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Noble Corporation plc Reports Second Quarter 2017 Results

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August 3, 2017 5:00 PM EDT

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 HighlightsUtilization 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.

OutlookIn 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 plcNoble 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 StatementStatements 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 CallNoble 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 SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(Unaudited)

Three Months Ended June 30,

Six Months EndedJune 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 SUBSIDIARIESCONDENSED 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 SUBSIDIARIESCONDENSED 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 SUBSIDIARIESFINANCIAL 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


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