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Exhibit 99.1

 

Noble Corporation plc

Devonshire House

1 Mayfair Place

London W1J 8AJ

England

   LOGO

PRESS RELEASE

NOBLE CORPORATION PLC REPORTS

SECOND QUARTER 2018 RESULTS

DEVELOPMENTS AND RECENT ACCOMPLISHMENTS:

 

   

Premium jackup fleet fully-committed through late-2018

 

   

Noble Tom Madden returning to active status following contract award

 

   

Asset impairments totaling $793 million, with Noble Dave Beard, Noble Amos Runner and Noble Alan Hay retired from service

LONDON, August 2, 2018 – Noble Corporation plc (NYSE: NE, the Company) today reported a net loss attributable to the Company for the three months ended June 30, 2018 of $628 million, or $2.55 per diluted share, on revenues of $258 million. The results included a non-cash charge totaling $793 million, or $2.06 per diluted share, ($507 million, net of tax and noncontrolling interests) relating to the impairment of three rigs and certain capital spares. Excluding the non-cash charge, the Company’s net loss attributable to Noble Corporation for the three months ended June 30, 2018 would have been $121 million, or $0.49 per diluted share.

During the second quarter, the Company conducted a review of its fleet. The review included an assessment of certain assumptions, including future marketability of each unit in light of its current technical specifications. Following this review, the Company recognized partial impairments on the drillship Noble Bully I and semisubmersible Noble Paul Romano, while the semisubmersible Noble Dave Beard was fully impaired. The Noble Dave Beard has been retired from service, along with the semisubmersible Noble Amos Runner and the standard duty jackup Noble Alan Hay, which were previously fully impaired. Following these three retirements and the divestiture in May of the standard duty jackup Noble David Tinsley, the Company’s fleet is now comprised of 24 rigs, including 12 floating and 12 jackup units.

Julie J. Robertson, Chairman, President and Chief Executive Officer of Noble Corporation plc, stated, “Jackup fleet utilization grew to 70 percent in the quarter, well above the cyclical low experienced in the first quarter. We have seen a noticeable increase in jackup demand, particularly among customers


in the North Sea and Middle East regions. Following several recent awards, all 10 of our high-specification jackups are now contracted, with no availability before late-2018.”

A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can also be found at www.noblecorp.com. It provides a reconciliation for net income (loss), income tax and diluted earnings per share for the second quarter 2018 and 2017 and first quarter 2018.

Contract drilling services revenues improved eight percent in the second quarter of 2018 to $248 million compared to revenues of $229 million in the first quarter of the year. The improvement was due largely to a 17 percent increase in total fleet operating days. The growth in fleet operating days improved total utilization in the second quarter to 54 percent, up from a cyclical low of 47 percent in the preceding quarter.

Contract drilling services costs in the second quarter were $151 million compared to $137 million in the preceding quarter, with the increase due primarily to the growth in fleet operating days and costs associated with rig reactivation projects, specifically the Noble Clyde Boudreaux and Noble Tom Madden. These items were partially offset by lower costs resulting from fleet retirements.

Fleet Overview

Utilization of the Company’s floating rigs in the second quarter was 39 percent compared to 37 percent in the preceding quarter of the year. The improvement was due largely to modestly better utilization in the Company’s drillship fleet, aided by a full quarter of operations for the Noble Bob Douglas offshore Guyana and partially offset by fewer operating days for the semisubmersible Noble Paul Romano following the completion of a contract in mid-May in the U.S. Gulf of Mexico. Average daily revenues improved to $268,600 in the second quarter compared to $259,300 in the previous quarter, due largely to increased revenues for the Noble Globetrotter I following the relocation of the rig to Egypt, and a dayrate adjustment on the Noble Bully II. Following the close of the second quarter, the drillship Noble Tom Madden was awarded a contract for work offshore Guyana, which includes two firm wells, plus three optional wells. Reactivation of the rig from its warm stacked status has begun, with the contract expected to commence in October 2018.

Utilization of the Company’s jackup fleet improved to 70 percent in the second quarter compared to 56 percent in the preceding quarter of the year. A 23 percent rise in operating days was driven primarily by higher activity for the Noble Hans Deul, Noble Houston Colbert, Noble Tom Prosser and Noble Mick O’Brien. Also, utilization was further aided by the divestiture in May of the Noble David Tinsley.

 

2


Average daily revenues were $130,300 in the second quarter compared to $153,700 in the preceding quarter. The decline was due in part to a reduction in demobilization revenues on the Noble Sam Hartley and downtime on the Noble Joe Beall, partially offset by the commencement of operations on the Noble Tom Prosser. Since the close of the second quarter, the Company secured a nine-month contract for the Noble Sam Hartley and an 18-month extension for the Noble Sam Turner. The contract and extension cover drilling assignments offshore the UK-sector of the North Sea.

At June 30, 2018, the Company’s contract backlog totaled $2.6 billion, including $1.6 billion attributable to the floating fleet and $1.0 billion to the jackup fleet. Approximately 58 percent of the available rig operating days remaining in 2018 were committed to contracts, including 42 percent of the floating fleet and 76 percent of the jackup fleet. The total backlog and estimate of committed days exclude the previously noted contracts and extension that occurred after the close of the second quarter.

Liquidity Position

Noble concluded the second quarter of 2018 with a total liquidity position of $2.2 billion, comprised of cash and equivalents of $411 million and availability under revolving credit facilities of $1.8 billion.

Capital expenditures for the second quarter totaled $47 million, of which $20 million was devoted to fleet maintenance and $27 million to projects and other expenditures. The projects included further progress on the Noble Clyde Boudreaux reactivation and upgrade program, which was completed in late-July. The rig is now expected to commence an estimated 220-day primary term contract offshore Myanmar by the end of August 2018. For the six months ended June 30, 2018, capital expenditures were $84 million, and the Company’s expectation for full-year 2018 total capital expenditures of $150 million is unchanged.

Outlook

In closing, Ms. Robertson noted,The offshore drilling industry is benefitting from certain dynamics that have traditionally supported an increase in customer spending. These include higher, sustained crude oil prices which lead to increased project sanctioning, geologic success, and greater access to promising basins. With these dynamics in place, expanding contract opportunities should be increasingly evident in our industry.”

 

3


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 24 offshore drilling units, consisting of 12 drillships and semisubmersibles and 12 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.

 

4


Conference Call

Noble also has scheduled a conference call and webcast related to its second quarter 2018 results on Friday, August 3, 2018, at 8:00 a.m. U.S. Central Daylight Time. Interested parties are invited to listen to the call by dialing 1-877-680-4232, or internationally 1-647-689-5432, using access code: 2865178, 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 3, 2018, beginning at 11:00 a.m. U.S. Central Daylight Time, through Monday, September 3, 2018, ending at 11:00 p.m. U.S. Central Daylight Time. The phone number for the conference call replay is 1-800-585-8367 or, for calls from outside of the U.S., 1-416-621-4642, using access code: 2865178. The replay will also be available on the Company’s Website following the end of the live call.

8/2/2018

For additional information, contact:

Jeffrey L. Chastain,

Vice President – Investor Relations and Corporate Communications,

Noble Drilling Services Inc., 281-276-6383, or at jlchastain@noblecorp.com

 

5


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,
 
     2018     2017     2018     2017  

Operating revenues

        

Contract drilling services

   $ 247,689     $ 271,532     $ 476,795     $ 626,191  

Reimbursables and other

     10,680       6,610       16,731       14,927  
  

 

 

   

 

 

   

 

 

   

 

 

 
     258,369       278,142       493,526       641,118  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating costs and expenses

        

Contract drilling services

     151,437       162,781       288,286       323,550  

Reimbursables

     8,297       4,394       12,647       9,540  

Depreciation and amortization

     129,681       136,594       258,436       272,312  

General and administrative

     21,717       18,658       43,800       34,538  

Loss on impairment

     792,843       —         792,843       —    
  

 

 

   

 

 

   

 

 

   

 

 

 
     1,103,975       322,427       1,396,012       639,940  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     (845,606     (44,285     (902,486     1,178  

Other income (expense)

        

Interest expense, net of amounts capitalized

     (74,130     (73,209     (150,145     (146,656

Loss on extinguishment of debt, net

     —         —         (8,768     —    

Interest income and other, net

     2,865       3,074       4,204       4,691  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from continuing operations before income taxes

     (916,871     (114,420     (1,057,195     (140,787

Income tax benefit (provision)

     38,839       18,213       35,843       (239,194
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss from continuing operations

     (878,032     (96,207     (1,021,352     (379,981

Net loss from discontinued operations, net of tax

     —         (1,486     —         (1,486
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (878,032     (97,693     (1,021,352     (381,467

Net (income) loss attributable to noncontrolling interests

     249,969       4,343       250,955       (13,577
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Noble Corporation plc

   $ (628,063   $ (93,350   $ (770,397   $ (395,044
  

 

 

   

 

 

   

 

 

   

 

 

 

Per share data

        

Basic:

        

Loss from continuing operations

   $ (2.55   $ (0.37   $ (3.13   $ (1.61

Loss from discontinued operations

     —         (0.01     —         (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Noble Corporation plc

   $ (2.55   $ (0.38   $ (3.13   $ (1.62
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted:

        

Loss from continuing operations

   $ (2.55   $ (0.37   $ (3.13   $ (1.61

Loss from discontinued operations

     —         (0.01     —         (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Noble Corporation plc

   $ (2.55   $ (0.38   $ (3.13   $ (1.62
  

 

 

   

 

 

   

 

 

   

 

 

 

 

6


NOBLE CORPORATION PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

     June 30
2018
     December 31,
2017
 

ASSETS

     

Current assets

     

Cash and cash equivalents

   $ 411,492      $ 662,829  

Accounts receivable, net

     212,229        204,696  

Prepaid expenses and other current assets

     73,532        171,450  
  

 

 

    

 

 

 

Total current assets

     697,253        1,038,975  
  

 

 

    

 

 

 

Property and equipment, at cost

     10,924,509        12,034,331  

Accumulated depreciation

     (2,403,099      (2,545,091
  

 

 

    

 

 

 

Property and equipment, net

     8,521,410        9,489,240  
  

 

 

    

 

 

 

Other assets

     175,024        266,444  
  

 

 

    

 

 

 

Total assets

   $ 9,393,687      $ 10,794,659  
  

 

 

    

 

 

 

LIABILITIES AND EQUITY

     

Current liabilities

     

Current maturities of long-term debt

   $ —        $ 249,843  

Accounts payable

     93,612        84,032  

Accrued payroll and related costs

     41,852        54,904  

Other current liabilities

     201,772        204,245  
  

 

 

    

 

 

 

Total current liabilities

     337,236        593,024  
  

 

 

    

 

 

 

Long-term debt

     3,842,617        3,795,867  

Other liabilities

     440,784        455,140  
  

 

 

    

 

 

 

Total liabilities

     4,620,637        4,844,031  
  

 

 

    

 

 

 

Commitments and contingencies

     

Equity

     

Total shareholders' equity

     4,362,232        5,276,161  

Noncontrolling interests

     410,818        674,467  
  

 

 

    

 

 

 

Total equity

     4,773,050        5,950,628  
  

 

 

    

 

 

 

Total liabilities and equity

   $ 9,393,687      $ 10,794,659  
  

 

 

    

 

 

 

 

7


NOBLE CORPORATION PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Six Months Ended
June 30,
 
     2018     2017  

Cash flows from operating activities

    

Net loss

   $ (1,021,352   $ (381,467

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

    

Depreciation and amortization

     258,436       272,312  

Loss on impairment

     792,843       —    

Deferred income tax provision

     (51,724     303,084  

Loss on extinguishment of debt, net

     8,768       —    

Other long-term asset write-off

     —         14,419  

Changes in components of working capital:

    

Change in taxes receivable

     84,486       —    

Net changes in other operating assets and liabilities

     (17,563     45,937  
  

 

 

   

 

 

 

Net cash provided by operating activities

     53,894       254,285  
  

 

 

   

 

 

 

Cash flows from investing activities

    

Capital expenditures

     (75,874     (67,608

Proceeds from disposal of assets, net

     3,755       314  
  

 

 

   

 

 

 

Net cash used in investing activities

     (72,119     (67,294
  

 

 

   

 

 

 

Cash flows from financing activities

    

Issuance of senior notes

     750,000       —    

Repayments of debt

     (952,209     (300,000

Debt issuance costs on senior notes and credit facilities

     (14,802     (42

Dividends paid to noncontrolling interests

     (12,694     (5,393

Other financing activities

     (3,407     (4,301
  

 

 

   

 

 

 

Net cash used in financing activities

     (233,112     (309,736
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (251,337     (122,745

Cash and cash equivalents, beginning of period

     662,829       725,722  
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 411,492     $ 602,977  
  

 

 

   

 

 

 

 

8


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,  
     2018     2017     2018  
     Contract
Drilling
Services
    Other     Total     Contract
Drilling
Services
    Other     Total     Contract
Drilling
Services
    Other     Total  

Operating revenues

                  

Contract drilling services

   $ 247,689     $ —       $ 247,689     $ 271,532     $ —       $ 271,532     $ 229,106     $ —       $ 229,106  

Reimbursables and other

     10,680       —         10,680       6,610       —         6,610       6,051       —         6,051  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 258,369     $ —       $ 258,369     $ 278,142     $ —       $ 278,142     $ 235,157     $ —       $ 235,157  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating costs and expenses

                  

Contract drilling services

   $ 151,437     $ —       $ 151,437     $ 162,781     $ —       $ 162,781     $ 136,849     $ —       $ 136,849  

Reimbursables

     8,297       —         8,297       4,394       —         4,394       4,350       —         4,350  

Depreciation and amortization

     124,223       5,458       129,681       130,763       5,831       136,594       123,215       5,540       128,755  

General and administrative

     21,717       —         21,717       18,658       —         18,658       22,083       —         22,083  

Loss on impairment

     792,843       —         792,843       —         —         —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 1,098,517     $ 5,458     $ 1,103,975     $ 316,596     $ 5,831     $ 322,427     $ 286,497     $ 5,540     $ 292,037  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

   $ (840,148   $ (5,458   $ (845,606   $ (38,454   $ (5,831   $ (44,285   $ (51,340   $ (5,540   $ (56,880
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating statistics

                  

Jackups:

                  

Average Rig Utilization

     70         93         56    

Operating Days

     872           1,183           706      

Average Dayrate

   $ 130,332         $ 121,284         $ 153,662      

Semisubmersibles:

                  

Average Rig Utilization

     8         17         17    

Operating Days

     44           91           90      

Average Dayrate

   $ 126,278         $ 126,106         $ 98,766      

Drillships:

                  

Average Rig Utilization

     63         52         52    

Operating Days

     455           377           375      

Average Dayrate

   $ 282,412         $ 309,313         $ 297,833      

Total:

                  

Average Rig Utilization

     54         65         47    

Operating Days

     1,371           1,651           1,171      

Average Dayrate

   $ 180,689         $ 164,475         $ 195,633      

 

9


NOBLE CORPORATION PLC AND SUBSIDIARIES

CALCULATION OF BASIC AND DILUTED NET INCOME PER SHARE

(In thousands, except per share amounts)

(Unaudited)

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

 

     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2018     2017     2018     2017  

Numerator:

        

Basic

        

Net loss from continuing operations

   $ (628,063   $ (91,864   $ (770,397   $ (393,558

Net loss from discontinued operations, net of tax

     —         (1,486     —         (1,486
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Noble Corporation plc

   $ (628,063   $ (93,350   $ (770,397   $ (395,044
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

        

Net loss from continuing operations

   $ (628,063   $ (91,864   $ (770,397   $ (393,558

Net loss from discontinued operations, net of tax

     —         (1,486     —         (1,486
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to Noble Corporation plc

   $ (628,063   $ (93,350   $ (770,397   $ (395,044
  

 

 

   

 

 

   

 

 

   

 

 

 

Denominator:

        

Weighted average shares outstanding—basic

     246,740       244,828       246,438       244,527  

Weighted average shares outstanding—diluted

     246,740       244,828       246,438       244,527  

Loss per share

        

Basic:

        

Loss from Continuing operations

   $ (2.55   $ (0.37   $ (3.13   $ (1.61

Loss from Discontinued operations

     —         (0.01     —         (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss to Noble Corporation plc

   $ (2.55   $ (0.38   $ (3.13   $ (1.62
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted:

        

Loss from Continuing operations

   $ (2.55   $ (0.37   $ (3.13   $ (1.61

Loss from Discontinued operations

     —         (0.01     —         (0.01
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss to Noble Corporation plc

   $ (2.55   $ (0.38   $ (3.13   $ (1.62
  

 

 

   

 

 

   

 

 

   

 

 

 

For the quarters and years ended June 30, 2018 and 2017, we experienced net losses from continuing operations, as such, unvested share-based payment awards were excluded from the loss per share calculation, as the awards were anti-dilutive.

 

10


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 2, 2018, and discussed in the related conference call on August 3, 2018, are appropriate measures of the continuing and normal operations of the Company:

 

  (i)

In the second quarter of 2018, an impairment of three of our rigs and certain capital spare equipment;

 

  (ii)

In the first quarter of 2018, a loss on debt extinguishment; and

 

  (iii)

In the second quarter of 2017, a discrete tax item and the Noble Max Smith write-off of receivables.

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.

 

11


NOBLE CORPORATION PLC AND SUBSIDIARIES

NON-GAAP MEASURES

(In thousands, except per share amounts)

(Unaudited)

 

Reconciliation of Income tax provision    Three Months Ended
June 30,
    Three Months Ended
March 31,
 
     2018     2017     2018  

Income tax benefit (provision)

   $ 38,839     $ 18,213     $ (2,996

Adjustments

      

Loss on impairment

     (35,613     —         —    

Loss on debt extinguishment

     —         —         (1,841
  

 

 

   

 

 

   

 

 

 

Total Adjustments

     (35,613     —         (1,841
  

 

 

   

 

 

   

 

 

 

Adjusted income tax benefit (provision)

   $ 3,226     $ 18,213     $ (4,837
  

 

 

   

 

 

   

 

 

 
Reconciliation of net loss attributable to Noble Corporation plc    Three Months Ended
June 30,
    Three Months Ended
March 31,
 
     2018     2017     2018  

Net loss attributable to Noble Corporation plc

   $ (628,063   $ (93,350   $ (142,334

Adjustments

      

Loss on impairment, net of tax

     757,230       —         —    

Noble Max Smith-write-off of receivables

     —         14,419       —    

Loss on extinguishment of debt, net

     —         —         6,927  

Net loss attributable to noncontrolling interests

     (250,348     —         —    
  

 

 

   

 

 

   

 

 

 

Total Adjustments

     506,882       14,419       6,927  
  

 

 

   

 

 

   

 

 

 

Adjusted net loss attributable to Noble Corporation plc

   $ (121,181   $ (78,931   $ (135,407
  

 

 

   

 

 

   

 

 

 
Reconciliation of diluted EPS attributable to Noble Corporation plc    Three Months Ended
June 30,
    Three Months Ended
March 31
 
     2018     2017     2018  

Unadjusted diluted EPS attributable to Noble Corporation plc

   $ (2.55   $ (0.38   $ (0.58

Adjustments

      

Loss on impairment, net of tax

     2.06       —         —    

Noble Max Smith-write-off of receivables

     —         0.06       —    

Loss on extinguishment of debt, net of tax

     —         —         0.03  
  

 

 

   

 

 

   

 

 

 

Total Adjustments

     2.06       0.06       0.03  
  

 

 

   

 

 

   

 

 

 

Adjusted diluted EPS

   $ (0.49   $ (0.32   $ (0.55
  

 

 

   

 

 

   

 

 

 

 

12