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Press Release

Noble Corporation plc Reports Second Quarter 2017 Results

LONDON, Aug. 3, 2017 /PRNewswire/ -- Noble Corporation plc (NYSE: NE) today reported a net loss attributable to the Company for the three months ended June 30, 2017 of $93 million, or $0.38 per diluted share, on revenues of $278 million. The results include net charges of approximately $16 million, or $0.07 per diluted share, relating to the emergence from bankruptcy of Paragon Offshore, with approximately $1 million, or less than $0.01 per diluted share, of such amount being accounted for as part of discontinued operations.  Excluding the impact of the remaining amount, approximately $14 million, or $0.06 per diluted share, the net loss attributable to Noble Corporation from continuing operations for the three months ended June 30, 2017, would have been $79 million, or $0.32 per diluted share.

Results for the second quarter of 2017 compared to a first quarter 2017 reported net loss attributable to Noble Corporation of $302 million, or $1.24 per diluted share, on revenues of $363 million. The first quarter 2017 results included a non-cash, discrete tax item totaling $260 million, or $1.07 per diluted share, related to an internal reorganization.  Excluding the impact of the discrete tax item, the net loss attributable to Noble Corporation for the first quarter of 2017 would have been $42 million, or $0.17 per diluted share.

For the second quarter of 2016, the Company reported net income attributable to Noble Corporation of $323 million, or $1.28 per diluted share, on revenues of $895 million. Second quarter 2016 results included net favorable items totaling $322 million, or $1.27 per diluted share, resulting primarily from a contract cancellation agreement involving two of the Company's drillships. Excluding the impact of the net favorable items in the quarter, second quarter 2016 net income attributable to Noble Corporation would have been $1 million, or $0.01 per diluted share, on revenues of $502 million.

A Non-GAAP supporting schedule is available following the financial information attached to this press release and at www.noblecorp.com which provides a reconciliation for total revenues, net income (loss), income tax and diluted earnings per share for the second quarters of 2017 and 2016 and the first quarter of 2017.

David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation plc stated, "Our second quarter results provided further evidence of the Company's ability to successfully manage through the current cycle. Our fleet downtime remained at historically low levels, operating costs continued on a downward trajectory and we ended the quarter with solid contract coverage and a healthy level of liquidity."

Contract drilling services revenues for the second quarter of 2017 totaled $272 million compared to $355 million in the preceding quarter of the year. A decline in fleet operating days and downward dayrate adjustments, primarily in the Company's floating rig fleet, were largely responsible for the reduction in revenues. Also, revenues in the second quarter were reduced by $6 million due to the write-off of a derivative instrument relating to contingent payments associated with the contract cancellation settlement reached in May 2016 with Freeport-McMoRan. The opportunity to collect these contingent payments expired on June 30, 2017. The decline in operating days reduced fleet utilization to 65 percent in the second quarter compared to 69 percent in the preceding quarter of the year, while unfavorable dayrate adjustments reduced average daily revenues to $164,500 from $202,700 over the same period of comparison. Contract drilling services costs for the second quarter totaled $162 million, inclusive of the $14 million charge relating to Paragon Offshore. Excluding the charge, contract drilling services costs for the second quarter of 2017 would have been $148 million, or an eight percent decrease when compared to $160 million of operating costs in the first quarter of the year. The favorable cost variance was driven largely by the reduction in fleet operating days, along with lower stacked rig and insurance costs, partially offset by an increase in repair and maintenance costs and costs associated with the reactivation of the drillship Noble Globetrotter II and jackup rig Noble Tom Prosser ahead of each rig's commencement of operations expected prior to the conclusion of the third quarter of 2017. The Company concluded the second quarter of 2017 with a contract drilling margin of 40 percent, or 46 percent, when adjusted for the $14 million charge relating to Paragon Offshore, which compared to 55 percent in the preceding quarter of 2017.

Net cash from operating activities was $112 million for the second quarter of 2017, resulting in a total of $254 million for the first six months of the year. Capital expenditures for the second quarter of 2017 were $30 million, bringing total capital expenditures for the first six months of 2017 to $49 million. Given the pace of capital expenditures through June 30, 2017, the Company has lowered its expected total capital expenditures for the year to $105 million, down from a previous estimate of $115 million.

At June 30, 2017, the Company reported total liquidity of $3.0 billion, comprised of cash and equivalents of $603 million, up from $520 million at March 31, 2017, and a revolving credit facility with total capacity of $2.445 billion. The credit facility, which matures in January of 2020, remains undrawn.

Operating Highlights
Utilization of the Company's floating rig fleet, comprised of eight drillships and six semisubmersibles, was 37 percent in the second quarter of 2017 compared to 46 percent in the preceding quarter. The decline in utilization was due to fewer operating days in the drillship fleet with both the Noble Bob Douglas and Noble Bully I idle for all, or a significant portion of the second quarter, following the completion of contracts. Average daily revenues declined to $273,700 from $363,100 over the same period of comparison following the reduction in revenues on the Noble Bob Douglas, Noble Bully I, and on the Noble Bully II, which commenced an idle period of up to 365 days in April at a dayrate of $200,000 under our previously announced agreement with Shell, down from a previous dayrate of $456,500. The Noble Bob Douglas was awarded two contracts in the second quarter which are expected to keep the rig utilized for a portion of the third and fourth quarters of 2017. Also, in July the Noble Globetrotter II, which has been idle and warm stacked since late 2016, was awarded a contract for work offshore Bulgaria in the Black Sea with an expected commencement of late-third quarter 2017. The rig, which possesses a unique design and capabilities allowing for transit of the Bosphorus strait in significantly less time than other rig designs, will travel through the strait for the third time since 2015 in route to its latest drilling assignment in the Black Sea. In addition to the dayrate from the new assignment in the Black Sea, the Noble Globetrotter II will continue to receive an idle dayrate of $185,000 into late-2018 under the agreement with Shell.

The Company's jackup fleet, comprised of 14 units, recorded utilization of 93 percent in the second quarter of 2017, unchanged from the preceding quarter of the year. Average daily revenues in the second quarter were $121,300 compared to $123,200 in the preceding quarter. At present, 13 of the Company's 14 jackups are contracted, including seven units with contracts extending into late-2018 and beyond. The Noble Houston Colbert completed a program offshore Qatar in late-July and is currently idle while the Company evaluates contract opportunities in and outside of the Middle East.  Also, the Noble Regina Allen concluded a contract in the North Sea in mid-July and has since relocated to a shipyard in Scotland where it is completing contract preparations ahead of the expected fourth quarter 2017 commencement of an estimated two-year contract offshore Eastern Canada.

At June 30, 2017, the Company's contract backlog totaled $3.2 billion with an estimated $1.9 billion derived from the floating rig fleet and $1.3 billion from the jackup rig fleet. Approximately 51 percent of the available rig operating days remaining in 2017 are committed to contracts, including 32 percent of the floating rig fleet and 69 percent of the jackup fleet, representing approximately $468 million in gross revenues. In 2018, 37 percent of available operating days are committed to contracts, including 29 percent and 46 percent of the floating and jackup rig days, respectively, and equating to an estimated $825 million in gross revenues.

Outlook
In closing, Williams focused on signs of industry improvement: "Despite the recent crude oil price volatility, our customers continue to evaluate offshore rig needs covering the remainder of 2017 and 2018.  The number of jackup rigs under contract has risen steadily since the fourth quarter of 2016, while several contract awards in recent weeks provide evidence of intermediate-term support for the industry's floating rig capacity. Some of the recent floating contract awards and others still pending are addressing new, emerging offshore opportunities, such as the Black Sea, Guyana, Suriname, Mexico and Egypt, driven in many cases by the confirmation of excellent hydrocarbon potential. We still expect a meaningful decline in the industry's total supply of jackup and floating rigs given the age, condition and state of preservation of much of the global fleet. While our industry requires more time to recover, we continue to show steady progress."

About Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile and technically advanced fleets in the offshore drilling industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 28 offshore drilling units, consisting of 14 drillships and semisubmersibles and 14 jackups, focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. Noble is a public limited company registered in England and Wales with company number 08354954 and registered office at Devonshire House, 1 Mayfair Place, London, W1J 8AJ England. Additional information on Noble is available at www.noblecorp.com.

Forward-looking Disclosure Statement
Statements regarding contract backlog, future earnings, costs, expense management, revenue, rig demand, fleet condition, operational or financial performance, shareholder value, contract commitments, dayrates, contract commencements, contract extensions, renewals or renegotiations, letters of intent or award, industry fundamentals, customer relationships and requirements, strategic initiatives, future performance, growth opportunities, the offshore drilling market, market outlook, capital allocation strategies, our financial position, business strategy, taxes and tax rates, liquidity, competitive position, capital expenditures, financial flexibility, debt levels, debt repayment, the outcome of any dispute, litigation, audit or investigation, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with operations outside of the U.S., actions or claims by regulatory authorities, customers and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, market conditions, the future price of oil and gas and other factors detailed in the Company's most recent Form 10-K, Form 10-Q's and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. 

Conference Call
Noble also has scheduled a conference call and webcast related to its second quarter 2017  results on Friday, August 4, 2017, at 8:00 a.m. U.S. Central Daylight Time. Interested parties are invited to listen to the call by dialing 1-877-201-0168, or internationally 1-647-788-4901, using access code: 21883520, or by asking for the Noble Corporation plc conference call. Interested parties may also listen over the Internet through a link posted in the Investor Relations section of the Company's Website. 

A replay of the conference call will be available on Friday, August 4, 2017, beginning at 11:00 a.m. U.S. Central Daylight Time, through Monday, September 4, 2017, ending at 11:00 p.m. U.S. Central Daylight Time. The phone number for the conference call replay is 1-855-859-2056 or, for calls from outside of the U.S., 1-404-537-3406, using access code: 21883520.  The replay will also be available on the Company's Website following the end of the live call.

 

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



















Three Months Ended
 June 30,


Six Months Ended
June 30,










2017


2016


2017


2016


 Operating revenues











 Contract drilling services


$ 271,532


$ 876,697


$  626,191


$ 1,468,064



 Reimbursables


6,599


17,933


14,903


38,539



 Other


11


153


24


153





278,142


894,783


641,118


1,506,756


 Operating costs and expenses











 Contract drilling services


162,371


244,176


322,756


495,424



 Reimbursables


4,394


14,298


9,540


30,304



 Depreciation and amortization


136,594


150,946


272,312


300,665



 General and administrative


18,658


19,033


34,538


38,573



 Loss on impairment


-


16,616


-


16,616





322,017


445,069


639,146


881,582













 Operating income (loss)


(43,875)


449,714


1,972


625,174


 Other income (expense)











 Interest expense, net of amount capitalized


(73,209)


(57,306)


(146,656)


(114,406)



 Gain on extinguishment of debt, net


-


11,066


-


11,066



 Interest income and other, net


2,664


(1,253)


3,897


(1,983)


 Income (loss) from continuing operations before income taxes


(114,420)


402,221


(140,787)


519,851



 Income tax benefit (provision)


18,213


(56,822)


(239,194)


(50,319)


 Net income (loss) from continuing operations


(96,207)


345,399


(379,981)


469,532


 Net loss from discontinued operations, net of tax


(1,486)


-


(1,486)


-


 Net income (loss)


(97,693)


345,399


(381,467)


469,532



 Net (income) loss attributable to noncontrolling interests


4,343


(22,533)


(13,577)


(41,181)


 Net income (loss) attributable to Noble Corporation plc


$ (93,350)


$ 322,866


$ (395,044)


$    428,351


 Net income (loss) attributable to Noble Corporation plc











 Income (loss) from continuing operations


$ (91,864)


$ 322,866


$ (393,558)


$    428,351



 Net loss from discontinued operations, net of tax


(1,486)


-


(1,486)


-



 Net income (loss) attributable to Noble Corporation plc


$ (93,350)


$ 322,866


$ (395,044)


$    428,351


 Per share data:










 Basic:











 Income (loss) from continuing operations


$     (0.37)


$       1.28


$       (1.61)


$          1.70



 Loss from discontinued operations


(0.01)


-


(0.01)


-



 Net income (loss) attributable to Noble Corporation


$     (0.38)


$       1.28


$       (1.62)


$          1.70


 Diluted:











 Income (loss) from continuing operations


$     (0.37)


$       1.28


$       (1.61)


$          1.70



 Loss from discontinued operations


(0.01)


-


(0.01)


-



 Net income (loss) attributable to Noble Corporation


$     (0.38)


$       1.28


$       (1.62)


$          1.70


 

NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)















 June 30,
2017


 December 31,
2016







 ASSETS






 Current assets







 Cash and cash equivalents


$      602,977


$         725,722



 Accounts receivable, net


242,657


319,152



 Prepaid expenses and other current assets


92,459


147,740


 Total current assets


938,093


1,192,614









 Property and equipment, at cost


12,410,857


12,364,888



 Accumulated depreciation


(2,572,562)


(2,302,940)


 Property and equipment, net


9,838,295


10,061,948









 Other assets


248,709


185,555



 Total assets


$ 11,025,097


$    11,440,117









 LIABILITIES AND  EQUITY






 Current liabilities







 Current maturities of long-term debt


$      249,475


$         299,882



 Accounts payable


86,643


108,224



 Accrued payroll and related costs


38,326


48,383



 Other current liabilities


274,010


176,804


 Total current liabilities


648,454


633,293









 Long-term debt 


3,793,894


4,040,229


 Other liabilities


510,332


299,150



 Total liabilities


4,952,680


4,972,672









 Commitments and contingencies













 Equity







 Total shareholders' equity


5,376,369


5,758,681



 Noncontrolling interests


696,048


708,764



 Total equity


6,072,417


6,467,445



 Total liabilities and equity


$ 11,025,097


$    11,440,117


 

NOBLE CORPORATION PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)















Six Months Ended

June 30,









2017


2016


 Cash flows from operating activities







 Net income (loss)


$ (381,467)


$ 469,532



 Adjustments to reconcile net income to net cash flow from operating activities:







 Depreciation and amortization


272,312


300,665



 Other long-term asset write-off


14,419


-



 Loss on impairment


-


16,616



 Gain on extinguishment of debt, net


-


(11,066)



 Net change in operating activities


349,021


83,476



 Net cash provided by operating activities


254,285


859,223









 Cash flows from investing activities







 New construction


-


(20,059)



 Capital expenditures


(48,957)


(93,045)



 Change in accrued capital expenditures


(18,651)


(38,378)



 Capitalized interest


-


(7,427)



 Net change in investing activities


314


21,190



 Net cash used in investing activities


(67,294)


(137,719)









 Cash flows from financing activities







 Repayments of debt


(300,000)


(322,207)



 Debt issuance costs on senior notes and credit facility


(42)


-



 Premiums paid on early repayment of long-term debt


-


(1,781)



 Dividend payments


-


(42,542)



 Dividends paid to noncontrolling interests


(5,393)


(41,088)



 Employee stock transactions


(4,301)


(3,153)



 Net cash used in financing activities


(309,736)


(410,771)



 Net increase (decrease) in cash and cash equivalents


(122,745)


310,733


 Cash and cash equivalents, beginning of period


725,722


512,245


 Cash and cash equivalents, end of period


$  602,977


$ 822,978


 

NOBLE CORPORATION PLC AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except operating statistics)
(Unaudited)



























Three Months Ended June 30,


Three Months Ended March 31,




2017


2016


2017




Contract






Contract






Contract








Drilling






Drilling






Drilling








Services


Other


Total


Services


Other


Total


Services


Other


Total


 Operating revenues




















 Contract drilling services


$ 271,532


$        -


$ 271,532


$    876,697


$        -


$ 876,697


$ 354,659


$        -


$ 354,659


 Reimbursables


6,599


-


6,599


17,933


-


17,933


8,304


-


8,304


 Other


-


11


11


153


-


153


-


13


13




$ 278,131


$       11


$ 278,142


$    894,783


$        -


$ 894,783


$ 362,963


$       13


$ 362,976






















 Operating costs and expenses




















 Contract drilling services


$ 162,371


$        -


$ 162,371


$    244,176


$        -


$ 244,176


$ 160,385


$        -


$ 160,385


 Reimbursables


4,394


-


4,394


14,298


-


14,298


5,146


-


5,146


 Depreciation and amortization


130,763


5,831


136,594


145,237


5,709


150,946


129,778


5,940


135,718


 General and administrative


18,658


-


18,658


19,033


-


19,033


15,880


-


15,880


 Loss on impairment


-


-


-


16,616


-


16,616


-


-


-




$ 316,186


$  5,831


$ 322,017


$    439,360


$  5,709


$ 445,069


$ 311,189


$  5,940


$ 317,129






















 Operating income (loss)


$ (38,055)


$ (5,820)


$ (43,875)


$    455,423


$ (5,709)


$ 449,714


$   51,774


$ (5,927)


$   45,847






















 Operating statistics




















 Jackups:




















 Average Rig Utilization


93%






83%






93%






 Operating Days


1,183






981






1,170






Average Dayrate


$ 121,284






$    136,041






$ 123,154






 Semisubmersibles:




















 Average Rig Utilization


17%






16%






17%






 Operating Days


91






115






90






Average Dayrate


$ 126,106






$    290,106






$ 131,015






 Drillships:




















 Average Rig Utilization


52%






86%






68%






 Operating Days


377






626






490






Average Dayrate (1)


$ 309,313






$ 1,134,011






$ 405,719






 Total:




















 Average Rig Utilization


65%






65%






69%






 Operating Days


1,651






1,722






1,750






Average Dayrate (1)


$ 164,475






$    509,145






$ 202,674














































(1) The second quarter of 2016 includes the contract cancellation and the termination date valuation of the contingent payments relating to the Noble Sam Croft and Noble Tom Madden contract settlement and termination with Freeport, and all periods presented include the valuation of these contingent payments. Exclusive of these items, the average dayrate for the second quarter of 2016 would have been $506,146 and $280,884 for drillships and the total fleet, respectively; the average dayrate for the first quarter of 2017 would have been $421,843 and $207,184 for drillships and the total fleet, respectively; and the average dayrate for the second quarter of 2017 would have been $326,559 and $168,413 for drillships and the total fleet, respectively.




 

NOBLE CORPORATION PLC AND SUBSIDIARIES

 CALCULATION OF BASIC AND DILUTED NET INCOME PER SHARE

 (In thousands, except per share amounts)

 (Unaudited)










 The following table sets forth the computation of basic and diluted net income per share:




















Three Months Ended


Six Months Ended



 June 30,


 June 30,



2017


2016


2017


2016

 Numerator: 









 Basic









 Net income (loss) attributable to Noble -UK


$ (93,350)


$ 322,866


$ (395,044)


$ 428,351

 Net loss from discontinued operations, net of tax 


1,486


-


1,486


-

Earnings allocated to unvested share-based payment awards (1)


-


(11,577)


-


(15,371)

 Net income (loss) from continuing operations to common shareholders - basic


$ (91,864)


$ 311,289


$ (393,558)


$ 412,980










 Diluted









 Net income (loss) attributable to Noble -UK


$ (93,350)


$ 322,866


$ (395,044)


$ 428,351

 Net loss from discontinued operations, net of tax 


1,486


-


1,486


-

 Net income (loss) from continuing operations to common shareholders - diluted


$ (91,864)


$ 322,866


$ (393,558)


$ 428,351










 Denominator:









 Weighted average shares outstanding - basic


244,828


243,217


244,527


243,021

Incremental shares issuable from assumed exercise of stock options and unvested share-based payment awards outstanding


-


9,045


-


9,045

 Weighted average shares outstanding - diluted


244,828


252,262


244,527


252,066










 Earnings (loss) per share 









 Basic:









 Continuing operations


$     (0.37)


$       1.28


$       (1.61)


$       1.70

 Discontinued operations


(0.01)


-


(0.01)


-

 Net income (loss) to Noble Corporation plc


$     (0.38)


$       1.28


$       (1.62)


$       1.70










 Diluted:









 Continuing operations


$     (0.37)


$       1.28


$       (1.61)


$       1.70

 Discontinued operations


(0.01)


-


(0.01)


-

 Net income (loss) to Noble Corporation plc


$     (0.38)


$       1.28


$       (1.62)


$       1.70










(1) For the quarter and year ended June 30, 2017, we experienced net losses from continuing operations. As such, unvested share-based payment awards were excluded from the loss per share calculation at June 30, 2017, as such awards were anti-dilutive.

 

Non-GAAP Reconciliation


Certain non-GAAP performance measures and corresponding reconciliations to GAAP financial measures for the Company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. In order to fully assess the financial operating results, management believes that the results of operations, adjusted to exclude the following items, which are included in the Company's press release issued on August 3, 2017, and discussed in the related conference call on August 4, 2017, are appropriate measures of the continuing and normal operations of the Company: 

                              (i)           In the first and second quarter of 2017, a discrete tax item;

                              (ii)          In the second quarter of 2017, the Noble Max Smithwrite-off of receivables; and

                             (iii)         In the second quarter of 2016, the Noble Sam Croft and Noble Tom Madden contract cancellations with Freeport-McMoRan Inc. and its subsidiary, Freeport-McMoRan Oil & Gas ("Freeport"), including the contract termination date valuation of a derivative instrument pertaining to future contingent payments from Freeport, the early retirement of debt in connection with the Company's tender offers on its Senior Notes due in 2020 and 2021, the impairment of certain capital spares and second quarter discrete tax items.


These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling cost, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following Non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments. 

 

NOBLE CORPORATION PLC AND SUBSIDIARIES

NON-GAAP MEASURES 

(In thousands, except per share amounts)

(Unaudited)



Reconciliation of total revenue


Three Months Ended



Three Months Ended







June 30,



March 31,







2017


2016



2017















Contract drilling services revenue


$ 271,532


$ 876,697



$  354,659



Reimbursables 


6,599


17,933



8,304



Other 



11


153



13


Total revenue 


$ 278,142


$ 894,783



$  362,976














Adjustments










Cancellations with Freeport:











Contractual items


-


(379,143)



-




Termination date valuation of contingent payments


-


(13,900)



-


Total Adjustments


-


(393,043)



-


Adjusted total revenue 


$ 278,142


$ 501,740



$  362,976













Reconciliation of Income tax benefit (provision)


Three Months Ended



Three Months Ended







June 30,



March 31,







2017


2016



2017


Income tax benefit (provision)


$   18,213


$ (56,822)



$ (257,407)














Adjustments










Cancellations with Freeport:











Contractual items


-


32,035



-




Termination date valuation of contingent payments


-


1,211



-



Loss on impairment


-


(1,448)



-



Gain on extinguishment of debt


-


964



-



Discrete tax items


-


21,771



260,085


Total Adjustments


-


54,533



260,085


Adjusted income tax benefit (provision)


$   18,213


$   (2,289)



$      2,678

























Reconciliation of net income (loss) attributable to Noble Corporation plc


Three Months Ended



Three Months Ended







June 30,



March 31,







2017


2016



2017














Net income (loss) attributable to Noble Corporation plc


$ (93,350)


$ 322,866



$ (301,694)














Adjustments










Noble Max Smithwrite-off of receivables


14,419


-



-



Cancellations with Freeport, net of tax:











Contractual items


-


(335,578)



-




Termination date valuation of contingent payments


-


(12,689)



-



Loss on impairment, net of tax


-


15,168



-



Gain on extinguishment of debt, net of tax


-


(10,102)



-



Discrete tax items


-


21,771



260,085


Total Adjustments


14,419


(321,430)



260,085


Adjusted net income (loss) attributable to Noble Corporation plc


$ (78,931)


$     1,436



$   (41,609)

























Reconciliation of diluted EPS attributable to continuing operations


Three Months Ended



Three Months Ended







June 30,



March 31,







2017


2016



2017














Unadjusted diluted EPS


$     (0.38)


$       1.28



$       (1.24)















Noble Max Smithwrite-off of receivables


0.06


-



-



Cancellations with Freeport, net of tax:











Contractual items


-


(1.33)



-




Termination date valuation of contingent payments


-


(0.05)



-



Loss on impairment, net of tax


-


0.06



-



Gain on extinguishment of debt, net of tax


-


(0.04)



-



Discrete tax items


-


0.09



1.07


Total Adjustments


0.06


(1.27)



1.07


Adjusted diluted EPS


$     (0.32)


$       0.01



$       (0.17)

 

View original content:http://www.prnewswire.com/news-releases/noble-corporation-plc-reports-second-quarter-2017-results-300499536.html

SOURCE Noble Corporation

Jeffrey L. Chastain, Vice President - Investor Relations and Corporate Communications, Noble Drilling Services Inc., 281-276-6383, or at jchastain@noblecorp.com