Home / Investors / News / News Details
View all news

Noble Corporation Reports Third Quarter 2021 Results

November 04, 2021

SUGAR LAND, Texas, Nov. 4, 2021 /PRNewswire/ -- Noble Corporation (NYSE: NE, "Noble", or the "Company") today reported third quarter 2021 results.


Successor



Predecessor

(stated in millions, except per share amounts)

Three Months Ended 
Sep 30, 2021


Three Months Ended 
Jun 30, 2021



Three Months Ended 
Sep 30, 2020

Total Revenue

$

250



$

219




$

242


Contract Drilling Services Revenue

231



200




227


Net Income (Loss)

(24)



20




(51)


Adjusted EBITDA*

47



10




76


Adjusted Net Income (Loss)*

10



(22)




1


Diluted Earnings (Loss) Per Share

(0.36)



0.30




(0.20)


Adjusted Diluted Earnings (Loss) Per Share*

0.15



(0.32)












* A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can be found at www.noblecorp.com.

Robert W. Eifler, President and Chief Executive Officer of Noble Corporation, stated "I am pleased with the performance of the Noble team over the third quarter. Notably, the Noble Lloyd Noble has now started its contract for Equinor in Norway and I'd like to thank our employees and local business partners for their effort and focus.  We also recently completed the successful sale of four jackups in Saudi Arabia. That transaction further bolsters our balance sheet, creates value for our shareholders, and supports our return of capital strategy."  

Third Quarter Results

Contract drilling services revenue for the third quarter of 2021 totaled $231 million compared to $200 million in the second quarter of 2021. The increase in revenue was largely due to contract commencements on the Noble Clyde Boudreaux and Noble Faye Kozack (formerly Pacific Khamsin); and higher operating days on the Noble Scott Marks, Noble Tom Prosser, Noble Sam Croft, and Noble Stanley Lafosse (formerly Pacific Sharav). Additionally, contract drilling services revenue included a reduction of $14 million in each of the second and third quarters of 2021 related to the non-cash amortization of favorable customer contract intangibles. Marketed fleet utilization was 81 percent in the three months ended September 30, 2021 compared to 74 percent in the second quarter.

Contract drilling services costs for the third quarter were $189 million, in line with the second quarter of 2021. As a result, contract drilling margin increased to 23 percent from 12 percent in the previous period when excluding the non-cash intangible amortization. During the third quarter, Noble incurred approximately $10 million of costs in connection to damages sustained during Hurricane Ida.

Adjusted EBITDA for the three months ended September 30, 2021 was $47 million compared to $10 million in the second quarter of 2021.            

Upon emergence from restructuring, Noble adopted fresh-start accounting which resulted in Noble becoming a new reporting entity for accounting and financial reporting purposes.  Accordingly, our financial statements and notes after February 5, 2021 are not comparable to our financial statements and notes prior to that date.  As required by GAAP, results must be presented separately for the predecessor period up to February 5, 2021 (the "Predecessor" period) and the successor period from February 6, 2021 through all dates after (the "Successor" period). 

Operating Highlights

Jackups – Over the course of the third quarter, the Noble Tom Prosser was awarded a new contract with Santos for three wells in Australia.  These firm wells are expected to start in the first quarter of 2022 in direct continuation of the rig's current contract with Santos.  In the UK North Sea, our customer IOG elected to exercise the first of two one-well options for the Noble Hans Deul.  In September the Noble Lloyd Noble received its Acknowledgement of Compliance from the Petroleum Safety Authority Norway and in late-October commenced its contract with Equinor.  The Noble Regina Allen recently completed its contract with BHP in Trinidad and Tobago and the Company is pursuing opportunities for follow-on work in the region.

Floaters – The Noble Gerry de Souza (formerly Pacific Santa Ana) completed its plug and abandonment contract with Petronas in Mauritania.  Since program conclusion in August, the rig has since mobilized to Las Palmas to complete installation of a managed pressure drilling system and a second blowout preventer stack in preparation for previously announced work in Suriname for APA Corporation.  In early September, the Noble Faye Kozack began operations for Petronas in Mexico and is expected to return to the U.S. Gulf of Mexico to start its next contract with Murphy in the fourth quarter.

Backlog and Liquidity Update       

At September 30, 2021, the Company's estimated revenue backlog totaled approximately $1.5 billion.  Additionally, the Company had total liquidity of $588 million consisting of $112 million in cash and $476 million available under its revolving credit facility.

On November 3, 2021, Noble completed the sale of four jackup rigs working in Saudi Arabia. The company expects to generate approximately $285 million in cash from the transaction net of fees, expenses, and the settlement of working capital. Applying the net proceeds on a pro forma basis, liquidity would have been approximately $873 million at September 30, 2021. Excluding the backlog related to the rigs sold, total backlog would be approximately $1.4 billion.

Outlook

Commenting on the state of the offshore drilling industry, Mr. Eifler added, "Oil prices remained stable through the third quarter and within a dollar-per-barrel range that provides supportive economics for our customers' offshore projects. Global energy demand also continues to normalize from last year's pandemic-driven lows. On the back of these global macro improvements, the rig market has continued to show consistent signs of recovery throughout 2021, especially in the UDW segment. These recent market trends are encouraging and are supportive of our strategy to implement a sustainable return of capital policy."

The Company also provided updated guidance for full year 2021 and full year 2022:

 

 ($ in millions)

2021

Guidance (1,2)

2022

Guidance (1)

Adjusted Revenue (3)

$870 - $900

$1,050 - $1,125 (5)

Adjusted EBITDA (3,4)

$95 - $115

$300 - $335 (5)

Capital Expenditures

$175 - $195

$115 - $130



(1)

Guidance is as of November 4, 2021.  Noble's guidance is provided on a guidance basis, which is a non-GAAP financial measure. Management evaluates Noble's financial performance in part based on guidance basis, which management believes enhances investors' understanding of Noble's overall financial performance by providing them with an additional meaningful and relevant comparison of current and anticipated future results across periods. The adjustments to arrive at guidance basis are described below.  Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly, the company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort.

(2)

The Company has combined the 2021 results for the Predecessor and Successor periods as non-GAAP measures when giving full-year 2021 guidance since we believe it provides the most meaningful basis to analyze our 2021 results.

(3)

Adjusted to exclude recognition of the non-cash intangible contract asset amortization of ~$51 million and ~$44 million in 2021 and 2022, respectively. Without this adjustment, Revenue guidance ranges for 2021 and 2022 would be $819 million - $849 million and $1,006 million - $1,081 million, respectively.

(4)

The Company discloses Adjusted EBITDA (Operating income/loss excluding Depreciation and Amortization and, when applicable, Other Items). Other Items include amortization of intangible contract assets, restructuring related items, merger and integration costs, transaction costs on sale of operating assets, gain on bargain purchase, professional fees related to a tax refund success fee and other corporate initiatives, and hurricane related losses.

(5)

Of the total calendar days available for our fleet in 2022, Noble assumes 88% of the days are operating days (excluding cold stacked rigs). Of the operating days, 65% are currently under firm contract, and 16% are assumed exercised options.

Fleet Status Report

In conjunction with third quarter results, the Company has also provided an updated "Fleet Status Report" which reflects the current status and contract information for each of its rigs.  The updated report can be found under the "Our Fleet" section of Company's website.

Conference Call

Noble has scheduled a conference call related to its third quarter 2021 results on Friday, November 5, 2021, at 8:00 a.m. U.S. Central Time.  Interested parties can access the call at https://events.q4inc.com/attendee/619174973 or via a live webcast available through the Company's Investor Relations website at https://investors.noblecorp.com.  A replay of the webcast will be available on the Investor Relations website for a limited time following the scheduled call.

For additional information, visit www.noblecorp.com or email investors@noblecorp.com 

Craig Muirhead
Vice President - Investor Relations and Treasurer
+1 713-239-6564

Aaron Campbell
Director - Investor Relations
+1 713-417-9112

About Noble Corporation

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 and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.  Currently, Noble performs, through its subsidiaries, contract drilling services with a fleet of 20 offshore drilling units, consisting of 12 drillships and semisubmersibles and 8 jackups, focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. Noble is an exempted company incorporated in the Cayman Islands with limited liability with registered office at P.O. BOX 309, Ugland House, S. Church Street, Grand Cayman, KY1-1104.

Forward-looking Statements

This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical facts included in this communication, including those regarding 2021 and 2022 guidance, including revenue, EBITDA and capital expenditures, net proceeds from the sale of four jackup rigs working in Saudi Arabia, the impact of the transaction and use of proceeds, free cash flow, return of capital to shareholders, rig demand, the offshore drilling market, oil prices, contract backlog, fleet status, our future financial position, business strategy, liquidity, borrowings under our credit facility or other instruments, sources of funds, future capital expenditures, contract commitments, dayrates, contract commencements, extension or renewals, contract tenders, plans and objectives of management for future operations, industry conditions, access to financing, impact of competition, worldwide economic conditions and timing, benefits or results of acquisitions or dispositions are forward-looking statements. When used in this report, or in the documents incorporated by reference, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "project," "should," "shall" and "will" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law.  We have identified factors, including, but not limited to, uncertainties relating to the effects of public health threats, pandemics and epidemics, such as the recent and ongoing outbreak of COVID-19, and the adverse impact thereof on our business, financial condition and results of operations (including but not limited to our growth, operating costs, supply chain, availability of labor, logistical capabilities, customer demand for our services and industry demand generally, our liquidity, the price of our securities and trading markets with respect thereto, our ability to access capital markets, and the global economy and financial markets generally), the effects of actions by, or disputes among OPEC+ members with respect to production levels or other matters related to the price of oil, market conditions, 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, operating hazards and delays, risks associated with operations outside the US, actions by regulatory authorities, credit rating agencies, customers, joint venture partners, contractors, lenders and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, violations of anti-corruption laws, shipyard risk and timing, delays in mobilization of rigs, hurricanes and other weather conditions, and the future price of oil and gas, that could cause actual plans or results to differ materially from those included in any forward-looking statements.  These factors include those "Risk Factors" referenced or described in the Company's most recent Form 10-K, Form 10-Q's, and other filings with the Commission. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us.

 

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)




Successor



Predecessor



Three Months Ended
September 30, 2021



Three Months Ended
September 30, 2020

Operating revenues






Contract drilling services


$

231,154




$

227,050


Reimbursables and other


19,217




14,786




250,371




241,836


Operating costs and expenses






Contract drilling services


188,552




137,180


Reimbursables


16,462




13,369


Depreciation and amortization


25,248




90,606


General and administrative


14,982




15,662


Merger and integration costs


5,033





Transaction costs on sale of operating assets


3,146





Hurricane losses


10,441





Pre-petition charges





3,894




263,864




260,711


Operating loss


(13,493)




(18,875)


Other income (expense)






Interest expense, net of amounts capitalized


(8,870)




(23,427)


Gain on extinguishment of debt, net





17,847


Interest income and other, net


973




7,872


Reorganization items, net





(9,014)


Loss before income taxes


(21,390)




(25,597)


Income tax provision


(2,275)




(25,271)


Net loss


$

(23,665)




$

(50,868)


Per share data






Basic:






Net loss


$

(0.36)




$

(0.20)


Diluted:






Net loss


$

(0.36)




$

(0.20)


 


NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS- CONTINUED

(In thousands, except per share amounts)

(Unaudited)




Successor



Predecessor



Period from



Period from





February 6, 2021



January 1, 2021





through



through


Nine Months Ended



September 30, 2021



February 5, 2021


September 30, 2020

Operating revenues








Contract drilling services


$

515,680




$

74,051



$

714,555


Reimbursables and other


46,467




3,430



46,510




562,147




77,481



761,065


Operating costs and expenses








Contract drilling services


456,853




46,965



442,479


Reimbursables


41,577




2,737



41,387


Depreciation and amortization


64,831




20,622



283,652


General and administrative


47,939




5,727



106,504


Merger and integration costs


13,786







Transaction costs on sale of operating assets


3,146







Hurricane losses


10,441







Pre-petition charges







14,409


Loss on impairment







1,119,517




638,573




76,051



2,007,948


Operating income (loss)


(76,426)




1,430



(1,246,883)


Other income (expense)








Interest expense, net of amounts capitalized


(23,628)




(229)



(164,586)


Gain on bargain purchase


64,479







Gain on extinguishment of debt, net







17,254


Interest income and other, net


7,490




399



8,546


Reorganization items, net





252,051



(9,014)


Income (loss) before income taxes


(28,085)




253,651



(1,394,683)


Income tax benefit (provision)


6,631




(3,423)



238,944


Net income (loss)


$

(21,454)




$

250,228



$

(1,155,739)


Per share data








Basic:








Net income (loss)


$

(0.35)




$

1.00



$

(4.61)


Diluted:








Net income (loss)


$

(0.35)




$

0.98



$

(4.61)


 

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)




Successor



Predecessor



September 30, 2021



December 31, 2020

ASSETS






Current assets






Cash and cash equivalents


$

112,225




$

343,332


Accounts receivable, net


227,644




147,863


Prepaid expenses and other current assets


81,041




111,089


Total current assets


420,910




602,284


Intangible assets


76,262





Property and equipment, at cost


1,518,663




4,777,697


Accumulated depreciation


(56,588)




(1,200,628)


Property and equipment, net


1,462,075




3,577,069


Property and equipment held for sale


88,639





Other assets


46,882




84,584


Total assets


$

2,094,768




$

4,263,937


LIABILITIES AND EQUITY






Current liabilities






Accounts payable


$

106,429




$

95,159


Accrued payroll and related costs


56,442




36,553


Other current liabilities


78,636




86,639


Total current liabilities


241,507




218,351


Long-term debt


406,000





Other liabilities


80,593




117,331


Liabilities subject to compromise





4,239,643


Total liabilities


728,100




4,575,325


Commitments and contingencies






Total shareholders' equity


1,366,668




(311,388)


Total liabilities and equity


$

2,094,768




$

4,263,937



 

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)



Successor



Predecessor


Period from



Period from




February 6, 2021



January 1, 2021




through



through


Nine Months Ended


September 30, 2021



February 5, 2021


September 30, 2020

Cash flows from operating activities







Net income (loss)

$

(21,454)




$

250,228



$

(1,155,739)


Adjustments to reconcile net income (loss) to net cash flow from operating
activities:







Depreciation and amortization

64,831




20,622



283,652


Loss on impairment






1,119,517


Gain on extinguishment of debt, net






(17,254)


Gain on bargain purchase

(64,479)







Amortization of intangible asset

37,127







Reorganization items, net




(280,790)



(11,531)


Changes in components of working capital







Change in taxes receivable

13,810




(1,789)



29,581


Net changes in other operating assets and liabilities

(5,807)




(33,719)



(11,560)


Net cash provided by (used in) operating activities

24,028




(45,448)



236,666


Cash flows from investing activities







Capital expenditures

(117,750)




(14,629)



(112,603)


Cash acquired in stock-based business combination

54,970







Proceeds from disposal of assets, net

31,247




194



1,428


Net cash provided by (used in) investing activities

(31,533)




(14,435)



(111,175)


Cash flows from financing activities







Issuance of second lien notes




200,000




Borrowings on credit facilities

40,000




177,500



210,000


Repayments of credit facilities

(27,500)




(545,000)




Repayments of debt






(101,132)


Debt issuance costs




(23,664)




Warrants exercised

647







Cash paid to settle equity compensation awards






(1,010)


Taxes withheld on employee stock transactions




(1)



(417)


Net cash provided by (used in) financing activities

13,147




(191,165)



107,441


Net increase (decrease) in cash, cash equivalents and restricted cash

5,642




(251,048)



232,932


Cash, cash equivalents and restricted cash, beginning of period

113,993




365,041



105,924


Cash, cash equivalents and restricted cash, end of period

$

119,635




$

113,993



$

338,856


 


NOBLE CORPORATION AND SUBSIDIARIES

OPERATIONAL INFORMATION

(Unaudited)



Average Rig Utilization









Successor



Predecessor


Three Months Ended


Three Months Ended



Three Months Ended


September 30, 2021


June 30, 2021



September 30, 2020

Floaters

73

%


68

%



53

%

Jackups

75

%


69

%



62

%

Total

74

%


68

%



57

%
















Operating Days









Successor



Predecessor


Three Months Ended


Three Months Ended



Three Months Ended


September 30, 2021


June 30, 2021



September 30, 2020

Floaters

806



690




582


Jackups

828



752




680


Total

1,634



1,442




1,262

















Average Dayrates









Successor



Predecessor


Three Months Ended


Three Months Ended



Three Months Ended


September 30, 2021


June 30, 2021



September 30, 2020

Floaters

$

214,304



$

216,663




$

218,821


Jackups

87,972



85,938




146,625


Total

$

150,287



$

148,509




$

179,900


 

NOBLE CORPORATION AND SUBSIDIARIES

CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE

(In thousands, except per share amounts)

(Unaudited)


The following tables presents the computation of basic and diluted income(loss) per share:




Successor



Predecessor





Period from



Period from







Three Months


February 6, 2021



January 1, 2021


Three Months


Nine Months



Ended


through



through


Ended


Ended



September 30, 2021


September 30, 2021



February 5, 2021


September 30, 2020


September 30, 2020

Numerator:












Basic












Net income (loss)


$

(23,665)



$

(21,454)




$

250,228



$

(50,868)



$

(1,155,739)


Diluted












Net income (loss)


$

(23,665)



$

(21,454)




$

250,228



$

(50,868)



$

(1,155,739)


Denominator:












Weighted average shares outstanding - basic


66,623



61,847




251,115



251,058



250,696


Dilutive effect of share-based awards







5,456






Weighted average shares outstanding - diluted


66,623



61,847




256,571



251,058



250,696














Per share data












Basic:












Net income (loss)


$

(0.36)



$

(0.35)




$

1.00



$

(0.20)



$

(4.61)


Diluted:












Net income (loss)


$

(0.36)



$

(0.35)




$

0.98



$

(0.20)



$

(4.61)


 


NOBLE CORPORATION AND SUBSIDIARIES
NON-GAAP MEASURES AND 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. The Company defines "Adjusted EBITDA" as net loss from continuing operations before income taxes; interest income and other, net; gain (loss) on extinguishment of debt, net; interest expense, net of amounts capitalized; loss on impairment; pre-petition charges; reorganization items, net; certain corporate legal matters; and depreciation and amortization expense. We believe that Adjusted EBITDA measure provides greater transparency of our core operating performance.

 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 November 4, 2021, are appropriate measures of the continuing and normal operations of the Company:


(i)

In the third quarter of 2020, a gain on debt extinguishment, discrete tax items, pre-petition charges and reorganization items;





(ii)

In the second quarter of 2021, a gain on bargain purchase, merger and integration costs, intangible contract amortization and discrete tax items. The quarter also included professional services costs related to a success fee associated with the ultimate recovery of a tax refund and corporate projects including registrations of our post-emergence debt and equity, listing on the New York Stock Exchange and other corporate initiatives.





(iii)

In the third quarter of 2021, merger and integration costs, transaction costs on sale of operating assets, hurricane losses, intangible contract amortization and discrete tax items. The quarter also included professional services costs related to corporate initiatives.

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 AND SUBSIDIARIES

NON-GAAP MEASURES

(In thousands, except per share amounts)

(Unaudited)


Reconciliation of Adjusted EBITDA


Successor



Predecessor



Three Months Ended


Three Months Ended



Three Months Ended



September 30, 2021


June 30, 2021



September 30, 2020

Income (loss) before income taxes


$

(21,390)



$

18,576




$

(25,597)


Interest expense, net of amounts capitalized


8,870



7,863




23,427


Interest income and other, net


(973)



(6,509)




(7,872)


Depreciation and amortization


25,248



25,339




90,606


Intangible contract amortization


14,412



14,256





Professional services - tax refund success fee




4,679





Professional services - corporate projects


1,787



3,414





Merger and integration costs


5,033



6,740





Transaction costs on sale of operating assets


3,146







Hurricane losses


10,441







Gain on bargain purchase




(64,479)





Gain on extinguishment of debt







(17,847)


Pre-petition charges







3,894


Reorganization items, net







9,014


Adjusted EBITDA


$

46,574



$

9,879




$

75,625



Reconciliation of Income Tax Benefit (Provision)


Successor



Predecessor



Three Months Ended


Three Months Ended



Three Months Ended



September 30, 2021


June 30, 2021



September 30, 2020

Income tax benefit (provision)


$

(2,275)



$

1,859




$

(25,271)










Adjustments








Reorganization items, net







(2,520)


Discrete tax items


(1,483)



(6,954)




58,910


Total Adjustments


(1,483)



(6,954)




56,390


Adjusted income tax benefit (provision)


$

(3,758)



$

(5,095)




$

31,119


 

 

NOBLE CORPORATION AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)


Reconciliation of Net Income (Loss)


Successor



Predecessor



Three Months Ended


Three Months Ended



Three Months Ended



September 30, 2021


June 30, 2021



September 30, 2020

Net income (loss)


$

(23,665)



$

20,435




$

(50,868)










Adjustments








Intangible contract amortization


14,412



14,256





Professional services - tax refund success fee




4,679





Professional services - corporate projects


1,787



3,414





Merger and integration costs


5,033



6,740





Transaction costs on sale of operating assets


3,146







Hurricane losses


10,441







Gain on bargain purchase




(64,479)





Gain on extinguishment of debt







(17,847)


Pre-petition charges







3,894


Reorganization items, net







6,494


Discrete tax items


(1,483)



(6,954)




58,910


Total Adjustments


33,336



(42,344)




51,451


Adjusted net income (loss)


$

9,671



$

(21,909)




$

583










Reconciliation of Diluted EPS


Successor



Predecessor



Three Months


Three Months



Three Months



Ended


Ended



Ended



September 30, 2021


June 30, 2021



September 30, 2020

Unadjusted diluted EPS


$

(0.36)



$

0.30




$

(0.20)










Adjustments








Intangible contract amortization


0.22



0.21





Professional services - tax refund success fee




0.07





Professional services - corporate projects


0.02



0.04





Merger and integration costs


0.08



0.10





Transaction costs on sale of operating assets


0.05







Hurricane losses


0.16







Gain on bargain purchase




(0.95)





Gain on extinguishment of debt







(0.07)


Pre-petition charges







0.02


Reorganization items, net







0.03


Discrete tax items


(0.02)



(0.09)




0.22


Total Adjustments


0.51



(0.62)




0.20


Adjusted diluted EPS


$

0.15



$

(0.32)




$


 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/noble-corporation-reports-third-quarter-2021-results-301417282.html

SOURCE Noble Corporation

Multimedia Files:

View all news