,942	740,537	625,564
Other income (expense)
Interest expense, net of amount capitalized	(155,179)	(106,300)	(85,763)
Interest income and other, net	(1,298)	4,184	3,564
Income from continuing operations before income taxes	29,465	638,421	543,365
Income tax provision	(106,651)	(92,117)	(95,183)
Net income (loss) from continuing operations	(77,186)	546,304	448,182
Net income from discontinued operations, net of tax	160,502	304,102	107,955
Net income	83,316	850,406	556,137
Net income attributable to noncontrolling interests	(74,825)	(67,709)	(33,793)
Net income attributable to Noble Corporation	8,491	782,697	522,344
Net income (loss) attributable to Noble Corporation plc
Income (loss) from continuing operations	(152,011)	478,595	414,389
Income from discontinued operations	160,502	304,102	107,955
Net income attributable to Noble Corporation plc	8,491	782,697	522,344
Basic:
Income (loss) from continuing operations	$ (0.60)	$ 1.86	$ 1.63
Income from discontinued operations	$ 0.63	$ 1.19	$ 0.42
Net income attributable to Noble Corporation plc	$ 0.03	$ 3.05	$ 2.05
Diluted:
Income (loss) from continuing operations	$ (0.60)	$ 1.86	$ 1.63
Income from discontinued operations	$ 0.63	$ 1.19	$ 0.42
Net income attributable to Noble Corporation plc	$ 0.03	$ 3.05	$ 2.05
Weighted- Average Shares Outstanding
Basic	252,909	253,288	252,435
Diluted	252,909	253,547	252,791
Noble-Cayman [Member]
Operating revenues
Contract drilling services	3,147,859	2,454,745	2,089,621
Reimbursables	84,644	66,292	65,767
Labor contract drilling services		17,095	45,299
Other	1	11	12
Total operating revenues	3,232,504	2,538,143	2,200,699
Operating costs and expenses
Contract drilling services	1,507,471	1,159,171	960,837
Reimbursables	66,378	50,410	55,424
Labor contract drilling services		11,601	23,129
Depreciation and amortization	624,278	509,341	438,374
General and administrative	52,994	64,859	59,366
Loss on impairment	745,428	3,585	20,384
Gain on disposal of assets, net		(35,646)
Gain on contract settlements/extinguishments, net		(30,618)	(33,255)
Total operating costs and expenses	2,996,549	1,732,703	1,524,259
Operating income	235,955	805,440	676,440
Other income (expense)
Interest expense, net of amount capitalized	(155,179)	(106,300)	(85,763)
Interest income and other, net	1,124	3,556	3,071
Income from continuing operations before income taxes	81,900	702,696	593,748
Income tax provision	(105,930)	(88,977)	(94,183)
Net income (loss) from continuing operations	(24,030)	613,719	499,565
Net income from discontinued operations, net of tax	223,083	321,804	115,151
Net income	199,053	935,523	614,716
Net income attributable to noncontrolling interests	(74,825)	(67,709)	(33,793)
Net income attributable to Noble Corporation	124,228	867,814	580,923
Net income (loss) attributable to Noble Corporation plc
Income from discontinued operations	223,083	321,804	115,151
Net income attributable to Noble Corporation plc	$ 124,228	$ 867,814	$ 580,923

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Consolidated Joint Ventures

12 Months Ended

Dec. 31, 2014

Noncontrolling Interest [Abstract]

Consolidated Joint Ventures

Note 4 – Consolidated Joint Ventures

We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully-class drillships. We have determined that we are the primary beneficiary of the joint ventures. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Consolidated Balance Sheets.

During the years ended December 31, 2014 and 2013, the Bully joint ventures approved and paid dividends totaling $160 million and $211 million, respectively. Of these amounts approximately $80 million and $105 million, respectively, were paid to our joint venture partner.

The combined carrying amount of the Bully-class drillships at both December 31, 2014 and 2013 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $47 million at December 31, 2014 as compared to approximately $50 million at December 31, 2013. Operational results for the years ended December 31, 2014 and 2013 are as follows:

	Year Ended
	December 31,
	2014		2013
Operating revenues	$	372,313	$	355,115
Net income	$	157,171	$	145,447

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Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 3 — Discontinued Operations

Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the Spin-off, meets the criteria for being reported as discontinued operations and has been reclassified as such in our results of operations. The results of discontinued operations for the three years ended December 31, 2014 include the historical results of Paragon Offshore through the Spin-off date, including costs incurred by Noble to complete the Spin-off. Non-recurring Spin-off related costs totaled $63 million, $18 million and $7 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of debt consisting of:

• $1.08 billion aggregate principal amount of senior notes in two separate tranches, comprising $500 million of 6.75% Senior Notes due 2022 and $580 million of 7.25% Senior Notes due 2024; and

• $650 million of a senior secured term credit agreement, at an interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years.

We allocated interest expense on this debt, which is directly related to Paragon Offshore, to discontinued operations. For the year ended December 31, 2014, we allocated approximately $4 million of interest expense related to such debt. No interest was allocated to discontinued operations for the years ended December 31, 2013 and 2012.

The following table provides the results of operations from discontinued operations:

	Year Ended December 31,
	2014			2013			2012
Operating revenues
Contract drilling services	$	993,253		$	1,615,325		$	1,259,741
Reimbursables		21,899			45,582			49,728
Labor contract drilling services		19,304			35,146			36,591
Other		2			94			253
Operating revenues from discontinued operations	$	1,034,458		$	1,696,147		$	1,346,313
Income from discontinued operations
Income from discontinued operations before income taxes	$	216,391		$	379,591		$	159,860
Income tax provision		(55,889	)		(75,489	)		(51,905	)
Net income from discontinued operations, net of tax	$	160,502		$	304,102		$	107,955

The carrying value of the major categories of assets and liabilities of Paragon Offshore immediately preceding the Spin-off on August 1, 2014, which are excluded from our Consolidated Balance Sheet at December 31, 2014, were as follows:

ASSETS
Current assets
Cash and cash equivalents	$	104,152
Accounts receivable		362,100
Prepaid expenses and other current assets		90,089
Total current assets of discontinued operations		556,341
Property and equipment, at cost		5,609,119
Accumulated depreciation		(2,640,943	)
Property and equipment, net		2,968,176
Other assets		84,894
Total assets of discontinued operations	$	3,609,411
LIABILITIES
Current liabilities
Accounts payable	$	132,446
Accrued payroll and related costs		64,580
Other current liabilities		103,768
Total current liabilities of discontinued operations		300,794
Long-term debt		1,726,750
Other liabilities		172,467
Total liabilities of discontinued operations	$	2,200,011

Included in “Other assets” of Paragon Offshore at August 1, 2014 was approximately $15 million of goodwill from the acquisition of FDR Holdings Limited (“Frontier”) that was allocated to Paragon Offshore. The above amounts do not include the impact of the agreements entered into as a result of the Spin-off, which are discussed further in Note 2.

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Employee Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

Note 15- Employee Benefit Plans

Defined Benefit Plans

Prior to the Spin-off, each of Noble Drilling (Land Support) Limited (“NDLS”), Noble Enterprises Limited (“NEL”) and Noble Drilling (Nederland) B.V. (“NDNBV”), all indirect, wholly-owned subsidiaries of Noble-UK, maintained a pension plan that covered all of its salaried, non-union employees. Benefits were based on credited service and employees’ compensation near retirement, as defined by the respective plan.

As a result of the Spin-off, employees of Paragon Offshore no longer participate in benefit plans sponsored or maintained by Noble. At the time of the Spin-off, NEL and NDNBV transferred all assets and obligations to Paragon Offshore. The benefits of retained Noble employees who participated in the NEL plan prior to the Spin-off were frozen in the NEL plan and their future benefits were replicated into a new plan maintained by an indirect, wholly-owned subsidiary of Noble-UK, Noble Resources Limited (“NRL”).

Subsequent to the Spin-off, Noble maintains the NDLS and NRL plans. Benefits are based on credited service and employees’ compensation near retirement, as defined by the respective plan. Reference to our “non-U.S. plans” included throughout this report relates to the Noble-maintained NDLS and NRL plans, as well as activity for the NEL and NDNBV plans prior to the Spin-off.

In addition to the non-U.S. plans discussed above, we have two U.S. noncontributory defined benefit pension plans: one which covers certain salaried employees and one which covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified U.S. plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust (the “Trust”). The benefits from these plans are based primarily on years of service and, for the salaried plan, employees’ compensation near retirement. These plans qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credit balances available to us under the plan, for the qualified U.S. plans when required. The benefit amount that can be covered by the qualified U.S. plans is limited under ERISA and the Internal Revenue Code (“IRC”) of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salary U.S. plan. We refer to the qualified U.S. plans and the excess benefit plan collectively as the “U.S. plans”.

Employees participating in the U.S. plans that transferred to Paragon Offshore at the time of the Spin-off terminated under these plans as of July 31, 2014. In connection with the termination of these employees, we recognized a curtailment expense of $0.2 million for the year ended December 31, 2014. Additionally in 2014, we recognized a settlement expense of $10 million related to those terminated employees that elected to receive their accumulated benefits as a lump sum distribution.

A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-U.S. and U.S. plans is as follows:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Benefit obligation at beginning of year	$	161,591		$	223,938		$	151,781		$	225,885
Service cost		4,777			8,901			5,496			10,724
Interest cost		4,650			10,546			5,085			9,049
Actuarial loss (gain)		6,145			51,524			(4,584	)		(17,652	)
Plan amendments		1,595			—			(227	)		—
Benefits paid		(2,819	)		(4,262	)		(2,558	)		(4,068	)
Settlement		—			(34,397	)		—			—
Curtailment		—			(18,178	)		—			—
Plan participants’ contributions		266			—			956			—
Foreign exchange rate changes		(7,071	)		—			5,642			—
Spin-off adjustment		(96,581	)		—			—			—
Benefit obligation at end of year	$	72,553		$	238,072		$	161,591		$	223,938

A reconciliation of the changes in fair value of plan assets is as follows:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Fair value of plan assets at beginning of year	$	174,257		$	201,011		$	151,819		$	167,170
Actual return on plan assets		6,717			7,750			8,470			31,518
Employer contributions		6,863			2,017			9,365			6,391
Benefits and expenses paid		(2,819	)		(4,262	)		(2,558	)		(4,068	)
Settlement		—			(34,397	)		—			—
Plan participants’ contributions		266			—			956			—
Foreign exchange rate changes		(11,068	)		—			6,205			—
Spin-off adjustment		(96,502	)		—			—			—
Fair value of plan assets at end of year	$	77,714		$	172,119		$	174,257		$	201,011

The funded status of the plans is as follows:

	Year Ended December 31,
	2014					2013
	Non-U.S.		U.S.			Non-U.S.		U.S.
Funded status	$	5,161	$	(65,953	)	$	12,666	$	(22,927	)

Amounts recognized in the Consolidated Balance Sheets consist of:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Other assets (noncurrent)	$	7,725		$	—		$	13,586		$	6,132
Other liabilities (current)		—			(3,037	)		—			(2,120	)
Other liabilities (noncurrent)		(2,564	)		(62,916	)		(920	)		(26,939	)
Net amount recognized	$	5,161		$	(65,953	)	$	12,666		$	(22,927	)

Amounts recognized in AOCL consist of:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Net actuarial loss	$	11,793		$	73,705		$	30,902		$	45,338
Prior service cost		1,531			468			(232	)		905
Deferred income tax asset		(3,096	)		(25,961	)		(2,130	)		(16,185	)
Accumulated other comprehensive loss	$	10,228		$	48,212		$	28,540		$	30,058

Pension cost includes the following components:

	Year Ended December 31,
	2014						2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.
Service Cost	$	4,777		$	8,901		$	5,496		$	10,724		$	4,461		$	9,612
Interest Cost		4,650			10,546			5,085			9,049			5,372			8,719
Return on plan assets		(6,117	)		(15,499	)		(5,836	)		(13,102	)		(5,344	)		(11,171	)
Amortization of prior service cost		46			196			—			227			—			227
Recognized net actuarial loss		769			2,857			1,670			7,639			803			7,356
Curtailment expense		—			241			—			—			—			—
Settlement expense		—			9,872			—			—			—			—
Net pension expense	$	4,125		$	17,114		$	6,415		$	14,537		$	5,292		$	14,743

Included in net pension expense for the years ended December 31, 2014, 2013 and 2012 for non-U.S. plans was approximately $2 million, $4 million and $3 million, respectively, related to Paragon Offshore that was classified as discontinued operations. Included in net pension expense for the years ended December 31, 2014, 2013 and 2012 for U.S. plans was approximately $11 million, $4 million and $4 million, respectively, related to Paragon Offshore that was classified as discontinued operations.

The estimated prior service cost and net actuarial loss that will be amortized from AOCL into net periodic pension cost in 2015 are $0.1 million and $0.3 million, respectively, for non-U.S. plans and $0.1 million and $6.2 million, respectively, for U.S. plans.

During 2014, we adopted the Retirement Plan (“RP”) 2014 mortality tables with the Mortality Projection (“MP”) scale as issued by the Society of Actuaries. The RP 2014 mortality tables represent the new standard for defined benefit mortality assumptions due to longer life expectancies. The adoption of the updated mortality tables and the mortality improvement scales increased our pension liability on our U.S. plans by approximately $14 million as of December 31, 2014.

Defined Benefit Plans—Disaggregated Plan Information

Disaggregated information regarding our non-U.S. and U.S. plans is summarized below:

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Projected benefit obligation	$	72,553	$	238,072	$	161,591	$	223,938
Accumulated benefit obligation		68,902		202,716		154,140		185,383
Fair value of plan assets		77,714		172,119		174,257		201,011

The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2014 and 2013. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases.

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Projected benefit obligation	$	3,157	$	238,072	$	6,740	$	200,472
Fair value of plan assets		592		172,119		5,820		171,413

The PBO for the unfunded excess benefit plan was $20 million at December 31, 2014 as compared to $13 million in 2013, and is included under “U.S.” in the above tables.

The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2014 and 2013. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels.

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Accumulated benefit obligation	$	1,355	$	202,716	$	6,493	$	11,997
Fair value of plan assets		592		172,119		5,820		—

The ABO for the unfunded excess benefit plan was $13 million at December 31, 2014 as compared to $12 million in 2013, and is included under “U.S.” in the above tables.

Defined Benefit Plans—Key Assumptions

The key assumptions for the plans are summarized below:

	Year Ended December 31,
	2014		2013
	Non-U.S.	U.S.	Non-U.S.	U.S.
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	2.6%-3.7%	3.0%-4.1%	3.9%-4.7%	3.9%-5.1%
Rate of compensation increase	3.6%-4.1%	5.0%	3.6%-4.5%	5.0%

	Year Ended December 31,
	2014		2013		2012
	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	2.7%-4.7%	3.9%-5.1%	2.5%-4.5%	3.1%-4.2%	4.7%-5.0%	4.3%-4.7%
Expected long-term return on assets	2.3%-6.0%	7.8%	2.3%-5.7%	7.8%	3.9%-5.4%	7.8%
Rate of compensation increase	3.6%-4.5%	5.0%	3.6%-4.1%	5.0%	2.3%-4.4%	5.0%

The discount rate used to calculate the net present value of future benefit obligations for our U.S. plan is based on the average of current rates earned on long-term bonds that receive a Moody’s rating of “Aa” or better. We have determined that the timing and amount of expected cash outflows on our plan reasonably match this index. For non-U.S. plans, the discount rates used to calculate the net present value of future benefit obligations are determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities.

We employ third-party consultants for our U.S. and non-U.S. plans that use a portfolio return model to assess the initial reasonableness of the expected long-term rate of return on plan assets. To develop the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio.

Defined Benefit Plans—Plan Assets

Non-U.S. Plans

Both the NEL and NDNBV pension plans assets and liabilities were transferred to Paragon Offshore as part of the Spin-off.

The NRL pension plan has a targeted asset allocation of 100 percent debt securities. The investment objective for the NRL Plan assets is to earn a favorable return against the Barclays Capital Euro-Treasury AAA index. We evaluate the performance of this plan on an annual basis.

The NDLS pension plan has a target asset allocation of 70 percent equity securities and 30 percent debt securities. The investment objective of the plan, as adopted by the plan’s trustees, is to achieve a favorable return against a benchmark of blended United Kingdom market indices. By achieving this objective, the trustees believe the plan will be able to avoid significant volatility in the contribution rate and provide sufficient plan assets to cover the plan’s benefit obligations were the plan to be liquidated. To achieve these objectives, the trustees have given the plan’s investment managers full discretion in the day-to-day management of the plan’s assets. The plan’s assets are invested with two investment managers. The performance objective communicated to one of these investment managers is to exceed a blend of FTSE A Over 15 Year Gilts index and iBoxx Sterling Non Gilts index by 1.25 percent per annum. The performance objective communicated to the other investment manager is to exceed a blend of FTSE’s All Share index, North America index, Europe index and Pacific Basin index by 1.00 to 2.00 percent per annum. This investment manager is prohibited by the trustees from investing in real estate. The trustees meet with the investment managers periodically to review and discuss their investment performance.

The actual fair values of Non-U.S. pension plans as of December 31, 2014 and 2013 are as follows:

			December 31, 2014
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	87	$	87	$	—	$	—
Equity securities:
International companies	$	53,261	$	53,261	$	—	$	—
Fixed income securities:
Corporate bonds	$	23,774	$	—	$	23,774	$	—
Other		592		—		—		592
Total	$	77,714	$	53,348	$	23,774	$	592

			December 31, 2013
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	207	$	207	$	—	$	—
Equity securities:
International companies	$	54,722	$	54,722	$	—	$	—
Fixed income securities:
Corporate bonds	$	41,767	$	—	$	41,767	$	—
Other		77,561		—		—		77,561
Total	$	174,257	$	54,929	$	41,767	$	77,561

At December 31, 2013, assets of both NEL and NDNBV were invested in instruments that are similar in form to a guaranteed insurance contract, which were transferred to Paragon Offshore in the Spin-off. At December 31, 2014, assets of NRL were invested in instruments that are similar in form to a guaranteed insurance contract. There are no observable market values for these assets (Level 3); however, the amounts listed as plan assets were materially similar to the anticipated benefit obligations that were anticipated under the plans. Amounts were therefore calculated using actuarial assumptions completed by third-party consultants employed by Noble. The following table details the activity related to these investments during the year.

	Market
	Value
Balance as of December 31, 2013	$	77,561
Assets transferred out in Spin-off		(77,561	)
Assets purchased		749
Assets sold/benefits paid		(157	)
Balance as of December 31, 2014	$	592

U.S. Plans

The Trust invests in equity securities, fixed income debt securities, and cash equivalents and other short-term investments. The Trust may invest in these investments directly or through pooled vehicles, including mutual funds.

The Company’s overall investment strategy, or target range, is to achieve a mix of approximately 66.5 percent in equity securities, 32 percent in debt securities and 1.5 percent in cash holdings. Actual results may deviate from the target range, however any deviation from the target range of asset allocations must be approved by the Trust’s governing committee.

The performance objective of the Trust is to outperform the return of the Total Index Composite as constructed to reflect the target allocation weightings for each asset class. This objective should be met over a market cycle, which is defined as a period not less than three years or more than five years. U.S. equity securities (common stock, convertible preferred stock and convertible bonds) should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Non-U.S. equity securities (common stock, convertible preferred stock and convertible bonds), either from developed or emerging markets, should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Fixed income debt securities should achieve a total return (after fees) that exceeds the total return of an appropriate market index over a full market cycle of three to five years. Cash equivalent and short-term investments should achieve relative performance better than the 90-day Treasury bills. When mutual funds are used by the Trust, those mutual funds should achieve a total return that equals or exceeds the total return of each fund’s appropriate Lipper or Morningstar peer category over a full market cycle of three to five years. Lipper and Morningstar are independent mutual fund rating and information services.

For investments in equity securities, no individual options or financial futures contracts are purchased unless approved in writing by the Trust’s governing committee. In addition, no private placements or purchases of venture capital are allowed. The target amount in international equities is 20 percent of plan assets and may not exceed 23 percent of plan assets. Of the international equities amount, no more than 30 percent can be related to any particular country. The Trust’s equity managers vote all proxies in the best interest of the Trust without regards to social issues. The Trust’s governing committee reserves the right to comment on and exercise control over the response to any individual proxy solicitation.

For fixed income debt securities, corporate bonds purchased are primarily limited to investment grade securities as established by Moody’s or Standard & Poor’s. The total fixed income exposure from any single non-government or government agency issuer shall not exceed 42 percent of the Trust’s fixed income holdings. The average duration of the total portfolio shall not exceed the Barclays Capital Aggregate Bond Index by 1.5 years. All interest and principal receipts are swept, as received, into an alternative cash management vehicle until reallocated in accordance with the Trust’s core allocation.

For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund’s prospectus and the other governing documentation at the fund level.

For investments in cash equivalent and short-term investments, the Trust utilizes a money market mutual fund which invests in U.S. government and agency obligations, repurchase agreements collateralized by U.S. government or agency securities, commercial paper, bankers’ acceptances, certificate of deposits, delayed delivery transactions, reverse repurchase agreements, time deposits and Euro obligations. Bankers’ acceptances shall be made in larger banks (ranked by assets) rated “Aa” or better by Moody’s and in conformance with all FDIC regulations concerning capital requirements.

Equity securities include our shares in the amounts $4 million (2.1 percent of total U.S. plan assets) at December 31, 2013. No shares of Noble were included in equity securities at December 31, 2014.

The actual fair values of U.S. pension plan assets as of December 31, 2014 and 2013 are as follows:

			December 31, 2014
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	5,998	$	—	$	5,998	$	—
Equity securities:
United States	$	80,823	$	80,823	$	—	$	—
International		33,392		33,392		—		—
Fixed income securities:
Corporate bonds	$	51,906	$	51,906	$	—	$	—
Total	$	172,119	$	166,121	$	5,998	$	—

			December 31, 2013
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	2,184	$	—	$	2,184	$	—
Equity securities:
United States	$	104,899	$	80,714	$	24,185	$	—
International		33,012		33,012		—		—
Fixed income securities:
Corporate bonds	$	60,916	$	60,916	$	—	$	—
Total	$	201,011	$	174,642	$	26,369	$	—

While the underlying investments related to the equity securities are traded in active markets, which is a Level 1 measurement, the funds we own the investments through are not themselves actively traded, and therefore are being presented as a Level 2 measurement at December 31, 2013.

As of December 31, 2014, no single security made up more than 10 percent of total assets of either the U.S. or the Non-U.S. plans.

Defined Benefit Plans—Cash Flows

In 2014, we made total contributions of $7 million and $2 million to our non-U.S. and U.S. pension plans, respectively. In 2013, we made total contributions of $9 million and $6 million to our non-U.S. and U.S. pension plans, respectively. In 2012, we made total contributions of $6 million and $11 million to our non-U.S. and U.S. pension plans, respectively. We expect our aggregate minimum contributions to our non-U.S. and U.S. plans in 2015, subject to applicable law, to be $2 million and $3 million, respectively. We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion.

The following table summarizes our estimated benefit payments at December 31, 2014:

			Payments by Period
	Total		2015		2016		2017		2018		2019		Thereafter
Estimated benefit payments
Non U.S. plans	$	23,037	$	1,630	$	1,693	$	1,882	$	1,955	$	2,207	$	13,670
U.S. plans		105,192		8,029		6,687		7,327		7,989		8,914		66,246
Total estimated benefit payments	$	128,229	$	9,659	$	8,380	$	9,209	$	9,944	$	11,121	$	79,916

Other Benefit Plans

We sponsor a 401(k) Restoration Plan, which is a nonqualified, unfunded employee benefit plan under which specified employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The 401(k) Restoration Plan has no assets, and amounts withheld for the 401(k) Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and associated returns are tracked on a phantom basis. Accordingly, we have a liability to the employee for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, benefit should phantom investment losses occur. At December 31, 2014 and 2013, our liability for the 401(k) Restoration Plan was $7 million and $8 million, respectively, and is included in “Accrued payroll and related costs.”

In 2005 we enacted a profit sharing plan, the Noble Drilling Services Inc. Profit Sharing Plan, which covers eligible employees, as defined. Participants in the plan become fully vested in the plan after five years of service, or three years beginning in 2007. Profit sharing contributions are discretionary, require Board of Directors approval and are made in the form of cash. Contributions recorded related to this plan totaled $6 million, $5 million and $4 million in 2014, 2013 and 2012, respectively.

We sponsor a 401(k) savings plan and other retirement, health and welfare plans for the benefit of our employees. The cost of maintaining these plans for continuing operations aggregated approximately $70 million, $80 million and $69 million in 2014, 2013 and 2012, respectively. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees.

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Loss on Impairment

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Loss on Impairment

Note 11- Loss on Impairment

Asset impairments

In connection with the preparation of the consolidated financial statements included in this Annual Report, consistent with our accounting policies discussed in Note 1, we evaluate our drilling fleet assets for impairment on an annual basis or whenever there are changes in facts which suggest that the value of the asset is not recoverable.

During the fourth quarter of 2014, in connection with our annual impairment analysis, we reviewed assumptions on the future marketability of the Noble Driller, the Noble Jim Thompson and the Noble Paul Wolff (together the “impaired rigs”) with consideration given to their years in service, limited technical features and anticipated capital requirements in light of the current market conditions and decided to discontinue marketing these units. We evaluated these units for impairment and recorded an impairment of approximately $685 million on these rigs for the year ended December 31, 2014. The total remaining book value at of $47 million at December 31, 2014 represented the equipment present on the rigs, which will be redeployed within our fleet. The remaining book value is a level 3 fair value measurement under accounting literature as it contains significant estimation and non-observable inputs.

In 2012, we determined that our submersible rig fleet, consisting of two cold stacked rigs, was partially impaired due to the declining market outlook for drilling services for that rig type. We estimated the fair value of the rigs based on the salvage value of the rigs and a then recent transaction involving a similar unit owned by a peer company (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $13 million for the year ended December 31, 2012. During 2013, we recorded an additional impairment charge of approximately $4 million on these rigs arising from the potential disposition of these assets to an unrelated third party. In January 2014, we completed the sale of the submersibles for a total sales price of $7 million.

Also in 2012, we determined that certain corporate assets were partially impaired due to a declining market for, and the potential disposal of, the assets. We estimated the fair value of the assets based on a signed letter of intent to sell the assets (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $8 million for the year ended December 31, 2012.

Goodwill

In connection with our acquisition of Frontier in 2010, we recognized goodwill in our Contract Drilling Services reporting unit. In connection with the preparation of the consolidated financial statements included in this Annual Report, as discussed in Note 1, we conduct goodwill impairment testing annually in the fourth quarter of each year and when events occur that would potentially reduce the fair value of our reporting unit below its carrying amount.

As part of our annual test completed during the fourth quarter, we noted a significant decline in the market value of our stock, coupled with a decrease in oil and gas prices, significant reductions in the projected dayrates for new contracts and reduced utilization forecasts. These factors drove our fair value of the reporting unit below the book value, and we concluded that the goodwill in the Contract Drilling Services reporting unit was impaired. We deemed this to be a level 3 fair value measurement under accounting literature as it contains significant estimation and non-observable inputs. During the fourth quarter, we fully impaired the $60 million of goodwill on our books.

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Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Gross balance at January 1	$ 115,969	$ 115,009	$ 108,036
Additions based on tax positions related to current year	16,880	2,318	3,704
Additions for tax positions of prior years	12,928	18,906	16,432
Reductions for tax positions of prior years	(8)	(7,910)	(7,917)
Expiration of statutes	(2,852)	(2,633)	(1,903)
Reduction due to Spin-off	(26,870)
Tax settlements	(7,235)	(9,721)	(3,343)
Gross balance at December 31	108,812	115,969	115,009
Related tax benefits	(1,064)	(2,038)	(9,981)
Net reserve at December 31	$ 107,748	$ 113,931	$ 105,028

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Property and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7- Property and Equipment

Property and equipment, at cost, as of December 31, 2014 and 2013 for Noble-UK consisted of the following:

	2014		2013
Drilling equipment and facilities	$	13,254,240	$	17,130,986
Construction in progress		969,985		1,854,434
Other		218,697		213,347
Property and equipment, at cost	$	14,442,922	$	19,198,767

Capital expenditures, including capitalized interest, totaled $2.1 billion, $2.5 billion and $1.7 billion for the years ended December 31, 2014, 2013 and 2012, respectively. Capitalized interest was $47 million, $115 million and $136 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Capital expenditures related to Paragon Offshore for the years ended December 31, 2014, 2013 and 2012 totaled $150 million, $359 million and $525 million, respectively. Additionally, a portion of our property and equipment at December 31, 2013 was related to Paragon Offshore. Depreciation expense for Paragon Offshore that was classified as discontinued operations totaled $236 million, $368 million and $318 million for the years ended December 31, 2014, 2013 and 2012, respectively.

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Debt - Schedule of Debt (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Total long-term debt	$ 4,869,020	$ 5,556,251
Credit Facilities and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Total long-term debt	1,123,495	1,561,141
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes		249,964
3.45% Senior Notes due August 2015 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	350,000	350,000
3.05% Senior Notes due March 2016 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	299,982	299,967
2.50% Senior Notes due March 2017 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	299,920	299,886
7.50% Senior Notes due March 2019 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	201,695	201,695
4.90% Senior Notes due August 2020 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	499,151	499,022
4.625% Senior Notes due March 2021 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	399,627	399,576
3.95% Senior Notes due March 2022 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	399,264	399,178
6.20% Senior Notes due August 2040 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	399,895	399,893
6.05% Senior Notes due March 2041 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	397,681	397,646
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	498,310	498,283
Total Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	$ 3,745,525	$ 3,995,110

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Supplemental Cash Flow Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Capital [Line Items]
Accounts receivable	$ 29,730	$ (165,233)	$ (143,010)
Other current assets	(3,201)	(47,848)	(43,246)
Other assets	(96,941)	34,757	(385)
Accounts payable	63,546	50,731	28,565
Other current liabilities	(28,644)	61,644	108,385
Other liabilities	86,037	2,731	80,431
Net change in other assets and liabilities	50,527	(63,218)	30,740
Noble-Cayman [Member]
Operating Capital [Line Items]
Accounts receivable	29,730	(165,233)	(143,010)
Other current assets	(12,670)	(48,186)	(44,632)
Other assets	(96,925)	35,103	(385)
Accounts payable	60,488	49,980	28,289
Other current liabilities	(21,921)	62,516	108,425
Other liabilities	86,038	2,728	80,432
Net change in other assets and liabilities	$ 44,740	$ (63,092)	$ 29,119

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Earnings per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings per Share

Note 5- Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share for Noble-UK:

	Year Ended December 31,
	2014			2013			2012
Basic
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Earnings allocated to unvested share-based payment awards		—			(5,669	)		(4,212	)
Income (loss) from continuing operations to common shareholders		(152,011	)		472,926			410,177
Income from discontinued operations		160,502			304,102			107,955
Earnings allocated to unvested share-based payment awards		—			(3,602	)		(1,097	)
Income from discontinued operations, net of tax to common shareholders		160,502			300,500			106,858
Net income attributable to Noble-UK		8,491			782,697			522,344
Earnings allocated to unvested share-based payment awards		—			(9,271	)		(5,309	)
Net income to common shareholders—basic	$	8,491		$	773,426		$	517,035
Diluted
Income (loss) from continuing operations	$	(152,011	)	$	478,595		$	414,389
Earnings allocated to unvested share-based payment awards		—			(5,663	)		(4,206	)
Income (loss) from continuing operations to common shareholders		(152,011	)		472,932			410,183
Income from discontinued operations		160,502			304,102			107,955
Earnings allocated to unvested share-based payment awards		—			(3,598	)		(1,096	)
Income from discontinued operations, net of tax to common shareholders		160,502			300,504			106,859
Net income attributable to Noble-UK		8,491			782,697			522,344
Earnings allocated to unvested share-based payment awards		—			(9,261	)		(5,302	)
Net income to common shareholders—diluted	$	8,491		$	773,436		$	517,042
Weighted average shares outstanding—basic		252,909			253,288			252,435
Incremental shares issuable from assumed exercise of stock options		—			259			356
Weighted average shares outstanding—diluted		252,909			253,547			252,791
Weighted average unvested share-based payment awards		—			3,036			2,592
Earnings per share
Basic
Continuing operations	$	(0.60	)	$	1.86		$	1.63
Discontinued operations		0.63			1.19			0.42
Net income attributable to Noble-UK	$	0.03		$	3.05		$	2.05
Diluted
Continuing operations	$	(0.60	)	$	1.86		$	1.63
Discontinued operations		0.63			1.19			0.42
Net income attributable to Noble-UK	$	0.03		$	3.05		$	2.05
Dividends per share	$	1.50		$	0.76		$	0.54

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. The effect of stock options and unvested share-based payment awards is not included in the computation for periods in which a net loss from continuing operations occurs because to do so would be anti-dilutive. For the years ended December 31, 2014, 2013 and 2012, approximately 2 million shares, 0.9 million shares and 1 million shares underlying stock options, respectively, were excluded from the diluted earnings per share as such stock options were not dilutive. For the year ended December 31, 2014, we experienced a net loss from continuing operations. As such, approximately 4 million unvested share-based payment awards were excluded from the diluted earnings per share calculation at December 31, 2014 as such awards were not dilutive.

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Receivables from Customers

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Receivables from Customers

Note 6- Receivables from Customers

At December 31, 2014, we had receivables of approximately $14 million related to the Noble Max Smith, which are being disputed by our former customer, Petróleos Mexicanos (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts.

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Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt

Note 8- Debt

Long-term debt consists of the following at December 31, 2014 and 2013:

	December 31,		December 31,
	2014		2013
Senior unsecured notes:
7.375% Senior Notes due 2014	$	—	$	249,964
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,982		299,967
2.50% Senior Notes due 2017		299,920		299,886
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		499,151		499,022
4.625% Senior Notes due 2021		399,627		399,576
3.95% Senior Notes due 2022		399,264		399,178
6.20% Senior Notes due 2040		399,895		399,893
6.05% Senior Notes due 2041		397,681		397,646
5.25% Senior Notes due 2042		498,310		498,283
Total senior unsecured notes		3,745,525		3,995,110
Credit facilities & commercial paper program		1,123,495		1,561,141
Total long-term debt	$	4,869,020	$	5,556,251

Credit Facilities and Commercial Paper Program

At December 31, 2014, we had three credit facilities with an aggregate maximum available capacity of $2.9 billion, and a commercial paper program, which allowed us to issue up to $2.7 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by the unused capacity under our credit facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. The outstanding amounts of commercial paper reduce availability under our credit facilities.

In January 2015, we replaced the credit facilities discussed above with two new credit facilities, a five year $2.4 billion senior unsecured credit facility that matures in January 2020 and a $225 million 364-day senior unsecured credit facility that matures in January 2016 (together, the “Credit Facilities”). The $2.4 billion facility provides us with the ability to issue up to $500 million in letters of credit. The issuance of letters of credit under the facility reduces the amount available for borrowing. At December 31, 2014, we had no letters of credit issued under the credit facilities. Following the establishment of the new Credit Facilities, we reduced the size of our commercial paper program to $2.4 billion from $2.7 billion.

Senior Unsecured Notes

In March 2014, we repaid our $250 million 7.375% Senior Notes using issuances under our commercial paper program.

Our $350 million 3.45% Senior Notes mature during the third quarter of 2015. We anticipate using availability under our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we continue to report the balance as long-term at December 31, 2014.

Covenants

The Credit Facilities are guaranteed by our indirect, wholly-owned subsidiaries, Noble Holding International Limited (“NHIL”) and Noble Holding Corporation (“NHC”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. At December 31, 2014, our ratio of debt to total tangible capitalization was approximately 0.40. We were in compliance with all covenants under the credit facilities as of December 31, 2014.

In addition to the covenants from the Credit Facilities noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and sale and lease-back transactions. At December 31, 2014, we were in compliance with all of our debt covenants.

Other

Interest payable related to our long-term debt was $62 million and $67 million at December 31, 2014 and 2013, respectively. Such amounts are included in “Other current liabilities” in the accompanying Consolidated Balance Sheets.

At December 31, 2014, we had letters of credit of $149 million, including bonds covering the temporary importation of equipment, performance bonds and expatriate visa guarantees.

Aggregate principal repayments of total debt for the next five years and thereafter are as follows:

2015(1)(2)	2016		2017		2018		2019		Thereafter		Total
$1,473,495	$	299,982	$	299,920	$	—	$	201,695	$	2,593,928	$	4,869,020

(1) In August 2015, our $350 million 3.45% Senior Notes mature. We anticipate using availability on our Credit Facilities or commercial paper issuances to repay the outstanding balance; therefore, we have shown the entire balance as long-term on our Consolidated Balance Sheet at December 31, 2014.

(2) Amounts outstanding under our credit facilities and commercial paper program mature during 2015. As amounts issued under the commercial paper program are supported by the unused committed capacity under our Credit Facilities, they are classified as long-term on our Consolidated Balance Sheet at December 31, 2014.

Fair Value of Financial Instruments

Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). All remaining fair value disclosures are presented in Note 15 and Note 17.

The following table presents the estimated fair value of our long-term debt as of December 31, 2014 and 2013:

	December 31, 2014				December 31, 2013
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Senior unsecured notes:
7.375% Senior Notes due 2014	$	—	$	—	$	249,964	$	253,634
3.45% Senior Notes due 2015		350,000		354,992		350,000		363,019
3.05% Senior Notes due 2016		299,982		302,515		299,967		309,878
2.50% Senior Notes due 2017		299,920		287,014		299,886		302,891
7.50% Senior Notes due 2019		201,695		212,068		201,695		232,839
4.90% Senior Notes due 2020		499,151		471,095		499,022		528,597
4.625% Senior Notes due 2021		399,627		363,837		399,576		413,868
3.95% Senior Notes due 2022		399,264		346,425		399,178		390,520
6.20% Senior Notes due 2040		399,895		350,351		399,893		421,720
6.05% Senior Notes due 2041		397,681		343,653		397,646		417,312
5.25% Senior Notes due 2042		498,310		385,181		498,283		476,873
Total senior unsecured notes		3,745,525		3,417,131		3,995,110		4,111,151
Credit facilities and commercial paper program		1,123,495		1,123,495		1,561,141		1,561,141
Total long-term debt	$	4,869,020	$	4,540,626	$	5,556,251	$	5,672,292

XML

Debt - Estimated Fair Value of Our Long-Term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Total long-term debt, Estimated Fair Value	$ 4,540,626	$ 5,672,292
Total long-term debt, Carrying Value	4,869,020	5,556,251
Credit Facilities and Commercial Paper Program [Member]
Debt Instrument [Line Items]
Total long-term debt, Estimated Fair Value	1,123,495	1,561,141
Total long-term debt, Carrying Value	1,123,495	1,561,141
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value		249,964
Total long-term debt, Estimated Fair Value		253,634
3.45% Senior Notes due August 2015 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	350,000	350,000
Total long-term debt, Estimated Fair Value	354,992	363,019
3.05% Senior Notes due March 2016 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	299,982	299,967
Total long-term debt, Estimated Fair Value	302,515	309,878
2.50% Senior Notes due March 2017 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	299,920	299,886
Total long-term debt, Estimated Fair Value	287,014	302,891
7.50% Senior Notes due March 2019 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	201,695	201,695
Total long-term debt, Estimated Fair Value	212,068	232,839
4.90% Senior Notes due August 2020 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	499,151	499,022
Total long-term debt, Estimated Fair Value	471,095	528,597
4.625% Senior Notes due March 2021 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	399,627	399,576
Total long-term debt, Estimated Fair Value	363,837	413,868
3.95% Senior Notes due March 2022 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	399,264	399,178
Total long-term debt, Estimated Fair Value	346,425	390,520
6.20% Senior Notes due August 2040 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	399,895	399,893
Total long-term debt, Estimated Fair Value	350,351	421,720
6.05% Senior Notes due March 2041 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	397,681	397,646
Total long-term debt, Estimated Fair Value	343,653	417,312
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	498,310	498,283
Total long-term debt, Estimated Fair Value	385,181	476,873
Total Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	3,745,525	3,995,110
Total long-term debt, Estimated Fair Value	$ 3,417,131	$ 4,111,151

XML

Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	1 Months Ended
	Jan. 31, 2015
Subsequent Event [Member]
Schedule of Reverse Stock Split [Line Items]
Repurchase of ordinary shares	6,200
Average price per share	$ 16.10
Average price per share including commissions and stamp tax	$ 16.21

XML

Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Reserve for uncertain tax positions, excluding interest and penalties	$ 107,748	$ 113,931	$ 105,028
Interest and penalties included in "Other liabilities"	8,039	13,190
Reserve for uncertain tax positions, including interest and penalties	$ 115,787	$ 127,121

XML

Equity - Additional Information (Detail) (USD $)	1 Months Ended	12 Months Ended			0 Months Ended
	Oct. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding and trading		247,500,000	253,400,000
Additional conditionally authorized shares without additional shareholder approval		53,000,000
Current nominal value per share		$ 0.01
Repurchased shares		37,000,000
Redomiciliation period		5 years
Shares outstanding repurchased percentage		15.00%
Stock repurchase expiration period		16 months
Additional stock options issued		339,223
Incremental fair value awarded as a result of the issuance of awards		$ 0
Compensation cost recognized	500,000	46,000,000	44,000,000	36,000,000
Incremental fair value awarded as a result of the issuance of awards		0
Unrestricted shares awarded		50,796	57,095	65,329
Compensation cost recognized net of tax		37,000,000	36,000,000	31,000,000
Capitalized compensation costs		1,000,000	1,000,000	1,000,000
1991 Stock Option and Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining number of shares available for grants		6,500,000
1991 Stock Option and Restricted Stock Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares issuable under stock option plan		50,100,000
1991 Stock Option and Restricted Stock Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares issuable under stock option plan		60,300,000
1992 Nonqualified Stock Option and Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining number of shares available for grants		600,000
1992 Nonqualified Stock Option and Share Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares issuable under stock option plan		2,000,000
1992 Nonqualified Stock Option and Share Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of shares issuable under stock option plan		2,300,000
TVRSUs Outstanding [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of additional RSUs		326,853
PVRSUs Outstanding [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of additional RSUs		329,937
Restricted Stock [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized		2,000,000	2,000,000	2,000,000
TVRSU's Outstanding [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental fair value awarded as a result of the issuance of awards		29,000,000
Total unrecognized compensation cost		31,000,000
Performance shares forfeited in period		149,006
TVRSU's Outstanding [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognizing unrecognized compensation cost		1 year 7 months 6 days
PVRSU's Outstanding [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost		13,000,000
Performance shares forfeited in period		253,882
PVRSU's Outstanding [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognizing unrecognized compensation cost		1 year 7 months 6 days
Performance Vested Shares for 2011-2013 Performance Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares forfeited in period		218,195
Performance Vested Shares for 2012-2014 Performance Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares forfeited in period		517,223
Noble UK [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchased shares		6,769,891
Paragon Offshore [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognized		7,000,000	10,000,000	8,000,000
Equity Option [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized cost related to stock option		100,000
Period for recognizing unrecognized compensation cost		29 days
Compensation cost recognized		2,000,000	3,000,000	4,000,000
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend to be paid, per share					$ 0.375
Dividends payable outstanding					$ 93,000,000
Dividend declaration, Date					Jan. 30, 2015
Dividend paid, Date					Feb. 20, 2015
Dividend record, Date					Feb. 10, 2015

XML

Employee Benefit Plans - Estimated Benefit Payments (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Total	$ 128,229
2015	9,659
2016	8,380
2017	9,209
2018	9,944
2019	11,121
Thereafter	79,916
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	23,037
2015	1,630
2016	1,693
2017	1,882
2018	1,955
2019	2,207
Thereafter	13,670
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	105,192
2015	8,029
2016	6,687
2017	7,327
2018	7,989
2019	8,914
Thereafter	$ 66,246

XML

Debt - Repayments of Total Debt (Parenthetical) (Detail) (3.45% Senior Notes due August 2015 [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
3.45% Senior Notes due August 2015 [Member]
Debt Instrument [Line Items]
Debt instrument maturity date	August 2015
Face value of senior notes	$ 350
Interest rate on senior notes	3.45%

XML

Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Other assets (noncurrent)	$ 7,725	$ 13,586
Other liabilities (current)
Other liabilities (noncurrent)	(2,564)	(920)
Net amount recognized	5,161	12,666
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Other assets (noncurrent)		6,132
Other liabilities (current)	(3,037)	(2,120)
Other liabilities (noncurrent)	(62,916)	(26,939)
Net amount recognized	$ (65,953)	$ (22,927)

XML

Consolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2014

Noncontrolling Interest [Abstract]

Schedule of Operational Results

Operational results for the years ended December 31, 2014 and 2013 are as follows:

	Year Ended
	December 31,
	2014		2013
Operating revenues	$	372,313	$	355,115
Net income	$	157,171	$	145,447

XML

Discontinued Operations - Schedule of Operation from Discontinued Operations (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating revenues
Operating revenues from discontinued operations	$ 1,034,458	$ 1,696,147	$ 1,346,313
Income from discontinued operations
Income from discontinued operations before income taxes	216,391	379,591	159,860
Income tax provision	(55,889)	(75,489)	(51,905)
Net income from discontinued operations, net of tax	160,502	304,102	107,955
Contract Drilling Services [Member]
Operating revenues
Operating revenues from discontinued operations	993,253	1,615,325	1,259,741
Reimbursables [Member]
Operating revenues
Operating revenues from discontinued operations	21,899	45,582	49,728
Labor Contract Drilling Services [Member]
Operating revenues
Operating revenues from discontinued operations	19,304	35,146	36,591
Other [Member]
Operating revenues
Operating revenues from discontinued operations	$ 2	$ 94	$ 253

XML

Gain on Contract Settlements/Extinguishments, Net

12 Months Ended

Dec. 31, 2014

Contractors [Abstract]

Gain on Contract Settlements/Extinguishments, Net

Note 13- Gain on Contract Settlements/Extinguishments, Net

In 2013, we received $45 million related to the settlement of all claims against the former shareholders of FDR Holdings, Ltd., which we acquired in July 2010, relating to alleged breaches of various representations and warranties contained in the purchase agreement. A portion of the settlement, totaling approximately $14 million, was allocated to discontinued operations as it related to certain standard specification rigs.

In 2012, we received approximately $5 million from the settlement of a claim relating to the Noble David Tinsley, which had experienced a “punch-through” while being positioned on location in 2009. We had originally recorded a $17 million charge during 2009 related to this incident. Additionally, during the second quarter of 2012, we settled an action against certain vendors for damages sustained during Hurricane Ike. We recognized a net gain of approximately $28 million related to this settlement. We also resolved all outstanding matters with Anadarko Petroleum Company (“Anadarko”) related to the previously disclosed force majeure action, Hurricane Ike matters and receivables relating to the Noble Amos Runner.

XML

Information about Noble-Cayman - Condensed Consolidating Statement of Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating revenues
Contract drilling services									$ 3,147,859	$ 2,454,745	$ 2,089,621
Reimbursables									84,644	66,292	65,767
Labor contract drilling services										17,095	45,299
Total operating revenues	804,740	828,796	803,781	795,187	725,089	640,513	606,480	566,061	3,232,504	2,538,143	2,200,699
Operating costs and expenses
Contract drilling services									1,500,512	1,168,764	969,310
Reimbursables									66,378	50,410	55,424
Labor contract drilling services										11,601	22,976
Depreciation and amortization									627,473	511,513	440,306
General and administrative									106,771	117,997	99,990
Loss on impairment									745,428	3,585	20,384
Gain on disposal of assets, net										(35,646)
Gain on contract settlements/extinguishments, net										(30,618)	(33,255)
Total operating costs and expenses									3,046,562	1,797,606	1,575,135
Operating income (loss)	(541,864)	243,633	235,205	248,968	205,879	239,248	159,973	135,437	185,942	740,537	625,564
Other income (expense)
Interest expense, net of amounts capitalized									(155,179)	(106,300)	(85,763)
Interest income and other, net									(1,298)	4,184	3,564
Income from continuing operations before income taxes									29,465	638,421	543,365
Income tax provision									(106,651)	(92,117)	(95,183)
Net income from continuing operations									(77,186)	546,304	448,182
Net income from discontinued operations, net of tax									160,502	304,102	107,955
Net income									83,316	850,406	556,137
Net income attributable to noncontrolling interests									(74,825)	(67,709)	(33,793)
Net income attributable to Noble Corporation	(594,539)	147,389	140,325	154,814	144,023	165,267	102,406	66,899	8,491	782,697	522,344
Other comprehensive income, net									(21,732)	33,285	(41,128)
Comprehensive income (loss) attributable to Noble Corporation plc									(13,241)	815,982	481,216
Consolidating Adjustments [Member]
Operating revenues
Contract drilling services									(246,406)	(77,361)	(78,580)
Other											(931)
Total operating revenues									(246,406)	(77,361)	(79,511)
Operating costs and expenses
Contract drilling services									(246,406)	(77,361)	(79,511)
Total operating costs and expenses									(246,406)	(77,361)	(79,511)
Other income (expense)
Income (loss) of unconsolidated affiliates-continuing operations									1,754,856	(170,772)	(1,103,349)
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax									(479,313)	(1,169,474)	(677,033)
Total income (loss) of unconsolidated affiliates									1,275,543	(1,340,246)	(1,780,382)
Interest expense, net of amounts capitalized									3,318,536	2,084,036	893,858
Interest income and other, net									(3,318,536)	(2,084,036)	(893,858)
Income from continuing operations before income taxes									1,275,543	(1,340,246)	(1,780,382)
Net income from continuing operations									1,275,543	(1,340,246)	(1,780,382)
Net income									1,275,543	(1,340,246)	(1,780,382)
Net income attributable to noncontrolling interests									23,778	46,605	35,176
Net income attributable to Noble Corporation									1,299,321	(1,293,641)	(1,745,206)
Other comprehensive income, net									21,732	(33,285)	41,128
Comprehensive income (loss) attributable to Noble Corporation plc									1,321,053	(1,326,926)	(1,704,078)
Noble-Cayman [Member]
Operating costs and expenses
Contract drilling services									30,885	24,039	2,646
General and administrative									2,437	7,380	3,036
Gain on contract settlements/extinguishments, net										(45,000)
Total operating costs and expenses									33,322	(13,581)	5,682
Operating income (loss)									(33,322)	13,581	(5,682)
Other income (expense)
Income (loss) of unconsolidated affiliates-continuing operations									(2,885,628)	653,815	569,295
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax									223,083	321,804	115,151
Total income (loss) of unconsolidated affiliates									(2,662,545)	975,619	684,446
Interest expense, net of amounts capitalized									(93,536)	(127,995)	(105,147)
Interest income and other, net									2,913,631	6,609	7,306
Income from continuing operations before income taxes									124,228	867,814	580,923
Net income from continuing operations									124,228	867,814	580,923
Net income									124,228	867,814	580,923
Net income attributable to Noble Corporation									124,228	867,814	580,923
Other comprehensive income, net									(21,732)	33,285	(41,128)
Comprehensive income (loss) attributable to Noble Corporation plc									102,496	901,099	539,795
NHC [Member]
Operating costs and expenses
Contract drilling services									39,039	22,195	17,551
General and administrative									11,376	7,396	7,786
Total operating costs and expenses									50,415	29,591	25,337
Operating income (loss)									(50,415)	(29,591)	(25,337)
Other income (expense)
Income (loss) of unconsolidated affiliates-continuing operations									157,648	65,868	82,257
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax									50,565	45,098	32,769
Total income (loss) of unconsolidated affiliates									208,213	110,966	115,026
Interest expense, net of amounts capitalized									(3,046)	(1,081)	(20,950)
Income from continuing operations before income taxes									154,752	80,294	68,739
Income tax provision									(68,805)	(24,592)	(18,446)
Net income from continuing operations									85,947	55,702	50,293
Net income from discontinued operations, net of tax									(18,655)	(16,569)	(23,622)
Net income									67,292	39,133	26,671
Net income attributable to Noble Corporation									67,292	39,133	26,671
Comprehensive income (loss) attributable to Noble Corporation plc									67,292	39,133	26,671
NDH [Member]
Operating revenues
Contract drilling services									327,070	240,631	161,577
Reimbursables									6,239	8,498	6,637
Total operating revenues									333,309	249,129	168,214
Operating costs and expenses
Contract drilling services									120,971	70,359	45,474
Reimbursables									4,687	6,850	5,886
Depreciation and amortization									65,164	62,778	60,738
Gain on contract settlements/extinguishments, net											(4,869)
Total operating costs and expenses									190,822	139,987	107,229
Operating income (loss)									142,487	109,142	60,985
Other income (expense)
Income (loss) of unconsolidated affiliates-continuing operations									(80,080)	(53,235)	168,972
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax									28,580	308,188	188,511
Total income (loss) of unconsolidated affiliates									(51,500)	254,953	357,483
Interest expense, net of amounts capitalized									(24,974)	(23,156)	(23,105)
Interest income and other, net									249,005	262,717	40,845
Income from continuing operations before income taxes									315,018	603,656	436,208
Income tax provision									(3,574)	3,655	(4,576)
Net income from continuing operations									311,444	607,311	431,632
Net income from discontinued operations, net of tax									6,634	24,529	10,160
Net income									318,078	631,840	441,792
Net income attributable to Noble Corporation									318,078	631,840	441,792
Comprehensive income (loss) attributable to Noble Corporation plc									318,078	631,840	441,792
NHIL [Member]
Operating costs and expenses
Contract drilling services									115,909	110,138	82,736
General and administrative									31,620	36,050	35,606
Total operating costs and expenses									147,529	146,188	118,342
Operating income (loss)									(147,529)	(146,188)	(118,342)
Other income (expense)
Income (loss) of unconsolidated affiliates-continuing operations									604,419	641,155	527,469
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax									170,845	431,149	280,121
Total income (loss) of unconsolidated affiliates									775,264	1,072,304	807,590
Interest expense, net of amounts capitalized									(169,666)	(139,784)	(120,361)
Interest income and other, net									89,449	154,442	135,001
Income from continuing operations before income taxes									547,518	940,774	703,888
Net income from continuing operations									547,518	940,774	703,888
Net income from discontinued operations, net of tax										(55)
Net income									547,518	940,719	703,888
Net income attributable to Noble Corporation									547,518	940,719	703,888
Comprehensive income (loss) attributable to Noble Corporation plc									547,518	940,719	703,888
NDS6 [Member]
Operating costs and expenses
General and administrative									1	1	1
Total operating costs and expenses									1	1	1
Operating income (loss)									(1)	(1)	(1)
Other income (expense)
Income (loss) of unconsolidated affiliates-continuing operations									448,785	(1,136,831)	(244,644)
Income (loss) of unconsolidated affiliates-discontinued operations, net of tax									6,240	63,235	60,481
Total income (loss) of unconsolidated affiliates									455,025	(1,073,596)	(184,163)
Interest expense, net of amounts capitalized									(33,671)	(45,897)	(43,090)
Interest income and other, net									3,308	1,569,003	594,328
Income from continuing operations before income taxes									424,661	449,509	367,074
Income tax provision									(1,546)
Net income from continuing operations									423,115	449,509	367,074
Net income									423,115	449,509	367,074
Net income attributable to Noble Corporation									423,115	449,509	367,074
Comprehensive income (loss) attributable to Noble Corporation plc									423,115	449,509	367,074
Other Non-guarantor Subsidiaries of Noble [Member]
Operating revenues
Contract drilling services									3,067,195	2,291,475	2,006,624
Reimbursables									78,405	57,794	59,130
Labor contract drilling services										17,095	45,299
Other									1	11	943
Total operating revenues									3,145,601	2,366,375	2,111,996
Operating costs and expenses
Contract drilling services									1,447,073	1,009,801	891,941
Reimbursables									61,691	43,560	49,538
Labor contract drilling services										11,601	23,129
Depreciation and amortization									559,114	446,563	377,636
General and administrative									7,560	14,032	12,937
Loss on impairment									745,428	3,585	20,384
Gain on disposal of assets, net										(35,646)
Gain on contract settlements/extinguishments, net										14,382	(28,386)
Total operating costs and expenses									2,820,866	1,507,878	1,347,179
Operating income (loss)									324,735	858,497	764,817
Other income (expense)
Interest expense, net of amounts capitalized									(3,148,822)	(1,852,423)	(666,968)
Interest income and other, net									64,267	94,821	119,449
Income from continuing operations before income taxes									(2,759,820)	(899,105)	217,298
Income tax provision									(32,005)	(68,040)	(71,161)
Net income from continuing operations									(2,791,825)	(967,145)	146,137
Net income from discontinued operations, net of tax									235,104	313,899	128,613
Net income									(2,556,721)	(653,246)	274,750
Net income attributable to noncontrolling interests									(98,603)	(114,314)	(68,969)
Net income attributable to Noble Corporation									(2,655,324)	(767,560)	205,781
Other comprehensive income, net									(21,732)	33,285	(41,128)
Comprehensive income (loss) attributable to Noble Corporation plc									(2,677,056)	(734,275)	164,653
Noble-Cayman [Member]
Operating revenues
Contract drilling services									3,147,859	2,454,745	2,089,621
Reimbursables									84,644	66,292	65,767
Labor contract drilling services										17,095	45,299
Other									1	11	12
Total operating revenues									3,232,504	2,538,143	2,200,699
Operating costs and expenses
Contract drilling services									1,507,471	1,159,171	960,837
Reimbursables									66,378	50,410	55,424
Labor contract drilling services										11,601	23,129
Depreciation and amortization									624,278	509,341	438,374
General and administrative									52,994	64,859	59,366
Loss on impairment									745,428	3,585	20,384
Gain on disposal of assets, net										(35,646)
Gain on contract settlements/extinguishments, net										(30,618)	(33,255)
Total operating costs and expenses									2,996,549	1,732,703	1,524,259
Operating income (loss)									235,955	805,440	676,440
Other income (expense)
Interest expense, net of amounts capitalized									(155,179)	(106,300)	(85,763)
Interest income and other, net									1,124	3,556	3,071
Income from continuing operations before income taxes									81,900	702,696	593,748
Income tax provision									(105,930)	(88,977)	(94,183)
Net income from continuing operations									(24,030)	613,719	499,565
Net income from discontinued operations, net of tax									223,083	321,804	115,151
Net income									199,053	935,523	614,716
Net income attributable to noncontrolling interests									(74,825)	(67,709)	(33,793)
Net income attributable to Noble Corporation									124,228	867,814	580,923
Other comprehensive income, net									(21,732)	33,285	(41,128)
Comprehensive income (loss) attributable to Noble Corporation plc									$ 102,496	$ 901,099	$ 539,795

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 18- Commitments and Contingencies

The Noble Homer Ferrington was under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), which entered into an assignment agreement with British Petroleum plc (“BP”) for a two-well farmout of the rig in Libya after successfully drilling two wells with the rig for ExxonMobil. In August 2010, BP attempted to terminate the assignment agreement claiming that the rig was not in the required condition, and ExxonMobil informed us that we must look to BP for payment of the dayrate during the assignment period. In August 2010, we initiated arbitration proceedings under the drilling contract against both BP and ExxonMobil. We do not believe BP had the right to terminate the assignment agreement and believe the rig was ready to operate under the drilling contract. The rig operated under farmout arrangements from March 2011 to the conclusion of the contract in the second quarter of 2012. We believe we are owed dayrate by either or both of these clients. The operating dayrate was approximately $538,000 per day for the work in Libya. The arbitration process is proceeding, and we intend to vigorously pursue these claims. As a result of the uncertainties noted above, we have not recognized any revenue during the assignment period and the matter could have a material positive effect on our results of operations or cash flows in the period the matter is resolved should the arbitration panel ultimately rule in our favor.

In November 2012, the U.S. Coast Guard in Alaska conducted an inspection of our drillship, the Noble Discoverer, and cited a number of deficiencies to be remediated, including issues relating to the main propulsion and safety management system. We initiated a comprehensive effort to address the deficiencies identified by the Coast Guard and worked with the agency to keep it apprised of our progress. We also conducted an internal investigation in conjunction with the Coast Guard inspection, and the Coast Guard conducted its own investigation. We reported certain potential violations of applicable law to the Coast Guard identified as a result of our internal investigation. These related to what we believe were certain unauthorized disposals of collected deck and sea water from the Noble Discoverer, collected, treated deck water from the Kulluk and potential record-keeping issues with the oil record books for the Noble Discoverer and Kulluk and other matters. The Coast Guard referred the Noble Discoverer and Kulluk matters to the U.S. Department of Justice (“DOJ”) for further investigation. In December 2014, one of our subsidiaries reached a settlement with the DOJ regarding its investigation of the Noble Discoverer and the Kulluk. Under the terms of the agreement, the subsidiary pled guilty to oil record book, ballast record and required hazardous condition reporting violations with respect to the Noble Discoverer and an oil record book violation with respect to the Kulluk. The subsidiary paid $8.2 million in fines and $4 million in community service payments, and was placed on probation for four years, provided that we may petition the court for early dismissal of probation after three years. If during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. We also implemented a comprehensive environmental compliance plan.

We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At December 31, 2014, there were 42 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the United States in the states of Illinois, Louisiana, Mississippi and Texas. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows.

We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims.

We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. During 2013, the IRS completed its examination of our tax reporting for the taxable year ended December 31, 2008 and concluded that we were entitled to a refund. The congressional Joint Committee on Taxation took no exception to the conclusions reached by the IRS, and the refund, plus interest, was received in March 2014. The IRS also completed its examination of our tax reporting for the taxable year ended December 31, 2009, and informed us that it made no changes to our reported tax. During the first quarter of 2014, the IRS began its examination of our tax reporting for the taxable years ended December 31, 2010 and 2011. We believe that we have accurately reported all amounts in our 2010 and 2011 tax returns. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments.

Audit claims of approximately $66 million attributable to income, customs and other business taxes have been assessed against us. We have received tax assessments of approximately $141 million related to Paragon Offshore assets that operated through Noble-retained entities in Mexico, and Paragon Offshore has received tax assessments of approximately $165 million for Noble assets that operated through a Paragon Offshore-retained entity in Brazil. Of these tax assessments in Mexico and Brazil, approximately $20 million and $46 million, respectively, relate to Noble’s share of the tax liability. Under the TSA, Paragon Offshore has an obligation to indemnify us for all assessed amounts that are related to Paragon Offshore’s Mexico assets, approximately $121 million, and we have an obligation to indemnify Paragon Offshore for all assessed amounts that are related to Noble’s Brazil assets, approximately $46 million, in each case, if and when such payments become due. We have contested, or intend to contest, these assessments, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions.

On January 23, 2015, Noble received an official notification of a ruling from the Second Chamber of the Supreme Court in Mexico. The ruling settled an ongoing dispute in Mexico relating to the classification of a Noble subsidiary’s business activity and the applicable rate of depreciation under the Mexican law. The ruling did not result in any additional tax liability to Noble. Additionally, the ruling does not constitute mandatory jurisprudence in Mexico, and thus is only applicable to the Noble subsidiary named in the ruling. We will continue to contest future assessments received. Any claim by the tax authorities relating to this issue is subject to a full indemnification from Paragon Offshore under the TSA.

We have been notified by Petrobras that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs is R$79 million (approximately $30 million). We believe that our contract with Petrobras requires Petrobras to indemnify us for these withholding taxes. We will, if necessary, vigorously defend our rights.

We maintain certain insurance coverage against specified marine perils, which includes physical damage and loss of hire. Damage caused by hurricanes has negatively impacted certain aspects of the energy insurance market, resulting in more restrictive and expensive coverage for U.S. named windstorm perils. Accordingly, we have elected to significantly reduce the named windstorm insurance on our rigs operating in the U.S. Gulf of Mexico. Presently, we insure the Noble Jim Thompson, Noble Amos Runner and Noble Driller for “total loss only” when caused by a named windstorm. For the Noble Bully I, our customer assumes the risk of loss due to a named windstorm event, pursuant to the terms of the drilling contract, through the purchase of insurance coverage (provided that we are responsible for any deductible under such policy) or, at its option, the assumption of the risk of loss up to the insured value in lieu of the purchase of such insurance. The remaining rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. In addition, we maintain a physical damage deductible on our rigs of $25 million per occurrence. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45-day waiting period for each unit and each occurrence.

Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shorebased terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks.

We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million.

In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $729 million at December 31, 2014.

We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances.

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Employee Benefit Plans - Disaggregated Plan Information (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 592	$ 77,561
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	72,553	161,591	151,781
Fair value of plan assets	77,714	174,257	151,819
Non-U.S. Plans [Member] | Defined Benefit Plans - Disaggregated Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	72,553	161,591
Accumulated benefit obligation	68,902	154,140
Fair value of plan assets	77,714	174,257
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	238,072	223,938	225,885
Fair value of plan assets	172,119	201,011	167,170
U.S. Plans [Member] | Defined Benefit Plans - Disaggregated Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	238,072	223,938
Accumulated benefit obligation	202,716	185,383
Fair value of plan assets	$ 172,119	$ 201,011

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Spin-off of Paragon Offshore plc ("Paragon Offshore") - Additional Information (Detail) (Paragon Offshore [Member], USD $) In Billions, except Share data, unless otherwise specified	0 Months Ended	12 Months Ended
	Aug. 01, 2014	Dec. 31, 2014
Paragon Offshore [Member]
Schedule Of Discontinued Operations [Line Items]
Long-term debt issued		$ 1.7
Pro rata distribution	Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution.
Minimum shares eligible for prorata allotment under spin off transaction	3
Shares received under spin off transaction	1

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Financial Instruments and Credit Risk - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Quoted Prices in Active Markets (Level 1) [Member]
Assets-
Marketable securities	$ 6,175	$ 7,230
Significant Other Observable Inputs (Level 2) [Member]
Assets-
Marketable securities
Significant Unobservable Inputs (Level 3) [Member]
Assets-
Marketable securities
Carrying Amount [Member]
Assets-
Marketable securities	$ 6,175	$ 7,230

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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plan

A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-U.S. and U.S. plans is as follows:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Benefit obligation at beginning of year	$	161,591		$	223,938		$	151,781		$	225,885
Service cost		4,777			8,901			5,496			10,724
Interest cost		4,650			10,546			5,085			9,049
Actuarial loss (gain)		6,145			51,524			(4,584	)		(17,652	)
Plan amendments		1,595			—			(227	)		—
Benefits paid		(2,819	)		(4,262	)		(2,558	)		(4,068	)
Settlement		—			(34,397	)		—			—
Curtailment		—			(18,178	)		—			—
Plan participants’ contributions		266			—			956			—
Foreign exchange rate changes		(7,071	)		—			5,642			—
Spin-off adjustment		(96,581	)		—			—			—
Benefit obligation at end of year	$	72,553		$	238,072		$	161,591		$	223,938

Reconciliation of Changes in Fair Value of Plan Assets

A reconciliation of the changes in fair value of plan assets is as follows:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Fair value of plan assets at beginning of year	$	174,257		$	201,011		$	151,819		$	167,170
Actual return on plan assets		6,717			7,750			8,470			31,518
Employer contributions		6,863			2,017			9,365			6,391
Benefits and expenses paid		(2,819	)		(4,262	)		(2,558	)		(4,068	)
Settlement		—			(34,397	)		—			—
Plan participants’ contributions		266			—			956			—
Foreign exchange rate changes		(11,068	)		—			6,205			—
Spin-off adjustment		(96,502	)		—			—			—
Fair value of plan assets at end of year	$	77,714		$	172,119		$	174,257		$	201,011

Funded Status of Plans

The funded status of the plans is as follows:

	Year Ended December 31,
	2014					2013
	Non-U.S.		U.S.			Non-U.S.		U.S.
Funded status	$	5,161	$	(65,953	)	$	12,666	$	(22,927	)

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Other assets (noncurrent)	$	7,725		$	—		$	13,586		$	6,132
Other liabilities (current)		—			(3,037	)		—			(2,120	)
Other liabilities (noncurrent)		(2,564	)		(62,916	)		(920	)		(26,939	)
Net amount recognized	$	5,161		$	(65,953	)	$	12,666		$	(22,927	)

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts recognized in AOCL consist of:

	Year Ended December 31,
	2014						2013
	Non-U.S.			U.S.			Non-U.S.			U.S.
Net actuarial loss	$	11,793		$	73,705		$	30,902		$	45,338
Prior service cost		1,531			468			(232	)		905
Deferred income tax asset		(3,096	)		(25,961	)		(2,130	)		(16,185	)
Accumulated other comprehensive loss	$	10,228		$	48,212		$	28,540		$	30,058

Pension Costs

Pension cost includes the following components:

	Year Ended December 31,
	2014						2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.
Service Cost	$	4,777		$	8,901		$	5,496		$	10,724		$	4,461		$	9,612
Interest Cost		4,650			10,546			5,085			9,049			5,372			8,719
Return on plan assets		(6,117	)		(15,499	)		(5,836	)		(13,102	)		(5,344	)		(11,171	)
Amortization of prior service cost		46			196			—			227			—			227
Recognized net actuarial loss		769			2,857			1,670			7,639			803			7,356
Curtailment expense		—			241			—			—			—			—
Settlement expense		—			9,872			—			—			—			—
Net pension expense	$	4,125		$	17,114		$	6,415		$	14,537		$	5,292		$	14,743

Disaggregated Plan Information

Disaggregated information regarding our non-U.S. and U.S. plans is summarized below:

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Projected benefit obligation	$	72,553	$	238,072	$	161,591	$	223,938
Accumulated benefit obligation		68,902		202,716		154,140		185,383
Fair value of plan assets		77,714		172,119		174,257		201,011

Plans in which PBO Exceeded Fair Value

The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2014 and 2013. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases.

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Projected benefit obligation	$	3,157	$	238,072	$	6,740	$	200,472
Fair value of plan assets		592		172,119		5,820		171,413

Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets

The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2014 and 2013. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels.

	Year Ended December 31,
	2014				2013
	Non-U.S.		U.S.		Non-U.S.		U.S.
Accumulated benefit obligation	$	1,355	$	202,716	$	6,493	$	11,997
Fair value of plan assets		592		172,119		5,820		—

Defined Benefit Plans Key Assumptions

The key assumptions for the plans are summarized below:

	Year Ended December 31,
	2014		2013
	Non-U.S.	U.S.	Non-U.S.	U.S.
Weighted-average assumptions used to determine benefit obligations:
Discount Rate	2.6%-3.7%	3.0%-4.1%	3.9%-4.7%	3.9%-5.1%
Rate of compensation increase	3.6%-4.1%	5.0%	3.6%-4.5%	5.0%

	Year Ended December 31,
	2014		2013		2012
	Non-U.S.	U.S.	Non-U.S.	U.S.	Non-U.S.	U.S.
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate	2.7%-4.7%	3.9%-5.1%	2.5%-4.5%	3.1%-4.2%	4.7%-5.0%	4.3%-4.7%
Expected long-term return on assets	2.3%-6.0%	7.8%	2.3%-5.7%	7.8%	3.9%-5.4%	7.8%
Rate of compensation increase	3.6%-4.5%	5.0%	3.6%-4.1%	5.0%	2.3%-4.4%	5.0%

Actual Fair Values of Non-U.S. Pension Plans

The actual fair values of Non-U.S. pension plans as of December 31, 2014 and 2013 are as follows:

			December 31, 2014
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	87	$	87	$	—	$	—
Equity securities:
International companies	$	53,261	$	53,261	$	—	$	—
Fixed income securities:
Corporate bonds	$	23,774	$	—	$	23,774	$	—
Other		592		—		—		592
Total	$	77,714	$	53,348	$	23,774	$	592

			December 31, 2013
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	207	$	207	$	—	$	—
Equity securities:
International companies	$	54,722	$	54,722	$	—	$	—
Fixed income securities:
Corporate bonds	$	41,767	$	—	$	41,767	$	—
Other		77,561		—		—		77,561
Total	$	174,257	$	54,929	$	41,767	$	77,561

Schedule of Activity Related to Investments

third-party consultants employed by Noble. The following table details the activity related to these investments during the year.

	Market
	Value
Balance as of December 31, 2013	$	77,561
Assets transferred out in Spin-off		(77,561	)
Assets purchased		749
Assets sold/benefits paid		(157	)
Balance as of December 31, 2014	$	592

Actual Fair Values of U.S. Pension Plans

The actual fair values of U.S. pension plan assets as of December 31, 2014 and 2013 are as follows:

			December 31, 2014
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	5,998	$	—	$	5,998	$	—
Equity securities:
United States	$	80,823	$	80,823	$	—	$	—
International		33,392		33,392		—		—
Fixed income securities:
Corporate bonds	$	51,906	$	51,906	$	—	$	—
Total	$	172,119	$	166,121	$	5,998	$	—

			December 31, 2013
			Estimated Fair Value
			Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents	$	2,184	$	—	$	2,184	$	—
Equity securities:
United States	$	104,899	$	80,714	$	24,185	$	—
International		33,012		33,012		—		—
Fixed income securities:
Corporate bonds	$	60,916	$	60,916	$	—	$	—
Total	$	201,011	$	174,642	$	26,369	$	—

Estimated Benefit Payments

The following table summarizes our estimated benefit payments at December 31, 2014:

			Payments by Period
	Total		2015		2016		2017		2018		2019		Thereafter
Estimated benefit payments
Non U.S. plans	$	23,037	$	1,630	$	1,693	$	1,882	$	1,955	$	2,207	$	13,670
U.S. plans		105,192		8,029		6,687		7,327		7,989		8,914		66,246
Total estimated benefit payments	$	128,229	$	9,659	$	8,380	$	9,209	$	9,944	$	11,121	$	79,916

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Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2014 BRL	Dec. 31, 2014 Customs and Other Business Taxes [Member] USD ($)	Dec. 31, 2014 Noble Discoverer And Kulluk [Member] USD ($)	Dec. 31, 2014 Noble Discoverer And Kulluk [Member] Community Service Payment [Member] USD ($)	Dec. 31, 2014 Minimum [Member] USD ($)	Dec. 31, 2014 Asbestos Cases [Member] Lawsuits	Dec. 31, 2014 Libya [Member] USD ($) Rigs	Dec. 31, 2014 Mexico [Member] USD ($)	Dec. 31, 2014 Mexico [Member] Aforementioned tax assessments[Member] USD ($)	Dec. 31, 2014 Mexico [Member] Noble-Cayman [Member] USD ($)	Dec. 31, 2014 Brazil [Member] USD ($)	Dec. 31, 2014 Brazil [Member] Aforementioned tax assessments[Member] USD ($)	Dec. 31, 2014 Brazil [Member] Noble-Cayman [Member] USD ($)
Other Commitments [Line Items]
Number of wells								2
Operating dayrate (per day)								$ 538,000
Community service payments				8,200,000	4,000,000
Environmental Compliance Plan, probationary period				4 years
Number of Lawsuits filed							42
Percentage of uncertain tax positions likelihood of being sustained						50.00%
Audit claims, additional attributable to other business tax returns			66,000,000
Aforementioned tax assessments									141,000,000	121,000,000	20,000,000	165,000,000	46,000,000	46,000,000
Amount of withholding after spin-off	30,000,000	79,000,000
Physical damage deductible per occurrence on rigs range maximum	25,000,000	25,000,000
Loss of hire coverage applies only to rigs operating under dayrate						200,000
Number of days waiting period	45 days	45 days
Protection and indemnity policy, standard deductible (per occurrence)	10,000,000
Maximum liability coverage under protection and indemnity policy	750,000,000
Outstanding commitments including shipyard and purchase commitments	$ 729,000,000
Years of effectiveness of employment agreements after the termination of employment	3 years	3 years

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Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income	$ 83,316	$ 850,406	$ 556,137
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(118)	(3,188)	(8,076)
Net pension plan gain (loss) (net of tax provision (benefit) of ($21,429) in 2014, $14,155 in 2013 and ($3,777) in 2012 )	(41,608)	29,861	(41,658)
Amortization of deferred pension plan amounts (net of tax provision of $1,102 in 2014, $2,924 in 2013 and $2,841 in 2012)	2,764	6,612	5,545
Net pension plan curtailment and settlement expense (net of tax provision of $9,902 in 2014)	18,389
Prior service cost arising during the period (net of tax benefit of $317 in 2014)	(1,159)
Other comprehensive income (loss), net	(21,732)	33,285	(41,128)
Total comprehensive income	61,584	883,691	515,009
Net comprehensive income attributable to noncontrolling interests	(74,825)	(67,709)	(33,793)
Comprehensive income (loss) attributable to Noble Corporation plc	(13,241)	815,982	481,216
Foreign Currency Forward Contracts [Member]
Other comprehensive income (loss), net of tax
Gain (loss) from derivatives instruments designated			3,061
Noble-Cayman [Member]
Net income	199,053	935,523	614,716
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(118)	(3,188)	(8,076)
Net pension plan gain (loss) (net of tax provision (benefit) of ($21,429) in 2014, $14,155 in 2013 and ($3,777) in 2012 )	(41,608)	29,861	(41,658)
Amortization of deferred pension plan amounts (net of tax provision of $1,102 in 2014, $2,924 in 2013 and $2,841 in 2012)	2,764	6,612	5,545
Net pension plan curtailment and settlement expense (net of tax provision of $9,902 in 2014)	18,389
Prior service cost arising during the period (net of tax benefit of $317 in 2014)	(1,159)
Other comprehensive income (loss), net	(21,732)	33,285	(41,128)
Total comprehensive income	177,321	968,808	573,588
Net comprehensive income attributable to noncontrolling interests	(74,825)	(67,709)	(33,793)
Comprehensive income (loss) attributable to Noble Corporation plc	102,496	901,099	539,795
Noble-Cayman [Member] | Foreign Currency Forward Contracts [Member]
Other comprehensive income (loss), net of tax
Gain (loss) from derivatives instruments designated			$ 3,061

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Employee Benefit Plans - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
PBO for the unfunded excess benefit plan	$ 20,000,000	$ 13,000,000
ABO for the unfunded excess benefit plan	13,000,000	12,000,000
Percentage of company's overall investments	100.00%
Market cycle minimum period in which objective should be met over	3 years
Market cycle maximum period in which objective should be met over	5 years
Duration of Treasury bills	90 days
Cash equivalent and short-term investments should achieve relative performance	Better than the 90-day Treasury bills
Percentage of total fixed income exposure from any single non-government or government agency issuer	42.00%
Total fixed income exposure from any single non-government or government agency issuer	Shall not exceed 42 percent of the Trust's fixed income holdings.
Average duration of the portfolio	1 year 6 months
Investment equity securities	0	4,000,000
Investment equity securities, percentage of U.S. plan assets		2.10%
Percentage of no single security made up of total assets	10.00%
Percentage of no single security made up of total assets of either the U.S. or the Non-U.S. plans	More than 10 percent
Number of years of service for the participants in the plan to become fully vested	5 years
Employee matching contributions	Three years beginning in 2007
Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of company's overall investments	66.50%
Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of company's overall investments	32.00%
Cash Holdings [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of company's overall investments	1.50%
401(K) Savings Plan, a Medical Plan and Other Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution recorded related to Noble Drilling Corporation profit sharing plan	70,000,000	80,000,000	69,000,000
Minimum [Member] | International Countries [Member]
Defined Benefit Plan Disclosure [Line Items]
Target equities of plant equities in percentage	20.00%
Maximum [Member] | International Countries [Member]
Defined Benefit Plan Disclosure [Line Items]
Target equities of plant equities in percentage	23.00%
Maximum [Member] | Country One [Member]
Defined Benefit Plan Disclosure [Line Items]
Target equities of plant equities in percentage	30.00%
Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Performance objective communicated to investment managers	To exceed a blend of FTSE A Over 15 Year Gilts index and iBoxx Sterling Non Gilts index by 1.25 percent per annum
Interest rate range maximum	1.25%
Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Performance objective communicated to investment managers	To exceed a blend of FTSE's All Share index, North America index, Europe index and Pacific Basin index by 1.00 to 2.00 percent per annum
Interest rate range maximum	2.00%
Interest rate range minimum	1.00%
Paragon Offshore [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment Expense	200,000
Settlement Expense	10,000,000
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment Expense
Settlement Expense
Net pension expense	4,125,000	6,415,000	5,292,000
Estimated prior service cost	100,000
Estimated net actuarial loss	300,000
ABO for the unfunded excess benefit plan	1,355,000	6,493,000
Employer contributions	6,863,000	9,365,000	6,000,000
Expected contribution to non-U.S. and U.S pension plans during 2014	2,000,000
Liability under the restoration plan	72,553,000	161,591,000	151,781,000
Non-U.S. Plans [Member] | Paragon Offshore [Member]
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	2,000,000	4,000,000	3,000,000
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Curtailment Expense	18,178,000
Settlement Expense	(34,397,000)
Net pension expense	17,114,000	14,537,000	14,743,000
Estimated prior service cost	100,000
Estimated net actuarial loss	6,200,000
Pension liability	14,000,000
ABO for the unfunded excess benefit plan	202,716,000	11,997,000
Employer contributions	2,017,000	6,391,000	11,000,000
Expected contribution to non-U.S. and U.S pension plans during 2014	3,000,000
Liability under the restoration plan	238,072,000	223,938,000	225,885,000
U.S. Plans [Member] | Paragon Offshore [Member]
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	11,000,000	4,000,000	4,000,000
Noble Drilling (Land Support) [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of targeted asset allocation	70.00%
Noble Drilling (Land Support) [Member] | Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of targeted asset allocation	30.00%
Restoration Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Liability under the restoration plan	7,000,000	8,000,000
Noble Drilling Corporation Profit Sharing Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution recorded related to Noble Drilling Corporation profit sharing plan	$ 6,000,000	$ 5,000,000	$ 4,000,000

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Spin-off of Paragon Offshore plc ("Paragon Offshore")

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Spin-off of Paragon Offshore plc ("Paragon Offshore")

Note 2 – Spin-off of Paragon Offshore plc (“Paragon Offshore”)

On August 1, 2014, Noble-UK completed the separation and spin-off of a majority of its standard specification offshore drilling business (the “Spin-off”) through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore, to the holders of Noble’s ordinary shares. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Through the Spin-off, we disposed of most of our standard specification drilling units and related assets, liabilities and business. Prior to the Spin-off, Paragon Offshore issued approximately $1.7 billion of long-term debt. We used the proceeds from this debt to repay certain amounts outstanding under our commercial paper program.

Prior to the completion of the Spin-off, Noble and Paragon Offshore entered into a series of agreements to effect the separation and Spin-off and govern the relationship between the parties after the Spin-off.

Master Separation Agreement (“MSA”)

The general terms and conditions relating to the separation and Spin-off are set forth in the MSA. The MSA identifies the assets transferred, liabilities assumed and contracts assigned either to Paragon Offshore by us or by Paragon Offshore to us in the separation and describes when and how these transfers, assumptions and assignments would occur. The MSA provides for, among other things, Paragon Offshore’s responsibility for liabilities relating to its business and the responsibility of Noble for liabilities related to our, and in certain limited cases, Paragon Offshore’s business, in each case irrespective of when the liability arose. The MSA also contains indemnification obligations and ongoing commitments by us and Paragon Offshore.

Employee Matters Agreement (“EMA”)

The EMA allocates liabilities and responsibilities between us and Paragon Offshore relating to employment, compensation and benefits and other employment related matters.

Tax Sharing Agreement (“TSA”)

The TSA provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims.

Transition Services Agreements

Under two transition services agreements, we agreed to continue, for a limited period of time, to provide various interim support services to Paragon Offshore, and Paragon Offshore agreed to provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations.

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Property and Equipment - Property and Equipment, at Cost (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 14,442,922	$ 19,198,767
Drilling Equipment and Facilities [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	13,254,240	17,130,986
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	969,985	1,854,434
Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 218,697	$ 213,347

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Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Detail) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
United States	$ 38,206	$ 178,090	$ 135,618
Non-U.S.	(8,741)	460,331	407,747
Income from continuing operations before income taxes	$ 29,465	$ 638,421	$ 543,365

XML

Financial Instruments and Credit Risk - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating Revenue [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Concentration risk benchmark description	Consolidated operating revenues
Customer Concentration Risk [Member] | Royal Dutch Shell Plc [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Percent of operating revenues contributed by major customers	55.00%	67.00%	51.00%
Customer Concentration Risk [Member] | Saudi Aramco [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Percent of operating revenues contributed by major customers		10.00%	10.00%
Maximum percent of operating revenue accounted by other customers	10.00%
Customer Concentration Risk [Member] | Petroleo Brasileiro Sa [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Percent of operating revenues contributed by major customers			11.00%
Maximum percent of operating revenue accounted by other customers	10.00%	10.00%

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Equity - Summary of Stock Options Granted (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Equity [Abstract]
Intrinsic value of options exercised	$ 3
Aggregate intrinsic value of options outstanding and exercisable	$ 0

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Segment and Related Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment and Related Information

Note 19- Segment and Related Information

We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a single, global market for contract drilling services and are often redeployed globally due to changing demands of our customers, which consist largely of major non-U.S. and government owned/controlled oil and gas companies throughout the world. As of December 31, 2014, our contract drilling services segment conducts contract drilling operations in the United States, Brazil, Argentina, the North Sea, the Mediterranean, the Middle East, Asia and Australia.

We evaluate the performance of our operating segment based on revenues from external customers and segment profit. Summarized financial information of our reportable segment for continuing operations for the years ended December 31, 2014, 2013 and 2012 is shown in the following tables. The “Other” column includes results of labor contract drilling services in Alaska for 2013 and 2012, as well as corporate related items for all periods. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-UK.

	Contract
	Drilling
	Services			Other			Total
2014
Revenues from external customers	$	3,230,253		$	2,251		$	3,232,504
Depreciation and amortization		608,590			18,883			627,473
Segment operating income (loss)		204,365			(18,423	)		185,942
Interest expense, net of amount capitalized		(164	)		(155,015	)		(155,179	)
Income tax (provision) benefit		(130,654	)		24,003			(106,651	)
Segment profit (loss)		216,659			(208,168	)		8,491
Total assets (at end of period)		13,019,089			267,733			13,286,822
2013
Revenues from external customers	$	2,520,064		$	18,079		$	2,538,143
Depreciation and amortization		497,303			14,210			511,513
Segment operating income (loss)		750,181			(9,644	)		740,537
Interest expense, net of amount capitalized		(694	)		(105,606	)		(106,300	)
Income tax provision		(90,468	)		(1,649	)		(92,117	)
Segment profit (loss)		874,816			(92,119	)		782,697
Total assets (at end of period)		15,495,071			722,886			16,217,957
2012
Revenues from external customers	$	2,154,980		$	45,719		$	2,200,699
Depreciation and amortization		427,234			13,072			440,306
Segment operating income (loss)		626,012			(448	)		625,564
Interest expense, net of amount capitalized		(394	)		(85,369	)		(85,763	)
Income tax (provision) benefit		(110,373	)		15,190			(95,183	)
Segment profit (loss)		645,560			(123,216	)		522,344

The following table presents revenues and identifiable assets by country based on the location of the service provided:

	Revenues						Identifiable Assets
	Year Ended December 31,						As of December 31,
	2014		2013		2012		2014		2013 (3)
United States	$	1,639,509	$	1,338,634	$	1,061,254	$	6,739,636	$	5,525,839
Argentina		97,743		—		—		304,131		—
Australia		146,474		133,214		42,353		541,655		624,238
Benin		66,077		41,251		—		—		803,788
Brazil		447,266		527,706		430,737		799,599		3,921,306
Denmark		28,980		—		—		272,788		—
Egypt		19,961		33,685		103,380		—		—
Malaysia		11,126		—		—		1,144,498		23,002
Malta		15,495		7,453		35,776		—		454,951
Mexico		127		14,529		40,218		35,994		439,098
Morocco		69,056		—		—		—		—
New Zealand		56,911		11,995		9,563		—		663,165
Saudi Arabia		260,544		246,083		220,657		479,525		584,230
Singapore (1)		—		—		—		982,731		618,341
South Korea (1)		—		—		—		—		894,347
Switzerland (2)		—		—		—		27,645		32,162
The Netherlands		82,026		—		—		249,074		339,560
Turkey		13,960		—		—		740,362		—
United Arab Emirates		108,044		71,896		59,321		331,812		443,166
United Kingdom		84,078		87,908		66,232		248,835		400,989
Other		85,127		23,789		131,208		388,537		449,775
Total	$	3,232,504	$	2,538,143	$	2,200,699	$	13,286,822	$	16,217,957

(1) Singapore and South Korea consist primarily of asset values for newbuild rigs under construction in shipyards.

(2) Switzerland assets consist of general corporate assets, which generate no external revenue for the Company.

(3) Amounts in 2013 include identifiable assets that were ultimately transferred to Paragon Offshore as part of the Spin-off.

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Unaudited Interim Financial Data - Quarterly Financial Information (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]
Operating revenues	$ 804,740	$ 828,796	$ 803,781	$ 795,187	$ 725,089	$ 640,513	$ 606,480	$ 566,061	$ 3,232,504	$ 2,538,143	$ 2,200,699
Operating income (loss)	(541,864)	243,633	235,205	248,968	205,879	239,248	159,973	135,437	185,942	740,537	625,564
Net income (loss) from continuing operations attributable to Noble-UK	(594,539)	147,389	140,325	154,814	144,023	165,267	102,406	66,899	8,491	782,697	522,344
Net income (loss) per share from continuing operations attributable to Noble-UK
Operating revenues	804,740	828,796	803,781	795,187	725,089	640,513	606,480	566,061	3,232,504	2,538,143	2,200,699
Operating income	(541,864)	243,633	235,205	248,968	205,879	239,248	159,973	135,437	185,942	740,537	625,564
Net income from continuing operations attributable to Noble-UK	$ (594,539)	$ 147,389	$ 140,325	$ 154,814	$ 144,023	$ 165,267	$ 102,406	$ 66,899	$ 8,491	$ 782,697	$ 522,344
Basic	$ (2.38)	$ 0.57	$ 0.54	$ 0.60	$ 0.56	$ 0.64	$ 0.40	$ 0.26	$ 0.03	$ 3.05	$ 2.05
Diluted	$ (2.38)	$ 0.57	$ 0.54	$ 0.60	$ 0.56	$ 0.64	$ 0.40	$ 0.26	$ 0.03	$ 3.05	$ 2.05

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Equity - Summary of Restricted Share Awards (Detail) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Time-Vested Restricted Shares [Member]
PVRSU
Units awarded (maximum available)	1,617,534	1,033,009	932,274
Weighted-average share price at award date	$ 31.56	$ 41.32	$ 36.53
Weighted-average vesting period (years)	3 years	3 years	3 years
Performance-Vested Restricted Shares [Member]
PVRSU
Units awarded (maximum available)	740,364	565,650	481,206
Weighted-average share price at award date	$ 31.66	$ 41.42	$ 36.90
Three-year performance period ended December 31	2016	2015	2014
Weighted-average award-date fair value	$ 19.66	$ 24.97	$ 20.05

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Equity (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Share Repurchases

Share repurchases for each of the three years ended December 31 are as follows:

	Total Number				Average
Year Ended	of Shares				Price Paid
December 31,	Purchased		Total Cost(1)		per Share(1)
2014		6,769,891	$	154,145	$	22.77
2013		190,187		7,653		40.24
2012		302,150		10,516		34.80

(1) The total cost and average price paid per share includes the impact of commissions and stamp tax for share repurchases made in the open market.

Summary of Stock Options Granted

A summary of the status of stock options granted under both the 1991 Plan and 1992 Plan as of December 31, 2014, 2013 and 2012 and the changes during the year ended on those dates is presented below:

	2014					2013					2012
	Number of			Weighted		Number of			Weighted		Number of			Weighted
	Shares			Average		Shares			Average		Shares			Average
	Underlying			Exercise		Underlying			Exercise		Underlying			Exercise
	Options			Price		Options			Price		Options			Price
Outstanding at beginning of year		1,808,987		$	33.13		2,027,089		$	32.44		2,498,662		$	29.22
Granted		—			—		—			—		358,772			36.04
Exercised (1)		(131,706	)		20.08		(212,017	)		26.66		(645,731	)		20.97
Forfeited		(57,871	)		30.18		(6,085	)		31.35		(184,614	)		35.92
Spin-off adjustment		339,223			N/A		—			—		—			—
Outstanding at end of year (2)		1,958,633			28.43		1,808,987			33.13		2,027,089			32.44
Exercisable at end of year (2)		1,846,465		$	28.35		1,510,929		$	32.47		1,453,945		$	30.70

(1) The intrinsic value of options exercised during the year ended December 31, 2014 was $3 million.

(2) The aggregate intrinsic value of options outstanding and exercisable at December 31, 2014 was $0.

Additional Information about Stock Options Outstanding

The following table summarizes additional information about stock options outstanding at December 31, 2014:

	Options Outstanding						Options Exercisable
	Number of		Weighted		Weighted				Weighted
	Shares		Average		Average				Average
	Underlying		Remaining		Exercise		Number		Exercise
	Options		Life (Years)		Price		Exercisable		Price
$20.49 to $21.99		513,103		2.25	$	21.24		513,103	$	21.24
$22.00 to $29.74		312,531		2.71		27.13		294,553		27.24
$29.75 to $35.73		1,132,999		5.37		32.04		1,038,809		32.17
Total		1,958,633		4.13	$	28.43		1,846,465	$	28.35

Valuation Assumptions for Stock Options Granted

Fair value information and related valuation assumptions for stock options granted during the year ended December 31, 2012 is as follows:

	2012
Weighted average fair value per option granted	$	13.41
Valuation assumptions:
Expected option term (years)		6
Expected volatility		43.0	%
Historical dividend yield		1.4	%
Risk-free interest rate		1.1	%

Summary of Status of Non-Vested Stock Options

A summary of the status of our non-vested stock options at December 31, 2014, and changes during the year ended December 31, 2014, is presented below:

	Shares			Weighted-Average
	Under Outstanding			Grant-Date
	Options			Fair Value
Non-Vested Options at January 1, 2014		298,058		$	13.13
Vested		(204,877	)		13.16
Spin-off adjustment		18,987			N/A
Non-Vested Options at December 31, 2014		112,168		$	13.05

Assumptions used to Value Performance-Vested Restricted Stock Awards

The assumptions used to value the PVRSU’s include historical volatility, risk-free interest rates, and expected dividends over a time period commensurate with the remaining term prior to vesting, as follows:

	2014			2013			2012
Valuation assumptions:
Expected volatility		33.0	%		34.8	%		41.4	%
Expected dividend yield		4.7	%		1.3	%		1.5	%
Risk-free interest rate		0.7	%		0.4	%		0.3	%

Summary of Restricted Share Awards

A summary of the RSU awards for each of the years in the period ended December 31 is as follows:

	2014		2013		2012
TVRSU
Units awarded (maximum available)		1,617,534		1,033,009		932,274
Weighted-average share price at award date	$	31.56	$	41.32	$	36.53
Weighted-average vesting period (years)		3.0		3.0		3.0
PVRSU
Units awarded (maximum available)		740,364		565,650		481,206
Weighted-average share price at award date	$	31.66	$	41.42	$	36.90
Three-year performance period ended December 31		2016		2015		2014
Weighted-average award-date fair value	$	19.66	$	24.97	$	20.05

Summary of Status of Non-Vested Restricted Shares

A summary of the status of non-vested RSU’s at December 31, 2014 and changes during the year ended December 31, 2014 is presented below:

				Weighted					Weighted
				Average					Average
	TVRSU’s			Award-Date		PVRSU’s			Award-Date
	Outstanding			Fair Value		Outstanding (1)			Fair Value
Non-vested RSU’s at January 1, 2014		1,652,360		$	39.40		1,397,137		$	21.06
Awarded		1,617,534			31.56		740,364			19.66
Vested		(749,935	)		38.76		(180,975	)		16.77
Forfeited		(149,006	)		35.50		(253,882	)		17.66
Surrendered in connection with Spin-off		(816,627	)		34.22		(89,612	)		20.95
Spin-off adjustment		326,853			N/A		329,937			N/A
Non-vested RSU’s at December 31, 2014		1,881,179		$	34.66		1,942,969		$	21.44

(1) The number of PVRSU’s shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown.

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Gain on Disposal of Assets, net

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Gain on Disposal of Assets, net

Note 12- Gain on Disposal of Assets, net

During the third quarter of 2013, we completed the sale of the Noble Lewis Dugger for $61 million to an unrelated third party in Mexico. In connection with the sale, we recorded a pre-tax gain of approximately $36 million.

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Employee Benefit Plans - Actual Fair Values of U.S. Pension Plans (Detail) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	$ 592	$ 77,561
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	172,119
Estimated Fair Value Measurements	172,119	201,011	167,170
U.S. Plans [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	5,998
U.S. Plans [Member] | Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	51,906
U.S. Plans [Member] | United States [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	80,823
U.S. Plans [Member] | International Countries [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Carrying Amount	33,392
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	166,121
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	51,906
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | United States [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	80,823
U.S. Plans [Member] | Quoted Prices in Active Markets (Level 1) [Member] | International Countries [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	33,392
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	5,998
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements	5,998
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | United States [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
U.S. Plans [Member] | Significant Other Observable Inputs (Level 2) [Member] | International Countries [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | United States [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements
U.S. Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | International Countries [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Estimated Fair Value Measurements