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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2021
OR
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
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________________
Cayman Islands 98-1575532
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification number)
13135 Dairy Ashford, Suite 800, Sugar Land, Texas, 77478
(Address of principal executive offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (281) 276-6100
_____________________________________________________________________________________________________
Commission file number: 001-31306

Noble Finance Company
(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)
13135 Dairy Ashford, Suite 800, Sugar Land, Texas, 77478
(Address of principal executive offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (281) 276-6100
_______________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary Shares, par value $0.00001 per shareNENew York Stock Exchange
_______________________________________________________________________________________________
Indicate by check mark whether each 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Noble Corporation:Large accelerated filerAccelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
Noble Finance Company:Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
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.
Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.   Yes      No  
Number of shares outstanding at November 3, 2021: Noble Corporation - 60,172,178
Number of shares outstanding: Noble Finance Company - 261,246,093
This Quarterly Report on Form 10-Q is a combined report being filed separately by two registrants: Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability, and its wholly-owned subsidiary, Noble Finance Company, an exempted company incorporated in the Cayman Islands.



TABLE OF CONTENTS
   Page
PART I  
Item 1  
 Noble Corporation (Noble) Financial Statements:  
  
  
  
  
  
    
 Noble Finance Company (Finco) Financial Statements:  
  
  
  
  
  
    
  
    
Item 2 
Item 3 
Item 4 
PART II  
Item 1 
Item 1A
Item 6 
  
This combined Quarterly Report on Form 10-Q is separately filed by Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (“Noble” or “Successor”), and Noble Finance Company (formerly known as Noble Corporation), an exempted company incorporated in the Cayman Islands with limited liability and a wholly-owned subsidiary of Noble (“Finco”). Information in this filing relating to Finco is filed by Noble and separately by Finco on its own behalf. Finco makes no representation as to information relating to Noble (except as it may relate to Finco) or any other affiliate or subsidiary of Noble.
This report should be read in its entirety as it pertains to each Registrant. Except where indicated, the Condensed Consolidated Financial Statements and related Notes are combined. References in this Quarterly Report on Form 10-Q to “Noble,” the “Company,” “we,” “us,” “our” and words of similar meaning refer collectively to Noble and its condensed consolidated subsidiaries, including Finco.
2


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
SuccessorPredecessor
September 30, 2021December 31, 2020
ASSETS
Current assets
Cash and cash equivalents$112,225 $343,332 
Accounts receivable, net of allowance for credit losses of zero and $1,069, respectively
227,644 147,863 
Taxes receivable29,565 30,767 
Prepaid expenses and other current assets 51,476 80,322 
Total current assets420,910 602,284 
Intangible assets76,262  
Property and equipment, at cost1,518,663 4,777,697 
Accumulated depreciation(56,588)(1,200,628)
Property and equipment, net1,462,075 3,577,069 
Property and equipment held for sale88,639  
Other assets46,882 84,584 
Total assets$2,094,768 $4,263,937 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$106,429 $95,159 
Accrued payroll and related costs56,442 36,553 
Taxes payable39,312 36,819 
Interest payable4,293  
Other current liabilities35,031 49,820 
Total current liabilities241,507 218,351 
Long-term debt406,000  
Deferred income taxes13,568 9,292 
Other liabilities67,025 108,039 
Liabilities subject to compromise 4,239,643 
Total liabilities728,100 4,575,325 
Commitments and contingencies (Note 15)
Shareholders’ equity
Predecessor common stock, $0.01 par value, ordinary shares; 251,084 shares outstanding as of December 31, 2020
— 2,511 
Successor common stock, $0.00001 par value, ordinary shares; 60,168 shares outstanding as of September 30, 2021
1 — 
Additional paid-in capital1,388,388 814,796 
Accumulated deficit(21,454)(1,070,683)
Accumulated other comprehensive income (loss)(267)(58,012)
Total shareholdersequity
1,366,668 (311,388)
Total liabilities and equity$2,094,768 $4,263,937 
See accompanying notes to the unaudited condensed consolidated financial statements.
3


NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

 
SuccessorPredecessor
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
Operating revenues
Contract drilling services$231,154 $227,050 
Reimbursables and other19,217 14,786 
250,371 241,836 
Operating costs and expenses
Contract drilling services188,552 137,180 
Reimbursables16,462 13,369 
Depreciation and amortization25,248 90,606 
General and administrative14,982 15,662 
Merger and integration costs5,033  
Transaction costs on sale of operating assets
3,146  
Hurricane losses10,441  
Pre-petition charges 3,894 
263,864 260,711 
Operating loss(13,493)(18,875)
Other income (expense)
Interest expense, net of amounts capitalized(8,870)(23,427)
Gain on extinguishment of debt, net 17,847 
Interest income and other, net973 7,872 
Reorganization items, net (9,014)
Loss before income taxes(21,390)(25,597)
Income tax provision(2,275)(25,271)
Net loss$(23,665)$(50,868)
Per share data
Basic:
Net loss$(0.36)$(0.20)
Diluted:
Net loss$(0.36)$(0.20)
See accompanying notes to the unaudited condensed consolidated financial statements.
4


NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - CONTINUED
(In thousands, except per share amounts)
(Unaudited) 
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
throughthroughNine Months Ended
September 30, 2021February 5, 2021September 30, 2020
Operating revenues
Contract drilling services$515,680 $74,051 $714,555 
Reimbursables and other46,467 3,430 46,510 
562,147 77,481 761,065 
Operating costs and expenses
Contract drilling services456,853 46,965 442,479 
Reimbursables41,577 2,737 41,387 
Depreciation and amortization64,831 20,622 283,652 
General and administrative47,939 5,727 106,504 
Merger and integration costs13,786   
Transaction costs on sale of operating assets
3,146   
Hurricane losses10,441   
Pre-petition charges  14,409 
Loss on impairment  1,119,517 
638,573 76,051 2,007,948 
Operating income (loss)(76,426)1,430 (1,246,883)
Other income (expense)
Interest expense, net of amounts capitalized(23,628)(229)(164,586)
Gain on bargain purchase64,479   
Gain on extinguishment of debt, net  17,254 
Interest income and other, net7,490 399 8,546 
Reorganization items, net 252,051 (9,014)
Income (loss) before income taxes(28,085)253,651 (1,394,683)
Income tax benefit (provision)6,631 (3,423)238,944 
Net income (loss)$(21,454)$250,228 (1,155,739)
Per share data
Basic:
Net income (loss)$(0.35)$1.00 $(4.61)
Diluted:
Net income (loss)$(0.35)$0.98 $(4.61)
See accompanying notes to the unaudited condensed consolidated financial statements.
5


NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)

SuccessorPredecessor
Three MonthsThree Months
EndedEnded
September 30, 2021September 30, 2020
Net loss$(23,665)$(50,868)
Other comprehensive income (loss)
Foreign currency translation adjustments 863 
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision of zero and $150 for the three months ended September 30, 2021 and 2020, respectively
(435)569 
Other comprehensive income (loss), net(435)1,432 
Comprehensive loss$(24,100)$(49,436)


SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
throughthroughNine Months Ended
September 30, 2021February 5, 2021September 30, 2020
Net income (loss)$(21,454)$250,228 $(1,155,739)
Other comprehensive income (loss)
Foreign currency translation adjustments (116)(1,812)
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision of zero, $59 and $450 for the period from February 6, 2021 through September 30, 2021, period from January 1, 2021 through February 5, 2021 and nine months ended September 30, 2020, respectively
(267)224 1,705 
Other comprehensive income (loss), net(267)108 (107)
Comprehensive income (loss)$(21,721)$250,336 $(1,155,846)


See accompanying notes to the unaudited condensed consolidated financial statements.
6


NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
throughthroughNine Months Ended
September 30, 2021February 5, 2021September 30, 2020
Cash flows from operating activities
Net income (loss)$(21,454)$250,228 $(1,155,739)
Adjustments to reconcile net loss to net cash flow from operating activities:
Depreciation and amortization64,831 20,622 283,652 
Loss on impairment  1,119,517 
Gain on extinguishment of debt, net  (17,254)
Gain on bargain purchase(64,479)  
Amortization of intangible asset37,127   
Reorganization items, net (280,790)(11,531)
Deferred income taxes(9,170)2,501 6,825 
Amortization of share-based compensation11,624 710 7,352 
Other costs, net1,912 (10,754)(53,179)
Changes in components of working capital:
Change in taxes receivable13,810 (1,789)29,581 
Net changes in other operating assets and liabilities(10,173)(26,176)27,442 
Net cash provided by (used in) operating activities24,028 (45,448)236,666 
Cash flows from investing activities
Capital expenditures(117,750)(14,629)(112,603)
Cash acquired in stock-based business combination 54,970   
Proceeds from disposal of assets, net31,247 194 1,428 
Net cash used in investing activities(31,533)(14,435)(111,175)
Cash flows from financing activities
Issuance of second lien notes 200,000  
Borrowings on credit facilities40,000 177,500 210,000 
Repayments of credit facilities(27,500)(545,000) 
Repayments of debt  (101,132)
Debt issuance costs (23,664) 
Warrants exercised 647   
Cash paid to settle equity compensation awards  (1,010)
Taxes withheld on employee stock transactions (1)(417)
Net cash provided by (used in) financing activities13,147 (191,165)107,441 
Net increase (decrease) in cash, cash equivalents and restricted cash5,642 (251,048)232,932 
Cash, cash equivalents and restricted cash, beginning of period113,993 365,041 105,924 
Cash, cash equivalents and restricted cash, end of period $119,635 $113,993 $338,856 
See accompanying notes to the unaudited condensed consolidated financial statements.
7


NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)
SharesAdditional
Paid-in
Capital
Retained
Earnings (Accumulated Deficit)
Accumulated Other
Comprehensive Income (Loss)
Total
Equity
BalancePar Value
Balance at 6/30/2020 (Predecessor)251,041 $2,510 $811,483 $1,802,905 $(59,928)$2,556,970 
Employee related equity activity
Amortization of share-based compensation— — 1,500 — — 1,500 
Issuance of share-based compensation shares21 — — — —  
Net loss— — — (50,868)— (50,868)
Other comprehensive income, net— — — — 1,432 1,432 
Balance at 9/30/2020 (Predecessor)251,062 $2,510 $812,983 $1,752,037 $(58,496)$2,509,034 
Balance at 6/30/2021 (Successor)60,150 $1 $1,383,344 $2,211 $168 $1,385,724 
Employee related equity activity
Amortization of share-based compensation— — 4,668 — — 4,668 
Exercise of common stock warrants18 — 376 — — 376 
Net loss— — — (23,665)— (23,665)
Other comprehensive loss, net— — — — (435)(435)
Balance at 9/30/2021 (Successor)60,168 $1 $1,388,388 $(21,454)$(267)$1,366,668 
See accompanying notes to the unaudited condensed consolidated financial statements.

8


NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - CONTINUED
(In thousands)
(Unaudited)
SharesAdditional
Paid-in
Capital
Retained
Earnings (Accumulated Deficit)
Accumulated Other
Comprehensive
Income (Loss)
Total
Equity
BalancePar Value
Balance at 12/31/2019 (Predecessor)249,200 $2,492 $807,093 $2,907,776 $(58,389)$3,658,972 
Employee related equity activity
Amortization of share-based compensation— — 6,342 — — 6,342 
Issuance of share-based compensation shares1,862 18 (17)— — 1 
Shares withheld for taxes on equity transactions— — (435)— — (435)
Net loss— — — (1,155,739)— (1,155,739)
Other comprehensive loss, net— — — — (107)(107)
Balance at 9/30/2020 (Predecessor)251,062 $2,510 $812,983 $1,752,037 $(58,496)$2,509,034 
Balance at 12/31/2020 (Predecessor)251,084 $2,511 $814,796 $(1,070,683)$(58,012)$(311,388)
Employee related equity activity
Amortization of share-based compensation— — 710 — — 710 
Issuance of share-based compensation shares43 — — — — — 
Shares withheld for taxes on equity transactions— — (1)— — (1)
Net income— — — 250,228 — 250,228 
Other comprehensive income, net— — — — 108 108 
Cancellation of Predecessor equity(251,127)(2,511)(815,505)820,455 57,904 60,343 
Issuance of Successor common stock and warrants50,000 1 1,018,767 — — 1,018,768 
Balance at 2/5/2021 (Predecessor)50,000 $1 $1,018,767 $ $ $1,018,768 
Balance at 2/6/2021 (Successor)50,000 $1 $1,018,767 $ $ 1,018,768 
Employee related equity activity
Amortization of share-based compensation— — 11,312 — — 11,312 
Exchange of common stock for penny warrants(6,463)— — — — — 
Exercise of common stock warrants31 — 647 — — 647 
Issuance of common stock for Pacific Drilling merger16,600 — 357,662 — — 357,662 
Net loss— — — (21,454)— (21,454)
Other comprehensive loss, net— — — — (267)(267)
Balance at 9/30/21 (Successor)60,168 $1 $1,388,388 $(21,454)$(267)$1,366,668 
9


NOBLE FINANCE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited) 
SuccessorPredecessor
September 30, 2021December 31, 2020
ASSETS
Current assets
Cash and cash equivalents$111,990 $343,332 
Accounts receivable, net of allowance for credit losses of zero and $1,069, respectively
227,644 147,863 
Accounts receivable from affiliates 31,214 
Taxes receivable29,565 30,767 
Prepaid expenses and other current assets40,317 50,469 
Total current assets409,516 603,645 
Intangible assets76,262  
Property and equipment, at cost1,518,663 4,777,697 
Accumulated depreciation(56,588)(1,200,628)
Property and equipment, net1,462,075 3,577,069 
Property and equipment held for sale88,639  
Other assets46,882 84,584 
Total assets$2,083,374 $4,265,298 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$100,691 $