Information about Noble-Cayman | 9 Months Ended |
Sep. 30, 2014 |
Guarantees [Abstract] | ' |
Information about Noble-Cayman | ' |
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Note 19 — Information about Noble-Cayman |
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Guarantees of Registered Securities |
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In May 2014, as part of the separation of Paragon Offshore, 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 September 30, 2014. |
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Noble-Cayman or one or more subsidiaries of Noble-Cayman are a co-issuer, guarantor or otherwise obligated as of September 30, 2014 with respect to the following securities as follows: |
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Notes | | Issuer | | Guarantor(s) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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(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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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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. |
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NOBLE CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATING BALANCE SHEET |
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September 30, 2014 |
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(in thousands) |
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| | Noble- | | | NHC | | | NDH | | | NHIL | | | NDS6 | | | Other | | | Consolidating | | | Total | |
Cayman | Non-guarantor | Adjustments |
| Subsidiaries | |
| of Noble | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 5 | | | $ | — | | | $ | 358 | | | $ | — | | | $ | — | | | $ | 65,585 | | | $ | — | | | $ | 65,948 | |
Accounts receivable | | | — | | | | — | | | | 46,320 | | | | — | | | | — | | | | 563,814 | | | | — | | | | 610,134 | |
Taxes receivable | | | — | | | | 72,332 | | | | 513 | | | | — | | | | — | | | | 53,316 | | | | — | | | | 126,161 | |
Short-term notes receivable from affiliates | | | 124,418 | | | | — | | | | 1,077,965 | | | | — | | | | 333,966 | | | | 171,925 | | | | (1,708,274 | ) | | | — | |
Accounts receivable from affiliates | | | 2,092,898 | | | | 364,033 | | | | 189,512 | | | | 169,979 | | | | 123,742 | | | | 4,017,720 | | | | (6,957,884 | ) | | | — | |
Prepaid expenses and other current assets | | | 18,187 | | | | — | | | | 2,064 | | | | 19 | | | | — | | | | 159,368 | | | | — | | | | 179,638 | |
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Total current assets | | | 2,235,508 | | | | 436,365 | | | | 1,316,732 | | | | 169,998 | | | | 457,708 | | | | 5,031,728 | | | | (8,666,158 | ) | | | 981,881 | |
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Property and equipment, at cost | | | — | | | | — | | | | 2,519,562 | | | | — | | | | — | | | | 12,746,644 | | | | — | | | | 15,266,206 | |
Accumulated depreciation | | | — | | | | — | | | | (263,035 | ) | | | — | | | | — | | | | (2,396,852 | ) | | | — | | | | (2,659,887 | ) |
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Property and equipment, net | | | — | | | | — | | | | 2,256,527 | | | | — | | | | — | | | | 10,349,792 | | | | — | | | | 12,606,319 | |
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Notes receivable from affiliates | | | 3,304,653 | | | | — | | | | 879,154 | | | | 1,980,391 | | | | 5,000 | | | | 2,096,075 | | | | (8,265,273 | ) | | | — | |
Investments in affiliates | | | 5,129,070 | | | | 1,282,802 | | | | 3,426,000 | | | | 8,378,227 | | | | 5,672,872 | | | | — | | | | (23,888,971 | ) | | | — | |
Other assets | | | 3,312 | | | | — | | | | 6,664 | | | | 20,539 | | | | 546 | | | | 230,928 | | | | — | | | | 261,989 | |
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Total assets | | $ | 10,672,543 | | | $ | 1,719,167 | | | $ | 7,885,077 | | | $ | 10,549,155 | | | $ | 6,136,126 | | | $ | 17,708,523 | | | $ | (40,820,402 | ) | | $ | 13,850,189 | |
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LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term notes payables from affiliates | | $ | — | | | $ | 171,925 | | | $ | — | | | $ | — | | | $ | 371,720 | | | $ | 1,164,629 | | | $ | (1,708,274 | ) | | $ | — | |
Accounts payable | | | 3,202 | | | | — | | | | 6,639 | | | | — | | | | — | | | | 225,982 | | | | — | | | | 235,823 | |
Accrued payroll and related costs | | | 2 | | | | — | | | | 8,525 | | | | — | | | | — | | | | 85,858 | | | | — | | | | 94,385 | |
Accounts payable to affiliates | | | 543,326 | | | | 62,561 | | | | 3,421,407 | | | | 53,516 | | | | 18,833 | | | | 2,858,241 | | | | (6,957,884 | ) | | | — | |
Taxes payable | | | — | | | | — | | | | — | | | | — | | | | — | | | | 112,332 | | | | — | | | | 112,332 | |
Other current liabilities | | | 14,346 | | | | — | | | | 21,625 | | | | 16,359 | | | | 630 | | | | 113,345 | | | | — | | | | 166,305 | |
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Total current liabilities | | | 560,876 | | | | 234,486 | | | | 3,458,196 | | | | 69,875 | | | | 391,183 | | | | 4,560,387 | | | | (8,666,158 | ) | | | 608,845 | |
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Long-term debt | | | 991,652 | | | | — | | | | — | | | | 3,543,734 | | | | 201,695 | | | | — | | | | — | | | | 4,737,081 | |
Notes payable to affiliates | | | 1,769,064 | | | | — | | | | 1,113,363 | | | | 1,169,180 | | | | 834,449 | | | | 3,379,217 | | | | (8,265,273 | ) | | | — | |
Deferred income taxes | | | — | | | | — | | | | — | | | | — | | | | — | | | | 165,750 | | | | — | | | | 165,750 | |
Other liabilities | | | 25,471 | | | | — | | | | 30,045 | | | | — | | | | — | | | | 234,121 | | | | — | | | | 289,637 | |
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Total liabilities | | | 3,347,063 | | | | 234,486 | | | | 4,601,604 | | | | 4,782,789 | | | | 1,427,327 | | | | 8,339,475 | | | | (16,931,431 | ) | | | 5,801,313 | |
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Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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Total shareholder equity | | | 7,325,480 | | | | 1,484,681 | | | | 3,283,473 | | | | 5,766,366 | | | | 4,708,799 | | | | 8,231,247 | | | | (23,474,566 | ) | | | 7,325,480 | |
Noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,137,801 | | | | (414,405 | ) | | | 723,396 | |
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Total equity | | | 7,325,480 | | | | 1,484,681 | | | | 3,283,473 | | | | 5,766,366 | | | | 4,708,799 | | | | 9,369,048 | | | | (23,888,971 | ) | | | 8,048,876 | |
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Total liabilities and equity | | $ | 10,672,543 | | | $ | 1,719,167 | | | $ | 7,885,077 | | | $ | 10,549,155 | | | $ | 6,136,126 | | | $ | 17,708,523 | | | $ | (40,820,402 | ) | | $ | 13,850,189 | |
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NOBLE CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATING BALANCE SHEET |
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December 31, 2013 |
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(in thousands) |
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| | Noble- | | | NHC | | | NDH | | | NHIL | | | NDS6 | | | Other | | | Consolidating | | | Total | |
Cayman | Non-guarantor | Adjustments |
| Subsidiaries | |
| of Noble | |
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 | |
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Total current assets | | | 1,244,020 | | | | 52,307 | | | | 1,605,229 | | | | 350,067 | | | | 47,037 | | | | 7,353,781 | | | | (9,268,613 | ) | | | 1,383,828 | |
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Property and equipment, at cost | | | — | | | | — | | | | 2,340,216 | | | | — | | | | — | | | | 16,820,134 | | | | — | | | | 19,160,350 | |
Accumulated depreciation | | | — | | | | — | | | | (310,171 | ) | | | — | | | | — | | | | (4,321,507 | ) | | | — | | | | (4,631,678 | ) |
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Property and equipment, net | | | — | | | | — | | | | 2,030,045 | | | | — | | | | — | | | | 12,498,627 | | | | — | | | | 14,528,672 | |
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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 | |
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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 | |
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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 | |
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Total current liabilities | | | 1,104,822 | | | | 705,660 | | | | 4,208,796 | | | | 279,297 | | | | 775,585 | | | | 3,104,469 | | | | (9,268,613 | ) | | | 910,016 | |
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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 | |
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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 | |
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Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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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 | |
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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 | |
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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 | |
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NOBLE CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATING STATEMENT OF INCOME |
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Three Months Ended September 30, 2014 |
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(in thousands) |
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| | Noble- | | | NHC | | | NDH | | | NHIL | | | NDS6 | | | Other | | | Consolidating | | | Total | |
Cayman | Non-guarantor | Adjustments |
| Subsidiaries | |
| of Noble | |
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | $ | — | | | $ | — | | | $ | 81,834 | | | $ | — | | | $ | — | | | $ | 866,699 | | | $ | (138,333 | ) | | $ | 810,200 | |
Reimbursables | | | — | | | | — | | | | 1,495 | | | | — | | | | — | | | | 17,100 | | | | — | | | | 18,595 | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1 | | | | — | | | | 1 | |
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Total operating revenues | | | — | | | | — | | | | 83,329 | | | | — | | | | — | | | | 883,800 | | | | (138,333 | ) | | | 828,796 | |
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Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | | 3,571 | | | | 9,239 | | | | 27,593 | | | | 25,489 | | | | — | | | | 456,352 | | | | (138,333 | ) | | | 383,911 | |
Reimbursables | | | — | | | | — | | | | 1,112 | | | | — | | | | — | | | | 12,529 | | | | — | | | | 13,641 | |
Depreciation and amortization | | | — | | | | — | | | | 16,922 | | | | — | | | | — | | | | 143,333 | | | | — | | | | 160,255 | |
General and administrative | | | 397 | | | | 2,348 | | | | — | | | | 6,530 | | | | — | | | | 3,782 | | | | — | | | | 13,057 | |
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Total operating costs and expenses | | | 3,968 | | | | 11,587 | | | | 45,627 | | | | 32,019 | | | | — | | | | 615,996 | | | | (138,333 | ) | | | 570,864 | |
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Operating income (loss) | | | (3,968 | ) | | | (11,587 | ) | | | 37,702 | | | | (32,019 | ) | | | — | | | | 267,804 | | | | — | | | | 257,932 | |
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Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) of unconsolidated affiliates | | | (2,716,832 | ) | | | (20,299 | ) | | | (130,556 | ) | | | 283,190 | | | | 182,350 | | | | — | | | | 2,402,147 | | | | — | |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | | | 10,413 | | | | (3,921 | ) | | | (10,045 | ) | | | 2,021 | | | | 124 | | | | — | | | | 1,408 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total income (loss) of unconsolidated affiliates | | | (2,706,419 | ) | | | (24,220 | ) | | | (140,601 | ) | | | 285,211 | | | | 182,474 | | | | — | | | | 2,403,555 | | | | — | |
Interest expense, net of amounts capitalized | | | (22,352 | ) | | | (1,042 | ) | | | (8,729 | ) | | | (40,423 | ) | | | (10,573 | ) | | | (3,109,995 | ) | | | 3,155,363 | | | | (37,751 | ) |
Interest income and other, net | | | 2,905,973 | | | | — | | | | 208,241 | | | | 21,240 | | | | 1,249 | | | | 22,445 | | | | (3,155,363 | ) | | | 3,785 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Income from continuing operations before income taxes | | | 173,234 | | | | (36,849 | ) | | | 96,613 | | | | 234,009 | | | | 173,150 | | | | (2,819,746 | ) | | | 2,403,555 | | | | 223,966 | |
Income tax provision | | | — | | | | (11,352 | ) | | | (766 | ) | | | — | | | | — | | | | (28,556 | ) | | | — | | | | (40,674 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income from continuing operations | | | 173,234 | | | | (48,201 | ) | | | 95,847 | | | | 234,009 | | | | 173,150 | | | | (2,848,302 | ) | | | 2,403,555 | | | | 183,292 | |
Net income from discontinued operations, net of tax | | | — | | | | — | | | | — | | | | — | | | | — | | | | 10,413 | | | | — | | | | 10,413 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | | 173,234 | | | | (48,201 | ) | | | 95,847 | | | | 234,009 | | | | 173,150 | | | | (2,837,889 | ) | | | 2,403,555 | | | | 193,705 | |
Net income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | (31,612 | ) | | | 11,141 | | | | (20,471 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Noble Corporation | | | 173,234 | | | | (48,201 | ) | | | 95,847 | | | | 234,009 | | | | 173,150 | | | | (2,869,501 | ) | | | 2,414,696 | | | | 173,234 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Other comprehensive loss, net | | | (8,982 | ) | | | — | | | | — | | | | — | | | | — | | | | (8,982 | ) | | | 8,982 | | | | (8,982 | ) |
Spin-Off of Paragon Offshore | | | 34,478 | | | | — | | | | — | | | | — | | | | — | | | | 34,478 | | | | (34,478 | ) | | | 34,478 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Noble Corporation | | $ | 198,730 | | | $ | (48,201 | ) | | $ | 95,847 | | | $ | 234,009 | | | $ | 173,150 | | | $ | (2,844,005 | ) | | $ | 2,389,200 | | | $ | 198,730 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
NOBLE CORPORATION AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATING STATEMENT OF INCOME |
|
Nine Months Ended September 30, 2014 |
|
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Noble- | | | NHC | | | NDH | | | NHIL | | | NDS6 | | | Other | | | Consolidating | | | Total | |
Cayman | Non-guarantor | Adjustments |
| Subsidiaries | |
| of Noble | |
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | $ | — | | | $ | — | | | $ | 244,451 | | | $ | — | | | $ | — | | | $ | 2,328,611 | | | $ | (212,857 | ) | | $ | 2,360,205 | |
Reimbursables | | | — | | | | — | | | | 4,748 | | | | — | | | | — | | | | 62,810 | | | | — | | | | 67,558 | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1 | | | | — | | | | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating revenues | | | — | | | | — | | | | 249,199 | | | | — | | | | — | | | | 2,391,422 | | | | (212,857 | ) | | | 2,427,764 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | | 16,257 | | | | 29,725 | | | | 88,683 | | | | 86,819 | | | | — | | | | 1,089,067 | | | | (212,857 | ) | | | 1,097,694 | |
Reimbursables | | | — | | | | — | | | | 3,605 | | | | — | | | | — | | | | 49,272 | | | | — | | | | 52,877 | |
Depreciation and amortization | | | — | | | | — | | | | 47,267 | | | | — | | | | — | | | | 410,833 | | | | — | | | | 458,100 | |
General and administrative | | | 1,304 | | | | 7,351 | | | | — | | | | 21,754 | | | | 1 | | | | 6,068 | | | | — | | | | 36,478 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating costs and expenses | | | 17,561 | | | | 37,076 | | | | 139,555 | | | | 108,573 | | | | 1 | | | | 1,555,240 | | | | (212,857 | ) | | | 1,645,149 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Operating income (loss) | | | (17,561 | ) | | | (37,076 | ) | | | 109,644 | | | | (108,573 | ) | | | (1 | ) | | | 836,182 | | | | — | | | | 782,615 | |
| | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) of unconsolidated affiliates | | | (2,325,832 | ) | | | 90,411 | | | | (9,789 | ) | | | 703,700 | | | | 466,521 | | | | — | | | | 1,074,989 | | | | — | |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | | | 225,022 | | | | 49,146 | | | | 94,515 | | | | 183,347 | | | | 6,249 | | | | — | | | | (558,279 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total income (loss) of unconsolidated affiliates | | | (2,100,810 | ) | | | 139,557 | | | | 84,726 | | | | 887,047 | | | | 472,770 | | | | — | | | | 516,710 | | | | — | |
Interest expense, net of amounts capitalized | | | (70,702 | ) | | | (2,005 | ) | | | (21,703 | ) | | | (126,914 | ) | | | (26,477 | ) | | | (3,134,741 | ) | | | 3,268,048 | | | | (114,494 | ) |
Interest income and other, net | | | 2,912,861 | | | | — | | | | 234,990 | | | | 68,208 | | | | 1,879 | | | | 51,252 | | | | (3,268,048 | ) | | | 1,142 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Income from continuing operations before income taxes | | | 723,788 | | | | 100,476 | | | | 407,657 | | | | 719,768 | | | | 448,171 | | | | (2,247,307 | ) | | | 516,710 | | | | 669,263 | |
Income tax provision | | | — | | | | (49,945 | ) | | | (2,972 | ) | | | — | | | | (1,547 | ) | | | (55,743 | ) | | | — | | | | (110,207 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income from continuing operations | | | 723,788 | | | | 50,531 | | | | 404,685 | | | | 719,768 | | | | 446,624 | | | | (2,303,050 | ) | | | 516,710 | | | | 559,056 | |
Net income from discontinued operations, net of tax | | | — | | | | (18,655 | ) | | | 6,634 | | | | — | | | | — | | | | 237,043 | | | | — | | | | 225,022 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | | 723,788 | | | | 31,876 | | | | 411,319 | | | | 719,768 | | | | 446,624 | | | | (2,066,007 | ) | | | 516,710 | | | | 784,078 | |
Net income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | (95,253 | ) | | | 34,963 | | | | (60,290 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Noble Corporation | | | 723,788 | | | | 31,876 | | | | 411,319 | | | | 719,768 | | | | 446,624 | | | | (2,161,260 | ) | | | 551,673 | | | | 723,788 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Other comprehensive income, net | | | 1,918 | | | | — | | | | — | | | | — | | | | — | | | | 1,918 | | | | (1,918 | ) | | | 1,918 | |
Spin-Off of Paragon Offshore | | | 34,478 | | | | — | | | | — | | | | — | | | | — | | | | 34,478 | | | | (34,478 | ) | | | 34,478 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Noble Corporation | | $ | 760,184 | | | $ | 31,876 | | | $ | 411,319 | | | $ | 719,768 | | | $ | 446,624 | | | $ | (2,124,864 | ) | | $ | 515,277 | | | $ | 760,184 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
NOBLE CORPORATION AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATING STATEMENT OF INCOME |
|
Three Months Ended September 30, 2013 |
|
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Noble- | | | NHC | | | NDH | | | NHIL | | | NDS6 | | | Other | | | Consolidating | | | Total | |
Cayman | Non-guarantor | Adjustments |
| Subsidiaries | |
| of Noble | |
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | $ | — | | | $ | — | | | $ | 49,887 | | | $ | — | | | $ | — | | | $ | 596,343 | | | $ | (23,060 | ) | | $ | 623,170 | |
Reimbursables | | | — | | | | — | | | | 1,662 | | | | — | | | | — | | | | 15,656 | | | | — | | | | 17,318 | |
Labor contract drilling services | | | — | | | | — | | | | — | | | | — | | | | — | | | | 27 | | | | — | | | | 27 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating revenues | | | — | | | | — | | | | 51,549 | | | | — | | | | — | | | | 612,026 | | | | (23,060 | ) | | | 640,515 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | | 1,623 | | | | 6,091 | | | | 16,300 | | | | 27,802 | | | | — | | | | 254,951 | | | | (23,060 | ) | | | 283,707 | |
Reimbursables | | | — | | | | — | | | | 1,437 | | | | — | | | | — | | | | 13,375 | | | | — | | | | 14,812 | |
Labor contract drilling services | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,084 | | | | — | | | | 2,084 | |
Depreciation and amortization | | | — | | | | — | | | | 11,009 | | | | — | | | | — | | | | 118,300 | | | | — | | | | 129,309 | |
General and administrative | | | 252 | | | | 831 | | | | — | | | | 2,672 | | | | — | | | | 3,496 | | | | — | | | | 7,251 | |
General and administrative | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,585 | | | | — | | | | 3,585 | |
Gain on disposal of assets, net | | | — | | | | — | | | | — | | | | — | | | | — | | | | (35,646 | ) | | | — | | | | (35,646 | ) |
Gain on contract settlements/extinguishments, net | | | (45,000 | ) | | | — | | | | — | | | | — | | | | — | | | | 14,382 | | | | — | | | | (30,618 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating costs and expenses | | | (43,125 | ) | | | 6,922 | | | | 28,746 | | | | 30,474 | | | | — | | | | 374,527 | | | | (23,060 | ) | | | 374,484 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Operating income (loss) | | | 43,125 | | | | (6,922 | ) | | | 22,803 | | | | (30,474 | ) | | | — | | | | 237,499 | | | | — | | | | 266,031 | |
| | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) of unconsolidated affiliates | | | 181,946 | | | | 34,079 | | | | 55,577 | | | | 197,443 | | | | (1,405,910 | ) | | | — | | | | 936,865 | | | | — | |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | | | 119,102 | | | | 7,752 | | | | 92,278 | | | | 132,659 | | | | 24,500 | | | | — | | | | (376,291 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total income (loss) of unconsolidated affiliates | | | 301,048 | | | | 41,831 | | | | 147,855 | | | | 330,102 | | | | (1,381,410 | ) | | | — | | | | 560,574 | | | | — | |
Interest expense, net of amounts capitalized | | | (34,941 | ) | | | (232 | ) | | | (5,372 | ) | | | (32,646 | ) | | | (14,998 | ) | | | (1,548,978 | ) | | | 1,614,018 | | | | (23,149 | ) |
Interest income and other, net | | | 1,664 | | | | — | | | | 20,354 | | | | 44,809 | | | | 1,524,744 | | | | 23,327 | | | | (1,614,018 | ) | | | 880 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Income from continuing operations before income taxes | | | 310,896 | | | | 34,677 | | | | 185,640 | | | | 311,791 | | | | 128,336 | | | | (1,288,152 | ) | | | 560,574 | | | | 243,762 | |
Income tax provision | | | — | | | | (43,401 | ) | | | (131 | ) | | | — | | | | — | | | | 10,024 | | | | — | | | | (33,508 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income from continuing operations | | | 310,896 | | | | (8,724 | ) | | | 185,509 | | | | 311,791 | | | | 128,336 | | | | (1,278,128 | ) | | | 560,574 | | | | 210,254 | |
Net income from discontinued operations, net of tax | | | (42 | ) | | | (7,669 | ) | | | 10,873 | | | | (1,537 | ) | | | — | | | | 117,477 | | | | — | | | | 119,102 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | | 310,854 | | | | (16,393 | ) | | | 196,382 | | | | 310,254 | | | | 128,336 | | | | (1,160,651 | ) | | | 560,574 | | | | 329,356 | |
Net income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | (34,004 | ) | | | 15,502 | | | | (18,502 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Noble Corporation | | | 310,854 | | | | (16,393 | ) | | | 196,382 | | | | 310,254 | | | | 128,336 | | | | (1,194,655 | ) | | | 576,076 | | | | 310,854 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Other comprehensive income, net | | | 5,846 | | | | — | | | | — | | | | — | | | | — | | | | 5,846 | | | | (5,846 | ) | | | 5,846 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Noble Corporation | | $ | 316,700 | | | $ | (16,393 | ) | | $ | 196,382 | | | $ | 310,254 | | | $ | 128,336 | | | $ | (1,188,809 | ) | | $ | 570,230 | | | $ | 316,700 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
NOBLE CORPORATION AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATING STATEMENT OF INCOME |
|
Nine Months Ended September 30, 2013 |
|
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Noble- | | | NHC | | | NDH | | | NHIL | | | NDS6 | | | Other | | | Consolidating | | | Total | |
Cayman | Non-guarantor | Adjustments |
| Subsidiaries | |
| of Noble | |
Operating revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | $ | — | | | $ | — | | | $ | 154,486 | | | $ | — | | | $ | — | | | $ | 1,662,572 | | | $ | (66,431 | ) | | $ | 1,750,627 | |
Reimbursables | | | — | | | | — | | | | 4,493 | | | | — | | | | — | | | | 40,923 | | | | — | | | | 45,416 | |
Labor contract drilling services | | | — | | | | — | | | | — | | | | — | | | | — | | | | 17,000 | | | | — | | | | 17,000 | |
Other | | | — | | | | — | | | | — | | | | — | | | | — | | | | 11 | | | | — | | | | 11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating revenues | | | — | | | | — | | | | 158,979 | | | | — | | | | — | | | | 1,720,506 | | | | (66,431 | ) | | | 1,813,054 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Operating costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Contract drilling services | | | 3,351 | | | | 16,272 | | | | 36,956 | | | | 72,830 | | | | — | | | | 768,087 | | | | (66,431 | ) | | | 831,065 | |
Reimbursables | | | — | | | | — | | | | 3,832 | | | | — | | | | — | | | | 32,854 | | | | — | | | | 36,686 | |
Labor contract drilling services | | | — | | | | — | | | | — | | | | — | | | | — | | | | 10,966 | | | | — | | | | 10,966 | |
Depreciation and amortization | | | — | | | | — | | | | 32,260 | | | | — | | | | — | | | | 336,845 | | | | — | | | | 369,105 | |
General and administrative | | | 1,544 | | | | 4,845 | | | | — | | | | 20,788 | | | | 1 | | | | 10,504 | | | | — | | | | 37,682 | |
Loss on impairment | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,585 | | | | — | | | | 3,585 | |
Gain on disposal of assets, net | | | — | | | | — | | | | — | | | | — | | | | — | | | | (35,646 | ) | | | — | | | | (35,646 | ) |
Gain on contract settlements/extinguishments, net | | | (45,000 | ) | | | — | | | | — | | | | — | | | | — | | | | 14,382 | | | | — | | | | (30,618 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating costs and expenses | | | (40,105 | ) | | | 21,117 | | | | 73,048 | | | | 93,618 | | | | 1 | | | | 1,141,577 | | | | (66,431 | ) | | | 1,222,825 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Operating income (loss) | | | 40,105 | | | | (21,117 | ) | | | 85,931 | | | | (93,618 | ) | | | (1 | ) | | | 578,929 | | | | — | | | | 590,229 | |
| | | | | | | | |
Other income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) of unconsolidated affiliates | | | 452,436 | | | | 40,210 | | | | 95,697 | | | | 444,206 | | | | (1,245,962 | ) | | | — | | | | 213,413 | | | | — | |
Income (loss) of unconsolidated affiliates - discontinued operations, net of tax | | | 284,506 | | | | 17,642 | | | | 238,552 | | | | 352,011 | | | | 68,005 | | | | — | | | | (960,716 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total income (loss) of unconsolidated affiliates | | | 736,942 | | | | 57,852 | | | | 334,249 | | | | 796,217 | | | | (1,177,957 | ) | | | — | | | | (747,303 | ) | | | — | |
Interest expense, net of amounts capitalized | | | (105,720 | ) | | | (849 | ) | | | (17,755 | ) | | | (99,911 | ) | | | (38,388 | ) | | | (1,595,902 | ) | | | 1,783,410 | | | | (75,115 | ) |
Interest income and other, net | | | 4,941 | | | | — | | | | 42,205 | | | | 129,601 | | | | 1,537,410 | | | | 71,080 | | | | (1,783,410 | ) | | | 1,827 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Income from continuing operations before income taxes | | | 676,268 | | | | 35,886 | | | | 444,630 | | | | 732,289 | | | | 321,064 | | | | (945,893 | ) | | | (747,303 | ) | | | 516,941 | |
Income tax provision | | | — | | | | (19,723 | ) | | | (1,219 | ) | | | — | | | | — | | | | (51,625 | ) | | | — | | | | (72,567 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income from continuing operations | | | 676,268 | | | | 16,163 | | | | 443,411 | | | | 732,289 | | | | 321,064 | | | | (997,518 | ) | | | (747,303 | ) | | | 444,374 | |
Net income from discontinued operations, net of tax | | | (249 | ) | | | (20,558 | ) | | | 25,250 | | | | (6,358 | ) | | | — | | | | 286,421 | | | | — | | | | 284,506 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | | 676,019 | | | | (4,395 | ) | | | 468,661 | | | | 725,931 | | | | 321,064 | | | | (711,097 | ) | | | (747,303 | ) | | | 728,880 | |
Net income attributable to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | (88,725 | ) | | | 35,864 | | | | (52,861 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to Noble Corporation | | | 676,019 | | | | (4,395 | ) | | | 468,661 | | | | 725,931 | | | | 321,064 | | | | (799,822 | ) | | | (711,439 | ) | | | 676,019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Other comprehensive income, net | | | 4,866 | | | | — | | | | — | | | | — | | | | — | | | | 4,866 | | | | (4,866 | ) | | | 4,866 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Comprehensive income attributable to Noble Corporation | | $ | 680,885 | | | $ | (4,395 | ) | | $ | 468,661 | | | $ | 725,931 | | | $ | 321,064 | | | $ | (794,956 | ) | | $ | (716,305 | ) | | $ | 680,885 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
NOBLE CORPORATION AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
|
Nine Months Ended September 30, 2014 |
|
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Noble- | | | NHC | | | NDH | | | NHIL | | | NDS6 | | | Other | | | Consolidating | | | Total | |
Cayman | Non-guarantor | Adjustments |
| Subsidiaries | |
| of Noble | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from operating activities | | $ | 2,858,748 | | | $ | (127,706 | ) | | $ | 370,512 | | | $ | (211,228 | ) | | $ | (29,835 | ) | | $ | (1,390,805 | ) | | $ | — | | | $ | 1,469,686 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New construction and capital expenditures | | | — | | | | — | | | | (1,245,121 | ) | | | — | | | | — | | | | (554,706 | ) | | | — | | | | (1,799,827 | ) |
Notes receivable from affiliates | | | 50 | | | | — | | | | — | | | | 273,744 | | | | — | | | | — | | | | (273,794 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from investing activities | | | 50 | | | | — | | | | (1,245,121 | ) | | | 273,744 | | | | — | | | | (554,706 | ) | | | (273,794 | ) | | | (1,799,827 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in borrowings outstanding on bank credit facilities | | | (569,489 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (569,489 | ) |
Repayment of long-term debt | | | — | | | | — | | | | — | | | | (250,000 | ) | | | — | | | | — | | | | — | | | | (250,000 | ) |
Long-term borrowings of Paragon Offshore | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,726,750 | | | | — | | | | 1,726,750 | |
Financing costs on long-term borrowings of Paragon Offshore | | | — | | | | — | | | | — | | | | — | | | | — | | | | (30,876 | ) | | | — | | | | (30,876 | ) |
Cash balances of Paragon Offshore in Spin-Off | | | — | | | | — | | | | — | | | | — | | | | — | | | | (104,152 | ) | | | — | | | | (104,152 | ) |
Dividends paid to noncontrolling interests | | | — | | | | — | | | | — | | | | — | | | | — | | | | (64,339 | ) | | | — | | | | (64,339 | ) |
Financing costs on credit facilities | | | (386 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (386 | ) |
Distributions to parent company, net | | | (421,801 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (421,801 | ) |
Advances (to) from affiliates | | | (1,593,374 | ) | | | 127,706 | | | | 874,565 | | | | 187,480 | | | | 29,835 | | | | 373,788 | | | | — | | | | — | |
Notes payable to affiliates | | | (273,744 | ) | | | — | | | | — | | | | — | | | | — | | | | (50 | ) | | | 273,794 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from financing activities | | | (2,858,794 | ) | | | 127,706 | | | | 874,565 | | | | (62,520 | ) | | | 29,835 | | | | 1,901,121 | | | | 273,794 | | | | 285,707 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | 4 | | | | — | | | | (44 | ) | | | (4 | ) | | | — | | | | (44,390 | ) | | | — | | | | (44,434 | ) |
Cash and cash equivalents, beginning of period | | | 1 | | | | — | | | | 402 | | | | 4 | | | | — | | | | 109,975 | | | | — | | | | 110,382 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 5 | | | $ | — | | | $ | 358 | | | $ | — | | | $ | — | | | $ | 65,585 | | | $ | — | | | $ | 65,948 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
NOBLE CORPORATION AND SUBSIDIARIES |
|
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
|
Nine Months Ended September 30, 2013 |
|
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Noble- | | | NHC | | | NDH | | | NHIL | | | NDS6 | | | Other | | | Consolidating | | | Total | |
Cayman | Non-guarantor | Adjustments |
| Subsidiaries | |
| of Noble | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from operating activities | | $ | (79,174 | ) | | $ | (107,694 | ) | | $ | 154,038 | | | $ | (113,088 | ) | | $ | 1,495,330 | | | $ | (136,468 | ) | | $ | — | | | $ | 1,212,944 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New construction and capital expenditures | | | — | | | | — | | | | (1,070,669 | ) | | | — | | | | — | | | | (720,218 | ) | | | — | | | | (1,790,887 | ) |
Proceeds from disposal of assets | | | — | | | | — | | | | — | | | | — | | | | — | | | | 61,000 | | | | — | | | | 61,000 | |
Notes receivable from affiliates | | | — | | | | — | | | | — | | | | — | | | | — | | | | 294,798 | | | | (294,798 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from investing activities | | | — | | | | — | | | | (1,070,669 | ) | | | — | | | | — | | | | (364,420 | ) | | | (294,798 | ) | | | (1,729,887 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in borrowings outstanding on bank credit facilities | | | 973,055 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 973,055 | |
Repayment of long-term debt | | | (300,000 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (300,000 | ) |
Dividends paid to noncontrolling interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | (69,728 | ) | | | — | | | | (69,728 | ) |
Financing costs on credit facilities | | | (2,432 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (2,432 | ) |
Distributions to parent company, net | | | (187,610 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (187,610 | ) |
Advances (to) from affiliates | | | (110,039 | ) | | | 107,694 | | | | 915,850 | | | | 113,094 | | | | (1,495,330 | ) | | | 468,731 | | | | — | | | | — | |
Notes payable to affiliates | | | (294,798 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | 294,798 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash from financing activities | | | 78,176 | | | | 107,694 | | | | 915,850 | | | | 113,094 | | | | (1,495,330 | ) | | | 399,003 | | | | 294,798 | | | | 413,285 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | (998 | ) | | | — | | | | (781 | ) | | | 6 | | | | — | | | | (101,885 | ) | | | — | | | | (103,658 | ) |
Cash and cash equivalents, beginning of period | | | 1,003 | | | | — | | | | 904 | | | | 2 | | | | — | | | | 275,466 | | | | — | | | | 277,375 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | 5 | | | $ | — | | | $ | 123 | | | $ | 8 | | | $ | — | | | $ | 173,581 | | | $ | — | | | $ | 173,717 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|