Information about Noble-Cayman | 3 Months Ended |
Mar. 31, 2014 |
Guarantees [Abstract] | ' |
Information about Noble-Cayman | ' |
Note 16 — Information about Noble-Cayman |
Guarantees of Registered Securities |
Noble-Cayman or one or more subsidiaries of Noble-Cayman are a co-issuer, guarantor or otherwise obligated as of March 31, 2014 with respect to the following securities as follows: |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Issuer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes | | (Co-Issuer(s)) | | Guarantor(s) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$350 million 3.845% Senior Notes due 2015 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$300 million 3.05% Senior Notes due 2016 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$300 million 2.50% Senior Notes due 2017 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$202 million 7.50% Senior Notes due 2019 | | NDC; | | Noble-Cayman; | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Noble Drilling Services 6 LLC (“NDS6”) | | Noble Holding (U.S.) Corporation (“NHC”); | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Noble Drilling Holding LLC (“NDH”) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$500 million 4.90% Senior Notes due 2020 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$400 million 4.625% Senior Notes due 2021 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$400 million 3.95% Senior Notes due 2022 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$400 million 6.20% Senior Notes due 2040 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$400 million 6.05% Senior Notes due 2041 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$500 million 5.25% Senior Notes due 2042 | | NHIL | | Noble-Cayman | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following condensed consolidating financial statements of Noble-Cayman, NHC and NDH combined, NDC, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. |
|
NOBLE CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET |
March 31, 2014 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Other | | | | | | | |
| | | | | | | | | | | | | | | | | Non-guarantor | | | | | | | |
| | Noble- | | | NHC and NDH | | | | | | | | | | | | Subsidiaries | | | Consolidating | | | | |
| | Cayman | | | Combined | | | NDC | | | NHIL | | | NDS6 | | | of Noble | | | Adjustments | | | Total | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 5 | | | $ | 124 | | | $ | — | | | $ | 5 | | | $ | — | | | $ | 111,661 | | | $ | — | | | $ | 111,795 | |
Accounts receivable | | | — | | | | 53,786 | | | | 3,331 | | | | — | | | | — | | | | 820,010 | | | | — | | | | 877,127 | |
Taxes receivable | | | — | | | | 37,956 | | | | — | | | | — | | | | — | | | | 97,501 | | | | — | | | | 135,457 | |
Short-term notes receivable from affiliates | | | — | | | | 1,456,245 | | | | — | | | | — | | | | 19,500 | | | | 166,760 | | | | (1,642,505 | ) | | | — | |
Accounts receivable from affiliates | | | 1,163,230 | | | | 122,759 | | | | 791,922 | | | | 82,362 | | | | 22,967 | | | | 6,153,853 | | | | (8,337,093 | ) | | | — | |
Prepaid expenses and other current assets | | | — | | | | 2,822 | | | | 172 | | | | 13 | | | | — | | | | 238,856 | | | | — | | | | 241,863 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 1,163,235 | | | | 1,673,692 | | | | 795,425 | | | | 82,380 | | | | 42,467 | | | | 7,588,641 | | | | (9,979,598 | ) | | | 1,366,242 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, at cost | | | — | | | | 2,249,576 | | | | 76,132 | | | | — | | | | — | | | | 17,327,453 | | | | — | | | | 19,653,161 | |
Accumulated depreciation | | | — | | | | (231,409 | ) | | | (62,039 | ) | | | — | | | | — | | | | (4,562,966 | ) | | | — | | | | (4,856,414 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, net | | | — | | | | 2,018,167 | | | | 14,093 | | | | — | | | | — | | | | 12,764,487 | | | | — | | | | 14,796,747 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes receivable from affiliates | | | 3,304,753 | | | | 124,215 | | | | 223,059 | | | | 1,980,391 | | | | 5,000 | | | | 1,322,500 | | | | (6,959,918 | ) | | | — | |
Investments in affiliates | | | 8,977,664 | | | | 9,645,314 | | | | 2,061,305 | | | | 10,107,669 | | | | 5,612,195 | | | | — | | | | (36,404,147 | ) | | | — | |
Other assets | | | 4,589 | | | | 6,872 | | | | 115 | | | | 21,967 | | | | 607 | | | | 213,319 | | | | — | | | | 247,469 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 13,450,241 | | | $ | 13,468,260 | | | $ | 3,093,997 | | | $ | 12,192,407 | | | $ | 5,660,269 | | | $ | 21,888,947 | | | $ | (53,343,663 | ) | | $ | 16,410,458 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term notes payables from affiliates | | $ | — | | | $ | 52,611 | | | $ | 114,149 | | | $ | — | | | $ | 750,000 | | | $ | 725,745 | | | $ | (1,642,505 | ) | | $ | — | |
Accounts payable | | | — | | | | 4,704 | | | | 677 | | | | — | | | | — | | | | 309,562 | | | | — | | | | 314,943 | |
Accrued payroll and related costs | | | — | | | | 5,316 | | | | 782 | | | | — | | | | — | | | | 104,539 | | | | — | | | | 110,637 | |
Accounts payable to affiliates | | | 1,068,444 | | | | 4,848,721 | | | | 4,904 | | | | 243,031 | | | | 20,596 | | | | 2,151,397 | | | | (8,337,093 | ) | | | — | |
Taxes payable | | | — | | | | 18,125 | | | | 9 | | | | — | | | | — | | | | 150,669 | | | | — | | | | 168,803 | |
Other current liabilities | | | 915 | | | | 22,833 | | | | 200 | | | | 16,359 | | | | 630 | | | | 174,855 | | | | — | | | | 215,792 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 1,069,359 | | | | 4,952,310 | | | | 120,721 | | | | 259,390 | | | | 771,226 | | | | 3,616,767 | | | | (9,979,598 | ) | | | 810,175 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 1,983,543 | | | | — | | | | — | | | | 3,543,544 | | | | 201,695 | | | | — | | | | — | | | | 5,728,782 | |
Notes payable to affiliates | | | 1,769,064 | | | | 421,263 | | | | — | | | | 975,000 | | | | 192,216 | | | | 3,602,375 | | | | (6,959,918 | ) | | | — | |
Deferred income taxes | | | — | | | | — | | | | 4,245 | | | | — | | | | — | | | | 217,135 | | | | — | | | | 221,380 | |
Other liabilities | | | 19,930 | | | | 32,151 | | | | — | | | | — | | | | — | | | | 265,029 | | | | — | | | | 317,110 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 4,841,896 | | | | 5,405,724 | | | | 124,966 | | | | 4,777,934 | | | | 1,165,137 | | | | 7,701,306 | | | | (16,939,516 | ) | | | 7,077,447 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholder equity | | | 8,608,345 | | | | 8,062,536 | | | | 2,969,031 | | | | 7,414,473 | | | | 4,495,132 | | | | 12,939,108 | | | | (35,880,280 | ) | | | 8,608,345 | |
Noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,248,533 | | | | (523,867 | ) | | | 724,666 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total equity | | | 8,608,345 | | | | 8,062,536 | | | | 2,969,031 | | | | 7,414,473 | | | | 4,495,132 | | | | 14,187,641 | | | | (36,404,147 | ) | | | 9,333,011 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 13,450,241 | | | $ | 13,468,260 | | | $ | 3,093,997 | | | $ | 12,192,407 | | | $ | 5,660,269 | | | $ | 21,888,947 | | | $ | (53,343,663 | ) | | $ | 16,410,458 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NOBLE CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEET |
December 31, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Other | | | | | | | |
| | | | | | | | | | | | | | | | | Non-guarantor | | | | | | | |
| | Noble- | | | NHC and NDH | | | | | | | | | | | | Subsidiaries | | | Consolidating | | | | |
| | Cayman | | | Combined | | | NDC | | | NHIL | | | NDS6 | | | of Noble | | | Adjustments | | | Total | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 1 | | | $ | 402 | | | $ | — | | | $ | 4 | | | $ | — | | | $ | 109,975 | | | $ | — | | | $ | 110,382 | |
Accounts receivable | | | — | | | | 34,038 | | | | 3,325 | | | | — | | | | — | | | | 911,706 | | | | — | | | | 949,069 | |
Taxes receivable | | | — | | | | 52,307 | | | | — | | | | — | | | | — | | | | 87,722 | | | | — | | | | 140,029 | |
Short-term notes receivable from affiliates | | | — | | | | 1,456,245 | | | | — | | | | 139,195 | | | | 19,500 | | | | 166,760 | | | | (1,781,700 | ) | | | — | |
Accounts receivable from affiliates | | | 1,244,019 | | | | 108,208 | | | | 1,137,137 | | | | 210,868 | | | | 27,537 | | | | 6,302,784 | | | | (9,030,553 | ) | | | — | |
Prepaid expenses and other current assets | | | — | | | | 6,336 | | | | 204 | | | | — | | | | — | | | | 177,808 | | | | — | | | | 184,348 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 1,244,020 | | | | 1,657,536 | | | | 1,140,666 | | | | 350,067 | | | | 47,037 | | | | 7,756,755 | | | | (10,812,253 | ) | | | 1,383,828 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, at cost | | | — | | | | 2,340,216 | | | | 75,856 | | | | — | | | | — | | | | 16,744,278 | | | | — | | | | 19,160,350 | |
Accumulated depreciation | | | — | | | | (310,171 | ) | | | (60,950 | ) | | | — | | | | — | | | | (4,260,557 | ) | | | — | | | | (4,631,678 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, net | | | — | | | | 2,030,045 | | | | 14,906 | | | | — | | | | — | | | | 12,483,721 | | | | — | | | | 14,528,672 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes receivable from affiliates | | | 3,304,753 | | | | 124,216 | | | | — | | | | 2,367,555 | | | | 5,000 | | | | 1,390,500 | | | | (7,192,024 | ) | | | — | |
Investments in affiliates | | | 8,601,712 | | | | 9,502,970 | | | | 2,523,808 | | | | 9,456,735 | | | | 5,440,004 | | | | — | | | | (35,525,229 | ) | | | — | |
Other assets | | | 6,256 | | | | 6,332 | | | | 173 | | | | 22,681 | | | | 639 | | | | 232,933 | | | | — | | | | 269,014 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 13,156,741 | | | $ | 13,321,099 | | | $ | 3,679,553 | | | $ | 12,197,038 | | | $ | 5,492,680 | | | $ | 21,863,909 | | | $ | (53,529,506 | ) | | $ | 16,181,514 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term notes payables from affiliates | | $ | — | | | $ | 191,806 | | | $ | 114,149 | | | $ | — | | | $ | 750,000 | | | $ | 725,745 | | | $ | (1,781,700 | ) | | $ | — | |
Accounts payable | | | — | | | | 5,310 | | | | 452 | | | | — | | | | — | | | | 340,148 | | | | — | | | | 345,910 | |
Accrued payroll and related costs | | | — | | | | 8,582 | | | | 9,141 | | | | — | | | | — | | | | 125,623 | | | | — | | | | 143,346 | |
Accounts payable to affiliates | | | 1,104,410 | | | | 4,685,825 | | | | 292,354 | | | | 216,866 | | | | 21,173 | | | | 2,709,925 | | | | (9,030,553 | ) | | | — | |
Taxes payable | | | — | | | | 827 | | | | 9 | | | | — | | | | — | | | | 119,752 | | | | — | | | | 120,588 | |
Other current liabilities | | | 412 | | | | 22,106 | | | | 240 | | | | 62,431 | | | | 4,412 | | | | 210,571 | | | | — | | | | 300,172 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 1,104,822 | | | | 4,914,456 | | | | 416,345 | | | | 279,297 | | | | 775,585 | | | | 4,231,764 | | | | (10,812,253 | ) | | | 910,016 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt | | | 1,561,141 | | | | — | | | | — | | | | 3,793,414 | | | | 201,696 | | | | — | | | | — | | | | 5,556,251 | |
Notes payable to affiliates | | | 2,042,808 | | | | 534,683 | | | | — | | | | 975,000 | | | | 260,216 | | | | 3,379,317 | | | | (7,192,024 | ) | | | — | |
Deferred income taxes | | | — | | | | — | | | | 3,275 | | | | — | | | | — | | | | 222,180 | | | | — | | | | 225,455 | |
Other liabilities | | | 19,931 | | | | 24,502 | | | | — | | | | — | | | | — | | | | 289,875 | | | | — | | | | 334,308 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | 4,728,702 | | | | 5,473,641 | | | | 419,620 | | | | 5,047,711 | | | | 1,237,497 | | | | 8,123,136 | | | | (18,004,277 | ) | | | 7,026,030 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total shareholder equity | | | 8,428,039 | | | | 7,847,458 | | | | 3,259,933 | | | | 7,149,327 | | | | 4,255,183 | | | | 12,502,531 | | | | (35,014,432 | ) | | | 8,428,039 | |
Noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,238,242 | | | | (510,797 | ) | | | 727,445 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total equity | | | 8,428,039 | | | | 7,847,458 | | | | 3,259,933 | | | | 7,149,327 | | | | 4,255,183 | | | | 13,740,773 | | | | (35,525,229 | ) | | | 9,155,484 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and equity | | $ | 13,156,741 | | | $ | 13,321,099 | | | $ | 3,679,553 | | | $ | 12,197,038 | | | $ | 5,492,680 | | | $ | 21,863,909 | | | $ | (53,529,506 | ) | | $ | 16,181,514 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NOBLE CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF INCOME |
Three Months Ended March 31, 2014 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Other | | | | | | | |
| | | | | | | | | | | | | | | | | Non-guarantor | | | | | | | |
| | Noble- | | | NHC and NDH | | | | | | | | | | | | Subsidiaries | | | Consolidating | | | | |
| | Cayman | | | Combined | | | NDC | | | NHIL | | | NDS6 | | | of Noble | | | Adjustments | | | Total | |
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | $ | — | | | $ | 85,582 | | | $ | 5,667 | | | $ | — | | | $ | — | | | $ | 1,157,987 | | | $ | (42,932 | ) | | $ | 1,206,304 | |
Reimbursables | | | — | | | | 767 | | | | 81 | | | | — | | | | — | | | | 35,805 | | | | — | | | | 36,653 | |
Labor contract drilling services | | | — | | | | — | | | | — | | | | — | | | | — | | | | 8,212 | | | | — | | | | 8,212 | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1 | | | | — | | | | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating revenues | | | — | | | | 86,349 | | | | 5,748 | | | | — | | | | — | | | | 1,202,005 | | | | (42,932 | ) | | | 1,251,170 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | | 10,071 | | | | 42,103 | | | | 2,449 | | | | 26,116 | | | | — | | | | 521,021 | | | | (42,932 | ) | | | 558,828 | |
Reimbursables | | | — | | | | 909 | | | | 78 | | | | — | | | | — | | | | 29,619 | | | | — | | | | 30,606 | |
Labor contract drilling services | | | — | | | | — | | | | — | | | | — | | | | — | | | | 6,226 | | | | — | | | | 6,226 | |
Depreciation and amortization | | | — | | | | 15,952 | | | | 1,131 | | | | — | | | | — | | | | 228,227 | | | | — | | | | 245,310 | |
General and administrative | | | 573 | | | | 1,847 | | | | 1 | | | | 6,961 | | | | — | | | | 2,550 | | | | — | | | | 11,932 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating costs and expenses | | | 10,644 | | | | 60,811 | | | | 3,659 | | | | 33,077 | | | | — | | | | 787,643 | | | | (42,932 | ) | | | 852,902 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (10,644 | ) | | | 25,538 | | | | 2,089 | | | | (33,077 | ) | | | — | | | | 414,362 | | | | — | | | | 398,268 | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity earnings in affiliates, net of tax | | | 320,213 | | | | 179,887 | | | | 69,071 | | | | 318,759 | | | | 172,191 | | | | — | | | | (1,060,121 | ) | | | — | |
Interest expense, net of amounts capitalized | | | (25,884 | ) | | | (6,050 | ) | | | (493 | ) | | | (46,493 | ) | | | (7,949 | ) | | | (12,360 | ) | | | 58,837 | | | | (40,392 | ) |
Interest income and other, net | | | 1,630 | | | | 13,680 | | | | 66 | | | | 25,957 | | | | 313 | | | | 15,874 | | | | (58,837 | ) | | | (1,317 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 285,315 | | | | 213,055 | | | | 70,733 | | | | 265,146 | | | | 164,555 | | | | 417,876 | | | | (1,060,121 | ) | | | 356,559 | |
Income tax provision | | | — | | | | (31,201 | ) | | | — | | | | — | | | | — | | | | (23,127 | ) | | | — | | | | (54,328 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | | 285,315 | | | | 181,854 | | | | 70,733 | | | | 265,146 | | | | 164,555 | | | | 394,749 | | | | (1,060,121 | ) | | | 302,231 | |
Net income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | (29,986 | ) | | | 13,070 | | | | (16,916 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Noble Corporation | | | 285,315 | | | | 181,854 | | | | 70,733 | | | | 265,146 | | | | 164,555 | | | | 364,763 | | | | (1,047,051 | ) | | | 285,315 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income, net | | | 7,718 | | | | — | | | | — | | | | — | | | | — | | | | 7,718 | | | | (7,718 | ) | | | 7,718 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Noble Corporation | | $ | 293,033 | | | $ | 181,854 | | | $ | 70,733 | | | $ | 265,146 | | | $ | 164,555 | | | $ | 372,481 | | | $ | (1,054,769 | ) | | $ | 293,033 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NOBLE CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF INCOME |
Three Months Ended March 31, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Other | | | | | | | |
| | | | | | | | | | | | | | | | | Non-guarantor | | | | | | | |
| | Noble- | | | NHC and NDH | | | | | | | | | | | | Subsidiaries | | | Consolidating | | | | |
| | Cayman | | | Combined | | | NDC | | | NHIL | | | NDS6 | | | of Noble | | | Adjustments | | | Total | |
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | $ | — | | | $ | 46,957 | | | $ | 4,991 | | | $ | — | | | $ | — | | | $ | 897,239 | | | $ | (20,450 | ) | | $ | 928,737 | |
Reimbursables | | | — | | | | 586 | | | | — | | | | — | | | | — | | | | 20,588 | | | | — | | | | 21,174 | |
Labor contract drilling services | | | — | | | | — | | | | — | | | | — | | | | — | | | | 21,054 | | | | — | | | | 21,054 | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | 10 | | | | — | | | | 10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating revenues | | | — | | | | 47,543 | | | | 4,991 | | | | — | | | | — | | | | 938,891 | | | | (20,450 | ) | | | 970,975 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | | 919 | | | | 16,425 | | | | 1,785 | | | | 24,213 | | | | — | | | | 453,669 | | | | (20,450 | ) | | | 476,561 | |
Reimbursables | | | — | | | | 334 | | | | — | | | | — | | | | — | | | | 14,588 | | | | — | | | | 14,922 | |
Labor contract drilling services | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12,249 | | | | — | | | | 12,249 | |
Depreciation and amortization | | | — | | | | 14,862 | | | | 1,101 | | | | — | | | | — | | | | 189,788 | | | | — | | | | 205,751 | |
General and administrative | | | 625 | | | | 1,892 | | | | 1 | | | | 8,713 | | | | — | | | | 3,612 | | | | — | | | | 14,843 | |
Gain on contract extinguishment | | | — | | | | — | | | | — | | | | — | | | | — | | | | (1,800 | ) | | | — | | | | (1,800 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating costs and expenses | | | 1,544 | | | | 33,513 | | | | 2,887 | | | | 32,926 | | | | — | | | | 672,106 | | | | (20,450 | ) | | | 722,526 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating income (loss) | | | (1,544 | ) | | | 14,030 | | | | 2,104 | | | | (32,926 | ) | | | — | | | | 266,785 | | | | — | | | | 248,449 | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity earnings in affiliates, net of tax | | | 202,765 | | | | 96,943 | | | | 7,453 | | | | 225,457 | | | | 116,028 | | | | — | | | | (648,646 | ) | | | — | |
Interest expense, net of amounts capitalized | | | (33,307 | ) | | | (7,562 | ) | | | (833 | ) | | | (34,560 | ) | | | (11,721 | ) | | | (23,334 | ) | | | 84,016 | | | | (27,301 | ) |
Interest income and other, net | | | 1,630 | | | | 10,814 | | | | 7 | | | | 39,761 | | | | 6,305 | | | | 25,562 | | | | (84,016 | ) | | | 63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income before income taxes | | | 169,544 | | | | 114,225 | | | | 8,731 | | | | 197,732 | | | | 110,612 | | | | 269,013 | | | | (648,646 | ) | | | 221,211 | |
Income tax provision | | | — | | | | (4,556 | ) | | | — | | | | — | | | | — | | | | (29,458 | ) | | | — | | | | (34,014 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | | 169,544 | | | | 109,669 | | | | 8,731 | | | | 197,732 | | | | 110,612 | | | | 239,555 | | | | (648,646 | ) | | | 187,197 | |
Net income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | (27,538 | ) | | | 9,885 | | | | (17,653 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Noble Corporation | | | 169,544 | | | | 109,669 | | | | 8,731 | | | | 197,732 | | | | 110,612 | | | | 212,017 | | | | (638,761 | ) | | | 169,544 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive income, net | | | 3,097 | | | | — | | | | — | | | | — | | | | — | | | | 3,097 | | | | (3,097 | ) | | | 3,097 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Noble Corporation | | $ | 172,641 | | | $ | 109,669 | | | $ | 8,731 | | | $ | 197,732 | | | $ | 110,612 | | | $ | 215,114 | | | $ | (641,858 | ) | | $ | 172,641 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NOBLE CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
Three Months Ended March 31, 2014 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Other | | | | | | | |
| | | | | | | | | | | | | | | | | Non-guarantor | | | | | | | |
| | Noble- | | | NHC and NDH | | | | | | | | | | | | Subsidiaries | | | Consolidating | | | | |
| | Cayman | | | Combined | | | NDC | | | NHIL | | | NDS6 | | | of Noble | | | Adjustments | | | Total | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from operating activities | | $ | (23,676 | ) | | $ | 37,298 | | | $ | (4,327 | ) | | $ | (98,984 | ) | | $ | (11,386 | ) | | $ | 632,730 | | | $ | — | | | $ | 531,655 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New construction and capital expenditures | | | — | | | | (331,096 | ) | | | (173 | ) | | | — | | | | — | | | | (229,519 | ) | | | — | | | | (560,788 | ) |
Notes receivable from affiliates | | | — | | | | — | | | | — | | | | 273,744 | | | | — | | | | — | | | | (273,744 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from investing activities | | | — | | | | (331,096 | ) | | | (173 | ) | | | 273,744 | | | | — | | | | (229,519 | ) | | | (273,744 | ) | | | (560,788 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in borrowings outstanding on bank credit facilities | | | 422,402 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 422,402 | |
Repayment of long-term debt | | | — | | | | — | | | | — | | | | (250,000 | ) | | | — | | | | — | | | | — | | | | (250,000 | ) |
Dividends paid to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | (19,695 | ) | | | — | | | | (19,695 | ) |
Financing costs on credit facilities | | | (381 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (381 | ) |
Distributions to parent company, net | | | (121,780 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (121,780 | ) |
Advances (to) from affiliates | | | (2,817 | ) | | | 293,520 | | | | 4,500 | | | | 75,241 | | | | 11,386 | | | | (381,830 | ) | | | — | | | | — | |
Notes payable to affiliates | | | (273,744 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 273,744 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from financing activities | | | 23,680 | | | | 293,520 | | | | 4,500 | | | | (174,759 | ) | | | 11,386 | | | | (401,525 | ) | | | 273,744 | | | | 30,546 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | 4 | | | | (278 | ) | | | — | | | | 1 | | | | — | | | | 1,686 | | | | — | | | | 1,413 | |
Cash and cash equivalents, beginning of period | | | 1 | | | | 402 | | | | — | | | | 4 | | | | — | | | | 109,975 | | | | — | | | | 110,382 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 5 | | | $ | 124 | | | $ | — | | | $ | 5 | | | $ | — | | | $ | 111,661 | | | $ | — | | | $ | 111,795 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
NOBLE CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
Three Months Ended March 31, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | Other | | | | | | | |
| | | | | | | | | | | | | | | | | Non-guarantor | | | | | | | |
| | Noble- | | | NHC and NDH | | | | | | | | | | | | Subsidiaries | | | Consolidating | | | | |
| | Cayman | | | Combined | | | NDC | | | NHIL | | | NDS6 | | | of Noble | | | Adjustments | | | Total | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from operating activities | | $ | (24,033 | ) | | $ | 21,420 | | | $ | 2,894 | | | $ | (72,200 | ) | | $ | (9,167 | ) | | $ | 295,344 | | | $ | — | | | $ | 214,258 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New construction and capital expenditures | | | — | | | | (168,711 | ) | | | (18 | ) | | | — | | | | — | | | | (269,536 | ) | | | — | | | | (438,265 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from investing activities | | | — | | | | (168,711 | ) | | | (18 | ) | | | — | | | | — | | | | (269,536 | ) | | | — | | | | (438,265 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in borrowings outstanding on bank credit facilities | | | 209,680 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 209,680 | |
Financing costs on credit facilities | | | (1,895 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (1,895 | ) |
Distributions to parent company, net | | | (53,110 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (53,110 | ) |
Advances (to) from affiliates | | | (131,640 | ) | | | 146,864 | | | | (2,876 | ) | | | 72,200 | | | | 9,167 | | | | (93,715 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from financing activities | | | 23,035 | | | | 146,864 | | | | (2,876 | ) | | | 72,200 | | | | 9,167 | | | | (93,715 | ) | | | — | | | | 154,675 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | (998 | ) | | | (427 | ) | | | — | | | | — | | | | — | | | | (67,907 | ) | | | — | | | | (69,332 | ) |
Cash and cash equivalents, beginning of period | | | 1,003 | | | | 904 | | | | — | | | | 2 | | | | — | | | | 275,466 | | | | — | | | | 277,375 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 5 | | | $ | 477 | | | $ | — | | | $ | 2 | | | $ | — | | | $ | 207,559 | | | $ | — | | | $ | 208,043 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |