Exhibit 99.1
Noble Corporation Reports Record Earnings of $1.86 Per Share
For the First Quarter 2007 on Revenues of $646 Million
SUGAR LAND, Texas, April 19 — Noble Corporation (NYSE:NE) today reported first quarter earnings of $250 million or $1.86 per diluted ordinary share versus $200 million or $1.47 in the prior quarter and $145 million or $1.05 in the first quarter of last year.
Contract drilling services revenue for the first quarter was $577 million, up 14 percent compared to $508 million in the prior quarter and up 41 percent compared to $408 million in the first quarter of last year.
Cash operating margins exceeded 65 percent, generating $270 million in net cash provided by operating activities in the first quarter. The Company invested $237 million in capital projects during the quarter. Debt as a percentage of total capitalization increased to 19 percent at March 31, 2007, from 18 percent at December 31, 2006.
Mark A. Jackson, Noble Corporation President and Chief Executive Officer, said, “Our strong first quarter results reflect continued execution of our strategy — securing contracts for our premium jackups in key international markets, adding to our ultra-deepwater fleet, maximizing our margins by controlling costs, and delivering on our shipyard projects. At the same time, we extended our outstanding safety record by working over 3 million hours without a lost time accident.”
As previously announced in February of this year, the Company’s Board of Directors approved an increase in the total number of ordinary shares authorized for repurchase to 15.3 million shares. During the first quarter, the Company repurchased 1.2 million shares at an
average price of $72.71 for a total investment of $87 million. In the last 12 months, 5 million shares have been repurchased with a total investment of $354 million at an average price of $70.85 per share.
Operations Review
All of the Company’s premium jackups are located in four major international markets, where activity increases and strong pricing momentum led to higher dayrates for contracts that were extended or renewed by the Company in the first quarter. Including contracts signed in the current quarter, 86 percent and 51 percent of available days for our international jackup fleet are committed for 2007 and 2008, respectively.
In the Middle East, theNoble Kenneth Delaneyreceived a contract extension at $195,000 per day and theNoble Dick Favorreceived an extension at a dayrate of $160,000. Both of these extensions were leading edge dayrates for jackups working in water depths of 300 and 150 feet, respectively.
The Company also received commitments in the North Sea for theNoble Lynda Bosslerand theNoble George Sauvageauat dayrates of $220,000 and $225,000, extending their contracts through mid and late 2008. Both jackups are capable of working in water depths up to 250 feet.
Contracts were also extended for jackups located in West Africa and Mexico during the quarter, theNoble Don Walkerat a dayrate of $165,000 currently working in Nigeria, and $150,000 per day for theNoble Earl Fredericksonworking for PEMEX. TheNoble Don Walker, a 150 foot jackup, is now contracted through the spring of 2008. In Mexico, theNoble Earl Frederickson,a 250 foot jackup, is also contracted through the spring of 2008.
In the deepwater arena, the Company announced the signing of a Letter of Intent for theNoble Jim Day, adding another 12,000 foot dynamically positioned semisubmersible to our fleet
2
in late 2009. With the completion of theNoble Clyde Boudreaux, Noble will operate six deepwater semisubmersibles in the U.S. Gulf of Mexico, which account for approximately 25 percent of total contract drilling services revenue.
Shipyard Projects Update
At the end of the first quarter, the Company had customer commitments for three 400 foot jackups and one 10,000 foot dynamically positioned semisubmersible being constructed in Dalian, China. The first of these new jackups, theNoble Roger Lewis, is scheduled for final commissioning and transport to Qatar in the third quarter of 2007. TheNoble Hans DeulandNoble Scott Marksare scheduled for final commissioning and transport to the North Sea in the second quarters of 2008 and 2009, respectively. All of our new jackups are being constructed under turnkey contracts with the shipyard.
TheNoble Dave Beard, a 10,000 foot dynamically positioned semisubmersible, is scheduled for final commissioning and transport to Brazil in the third quarter of 2008.
Construction on theNoble Danny Adkinsand theNoble Jim Day, two 12,000 foot dynamically positioned semisubmersibles, is well under way in the Jurong shipyard in Singapore. All long lead time equipment has been purchased, facilitating the scheduled delivery of theNoble Danny Adkinsin the first quarter of 2009 and a fourth quarter 2009 delivery for theNoble Jim Day. Achieving on-time delivery for our seven major newbuild projects, including theNoble Clyde Boudreaux, should generate additional earnings per share of approximately $3.90 in the calendar year 2010.
In addition to the major newbuild projects described above, the Company budgeted 602 unpaid shipyard days in 2007 for major upgrades, repairs and inspections of our existing fleet, comprising 21 separate projects. In the first quarter, Noble budgeted 98 shipyard days on five
3
projects in three different shipyards. Actual shipyard days were 1 percent above Budget while actual costs were 2 percent below Budget.
Conference Call
Noble will hold a conference call today at 1:00 p.m., Central time, to provide shareholders and other interested parties an overview of the Company’s first quarter 2007 performance. Those interested in hearing the conference call may listen via telephone by dialing 800-737-8127, or internationally 212-231-6042, using pass code 21324117. Alternatively, interested parties may listen to the call over the Internet through the Investor section of the Company’s Web site, using the “Web cast” link. A replay of the conference call will be available on Thursday, April 19, 2007, beginning at 5:00 p.m., Central time, through Wednesday, April 25, 2007, ending at 5:00 p.m., Central time. The phone number for the conference call replay is 800-633-8284 or internationally 402-977-9140. The access code is the same (as indicated above for the conference call). The conference call may include non-GAAP financial measures. Noble will post a reconciliation of those measures to the most directly comparable GAAP measures in the Investor section of the Company’s Web site under the heading “Reg. G Reconciliation.”
This news release may contain “forward-looking statements” about the business, financial performance and prospects of the Company. Statements about the Company’s or management’s plans, intentions, expectations, beliefs, estimates, predictions, or similar expressions for the future are forward-looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors,
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including risks and uncertainties, is set forth from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.
Noble Corporation is a leading provider of diversified services for the oil and gas industry. The Company performs contract drilling services with its fleet of 62 mobile offshore drilling units located in key markets worldwide, including the U.S. Gulf of Mexico, Middle East, Mexico, the North Sea, Brazil, West Africa and India. The fleet count includes six rigs under construction. The Company also provides labor contract drilling services, well site and project management services, and engineering services. The Company’s ordinary shares are traded on the New York Stock Exchange under the symbol “NE”.
Additional information on Noble Corporation is available via the worldwide web athttp://www.noblecorp.com.
NC-406
04/19/07
For additional information, contact:
| | | |
| For Investors: | | Lee M. Ahlstrom, Vice President — Investor Relations and Planning, |
| | | Noble Drilling Services Inc., 281-276-6440 |
| | | |
| For Media: | | John S. Breed, Director of Corporate Communications, |
| | | Noble Drilling Services Inc., 281-276-6729 |
5
NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | |
| | | Three Months Ended March 31, | |
| | | 2007 | | | 2006 | |
OPERATING REVENUES | | | | | | | | |
| Contract drilling services | | $ | 576,915 | | | $ | 408,347 | |
| Reimbursables | | | 31,143 | | | | 23,072 | |
| Labor contract drilling services | | | 36,555 | | | | 26,516 | |
| Engineering, consulting and other | | | 1,811 | | | | 3,980 | |
| | | | | | | |
| | | | 646,424 | | | | 461,915 | |
| | | | | | | |
| | | | | | | | | |
OPERATING COSTS AND EXPENSES | | | | | | | | |
| Contract drilling services | | | 196,842 | | | | 160,864 | |
| Reimbursables | | | 27,546 | | | | 20,052 | |
| Labor contract drilling services | | | 28,403 | | | | 21,938 | |
| Engineering, consulting and other | | | 3,641 | | | | 3,271 | |
| Depreciation and amortization | | | 64,465 | | | | 59,361 | |
| Selling, general and administrative | | | 14,226 | | | | 10,285 | |
| Hurricane losses and (recoveries), net | | | — | | | | (4,404 | ) |
| | | | | | | |
| | | | 335,123 | | | | 271,367 | |
| | | | | | | |
| | | | | | | | | |
OPERATING INCOME | | | 311,301 | | | | 190,548 | |
| | | | | | | | | |
OTHER INCOME (EXPENSE) | | | | | | | | |
| Interest expense, net of amount capitalized | | | (1,504 | ) | | | (12,479 | ) |
| Other, net | | | 1,158 | | | | 2,342 | |
| | | | | | | |
| | | | | | | | | |
INCOME BEFORE INCOME TAXES | | | 310,955 | | | | 180,411 | |
INCOME TAX PROVISION | | | (60,635 | ) | | | (35,180 | ) |
| | | | | | | |
| | | | | | | | | |
NET INCOME | | $ | 250,320 | | | $ | 145,231 | |
| | | | | | | |
| | | | | | | | | |
NET INCOME PER SHARE: | | | | | | | | |
| Basic | | $ | 1.87 | | | $ | 1.06 | |
| Diluted | | $ | 1.86 | | | $ | 1.05 | |
| | | | | | | | | |
WEIGHTED AVERAGE SHARES OUTSTANDING: | | | | | | | | |
| Basic | | | 133,561 | | | | 136,721 | |
| Diluted | | | 134,800 | | | | 138,455 | |
6
NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | |
| | | March 31, | | | December 31, | |
| | | 2007 | | | 2006 | |
ASSETS | | | | | | | | |
| CURRENT ASSETS | | | | | | | | |
| Cash and cash equivalents | | $ | 77,113 | | | $ | 61,710 | |
| Accounts receivable | | | 461,547 | | | | 408,241 | |
| Insurance receivables | | | 39,717 | | | | 54,191 | |
| Inventories | | | 4,642 | | | | 4,461 | |
| Prepaid expenses | | | 22,941 | | | | 20,491 | |
| Other current assets | | | 26,106 | | | | 20,886 | |
| | | | | | | |
| Total current assets | | | 632,066 | | | | 569,980 | |
| | | | | | | |
| | | | | | | | | |
| PROPERTY AND EQUIPMENT | | | | | | | | |
| Drilling equipment and facilities | | | 5,428,410 | | | | 5,215,477 | |
| Other | | | 76,690 | | | | 71,870 | |
| | | | | | | |
| | | | 5,505,100 | | | | 5,287,347 | |
| Accumulated depreciation | | | (1,476,242 | ) | | | (1,428,954 | ) |
| | | | | | | |
| | | | 4,028,858 | | | | 3,858,393 | |
| | | | | | | |
| | | | | | | | | |
| OTHER ASSETS | | | 159,704 | | | | 157,541 | |
| | | | | | | |
| | | $ | 4,820,628 | | | $ | 4,585,914 | |
| | | | | | | |
| | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | |
| CURRENT LIABILITIES | | | | | | | | |
| Current maturities of long-term debt | | $ | 9,800 | | | $ | 9,629 | |
| Accounts payable | | | 138,897 | | | | 196,111 | |
| Accrued payroll and related costs | | | 88,225 | | | | 93,251 | |
| Taxes payable | | | 95,666 | | | | 52,793 | |
| Interest payable | | | 7,883 | | | | 9,683 | |
| Other current liabilities | | | 68,217 | | | | 64,793 | |
| | | | | | | |
| Total current liabilities | | | 408,688 | | | | 426,260 | |
| | | | | | | | | |
| LONG-TERM DEBT | | | 766,965 | | | | 684,469 | |
| DEFERRED INCOME TAXES | | | 222,315 | | | | 219,521 | |
| OTHER LIABILITIES | | | 51,585 | | | | 34,019 | |
| | | | | | | |
| | | | 1,449,553 | | | | 1,364,269 | |
| | | | | | | |
| | | | | | | | | |
| COMMITMENTS AND CONTINGENCIES | | | | | | | | |
| | | | | | | | | |
| MINORITY INTEREST | | | (7,439 | ) | | | (7,348 | ) |
| | | | | | | | | |
| SHAREHOLDERS’ EQUITY | | | | | | | | |
| Ordinary shares-par value $0.10 per share; 400,000 shares authorized; 133,749 shares issued and outstanding in 2007; 134,592 shares issued and outstanding in 2006 | | | 13,375 | | | | 13,459 | |
| Capital in excess of par value | | | 710,728 | | | | 789,354 | |
| Retained earnings | | | 2,673,967 | | | | 2,446,056 | |
| Accumulated other comprehensive income (loss) | | | (19,556 | ) | | | (19,876 | ) |
| | | | | | | |
| | | | 3,378,514 | | | | 3,228,993 | |
| | | | | | | |
| | | $ | 4,820,628 | | | $ | 4,585,914 | |
| | | | | | | |
7
NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| | | | | | | | | |
| | | Three Months Ended March 31, | |
| | | 2007 | | | 2006 | |
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | |
| Net income | | $ | 250,320 | | | $ | 145,231 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
| Depreciation and amortization | | | 64,465 | | | | 59,361 | |
| Deferred income tax provision | | | 2,794 | | | | — | |
| Share-based compensation expense | | | 7,340 | | | | 5,395 | |
| Hurricane losses and recoveries, net | | | — | | | | (4,404 | ) |
| Other | | | 2,903 | | | | (2,284 | ) |
| Other changes in current assets and liabilities: | | | | | | | | |
| Accounts receivable | | | (53,306 | ) | | | (55,277 | ) |
| Other current assets | | | 5,795 | | | | (15,680 | ) |
| Accounts payable | | | (49,536 | ) | | | (3,424 | ) |
| Other current liabilities | | | 39,471 | | | | 22,185 | |
| | | | | | | |
| Net cash provided by operating activities | | | 270,246 | | | | 151,103 | |
| | | | | | | |
| | | | | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | |
| New construction | | | (115,049 | ) | | | (114,092 | ) |
| Other capital expenditures | | | (103,216 | ) | | | (76,704 | ) |
| Major maintenance expenditures | | | (18,413 | ) | | | (24,426 | ) |
| Accrued capital expenditures | | | 9,627 | | | | — | |
| Proceeds from sales and maturities of marketable securities | | | — | | | | 6,582 | |
| | | | | | | |
| Net cash used for investing activities | | | (227,051 | ) | | | (208,640 | ) |
| | | | | | | |
| | | | | | | | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | |
| Borrowings on credit facilities | | | 170,000 | | | | — | |
| Payments on bank credit facilities | | | (85,000 | ) | | | — | |
| Payments of other long-term debt | | | (2,345 | ) | | | (4,408 | ) |
| Net proceeds from employee stock transactions | | | (481 | ) | | | 6,529 | |
| Dividends paid | | | (5,409 | ) | | | (5,486 | ) |
| Repurchases of ordinary shares | | | (104,557 | ) | | | — | |
| | | | | | | |
| Net cash used for financing activities | | | (27,792 | ) | | | (3,365 | ) |
| | | | | | | |
| | | | | | | | | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | 15,403 | | | | (60,902 | ) |
| | | | | | | | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | | | 61,710 | | | | 121,845 | |
| | | | | | | |
| | | | | | | | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | | $ | 77,113 | | | $ | 60,943 | |
| | | | | | | |
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NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average dayrates)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, | | | Three Months Ended December 31, | |
| | | 2007 | | | 2006 | | | 2006 | |
| | | International | | | Domestic | | | | | | | | | | | International | | | Domestic | | | | | | | | | | | International | | | Domestic | | | | | | | |
| | | Contract | | | Contract | | | | | | | | | | | Contract | | | Contract | | | | | | | | | | | Contract | | | Contract | | | | | | | |
| | | Drilling | | | Drilling | | | Other | | | Total | | | Drilling | | | Drilling | | | Other | | | Total | | | Drilling | | | Drilling | | | Other | | | Total | |
OPERATING REVENUES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Contract drilling services | | $ | 429,478 | | | $ | 147,437 | | | $ | — | | | $ | 576,915 | | | $ | 272,871 | | | $ | 135,476 | | | $ | — | | | $ | 408,347 | | | $ | 386,260 | | | $ | 121,586 | | | $ | — | | | $ | 507,846 | |
| Reimbursables | | | 15,989 | | | | 3,780 | | | | 11,374 | | | | 31,143 | | | | 11,490 | | | | 6,229 | | | | 5,353 | | | | 23,072 | | | | 14,553 | | | | 2,021 | | | | 7,268 | | | | 23,842 | |
| Labor contract drilling services | | | — | | | | — | | | | 36,555 | | | | 36,555 | | | | — | | | | — | | | | 26,516 | | | | 26,516 | | | | — | | | | — | | | | 27,073 | | | | 27,073 | |
| Engineering, consulting and other | | | 92 | | | | 138 | | | | 1,581 | | | | 1,811 | | | | 449 | | | | 163 | | | | 3,368 | | | | 3,980 | | | | (1,298 | ) | | | 124 | | | | 1,237 | | | | 63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 445,559 | | | $ | 151,355 | | | $ | 49,510 | | | $ | 646,424 | | | $ | 284,810 | | | $ | 141,868 | | | $ | 35,237 | | | $ | 461,915 | | | $ | 399,515 | | | $ | 123,731 | | | $ | 35,578 | | | $ | 558,824 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING COSTS AND EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Contract drilling services | | $ | 160,124 | | | $ | 36,718 | | | $ | — | | | $ | 196,842 | | | $ | 122,887 | | | $ | 37,977 | | | $ | — | | | $ | 160,864 | | | $ | 151,921 | | | $ | 31,250 | | | $ | — | | | $ | 183,171 | |
| Reimbursables | | | 13,284 | | | | 3,655 | | | | 10,607 | | | | 27,546 | | | | 8,792 | | | | 6,073 | | | | 5,187 | | | | 20,052 | | | | 12,166 | | | | 1,764 | | | | 6,460 | | | | 20,390 | |
| Labor contract drilling services | | | — | | | | — | | | | 28,403 | | | | 28,403 | | | | — | | | | — | | | | 21,938 | | | | 21,938 | | | | — | | | | — | | | | 21,782 | | | | 21,782 | |
| Engineering, consulting and other | | | 161 | | | | (20 | ) | | | 3,500 | | | | 3,641 | | | | (35 | ) | | | (110 | ) | | | 3,416 | | | | 3,271 | | | | (181 | ) | | | 2 | | | | 3,149 | | | | 2,970 | |
| Depreciation and amortization | | | 48,071 | | | | 13,738 | | | | 2,656 | | | | 64,465 | | | | 45,768 | | | | 12,540 | | | | 1,053 | | | | 59,361 | | | | 50,790 | | | | 13,810 | | | | 1,259 | | | | 65,859 | |
| Selling, general and administrative | | | 10,390 | | | | 3,270 | | | | 566 | | | | 14,226 | | | | 5,463 | | | | 3,306 | | | | 1,516 | | | | 10,285 | | | | 10,128 | | | | 2,482 | | | | 847 | | | | 13,457 | |
| Hurricane losses and (recoveries), net | | | — | | | | — | | | | — | | | | — | | | | — | | | | (4,404 | ) | | | — | | | | (4,404 | ) | | | — | | | | (6,300 | ) | | | — | | | | (6,300 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 232,030 | | | $ | 57,361 | | | $ | 45,732 | | | $ | 335,123 | | | $ | 182,875 | | | $ | 55,382 | | | $ | 33,110 | | | $ | 271,367 | | | $ | 224,824 | | | $ | 43,008 | | | $ | 33,497 | | | $ | 301,329 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING INCOME | | $ | 213,529 | | | $ | 93,994 | | | $ | 3,778 | | | $ | 311,301 | | | $ | 101,935 | | | $ | 86,486 | | | $ | 2,127 | | | $ | 190,548 | | | $ | 174,691 | | | $ | 80,723 | | | $ | 2,081 | | | $ | 257,495 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING STATISTICS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Jackups: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Rig Utilization | | | 98 | % | | | N/A | | | | | | | | 98 | % | | | 100 | % | | | 86 | % | | | | | | | 99 | % | | | 93 | % | | | N/A | | | | | | | | 93 | % |
| Operating Days | | | 3,512 | | | | N/A | | | | | | | | 3,512 | | | | 3,420 | | | | 155 | | | | | | | | 3,575 | | | | 3,431 | | | | N/A | | | | | | | | 3,431 | |
| Average Dayrate | | $ | 102,112 | | | | N/A | | | | | | | $ | 102,112 | | | $ | 63,880 | | | $ | 101,112 | | | | | | | $ | 65,482 | | | $ | 89,769 | | | | N/A | | | | | | | $ | 89,769 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Semisubmersibles — (6,000 feet or greater): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Rig Utilization | | | 100 | % | | | 100 | % | | | | | | | 100 | % | | | 100 | % | | | 100 | % | | | | | | | 100 | % | | | 100 | % | | | 100 | % | | | | | | | 100 | % |
| Operating Days | | | 180 | | | | 360 | | | | | | | | 540 | | | | 180 | | | | 360 | | | | | | | | 540 | | | | 184 | | | | 368 | | | | | | | | 552 | |
| Average Dayrate | | $ | 153,023 | | | $ | 313,256 | | | | | | | $ | 259,837 | | | $ | 89,261 | | | $ | 241,562 | | | | | | | $ | 190,795 | | | $ | 164,081 | | | $ | 281,654 | | | | | | | $ | 242,468 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Semisubmersibles — (less than 6,000 feet): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Rig Utilization | | | 50 | % | | | 100 | % | | | | | | | 67 | % | | | 100 | % | | | 100 | % | | | | | | | 100 | % | | | 77 | % | | | 27 | % | | | | | | | 60 | % |
| Operating Days | | | 90 | | | | 90 | | | | | | | | 180 | | | | 90 | | | | 180 | | | | | | | | 270 | | | | 141 | | | | 25 | | | | | | | | 166 | |
| Average Dayrate | | $ | 199,055 | | | $ | 154,390 | | | | | | | $ | 176,722 | | | $ | 113,430 | | | $ | 124,183 | | | | | | | $ | 120,599 | | | $ | 141,996 | | | $ | 111,777 | | | | | | | $ | 138,141 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Drillships: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Rig Utilization | | | 93 | % | | | N/A | | | | | | | | 93 | % | | | 100 | % | | | N/A | | | | | | | | 100 | % | | | 100 | % | | | N/A | | | | | | | | 100 | % |
| Operating Days | | | 252 | | | | N/A | | | | | | | | 252 | | | | 270 | | | | N/A | | | | | | | | 270 | | | | 276 | | | | N/A | | | | | | | | 276 | |
| Average Dayrate | | $ | 100,740 | | | | N/A | | | | | | | $ | 100,740 | | | $ | 104,189 | | | | N/A | | | | | | | $ | 104,189 | | | $ | 101,491 | | | | N/A | | | | | | | $ | 101,491 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Submersibles: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Rig Utilization | | | N/A | | | | 95 | % | | | | | | | 95 | % | | | N/A | | | | 67 | % | | | | | | | 67 | % | | | N/A | | | | 74 | % | | | | | | | 74 | % |
| Operating Days | | | N/A | | | | 256 | | | | | | | | 256 | | | | N/A | | | | 180 | | | | | | | | 180 | | | | N/A | | | | 205 | | | | | | | | 205 | |
| Average Dayrate | | | N/A | | | $ | 81,047 | | | | | | | $ | 81,047 | | | | N/A | | | $ | 58,506 | | | | | | | $ | 58,506 | | | | N/A | | | $ | 73,607 | | | | | | | $ | 73,607 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Rig Utilization | | | 95 | % | | | 98 | % | | | | | | | 96 | % | | | 100 | % | | | 88 | % | | | | | | | 98 | % | | | 93 | % | | | 81 | % | | | | | | | 92 | % |
| Operating Days | | | 4,034 | | | | 706 | | | | | | | | 4,740 | | | | 3,960 | | | | 875 | | | | | | | | 4,835 | | | | 4,032 | | | | 598 | | | | | | | | 4,630 | |
| Average Dayrate | | $ | 106,461 | | | $ | 208,755 | | | | | | | $ | 121,705 | | | $ | 68,909 | | | $ | 154,830 | | | | | | | $ | 84,465 | | | $ | 95,791 | | | $ | 203,293 | | | | | | | $ | 109,666 | |
| | |
| (1) | | Effective January 1, 2007, the Company’s 30 percent net profit interest in theNoble Kolskayais reported in labor contract drilling services. For the quarters ended March 31, 2007, 2006 and December 31, 2006,Noble Kolskaya labor contract drilling margin was $3.6 million, $2.3 million and $2.0 million, respectively. |
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