Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'NOBLE CORP PLC | ' |
Entity Central Index Key | '0001458891 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 254,260,645 |
Noble-Cayman [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 261,245,693 |
CONSOLIDATED_BALANCE_SHEETS_Un
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $140,537 | $114,458 |
Accounts receivable | 889,942 | 949,069 |
Taxes receivable | 148,345 | 140,269 |
Prepaid expenses and other current assets | 233,252 | 187,139 |
Total current assets | 1,412,076 | 1,390,935 |
Property and equipment, at cost | 20,391,892 | 19,198,767 |
Accumulated depreciation | -5,118,363 | -4,640,677 |
Property and equipment, net | 15,273,529 | 14,558,090 |
Other assets | 304,295 | 268,932 |
Total assets | 16,989,900 | 16,217,957 |
Current liabilities | ' | ' |
Accounts payable | 365,961 | 347,214 |
Accrued payroll and related costs | 148,447 | 151,161 |
Taxes payable | 127,739 | 125,119 |
Dividends payable | ' | 128,249 |
Other current liabilities | 258,667 | 300,172 |
Total current liabilities | 900,814 | 1,051,915 |
Long-term debt | 6,013,946 | 5,556,251 |
Deferred income taxes | 233,419 | 225,455 |
Other liabilities | 338,888 | 334,308 |
Total liabilities | 7,487,067 | 7,167,929 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Shares | 2,543 | 2,534 |
Additional paid-in capital | 828,879 | 810,286 |
Retained earnings | 8,017,321 | 7,591,927 |
Accumulated other comprehensive loss | -71,264 | -82,164 |
Total shareholders' equity | 8,777,479 | 8,322,583 |
Noncontrolling interests | 725,354 | 727,445 |
Total equity | 9,502,833 | 9,050,028 |
Total liabilities and equity | 16,989,900 | 16,217,957 |
Noble-Cayman [Member] | ' | ' |
Current assets | ' | ' |
Cash and cash equivalents | 137,710 | 110,382 |
Accounts receivable | 889,942 | 949,069 |
Taxes receivable | 148,159 | 140,029 |
Prepaid expenses and other current assets | 231,704 | 184,348 |
Total current assets | 1,407,515 | 1,383,828 |
Property and equipment, at cost | 20,353,341 | 19,160,350 |
Accumulated depreciation | -5,108,147 | -4,631,678 |
Property and equipment, net | 15,245,194 | 14,528,672 |
Other assets | 304,366 | 269,014 |
Total assets | 16,957,075 | 16,181,514 |
Current liabilities | ' | ' |
Accounts payable | 352,233 | 345,910 |
Accrued payroll and related costs | 142,552 | 143,346 |
Taxes payable | 124,631 | 120,588 |
Other current liabilities | 258,667 | 300,172 |
Total current liabilities | 878,083 | 910,016 |
Long-term debt | 6,013,946 | 5,556,251 |
Deferred income taxes | 233,419 | 225,455 |
Other liabilities | 338,888 | 334,308 |
Total liabilities | 7,464,336 | 7,026,030 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Shares | 26,125 | 26,125 |
Additional paid-in capital | 516,108 | 497,316 |
Retained earnings | 8,296,416 | 7,986,762 |
Accumulated other comprehensive loss | -71,264 | -82,164 |
Total shareholders' equity | 8,767,385 | 8,428,039 |
Noncontrolling interests | 725,354 | 727,445 |
Total equity | 9,492,739 | 9,155,484 |
Total liabilities and equity | $16,957,075 | $16,181,514 |
CONSOLIDATED_BALANCE_SHEETS_Un1
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Ordinary shares, shares outstanding | 254,258 | 253,448 |
Noble-Cayman [Member] | ' | ' |
Ordinary shares, shares outstanding | 261,246 | 261,246 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | $1,200,406 | $975,455 | $2,406,710 | $1,904,192 |
Reimbursables | 31,811 | 28,260 | 68,464 | 49,434 |
Labor contract drilling services | 8,146 | 13,603 | 16,358 | 34,657 |
Other | ' | 67 | 1 | 77 |
Total operating revenues | 1,240,363 | 1,017,385 | 2,491,533 | 1,988,360 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 577,134 | 487,971 | 1,138,265 | 968,097 |
Reimbursables | 22,460 | 22,701 | 53,066 | 37,623 |
Labor contract drilling services | 6,261 | 9,349 | 12,487 | 21,598 |
Depreciation and amortization | 254,394 | 212,589 | 500,299 | 418,745 |
General and administrative | 27,080 | 26,850 | 52,717 | 52,419 |
Non-recurring spin-off related costs | 6,458 | 4,065 | 18,863 | 8,027 |
Gain on contract extinguishment | ' | ' | ' | -1,800 |
Total operating costs and expenses | 893,787 | 763,525 | 1,775,697 | 1,504,709 |
Operating income | 346,576 | 253,860 | 715,836 | 483,651 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amount capitalized | -36,351 | -24,665 | -76,743 | -51,966 |
Interest income and other, net | -328 | 955 | -1,518 | 530 |
Income before income taxes | 309,897 | 230,150 | 637,575 | 432,215 |
Income tax provision | -52,435 | -36,824 | -106,871 | -71,176 |
Net income | 257,462 | 193,326 | 530,704 | 361,039 |
Net income attributable to noncontrolling interests | -22,903 | -16,706 | -39,819 | -34,359 |
Net income attributable to Noble Corporation | 234,559 | 176,620 | 490,885 | 326,680 |
Net income per share | ' | ' | ' | ' |
Basic | $0.91 | $0.69 | $1.90 | $1.28 |
Diluted | $0.91 | $0.69 | $1.90 | $1.27 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | 1,200,406 | 975,455 | 2,406,710 | 1,904,192 |
Reimbursables | 31,811 | 28,260 | 68,464 | 49,434 |
Labor contract drilling services | 8,146 | 13,603 | 16,358 | 34,657 |
Other | ' | 67 | 1 | 77 |
Total operating revenues | 1,240,363 | 1,017,385 | 2,491,533 | 1,988,360 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 569,438 | 485,445 | 1,128,266 | 962,006 |
Reimbursables | 22,460 | 22,701 | 53,066 | 37,623 |
Labor contract drilling services | 6,261 | 9,402 | 12,487 | 21,651 |
Depreciation and amortization | 253,774 | 212,232 | 499,084 | 417,983 |
General and administrative | 11,489 | 15,588 | 23,421 | 30,431 |
Gain on contract extinguishment | ' | ' | ' | -1,800 |
Total operating costs and expenses | 863,422 | 745,368 | 1,716,324 | 1,467,894 |
Operating income | 376,941 | 272,017 | 775,209 | 520,466 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amount capitalized | -36,351 | -24,665 | -76,743 | -51,966 |
Interest income and other, net | -215 | 705 | -1,532 | 768 |
Income before income taxes | 340,375 | 248,057 | 696,934 | 469,268 |
Income tax provision | -52,233 | -35,730 | -106,561 | -69,744 |
Net income | 288,142 | 212,327 | 590,373 | 399,524 |
Net income attributable to noncontrolling interests | -22,903 | -16,706 | -39,819 | -34,359 |
Net income attributable to Noble Corporation | $265,239 | $195,621 | $550,554 | $365,165 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $257,462 | $193,326 | $530,704 | $361,039 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | 1,711 | -2,180 | 2,720 | 477 |
Amortization of deferred pension plan amounts (net of tax provision of $253 and $730 for the three months ended June 30, 2014 and 2013, respectively, and $505 and $1,460 for the six months ended June 30, 2014 and 2013, respectively) | 765 | 1,632 | 1,528 | 3,274 |
Other comprehensive income (loss), net | 3,182 | -4,077 | 10,900 | -980 |
Net comprehensive income attributable to noncontrolling interests | -22,903 | -16,706 | -39,819 | -34,359 |
Comprehensive income attributable to Noble Corporation | 237,741 | 172,543 | 501,785 | 325,700 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Net income | 288,142 | 212,327 | 590,373 | 399,524 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | 1,711 | -2,180 | 2,720 | 477 |
Amortization of deferred pension plan amounts (net of tax provision of $253 and $730 for the three months ended June 30, 2014 and 2013, respectively, and $505 and $1,460 for the six months ended June 30, 2014 and 2013, respectively) | 765 | 1,632 | 1,528 | 3,274 |
Other comprehensive income (loss), net | 3,182 | -4,077 | 10,900 | -980 |
Net comprehensive income attributable to noncontrolling interests | -22,903 | -16,706 | -39,819 | -34,359 |
Comprehensive income attributable to Noble Corporation | 268,421 | 191,544 | 561,454 | 364,185 |
Foreign Exchange Forward [Member] | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency forward contracts | 706 | -3,529 | 6,652 | -4,731 |
Foreign Exchange Forward [Member] | Noble-Cayman [Member] | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency forward contracts | $706 | ($3,529) | $6,652 | ($4,731) |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Amortization of deferred pension plan, tax provision | $253 | $730 | $505 | $1,460 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Amortization of deferred pension plan, tax provision | $253 | $730 | $505 | $1,460 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $530,704 | $361,039 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 500,299 | 418,745 |
Deferred income taxes | 10,127 | -7,505 |
Amortization of share-based compensation | 26,517 | 20,335 |
Net change in other assets and liabilities | -35,824 | -146,549 |
Net cash from operating activities | 1,031,823 | 646,065 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -1,216,404 | -1,244,311 |
Change in accrued capital expenditures | -11,813 | -39,047 |
Net cash from investing activities | -1,228,217 | -1,283,358 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | 707,472 | 941,653 |
Repayment of long-term debt | -250,000 | -300,000 |
Dividends paid to noncontrolling interests | -41,910 | -46,649 |
Financing costs on credit facilities | -386 | -1,912 |
Dividend payments | -193,740 | -66,672 |
Employee stock transactions | 1,037 | 2,065 |
Repurchases of employee shares surrendered for taxes | ' | -7,077 |
Net cash from financing activities | 222,473 | 521,408 |
Net change in cash and cash equivalents | 26,079 | -115,885 |
Cash and cash equivalents, beginning of period | 114,458 | 282,092 |
Cash and cash equivalents, end of period | 140,537 | 166,207 |
Noble-Cayman [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net income | 590,373 | 399,524 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 499,084 | 417,983 |
Deferred income taxes | 10,127 | -7,505 |
Capital contribution by parent-share-based compensation | 18,792 | 12,183 |
Net change in other assets and liabilities | -37,241 | -146,377 |
Net cash from operating activities | 1,081,135 | 675,808 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -1,216,270 | -1,244,239 |
Change in accrued capital expenditures | -11,813 | -39,047 |
Net cash from investing activities | -1,228,083 | -1,283,286 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | 707,472 | 941,653 |
Repayment of long-term debt | -250,000 | -300,000 |
Dividends paid to noncontrolling interests | -41,910 | -46,649 |
Financing costs on credit facilities | -386 | -1,912 |
Distributions to parent company, net | -240,900 | -100,960 |
Net cash from financing activities | 174,276 | 492,132 |
Net change in cash and cash equivalents | 27,328 | -115,346 |
Cash and cash equivalents, beginning of period | 110,382 | 277,375 |
Cash and cash equivalents, end of period | $137,710 | $162,029 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (USD $) | Total | Noble-Cayman [Member] | Shares [Member] | Shares [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Treasury Shares [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] |
In Thousands, unless otherwise specified | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | Noble-Cayman [Member] | ||||||||
Beginning Balance at Dec. 31, 2012 | $8,488,290 | $8,531,082 | $710,130 | $26,125 | $83,531 | $470,454 | $7,066,023 | $7,384,828 | ($21,069) | ($115,449) | ($115,449) | $765,124 | $765,124 |
Beginning Balance, Shares at Dec. 31, 2012 | ' | ' | 253,348 | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee related equity activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of share-based compensation | 20,335 | ' | ' | ' | 20,335 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share-based compensation shares | 17 | ' | 1,688 | ' | -1,671 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share-based compensation shares, Shares | ' | ' | 601 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 3,526 | ' | 365 | ' | 3,161 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, Shares | ' | ' | 131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit of stock options exercised | -1,478 | ' | ' | ' | -1,478 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares forfeited or repurchased for taxes | -7,077 | ' | ' | ' | ' | ' | ' | ' | -7,077 | ' | ' | ' | ' |
Restricted shares forfeited or repurchased for taxes, Shares | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 361,039 | 399,524 | ' | ' | ' | ' | 326,680 | 365,165 | ' | ' | ' | 34,359 | 34,359 |
Capital contributions by parent-share-based compensation | ' | 12,183 | ' | ' | ' | 12,183 | ' | ' | ' | ' | ' | ' | ' |
Dividends | -256,723 | -100,960 | ' | ' | ' | ' | -256,723 | -100,960 | ' | ' | ' | ' | ' |
Dividends paid to noncontrolling interests | -46,649 | -46,649 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46,649 | -46,649 |
Other comprehensive income (loss), net | -980 | -980 | ' | ' | ' | ' | ' | ' | ' | -980 | -980 | ' | ' |
Ending Balance at Jun. 30, 2013 | 8,560,300 | 8,794,200 | 712,183 | 26,125 | 103,878 | 482,637 | 7,135,980 | 7,649,033 | -28,146 | -116,429 | -116,429 | 752,834 | 752,834 |
Ending Balance, Shares at Jun. 30, 2013 | ' | ' | 254,080 | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee related equity activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 193,326 | 212,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net | -4,077 | -4,077 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Jun. 30, 2013 | 8,560,300 | 8,794,200 | ' | 26,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares at Jun. 30, 2013 | ' | ' | ' | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 9,050,028 | 9,155,484 | 2,534 | 26,125 | 810,286 | 497,316 | 7,591,927 | 7,986,762 | ' | -82,164 | -82,164 | 727,445 | 727,445 |
Beginning Balance, Shares at Dec. 31, 2013 | 253,448 | 261,246 | 253,448 | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee related equity activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of share-based compensation | 26,517 | ' | ' | ' | 26,517 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share-based compensation shares | -8,946 | ' | 6 | ' | -8,952 | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of share-based compensation shares, Shares | ' | ' | 683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 2,551 | ' | 3 | ' | 2,548 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, Shares | ' | ' | 127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit of stock options exercised | -1,520 | ' | ' | ' | -1,520 | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 530,704 | 590,373 | ' | ' | ' | ' | 490,885 | 550,554 | ' | ' | ' | 39,819 | 39,819 |
Capital contributions by parent-share-based compensation | ' | 18,792 | ' | ' | ' | 18,792 | ' | ' | ' | ' | ' | ' | ' |
Dividends | -65,491 | -240,900 | ' | ' | ' | ' | -65,491 | -240,900 | ' | ' | ' | ' | ' |
Dividends paid to noncontrolling interests | -41,910 | -41,910 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,910 | -41,910 |
Other comprehensive income (loss), net | 10,900 | 10,900 | ' | ' | ' | ' | ' | ' | ' | 10,900 | 10,900 | ' | ' |
Ending Balance at Jun. 30, 2014 | 9,502,833 | 9,492,739 | 2,543 | 26,125 | 828,879 | 516,108 | 8,017,321 | 8,296,416 | ' | -71,264 | -71,264 | 725,354 | 725,354 |
Ending Balance, Shares at Jun. 30, 2014 | 254,258 | 261,246 | 254,258 | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee related equity activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 257,462 | 288,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net | 3,182 | 3,182 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Jun. 30, 2014 | $9,502,833 | $9,492,739 | ' | $26,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance, Shares at Jun. 30, 2014 | 254,258 | 261,246 | ' | 261,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Organization and Basis of Presentation | ' | |||
Note 1 — Organization and Basis of Presentation | ||||
On November 20, 2013, pursuant to the Merger Agreement dated as of June 30, 2013 between Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble Corporation plc, a company registered under the laws of England and Wales (“Noble-UK”), Noble-Swiss merged with and into Noble-UK, with Noble-UK as the surviving company (the “Transaction”). In the Transaction, all of the outstanding ordinary shares of Noble-Swiss were cancelled, and Noble-UK issued, through an exchange agent, one ordinary share of Noble-UK in exchange for each ordinary share of Noble-Swiss. | ||||
The Transaction effectively changed the place of incorporation of our publicly traded parent holding company from Switzerland to the United Kingdom. As a result of the Transaction, Noble-UK owns and conducts the same businesses through the Noble group as Noble-Swiss conducted prior to the Transaction, except that Noble-UK is the parent company of the Noble group of companies. | ||||
We are a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of mobile offshore drilling units located worldwide, and at June 30, 2014 we were also responsible for the operations on the Hibernia platform offshore Canada. At June 30, 2014, our fleet consisted of 14 semisubmersibles, 14 drillships, 49 jackups and one floating production storage and offloading unit (“FPSO”), including three units under construction as follows: | ||||
• | one dynamically positioned, ultra-deepwater, harsh environment drillship; and | |||
• | two high-specification, heavy-duty, harsh environment jackups. | |||
At June 30, 2014, our fleet was located in the United States, Mexico, Brazil, Argentina, the North Sea, the Mediterranean, West Africa, the Middle East, India, Asia and Australia. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. | ||||
Noble Corporation, a Cayman Islands company (“Noble-Cayman”), is a direct, wholly-owned subsidiary of Noble-UK, our publicly-traded parent company. Noble-UK’s principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. | ||||
The accompanying unaudited consolidated financial statements of Noble-UK and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2013 Consolidated Balance Sheets presented herein are derived from the December 31, 2013 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2013, filed by both Noble-UK and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. | ||||
Certain amounts in prior periods have been reclassified to conform to the current year presentation. | ||||
Paragon Offshore plc Spin-off Transaction | ||||
On August 1, 2014, we completed the previously announced plan to reorganize our business by means of a spin-off of a wholly-owned subsidiary, Paragon Offshore plc (“Paragon Offshore”). The spin-off was accomplished through a pro rata distribution by us of all of the ordinary shares of Paragon Offshore to our shareholders. Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. Paragon Offshore’s assets and liabilities consist of most of our standard specification drilling units and related assets, liabilities and business. Paragon Offshore’s fleet consists of five drillships, three semisubmersibles, 34 jackups and one FPSO. Paragon Offshore is also responsible for the Hibernia platform operations offshore Canada. In connection with the spin-off, we received approximately $1.7 billion in cash as settlement of intercompany notes issued by Paragon Offshore to Noble as consideration for the business contributed to Paragon Offshore. Noble used these funds to repay outstanding third-party debt of Noble-Cayman and its subsidiaries. | ||||
Because the spin-off distribution was completed after June 30, 2014, the accounts of Paragon Offshore and its subsidiaries are reflected as continuing operations in our consolidated financial statements in this report. In subsequent reports, we expect to present the accounts of Paragon Offshore and its subsidiaries as discontinued operations. |
Consolidated_Joint_Ventures
Consolidated Joint Ventures | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Consolidated Joint Ventures | ' | ||||||||||||||||
Note 2 — Consolidated Joint Ventures | |||||||||||||||||
We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”) that own and operate the two Bully-class drillships. We have determined that we are the primary beneficiary. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests are presented as noncontrolling interests on our Consolidated Balance Sheets. | |||||||||||||||||
During the six months ended June 30, 2014, the Bully joint ventures approved and paid dividends totaling $84 million, of which $42 million was paid to our joint venture partner. During the six months ended June 30, 2013, the Bully joint ventures approved and paid dividends totaling $93 million, of which $47 million was paid to our joint venture partner. | |||||||||||||||||
The combined carrying amount of the Bully-class drillships at both June 30, 2014 and December 31, 2013 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. Cash held by the Bully joint ventures totaled approximately $43 million at June 30, 2014 as compared to approximately $50 million at December 31, 2013. Operational results for the three and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating revenues | $ | 98,217 | $ | 87,478 | $ | 185,403 | $ | 177,773 | |||||||||
Net income | $ | 46,956 | $ | 35,914 | $ | 84,676 | $ | 73,413 |
Share_Data
Share Data | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Share Data | ' | ||||||||||||||||
Note 3 — Share Data | |||||||||||||||||
Share capital | |||||||||||||||||
As of June 30, 2014, Noble-UK had approximately 254.3 million shares outstanding and trading as compared to approximately 253.4 million shares outstanding and trading at December 31, 2013. Our Board of Directors may increase our share capital through the issuance of up to 53 million authorized shares (at current nominal value of $0.01 per share) without obtaining shareholder approval. | |||||||||||||||||
In April 2013, our shareholders approved the payment of a dividend aggregating $1.00 per share, which was declared by our Board of Directors and paid in four equal installments. The final payment of this obligation was made in May 2014, and included an additional dividend of $0.125 per share in accordance with our current dividend policy. The aggregate dividend paid in May 2014 was approximately $97 million, or $0.375 per share. | |||||||||||||||||
Earnings per share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Allocation of net income | |||||||||||||||||
Basic | |||||||||||||||||
Net income attributable to Noble Corporation | $ | 234,559 | $ | 176,620 | $ | 490,885 | $ | 326,680 | |||||||||
Earnings allocated to unvested share-based payment awards | (3,776 | ) | (2,169 | ) | (8,048 | ) | (3,822 | ) | |||||||||
Net income to common shareholders—basic | $ | 230,783 | $ | 174,451 | $ | 482,837 | $ | 322,858 | |||||||||
Diluted | |||||||||||||||||
Net income attributable to Noble Corporation | $ | 234,559 | $ | 176,620 | $ | 490,885 | $ | 326,680 | |||||||||
Earnings allocated to unvested share-based payment awards | (3,774 | ) | (2,167 | ) | (8,046 | ) | (3,819 | ) | |||||||||
Net income to common shareholders—diluted | $ | 230,785 | $ | 174,453 | $ | 482,839 | $ | 322,861 | |||||||||
Weighted average shares outstanding—basic | 254,238 | 253,295 | 254,090 | 253,184 | |||||||||||||
Incremental shares issuable from assumed exercise of stock options | 97 | 261 | 116 | 265 | |||||||||||||
Weighted average shares outstanding—diluted | 254,335 | 253,556 | 254,206 | 253,449 | |||||||||||||
Weighted average unvested share-based payment awards | 4,156 | 3,150 | 4,172 | 2,998 | |||||||||||||
Earnings per share | |||||||||||||||||
Basic | $ | 0.91 | $ | 0.69 | $ | 1.9 | $ | 1.28 | |||||||||
Diluted | $ | 0.91 | $ | 0.69 | $ | 1.9 | $ | 1.27 | |||||||||
Dividends per share | $ | 0.38 | $ | 0.13 | $ | 0.75 | $ | 0.26 | |||||||||
Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three months ended June 30, 2014 and 2013, approximately 1 million shares underlying stock options were excluded from the diluted earnings per share as such stock options were not dilutive. |
Receivables_from_Customers
Receivables from Customers | 6 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
Receivables from Customers | ' |
Note 4 — Receivables from Customers | |
At June 30, 2014, we had a receivable of approximately $14 million related to the Noble Max Smith, which is being disputed by our customer, Petróleos Mexicanos (“Pemex”). This receivable has been classified as long-term and is included in “Other assets” on our Consolidated Balance Sheet. The disputed amount relates to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of this amount. This matter is currently proceeding through the Mexican judicial system. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amount. |
Property_and_Equipment
Property and Equipment | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Note 5 — Property and Equipment | |||||||||
Property and equipment, at cost, as of June 30, 2014 and December 31, 2013 for Noble-UK consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Drilling equipment and facilities | $ | 18,070,733 | $ | 17,130,986 | |||||
Construction in progress | 2,068,119 | 1,854,434 | |||||||
Other | 253,040 | 213,347 | |||||||
Property and equipment, at cost | $ | 20,391,892 | $ | 19,198,767 | |||||
Capital expenditures, including capitalized interest, totaled $1.2 billion for both the six months ended June 30, 2014 and 2013. Capitalized interest was $13 million and $27 million for the three and six months ended June 30, 2014, respectively, as compared to $32 million and $62 million for the three and six months ended June 30, 2013. |
Debt
Debt | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
Note 6 — Debt | |||||||||||||||||
Long-term debt consisted of the following at June 30, 2014 and December 31, 2013: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Senior unsecured notes: | |||||||||||||||||
7.375% Senior Notes due March 2014 | $ | — | $ | 249,964 | |||||||||||||
3.45% Senior Notes due August 2015 | 350,000 | 350,000 | |||||||||||||||
3.05% Senior Notes due March 2016 | 299,974 | 299,967 | |||||||||||||||
2.50% Senior Notes due March 2017 | 299,903 | 299,886 | |||||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 201,695 | |||||||||||||||
4.90% Senior Notes due August 2020 | 499,086 | 499,022 | |||||||||||||||
4.625% Senior Notes due March 2021 | 399,601 | 399,576 | |||||||||||||||
3.95% Senior Notes due March 2022 | 399,221 | 399,178 | |||||||||||||||
6.20% Senior Notes due August 2040 | 399,894 | 399,893 | |||||||||||||||
6.05% Senior Notes due March 2041 | 397,663 | 397,646 | |||||||||||||||
5.25% Senior Notes due March 2042 | 498,296 | 498,283 | |||||||||||||||
Total senior unsecured notes | 3,745,333 | 3,995,110 | |||||||||||||||
Commercial paper program | 2,268,613 | 1,561,141 | |||||||||||||||
Total long-term debt | $ | 6,013,946 | $ | 5,556,251 | |||||||||||||
Credit Facilities and Commercial Paper Program | |||||||||||||||||
We currently have three separate credit facilities with an aggregate maximum available capacity of $2.9 billion (together referred to as the “Credit Facilities”). We have established a commercial paper program, which allows us to issue up to $2.7 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by the unused capacity under our Credit Facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. The outstanding amounts of commercial paper reduce availability under our Credit Facilities. | |||||||||||||||||
The Credit Facilities provide us with the ability to issue up to $375 million in letters of credit in the aggregate. The issuance of letters of credit under the Credit Facilities reduces the amount available for borrowing. At June 30, 2014, we had no letters of credit issued under the Credit Facilities. | |||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||
In March 2014, we repaid our $250 million 7.375% Senior Notes using issuances under our commercial paper program. | |||||||||||||||||
Covenants | |||||||||||||||||
The Credit Facilities are guaranteed by our indirect wholly-owned subsidiaries, Noble Holding International Limited (“NHIL”) and Noble Holding Corporation (“NHC”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. At June 30, 2014, our ratio of debt to total tangible capitalization was approximately 0.39. We were in compliance with all covenants under the Credit Facilities as of June 30, 2014. | |||||||||||||||||
In addition to the covenants from the Credit Facilities noted above, the indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and sale and lease-back transactions. At June 30, 2014, we were in compliance with all of our debt covenants. We continually monitor compliance with the covenants under our notes and expect to remain in compliance during the remainder of 2014. | |||||||||||||||||
Fair Value of Debt | |||||||||||||||||
Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). | |||||||||||||||||
The following table presents the estimated fair value of our long-term debt as of June 30, 2014 and December 31, 2013, respectively: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Senior unsecured notes: | |||||||||||||||||
7.375% Senior Notes due March 2014 | $ | — | $ | — | $ | 249,964 | $ | 253,634 | |||||||||
3.45% Senior Notes due August 2015 | 350,000 | 359,532 | 350,000 | 363,019 | |||||||||||||
3.05% Senior Notes due March 2016 | 299,974 | 310,058 | 299,967 | 309,878 | |||||||||||||
2.50% Senior Notes due March 2017 | 299,903 | 307,420 | 299,886 | 302,891 | |||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 235,163 | 201,695 | 232,839 | |||||||||||||
4.90% Senior Notes due August 2020 | 499,086 | 548,520 | 499,022 | 528,597 | |||||||||||||
4.625% Senior Notes due March 2021 | 399,601 | 429,755 | 399,576 | 413,868 | |||||||||||||
3.95% Senior Notes due March 2022 | 399,221 | 408,265 | 399,178 | 390,520 | |||||||||||||
6.20% Senior Notes due August 2040 | 399,894 | 456,520 | 399,893 | 421,720 | |||||||||||||
6.05% Senior Notes due March 2041 | 397,663 | 452,273 | 397,646 | 417,312 | |||||||||||||
5.25% Senior Notes due March 2042 | 498,296 | 514,529 | 498,283 | 476,873 | |||||||||||||
Total senior unsecured notes | 3,745,333 | 4,022,035 | 3,995,110 | 4,111,151 | |||||||||||||
Commercial paper program | 2,268,613 | 2,268,613 | 1,561,141 | 1,561,141 | |||||||||||||
Total long-term debt | $ | 6,013,946 | $ | 6,290,648 | $ | 5,556,251 | $ | 5,672,292 | |||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 7 — Income Taxes | |
At June 30, 2014, the reserves for uncertain tax positions totaled $122 million (net of related tax benefits of $2 million). If the June 30, 2014 reserves are not realized, the provision for income taxes would be reduced by $122 million. At December 31, 2013, the reserves for uncertain tax positions totaled $127 million (net of related tax benefits of $2 million). | |
It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. |
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
Note 8 — Employee Benefit Plans | |||||||||||||||||
Pension costs include the following components: | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 1,433 | $ | 2,541 | $ | 1,349 | $ | 2,681 | |||||||||
Interest cost | 1,472 | 2,714 | 1,252 | 2,262 | |||||||||||||
Return on plan assets | (1,856 | ) | (3,846 | ) | (1,437 | ) | (3,276 | ) | |||||||||
Amortization of prior service cost | (5 | ) | 56 | — | 57 | ||||||||||||
Recognized net actuarial loss | 316 | 651 | 395 | 1,910 | |||||||||||||
Net pension expense | $ | 1,360 | $ | 2,116 | $ | 1,559 | $ | 3,634 | |||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 2,853 | $ | 5,082 | $ | 2,728 | $ | 5,362 | |||||||||
Interest cost | 2,928 | 5,428 | 2,534 | 4,524 | |||||||||||||
Return on plan assets | (3,691 | ) | (7,692 | ) | (2,908 | ) | (6,552 | ) | |||||||||
Amortization of prior service cost | (10 | ) | 112 | — | 114 | ||||||||||||
Recognized net actuarial loss | 629 | 1,302 | 800 | 3,820 | |||||||||||||
Net pension expense | $ | 2,709 | $ | 4,232 | $ | 3,154 | $ | 7,268 | |||||||||
During the three and six months ended June 30, 2014, we made contributions to our pension plans totaling $6 million and $7 million, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
Note 9 — Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives. | |||||||||||||||||||||||||
For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. Any change in fair value resulting from ineffectiveness is recognized immediately in earnings. | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
Our North Sea, Mexico and Brazil operations have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, which settle monthly in the operations’ respective local currencies. All of these contracts have a maturity of less than 12 months. The forward contract settlements in the remainder of 2014 represent approximately 35 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $192 million at June 30, 2014. Total unrealized gains related to these forward contracts were approximately $7 million as of June 30, 2014 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”). | |||||||||||||||||||||||||
Financial Statement Presentation | |||||||||||||||||||||||||
The following table, together with Note 10, summarizes the financial statement presentation and fair value of our derivative positions as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Estimated fair value | |||||||||||||||||||||||||
Balance sheet | June 30, 2014 | December 31, | |||||||||||||||||||||||
classification | 2013 | ||||||||||||||||||||||||
Asset derivatives | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Short-term foreign currency forward contracts | Other current assets | $ | 6,652 | $ | — | ||||||||||||||||||||
To supplement the fair value disclosures in Note 10, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the three months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “other | through “other income” | |||||||||||||||||||||||
income” | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | 5,067 | $ | (4,431 | ) | $ | 1,585 | $ | (300 | ) | $ | — | $ | — | |||||||||||
To supplement the fair value disclosures in Note 10, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “other | through “other income” | |||||||||||||||||||||||
income” | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | 3,873 | $ | (4,545 | ) | $ | 2,779 | $ | (186 | ) | $ | — | $ | — |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Note 10 — Fair Value of Financial Instruments | |||||||||||||||||
The following table presents the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Quoted | Significant | ||||||||||||||||
Prices in | Other | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 8,590 | $ | 8,590 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | 6,652 | — | 6,652 | — | |||||||||||||
December 31, 2013 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Quoted | Significant | ||||||||||||||||
Prices in | Other | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 7,230 | $ | 7,230 | $ | — | $ | — | |||||||||
The foreign currency forward contracts have been valued using actively quoted prices and quotes obtained from the counterparties to the contracts. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Note 11 — Accumulated Other Comprehensive Loss | |||||||||||||||||
The following tables set forth the changes in the accumulated balances for each component of AOCL, net of tax, for the six months ended June 30, 2014 and 2013. | |||||||||||||||||
Gains / | Defined | Foreign | Total | ||||||||||||||
(Losses) on | Benefit | Currency | |||||||||||||||
Cash Flow | Pension | Items | |||||||||||||||
Hedges(1) | Items(2) | ||||||||||||||||
Balance at December 31, 2012 | $ | — | $ | (95,071 | ) | $ | (20,378 | ) | $ | (115,449 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (4,917 | ) | — | 477 | (4,440 | ) | |||||||||||
Amounts reclassified from AOCL | 186 | 3,274 | — | 3,460 | |||||||||||||
Net other comprehensive income (loss) | (4,731 | ) | 3,274 | 477 | (980 | ) | |||||||||||
Balance at June 30, 2013 | $ | (4,731 | ) | $ | (91,797 | ) | $ | (19,901 | ) | $ | (116,429 | ) | |||||
Balance at December 31, 2013 | $ | — | $ | (58,598 | ) | $ | (23,566 | ) | $ | (82,164 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income before reclassifications | 9,431 | — | 2,720 | 12,151 | |||||||||||||
Amounts reclassified from AOCL | (2,779 | ) | 1,528 | — | (1,251 | ) | |||||||||||
Net other comprehensive income | 6,652 | 1,528 | 2,720 | 10,900 | |||||||||||||
Balance at June 30, 2014 | $ | 6,652 | $ | (57,070 | ) | $ | (20,846 | ) | $ | (71,264 | ) | ||||||
-1 | Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “other income” on our Consolidated Statement of Income. See Note 9 for additional information. | ||||||||||||||||
-2 | Defined benefit pension items relate to actuarial losses and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statement of Income through either “contract drilling services” or “general and administrative”. See Note 8 for additional information. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 12 — Commitments and Contingencies | |
The Noble Homer Ferrington was under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), which entered into an assignment agreement with BP for a two-well farmout of the rig in Libya after successfully drilling two wells with the rig for ExxonMobil. In August 2010, BP attempted to terminate the assignment agreement claiming that the rig was not in the required condition, and ExxonMobil informed us that we must look to BP for payment of the dayrate during the assignment period. In August 2010, we initiated arbitration proceedings under the drilling contract against both BP and ExxonMobil. We do not believe BP had the right to terminate the assignment agreement and believe the rig was ready to operate under the drilling contract. The rig operated under farmout arrangements from March 2011 to the conclusion of the contract in the second quarter of 2012. We believe we are owed dayrate by either or both of these clients. The operating dayrate was approximately $538,000 per day for the work in Libya. The arbitration process is proceeding, and we intend to vigorously pursue these claims. As a result of the uncertainties noted above, we have not recognized any revenue during the assignment period and the matter could have a material positive effect on our results of operations or cash flows in the period the matter is resolved should the arbitration panel ultimately rule in our favor. | |
In November 2012, the U.S. Coast Guard in Alaska conducted an inspection of our drillship, the Noble Discoverer, and cited a number of deficiencies to be remediated, including issues relating to the main propulsion and safety management system. We initiated a comprehensive effort to address the deficiencies identified by the Coast Guard and worked with the agency to keep it apprised of our progress. We began an internal investigation in conjunction with the Coast Guard inspection, and the Coast Guard then began its own investigation. We reported certain potential violations of applicable law to the Coast Guard identified as a result of our internal investigation. These related to what we believe were certain unauthorized disposals of collected deck and sea water from the Noble Discoverer, collected, treated deck water from the Kulluk and potential record-keeping issues with the oil record books for the Noble Discoverer and Kulluk and other matters. The Coast Guard referred the Noble Discoverer and Kulluk matters to the U.S. Department of Justice (“DOJ”) for further investigation. We are cooperating with the DOJ in connection with their investigation, which relates to the items described above, hazardous condition allegations with respect to the Noble Discoverer and other matters. We cannot predict when the DOJ will conclude the investigation and cannot provide any assurances with respect to the outcome. The DOJ is seeking criminal sanctions, including monetary penalties, against us, as well as some form of ongoing assurance of our operational compliance programs, and we are in settlement discussions with the DOJ. We believe it is probable that we will have to pay some amount in fines and penalties to resolve this matter and have reserved $12 million. | |
We previously reported on an action taken by the Nigerian Maritime Administration and Safety Agency, or NIMASA, against our previous Nigerian subsidiary (the “Paragon Nigeria Subsidiary”) in connection with Nigeria’s cabotage laws (the “Cabotage Action”) and a separate action taken by the Nigerian Industrial Training Fund against the Paragon Nigeria Subsidiary with respect to expatriate employee surcharges (the “ITF Action”). As a result of the spin-off of Paragon Offshore on August 1, 2014, the Cabotage Action and the ITF Action are, at the date of filing this report, the legal and contractual responsibility of Paragon Offshore and not of us. | |
We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At June 30, 2014, there were 37 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the United States in the states of Louisiana, Mississippi and Texas. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows. | |
We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims. | |
We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. During 2013, the IRS completed its examination of our tax reporting for the taxable year ended December 31, 2008 and concluded that we were entitled to a refund. The congressional Joint Committee on Taxation took no exception to the conclusions reached by the IRS, and the refund, plus interest, was received in March 2014. The IRS also completed its examination of our tax reporting for the taxable year ended December 31, 2009, and informed us that it made no changes to our reported tax. During the first quarter of 2014, the IRS began its examination of our tax reporting for the taxable years ended December 31, 2010 and 2011. We believe that we have accurately reported all amounts in our 2010 and 2011 tax returns. Furthermore, we are currently contesting several non-U.S. tax assessments and may contest future assessments. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. | |
Audit claims of approximately $345 million attributable to income, customs and other business taxes have been assessed against us. We have contested, or intend to contest, these assessments, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. Tax authorities may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions. | |
We have been notified by Petróleo Brasileiro S.A. (“Petrobras”) that it is currently challenging assessments by Brazilian tax authorities of withholding taxes associated with the provision of drilling rigs for its operations in Brazil during 2008 and 2009. Petrobras has also notified us that if Petrobras must ultimately pay such withholding taxes, it will seek reimbursement from us for the portion allocable to our drilling rigs. The amount of withholding tax that Petrobras indicates may be allocable to Noble drilling rigs that remain in our fleet as a result of the Paragon Offshore spin-off is approximately $36 million. We dispute the validity of the assessment, and we have notified Petrobras of our position. We will, if necessary, vigorously defend our rights. | |
During June 2014 and July 2014, there were two inadvertent discharges of drilling fluid on the Noble Roger Eason, one of our rigs operating offshore Brazil. We are currently in discussions with the Brazilian government, and have not been assessed any fines. As a result of the spin-off of Paragon Offshore, the Noble Roger Eason is part of Paragon Offshore’s fleet, and this matter is the legal and contractual responsibility of Paragon Offshore. | |
We maintain certain insurance coverage against specified marine perils, which includes physical damage and loss of hire. Damage caused by hurricanes has negatively impacted the energy insurance market, resulting in more restrictive and expensive coverage for U.S. named windstorm perils. Accordingly, we have elected to significantly reduce the named windstorm insurance on our rigs operating in the U.S. Gulf of Mexico. Presently, we insure the Noble Jim Thompson, Noble Amos Runner and Noble Driller for “total loss only” when caused by a named windstorm. For the Noble Bully I, our customer assumes the risk of loss due to a named windstorm event, pursuant to the terms of the drilling contract, through the purchase of insurance coverage (provided that we are responsible for any deductible under such policy) or, at its option, the assumption of the risk of loss up to the insured value in lieu of the purchase of such insurance. The remaining rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. Our rigs located in the Mexico portion of the Gulf of Mexico remain covered by commercial insurance for windstorm damage. In addition, we maintain a physical damage deductible on our rigs of $25 million per occurrence. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45-day waiting period for each unit and each occurrence. | |
Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks. | |
We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million. | |
In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $1.3 billion at June 30, 2014. | |
We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-UK (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances. | |
Paragon Offshore plc Spin-off Transaction | |
Prior to the completion of the spin-off of Paragon Offshore, Noble and Paragon Offshore entered into a Master Separation Agreement (“MSA”) and other agreements to effect the separation and spin-off and govern the relationship between the parties after the spin-off. | |
MSA | |
The general terms and conditions relating to the separation and spin-off are set forth in the MSA. The MSA identifies the assets transferred, liabilities assumed and contracts assigned either to Paragon Offshore by us or by Paragon Offshore to us in the separation and describes when and how these transfers, assumptions and assignments will occur. The MSA provides for, among other things, Paragon Offshore’s responsibility for liabilities relating to their business and the responsibility of Noble for liabilities related to our, and in certain limited cases, Paragon Offshore’s business, in each case irrespective of when the liability arose. The MSA also contains indemnification obligations and ongoing commitments by us and Paragon Offshore. | |
Employee Matters Agreement | |
The employee matters agreement allocates liabilities and responsibilities between us and Paragon Offshore relating to employment, compensation and benefits and other employment related matters. | |
Tax Sharing Agreement | |
The tax sharing agreement provides for the allocation of tax liabilities and benefits between us and Paragon Offshore and governs the parties’ assistance with tax-related claims. | |
Transition Services Agreements | |
Under two transition services agreements, we will continue to provide various interim support services to Paragon Offshore, and Paragon Offshore will provide various interim support services to us, including providing operational and administrative support for our remaining Brazilian operations. |
Segment_and_Related_Informatio
Segment and Related Information | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment and Related Information | ' | ||||||||||||||||||||||||
Note 13 — Segment and Related Information | |||||||||||||||||||||||||
We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a single, global market for contract drilling services and are often redeployed globally due to changing demands of our customers, which consist largely of major non-U.S. and government owned/controlled oil and gas companies throughout the world. As of June 30, 2014, our contract drilling services segment conducts contract drilling operations in the United States, Mexico, Brazil, Argentina, the North Sea, the Mediterranean, West Africa, the Middle East, India, Asia and Australia. | |||||||||||||||||||||||||
We evaluate the performance of our operating segment based on revenues from external customers and segment profit. Summarized financial information of our reportable segment for the three and six months ended June 30, 2014 and 2013 is shown in the following tables. The “Other” column includes results of labor contract drilling services in Canada and Alaska, as well as corporate related items. The consolidated financial statements of Noble-UK include the accounts of Noble-Cayman, and Noble-UK conducts substantially all of its business through Noble-Cayman and its subsidiaries. As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-UK. | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contract | Contract | ||||||||||||||||||||||||
Drilling | Drilling | ||||||||||||||||||||||||
Services | Other | Total | Services | Other | Total | ||||||||||||||||||||
Revenues from external customers | $ | 1,229,697 | $ | 10,666 | $ | 1,240,363 | $ | 1,003,522 | $ | 13,863 | $ | 1,017,385 | |||||||||||||
Depreciation and amortization | 249,701 | 4,693 | 254,394 | 209,082 | 3,507 | 212,589 | |||||||||||||||||||
Segment operating income/ (loss) | 353,095 | (6,519 | ) | 346,576 | 257,622 | (3,762 | ) | 253,860 | |||||||||||||||||
Interest expense, net of amount capitalized | (84 | ) | (36,267 | ) | (36,351 | ) | (102 | ) | (24,563 | ) | (24,665 | ) | |||||||||||||
Income tax (provision)/ benefit | (60,031 | ) | 7,596 | (52,435 | ) | (41,240 | ) | 4,416 | (36,824 | ) | |||||||||||||||
Segment profit/ (loss) | 271,848 | (37,289 | ) | 234,559 | 199,811 | (23,191 | ) | 176,620 | |||||||||||||||||
Total assets (at end of period) | 16,132,649 | 857,251 | 16,989,900 | 14,777,991 | 688,095 | 15,466,086 | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contract | Contract | ||||||||||||||||||||||||
Drilling | Drilling | ||||||||||||||||||||||||
Services | Other | Total | Services | Other | Total | ||||||||||||||||||||
Revenues from external customers | $ | 2,472,135 | $ | 19,398 | $ | 2,491,533 | $ | 1,952,980 | $ | 35,380 | $ | 1,988,360 | |||||||||||||
Depreciation and amortization | 491,275 | 9,024 | 500,299 | 411,701 | 7,044 | 418,745 | |||||||||||||||||||
Segment operating income/ (loss) | 736,962 | (21,126 | ) | 715,836 | 486,609 | (2,958 | ) | 483,651 | |||||||||||||||||
Interest expense, net of amount capitalized | (157 | ) | (76,586 | ) | (76,743 | ) | (222 | ) | (51,744 | ) | (51,966 | ) | |||||||||||||
Income tax (provision)/ benefit | (123,687 | ) | 16,816 | (106,871 | ) | (80,137 | ) | 8,961 | (71,176 | ) | |||||||||||||||
Segment profit/ (loss) | 574,459 | (83,574 | ) | 490,885 | 372,059 | (45,379 | ) | 326,680 | |||||||||||||||||
Total assets (at end of period) | 16,132,649 | 857,251 | 16,989,900 | 14,777,991 | 688,095 | 15,466,086 |
Accounting_Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Accounting Pronouncements | ' |
Note 14 — Accounting Pronouncements | |
In April 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-08, which amends FASB Accounting Standards Codification (“ASC”) Topic 205, “Presentation of Financial Statements” and ASC Topic 360, “Property, Plant, and Equipment.” This ASU alters the definition of a discontinued operation to cover only asset disposals that are a strategic shift with a major effect on an entity’s operations and finances, and calls for more extensive disclosures about a discontinued operation’s assets, liabilities, income and expenses. The guidance is effective for all disposals, or classifications as held-for-sale, of components of an entity that occur within annual periods beginning on or after December 15, 2014. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In May 2014, the FASB issued ASU No. 2014-09, which amends ASC Topic 606, “Revenue from Contracts with Customers.” The amendments in this ASU are intended to provide a more robust framework for addressing revenue issues, improve comparability of revenue recognition practices and improve disclosure requirements. The amendments in this accounting standard update are effective for interim and annual reporting periods beginning after December 15, 2016. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. | |
In June 2014, the FASB issued ASU No. 2014-12, which amends ASC Topic 718, “Compensation-Stock Compensation.” The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures. |
Net_Change_in_Other_Assets_and
Net Change in Other Assets and Liabilities | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Net Change in Other Assets and Liabilities | ' | ||||||||||||||||
Note 15 — Net Change in Other Assets and Liabilities | |||||||||||||||||
The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: | |||||||||||||||||
Noble-UK | Noble-Cayman | ||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Accounts receivable | $ | 67,689 | $ | (90,903 | ) | $ | 67,689 | $ | (90,903 | ) | |||||||
Other current assets | (47,537 | ) | (68,614 | ) | (48,834 | ) | (70,214 | ) | |||||||||
Other assets | (39,612 | ) | 1,191 | (39,603 | ) | 1,145 | |||||||||||
Accounts payable | 17,497 | 32,125 | 5,073 | 32,222 | |||||||||||||
Other current liabilities | (46,749 | ) | (8,057 | ) | (34,454 | ) | (6,336 | ) | |||||||||
Other liabilities | 12,888 | (12,291 | ) | 12,888 | (12,291 | ) | |||||||||||
$ | (35,824 | ) | $ | (146,549 | ) | $ | (37,241 | ) | $ | (146,377 | ) | ||||||
Information_about_NobleCayman
Information about Noble-Cayman | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||||||||||||||
Information about Noble-Cayman | ' | ||||||||||||||||||||||||||||||||
Note 17 — Information about Noble-Cayman | |||||||||||||||||||||||||||||||||
Guarantees of Registered Securities | |||||||||||||||||||||||||||||||||
In May 2014, as part of the separation of Paragon Offshore, Noble Holding (U.S.) Corporation (“NHC”) assumed all of the obligations of Noble Drilling Corporation (“NDC”) under the Senior Notes due 2019, and NDC was released from all obligations under the Senior Notes due 2019. As such, we are removing NDC from the guarantor financial statements and NHC will no longer be combined with Noble Drilling Holding, LLC (“NDH”), as they are now issuers and guarantors on separate debt instruments. We have recast prior periods presented to conform to the guarantor structure as it exists at June 30, 2014. | |||||||||||||||||||||||||||||||||
Noble-Cayman or one or more subsidiaries of Noble-Cayman are a co-issuer, guarantor or otherwise obligated as of June 30, 2014 with respect to the following securities as follows: | |||||||||||||||||||||||||||||||||
Issuer | |||||||||||||||||||||||||||||||||
Notes | (Co-Issuer(s)) | Guarantor(s) | |||||||||||||||||||||||||||||||
$350 million 3.45% 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 | NHC | Noble-Cayman; | |||||||||||||||||||||||||||||||
NDH | |||||||||||||||||||||||||||||||||
Noble Drilling Services 6 LLC (“NDS6”) | |||||||||||||||||||||||||||||||||
$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, NDH, 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 | |||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 1,330 | $ | — | $ | — | $ | 136,375 | $ | — | $ | 137,710 | |||||||||||||||||
Accounts receivable | — | — | 45,464 | — | — | 844,478 | — | 889,942 | |||||||||||||||||||||||||
Taxes receivable | — | 58,014 | 299 | — | — | 89,846 | — | 148,159 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | — | — | 1,077,965 | — | 19,500 | 560,925 | (1,658,390 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 1,164,153 | 368,701 | 161,002 | 252,598 | 34,071 | 4,375,746 | (6,356,271 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 2,373 | 21 | — | 229,310 | — | 231,704 | |||||||||||||||||||||||||
Total current assets | 1,164,158 | 426,715 | 1,288,433 | 252,619 | 53,571 | 6,236,680 | (8,014,661 | ) | 1,407,515 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,135,178 | — | — | 18,218,163 | — | 20,353,341 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (246,406 | ) | — | — | (4,861,741 | ) | — | (5,108,147 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 1,888,772 | — | — | 13,356,422 | — | 15,245,194 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,753 | — | 879,154 | 1,980,391 | 5,000 | 2,096,075 | (8,265,373 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 9,378,489 | 1,437,748 | 6,084,404 | 10,055,746 | 6,291,130 | — | (33,247,517 | ) | — | ||||||||||||||||||||||||
Other assets | 3,943 | — | 7,015 | 21,253 | 576 | 271,579 | — | 304,366 | |||||||||||||||||||||||||
Total assets | $ | 13,851,343 | $ | 1,864,463 | $ | 10,147,778 | $ | 12,310,009 | $ | 6,350,277 | $ | 21,960,756 | $ | (49,527,551 | ) | $ | 16,957,075 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 760,720 | $ | 725,745 | $ | (1,658,390 | ) | $ | — | ||||||||||||||||
Accounts payable | — | — | 8,594 | — | — | 343,639 | — | 352,233 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 7,951 | — | — | 134,601 | — | 142,552 | |||||||||||||||||||||||||
Accounts payable to affiliates | 1,025,178 | 61,519 | 3,278,835 | 45,051 | 13,352 | 1,932,336 | (6,356,271 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | — | — | — | 124,631 | — | 124,631 | |||||||||||||||||||||||||
Other current liabilities | 1,173 | — | 32,505 | 57,053 | 4,412 | 163,524 | — | 258,667 | |||||||||||||||||||||||||
Total current liabilities | 1,026,351 | 233,444 | 3,327,885 | 102,104 | 778,484 | 3,424,476 | (8,014,661 | ) | 878,083 | ||||||||||||||||||||||||
Long-term debt | 2,268,613 | — | — | 3,543,638 | 201,695 | — | — | 6,013,946 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,064 | — | 1,113,363 | 1,169,180 | 834,450 | 3,379,316 | (8,265,373 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 233,419 | — | 233,419 | |||||||||||||||||||||||||
Other liabilities | 19,930 | — | 30,999 | — | — | 287,959 | — | 338,888 | |||||||||||||||||||||||||
Total liabilities | 5,083,958 | 233,444 | 4,472,247 | 4,814,922 | 1,814,629 | 7,325,170 | (16,280,034 | ) | 7,464,336 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 8,767,385 | 1,631,019 | 5,675,531 | 7,495,087 | 4,535,648 | 13,375,613 | (32,712,898 | ) | 8,767,385 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,259,973 | (534,619 | ) | 725,354 | ||||||||||||||||||||||||
Total equity | 8,767,385 | 1,631,019 | 5,675,531 | 7,495,087 | 4,535,648 | 14,635,586 | (33,247,517 | ) | 9,492,739 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 13,851,343 | $ | 1,864,463 | $ | 10,147,778 | $ | 12,310,009 | $ | 6,350,277 | $ | 21,960,756 | $ | (49,527,551 | ) | $ | 16,957,075 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 402 | $ | 4 | $ | — | $ | 109,975 | $ | — | $ | 110,382 | |||||||||||||||||
Accounts receivable | — | — | 34,038 | — | — | 915,031 | — | 949,069 | |||||||||||||||||||||||||
Taxes receivable | — | 52,307 | — | — | — | 87,722 | — | 140,029 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | — | — | 1,456,245 | 139,195 | 19,500 | 52,611 | (1,667,551 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 1,244,019 | — | 108,208 | 210,868 | 27,537 | 6,010,430 | (7,601,062 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 6,336 | — | — | 178,012 | — | 184,348 | |||||||||||||||||||||||||
Total current assets | 1,244,020 | 52,307 | 1,605,229 | 350,067 | 47,037 | 7,353,781 | (9,268,613 | ) | 1,383,828 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,340,216 | — | — | 16,820,134 | — | 19,160,350 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (310,171 | ) | — | — | (4,321,507 | ) | — | (4,631,678 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 2,030,045 | — | — | 12,498,627 | — | 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 | 2,907,379 | 6,595,591 | 9,456,735 | 5,440,004 | — | (33,001,421 | ) | — | ||||||||||||||||||||||||
Other assets | 6,256 | — | 6,332 | 22,681 | 639 | 233,106 | — | 269,014 | |||||||||||||||||||||||||
Total assets | $ | 13,156,741 | $ | 2,959,686 | $ | 10,361,413 | $ | 12,197,038 | $ | 5,492,680 | $ | 21,476,014 | $ | (49,462,058 | ) | $ | 16,181,514 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 52,611 | $ | 139,195 | $ | — | $ | 750,000 | $ | 725,745 | $ | (1,667,551 | ) | $ | — | ||||||||||||||||
Accounts payable | — | — | 5,310 | — | — | 340,600 | — | 345,910 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 8,582 | — | — | 134,764 | — | 143,346 | |||||||||||||||||||||||||
Accounts payable to affiliates | 1,104,410 | 653,049 | 4,032,776 | 216,866 | 21,173 | 1,572,788 | (7,601,062 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | 827 | — | — | 119,761 | — | 120,588 | |||||||||||||||||||||||||
Other current liabilities | 412 | — | 22,106 | 62,431 | 4,412 | 210,811 | — | 300,172 | |||||||||||||||||||||||||
Total current liabilities | 1,104,822 | 705,660 | 4,208,796 | 279,297 | 775,585 | 3,104,469 | (9,268,613 | ) | 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 | — | — | — | — | — | 225,455 | — | 225,455 | |||||||||||||||||||||||||
Other liabilities | 19,931 | — | 24,502 | — | — | 289,875 | — | 334,308 | |||||||||||||||||||||||||
Total liabilities | 4,728,702 | 705,660 | 4,767,981 | 5,047,711 | 1,237,497 | 6,999,116 | (16,460,637 | ) | 7,026,030 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 8,428,039 | 2,254,026 | 5,593,432 | 7,149,327 | 4,255,183 | 13,238,656 | (32,490,624 | ) | 8,428,039 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,238,242 | (510,797 | ) | 727,445 | ||||||||||||||||||||||||
Total equity | 8,428,039 | 2,254,026 | 5,593,432 | 7,149,327 | 4,255,183 | 14,476,898 | (33,001,421 | ) | 9,155,484 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 13,156,741 | $ | 2,959,686 | $ | 10,361,413 | $ | 12,197,038 | $ | 5,492,680 | $ | 21,476,014 | $ | (49,462,058 | ) | $ | 16,181,514 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 85,664 | $ | — | $ | — | $ | 1,147,008 | $ | (32,266 | ) | $ | 1,200,406 | ||||||||||||||||
Reimbursables | — | — | 2,576 | — | — | 29,235 | — | 31,811 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 8,146 | — | 8,146 | |||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating revenues | — | — | 88,240 | — | — | 1,184,389 | (32,266 | ) | 1,240,363 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 2,615 | 13,267 | 26,516 | 35,214 | — | 524,092 | (32,266 | ) | 569,438 | ||||||||||||||||||||||||
Reimbursables | — | — | 1,662 | — | — | 20,798 | — | 22,460 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 6,261 | — | 6,261 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 15,711 | — | — | 238,063 | — | 253,774 | |||||||||||||||||||||||||
General and administrative | 334 | 3,156 | — | 8,263 | 1 | (265 | ) | — | 11,489 | ||||||||||||||||||||||||
Total operating costs and expenses | 2,949 | 16,423 | 43,889 | 43,477 | 1 | 788,949 | (32,266 | ) | 863,422 | ||||||||||||||||||||||||
Operating income (loss) | (2,949 | ) | (16,423 | ) | 44,351 | (43,477 | ) | (1 | ) | 395,440 | — | 376,941 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Equity earnings in affiliates, net of tax | 285,396 | 93,044 | 116,173 | 283,077 | 118,105 | — | (895,795 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (22,466 | ) | (736 | ) | (7,151 | ) | (39,998 | ) | (7,955 | ) | (12,452 | ) | 54,407 | (36,351 | ) | ||||||||||||||||||
Interest income and other, net | 5,258 | — | 13,069 | 21,011 | 317 | 14,537 | (54,407 | ) | (215 | ) | |||||||||||||||||||||||
Income before income taxes | 265,239 | 75,885 | 166,442 | 220,613 | 110,466 | 397,525 | (895,795 | ) | 340,375 | ||||||||||||||||||||||||
Income tax provision | — | (27,054 | ) | (1,578 | ) | — | (1,547 | ) | (22,054 | ) | — | (52,233 | ) | ||||||||||||||||||||
Net Income | 265,239 | 48,831 | 164,864 | 220,613 | 108,919 | 375,471 | (895,795 | ) | 288,142 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (33,655 | ) | 10,752 | (22,903 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 265,239 | 48,831 | 164,864 | 220,613 | 108,919 | 341,816 | (885,043 | ) | 265,239 | ||||||||||||||||||||||||
Other comprehensive income, net | 3,182 | — | — | — | — | 3,182 | (3,182 | ) | 3,182 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 268,421 | $ | 48,831 | $ | 164,864 | $ | 220,613 | $ | 108,919 | $ | 344,998 | $ | (888,225 | ) | $ | 268,421 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 171,246 | $ | — | $ | — | $ | 2,309,988 | $ | (74,524 | ) | $ | 2,406,710 | ||||||||||||||||
Reimbursables | — | — | 3,343 | — | — | 65,121 | — | 68,464 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 16,358 | — | 16,358 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Total operating revenues | — | — | 174,589 | — | — | 2,391,468 | (74,524 | ) | 2,491,533 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 12,686 | 20,486 | 61,400 | 61,330 | — | 1,046,888 | (74,524 | ) | 1,128,266 | ||||||||||||||||||||||||
Reimbursables | — | — | 2,571 | — | — | 50,495 | — | 53,066 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 12,487 | — | 12,487 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 31,663 | — | — | 467,421 | — | 499,084 | |||||||||||||||||||||||||
General and administrative | 907 | 5,003 | — | 15,224 | 1 | 2,286 | — | 23,421 | |||||||||||||||||||||||||
Total operating costs and expenses | 13,593 | 25,489 | 95,634 | 76,554 | 1 | 1,579,577 | (74,524 | ) | 1,716,324 | ||||||||||||||||||||||||
Operating income (loss) | (13,593 | ) | (25,489 | ) | 78,955 | (76,554 | ) | (1 | ) | 811,891 | — | 775,209 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Equity earnings in affiliates, net of tax | 605,609 | 163,777 | 225,327 | 601,836 | 290,296 | — | (1,886,845 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (48,350 | ) | (963 | ) | (12,974 | ) | (86,491 | ) | (15,904 | ) | (24,746 | ) | 112,685 | (76,743 | ) | ||||||||||||||||||
Interest income and other, net | 6,888 | — | 26,749 | 46,968 | 630 | 29,918 | (112,685 | ) | (1,532 | ) | |||||||||||||||||||||||
Income before income taxes | 550,554 | 137,325 | 318,057 | 485,759 | 275,021 | 817,063 | (1,886,845 | ) | 696,934 | ||||||||||||||||||||||||
Income tax provision | — | (57,248 | ) | (2,585 | ) | — | (1,547 | ) | (45,181 | ) | — | (106,561 | ) | ||||||||||||||||||||
Net Income | 550,554 | 80,077 | 315,472 | 485,759 | 273,474 | 771,882 | (1,886,845 | ) | 590,373 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (63,641 | ) | 23,822 | (39,819 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 550,554 | 80,077 | 315,472 | 485,759 | 273,474 | 708,241 | (1,863,023 | ) | 550,554 | ||||||||||||||||||||||||
Other comprehensive income, net | 10,900 | — | — | — | — | 10,900 | (10,900 | ) | 10,900 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 561,454 | $ | 80,077 | $ | 315,472 | $ | 485,759 | $ | 273,474 | $ | 719,141 | $ | (1,873,923 | ) | $ | 561,454 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 86,313 | $ | — | $ | — | $ | 912,063 | $ | (22,921 | ) | $ | 975,455 | ||||||||||||||||
Reimbursables | — | — | 2,735 | — | — | 25,525 | — | 28,260 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 13,603 | — | 13,603 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 67 | — | 67 | |||||||||||||||||||||||||
Total operating revenues | — | — | 89,048 | — | — | 951,258 | (22,921 | ) | 1,017,385 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 1,016 | 5,816 | 14,062 | 25,636 | — | 461,836 | (22,921 | ) | 485,445 | ||||||||||||||||||||||||
Reimbursables | — | — | 2,489 | — | — | 20,212 | — | 22,701 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 9,402 | — | 9,402 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 15,321 | — | — | 196,911 | — | 212,232 | |||||||||||||||||||||||||
General and administrative | 667 | 2,122 | — | 9,403 | 1 | 3,395 | — | 15,588 | |||||||||||||||||||||||||
Total operating costs and expenses | 1,683 | 7,938 | 31,872 | 35,039 | 1 | 691,756 | (22,921 | ) | 745,368 | ||||||||||||||||||||||||
Operating income (loss) | (1,683 | ) | (7,938 | ) | 57,176 | (35,039 | ) | (1 | ) | 259,502 | — | 272,017 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Equity earnings in affiliates, net of tax | 233,129 | 7,291 | 98,181 | 240,658 | 87,425 | — | (666,684 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (37,472 | ) | (233 | ) | (5,205 | ) | (32,705 | ) | (11,669 | ) | (24,093 | ) | 86,712 | (24,665 | ) | ||||||||||||||||||
Interest income and other, net | 1,647 | — | 11,037 | 45,031 | 6,361 | 23,341 | (86,712 | ) | 705 | ||||||||||||||||||||||||
Income before income taxes | 195,621 | (880 | ) | 161,189 | 217,945 | 82,116 | 258,750 | (666,684 | ) | 248,057 | |||||||||||||||||||||||
Income tax provision | — | 15,766 | (1,467 | ) | — | — | (50,029 | ) | — | (35,730 | ) | ||||||||||||||||||||||
Net Income | 195,621 | 14,886 | 159,722 | 217,945 | 82,116 | 208,721 | (666,684 | ) | 212,327 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (27,183 | ) | 10,477 | (16,706 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 195,621 | 14,886 | 159,722 | 217,945 | 82,116 | 181,538 | (656,207 | ) | 195,621 | ||||||||||||||||||||||||
Other comprehensive loss, net | (4,077 | ) | — | — | — | — | (4,077 | ) | 4,077 | (4,077 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 191,544 | $ | 14,886 | $ | 159,722 | $ | 217,945 | $ | 82,116 | $ | 177,461 | $ | (652,130 | ) | $ | 191,544 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 133,270 | $ | — | $ | — | $ | 1,814,293 | $ | (43,371 | ) | $ | 1,904,192 | ||||||||||||||||
Reimbursables | — | — | 3,321 | — | — | 46,113 | — | 49,434 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 34,657 | — | 34,657 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 77 | — | 77 | |||||||||||||||||||||||||
Total operating revenues | — | — | 136,591 | — | — | 1,895,140 | (43,371 | ) | 1,988,360 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 1,935 | 11,260 | 25,043 | 49,849 | — | 917,290 | (43,371 | ) | 962,006 | ||||||||||||||||||||||||
Reimbursables | — | — | 2,823 | — | — | 34,800 | — | 37,623 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 21,651 | — | 21,651 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 30,183 | — | — | 387,800 | — | 417,983 | |||||||||||||||||||||||||
General and administrative | 1,292 | 4,014 | — | 18,116 | 1 | 7,008 | — | 30,431 | |||||||||||||||||||||||||
Gain on contract extinguishments | — | — | — | — | — | (1,800 | ) | — | (1,800 | ) | |||||||||||||||||||||||
Total operating costs and expenses | 3,227 | 15,274 | 58,049 | 67,965 | 1 | 1,366,749 | (43,371 | ) | 1,467,894 | ||||||||||||||||||||||||
Operating income (loss) | (3,227 | ) | (15,274 | ) | 78,542 | (67,965 | ) | (1 | ) | 528,391 | — | 520,466 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Equity earnings in affiliates, net of tax | 435,894 | 16,021 | 186,394 | 466,115 | 203,453 | — | (1,307,877 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (70,779 | ) | (617 | ) | (12,383 | ) | (67,265 | ) | (23,390 | ) | (47,427 | ) | 169,895 | (51,966 | ) | ||||||||||||||||||
Interest income and other, net | 3,277 | — | 21,851 | 84,792 | 12,666 | 48,077 | (169,895 | ) | 768 | ||||||||||||||||||||||||
Income before income taxes | 365,165 | 130 | 274,404 | 415,677 | 192,728 | 529,041 | (1,307,877 | ) | 469,268 | ||||||||||||||||||||||||
Income tax provision | — | 11,868 | (2,125 | ) | — | — | (79,487 | ) | — | (69,744 | ) | ||||||||||||||||||||||
Net Income | 365,165 | 11,998 | 272,279 | 415,677 | 192,728 | 449,554 | (1,307,877 | ) | 399,524 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (54,721 | ) | 20,362 | (34,359 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 365,165 | 11,998 | 272,279 | 415,677 | 192,728 | 394,833 | (1,287,515 | ) | 365,165 | ||||||||||||||||||||||||
Other comprehensive loss, net | (980 | ) | — | — | — | — | (980 | ) | 980 | (980 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 364,185 | $ | 11,998 | $ | 272,279 | $ | 415,677 | $ | 192,728 | $ | 393,853 | $ | (1,286,535 | ) | $ | 364,185 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (33,190 | ) | $ | (89,407 | ) | $ | 132,085 | $ | (120,048 | ) | $ | (16,759 | ) | $ | 1,208,454 | $ | — | $ | 1,081,135 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (860,876 | ) | — | — | (367,207 | ) | — | (1,228,083 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | 273,744 | — | — | (273,744 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | — | — | (860,876 | ) | 273,744 | — | (367,207 | ) | (273,744 | ) | (1,228,083 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 707,472 | — | — | — | — | — | — | 707,472 | |||||||||||||||||||||||||
Repayment of long-term debt | — | — | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (41,910 | ) | — | (41,910 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (386 | ) | — | — | — | — | — | — | (386 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (240,900 | ) | — | — | — | — | — | — | (240,900 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (159,248 | ) | 89,407 | 729,719 | 96,300 | 16,759 | (772,937 | ) | — | — | |||||||||||||||||||||||
Notes payable to affiliates | (273,744 | ) | — | — | — | — | — | 273,744 | — | ||||||||||||||||||||||||
Net cash from financing activities | 33,194 | 89,407 | 729,719 | (153,700 | ) | 16,759 | (814,847 | ) | 273,744 | 174,276 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 4 | — | 928 | (4 | ) | — | 26,400 | — | 27,328 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1 | — | 402 | 4 | — | 109,975 | — | 110,382 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 1,330 | $ | — | $ | — | $ | 136,375 | $ | — | $ | 137,710 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (60,083 | ) | $ | (47,456 | ) | $ | 71,577 | $ | (48,774 | ) | $ | (10,663 | ) | $ | 771,207 | $ | — | $ | 675,808 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (804,500 | ) | — | — | (478,786 | ) | — | (1,283,286 | ) | ||||||||||||||||||||||
Net cash from investing activities | — | — | (804,500 | ) | — | — | (478,786 | ) | — | (1,283,286 | ) | ||||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 941,653 | — | — | — | — | — | — | 941,653 | |||||||||||||||||||||||||
Repayment of long-term debt | (300,000 | ) | — | — | — | — | — | — | (300,000 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interest | — | — | — | — | — | (46,649 | ) | — | (46,649 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (1,912 | ) | — | — | — | — | — | — | (1,912 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (100,960 | ) | — | — | — | — | — | — | (100,960 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (479,696 | ) | 47,456 | 732,263 | 48,774 | 10,663 | (359,460 | ) | — | — | |||||||||||||||||||||||
Net cash from financing activities | 59,085 | 47,456 | 732,263 | 48,774 | 10,663 | (406,109 | ) | — | 492,132 | ||||||||||||||||||||||||
Net change in cash and cash equivalents | (998 | ) | — | (660 | ) | — | — | (113,688 | ) | — | (115,346 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,003 | — | 904 | 2 | — | 275,466 | — | 277,375 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 244 | $ | 2 | $ | — | $ | 161,778 | $ | — | $ | 162,029 | |||||||||||||||||
Consolidated_Joint_Ventures_Ta
Consolidated Joint Ventures (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||||||||||
Schedule of Operational Results | ' | ||||||||||||||||
Operational results for the three and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating revenues | $ | 98,217 | $ | 87,478 | $ | 185,403 | $ | 177,773 | |||||||||
Net income | $ | 46,956 | $ | 35,914 | $ | 84,676 | $ | 73,413 |
Share_Data_Tables
Share Data (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Net Income Per Share for Noble-UK | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for Noble-UK: | |||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Allocation of net income | |||||||||||||||||
Basic | |||||||||||||||||
Net income attributable to Noble Corporation | $ | 234,559 | $ | 176,620 | $ | 490,885 | $ | 326,680 | |||||||||
Earnings allocated to unvested share-based payment awards | (3,776 | ) | (2,169 | ) | (8,048 | ) | (3,822 | ) | |||||||||
Net income to common shareholders—basic | $ | 230,783 | $ | 174,451 | $ | 482,837 | $ | 322,858 | |||||||||
Diluted | |||||||||||||||||
Net income attributable to Noble Corporation | $ | 234,559 | $ | 176,620 | $ | 490,885 | $ | 326,680 | |||||||||
Earnings allocated to unvested share-based payment awards | (3,774 | ) | (2,167 | ) | (8,046 | ) | (3,819 | ) | |||||||||
Net income to common shareholders—diluted | $ | 230,785 | $ | 174,453 | $ | 482,839 | $ | 322,861 | |||||||||
Weighted average shares outstanding—basic | 254,238 | 253,295 | 254,090 | 253,184 | |||||||||||||
Incremental shares issuable from assumed exercise of stock options | 97 | 261 | 116 | 265 | |||||||||||||
Weighted average shares outstanding—diluted | 254,335 | 253,556 | 254,206 | 253,449 | |||||||||||||
Weighted average unvested share-based payment awards | 4,156 | 3,150 | 4,172 | 2,998 | |||||||||||||
Earnings per share | |||||||||||||||||
Basic | $ | 0.91 | $ | 0.69 | $ | 1.9 | $ | 1.28 | |||||||||
Diluted | $ | 0.91 | $ | 0.69 | $ | 1.9 | $ | 1.27 | |||||||||
Dividends per share | $ | 0.38 | $ | 0.13 | $ | 0.75 | $ | 0.26 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment, at Cost | ' | ||||||||
Property and equipment, at cost, as of June 30, 2014 and December 31, 2013 for Noble-UK consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Drilling equipment and facilities | $ | 18,070,733 | $ | 17,130,986 | |||||
Construction in progress | 2,068,119 | 1,854,434 | |||||||
Other | 253,040 | 213,347 | |||||||
Property and equipment, at cost | $ | 20,391,892 | $ | 19,198,767 | |||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt | ' | ||||||||||||||||
Long-term debt consisted of the following at June 30, 2014 and December 31, 2013: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Senior unsecured notes: | |||||||||||||||||
7.375% Senior Notes due March 2014 | $ | — | $ | 249,964 | |||||||||||||
3.45% Senior Notes due August 2015 | 350,000 | 350,000 | |||||||||||||||
3.05% Senior Notes due March 2016 | 299,974 | 299,967 | |||||||||||||||
2.50% Senior Notes due March 2017 | 299,903 | 299,886 | |||||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 201,695 | |||||||||||||||
4.90% Senior Notes due August 2020 | 499,086 | 499,022 | |||||||||||||||
4.625% Senior Notes due March 2021 | 399,601 | 399,576 | |||||||||||||||
3.95% Senior Notes due March 2022 | 399,221 | 399,178 | |||||||||||||||
6.20% Senior Notes due August 2040 | 399,894 | 399,893 | |||||||||||||||
6.05% Senior Notes due March 2041 | 397,663 | 397,646 | |||||||||||||||
5.25% Senior Notes due March 2042 | 498,296 | 498,283 | |||||||||||||||
Total senior unsecured notes | 3,745,333 | 3,995,110 | |||||||||||||||
Commercial paper program | 2,268,613 | 1,561,141 | |||||||||||||||
Total long-term debt | $ | 6,013,946 | $ | 5,556,251 | |||||||||||||
Estimated Fair Value of Our Long-Term Debt | ' | ||||||||||||||||
The following table presents the estimated fair value of our long-term debt as of June 30, 2014 and December 31, 2013, respectively: | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
Senior unsecured notes: | |||||||||||||||||
7.375% Senior Notes due March 2014 | $ | — | $ | — | $ | 249,964 | $ | 253,634 | |||||||||
3.45% Senior Notes due August 2015 | 350,000 | 359,532 | 350,000 | 363,019 | |||||||||||||
3.05% Senior Notes due March 2016 | 299,974 | 310,058 | 299,967 | 309,878 | |||||||||||||
2.50% Senior Notes due March 2017 | 299,903 | 307,420 | 299,886 | 302,891 | |||||||||||||
7.50% Senior Notes due March 2019 | 201,695 | 235,163 | 201,695 | 232,839 | |||||||||||||
4.90% Senior Notes due August 2020 | 499,086 | 548,520 | 499,022 | 528,597 | |||||||||||||
4.625% Senior Notes due March 2021 | 399,601 | 429,755 | 399,576 | 413,868 | |||||||||||||
3.95% Senior Notes due March 2022 | 399,221 | 408,265 | 399,178 | 390,520 | |||||||||||||
6.20% Senior Notes due August 2040 | 399,894 | 456,520 | 399,893 | 421,720 | |||||||||||||
6.05% Senior Notes due March 2041 | 397,663 | 452,273 | 397,646 | 417,312 | |||||||||||||
5.25% Senior Notes due March 2042 | 498,296 | 514,529 | 498,283 | 476,873 | |||||||||||||
Total senior unsecured notes | 3,745,333 | 4,022,035 | 3,995,110 | 4,111,151 | |||||||||||||
Commercial paper program | 2,268,613 | 2,268,613 | 1,561,141 | 1,561,141 | |||||||||||||
Total long-term debt | $ | 6,013,946 | $ | 6,290,648 | $ | 5,556,251 | $ | 5,672,292 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension Costs | ' | ||||||||||||||||
Pension costs include the following components: | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 1,433 | $ | 2,541 | $ | 1,349 | $ | 2,681 | |||||||||
Interest cost | 1,472 | 2,714 | 1,252 | 2,262 | |||||||||||||
Return on plan assets | (1,856 | ) | (3,846 | ) | (1,437 | ) | (3,276 | ) | |||||||||
Amortization of prior service cost | (5 | ) | 56 | — | 57 | ||||||||||||
Recognized net actuarial loss | 316 | 651 | 395 | 1,910 | |||||||||||||
Net pension expense | $ | 1,360 | $ | 2,116 | $ | 1,559 | $ | 3,634 | |||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Non-U.S. | U.S. | Non-U.S. | U.S. | ||||||||||||||
Service cost | $ | 2,853 | $ | 5,082 | $ | 2,728 | $ | 5,362 | |||||||||
Interest cost | 2,928 | 5,428 | 2,534 | 4,524 | |||||||||||||
Return on plan assets | (3,691 | ) | (7,692 | ) | (2,908 | ) | (6,552 | ) | |||||||||
Amortization of prior service cost | (10 | ) | 112 | — | 114 | ||||||||||||
Recognized net actuarial loss | 629 | 1,302 | 800 | 3,820 | |||||||||||||
Net pension expense | $ | 2,709 | $ | 4,232 | $ | 3,154 | $ | 7,268 | |||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Financial Statement Presentation and Fair Value of Derivative Positions | ' | ||||||||||||||||||||||||
The following table, together with Note 10, summarizes the financial statement presentation and fair value of our derivative positions as of June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Estimated fair value | |||||||||||||||||||||||||
Balance sheet | June 30, 2014 | December 31, | |||||||||||||||||||||||
classification | 2013 | ||||||||||||||||||||||||
Asset derivatives | |||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Short-term foreign currency forward contracts | Other current assets | $ | 6,652 | $ | — | ||||||||||||||||||||
Summary of Recognized Gains and Losses of Cash Flow Hedges | ' | ||||||||||||||||||||||||
To supplement the fair value disclosures in Note 10, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the three months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “other | through “other income” | |||||||||||||||||||||||
income” | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | 5,067 | $ | (4,431 | ) | $ | 1,585 | $ | (300 | ) | $ | — | $ | — | |||||||||||
To supplement the fair value disclosures in Note 10, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the six months ended June 30, 2014 and 2013: | |||||||||||||||||||||||||
Gain/(loss) recognized | Gain/(loss) reclassified | Gain/(loss) recognized | |||||||||||||||||||||||
through AOCL | from AOCL to “other | through “other income” | |||||||||||||||||||||||
income” | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||
Foreign currency forward contracts | $ | 3,873 | $ | (4,545 | ) | $ | 2,779 | $ | (186 | ) | $ | — | $ | — |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||
The following table presents the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Quoted | Significant | ||||||||||||||||
Prices in | Other | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 8,590 | $ | 8,590 | $ | — | $ | — | |||||||||
Foreign currency forward contracts | 6,652 | — | 6,652 | — | |||||||||||||
December 31, 2013 | |||||||||||||||||
Estimated Fair Value Measurements | |||||||||||||||||
Quoted | Significant | ||||||||||||||||
Prices in | Other | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Carrying | Markets | Inputs | Inputs | ||||||||||||||
Amount | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Assets - | |||||||||||||||||
Marketable securities | $ | 7,230 | $ | 7,230 | $ | — | $ | — |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Changes in AOCL by Component | ' | ||||||||||||||||
The following tables set forth the changes in the accumulated balances for each component of AOCL, net of tax, for the six months ended June 30, 2014 and 2013. | |||||||||||||||||
Gains / | Defined | Foreign | Total | ||||||||||||||
(Losses) on | Benefit | Currency | |||||||||||||||
Cash Flow | Pension | Items | |||||||||||||||
Hedges(1) | Items(2) | ||||||||||||||||
Balance at December 31, 2012 | $ | — | $ | (95,071 | ) | $ | (20,378 | ) | $ | (115,449 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (4,917 | ) | — | 477 | (4,440 | ) | |||||||||||
Amounts reclassified from AOCL | 186 | 3,274 | — | 3,460 | |||||||||||||
Net other comprehensive income (loss) | (4,731 | ) | 3,274 | 477 | (980 | ) | |||||||||||
Balance at June 30, 2013 | $ | (4,731 | ) | $ | (91,797 | ) | $ | (19,901 | ) | $ | (116,429 | ) | |||||
Balance at December 31, 2013 | $ | — | $ | (58,598 | ) | $ | (23,566 | ) | $ | (82,164 | ) | ||||||
Activity during period: | |||||||||||||||||
Other comprehensive income before reclassifications | 9,431 | — | 2,720 | 12,151 | |||||||||||||
Amounts reclassified from AOCL | (2,779 | ) | 1,528 | — | (1,251 | ) | |||||||||||
Net other comprehensive income | 6,652 | 1,528 | 2,720 | 10,900 | |||||||||||||
Balance at June 30, 2014 | $ | 6,652 | $ | (57,070 | ) | $ | (20,846 | ) | $ | (71,264 | ) | ||||||
-1 | Gains on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “other income” on our Consolidated Statement of Income. See Note 9 for additional information. | ||||||||||||||||
-2 | Defined benefit pension items relate to actuarial losses and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statement of Income through either “contract drilling services” or “general and administrative”. See Note 8 for additional information. |
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Summarized Financial Information of Reportable Segment | ' | ||||||||||||||||||||||||
As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-UK. | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contract | Contract | ||||||||||||||||||||||||
Drilling | Drilling | ||||||||||||||||||||||||
Services | Other | Total | Services | Other | Total | ||||||||||||||||||||
Revenues from external customers | $ | 1,229,697 | $ | 10,666 | $ | 1,240,363 | $ | 1,003,522 | $ | 13,863 | $ | 1,017,385 | |||||||||||||
Depreciation and amortization | 249,701 | 4,693 | 254,394 | 209,082 | 3,507 | 212,589 | |||||||||||||||||||
Segment operating income/ (loss) | 353,095 | (6,519 | ) | 346,576 | 257,622 | (3,762 | ) | 253,860 | |||||||||||||||||
Interest expense, net of amount capitalized | (84 | ) | (36,267 | ) | (36,351 | ) | (102 | ) | (24,563 | ) | (24,665 | ) | |||||||||||||
Income tax (provision)/ benefit | (60,031 | ) | 7,596 | (52,435 | ) | (41,240 | ) | 4,416 | (36,824 | ) | |||||||||||||||
Segment profit/ (loss) | 271,848 | (37,289 | ) | 234,559 | 199,811 | (23,191 | ) | 176,620 | |||||||||||||||||
Total assets (at end of period) | 16,132,649 | 857,251 | 16,989,900 | 14,777,991 | 688,095 | 15,466,086 | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Contract | Contract | ||||||||||||||||||||||||
Drilling | Drilling | ||||||||||||||||||||||||
Services | Other | Total | Services | Other | Total | ||||||||||||||||||||
Revenues from external customers | $ | 2,472,135 | $ | 19,398 | $ | 2,491,533 | $ | 1,952,980 | $ | 35,380 | $ | 1,988,360 | |||||||||||||
Depreciation and amortization | 491,275 | 9,024 | 500,299 | 411,701 | 7,044 | 418,745 | |||||||||||||||||||
Segment operating income/ (loss) | 736,962 | (21,126 | ) | 715,836 | 486,609 | (2,958 | ) | 483,651 | |||||||||||||||||
Interest expense, net of amount capitalized | (157 | ) | (76,586 | ) | (76,743 | ) | (222 | ) | (51,744 | ) | (51,966 | ) | |||||||||||||
Income tax (provision)/ benefit | (123,687 | ) | 16,816 | (106,871 | ) | (80,137 | ) | 8,961 | (71,176 | ) | |||||||||||||||
Segment profit/ (loss) | 574,459 | (83,574 | ) | 490,885 | 372,059 | (45,379 | ) | 326,680 | |||||||||||||||||
Total assets (at end of period) | 16,132,649 | 857,251 | 16,989,900 | 14,777,991 | 688,095 | 15,466,086 |
Net_Change_in_Other_Assets_and1
Net Change in Other Assets and Liabilities (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||||||
Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities | ' | ||||||||||||||||
The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: | |||||||||||||||||
Noble-UK | Noble-Cayman | ||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Accounts receivable | $ | 67,689 | $ | (90,903 | ) | $ | 67,689 | $ | (90,903 | ) | |||||||
Other current assets | (47,537 | ) | (68,614 | ) | (48,834 | ) | (70,214 | ) | |||||||||
Other assets | (39,612 | ) | 1,191 | (39,603 | ) | 1,145 | |||||||||||
Accounts payable | 17,497 | 32,125 | 5,073 | 32,222 | |||||||||||||
Other current liabilities | (46,749 | ) | (8,057 | ) | (34,454 | ) | (6,336 | ) | |||||||||
Other liabilities | 12,888 | (12,291 | ) | 12,888 | (12,291 | ) | |||||||||||
$ | (35,824 | ) | $ | (146,549 | ) | $ | (37,241 | ) | $ | (146,377 | ) | ||||||
Subsequent Events | ' | ||||||||||||||||
Note 16 — Subsequent Events | |||||||||||||||||
Paragon Offshore plc Spin-off Transaction | |||||||||||||||||
As discussed in Note 1, we completed our spin-off of Paragon Offshore on August 1, 2014. As part of this spin-off, we received approximately $1.7 billion in cash as settlement of intercompany notes issued by Paragon Offshore to Noble as consideration for the business contributed to Paragon Offshore. We used these funds to repay outstanding third-party debt of Noble-Cayman and its subsidiaries. | |||||||||||||||||
On July 18, 2014, Paragon Offshore incurred approximately $1.7 billion of debt consisting of: | |||||||||||||||||
• | $1.08 billion aggregate principal amount of senior notes in two separate tranches, comprising $500 million of 6.75% Senior Notes due 2022 and $580 million of 7.25% Senior Notes due 2024; and | ||||||||||||||||
• | $650 million of a senior secured term credit agreement, at an interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years. | ||||||||||||||||
Subsequent to the spin-off, we have no obligation for any of Paragon Offshore’s outstanding debt. | |||||||||||||||||
UK Bareboat Tax Law | |||||||||||||||||
In July 2014, the UK government passed a new law that restricts deductions on certain related party transactions, such as those relating to the bareboat charter agreements used in connection with our UK continental shelf operations. This legislation, which became effective retroactively from April 1, 2014, will result in an increase in the effective tax rate reducing our net income on our consolidated operations and will be shown in our statement of operations beginning in the third quarter of 2014. This new legislation would be applicable to our operations in the UK irrespective of the place of incorporation of Noble-UK. |
Information_about_NobleCayman_
Information about Noble-Cayman (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||||||||||||||||||
Guarantor Obligations | ' | ||||||||||||||||||||||||||||||||
Noble-Cayman or one or more subsidiaries of Noble-Cayman are a co-issuer, guarantor or otherwise obligated as of June 30, 2014 with respect to the following securities as follows: | |||||||||||||||||||||||||||||||||
Notes | Issuer | Guarantor(s) | |||||||||||||||||||||||||||||||
(Co-Issuer(s)) | |||||||||||||||||||||||||||||||||
$350 million 3.45% 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 | NHC | Noble-Cayman; | |||||||||||||||||||||||||||||||
NDH | |||||||||||||||||||||||||||||||||
Noble Drilling Services 6 LLC (“NDS6”) | |||||||||||||||||||||||||||||||||
$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 | |||||||||||||||||||||||||||||||
Condensed Financial Statements | ' | ||||||||||||||||||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | — | $ | 1,330 | $ | — | $ | — | $ | 136,375 | $ | — | $ | 137,710 | |||||||||||||||||
Accounts receivable | — | — | 45,464 | — | — | 844,478 | — | 889,942 | |||||||||||||||||||||||||
Taxes receivable | — | 58,014 | 299 | — | — | 89,846 | — | 148,159 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | — | — | 1,077,965 | — | 19,500 | 560,925 | (1,658,390 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 1,164,153 | 368,701 | 161,002 | 252,598 | 34,071 | 4,375,746 | (6,356,271 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 2,373 | 21 | — | 229,310 | — | 231,704 | |||||||||||||||||||||||||
Total current assets | 1,164,158 | 426,715 | 1,288,433 | 252,619 | 53,571 | 6,236,680 | (8,014,661 | ) | 1,407,515 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,135,178 | — | — | 18,218,163 | — | 20,353,341 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (246,406 | ) | — | — | (4,861,741 | ) | — | (5,108,147 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 1,888,772 | — | — | 13,356,422 | — | 15,245,194 | |||||||||||||||||||||||||
Notes receivable from affiliates | 3,304,753 | — | 879,154 | 1,980,391 | 5,000 | 2,096,075 | (8,265,373 | ) | — | ||||||||||||||||||||||||
Investments in affiliates | 9,378,489 | 1,437,748 | 6,084,404 | 10,055,746 | 6,291,130 | — | (33,247,517 | ) | — | ||||||||||||||||||||||||
Other assets | 3,943 | — | 7,015 | 21,253 | 576 | 271,579 | — | 304,366 | |||||||||||||||||||||||||
Total assets | $ | 13,851,343 | $ | 1,864,463 | $ | 10,147,778 | $ | 12,310,009 | $ | 6,350,277 | $ | 21,960,756 | $ | (49,527,551 | ) | $ | 16,957,075 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 171,925 | $ | — | $ | — | $ | 760,720 | $ | 725,745 | $ | (1,658,390 | ) | $ | — | ||||||||||||||||
Accounts payable | — | — | 8,594 | — | — | 343,639 | — | 352,233 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 7,951 | — | — | 134,601 | — | 142,552 | |||||||||||||||||||||||||
Accounts payable to affiliates | 1,025,178 | 61,519 | 3,278,835 | 45,051 | 13,352 | 1,932,336 | (6,356,271 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | — | — | — | 124,631 | — | 124,631 | |||||||||||||||||||||||||
Other current liabilities | 1,173 | — | 32,505 | 57,053 | 4,412 | 163,524 | — | 258,667 | |||||||||||||||||||||||||
Total current liabilities | 1,026,351 | 233,444 | 3,327,885 | 102,104 | 778,484 | 3,424,476 | (8,014,661 | ) | 878,083 | ||||||||||||||||||||||||
Long-term debt | 2,268,613 | — | — | 3,543,638 | 201,695 | — | — | 6,013,946 | |||||||||||||||||||||||||
Notes payable to affiliates | 1,769,064 | — | 1,113,363 | 1,169,180 | 834,450 | 3,379,316 | (8,265,373 | ) | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | 233,419 | — | 233,419 | |||||||||||||||||||||||||
Other liabilities | 19,930 | — | 30,999 | — | — | 287,959 | — | 338,888 | |||||||||||||||||||||||||
Total liabilities | 5,083,958 | 233,444 | 4,472,247 | 4,814,922 | 1,814,629 | 7,325,170 | (16,280,034 | ) | 7,464,336 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 8,767,385 | 1,631,019 | 5,675,531 | 7,495,087 | 4,535,648 | 13,375,613 | (32,712,898 | ) | 8,767,385 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,259,973 | (534,619 | ) | 725,354 | ||||||||||||||||||||||||
Total equity | 8,767,385 | 1,631,019 | 5,675,531 | 7,495,087 | 4,535,648 | 14,635,586 | (33,247,517 | ) | 9,492,739 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 13,851,343 | $ | 1,864,463 | $ | 10,147,778 | $ | 12,310,009 | $ | 6,350,277 | $ | 21,960,756 | $ | (49,527,551 | ) | $ | 16,957,075 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 402 | $ | 4 | $ | — | $ | 109,975 | $ | — | $ | 110,382 | |||||||||||||||||
Accounts receivable | — | — | 34,038 | — | — | 915,031 | — | 949,069 | |||||||||||||||||||||||||
Taxes receivable | — | 52,307 | — | — | — | 87,722 | — | 140,029 | |||||||||||||||||||||||||
Short-term notes receivable from affiliates | — | — | 1,456,245 | 139,195 | 19,500 | 52,611 | (1,667,551 | ) | — | ||||||||||||||||||||||||
Accounts receivable from affiliates | 1,244,019 | — | 108,208 | 210,868 | 27,537 | 6,010,430 | (7,601,062 | ) | — | ||||||||||||||||||||||||
Prepaid expenses and other current assets | — | — | 6,336 | — | — | 178,012 | — | 184,348 | |||||||||||||||||||||||||
Total current assets | 1,244,020 | 52,307 | 1,605,229 | 350,067 | 47,037 | 7,353,781 | (9,268,613 | ) | 1,383,828 | ||||||||||||||||||||||||
Property and equipment, at cost | — | — | 2,340,216 | — | — | 16,820,134 | — | 19,160,350 | |||||||||||||||||||||||||
Accumulated depreciation | — | — | (310,171 | ) | — | — | (4,321,507 | ) | — | (4,631,678 | ) | ||||||||||||||||||||||
Property and equipment, net | — | — | 2,030,045 | — | — | 12,498,627 | — | 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 | 2,907,379 | 6,595,591 | 9,456,735 | 5,440,004 | — | (33,001,421 | ) | — | ||||||||||||||||||||||||
Other assets | 6,256 | — | 6,332 | 22,681 | 639 | 233,106 | — | 269,014 | |||||||||||||||||||||||||
Total assets | $ | 13,156,741 | $ | 2,959,686 | $ | 10,361,413 | $ | 12,197,038 | $ | 5,492,680 | $ | 21,476,014 | $ | (49,462,058 | ) | $ | 16,181,514 | ||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||
Short-term notes payables from affiliates | $ | — | $ | 52,611 | $ | 139,195 | $ | — | $ | 750,000 | $ | 725,745 | $ | (1,667,551 | ) | $ | — | ||||||||||||||||
Accounts payable | — | — | 5,310 | — | — | 340,600 | — | 345,910 | |||||||||||||||||||||||||
Accrued payroll and related costs | — | — | 8,582 | — | — | 134,764 | — | 143,346 | |||||||||||||||||||||||||
Accounts payable to affiliates | 1,104,410 | 653,049 | 4,032,776 | 216,866 | 21,173 | 1,572,788 | (7,601,062 | ) | — | ||||||||||||||||||||||||
Taxes payable | — | — | 827 | — | — | 119,761 | — | 120,588 | |||||||||||||||||||||||||
Other current liabilities | 412 | — | 22,106 | 62,431 | 4,412 | 210,811 | — | 300,172 | |||||||||||||||||||||||||
Total current liabilities | 1,104,822 | 705,660 | 4,208,796 | 279,297 | 775,585 | 3,104,469 | (9,268,613 | ) | 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 | — | — | — | — | — | 225,455 | — | 225,455 | |||||||||||||||||||||||||
Other liabilities | 19,931 | — | 24,502 | — | — | 289,875 | — | 334,308 | |||||||||||||||||||||||||
Total liabilities | 4,728,702 | 705,660 | 4,767,981 | 5,047,711 | 1,237,497 | 6,999,116 | (16,460,637 | ) | 7,026,030 | ||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||||||
Total shareholder equity | 8,428,039 | 2,254,026 | 5,593,432 | 7,149,327 | 4,255,183 | 13,238,656 | (32,490,624 | ) | 8,428,039 | ||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | 1,238,242 | (510,797 | ) | 727,445 | ||||||||||||||||||||||||
Total equity | 8,428,039 | 2,254,026 | 5,593,432 | 7,149,327 | 4,255,183 | 14,476,898 | (33,001,421 | ) | 9,155,484 | ||||||||||||||||||||||||
Total liabilities and equity | $ | 13,156,741 | $ | 2,959,686 | $ | 10,361,413 | $ | 12,197,038 | $ | 5,492,680 | $ | 21,476,014 | $ | (49,462,058 | ) | $ | 16,181,514 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 85,664 | $ | — | $ | — | $ | 1,147,008 | $ | (32,266 | ) | $ | 1,200,406 | ||||||||||||||||
Reimbursables | — | — | 2,576 | — | — | 29,235 | — | 31,811 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 8,146 | — | 8,146 | |||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating revenues | — | — | 88,240 | — | — | 1,184,389 | (32,266 | ) | 1,240,363 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 2,615 | 13,267 | 26,516 | 35,214 | — | 524,092 | (32,266 | ) | 569,438 | ||||||||||||||||||||||||
Reimbursables | — | — | 1,662 | — | — | 20,798 | — | 22,460 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 6,261 | — | 6,261 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 15,711 | — | — | 238,063 | — | 253,774 | |||||||||||||||||||||||||
General and administrative | 334 | 3,156 | — | 8,263 | 1 | (265 | ) | — | 11,489 | ||||||||||||||||||||||||
Total operating costs and expenses | 2,949 | 16,423 | 43,889 | 43,477 | 1 | 788,949 | (32,266 | ) | 863,422 | ||||||||||||||||||||||||
Operating income (loss) | (2,949 | ) | (16,423 | ) | 44,351 | (43,477 | ) | (1 | ) | 395,440 | — | 376,941 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Equity earnings in affiliates, net of tax | 285,396 | 93,044 | 116,173 | 283,077 | 118,105 | — | (895,795 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (22,466 | ) | (736 | ) | (7,151 | ) | (39,998 | ) | (7,955 | ) | (12,452 | ) | 54,407 | (36,351 | ) | ||||||||||||||||||
Interest income and other, net | 5,258 | — | 13,069 | 21,011 | 317 | 14,537 | (54,407 | ) | (215 | ) | |||||||||||||||||||||||
Income before income taxes | 265,239 | 75,885 | 166,442 | 220,613 | 110,466 | 397,525 | (895,795 | ) | 340,375 | ||||||||||||||||||||||||
Income tax provision | — | (27,054 | ) | (1,578 | ) | — | (1,547 | ) | (22,054 | ) | — | (52,233 | ) | ||||||||||||||||||||
Net Income | 265,239 | 48,831 | 164,864 | 220,613 | 108,919 | 375,471 | (895,795 | ) | 288,142 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (33,655 | ) | 10,752 | (22,903 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 265,239 | 48,831 | 164,864 | 220,613 | 108,919 | 341,816 | (885,043 | ) | 265,239 | ||||||||||||||||||||||||
Other comprehensive income, net | 3,182 | — | — | — | — | 3,182 | (3,182 | ) | 3,182 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 268,421 | $ | 48,831 | $ | 164,864 | $ | 220,613 | $ | 108,919 | $ | 344,998 | $ | (888,225 | ) | $ | 268,421 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 171,246 | $ | — | $ | — | $ | 2,309,988 | $ | (74,524 | ) | $ | 2,406,710 | ||||||||||||||||
Reimbursables | — | — | 3,343 | — | — | 65,121 | — | 68,464 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 16,358 | — | 16,358 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||
Total operating revenues | — | — | 174,589 | — | — | 2,391,468 | (74,524 | ) | 2,491,533 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 12,686 | 20,486 | 61,400 | 61,330 | — | 1,046,888 | (74,524 | ) | 1,128,266 | ||||||||||||||||||||||||
Reimbursables | — | — | 2,571 | — | — | 50,495 | — | 53,066 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 12,487 | — | 12,487 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 31,663 | — | — | 467,421 | — | 499,084 | |||||||||||||||||||||||||
General and administrative | 907 | 5,003 | — | 15,224 | 1 | 2,286 | — | 23,421 | |||||||||||||||||||||||||
Total operating costs and expenses | 13,593 | 25,489 | 95,634 | 76,554 | 1 | 1,579,577 | (74,524 | ) | 1,716,324 | ||||||||||||||||||||||||
Operating income (loss) | (13,593 | ) | (25,489 | ) | 78,955 | (76,554 | ) | (1 | ) | 811,891 | — | 775,209 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Equity earnings in affiliates, net of tax | 605,609 | 163,777 | 225,327 | 601,836 | 290,296 | — | (1,886,845 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (48,350 | ) | (963 | ) | (12,974 | ) | (86,491 | ) | (15,904 | ) | (24,746 | ) | 112,685 | (76,743 | ) | ||||||||||||||||||
Interest income and other, net | 6,888 | — | 26,749 | 46,968 | 630 | 29,918 | (112,685 | ) | (1,532 | ) | |||||||||||||||||||||||
Income before income taxes | 550,554 | 137,325 | 318,057 | 485,759 | 275,021 | 817,063 | (1,886,845 | ) | 696,934 | ||||||||||||||||||||||||
Income tax provision | — | (57,248 | ) | (2,585 | ) | — | (1,547 | ) | (45,181 | ) | — | (106,561 | ) | ||||||||||||||||||||
Net Income | 550,554 | 80,077 | 315,472 | 485,759 | 273,474 | 771,882 | (1,886,845 | ) | 590,373 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (63,641 | ) | 23,822 | (39,819 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 550,554 | 80,077 | 315,472 | 485,759 | 273,474 | 708,241 | (1,863,023 | ) | 550,554 | ||||||||||||||||||||||||
Other comprehensive income, net | 10,900 | — | — | — | — | 10,900 | (10,900 | ) | 10,900 | ||||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 561,454 | $ | 80,077 | $ | 315,472 | $ | 485,759 | $ | 273,474 | $ | 719,141 | $ | (1,873,923 | ) | $ | 561,454 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 86,313 | $ | — | $ | — | $ | 912,063 | $ | (22,921 | ) | $ | 975,455 | ||||||||||||||||
Reimbursables | — | — | 2,735 | — | — | 25,525 | — | 28,260 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 13,603 | — | 13,603 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 67 | — | 67 | |||||||||||||||||||||||||
Total operating revenues | — | — | 89,048 | — | — | 951,258 | (22,921 | ) | 1,017,385 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 1,016 | 5,816 | 14,062 | 25,636 | — | 461,836 | (22,921 | ) | 485,445 | ||||||||||||||||||||||||
Reimbursables | — | — | 2,489 | — | — | 20,212 | — | 22,701 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 9,402 | — | 9,402 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 15,321 | — | — | 196,911 | — | 212,232 | |||||||||||||||||||||||||
General and administrative | 667 | 2,122 | — | 9,403 | 1 | 3,395 | — | 15,588 | |||||||||||||||||||||||||
Total operating costs and expenses | 1,683 | 7,938 | 31,872 | 35,039 | 1 | 691,756 | (22,921 | ) | 745,368 | ||||||||||||||||||||||||
Operating income (loss) | (1,683 | ) | (7,938 | ) | 57,176 | (35,039 | ) | (1 | ) | 259,502 | — | 272,017 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Equity earnings in affiliates, net of tax | 233,129 | 7,291 | 98,181 | 240,658 | 87,425 | — | (666,684 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (37,472 | ) | (233 | ) | (5,205 | ) | (32,705 | ) | (11,669 | ) | (24,093 | ) | 86,712 | (24,665 | ) | ||||||||||||||||||
Interest income and other, net | 1,647 | — | 11,037 | 45,031 | 6,361 | 23,341 | (86,712 | ) | 705 | ||||||||||||||||||||||||
Income before income taxes | 195,621 | (880 | ) | 161,189 | 217,945 | 82,116 | 258,750 | (666,684 | ) | 248,057 | |||||||||||||||||||||||
Income tax provision | — | 15,766 | (1,467 | ) | — | — | (50,029 | ) | — | (35,730 | ) | ||||||||||||||||||||||
Net Income | 195,621 | 14,886 | 159,722 | 217,945 | 82,116 | 208,721 | (666,684 | ) | 212,327 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (27,183 | ) | 10,477 | (16,706 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 195,621 | 14,886 | 159,722 | 217,945 | 82,116 | 181,538 | (656,207 | ) | 195,621 | ||||||||||||||||||||||||
Other comprehensive loss, net | (4,077 | ) | — | — | — | — | (4,077 | ) | 4,077 | (4,077 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 191,544 | $ | 14,886 | $ | 159,722 | $ | 217,945 | $ | 82,116 | $ | 177,461 | $ | (652,130 | ) | $ | 191,544 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF INCOME | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||||||||||||
Contract drilling services | $ | — | $ | — | $ | 133,270 | $ | — | $ | — | $ | 1,814,293 | $ | (43,371 | ) | $ | 1,904,192 | ||||||||||||||||
Reimbursables | — | — | 3,321 | — | — | 46,113 | — | 49,434 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 34,657 | — | 34,657 | |||||||||||||||||||||||||
Other | — | — | — | — | — | 77 | — | 77 | |||||||||||||||||||||||||
Total operating revenues | — | — | 136,591 | — | — | 1,895,140 | (43,371 | ) | 1,988,360 | ||||||||||||||||||||||||
Operating costs and expenses | |||||||||||||||||||||||||||||||||
Contract drilling services | 1,935 | 11,260 | 25,043 | 49,849 | — | 917,290 | (43,371 | ) | 962,006 | ||||||||||||||||||||||||
Reimbursables | — | — | 2,823 | — | — | 34,800 | — | 37,623 | |||||||||||||||||||||||||
Labor contract drilling services | — | — | — | — | — | 21,651 | — | 21,651 | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 30,183 | — | — | 387,800 | — | 417,983 | |||||||||||||||||||||||||
General and administrative | 1,292 | 4,014 | — | 18,116 | 1 | 7,008 | — | 30,431 | |||||||||||||||||||||||||
Gain on contract extinguishments | — | — | — | — | — | (1,800 | ) | — | (1,800 | ) | |||||||||||||||||||||||
Total operating costs and expenses | 3,227 | 15,274 | 58,049 | 67,965 | 1 | 1,366,749 | (43,371 | ) | 1,467,894 | ||||||||||||||||||||||||
Operating income (loss) | (3,227 | ) | (15,274 | ) | 78,542 | (67,965 | ) | (1 | ) | 528,391 | — | 520,466 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Equity earnings in affiliates, net of tax | 435,894 | 16,021 | 186,394 | 466,115 | 203,453 | — | (1,307,877 | ) | — | ||||||||||||||||||||||||
Interest expense, net of amounts capitalized | (70,779 | ) | (617 | ) | (12,383 | ) | (67,265 | ) | (23,390 | ) | (47,427 | ) | 169,895 | (51,966 | ) | ||||||||||||||||||
Interest income and other, net | 3,277 | — | 21,851 | 84,792 | 12,666 | 48,077 | (169,895 | ) | 768 | ||||||||||||||||||||||||
Income before income taxes | 365,165 | 130 | 274,404 | 415,677 | 192,728 | 529,041 | (1,307,877 | ) | 469,268 | ||||||||||||||||||||||||
Income tax provision | — | 11,868 | (2,125 | ) | — | — | (79,487 | ) | — | (69,744 | ) | ||||||||||||||||||||||
Net Income | 365,165 | 11,998 | 272,279 | 415,677 | 192,728 | 449,554 | (1,307,877 | ) | 399,524 | ||||||||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | — | — | (54,721 | ) | 20,362 | (34,359 | ) | |||||||||||||||||||||||
Net income attributable to Noble Corporation | 365,165 | 11,998 | 272,279 | 415,677 | 192,728 | 394,833 | (1,287,515 | ) | 365,165 | ||||||||||||||||||||||||
Other comprehensive loss, net | (980 | ) | — | — | — | — | (980 | ) | 980 | (980 | ) | ||||||||||||||||||||||
Comprehensive income attributable to Noble Corporation | $ | 364,185 | $ | 11,998 | $ | 272,279 | $ | 415,677 | $ | 192,728 | $ | 393,853 | $ | (1,286,535 | ) | $ | 364,185 | ||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (33,190 | ) | $ | (89,407 | ) | $ | 132,085 | $ | (120,048 | ) | $ | (16,759 | ) | $ | 1,208,454 | $ | — | $ | 1,081,135 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (860,876 | ) | — | — | (367,207 | ) | — | (1,228,083 | ) | ||||||||||||||||||||||
Notes receivable from affiliates | — | — | — | 273,744 | — | — | (273,744 | ) | — | ||||||||||||||||||||||||
Net cash from investing activities | — | — | (860,876 | ) | 273,744 | — | (367,207 | ) | (273,744 | ) | (1,228,083 | ) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 707,472 | — | — | — | — | — | — | 707,472 | |||||||||||||||||||||||||
Repayment of long-term debt | — | — | — | (250,000 | ) | — | — | — | (250,000 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interests | — | — | — | — | — | (41,910 | ) | — | (41,910 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (386 | ) | — | — | — | — | — | — | (386 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (240,900 | ) | — | — | — | — | — | — | (240,900 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (159,248 | ) | 89,407 | 729,719 | 96,300 | 16,759 | (772,937 | ) | — | — | |||||||||||||||||||||||
Notes payable to affiliates | (273,744 | ) | — | — | — | — | — | 273,744 | — | ||||||||||||||||||||||||
Net cash from financing activities | 33,194 | 89,407 | 729,719 | (153,700 | ) | 16,759 | (814,847 | ) | 273,744 | 174,276 | |||||||||||||||||||||||
Net change in cash and cash equivalents | 4 | — | 928 | (4 | ) | — | 26,400 | — | 27,328 | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1 | — | 402 | 4 | — | 109,975 | — | 110,382 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 1,330 | $ | — | $ | — | $ | 136,375 | $ | — | $ | 137,710 | |||||||||||||||||
NOBLE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Non-guarantor | |||||||||||||||||||||||||||||||||
Noble- | Subsidiaries | Consolidating | |||||||||||||||||||||||||||||||
Cayman | NHC | NDH | NHIL | NDS6 | of Noble | Adjustments | Total | ||||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||||||||||
Net cash from operating activities | $ | (60,083 | ) | $ | (47,456 | ) | $ | 71,577 | $ | (48,774 | ) | $ | (10,663 | ) | $ | 771,207 | $ | — | $ | 675,808 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||||||||||
New construction and capital expenditures | — | — | (804,500 | ) | — | — | (478,786 | ) | — | (1,283,286 | ) | ||||||||||||||||||||||
Net cash from investing activities | — | — | (804,500 | ) | — | — | (478,786 | ) | — | (1,283,286 | ) | ||||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||||||||||
Net change in borrowings outstanding on bank credit facilities | 941,653 | — | — | — | — | — | — | 941,653 | |||||||||||||||||||||||||
Repayment of long-term debt | (300,000 | ) | — | — | — | — | — | — | (300,000 | ) | |||||||||||||||||||||||
Dividends paid to noncontrolling interest | — | — | — | — | — | (46,649 | ) | — | (46,649 | ) | |||||||||||||||||||||||
Financing costs on credit facilities | (1,912 | ) | — | — | — | — | — | — | (1,912 | ) | |||||||||||||||||||||||
Distributions to parent company, net | (100,960 | ) | — | — | — | — | — | — | (100,960 | ) | |||||||||||||||||||||||
Advances (to) from affiliates | (479,696 | ) | 47,456 | 732,263 | 48,774 | 10,663 | (359,460 | ) | — | — | |||||||||||||||||||||||
Net cash from financing activities | 59,085 | 47,456 | 732,263 | 48,774 | 10,663 | (406,109 | ) | — | 492,132 | ||||||||||||||||||||||||
Net change in cash and cash equivalents | (998 | ) | — | (660 | ) | — | — | (113,688 | ) | — | (115,346 | ) | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,003 | — | 904 | 2 | — | 275,466 | — | 277,375 | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5 | $ | — | $ | 244 | $ | 2 | $ | — | $ | 161,778 | $ | — | $ | 162,029 |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Aug. 01, 2014 | Aug. 01, 2014 |
In Billions, unless otherwise specified | Rigs | Paragon Offshore [Member] | Paragon Offshore [Member] |
Subsequent Event [Member] | Subsequent Event [Member] | ||
Rigs | |||
Description Of Business And Basis Of Presentation [Line Items] | ' | ' | ' |
Number of floating production storage and offloading units ("FPSO") | 1 | ' | 1 |
Number of semisubmersibles | 14 | ' | 3 |
Number of drillships | 14 | ' | 5 |
Number of jackups | 49 | ' | 34 |
Number of fleet units under construction | 3 | ' | ' |
Number of ultra-deep water harsh environment drillships under construction | 1 | ' | ' |
Number of harsh environment jackup Rigs under construction | 2 | ' | ' |
Cash Settlement of Intercompany Notes | ' | $1.70 | ' |
Pro rata distribution | ' | 'Our shareholders received one share of Paragon Offshore for every three shares of Noble owned as of July 23, 2014, the record date for the distribution. | ' |
Consolidated_Joint_Ventures_Ad
Consolidated Joint Ventures - Additional Information (Detail) (USD $) | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Rigs | ||||
JointVenture | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Percent of interest in joint ventures | 50.00% | ' | ' | ' |
Number of joint ventures acquired | 2 | ' | ' | ' |
Number of bully class drillships | 2 | ' | ' | ' |
Dividend paid to joint venture partner | $42,000,000 | $47,000,000 | ' | ' |
Carrying amount of the drillships | 1,400,000,000 | ' | 1,400,000,000 | ' |
Cash held by Bully joint venture | 140,537,000 | 166,207,000 | 114,458,000 | 282,092,000 |
Affiliated Entity [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash held by Bully joint venture | 43,000,000 | ' | 50,000,000 | ' |
Bully Joint Venture [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Dividend paid by Bully Joint Venture Partners | $84,000,000 | $93,000,000 | ' | ' |
Consolidated_Joint_Ventures_Sc
Consolidated Joint Ventures - Schedule of Operational Results (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Operating revenues | $1,240,363 | $1,017,385 | $2,491,533 | $1,988,360 |
Net income | 257,462 | 193,326 | 530,704 | 361,039 |
Joint Ventures [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Operating revenues | 98,217 | 87,478 | 185,403 | 177,773 |
Net income | $46,956 | $35,914 | $84,676 | $73,413 |
Share_Data_Additional_Informat
Share Data - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | 31-May-14 | Apr. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Millions, except Share data, unless otherwise specified | Dividend [Member] | Dividend [Member] | Stock Options [Member] | Stock Options [Member] | ||
Installment | ||||||
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' |
Shares outstanding and trading | 254,258,000 | 253,448,000 | ' | ' | ' | ' |
Additional conditionally authorized shares without additional shareholder approval | 53,000,000 | ' | ' | ' | ' | ' |
Current nominal value per share | $0.01 | ' | ' | ' | ' | ' |
Dividend to be paid, per share | ' | ' | ' | $1 | ' | ' |
Number of installments to pay annual dividends | ' | ' | ' | 4 | ' | ' |
Additional dividend declared, per share | ' | ' | $0.13 | ' | ' | ' |
Dividend paid, per share | ' | ' | $0.38 | ' | ' | ' |
Dividend paid, amount | ' | ' | $97 | ' | ' | ' |
Stock options excluded from the diluted net income per share | ' | ' | ' | ' | 1,000,000 | 1,000,000 |
Share_Data_Computation_of_Basi
Share Data - Computation of Basic and Diluted Net Income Per Share for Noble-UK (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Basic | ' | ' | ' | ' |
Net income attributable to Noble Corporation | $234,559 | $176,620 | $490,885 | $326,680 |
Earnings allocated to unvested share-based payment awards | -3,776 | -2,169 | -8,048 | -3,822 |
Net income to common shareholders-basic | 230,783 | 174,451 | 482,837 | 322,858 |
Diluted | ' | ' | ' | ' |
Net income attributable to Noble Corporation | 234,559 | 176,620 | 490,885 | 326,680 |
Earnings allocated to unvested share-based payment awards | -3,774 | -2,167 | -8,046 | -3,819 |
Net income to common shareholders-diluted | $230,785 | $174,453 | $482,839 | $322,861 |
Weighted average shares outstanding-basic | 254,238 | 253,295 | 254,090 | 253,184 |
Incremental shares issuable from assumed exercise of stock options | 97 | 261 | 116 | 265 |
Weighted average shares outstanding-diluted | 254,335 | 253,556 | 254,206 | 253,449 |
Weighted average unvested share-based payment awards | 4,156 | 3,150 | 4,172 | 2,998 |
Earnings per share | ' | ' | ' | ' |
Basic | $0.91 | $0.69 | $1.90 | $1.28 |
Diluted | $0.91 | $0.69 | $1.90 | $1.27 |
Dividends per share | $0.38 | $0.13 | $0.75 | $0.26 |
Receivables_from_Customers_Add
Receivables from Customers - Additional Information (Detail) (Petroleos Mexicanos [Member], USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Petroleos Mexicanos [Member] | ' |
Receivables From Major Customers [Line Items] | ' |
Approximate receivable | $14 |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment, at Cost (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | $20,391,892 | $19,198,767 |
Drilling Equipment and Facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 18,070,733 | 17,130,986 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | 2,068,119 | 1,854,434 |
Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, at cost | $253,040 | $213,347 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' |
Capital expenditures | ' | ' | $1,200,000,000 | $1,200,000,000 |
Capitalized interest on construction-in-progress | $13,000,000 | $32,000,000 | $27,000,000 | $62,000,000 |
Debt_Schedule_of_Debt_Detail
Debt - Schedule of Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $6,013,946 | $5,556,251 |
Commercial Paper Program [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 2,268,613 | 1,561,141 |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | ' | 249,964 |
3.45% Senior Notes due August 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 350,000 | 350,000 |
3.05% Senior Notes due March 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 299,974 | 299,967 |
2.50% Senior Notes due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 299,903 | 299,886 |
7.50% Senior Notes due March 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 201,695 | 201,695 |
4.90% Senior Notes due August 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 499,086 | 499,022 |
4.625% Senior Notes due March 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 399,601 | 399,576 |
3.95% Senior Notes due March 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 399,221 | 399,178 |
6.20% Senior Notes due August 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 399,894 | 399,893 |
6.05% Senior Notes due March 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 397,663 | 397,646 |
5.25% Senior Notes due March 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | 498,296 | 498,283 |
Total Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes | $3,745,333 | $3,995,110 |
Debt_Schedule_of_Debt_Parenthe
Debt - Schedule of Debt (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.38% | 7.38% |
Senior notes, maturity date | '2014-03 | ' |
3.45% Senior Notes due August 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.45% | ' |
Senior notes, maturity date | '2015-08 | ' |
3.05% Senior Notes due March 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.05% | ' |
Senior notes, maturity date | '2016-03 | ' |
2.50% Senior Notes due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 2.50% | ' |
Senior notes, maturity date | '2017-03 | ' |
7.50% Senior Notes due March 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.50% | ' |
Senior notes, maturity date | '2019-03 | ' |
4.90% Senior Notes due August 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 4.90% | ' |
Senior notes, maturity date | '2020-08 | ' |
4.625% Senior Notes due March 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 4.63% | ' |
Senior notes, maturity date | '2021-03 | ' |
3.95% Senior Notes due March 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.95% | ' |
Senior notes, maturity date | '2022-03 | ' |
6.20% Senior Notes due August 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 6.20% | ' |
Senior notes, maturity date | '2040-08 | ' |
6.05% Senior Notes due March 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 6.05% | ' |
Senior notes, maturity date | '2041-03 | ' |
5.25% Senior Notes due March 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 5.25% | ' |
Senior notes, maturity date | '2042-03 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 1 Months Ended | |
Mar. 31, 2014 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ' | ' |
Number of credit facilities | ' | 3 |
Maximum amount available under credit facilities | ' | 2,900,000,000 |
Maximum debt to tangible capitalization covenant | ' | 0.6 |
Line of credit facility debt to tangible capitalization ratio | ' | 0.39 |
Letter of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum amount available under credit facilities | ' | 375,000,000 |
Borrowings outstanding | ' | 0 |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.38% | 7.38% |
Senior notes, maturity date | '2014 | ' |
Repayment of senior notes using proceeds from commercial paper | 250,000,000 | ' |
Commercial Paper Program [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maximum amount to be issued under commercial paper | ' | 2,700,000,000 |
Debt_Estimated_Fair_Value_of_O
Debt - Estimated Fair Value of Our Long-Term Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total long-term debt, Estimated Fair Value | $6,290,648 | $5,672,292 |
Total long-term debt, Carrying Value | 6,013,946 | 5,556,251 |
Commercial Paper Program [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt, Estimated Fair Value | 2,268,613 | 1,561,141 |
Total long-term debt, Carrying Value | 2,268,613 | 1,561,141 |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | ' | 249,964 |
Total long-term debt, Estimated Fair Value | ' | 253,634 |
3.45% Senior Notes due August 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 350,000 | 350,000 |
Total long-term debt, Estimated Fair Value | 359,532 | 363,019 |
3.05% Senior Notes due March 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 299,974 | 299,967 |
Total long-term debt, Estimated Fair Value | 310,058 | 309,878 |
2.50% Senior Notes due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 299,903 | 299,886 |
Total long-term debt, Estimated Fair Value | 307,420 | 302,891 |
7.50% Senior Notes due March 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 201,695 | 201,695 |
Total long-term debt, Estimated Fair Value | 235,163 | 232,839 |
4.90% Senior Notes due August 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 499,086 | 499,022 |
Total long-term debt, Estimated Fair Value | 548,520 | 528,597 |
4.625% Senior Notes due March 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 399,601 | 399,576 |
Total long-term debt, Estimated Fair Value | 429,755 | 413,868 |
3.95% Senior Notes due March 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 399,221 | 399,178 |
Total long-term debt, Estimated Fair Value | 408,265 | 390,520 |
6.20% Senior Notes due August 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 399,894 | 399,893 |
Total long-term debt, Estimated Fair Value | 456,520 | 421,720 |
6.05% Senior Notes due March 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 397,663 | 397,646 |
Total long-term debt, Estimated Fair Value | 452,273 | 417,312 |
5.25% Senior Notes due March 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 498,296 | 498,283 |
Total long-term debt, Estimated Fair Value | 514,529 | 476,873 |
Total Senior Unsecured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total senior unsecured notes, Carrying Value | 3,745,333 | 3,995,110 |
Total long-term debt, Estimated Fair Value | $4,022,035 | $4,111,151 |
Debt_Estimated_Fair_Value_of_O1
Debt - Estimated Fair Value of Our Long-Term Debt (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | |
7.375% Senior Notes due March 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.38% | 7.38% |
Senior notes, maturity date | '2014-03 | ' |
3.45% Senior Notes due August 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.45% | ' |
Senior notes, maturity date | '2015-08 | ' |
3.05% Senior Notes due March 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.05% | ' |
Senior notes, maturity date | '2016-03 | ' |
2.50% Senior Notes due March 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 2.50% | ' |
Senior notes, maturity date | '2017-03 | ' |
7.50% Senior Notes due March 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 7.50% | ' |
Senior notes, maturity date | '2019-03 | ' |
4.90% Senior Notes due August 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 4.90% | ' |
Senior notes, maturity date | '2020-08 | ' |
4.625% Senior Notes due March 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 4.63% | ' |
Senior notes, maturity date | '2021-03 | ' |
3.95% Senior Notes due March 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 3.95% | ' |
Senior notes, maturity date | '2022-03 | ' |
6.20% Senior Notes due August 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 6.20% | ' |
Senior notes, maturity date | '2040-08 | ' |
6.05% Senior Notes due March 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 6.05% | ' |
Senior notes, maturity date | '2041-03 | ' |
5.25% Senior Notes due March 2042 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate on senior notes | 5.25% | ' |
Senior notes, maturity date | '2042-03 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Reserves for uncertain tax positions net | $122 | $127 |
Related tax benefits | 2 | 2 |
Reduction in the provision for income taxes, if reserves not utilized | $122 | ' |
Operational period | '12 months | ' |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Non-U.S. Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $1,433 | $1,349 | $2,853 | $2,728 |
Interest cost | 1,472 | 1,252 | 2,928 | 2,534 |
Return on plan assets | -1,856 | -1,437 | -3,691 | -2,908 |
Amortization of prior service cost | -5 | ' | -10 | ' |
Recognized net actuarial loss | 316 | 395 | 629 | 800 |
Net pension expense | 1,360 | 1,559 | 2,709 | 3,154 |
U.S. Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 2,541 | 2,681 | 5,082 | 5,362 |
Interest cost | 2,714 | 2,262 | 5,428 | 4,524 |
Return on plan assets | -3,846 | -3,276 | -7,692 | -6,552 |
Amortization of prior service cost | 56 | 57 | 112 | 114 |
Recognized net actuarial loss | 651 | 1,910 | 1,302 | 3,820 |
Net pension expense | $2,116 | $3,634 | $4,232 | $7,268 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Employer contributions | $6 | $7 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Derivative [Line Items] | ' |
Percentage of forecasted local currency requirements of forward contract | 35.00% |
Forward Contracts [Member] | ' |
Derivative [Line Items] | ' |
Total unrealized gain related to forward contracts and recorded as part of "Accumulated other comprehensive loss" | 7,000,000 |
Price Risk Derivative [Member] | ' |
Derivative [Line Items] | ' |
Notional amount of forward contracts outstanding | 192,000,000 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) (Short-Term Foreign Currency Forward Contracts [Member], Other Current Assets [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-Term Foreign Currency Forward Contracts [Member] | Other Current Assets [Member] | ' | ' |
Asset derivatives | ' | ' |
Cash flow hedges Short-term foreign currency forward contracts | $6,652 | $0 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) (Foreign Currency Forward Contracts [Member], Cash Flow Hedges [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Foreign Currency Forward Contracts [Member] | Cash Flow Hedges [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(loss) recognized through AOCL | $5,067 | ($4,431) | $3,873 | ($4,545) |
Gain/(loss) reclassified from AOCL to "other income" | 1,585 | -300 | ' | ' |
Gain/(loss) reclassified from AOCL to "other income" | ' | ' | 2,779 | -186 |
Gain/(loss) recognized through "other income" | $0 | $0 | $0 | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ' | ' |
Assets - | ' | ' |
Marketable securities | $8,590 | $7,230 |
Foreign currency forward contracts | 6,652 | ' |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets - | ' | ' |
Marketable securities | 8,590 | 7,230 |
Foreign currency forward contracts | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets - | ' | ' |
Marketable securities | 0 | 0 |
Foreign currency forward contracts | 6,652 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets - | ' | ' |
Marketable securities | 0 | 0 |
Foreign currency forward contracts | $0 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Gain/(Loss) on Cash Flow Hedges, Activity during period: | ' | ' | ' | ' |
Defined Benefit Pension Items, Balance at beginning of period | ' | ' | ($58,598) | ($95,071) |
Defined Benefit Pension Items, Activity during period: | ' | ' | ' | ' |
Defined Benefit Pension Items, Other comprehensive loss before reclassifications | ' | ' | 0 | 0 |
Defined Benefit Pension Items, Amounts reclassified from AOCL | 765 | 1,632 | 1,528 | 3,274 |
Defined Benefit Pension Items, Net current period other comprehensive income/(loss) | ' | ' | 1,528 | 3,274 |
Defined Benefit Pension Items, Balance at end of period | -57,070 | -91,797 | -57,070 | -91,797 |
Foreign Currency Items, Balance at beginning of period | ' | ' | -23,566 | -20,378 |
Foreign Currency Items, Activity during period: | ' | ' | ' | ' |
Foreign Currency Items, Other comprehensive loss before reclassifications | ' | ' | 2,720 | 477 |
Foreign Currency Items, Amounts reclassified from AOCL | ' | ' | 0 | 0 |
Foreign Currency Items, Net current period other comprehensive income/(loss) | 1,711 | -2,180 | 2,720 | 477 |
Foreign Currency Items, Balance at end of period | -20,846 | -19,901 | -20,846 | -19,901 |
Balance at beginning of period | ' | ' | -82,164 | -115,449 |
Activity during period: | ' | ' | ' | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | 12,151 | -4,440 |
Amounts reclassified from AOCL | ' | ' | -1,251 | 3,460 |
Other comprehensive income (loss), net | 3,182 | -4,077 | 10,900 | -980 |
Balance at end of period | -71,264 | -116,429 | -71,264 | -116,429 |
Foreign Exchange Forward [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(Loss) on Cash Flow Hedges, Balance at beginning of period | ' | ' | 0 | 0 |
Gain/(Loss) on Cash Flow Hedges, Activity during period: | ' | ' | ' | ' |
Gain/(Loss) on Cash Flow Hedges, Other comprehensive income/(loss) before reclassifications | ' | ' | 9,431 | -4,917 |
Gain/(Loss) on Cash Flow Hedges, Amounts reclassified from AOCL | ' | ' | -2,779 | -186 |
Gain/(Loss) on Cash Flow Hedges, Net current period other comprehensive income/(loss) | 706 | -3,529 | 6,652 | -4,731 |
Gain/(Loss) on Cash Flow Hedges, Balance at end of period | $6,652 | ($4,731) | $6,652 | ($4,731) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Rigs | ||
Other Commitments [Line Items] | ' | ' |
Reserved for fines and penalties | 12,000,000 | ' |
Number of Lawsuits filed | 37 | ' |
Amount of withholding after spin-off | 36,000,000 | ' |
Physical damage deductible per occurrence on rigs range maximum | 25,000,000 | ' |
Number of days waiting period | '45 days | ' |
Protection and indemnity policy, standard deductible (per occurrence) | 10,000,000 | ' |
Maximum liability coverage under protection and indemnity policy | 750,000,000 | ' |
Outstanding commitments including shipyard and purchase commitments | 1,300,000,000 | ' |
Years of effectiveness of employment agreements after the termination of employment | '3 years | ' |
Customs and Other Business Taxes [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Audit claims, additional attributable to other business tax returns | 345,000,000 | ' |
Minimum [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | ' |
Loss of hire coverage applies only to rigs operating under dayrate | 200,000 | ' |
Libya [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Number of wells | 2 | ' |
Operating dayrate (per day) | ' | $538,000 |
Segment_and_Related_Informatio2
Segment and Related Information - Summarized Financial Information of Reportable Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | $1,240,363 | $1,017,385 | $2,491,533 | $1,988,360 | ' |
Depreciation and amortization | 254,394 | 212,589 | 500,299 | 418,745 | ' |
Segment operating income/ (loss) | 346,576 | 253,860 | 715,836 | 483,651 | ' |
Interest expense, net of amount capitalized | -36,351 | -24,665 | -76,743 | -51,966 | ' |
Income tax (provision)/ benefit | -52,435 | -36,824 | -106,871 | -71,176 | ' |
Segment profit/ (loss) | 234,559 | 176,620 | 490,885 | 326,680 | ' |
Total assets (at end of period) | 16,989,900 | 15,466,086 | 16,989,900 | 15,466,086 | 16,217,957 |
Contract Drilling Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 1,229,697 | 1,003,522 | 2,472,135 | 1,952,980 | ' |
Depreciation and amortization | 249,701 | 209,082 | 491,275 | 411,701 | ' |
Segment operating income/ (loss) | 353,095 | 257,622 | 736,962 | 486,609 | ' |
Interest expense, net of amount capitalized | -84 | -102 | -157 | -222 | ' |
Income tax (provision)/ benefit | -60,031 | -41,240 | -123,687 | -80,137 | ' |
Segment profit/ (loss) | 271,848 | 199,811 | 574,459 | 372,059 | ' |
Total assets (at end of period) | 16,132,649 | 14,777,991 | 16,132,649 | 14,777,991 | ' |
Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues from external customers | 10,666 | 13,863 | 19,398 | 35,380 | ' |
Depreciation and amortization | 4,693 | 3,507 | 9,024 | 7,044 | ' |
Segment operating income/ (loss) | -6,519 | -3,762 | -21,126 | -2,958 | ' |
Interest expense, net of amount capitalized | -36,267 | -24,563 | -76,586 | -51,744 | ' |
Income tax (provision)/ benefit | 7,596 | 4,416 | 16,816 | 8,961 | ' |
Segment profit/ (loss) | -37,289 | -23,191 | -83,574 | -45,379 | ' |
Total assets (at end of period) | $857,251 | $688,095 | $857,251 | $688,095 | ' |
Net_Change_in_Other_Assets_and2
Net Change in Other Assets and Liabilities - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Capital [Line Items] | ' | ' |
Accounts receivable | $67,689 | ($90,903) |
Other current assets | -47,537 | -68,614 |
Other assets | -39,612 | 1,191 |
Accounts payable | 17,497 | 32,125 |
Other current liabilities | -46,749 | -8,057 |
Other liabilities | 12,888 | -12,291 |
Net change in other assets and liabilities | -35,824 | -146,549 |
Noble-Cayman [Member] | ' | ' |
Operating Capital [Line Items] | ' | ' |
Accounts receivable | 67,689 | -90,903 |
Other current assets | -48,834 | -70,214 |
Other assets | -39,603 | 1,145 |
Accounts payable | 5,073 | 32,222 |
Other current liabilities | -34,454 | -6,336 |
Other liabilities | 12,888 | -12,291 |
Net change in other assets and liabilities | ($37,241) | ($146,377) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Paragon Offshore [Member], USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||
Jun. 30, 2014 | Aug. 01, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | Jul. 18, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Six Point Seven Five Percent Senior Notes Due Two Thousand Twenty Two [Member] | Seven Point Two Five Percent Senior Notes Due Two Thousand Twenty Four [Member] | ||
Tranches | Subsequent Event [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Cash Settlement of Intercompany Notes | ' | $1,700,000,000 | ' | ' | ' |
Aggregate principal amount of senior notes | ' | ' | 1,080,000 | 500,000,000 | 580,000,000 |
Number of tranches | ' | 2,000,000 | ' | ' | ' |
Senior Notes, Percentage | ' | ' | ' | 6.75% | 7.25% |
Senior Notes, Maturity year | ' | ' | ' | '2022 | '2024 |
Senior secured term credit agreement | ' | ' | $650,000,000 | ' | ' |
Senior secured term credit agreement, Description | 'Interest rate of LIBOR plus 2.75%, subject to a LIBOR floor of 1%, which has an initial term of seven years. | ' | ' | ' | ' |
Information_about_NobleCayman_1
Information about Noble-Cayman - Guarantor Obligations (Detail) (Noble-Cayman [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
3.45% Senior Notes due August 2015 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
3.05% Senior Notes due March 2016 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
2.50% Senior Notes due March 2017 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
7.50% Senior Notes due March 2019 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHC NDH Noble Drilling Services 6 LLC (bNDS6b) |
Guarantor(s) | 'Noble-Cayman; |
4.90% Senior Notes due August 2020 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
4.625% Senior Notes due March 2021 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
3.95% Senior Notes due March 2022 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
6.20% Senior Notes due August 2040 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
6.05% Senior Notes due March 2041 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
5.25% Senior Notes due March 2042 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Issuer (Co-Issuer(s)) | 'NHIL |
Guarantor(s) | 'Noble-Cayman |
Information_about_NobleCayman_2
Information about Noble-Cayman - Guarantor Obligations (Parenthetical) (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
3.45% Senior Notes due August 2015 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 3.45% |
3.05% Senior Notes due March 2016 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 3.05% |
2.50% Senior Notes due March 2017 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 2.50% |
7.50% Senior Notes due March 2019 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 7.50% |
4.90% Senior Notes due August 2020 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 4.90% |
4.625% Senior Notes due March 2021 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 4.63% |
3.95% Senior Notes due March 2022 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 3.95% |
6.20% Senior Notes due August 2040 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 6.20% |
6.05% Senior Notes due March 2041 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 6.05% |
5.25% Senior Notes due March 2042 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Interest rate on the notes | 5.25% |
Noble-Cayman [Member] | 3.45% Senior Notes due August 2015 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | $350 |
Interest rate on the notes | 3.45% |
Senior notes, maturity date | '2015 |
Noble-Cayman [Member] | 3.05% Senior Notes due March 2016 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 300 |
Interest rate on the notes | 3.05% |
Senior notes, maturity date | '2016 |
Noble-Cayman [Member] | 2.50% Senior Notes due March 2017 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 300 |
Interest rate on the notes | 2.50% |
Senior notes, maturity date | '2017 |
Noble-Cayman [Member] | 7.50% Senior Notes due March 2019 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 202 |
Interest rate on the notes | 7.50% |
Senior notes, maturity date | '2019 |
Noble-Cayman [Member] | 4.90% Senior Notes due August 2020 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 500 |
Interest rate on the notes | 4.90% |
Senior notes, maturity date | '2020 |
Noble-Cayman [Member] | 4.625% Senior Notes due March 2021 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 400 |
Interest rate on the notes | 4.63% |
Senior notes, maturity date | '2021 |
Noble-Cayman [Member] | 3.95% Senior Notes due March 2022 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 400 |
Interest rate on the notes | 3.95% |
Senior notes, maturity date | '2022 |
Noble-Cayman [Member] | 6.20% Senior Notes due August 2040 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 400 |
Interest rate on the notes | 6.20% |
Senior notes, maturity date | '2040 |
Noble-Cayman [Member] | 6.05% Senior Notes due March 2041 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | 400 |
Interest rate on the notes | 6.05% |
Senior notes, maturity date | '2041 |
Noble-Cayman [Member] | 5.25% Senior Notes due March 2042 [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Outstanding principal balance | $500 |
Interest rate on the notes | 5.25% |
Senior notes, maturity date | '2042 |
Information_about_NobleCayman_3
Information about Noble-Cayman - Condensed Consolidating Balance Sheet (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $140,537 | $114,458 | $166,207 | $282,092 |
Accounts receivable | 889,942 | 949,069 | ' | ' |
Taxes receivable | 148,345 | 140,269 | ' | ' |
Prepaid expenses and other current assets | 233,252 | 187,139 | ' | ' |
Total current assets | 1,412,076 | 1,390,935 | ' | ' |
Property and equipment, at cost | 20,391,892 | 19,198,767 | ' | ' |
Accumulated depreciation | -5,118,363 | -4,640,677 | ' | ' |
Property and equipment, net | 15,273,529 | 14,558,090 | ' | ' |
Other assets | 304,295 | 268,932 | ' | ' |
Total assets | 16,989,900 | 16,217,957 | 15,466,086 | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable | 365,961 | 347,214 | ' | ' |
Accrued payroll and related costs | 148,447 | 151,161 | ' | ' |
Taxes payable | 127,739 | 125,119 | ' | ' |
Other current liabilities | 258,667 | 300,172 | ' | ' |
Total current liabilities | 900,814 | 1,051,915 | ' | ' |
Long-term debt | 6,013,946 | 5,556,251 | ' | ' |
Deferred income taxes | 233,419 | 225,455 | ' | ' |
Other liabilities | 338,888 | 334,308 | ' | ' |
Total liabilities | 7,487,067 | 7,167,929 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 8,777,479 | 8,322,583 | ' | ' |
Noncontrolling interests | 725,354 | 727,445 | ' | ' |
Total equity | 9,502,833 | 9,050,028 | 8,560,300 | 8,488,290 |
Total liabilities and equity | 16,989,900 | 16,217,957 | ' | ' |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | ' | ' |
Accounts receivable | 0 | ' | ' | ' |
Taxes receivable | 0 | ' | ' | ' |
Short-term notes receivable from affiliates | -1,658,390 | -1,667,551 | ' | ' |
Accounts receivable from affiliates | -6,356,271 | -7,601,062 | ' | ' |
Prepaid expenses and other current assets | 0 | ' | ' | ' |
Total current assets | -8,014,661 | -9,268,613 | ' | ' |
Property and equipment, at cost | 0 | ' | ' | ' |
Accumulated depreciation | 0 | ' | ' | ' |
Property and equipment, net | 0 | ' | ' | ' |
Notes receivable from affiliates | -8,265,373 | -7,192,024 | ' | ' |
Investments in affiliates | -33,247,517 | -33,001,421 | ' | ' |
Other assets | 0 | ' | ' | ' |
Total assets | -49,527,551 | -49,462,058 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | -1,658,390 | -1,667,551 | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Accrued payroll and related costs | 0 | ' | ' | ' |
Accounts payable to affiliates | -6,356,271 | -7,601,062 | ' | ' |
Taxes payable | 0 | ' | ' | ' |
Other current liabilities | 0 | ' | ' | ' |
Total current liabilities | -8,014,661 | -9,268,613 | ' | ' |
Long-term debt | 0 | ' | ' | ' |
Notes payable to affiliates | -8,265,373 | -7,192,024 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other liabilities | 0 | ' | ' | ' |
Total liabilities | -16,280,034 | -16,460,637 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | -32,712,898 | -32,490,624 | ' | ' |
Noncontrolling interests | -534,619 | -510,797 | ' | ' |
Total equity | -33,247,517 | -33,001,421 | ' | ' |
Total liabilities and equity | -49,527,551 | -49,462,058 | ' | ' |
Noble-Cayman [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 5 | 1 | 5 | 1,003 |
Accounts receivable | 0 | 0 | ' | ' |
Taxes receivable | 0 | 0 | ' | ' |
Short-term notes receivable from affiliates | 0 | 0 | ' | ' |
Accounts receivable from affiliates | 1,164,153 | 1,244,019 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | 1,164,158 | 1,244,020 | ' | ' |
Property and equipment, at cost | 0 | 0 | ' | ' |
Accumulated depreciation | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Notes receivable from affiliates | 3,304,753 | 3,304,753 | ' | ' |
Investments in affiliates | 9,378,489 | 8,601,712 | ' | ' |
Other assets | 3,943 | 6,256 | ' | ' |
Total assets | 13,851,343 | 13,156,741 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued payroll and related costs | 0 | 0 | ' | ' |
Accounts payable to affiliates | 1,025,178 | 1,104,410 | ' | ' |
Taxes payable | 0 | 0 | ' | ' |
Other current liabilities | 1,173 | 412 | ' | ' |
Total current liabilities | 1,026,351 | 1,104,822 | ' | ' |
Long-term debt | 2,268,613 | 1,561,141 | ' | ' |
Notes payable to affiliates | 1,769,064 | 2,042,808 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other liabilities | 19,930 | 19,931 | ' | ' |
Total liabilities | 5,083,958 | 4,728,702 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 8,767,385 | 8,428,039 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total equity | 8,767,385 | 8,428,039 | ' | ' |
Total liabilities and equity | 13,851,343 | 13,156,741 | ' | ' |
NHC [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable | ' | 0 | ' | ' |
Taxes receivable | 58,014 | 52,307 | ' | ' |
Short-term notes receivable from affiliates | 0 | 0 | ' | ' |
Accounts receivable from affiliates | 368,701 | 0 | ' | ' |
Prepaid expenses and other current assets | 0 | 0 | ' | ' |
Total current assets | 426,715 | 52,307 | ' | ' |
Property and equipment, at cost | 0 | 0 | ' | ' |
Accumulated depreciation | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Notes receivable from affiliates | 0 | 0 | ' | ' |
Investments in affiliates | 1,437,748 | 2,907,379 | ' | ' |
Other assets | 0 | ' | ' | ' |
Total assets | 1,864,463 | 2,959,686 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 171,925 | 52,611 | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Accrued payroll and related costs | 0 | ' | ' | ' |
Accounts payable to affiliates | 61,519 | 653,049 | ' | ' |
Taxes payable | 0 | ' | ' | ' |
Other current liabilities | 0 | ' | ' | ' |
Total current liabilities | 233,444 | 705,660 | ' | ' |
Long-term debt | 0 | ' | ' | ' |
Notes payable to affiliates | 0 | ' | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other liabilities | 0 | ' | ' | ' |
Total liabilities | 233,444 | 705,660 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 1,631,019 | 2,254,026 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' |
Total equity | 1,631,019 | 2,254,026 | ' | ' |
Total liabilities and equity | 1,864,463 | 2,959,686 | ' | ' |
NDH [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 1,330 | 402 | 244 | 904 |
Accounts receivable | 45,464 | 34,038 | ' | ' |
Taxes receivable | 299 | ' | ' | ' |
Short-term notes receivable from affiliates | 1,077,965 | 1,456,245 | ' | ' |
Accounts receivable from affiliates | 161,002 | 108,208 | ' | ' |
Prepaid expenses and other current assets | 2,373 | 6,336 | ' | ' |
Total current assets | 1,288,433 | 1,605,229 | ' | ' |
Property and equipment, at cost | 2,135,178 | 2,340,216 | ' | ' |
Accumulated depreciation | -246,406 | -310,171 | ' | ' |
Property and equipment, net | 1,888,772 | 2,030,045 | ' | ' |
Notes receivable from affiliates | 879,154 | 124,216 | ' | ' |
Investments in affiliates | 6,084,404 | 6,595,591 | ' | ' |
Other assets | 7,015 | 6,332 | ' | ' |
Total assets | 10,147,778 | 10,361,413 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 0 | 139,195 | ' | ' |
Accounts payable | 8,594 | 5,310 | ' | ' |
Accrued payroll and related costs | 7,951 | 8,582 | ' | ' |
Accounts payable to affiliates | 3,278,835 | 4,032,776 | ' | ' |
Taxes payable | 0 | 827 | ' | ' |
Other current liabilities | 32,505 | 22,106 | ' | ' |
Total current liabilities | 3,327,885 | 4,208,796 | ' | ' |
Long-term debt | 0 | ' | ' | ' |
Notes payable to affiliates | 1,113,363 | 534,683 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other liabilities | 30,999 | 24,502 | ' | ' |
Total liabilities | 4,472,247 | 4,767,981 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 5,675,531 | 5,593,432 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' |
Total equity | 5,675,531 | 5,593,432 | ' | ' |
Total liabilities and equity | 10,147,778 | 10,361,413 | ' | ' |
NHIL [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 4 | 2 | 2 |
Accounts receivable | 0 | ' | ' | ' |
Taxes receivable | 0 | ' | ' | ' |
Short-term notes receivable from affiliates | 0 | 139,195 | ' | ' |
Accounts receivable from affiliates | 252,598 | 210,868 | ' | ' |
Prepaid expenses and other current assets | 21 | ' | ' | ' |
Total current assets | 252,619 | 350,067 | ' | ' |
Property and equipment, at cost | 0 | ' | ' | ' |
Accumulated depreciation | 0 | ' | ' | ' |
Property and equipment, net | 0 | ' | ' | ' |
Notes receivable from affiliates | 1,980,391 | 2,367,555 | ' | ' |
Investments in affiliates | 10,055,746 | 9,456,735 | ' | ' |
Other assets | 21,253 | 22,681 | ' | ' |
Total assets | 12,310,009 | 12,197,038 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 0 | ' | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Accrued payroll and related costs | 0 | ' | ' | ' |
Accounts payable to affiliates | 45,051 | 216,866 | ' | ' |
Taxes payable | 0 | ' | ' | ' |
Other current liabilities | 57,053 | 62,431 | ' | ' |
Total current liabilities | 102,104 | 279,297 | ' | ' |
Long-term debt | 3,543,638 | 3,793,414 | ' | ' |
Notes payable to affiliates | 1,169,180 | 975,000 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other liabilities | 0 | ' | ' | ' |
Total liabilities | 4,814,922 | 5,047,711 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 7,495,087 | 7,149,327 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' |
Total equity | 7,495,087 | 7,149,327 | ' | ' |
Total liabilities and equity | 12,310,009 | 12,197,038 | ' | ' |
NDS6 [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | ' | ' |
Accounts receivable | 0 | ' | ' | ' |
Taxes receivable | 0 | ' | ' | ' |
Short-term notes receivable from affiliates | 19,500 | 19,500 | ' | ' |
Accounts receivable from affiliates | 34,071 | 27,537 | ' | ' |
Prepaid expenses and other current assets | 0 | ' | ' | ' |
Total current assets | 53,571 | 47,037 | ' | ' |
Property and equipment, at cost | 0 | ' | ' | ' |
Accumulated depreciation | 0 | ' | ' | ' |
Property and equipment, net | 0 | ' | ' | ' |
Notes receivable from affiliates | 5,000 | 5,000 | ' | ' |
Investments in affiliates | 6,291,130 | 5,440,004 | ' | ' |
Other assets | 576 | 639 | ' | ' |
Total assets | 6,350,277 | 5,492,680 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 760,720 | 750,000 | ' | ' |
Accounts payable | 0 | ' | ' | ' |
Accrued payroll and related costs | 0 | ' | ' | ' |
Accounts payable to affiliates | 13,352 | 21,173 | ' | ' |
Taxes payable | 0 | ' | ' | ' |
Other current liabilities | 4,412 | 4,412 | ' | ' |
Total current liabilities | 778,484 | 775,585 | ' | ' |
Long-term debt | 201,695 | 201,696 | ' | ' |
Notes payable to affiliates | 834,450 | 260,216 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other liabilities | 0 | ' | ' | ' |
Total liabilities | 1,814,629 | 1,237,497 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 4,535,648 | 4,255,183 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' |
Total equity | 4,535,648 | 4,255,183 | ' | ' |
Total liabilities and equity | 6,350,277 | 5,492,680 | ' | ' |
Other Non-guarantor Subsidiaries of Noble [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 136,375 | 109,975 | 161,778 | 275,466 |
Accounts receivable | 844,478 | 915,031 | ' | ' |
Taxes receivable | 89,846 | 87,722 | ' | ' |
Short-term notes receivable from affiliates | 560,925 | 52,611 | ' | ' |
Accounts receivable from affiliates | 4,375,476 | 6,010,430 | ' | ' |
Prepaid expenses and other current assets | 229,310 | 178,012 | ' | ' |
Total current assets | 6,236,680 | 7,353,781 | ' | ' |
Property and equipment, at cost | 18,218,163 | 16,820,134 | ' | ' |
Accumulated depreciation | -4,861,741 | -4,321,507 | ' | ' |
Property and equipment, net | 13,356,422 | 12,498,627 | ' | ' |
Notes receivable from affiliates | 2,096,075 | 1,390,500 | ' | ' |
Investments in affiliates | 0 | ' | ' | ' |
Other assets | 271,579 | 233,106 | ' | ' |
Total assets | 21,960,756 | 21,476,014 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 725,745 | 725,745 | ' | ' |
Accounts payable | 343,639 | 340,600 | ' | ' |
Accrued payroll and related costs | 134,601 | 134,764 | ' | ' |
Accounts payable to affiliates | 1,932,336 | 1,572,788 | ' | ' |
Taxes payable | 124,631 | 119,761 | ' | ' |
Other current liabilities | 163,524 | 210,811 | ' | ' |
Total current liabilities | 3,424,476 | 3,104,469 | ' | ' |
Long-term debt | 0 | ' | ' | ' |
Notes payable to affiliates | 3,379,316 | 3,379,317 | ' | ' |
Deferred income taxes | 233,419 | 225,455 | ' | ' |
Other liabilities | 287,959 | 289,875 | ' | ' |
Total liabilities | 7,325,170 | 6,999,116 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 13,375,613 | 13,238,656 | ' | ' |
Noncontrolling interests | 1,259,973 | 1,238,242 | ' | ' |
Total equity | 14,635,586 | 14,476,898 | ' | ' |
Total liabilities and equity | 21,960,756 | 21,476,014 | ' | ' |
Noble-Cayman [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 137,710 | 110,382 | 162,029 | 277,375 |
Accounts receivable | 889,942 | 949,069 | ' | ' |
Taxes receivable | 148,159 | 140,029 | ' | ' |
Short-term notes receivable from affiliates | 0 | ' | ' | ' |
Accounts receivable from affiliates | 0 | ' | ' | ' |
Prepaid expenses and other current assets | 231,704 | 184,348 | ' | ' |
Total current assets | 1,407,515 | 1,383,828 | ' | ' |
Property and equipment, at cost | 20,353,341 | 19,160,350 | ' | ' |
Accumulated depreciation | -5,108,147 | -4,631,678 | ' | ' |
Property and equipment, net | 15,245,194 | 14,528,672 | ' | ' |
Notes receivable from affiliates | 0 | ' | ' | ' |
Investments in affiliates | 0 | ' | ' | ' |
Other assets | 304,366 | 269,014 | ' | ' |
Total assets | 16,957,075 | 16,181,514 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term notes payables from affiliates | 0 | ' | ' | ' |
Accounts payable | 352,233 | 345,910 | ' | ' |
Accrued payroll and related costs | 142,552 | 143,346 | ' | ' |
Accounts payable to affiliates | 0 | ' | ' | ' |
Taxes payable | 124,631 | 120,588 | ' | ' |
Other current liabilities | 258,667 | 300,172 | ' | ' |
Total current liabilities | 878,083 | 910,016 | ' | ' |
Long-term debt | 6,013,946 | 5,556,251 | ' | ' |
Notes payable to affiliates | 0 | ' | ' | ' |
Deferred income taxes | 233,419 | 225,455 | ' | ' |
Other liabilities | 338,888 | 334,308 | ' | ' |
Total liabilities | 7,464,336 | 7,026,030 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Total shareholder equity | 8,767,385 | 8,428,039 | ' | ' |
Noncontrolling interests | 725,354 | 727,445 | ' | ' |
Total equity | 9,492,739 | 9,155,484 | 8,794,200 | 8,531,082 |
Total liabilities and equity | $16,957,075 | $16,181,514 | ' | ' |
Information_about_NobleCayman_4
Information about Noble-Cayman - Condensed Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | $1,200,406 | $975,455 | $2,406,710 | $1,904,192 |
Reimbursables | 31,811 | 28,260 | 68,464 | 49,434 |
Labor contract drilling services | 8,146 | 13,603 | 16,358 | 34,657 |
Total operating revenues | 1,240,363 | 1,017,385 | 2,491,533 | 1,988,360 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 577,134 | 487,971 | 1,138,265 | 968,097 |
Reimbursables | 22,460 | 22,701 | 53,066 | 37,623 |
Labor contract drilling services | 6,261 | 9,349 | 12,487 | 21,598 |
Depreciation and amortization | 254,394 | 212,589 | 500,299 | 418,745 |
General and administrative | 27,080 | 26,850 | 52,717 | 52,419 |
Gain on contract extinguishments | ' | ' | ' | -1,800 |
Total operating costs and expenses | 893,787 | 763,525 | 1,775,697 | 1,504,709 |
Operating income (loss) | 346,576 | 253,860 | 715,836 | 483,651 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | -36,351 | -24,665 | -76,743 | -51,966 |
Interest income and other, net | -328 | 955 | -1,518 | 530 |
Income before income taxes | 309,897 | 230,150 | 637,575 | 432,215 |
Income tax provision | -52,435 | -36,824 | -106,871 | -71,176 |
Net income | 257,462 | 193,326 | 530,704 | 361,039 |
Net income attributable to noncontrolling interests | -22,903 | -16,706 | -39,819 | -34,359 |
Net income attributable to Noble Corporation | 234,559 | 176,620 | 490,885 | 326,680 |
Other comprehensive income (loss), net | 3,182 | -4,077 | 10,900 | -980 |
Comprehensive income attributable to Noble Corporation | 237,741 | 172,543 | 501,785 | 325,700 |
Consolidating Adjustments [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | -32,266 | -22,921 | -74,524 | -43,371 |
Total operating revenues | -32,266 | -22,921 | -74,524 | -43,371 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | -32,266 | -22,921 | -74,524 | -43,371 |
Total operating costs and expenses | -32,266 | -22,921 | -74,524 | -43,371 |
Other income (expense) | ' | ' | ' | ' |
Equity earnings in affiliates, net of tax | -895,795 | -666,684 | -1,886,845 | -1,307,877 |
Interest expense, net of amounts capitalized | 54,407 | 86,712 | 112,685 | 169,895 |
Interest income and other, net | -54,407 | -86,712 | -112,685 | -169,895 |
Income before income taxes | -895,795 | -666,684 | -1,886,845 | -1,307,877 |
Net income | -895,795 | -666,684 | -1,886,845 | -1,307,877 |
Net income attributable to noncontrolling interests | 10,752 | 10,477 | 23,822 | 20,362 |
Net income attributable to Noble Corporation | -885,043 | -656,207 | -1,863,023 | -1,287,515 |
Other comprehensive income (loss), net | -3,182 | 4,077 | -10,900 | 980 |
Comprehensive income attributable to Noble Corporation | -888,225 | -652,130 | -1,873,923 | -1,286,535 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 2,615 | 1,016 | 12,686 | 1,935 |
General and administrative | 334 | 667 | 907 | 1,292 |
Total operating costs and expenses | 2,949 | 1,683 | 13,593 | 3,227 |
Operating income (loss) | -2,949 | -1,683 | -13,593 | -3,227 |
Other income (expense) | ' | ' | ' | ' |
Equity earnings in affiliates, net of tax | 285,396 | 233,129 | 605,609 | 435,894 |
Interest expense, net of amounts capitalized | -22,466 | -37,472 | -48,350 | -70,779 |
Interest income and other, net | 5,258 | 1,647 | 6,888 | 3,277 |
Income before income taxes | 265,239 | 195,621 | 550,554 | 365,165 |
Net income | 265,239 | 195,621 | 550,554 | 365,165 |
Net income attributable to Noble Corporation | 265,239 | 195,621 | 550,554 | 365,165 |
Other comprehensive income (loss), net | 3,182 | -4,077 | 10,900 | -980 |
Comprehensive income attributable to Noble Corporation | 268,421 | 191,544 | 561,454 | 364,185 |
NHC [Member] | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 13,267 | 5,816 | 20,486 | 11,260 |
General and administrative | 3,156 | 2,122 | 5,003 | 4,014 |
Total operating costs and expenses | 16,423 | 7,938 | 25,489 | 15,274 |
Operating income (loss) | -16,423 | -7,938 | -25,489 | -15,274 |
Other income (expense) | ' | ' | ' | ' |
Equity earnings in affiliates, net of tax | 93,044 | 7,291 | 163,777 | 16,021 |
Interest expense, net of amounts capitalized | -736 | -233 | -963 | -617 |
Income before income taxes | 75,885 | -880 | 137,325 | 130 |
Income tax provision | -27,054 | 15,766 | -57,248 | 11,868 |
Net income | 48,831 | 14,886 | 80,077 | 11,998 |
Net income attributable to Noble Corporation | 48,831 | 14,886 | 80,077 | 11,998 |
Comprehensive income attributable to Noble Corporation | 48,831 | 14,886 | 80,077 | 11,998 |
NDH [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | 85,664 | 86,313 | 171,246 | 133,270 |
Reimbursables | 2,576 | 2,735 | 3,343 | 3,321 |
Total operating revenues | 88,240 | 89,048 | 174,589 | 136,591 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 26,516 | 14,062 | 61,400 | 25,043 |
Reimbursables | 1,662 | 2,489 | 2,571 | 2,823 |
Depreciation and amortization | 15,711 | 15,321 | 31,663 | 30,183 |
Total operating costs and expenses | 43,889 | 31,872 | 95,634 | 58,049 |
Operating income (loss) | 44,351 | 57,176 | 78,955 | 78,542 |
Other income (expense) | ' | ' | ' | ' |
Equity earnings in affiliates, net of tax | 116,173 | 98,181 | 225,327 | 186,394 |
Interest expense, net of amounts capitalized | -7,151 | -5,205 | -12,974 | -12,383 |
Interest income and other, net | 13,069 | 11,037 | 26,749 | 21,851 |
Income before income taxes | 166,442 | 161,189 | 318,057 | 274,404 |
Income tax provision | -1,578 | -1,467 | -2,585 | -2,125 |
Net income | 164,864 | 159,722 | 315,472 | 272,279 |
Net income attributable to Noble Corporation | 164,864 | 159,722 | 315,472 | 272,279 |
Comprehensive income attributable to Noble Corporation | 164,864 | 159,722 | 315,472 | 272,279 |
NHIL [Member] | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 35,214 | 25,636 | 61,330 | 49,849 |
General and administrative | 8,263 | 9,403 | 15,224 | 18,116 |
Total operating costs and expenses | 43,477 | 35,039 | 76,554 | 67,965 |
Operating income (loss) | -43,477 | -35,039 | -76,554 | -67,965 |
Other income (expense) | ' | ' | ' | ' |
Equity earnings in affiliates, net of tax | 283,077 | 240,658 | 601,836 | 466,115 |
Interest expense, net of amounts capitalized | -39,998 | -32,705 | -86,491 | -67,265 |
Interest income and other, net | 21,011 | 45,031 | 46,968 | 84,792 |
Income before income taxes | 220,613 | 217,945 | 485,759 | 415,677 |
Net income | 220,613 | 217,945 | 485,759 | 415,677 |
Net income attributable to Noble Corporation | 220,613 | 217,945 | 485,759 | 415,677 |
Comprehensive income attributable to Noble Corporation | 220,613 | 217,945 | 485,759 | 415,677 |
NDS6 [Member] | ' | ' | ' | ' |
Operating costs and expenses | ' | ' | ' | ' |
General and administrative | 1 | 1 | 1 | 1 |
Total operating costs and expenses | 1 | 1 | 1 | 1 |
Operating income (loss) | -1 | -1 | -1 | -1 |
Other income (expense) | ' | ' | ' | ' |
Equity earnings in affiliates, net of tax | 118,105 | 87,425 | 290,296 | 203,453 |
Interest expense, net of amounts capitalized | -7,955 | -11,669 | -15,904 | -23,390 |
Interest income and other, net | 317 | 6,361 | 630 | 12,666 |
Income before income taxes | 110,466 | 82,116 | 275,021 | 192,728 |
Income tax provision | -1,547 | ' | -1,547 | ' |
Net income | 108,919 | 82,116 | 273,474 | 192,728 |
Net income attributable to Noble Corporation | 108,919 | 82,116 | 273,474 | 192,728 |
Comprehensive income attributable to Noble Corporation | 108,919 | 82,116 | 273,474 | 192,728 |
Other Non-guarantor Subsidiaries of Noble [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | 1,147,008 | 912,063 | 2,309,988 | 1,814,293 |
Reimbursables | 29,235 | 25,525 | 65,121 | 46,113 |
Labor contract drilling services | 8,146 | 13,603 | 16,358 | 34,657 |
Other | ' | 67 | 1 | 77 |
Total operating revenues | 1,184,389 | 951,258 | 2,391,468 | 1,895,140 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 524,092 | 461,836 | 1,046,888 | 917,290 |
Reimbursables | 20,798 | 20,212 | 50,495 | 34,800 |
Labor contract drilling services | 6,261 | 9,402 | 12,487 | 21,651 |
Depreciation and amortization | 238,063 | 196,911 | 467,421 | 387,800 |
General and administrative | -265 | 3,395 | 2,286 | 7,008 |
Gain on contract extinguishments | ' | ' | ' | -1,800 |
Total operating costs and expenses | 788,949 | 691,756 | 1,579,577 | 1,366,749 |
Operating income (loss) | 395,440 | 259,502 | 811,891 | 528,391 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | -12,452 | -24,093 | -24,746 | -47,427 |
Interest income and other, net | 14,537 | 23,341 | 29,918 | 48,077 |
Income before income taxes | 397,525 | 258,750 | 817,063 | 529,041 |
Income tax provision | -22,054 | -50,029 | -45,181 | -79,487 |
Net income | 375,471 | 208,721 | 771,882 | 449,554 |
Net income attributable to noncontrolling interests | -33,655 | -27,183 | -63,641 | -54,721 |
Net income attributable to Noble Corporation | 341,816 | 181,538 | 708,241 | 394,833 |
Other comprehensive income (loss), net | 3,182 | -4,077 | 10,900 | -980 |
Comprehensive income attributable to Noble Corporation | 344,998 | 177,461 | 719,141 | 393,853 |
Noble-Cayman [Member] | ' | ' | ' | ' |
Operating revenues | ' | ' | ' | ' |
Contract drilling services | 1,200,406 | 975,455 | 2,406,710 | 1,904,192 |
Reimbursables | 31,811 | 28,260 | 68,464 | 49,434 |
Labor contract drilling services | 8,146 | 13,603 | 16,358 | 34,657 |
Other | ' | 67 | 1 | 77 |
Total operating revenues | 1,240,363 | 1,017,385 | 2,491,533 | 1,988,360 |
Operating costs and expenses | ' | ' | ' | ' |
Contract drilling services | 569,438 | 485,445 | 1,128,266 | 962,006 |
Reimbursables | 22,460 | 22,701 | 53,066 | 37,623 |
Labor contract drilling services | 6,261 | 9,402 | 12,487 | 21,651 |
Depreciation and amortization | 253,774 | 212,232 | 499,084 | 417,983 |
General and administrative | 11,489 | 15,588 | 23,421 | 30,431 |
Gain on contract extinguishments | ' | ' | ' | -1,800 |
Total operating costs and expenses | 863,422 | 745,368 | 1,716,324 | 1,467,894 |
Operating income (loss) | 376,941 | 272,017 | 775,209 | 520,466 |
Other income (expense) | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | -36,351 | -24,665 | -76,743 | -51,966 |
Interest income and other, net | -215 | 705 | -1,532 | 768 |
Income before income taxes | 340,375 | 248,057 | 696,934 | 469,268 |
Income tax provision | -52,233 | -35,730 | -106,561 | -69,744 |
Net income | 288,142 | 212,327 | 590,373 | 399,524 |
Net income attributable to noncontrolling interests | -22,903 | -16,706 | -39,819 | -34,359 |
Net income attributable to Noble Corporation | 265,239 | 195,621 | 550,554 | 365,165 |
Other comprehensive income (loss), net | 3,182 | -4,077 | 10,900 | -980 |
Comprehensive income attributable to Noble Corporation | $268,421 | $191,544 | $561,454 | $364,185 |
Information_about_NobleCayman_5
Information about Noble-Cayman - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | $1,031,823 | $646,065 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | 707,472 | 941,653 |
Repayment of long-term debt | -250,000 | -300,000 |
Dividends paid to noncontrolling interests | -41,910 | -46,649 |
Financing costs on credit facilities | -386 | -1,912 |
Net change in cash and cash equivalents | 26,079 | -115,885 |
Cash and cash equivalents, beginning of period | 114,458 | 282,092 |
Cash and cash equivalents, end of period | 140,537 | 166,207 |
Consolidating Adjustments [Member] | ' | ' |
Cash flows from investing activities | ' | ' |
Notes receivable from affiliates | -273,744 | ' |
Net cash from investing activities | -273,744 | ' |
Cash flows from financing activities | ' | ' |
Notes payable to affiliates | 273,744 | ' |
Net cash from financing activities | 273,744 | ' |
Cash and cash equivalents, end of period | 0 | ' |
Noble-Cayman [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | -33,190 | -60,083 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | 707,472 | 941,653 |
Repayment of long-term debt | ' | -300,000 |
Financing costs on credit facilities | -386 | -1,912 |
Distributions to parent company, net | -240,900 | -100,960 |
Advances (to) from affiliates | -159,248 | -479,696 |
Notes payable to affiliates | -273,744 | ' |
Net cash from financing activities | 33,194 | 59,085 |
Net change in cash and cash equivalents | 4 | -998 |
Cash and cash equivalents, beginning of period | 1 | 1,003 |
Cash and cash equivalents, end of period | 5 | 5 |
NHC [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | -89,407 | -47,456 |
Cash flows from financing activities | ' | ' |
Advances (to) from affiliates | 89,407 | 47,456 |
Net cash from financing activities | 89,407 | 47,456 |
Cash and cash equivalents, beginning of period | 0 | ' |
Cash and cash equivalents, end of period | 0 | ' |
NDH [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | 132,085 | 71,577 |
Cash flows from investing activities | ' | ' |
New construction and capital expenditures | -860,876 | -804,500 |
Net cash from investing activities | -860,876 | -804,500 |
Cash flows from financing activities | ' | ' |
Advances (to) from affiliates | 729,719 | 732,263 |
Net cash from financing activities | 729,719 | 732,263 |
Net change in cash and cash equivalents | 928 | -660 |
Cash and cash equivalents, beginning of period | 402 | 904 |
Cash and cash equivalents, end of period | 1,330 | 244 |
NHIL [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | -120,048 | -48,774 |
Cash flows from investing activities | ' | ' |
Notes receivable from affiliates | 273,744 | ' |
Net cash from investing activities | 273,744 | ' |
Cash flows from financing activities | ' | ' |
Repayment of long-term debt | -250,000 | ' |
Advances (to) from affiliates | 96,300 | 48,774 |
Net cash from financing activities | -153,700 | 48,774 |
Net change in cash and cash equivalents | -4 | ' |
Cash and cash equivalents, beginning of period | 4 | 2 |
Cash and cash equivalents, end of period | 0 | 2 |
NDS6 [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | -16,759 | -10,663 |
Cash flows from financing activities | ' | ' |
Advances (to) from affiliates | 16,759 | 10,663 |
Net cash from financing activities | 16,759 | 10,663 |
Cash and cash equivalents, end of period | 0 | ' |
Other Non-guarantor Subsidiaries of Noble [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | 1,208,454 | 771,207 |
Cash flows from investing activities | ' | ' |
New construction and capital expenditures | -367,207 | -478,786 |
Net cash from investing activities | -367,207 | -478,786 |
Cash flows from financing activities | ' | ' |
Dividends paid to noncontrolling interests | -41,910 | -46,649 |
Advances (to) from affiliates | -772,937 | -359,460 |
Net cash from financing activities | -814,847 | -406,109 |
Net change in cash and cash equivalents | 26,400 | -113,688 |
Cash and cash equivalents, beginning of period | 109,975 | 275,466 |
Cash and cash equivalents, end of period | 136,375 | 161,778 |
Noble-Cayman [Member] | ' | ' |
Cash flows from operating activities | ' | ' |
Net cash from operating activities | 1,081,135 | 675,808 |
Cash flows from investing activities | ' | ' |
New construction and capital expenditures | -1,228,083 | -1,283,286 |
Net cash from investing activities | -1,228,083 | -1,283,286 |
Cash flows from financing activities | ' | ' |
Net change in borrowings outstanding on bank credit facilities | 707,472 | 941,653 |
Repayment of long-term debt | -250,000 | -300,000 |
Dividends paid to noncontrolling interests | -41,910 | -46,649 |
Financing costs on credit facilities | -386 | -1,912 |
Distributions to parent company, net | -240,900 | -100,960 |
Net cash from financing activities | 174,276 | 492,132 |
Net change in cash and cash equivalents | 27,328 | -115,346 |
Cash and cash equivalents, beginning of period | 110,382 | 277,375 |
Cash and cash equivalents, end of period | $137,710 | $162,029 |