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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: March 31, 2022
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. 
Noble CorporationYesNo
Noble Finance CompanyYesNo
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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Noble CorporationYesNo
Noble Finance CompanyYesNo
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.
Noble Corporation
Noble Finance Company
Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
Noble CorporationYesNo
Noble Finance CompanyYesNo
   
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 April 29, 2022: Noble Corporation - 65,036,559
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 2 
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)
Successor
March 31, 2022December 31, 2021
ASSETS
Current assets
Cash and cash equivalents$105,167 $194,138 
Accounts receivable, net247,496 200,419 
Taxes receivable20,136 16,063 
Prepaid expenses and other current assets 45,161 45,026 
Total current assets417,960 455,646 
Intangible assets47,750 61,849 
Property and equipment, at cost1,593,341 1,555,975 
Accumulated depreciation(101,726)(77,275)
Property and equipment, net1,491,615 1,478,700 
Other assets76,118 77,247 
Total assets$2,033,443 $2,073,442 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$122,243 $120,389 
Accrued payroll and related costs35,564 48,346 
Taxes payable23,345 28,735 
Interest payable2,976 9,788 
Other current liabilities49,958 41,136 
Total current liabilities234,086 248,394 
Long-term debt216,000 216,000 
Deferred income taxes8,190 13,195 
Other liabilities109,633 95,226 
Total liabilities567,909 572,815 
Commitments and contingencies (Note 12)
Shareholders’ equity
Common stock, $0.00001 par value; 63,072 ordinary shares outstanding as of March 31, 2022; 60,172 ordinary shares outstanding as of December 31, 2021
1 1 
Additional paid-in capital1,395,242 1,393,255 
Retained earnings65,326 101,982 
Accumulated other comprehensive income4,965 5,389 
Total shareholdersequity
1,465,534 1,500,627 
Total liabilities and equity$2,033,443 $2,073,442 
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 March 31, 2022Period from February 6 through March 31, 2021Period from January 1 through February 5, 2021
Operating revenues
Contract drilling services$195,035 $84,629 $74,051 
Reimbursables and other15,195 7,804 3,430 
210,230 92,433 77,481 
Operating costs and expenses
Contract drilling services166,083 79,589 46,965 
Reimbursables13,478 7,044 2,737 
Depreciation and amortization25,605 14,244 20,622 
General and administrative17,524 7,927 5,727 
Merger and integration costs9,521 2,013  
Gain on sale of operating assets, net
(4,562)  
Hurricane losses and (recoveries), net17,212   
244,861 110,817 76,051 
Operating income (loss)(34,631)(18,384)1,430 
Other income (expense)
Interest expense, net of amounts capitalized(7,680)(6,895)(229)
Interest income and other, net450 8 399 
Reorganization items, net  252,051 
Loss before income taxes(41,861)(25,271)253,651 
Income tax (provision) benefit5,205 7,047 (3,423)
Net income (loss)$(36,656)$(18,224)$250,228 
Per share data
Basic:
Net income (loss)$(0.54)$(0.36)$1.00 
Diluted:
Net income (loss)$(0.54)$(0.36)$0.98 
See accompanying notes to the unaudited condensed consolidated financial statements.
4


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

SuccessorPredecessor
Period FromPeriod From
Three MonthsFebruary 6, 2021January 1, 2021
Endedthroughthrough
March 31, 2022March 31, 2021February 5, 2021
Net income (loss)$(36,656)$(18,224)$250,228 
Other comprehensive income (loss)
Foreign currency translation adjustments (116)
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision of zero, zero, $59 for the quarter ended March 31, 2022, period from February 6, 2021 through March 31, 2021, period from January 1, 2021 through February 5, 2021, respectively
(424) 224 
Other comprehensive income (loss), net(424) 108 
Comprehensive income (loss)$(37,080)$(18,224)$250,336 


See accompanying notes to the unaudited condensed consolidated financial statements.
5


NOBLE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
SuccessorPredecessor
Period FromPeriod From
Three MonthsFebruary 6, 2021January 1, 2021
Endedthroughthrough
March 31, 2022March 31, 2021February 5, 2021
Cash flows from operating activities
Net income (loss)$(36,656)$(18,224)$250,228 
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization25,605 14,244 20,622 
Amortization of intangible assets14,099 8,459  
Gain on sale of operating assets, net(6,767)  
Reorganization items, net  (280,790)
Deferred income taxes(6,143)(4,285)2,501 
Amortization of share-based compensation6,795 2,018 710 
Other costs, net(1,190)(1,660)(10,754)
Changes in components of working capital
Change in taxes receivable(1,820)1,069 (1,789)
Net changes in other operating assets and liabilities(45,736)16,563 (26,176)
Net cash provided by (used in) operating activities(51,813)18,184 (45,448)
Cash flows from investing activities
Capital expenditures(47,045)(15,332)(14,629)
Proceeds from disposal of assets, net14,247 231 194 
Net cash used in investing activities(32,798)(15,101)(14,435)
Cash flows from financing activities
Issuance of second lien notes  200,000 
Borrowings on credit facilities  177,500 
Repayments of credit facilities  (545,000)
Debt issuance costs  (23,664)
Warrants exercised 118   
Taxes withheld on employee stock transactions(4,926) (1)
Net cash used in financing activities(4,808) (191,165)
Net increase (decrease) in cash, cash equivalents and restricted cash(89,419)3,083 (251,048)
Cash, cash equivalents and restricted cash, beginning of period196,722 113,993 365,041 
Cash, cash equivalents and restricted cash, end of period $107,303 $117,076 $113,993 
See accompanying notes to the unaudited condensed consolidated financial statements.
6


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 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— — 2,018 — — 2,018 
Exchange of common stock for penny warrants(6,463)— — — — — 
Net loss— — — (18,224)— (18,224)
Balance at 3/31/21 (Successor)43,537 $1 $1,020,785 $(18,224)$ $1,002,562 
Balance at 12/31/2021 (Successor)60,172 $1 $1,393,255 $101,982 $5,389 $1,500,627 
Employee related equity activity
Amortization of share-based compensation— — 6,795 — — 6,795 
Issuance of share-based compensation shares365 — — — — — 
Shares withheld for taxes on equity transactions— — (4,926)— — (4,926)
Exercise of common stock warrants2,535 — 118 — — 118 
Net loss— — — (36,656)— (36,656)
Other comprehensive loss, net— — — — (424)(424)
Balance at 3/31/2022 (Successor)63,072 $1 $1,395,242 $65,326 $4,965 $1,465,534 
See accompanying notes to the unaudited condensed consolidated financial statements.


7


NOBLE FINANCE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited) 
Successor
March 31, 2022December 31, 2021
ASSETS
Current assets
Cash and cash equivalents$103,731 $192,636 
Accounts receivable, net247,496 200,419 
Taxes receivable20,136 16,063 
Prepaid expenses and other current assets40,681 36,545 
Total current assets412,044 445,663 
Intangible assets47,750 61,849 
Property and equipment, at cost1,593,341 1,555,975 
Accumulated depreciation(101,726)(77,275)
Property and equipment, net1,491,615 1,478,700 
Other assets76,118 77,247 
Total assets$2,027,527 $2,063,459 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$114,205 $116,030 
Accrued payroll and related costs35,564 48,346 
Taxes payable23,345 28,735 
Interest payable2,976 9,788 
Other current liabilities49,742 40,949 
Total current liabilities225,832 243,848 
Long-term debt216,000 216,000 
Deferred income taxes8,190 13,195 
Other liabilities109,633 94,998 
Total liabilities559,655 568,041 
Commitments and contingencies (Note 12)
Shareholders’ equity
Common stock, $0.10 par value; 261,246 ordinary shares outstanding as of March 31, 2022 and December 31, 2021
26,125 26,125 
Capital in excess of par value1,400,205 1,393,410 
Retained earnings36,577 70,494 
Accumulated other comprehensive income4,965 5,389 
Total shareholdersequity
1,467,872 1,495,418 
Total liabilities and equity$2,027,527 $2,063,459 
See accompanying notes to the unaudited condensed consolidated financial statements.
8


NOBLE FINANCE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)
 
Successor
Period FromPeriod From
Three MonthsFebruary 6, 2021January 1, 2021
Endedthroughthrough
March 31, 2022March 31, 2021February 5, 2021
Operating revenues
Contract drilling services$195,035 $84,629 $74,051 
Reimbursables and other15,195 7,804 3,430 
210,230 92,433 77,481 
Operating costs and expenses
Contract drilling services165,655 79,361 46,703 
Reimbursables13,478 7,044 2,737 
Depreciation and amortization25,582 14,243 20,631 
General and administrative15,971 4,611 5,729 
Merger and integration costs394   
Gain on sale of operating assets, net
(4,562)  
Hurricane losses and (recoveries), net17,212   
233,730 105,259 75,800 
Operating income (loss)(23,500)(12,826)1,681 
Other income (expense)
Interest expense, net of amounts capitalized(7,680)(6,895)(229)
Interest income and other, net450 8 400 
Reorganization items, net  195,395 
Loss before income taxes(30,730)(19,713)197,247 
Income tax (provision) benefit5,205 7,047 (3,422)
Net income (loss)$(25,525)$(12,666)$193,825 
See accompanying notes to the unaudited condensed consolidated financial statements.

9


NOBLE FINANCE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
SuccessorPredecessor
Period FromPeriod From
Three MonthsFebruary 6, 2021January 1, 2021
Endedthroughthrough
March 31, 2022March 31, 2021February 5, 2021
Net income (loss)$(25,525)$(12,666)$193,825 
Other comprehensive income (loss)
Foreign currency translation adjustments  (116)
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision of zero, zero, and $59 for the three months ended March 31, 2022, the period from February 6, 2021 through March 31, 2021, the period from January 1, 2021 through February 5, 2021, respectively
(424) 224 
Other comprehensive income (loss), net(424) 108 
Comprehensive income (loss) $(25,949)$(12,666)$193,933 

See accompanying notes to the unaudited condensed consolidated financial statements.


10


NOBLE FINANCE COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
SuccessorPredecessor
Period FromPeriod From
Three MonthsFebruary 6, 2021January 1, 2021
Endedthroughthrough
March 31, 2022March 31, 2021February 5, 2021
Cash flows from operating activities
Net income (loss)$(25,525)$(12,666)$193,825 
Adjustments to reconcile net loss to net cash flow from operating activities:
Depreciation and amortization25,582 14,243 20,631 
Amortization of intangible asset14,099 8,459  
Gain on sale of operating assets, net(6,767)  
Reorganization items, net  (203,490)
Deferred income taxes(6,143)(4,285)2,501 
Amortization of share-based compensation6,795 2,018 710 
Other costs, net(1,190)(1,660)(3,054)
Changes in components of working capital:
Change in taxes receivable(1,820)1,069 (1,789)
Net changes in other operating assets and liabilities(53,194)13,766 (21,808)
Net cash provided by (used in) operating activities(48,163)20,944 (12,474)
Cash flows from investing activities
Capital expenditures(47,045)(15,332)(14,629)
Proceeds from disposal of assets, net14,247 231 194 
Net cash used in investing activities(32,798)(15,101)(14,435)
Cash flows from financing activities
Issuance of second lien notes  200,000 
Borrowings on credit facilities  177,500 
Repayments of credit facilities  (545,000)
Debt issuance costs  (10,139)
Distributions to parent company, net(8,392)(2,760)(26,503)
Net cash used in financing activities(8,392)(2,760)(204,142)
Net increase (decrease) in cash, cash equivalents and restricted cash(89,353)3,083 (231,051)
Cash, cash equivalents and restricted cash, beginning of period195,220 113,993 345,044 
Cash, cash equivalents and restricted cash, end of period$105,867 $117,076 $113,993 
See accompanying notes to the unaudited condensed consolidated financial statements.
11


NOBLE FINANCE COMPANY 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 12/31/2020 (Predecessor)261,246 $26,125 $766,714 $(948,219)$(58,012)$(213,392)
Distributions to parent company, net— — — (26,503)— (26,503)
Capital contribution by parent - share-based compensation— — 710 — — 710 
Net income— — — 193,825 — 193,825 
Other comprehensive income, net— — — — 108 108 
Elimination of Predecessor equity— — 222,601 780,897 57,904 1,061,402 
Balance at 2/5/2021 (Predecessor)261,246 $26,125 $990,025 $ $ $1,016,150 
Balance at 2/6/2021 (Successor)261,246 $26,125 $990,025 $ $ $1,016,150 
Distributions to parent company, net— — (2,759)— — (2,759)
Capital contribution by parent - share-based compensation— — 2,018 — — 2,018 
Net loss— — — (12,666)— (12,666)
Balance at 3/31/2021 (Successor)261,246 $26,125 $989,284 $(12,666)$ $1,002,743 
Balance at 12/31/2021 (Successor)261,246 $26,125 $1,393,410 $70,494 $5,389 $