UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
R |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: September 30, 2015
OR
|
o |
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 |
|
(I.R.S. employer |
Devonshire House, 1 Mayfair Place, London, England, W1J8AJ
(Address of principal executive offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: +44 20 3300 2300
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 |
|
(I.R.S. employer |
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
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 R No o
Indicate by check mark whether each 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes R No o
Indicate by check mark whether each 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. (Check one):
|
Noble Corporation plc: |
Large accelerated filer R |
Accelerated filer £ |
Non-accelerated filer £ |
Smaller reporting company £ |
|
|
|
|
|
|
|
Noble Corporation: |
Large accelerated filer £ |
Accelerated filer £ |
Non-accelerated filer R |
Smaller reporting company £ |
Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No R
Number of shares outstanding and trading at October 23, 2015: Noble Corporation plc —241,971,945
Number of shares outstanding: Noble Corporation — 261,245,693
Noble Corporation, a Cayman Islands company and a wholly owned subsidiary of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, meets the conditions set forth in General Instructions H(1) (a) and (b) to Form 10-Q and is therefore filing this Quarterly Report on Form 10-Q with the reduced disclosure format contemplated by paragraphs (b) and (c) of General Instruction H(2) of Form 10-Q.
This combined Quarterly Report on Form 10-Q 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. Since Noble-Cayman meets the conditions specified in General Instructions H(1)(a) and (b) to Form 10-Q, it is permitted to use the reduced disclosure format for wholly-owned subsidiaries of reporting companies as stated in General Instructions H(2). Accordingly, Noble-Cayman has omitted from this report the information called for by Item 3 (Quantitative and Qualitative Disclosures about Market Risk) of Part I of Form 10-Q and the following items of Part II of Form 10-Q: Item 2 (Unregistered Sales of Equity Securities and Use of Proceeds) and Item 3 (Defaults upon Senior Securities).
This report should be read in its entirety as it pertains to each Registrant. Except where indicated, the 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-UK and its consolidated subsidiaries, including Noble-Cayman.
2
NOBLE CORPORATION PLC AND SUBSIDIARIES
(In thousands)
(Unaudited)
|
|
|
September 30, |
|
|
December 31, |
|
||
|
|
|
2015 |
|
|
2014 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
164,430 |
|
|
$ |
68,510 |
|
|
Accounts receivable |
|
|
530,401 |
|
|
|
569,096 |
|
|
Taxes receivable |
|
|
66,852 |
|
|
|
107,490 |
|
|
Prepaid expenses and other current assets |
|
|
174,194 |
|
|
|
183,466 |
|
|
Total current assets |
|
|
935,877 |
|
|
|
928,562 |
|
|
Property and equipment, at cost |
|
|
14,717,312 |
|
|
|
14,442,922 |
|
|
Accumulated depreciation |
|
|
(2,798,645 |
) |
|
|
(2,330,413 |
) |
|
Property and equipment, net |
|
|
11,918,667 |
|
|
|
12,112,509 |
|
|
Other assets |
|
|
203,474 |
|
|
|
245,751 |
|
|
Total assets |
|
$ |
13,058,018 |
|
|
$ |
13,286,822 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
299,993 |
|
|
$ |
— |
|
|
Accounts payable |
|
|
207,892 |
|
|
|
265,389 |
|
|
Accrued payroll and related costs |
|
|
90,052 |
|
|
|
102,520 |
|
|
Taxes payable |
|
|
154,295 |
|
|
|
94,230 |
|
|
Interest payable |
|
|
44,922 |
|
|
|
61,964 |
|
|
Other current liabilities |
|
|
107,042 |
|
|
|
144,571 |
|
|
Total current liabilities |
|
|
904,196 |
|
|
|
668,674 |
|
|
Long-term debt |
|
|
4,188,727 |
|
|
|
4,869,020 |
|
|
Deferred income taxes |
|
|
46,366 |
|
|
|
120,589 |
|
|
Other liabilities |
|
|
325,956 |
|
|
|
341,505 |
|
|
Total liabilities |
|
|
5,465,245 |
|
|
|
5,999,788 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
|
|
|
Shares; 241,970 and 247,501 shares outstanding |
|
|
2,420 |
|
|
|
2,475 |
|
|
Additional paid-in capital |
|
|
618,808 |
|
|
|
695,638 |
|
|
Retained earnings |
|
|
6,320,833 |
|
|
|
5,936,035 |
|
|
Accumulated other comprehensive loss |
|
|
(72,032 |
) |
|
|
(69,418 |
) |
|
Total shareholders' equity |
|
|
6,870,029 |
|
|
|
6,564,730 |
|
|
Noncontrolling interests |
|
|
722,744 |
|
|
|
722,304 |
|
|
Total equity |
|
|
7,592,773 |
|
|
|
7,287,034 |
|
|
Total liabilities and equity |
|
$ |
13,058,018 |
|
|
$ |
13,286,822 |
|
See accompanying notes to the unaudited consolidated financial statements.
3
NOBLE CORPORATION PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
||||
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling services |
|
$ |
873,813 |
|
|
$ |
810,200 |
|
|
$ |
2,424,481 |
|
|
$ |
2,360,205 |
|
|
Reimbursables |
|
|
22,858 |
|
|
|
18,595 |
|
|
|
70,087 |
|
|
|
67,558 |
|
|
Other |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
|
|
896,671 |
|
|
|
828,796 |
|
|
|
2,494,568 |
|
|
|
2,427,764 |
|
|
Operating costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling services |
|
|
293,067 |
|
|
|
385,674 |
|
|
|
934,024 |
|
|
|
1,109,456 |
|
|
Reimbursables |
|
|
17,783 |
|
|
|
13,641 |
|
|
|
55,592 |
|
|
|
52,877 |
|
|
Depreciation and amortization |
|
|
160,652 |
|
|
|
161,246 |
|
|
|
473,913 |
|
|
|
460,306 |
|
|
General and administrative |
|
|
15,196 |
|
|
|
24,602 |
|
|
|
61,558 |
|
|
|
77,319 |
|
|
|
|
|
486,698 |
|
|
|
585,163 |
|
|
|
1,525,087 |
|
|
|
1,699,958 |
|
|
Operating income |
|
|
409,973 |
|
|
|
243,633 |
|
|
|
969,481 |
|
|
|
727,806 |
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amount capitalized |
|
|
(54,687 |
) |
|
|
(37,751 |
) |
|
|
(161,196 |
) |
|
|
(114,494 |
) |
|
Interest income and other, net |
|
|
30,934 |
|
|
|
2,760 |
|
|
|
37,085 |
|
|
|
131 |
|
|
Income from continuing operations before income taxes |
|
|
386,220 |
|
|
|
208,642 |
|
|
|
845,370 |
|
|
|
613,443 |
|
|
Income tax provision |
|
|
(41,789 |
) |
|
|
(40,782 |
) |
|
|
(124,641 |
) |
|
|
(110,625 |
) |
|
Net income from continuing operations |
|
|
344,431 |
|
|
|
167,860 |
|
|
|
720,729 |
|
|
|
502,818 |
|
|
Net (loss) income from discontinued operations, net of tax |
|
|
— |
|
|
|
(20,214 |
) |
|
|
— |
|
|
|
175,532 |
|
|
Net income |
|
|
344,431 |
|
|
|
147,646 |
|
|
|
720,729 |
|
|
|
678,350 |
|
|
Net income attributable to noncontrolling interests |
|
|
(18,624 |
) |
|
|
(20,471 |
) |
|
|
(57,488 |
) |
|
|
(60,290 |
) |
|
Net income attributable to Noble Corporation plc |
|
$ |
325,807 |
|
|
$ |
127,175 |
|
|
$ |
663,241 |
|
|
$ |
618,060 |
|
|
Net income attributable to Noble Corporation plc |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
325,807 |
|
|
$ |
147,389 |
|
|
$ |
663,241 |
|
|
$ |
442,528 |
|
|
(Loss)/income from discontinued operations |
|
|
— |
|
|
|
(20,214 |
) |
|
|
— |
|
|
|
175,532 |
|
|
Net income attributable to Noble Corporation plc |
|
$ |
325,807 |
|
|
$ |
127,175 |
|
|
$ |
663,241 |
|
|
$ |
618,060 |
|
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.32 |
|
|
$ |
0.57 |
|
|
$ |
2.68 |
|
|
$ |
1.71 |
|
|
(Loss)/income from discontinued operations |
|
|
— |
|
|
|
(0.08 |
) |
|
|
— |
|
|
|
0.68 |
|
|
Net income attributable to Noble Corporation plc |
|
$ |
1.32 |
|
|
$ |
0.49 |
|
|
$ |
2.68 |
|
|
$ |
2.39 |
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ |
1.32 |
|
|
$ |
0.57 |
|
|
$ |
2.68 |
|
|
$ |
1.71 |
|
|
(Loss)/income from discontinued operations |
|
|
— |
|
|
|
(0.08 |
) |
|
|
— |
|
|
|
0.68 |
|
|
Net income attributable to Noble Corporation plc |
|
$ |
1.32 |
|
|
$ |
0.49 |
|
|
$ |
2.68 |
|
|
$ |
2.39 |
|
See accompanying notes to the unaudited consolidated financial statements.
4
NOBLE CORPORATION PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
||||
|
Net income |
|
$ |
344,431 |
|
|
$ |
147,646 |
|
|
$ |
720,729 |
|
|
$ |
678,350 |
|
|
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(2,694 |
) |
|
|
(1,577 |
) |
|
|
(4,568 |
) |
|
|
1,143 |
|
|
Foreign currency forward contracts |
|
|
(1,271 |
) |
|
|
(6,925 |
) |
|
|
(1,362 |
) |
|
|
(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 |
) |
|
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 $575 and $253 for the three months ended September 30, 2015 and 2014, respectively, and $1,723 and $758 for the nine months ended September 30, 2015 and 2014, respectively) |
|
|
1,106 |
|
|
|
571 |
|
|
|
3,316 |
|
|
|
2,099 |
|
|
Other comprehensive (loss) income, net |
|
|
(2,859 |
) |
|
|
(8,982 |
) |
|
|
(2,614 |
) |
|
|
1,918 |
|
|
Net comprehensive income attributable to noncontrolling interests |
|
|
(18,624 |
) |
|
|
(20,471 |
) |
|
|
(57,488 |
) |
|
|
(60,290 |
) |
|
Comprehensive income attributable to Noble Corporation plc |
|
$ |
322,948 |
|
|
$ |
118,193 |
|
|
$ |
660,627 |
|
|
$ |
619,978 |
|
See accompanying notes to the unaudited consolidated financial statements.
5
NOBLE CORPORATION PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
Nine Months Ended |
|
|||||
|
|
|
September 30, |
|
|||||
|
|
|
2015 |
|
|
2014 |
|
||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
720,729 |
|
|
$ |
678,350 |
|
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
473,913 |
|
|
|
696,380 |
|
|
Deferred income taxes |
|
|
(76,012 |
) |
|
|
23,380 |
|
|
Amortization of share-based compensation |
|
|
30,296 |
|
|
|
37,432 |
|
|
Net change in other assets and liabilities |
|
|
103,299 |
|
|
|
(47,244 |
) |
|
Net cash from operating activities |
|
|
1,252,225 |
|
|
|
1,388,298 |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(280,048 |
) |
|
|
(1,747,495 |
) |
|
Change in accrued capital expenditures |
|
|
(43,440 |
) |
|
|
(52,466 |
) |
|
Proceeds from disposal of assets |
|
|
2,535 |
|
|
|
— |
|
|
Net cash from investing activities |
|
|
(320,953 |
) |
|
|
(1,799,961 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Net change in borrowings outstanding on bank credit facilities |
|
|
(1,123,495 |
) |
|
|
(569,489 |
) |
|
Repayment of long-term debt |
|
|
(350,000 |
) |
|
|
(250,000 |
) |
|
Issuance of senior notes |
|
|
1,092,728 |
|
|
|
— |
|
|
Long-term borrowings of Paragon Offshore |
|
|
— |
|
|
|
1,726,750 |
|
|
Financing costs on long-term borrowings of Paragon Offshore |
|
|
— |
|
|
|
(30,876 |
) |
|
Cash balances of Paragon Offshore in Spin-off |
|
|
— |
|
|
|
(104,152 |
) |
|
Debt issuance costs on senior notes and credit facilities |
|
|
(16,070 |
) |
|
|
(386 |
) |
|
Dividends paid to noncontrolling interests |
|
|
(57,048 |
) |
|
|
(64,339 |
) |
|
Repurchases of shares |
|
|
(100,630 |
) |
|
|
(52,701 |
) |
|
Dividend payments |
|
|
(278,443 |
) |
|
|
(290,643 |
) |
|
Employee stock transactions |
|
|
(2,394 |
) |
|
|
1,395 |
|
|
Net cash from financing activities |
|
|
(835,352 |
) |
|
|
365,559 |
|
|
Net change in cash and cash equivalents |
|
|
95,920 |
|
|
|
(46,104 |
) |
|
Cash and cash equivalents, beginning of period |
|
|
68,510 |
|
|
|
114,458 |
|
|
Cash and cash equivalents, end of period |
|
$ |
164,430 |
|
|
$ |
68,354 |
|
See accompanying notes to the unaudited consolidated financial statements.
6
NOBLE CORPORATION PLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
||
|
|
|
Shares |
|
|
Paid-in |
|
|
Retained |
|
|
Comprehensive |
|
|
Noncontrolling |
|
|
Total |
|
||||||||||
|
|
|
Balance |
|
|
Par Value |
|
|
Capital |
|
|
Earnings |
|
|
Loss |
|
|
Interests |
|
|
Equity |
|
|||||||
|
Balance at December 31, 2013 |
|
|
253,448 |
|
|
$ |
2,534 |
|
|
$ |
810,286 |
|
|
$ |
7,591,927 |
|
|
$ |
(82,164 |
) |
|
$ |
727,445 |
|
|
$ |
9,050,028 |
|
|
Employee related equity activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
37,432 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
37,432 |
|
|
Issuance of share-based compensation shares |
|
|
689 |
|
|
|
6 |
|
|
|
(9,049 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,043 |
) |
|
Exercise of stock options |
|
|
131 |
|
|
|
3 |
|
|
|
2,644 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,647 |
|
|
Tax benefit of equity transactions |
|
|
— |
|
|
|
— |
|
|
|
(1,258 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,258 |
) |
|
Repurchases of shares |
|
|
(2,010 |
) |
|
|
(20 |
) |
|
|
(52,681 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(52,701 |
) |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
618,060 |
|
|
|
— |
|
|
|
60,290 |
|
|
|
678,350 |
|
|
Dividends paid to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(64,339 |
) |
|
|
(64,339 |
) |
|
Dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(162,294 |
) |
|
|
— |
|
|
|
— |
|
|
|
(162,294 |
) |
|
Spin-off of Paragon Offshore |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,413,499 |
) |
|
|
34,478 |
|
|
|
— |
|
|
|
(1,379,021 |
) |
|
Other comprehensive income, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,918 |
|
|
|
— |
|
|
|
1,918 |
|
|
Balance at September 30, 2014 |
|
|
252,258 |
|
|
$ |
2,523 |
|
|
$ |
787,374 |
|
|
$ |
6,634,194 |
|
|
$ |
(45,768 |
) |
|
$ |
723,396 |
|
|
$ |
8,101,719 |
|
|
Balance at December 31, 2014 |
|
|
247,501 |
|
|
$ |
2,475 |
|
|
$ |
695,638 |
|
|
$ |
5,936,035 |
|
|
$ |
(69,418 |
) |
|
$ |
722,304 |
|
|
$ |
7,287,034 |
|
|
Employee related equity activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of share-based compensation |
|
|
— |
|
|
|
— |
|
|
|
30,296 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,296 |
|
|
Issuance of share-based compensation shares |
|
|
678 |
|
|
|
7 |
|
|
|
(4,157 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,150 |
) |
|
Tax benefit of equity transactions |
|
|
— |
|
|
|
— |
|
|
|
(2,401 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,401 |
) |
|
Repurchases of shares |
|
|
(6,209 |
) |
|
|
(62 |
) |
|
|
(100,568 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(100,630 |
) |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
663,241 |
|
|
|
— |
|
|
|
57,488 |
|
|
|
720,729 |
|
|
Dividends paid to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(57,048 |
) |
|
|
(57,048 |
) |
|
Dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(278,443 |
) |
|
|
— |
|
|
|
— |
|
|
|
(278,443 |
) |
|
Other comprehensive loss, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,614 |
) |
|
|
— |
|
|
|
(2,614 |
) |
|
Balance at September 30, 2015 |
|
|
241,970 |
|
|
$ |
2,420 |
|
|
$ |
618,808 |
|
|
$ |
6,320,833 |
|
|
$ |
(72,032 |
) |
|
$ |
722,744 |
|
|
$ |
7,592,773 |
|
See accompanying notes to the unaudited consolidated financial statements.
7
NOBLE CORPORATION AND SUBSIDIARIES
(In thousands)
(Unaudited)
|
|
|
September 30, |
|
|
December 31, |
|
||
|
|
|
2015 |
|
|
2014 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
164,240 |
|
|
$ |
65,780 |
|
|
Accounts receivable |
|
|
530,401 |
|
|
|
569,096 |
|
|
Taxes receivable |
|
|
66,323 |
|
|
|
107,289 |
|
|
Prepaid expenses and other current assets |
|
|
150,858 |
|
|
|
139,669 |
|
|
Total current assets |
|
|
911,822 |
|
|
|
881,834 |
|
|
Property and equipment, at cost |
|
|
14,679,605 |
|
|
|
14,404,371 |
|
|
Accumulated depreciation |
|
|
(2,786,429 |
) |
|
|
(2,318,220 |
) |
|
Property and equipment, net |
|
|
11,893,176 |
|
|
|
12,086,151 |
|
|
Other assets |
|
|
200,273 |
|
|
|
222,254 |
|
|
Total assets |
|
$ |
13,005,271 |
|
|
$ |
13,190,239 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
299,993 |
|
|
$ |
— |
|
|
Accounts payable |
|
|
205,438 |
|
|
|
261,012 |
|
|
Accrued payroll and related costs |
|
|
86,112 |
|
|
|
91,487 |
|
|
Taxes payable |
|
|
152,136 |
|
|
|
91,471 |
|
|
Interest payable |
|
|
44,922 |
|
|
|
61,964 |
|
|
Other current liabilities |
|
|
104,599 |
|
|
|
139,950 |
|
|
Total current liabilities |
|
|
893,200 |
|
|
|
645,884 |
|
|
Long-term debt |
|
|
4,188,727 |
|
|
|
4,869,020 |
|