(State or other jurisdiction of incorporation) | (Commission file number) | (I.R.S. employer identification no.) |
(Address of principal executive offices) | (Zip code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2). |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Item 2.02. Results of Operations and Financial Condition. |
On October 30, 2019, Noble Corporation plc (the “Company”) issued a press release announcing its condensed consolidated financial results for the quarter ended September 30, 2019. A copy of such press release is included as Exhibit 99.1 and will be published in the “Investor Relations” area on the Company’s web site at http://www.noblecorp.com. |
Pursuant to the rules and regulations of the Securities and Exchange Commission, the press release is being furnished and shall not be deemed to be “filed” under the Securities Exchange Act of 1934. |
Item 9.01. Financial Statements and Exhibits. | |
(d) Exhibits | |
EXHIBIT | |
NUMBER | DESCRIPTION |
Exhibit 99.1 | |
Exhibit 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. |
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
NOBLE CORPORATION plc | |||||||
Date: | October 30, 2019 | By: | /s/ Julie J. Robertson | ||||
Julie J. Robertson | |||||||
Chairman, President and Chief Executive Officer |
Noble Corporation plc 10 Brook Street London W1S IBG England | ![]() |
• | Contract extensions for three jackups improve days under contract in 2020 |
• | Noble Joe Knight commences operations offshore Middle East |
• | Advanced discussions with Shell to receive payout of Noble Bully II contract and |
• | acquire Shell’s interest in the Bully joint ventures |
• | Gross impairment charge of $596 million taken on Noble Bully II |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating revenues | ||||||||||||||||
Contract drilling services | $ | 259,428 | $ | 267,238 | $ | 804,746 | $ | 744,033 | ||||||||
Reimbursables and other | 16,098 | 12,170 | 46,604 | 28,901 | ||||||||||||
275,526 | 279,408 | 851,350 | 772,934 | |||||||||||||
Operating costs and expenses | ||||||||||||||||
Contract drilling services | 175,929 | 162,985 | 516,522 | 451,271 | ||||||||||||
Reimbursables | 13,779 | 9,676 | 38,555 | 22,323 | ||||||||||||
Depreciation and amortization | 112,755 | 113,868 | 333,481 | 372,304 | ||||||||||||
General and administrative | 17,565 | 14,722 | 149,816 | 58,522 | ||||||||||||
Loss on impairment | 595,510 | — | 595,510 | 792,843 | ||||||||||||
915,538 | 301,251 | 1,633,884 | 1,697,263 | |||||||||||||
Operating loss | (640,012 | ) | (21,843 | ) | (782,534 | ) | (924,329 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest expense, net of amounts capitalized | (68,991 | ) | (73,725 | ) | (208,211 | ) | (223,870 | ) | ||||||||
Gain (loss) on extinguishment of debt, net | (650 | ) | 109 | 30,616 | (8,659 | ) | ||||||||||
Interest income and other, net | (144 | ) | 2,610 | 4,222 | 6,814 | |||||||||||
Loss from continuing operations before income taxes | (709,797 | ) | (92,849 | ) | (955,907 | ) | (1,150,044 | ) | ||||||||
Income tax benefit | 2,845 | 14,491 | 37,162 | 50,334 | ||||||||||||
Net loss from continuing operations | (706,952 | ) | (78,358 | ) | (918,745 | ) | (1,099,710 | ) | ||||||||
Net loss from discontinued operations, net of tax | — | — | (3,821 | ) | — | |||||||||||
Net loss | (706,952 | ) | (78,358 | ) | (922,566 | ) | (1,099,710 | ) | ||||||||
Net (income) loss attributable to noncontrolling interests | 262,081 | (3,233 | ) | 254,846 | 247,722 | |||||||||||
Net loss attributable to Noble Corporation plc | $ | (444,871 | ) | $ | (81,591 | ) | $ | (667,720 | ) | $ | (851,988 | ) | ||||
Net loss attributable to Noble Corporation plc | ||||||||||||||||
Net loss from continuing operations | $ | (444,871 | ) | $ | (81,591 | ) | $ | (663,899 | ) | $ | (851,988 | ) | ||||
Net loss from discontinued operations, net of tax | — | — | (3,821 | ) | — | |||||||||||
Net loss attributable to Noble Corporation plc | $ | (444,871 | ) | $ | (81,591 | ) | $ | (667,720 | ) | $ | (851,988 | ) | ||||
Per share data | ||||||||||||||||
Basic: | ||||||||||||||||
Loss from continuing operations | $ | (1.79 | ) | $ | (0.33 | ) | $ | (2.66 | ) | $ | (3.46 | ) | ||||
Loss from discontinued operations | — | — | (0.02 | ) | — | |||||||||||
Net loss attributable to Noble Corporation plc | $ | (1.79 | ) | $ | (0.33 | ) | $ | (2.68 | ) | $ | (3.46 | ) | ||||
Diluted: | ||||||||||||||||
Loss from continuing operations | $ | (1.79 | ) | $ | (0.33 | ) | $ | (2.66 | ) | $ | (3.46 | ) | ||||
Loss from discontinued operations | — | — | (0.02 | ) | — | |||||||||||
Net loss attributable to Noble Corporation plc | $ | (1.79 | ) | $ | (0.33 | ) | $ | (2.68 | ) | $ | (3.46 | ) |
September 30, 2019 | December 31, 2018 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 135,993 | $ | 375,232 | ||||
Accounts receivable, net | 206,235 | 200,722 | ||||||
Prepaid expenses and other current assets | 103,051 | 83,102 | ||||||
Total current assets | 445,279 | 659,056 | ||||||
Property and equipment, at cost | 10,346,771 | 10,956,412 | ||||||
Accumulated depreciation | (2,537,648 | ) | (2,475,694 | ) | ||||
Property and equipment, net | 7,809,123 | 8,480,718 | ||||||
Other assets | 141,113 | 125,149 | ||||||
Total assets | $ | 8,395,515 | $ | 9,264,923 | ||||
LIABILITIES AND EQUITY | ||||||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | 362,493 | $ | — | ||||
Accounts payable | 108,789 | 125,557 | ||||||
Accrued payroll and related costs | 50,298 | 50,284 | ||||||
Other current liabilities | 249,162 | 189,616 | ||||||
Total current liabilities | 770,742 | 365,457 | ||||||
Long-term debt | 3,577,863 | 3,877,402 | ||||||
Other liabilities | 331,696 | 367,490 | ||||||
Total liabilities | 4,680,301 | 4,610,349 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Total shareholders' equity | 3,593,766 | $ | 4,253,171 | |||||
Noncontrolling interests | 121,448 | 401,403 | ||||||
Total equity | 3,715,214 | 4,654,574 | ||||||
Total liabilities and equity | $ | 8,395,515 | $ | 9,264,923 |
Nine Months Ended September 30, | ||||||||
2019 | 2018 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (922,566 | ) | $ | (1,099,710 | ) | ||
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||||
Depreciation and amortization | 333,481 | 372,304 | ||||||
Loss on impairment | 595,510 | 792,843 | ||||||
(Gain) loss on extinguishment of debt, net | (30,616 | ) | 8,659 | |||||
Changes in components of working capital: | ||||||||
Change in taxes receivable | (12,379 | ) | 40,859 | |||||
Net changes in other operating assets and liabilities | 5,096 | (71,639 | ) | |||||
Net cash provided by (used in) operating activities | (31,474 | ) | 43,316 | |||||
Cash flows from investing activities | ||||||||
Capital expenditures | (222,587 | ) | (149,329 | ) | ||||
Proceeds from disposal of assets, net | 9,430 | 4,135 | ||||||
Net cash used in investing activities | (213,157 | ) | (145,194 | ) | ||||
Cash flows from financing activities | ||||||||
Issuance of senior notes | — | 750,000 | ||||||
Borrowings on credit facilities | 455,000 | — | ||||||
Repayments of credit facilities | (20,000 | ) | — | |||||
Repayments of debt | (400,000 | ) | (952,477 | ) | ||||
Debt issuance costs | (1,092 | ) | (15,327 | ) | ||||
Dividends paid to noncontrolling interests | (25,109 | ) | (12,694 | ) | ||||
Taxes withheld on employee stock transactions | (2,779 | ) | (3,458 | ) | ||||
Net cash used in financing activities | 6,020 | (233,956 | ) | |||||
Net decrease in cash, cash equivalents and restricted cash | (238,611 | ) | (335,834 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 375,907 | 662,829 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 137,296 | $ | 326,995 |
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | ||||||||||||||||||||||||||||||||||
Contract Drilling Services | Other | Total | Contract Drilling Services | Other | Total | Contract Drilling Services | Other | Total | ||||||||||||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||||||||||||||
Contract drilling services | $ | 259,428 | $ | — | $ | 259,428 | $ | 267,238 | $ | — | $ | 267,238 | $ | 274,817 | $ | — | $ | 274,817 | ||||||||||||||||||
Reimbursables and other | 16,098 | — | 16,098 | 12,170 | — | 12,170 | 18,119 | — | 18,119 | |||||||||||||||||||||||||||
$ | 275,526 | $ | — | $ | 275,526 | $ | 279,408 | $ | — | $ | 279,408 | $ | 292,936 | $ | — | $ | 292,936 | |||||||||||||||||||
Operating costs and expenses | ||||||||||||||||||||||||||||||||||||
Contract drilling services | $ | 175,929 | $ | — | $ | 175,929 | $ | 162,985 | $ | — | $ | 162,985 | $ | 168,865 | $ | — | $ | 168,865 | ||||||||||||||||||
Reimbursables | 13,779 | — | 13,779 | 9,676 | — | 9,676 | 15,381 | — | 15,381 | |||||||||||||||||||||||||||
Depreciation and amortization | 109,616 | 3,139 | 112,755 | 109,492 | 4,376 | 113,868 | 107,802 | 3,346 | 111,148 | |||||||||||||||||||||||||||
General and administrative | 17,565 | — | 17,565 | 14,722 | — | 14,722 | 116,252 | — | 116,252 | |||||||||||||||||||||||||||
Loss on impairment | 595,510 | — | 595,510 | — | — | — | — | — | — | |||||||||||||||||||||||||||
$ | 912,399 | $ | 3,139 | $ | 915,538 | $ | 296,875 | $ | 4,376 | $ | 301,251 | $ | 408,300 | $ | 3,346 | $ | 411,646 | |||||||||||||||||||
Operating loss | $ | (636,873 | ) | $ | (3,139 | ) | $ | (640,012 | ) | $ | (17,467 | ) | $ | (4,376 | ) | $ | (21,843 | ) | $ | (115,364 | ) | $ | (3,346 | ) | $ | (118,710 | ) |
Operating statistics | ||||||
Jackups: | ||||||
Average Rig Utilization | 89% | 93% | 98% | |||
Operating Days | 985 | 1,028 | 1,050 | |||
Average Dayrate | $130,339 | $122,350 | $124,572 | |||
Floaters: | ||||||
Average Rig Utilization | 63% | 45% | 67% | |||
Operating Days | 691 | 502 | 728 | |||
Average Dayrate | $189,773 | $281,796 | $197,911 | |||
Total: | ||||||
Average Rig Utilization | 76% | 69% | 82% | |||
Operating Days | 1,676 | 1,530 | 1,778 | |||
Average Dayrate | $154,827 | $174,665 | $154,609 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Numerator: | ||||||||||||||||
Basic | ||||||||||||||||
Net loss from continuing operations | $ | (444,871 | ) | $ | (81,591 | ) | $ | (663,899 | ) | $ | (851,988 | ) | ||||
Net loss from discontinued operations, net of tax | — | — | (3,821 | ) | — | |||||||||||
Net loss attributable to Noble Corporation plc | $ | (444,871 | ) | $ | (81,591 | ) | $ | (667,720 | ) | $ | (851,988 | ) | ||||
Diluted | ||||||||||||||||
Net loss from continuing operations | $ | (444,871 | ) | $ | (81,591 | ) | $ | (663,899 | ) | $ | (851,988 | ) | ||||
Net loss from discontinued operations, net of tax | — | — | (3,821 | ) | — | |||||||||||
Net loss attributable to Noble Corporation plc | $ | (444,871 | ) | $ | (81,591 | ) | $ | (667,720 | ) | $ | (851,988 | ) | ||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding - basic | 249,181 | 246,780 | 248,865 | 246,553 | ||||||||||||
Weighted average shares outstanding - diluted | 249,181 | 246,780 | 248,865 | 246,553 | ||||||||||||
Loss per share | ||||||||||||||||
Basic: | ||||||||||||||||
Loss from continuing operations | $ | (1.79 | ) | $ | (0.33 | ) | $ | (2.66 | ) | $ | (3.46 | ) | ||||
Loss from discontinued operations | — | — | (0.02 | ) | — | |||||||||||
Net loss attributable to Noble Corporation plc | $ | (1.79 | ) | $ | (0.33 | ) | $ | (2.68 | ) | $ | (3.46 | ) | ||||
Diluted: | ||||||||||||||||
Loss from continuing operations | $ | (1.79 | ) | $ | (0.33 | ) | $ | (2.66 | ) | $ | (3.46 | ) | ||||
Loss from discontinued operations | — | — | (0.02 | ) | — | |||||||||||
Net loss attributable to Noble Corporation plc | $ | (1.79 | ) | $ | (0.33 | ) | $ | (2.68 | ) | $ | (3.46 | ) |
Reconciliation of Income Tax Benefit (Provision) | Three Months Ended September 30, | ||||||||
2019 | 2018 | ||||||||
Income tax benefit (provision) | $ | 2,845 | $ | 14,491 | |||||
Adjustments | |||||||||
Discrete tax items | — | (24,924 | ) | ||||||
Total Adjustments | — | (24,924 | ) | ||||||
Adjusted income tax benefit (provision) | $ | 2,845 | $ | (10,433 | ) | ||||
Reconciliation of Net Loss Attributable to Noble Corporation plc | Three Months Ended September 30, | ||||||||
2019 | 2018 | ||||||||
Net loss attributable to Noble Corporation plc | $ | (444,871 | ) | $ | (81,591 | ) | |||
Adjustments | |||||||||
Loss on impairment, net of tax | 595,510 | — | |||||||
Net loss attributable to noncontrolling interests | (264,988 | ) | — | ||||||
Discrete tax items | — | (24,924 | ) | ||||||
Loss on debt extinguishment | 650 | — | |||||||
Total Adjustments | 331,172 | (24,924 | ) | ||||||
Adjusted net loss attributable to Noble Corporation plc | $ | (113,699 | ) | $ | (106,515 | ) | |||
Reconciliation of Diluted EPS Attributable to Noble Corporation plc | Three Months Ended September 30, | ||||||||
2019 | 2018 | ||||||||
Unadjusted diluted EPS attributable to Noble Corporation plc | $ | (1.79 | ) | $ | (0.33 | ) | |||
Adjustments | |||||||||
Loss on impairment | 1.33 | — | |||||||
Discrete tax items | — | (0.10 | ) | ||||||
Total Adjustments | 1.33 | (0.1 | ) | ||||||
Adjusted diluted EPS attributable to Noble Corporation plc | $ | (0.46 | ) | $ | (0.43 | ) |
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Cover |
Oct. 30, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Oct. 30, 2019 |
Entity Registrant Name | NOBLE CORPORATION plc |
Entity Central Index Key | 0001458891 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | X0 |
Entity File Number | 001-36211 |
Entity Tax Identification Number | 98-0619597 |
Entity Address, Address Line One | 10 Brook Street, |
Entity Address, City or Town | London, |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | W1S1BG |
Country Region | +44 |
City Area Code | 20 |
Local Phone Number | 3300 2300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Shares, Nominal Value $0.01 per Share |
Trading Symbol | NE |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |