Cover Page
Cover Page | 8 Months Ended |
Sep. 30, 2021 | |
Entity Information [Line Items] | |
Document Type | S-1/A |
Entity Registrant Name | Noble Finance Company |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001169055 |
Amendment Flag | true |
Amendment Description | AMENDMENT NO. 2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | |||
Cash and cash equivalents | $ 112,225 | $ 343,332 | $ 104,621 |
Accounts receivable, net of allowance for credit losses | 227,644 | 147,863 | 198,665 |
Taxes receivable | 29,565 | 30,767 | 59,771 |
Prepaid expenses and other current assets | 51,476 | 80,322 | 59,050 |
Total current assets | 420,910 | 602,284 | 422,107 |
Intangible assets | 76,262 | ||
Property and equipment, at cost | 1,518,663 | 4,777,697 | 10,306,625 |
Accumulated depreciation | (56,588) | (1,200,628) | (2,572,701) |
Property and equipment, net | 1,462,075 | 3,577,069 | 7,733,924 |
Property and equipment held for sale | 88,639 | ||
Other assets | 46,882 | 84,584 | 128,467 |
Total assets | 2,094,768 | 4,263,937 | 8,284,498 |
Current liabilities | |||
Current maturities of long-term debt | 62,505 | ||
Accounts payable | 106,429 | 95,159 | 108,208 |
Accrued payroll and related costs | 56,442 | 36,553 | 56,056 |
Taxes payable | 39,312 | 36,819 | 30,715 |
Interest payable | 4,293 | 88,047 | |
Other current liabilities | 35,031 | 49,820 | 171,397 |
Total current liabilities | 241,507 | 218,351 | 516,928 |
Long-term debt | 406,000 | 3,779,499 | |
Deferred income taxes | 13,568 | 9,292 | 68,201 |
Other liabilities | 67,025 | 108,039 | 260,898 |
Liabilities subject to compromise | 4,239,643 | ||
Total liabilities | 728,100 | 4,575,325 | 4,625,526 |
Commitments and contingencies | |||
Shareholders' equity | |||
Common stock | 1 | 2,511 | 2,492 |
Additional paid-in capital | 1,388,388 | 814,796 | 807,093 |
Accumulated deficit | (21,454) | (1,070,683) | 2,907,776 |
Accumulated other comprehensive income (loss) | (267) | (58,012) | (58,389) |
Total shareholders' equity | 1,366,668 | (311,388) | 3,658,972 |
Total liabilities and equity | 2,094,768 | 4,263,937 | 8,284,498 |
Noble Finance Company | |||
Current assets | |||
Cash and cash equivalents | 111,990 | 343,332 | 104,575 |
Accounts receivable, net of allowance for credit losses | 227,644 | 147,863 | 198,665 |
Accounts receivable from affiliates | 31,214 | ||
Taxes receivable | 29,565 | 30,767 | 59,771 |
Prepaid expenses and other current assets | 40,317 | 50,469 | 57,890 |
Total current assets | 409,516 | 603,645 | 420,901 |
Intangible assets | 76,262 | ||
Property and equipment, at cost | 1,518,663 | 4,777,697 | 10,306,625 |
Accumulated depreciation | (56,588) | (1,200,628) | (2,572,701) |
Property and equipment, net | 1,462,075 | 3,577,069 | 7,733,924 |
Property and equipment held for sale | 88,639 | ||
Other assets | 46,882 | 84,584 | 128,467 |
Total assets | 2,083,374 | 4,265,298 | 8,283,292 |
Current liabilities | |||
Current maturities of long-term debt | 62,505 | ||
Accounts payable | 100,691 | 83,649 | 107,985 |
Accrued payroll and related costs | 56,442 | 36,516 | 56,065 |
Taxes payable | 39,312 | 36,819 | 30,715 |
Interest payable | 4,293 | 88,047 | |
Other current liabilities | 34,894 | 49,820 | 71,397 |
Total current liabilities | 235,632 | 206,804 | 416,714 |
Long-term debt | 406,000 | 3,779,499 | |
Deferred income taxes | 13,568 | 9,292 | 68,201 |
Other liabilities | 66,851 | 108,039 | 260,898 |
Liabilities subject to compromise | 4,154,555 | ||
Total liabilities | 722,051 | 4,478,690 | 4,525,312 |
Commitments and contingencies | |||
Shareholders' equity | |||
Common stock | 26,125 | 26,125 | 26,125 |
Additional paid-in capital | 1,390,801 | 766,714 | 757,545 |
Accumulated deficit | (55,336) | (948,219) | 3,032,699 |
Accumulated other comprehensive income (loss) | (267) | (58,012) | (58,389) |
Total shareholders' equity | 1,361,323 | (213,392) | 3,757,980 |
Total liabilities and equity | $ 2,083,374 | $ 4,265,298 | $ 8,283,292 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance for credit loss | $ 0 | $ 1,069 | $ 1,939 | |
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.01 | $ 0.01 | |
Ordinary shares, shares outstanding (in shares) | 60,168,000 | 60,200,000 | 251,084,000 | 249,200,000 |
Noble Finance Company | ||||
Accounts receivable, allowance for credit loss | $ 0 | $ 1,069 | $ 1,939 | |
Common stock, par value (in usd per share) | $ 0.10 | $ 0.10 | $ 0.10 | |
Ordinary shares, shares outstanding (in shares) | 261,246,000 | 261,246,000 | 261,246,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating revenues | ||||||||
Operating revenues | $ 77,481 | $ 250,371 | $ 241,836 | $ 562,147 | $ 761,065 | $ 964,272 | $ 1,305,438 | $ 1,082,826 |
Operating costs and expenses | ||||||||
Depreciation and amortization | 20,622 | 25,248 | 90,606 | 64,831 | 283,652 | 374,129 | 440,221 | 486,530 |
General and administrative | 5,727 | 14,982 | 15,662 | 47,939 | 106,504 | 121,196 | 168,792 | 73,216 |
Merger and integration costs | 0 | 5,033 | 0 | 13,786 | 0 | |||
Loss on impairment | 0 | 0 | 1,119,517 | 3,915,408 | 615,294 | 802,133 | ||
Transaction costs on sale of operating assets | 3,146 | 3,146 | ||||||
Hurricane losses | 10,441 | 10,441 | ||||||
Pre-petition charges | 0 | 0 | 3,894 | 0 | 14,409 | 14,409 | 0 | 0 |
Total operating costs and expenses | 76,051 | 263,864 | 260,711 | 638,573 | 2,007,948 | 5,040,817 | 1,971,711 | 2,028,900 |
Operating loss | 1,430 | (13,493) | (18,875) | (76,426) | (1,246,883) | (4,076,545) | (666,273) | (946,074) |
Other income (expense) | ||||||||
Interest expense, net of amounts capitalized | (229) | (8,870) | (23,427) | (23,628) | (164,586) | (164,653) | (279,435) | (297,611) |
Gain (loss) on bargain purchase | 0 | 64,479 | 0 | |||||
Gain on extinguishment of debt, net | 0 | 973 | 17,847 | 0 | 17,254 | 17,254 | 30,616 | (1,793) |
Interest income and other, net | 399 | 7,872 | 7,490 | 8,546 | 9,012 | 6,007 | 8,302 | |
Reorganization items, net | 252,051 | (9,014) | 0 | (9,014) | (23,930) | 0 | 0 | |
Income (loss) before income taxes | 253,651 | (21,390) | (25,597) | (28,085) | (1,394,683) | (4,238,862) | (909,085) | (1,237,176) |
Income tax benefit (provision) | (3,423) | (2,275) | (25,271) | 6,631 | 238,944 | 260,403 | 38,540 | 106,641 |
Net loss from continuing operations | (3,978,459) | (870,545) | (1,130,535) | |||||
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | (3,821) | 0 |
Net income (loss) | 250,228 | (23,665) | (50,868) | (21,454) | (1,155,739) | (3,978,459) | (874,366) | (1,130,535) |
Net loss attributable to noncontrolling interests | 0 | 173,776 | 245,485 | |||||
Net loss attributable to the company | 250,228 | (23,665) | (50,868) | (21,454) | (1,155,739) | (3,978,459) | (700,590) | (885,050) |
Loss from continuing operations | $ 250,228 | $ (23,665) | $ (50,868) | $ (21,454) | $ (1,155,739) | (3,978,459) | (696,769) | (885,050) |
Net loss from discontinued operations, net of tax | $ 0 | $ (3,821) | $ 0 | |||||
Basic: | ||||||||
Loss from continuing operations (usd per share) | $ (0.20) | $ (15.86) | $ (2.79) | $ (3.59) | ||||
Loss from discontinued operations (usd per share) | 0 | (0.02) | 0 | |||||
Net income (loss) (in usd per share) | $ 1 | $ (0.36) | (0.20) | $ (0.35) | $ (4.61) | (15.86) | (2.81) | (3.59) |
Diluted: | ||||||||
Loss from continuing operations (usd per share) | (0.20) | (15.86) | (2.79) | (3.59) | ||||
Loss from discontinued operations (usd per share) | 0 | (0.02) | 0 | |||||
Net income (loss) (in usd per share) | $ 0.98 | $ (0.36) | $ (0.20) | $ (0.35) | $ (4.61) | $ (15.86) | $ (2.81) | $ (3.59) |
Weighted- Average Shares Outstanding | ||||||||
Basic (in shares) | 251,115 | 66,623 | 251,058 | 61,847 | 250,696 | 250,792 | 248,949 | 246,614 |
Diluted (in shares) | 256,571 | 66,623 | 251,058 | 61,847 | 250,696 | 250,792 | 248,949 | 246,614 |
Contract drilling services | ||||||||
Operating revenues | ||||||||
Operating revenues | $ 74,051 | $ 231,154 | $ 227,050 | $ 515,680 | $ 714,555 | $ 909,236 | $ 1,246,058 | $ 1,036,082 |
Operating costs and expenses | ||||||||
Cost of services | 46,965 | 188,552 | 137,180 | 456,853 | 442,479 | 567,487 | 698,343 | 629,937 |
Reimbursables and other | ||||||||
Operating revenues | ||||||||
Operating revenues | 3,430 | 19,217 | 14,786 | 46,467 | 46,510 | 55,036 | 59,380 | 46,744 |
Operating costs and expenses | ||||||||
Cost of services | 2,737 | 16,462 | 13,369 | 41,577 | 41,387 | 48,188 | 49,061 | 37,084 |
Noble Finance Company | ||||||||
Operating revenues | ||||||||
Operating revenues | 77,481 | 250,371 | 241,836 | 562,147 | 761,065 | 964,272 | 1,305,438 | 1,082,826 |
Operating costs and expenses | ||||||||
Depreciation and amortization | 20,631 | 25,241 | 90,236 | 64,814 | 282,385 | 372,560 | 437,690 | 482,660 |
General and administrative | 5,729 | 7,772 | 6,503 | 26,690 | 30,806 | 37,798 | 34,602 | 38,203 |
Merger and integration costs | 4,149 | 0 | 7,099 | |||||
Loss on impairment | 0 | 0 | 1,119,517 | 3,915,408 | 615,294 | 802,133 | ||
Transaction costs on sale of operating assets | 2,230 | 2,230 | ||||||
Hurricane losses | 10,441 | 10,441 | ||||||
Total operating costs and expenses | 75,800 | 254,181 | 247,083 | 607,975 | 1,915,580 | 4,940,185 | 1,832,912 | 1,988,208 |
Operating loss | 1,681 | (3,810) | (5,247) | (45,828) | (1,154,515) | (3,975,913) | (527,474) | (905,382) |
Other income (expense) | ||||||||
Interest expense, net of amounts capitalized | (229) | (8,870) | (23,427) | (23,628) | (164,586) | (164,653) | (279,435) | (297,611) |
Gain on extinguishment of debt, net | 0 | 0 | 17,847 | 0 | 17,254 | 17,254 | 30,616 | (1,793) |
Interest income and other, net | 400 | 975 | 7,871 | 7,489 | 8,536 | 9,014 | 6,670 | 8,282 |
Reorganization items, net | 195,395 | (49,974) | (49,974) | (50,778) | 0 | 0 | ||
Income (loss) before income taxes | 197,247 | (11,705) | (52,930) | (61,967) | (1,343,285) | (4,165,076) | (769,623) | (1,196,504) |
Income tax benefit (provision) | (3,422) | (2,275) | (25,272) | 6,631 | 238,944 | 260,403 | 38,540 | 106,534 |
Net income (loss) | 193,825 | (13,980) | (78,202) | (55,336) | (1,104,341) | (3,904,673) | (734,904) | (1,089,970) |
Net loss attributable to noncontrolling interests | 0 | 173,776 | 245,485 | |||||
Net loss attributable to the company | 193,825 | (13,980) | (78,202) | (55,336) | (1,104,341) | (3,904,673) | (561,128) | (844,485) |
Loss from continuing operations | (3,904,673) | (731,083) | (1,089,970) | |||||
Net loss from discontinued operations, net of tax | 0 | (3,821) | 0 | |||||
Noble Finance Company | Contract drilling services | ||||||||
Operating revenues | ||||||||
Operating revenues | 74,051 | 231,154 | 227,050 | 515,680 | 714,555 | 909,236 | 1,246,058 | 1,036,082 |
Operating costs and expenses | ||||||||
Cost of services | 46,703 | 187,886 | 136,975 | 455,124 | 441,485 | 566,231 | 696,265 | 628,128 |
Noble Finance Company | Reimbursables and other | ||||||||
Operating revenues | ||||||||
Operating revenues | 3,430 | 19,217 | 14,786 | 46,467 | 46,510 | 55,036 | 59,380 | 46,744 |
Operating costs and expenses | ||||||||
Cost of services | $ 2,737 | $ 16,462 | $ 13,369 | $ 41,577 | $ 41,387 | $ 48,188 | $ 49,061 | $ 37,084 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ 250,228 | $ (23,665) | $ (50,868) | $ (21,454) | $ (1,155,739) | $ (3,978,459) | $ (874,366) | $ (1,130,535) |
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | (116) | 863 | (1,812) | (521) | 260 | (2,729) | ||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision | (1,407) | (3,744) | (7,099) | |||||
Amortization of deferred pension plan amounts (net of tax provision of $583, $584 and $345 for the year ended December 31, 2020, 2019 and 2018, respectively) | 2,183 | 2,197 | 1,298 | |||||
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $32, $(8) and $28 for the year ended December 31, 2020, 2019 and 2018, respectively) | 122 | (30) | 107 | |||||
Prior service cost arising during the period (net of tax provision (benefit) of zero, zero and $(55) for the year ended December 31, 2020, 2019 and 2018, respectively) | 0 | 0 | (221) | |||||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision | 224 | (435) | 569 | (267) | 1,705 | |||
Other comprehensive income (loss), net | 108 | (435) | 1,432 | (267) | (107) | 377 | (1,317) | (8,644) |
Net comprehensive loss attributable to noncontrolling interests | 0 | 173,776 | 245,485 | |||||
Comprehensive income (loss) | 250,336 | (24,100) | (49,436) | (21,721) | (1,155,846) | (3,978,082) | (701,907) | (893,694) |
Noble Finance Company | ||||||||
Net income (loss) | 193,825 | (13,980) | (78,202) | (55,336) | (1,104,341) | (3,904,673) | (734,904) | (1,089,970) |
Other comprehensive income (loss) | ||||||||
Foreign currency translation adjustments | (116) | 863 | (1,812) | (521) | 260 | (2,729) | ||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision | (1,407) | (3,744) | (7,099) | |||||
Amortization of deferred pension plan amounts (net of tax provision of $583, $584 and $345 for the year ended December 31, 2020, 2019 and 2018, respectively) | 2,183 | 2,197 | 1,298 | |||||
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $32, $(8) and $28 for the year ended December 31, 2020, 2019 and 2018, respectively) | 122 | (30) | 107 | |||||
Prior service cost arising during the period (net of tax provision (benefit) of zero, zero and $(55) for the year ended December 31, 2020, 2019 and 2018, respectively) | 0 | 0 | (221) | |||||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision | 224 | (435) | 569 | (267) | 1,705 | |||
Other comprehensive income (loss), net | 108 | (435) | 1,432 | (267) | (107) | 377 | (1,317) | (8,644) |
Net comprehensive loss attributable to noncontrolling interests | 0 | 173,776 | 245,485 | |||||
Comprehensive income (loss) | $ 193,933 | $ (14,415) | $ (76,770) | $ (55,603) | $ (1,104,448) | $ (3,904,296) | $ (562,445) | $ (853,129) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, tax provision | $ 59 | $ 0 | $ 150 | $ 0 | $ 450 | |||
Net pension gain (loss), tax provision (benefit) | $ (537) | $ (924) | $ (1,828) | |||||
Amortization of deferred pension plan amounts, tax provision | 583 | 584 | 345 | |||||
Net pension plans settlement and curtailment gain (loss), tax provision (benefit) | 32 | (8) | 28 | |||||
Benefit plans, prior service costs, tax | 0 | 0 | (55) | |||||
Noble Finance Company | ||||||||
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, tax provision | $ 59 | $ 0 | $ 150 | $ 0 | $ 450 | |||
Net pension gain (loss), tax provision (benefit) | (537) | (924) | (1,828) | |||||
Amortization of deferred pension plan amounts, tax provision | 583 | 584 | 345 | |||||
Net pension plans settlement and curtailment gain (loss), tax provision (benefit) | 32 | (8) | 28 | |||||
Benefit plans, prior service costs, tax | $ 0 | $ 0 | $ (55) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||||||
Net income (loss) | $ 250,228 | $ (21,454) | $ (1,155,739) | $ (3,978,459) | $ (874,366) | $ (1,130,535) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||
Depreciation and amortization | 20,622 | 64,831 | 283,652 | 374,129 | 440,221 | 486,530 |
Loss on impairment | 0 | 0 | 1,119,517 | 3,915,408 | 615,294 | 802,133 |
(Gain) loss on extinguishment of debt, net | 0 | 0 | (17,254) | (17,254) | (30,616) | 1,793 |
Gain on bargain purchase | 0 | (64,479) | 0 | |||
Amortization of intangible asset | 0 | 37,127 | 0 | |||
Reorganization items, net | (280,790) | 0 | (11,531) | (17,366) | 0 | 0 |
Deferred income taxes | 2,501 | (9,170) | 6,825 | (26,325) | (17,825) | (68,416) |
Amortization of share-based compensation | 710 | 11,624 | 7,352 | 9,169 | 14,737 | 23,993 |
Other costs, net | (10,754) | 1,912 | (53,179) | (61,550) | 60,259 | 6,446 |
Changes in components of working capital: | ||||||
Change in taxes receivable | (1,789) | 13,810 | 29,581 | 29,880 | (11,225) | 84,847 |
Net changes in other operating assets and liabilities | (26,176) | (10,173) | 27,442 | 45,565 | (9,708) | (34,940) |
Net cash provided by (used in) operating activities | (45,448) | 24,028 | 236,666 | 273,197 | 186,771 | 171,851 |
Cash flows from investing activities | ||||||
Capital expenditures | (14,629) | (117,750) | (112,603) | (148,886) | (268,783) | (194,779) |
Cash acquired in stock-based business combination | 0 | 54,970 | 0 | |||
Proceeds from disposal of assets, net | 194 | 31,247 | 1,428 | 27,366 | 12,753 | 5,402 |
Net cash provided by (used in) investing activities | (14,435) | (31,533) | (111,175) | (121,520) | (256,030) | (189,377) |
Cash flows from financing activities | ||||||
Issuance of second lien notes | 200,000 | 0 | 0 | 0 | 0 | 750,000 |
Borrowings on credit facilities | 177,500 | 40,000 | 210,000 | 210,000 | 755,000 | 0 |
Repayments of credit facilities | (545,000) | (27,500) | 0 | 0 | (420,000) | 0 |
Repayments of debt | 0 | 0 | (101,132) | (101,132) | (400,000) | (972,708) |
Debt issuance costs | (23,664) | 0 | 0 | 0 | (1,092) | (15,639) |
Purchase of noncontrolling interests | 0 | (106,744) | 0 | |||
Dividends paid to noncontrolling interests | 0 | (25,109) | (27,579) | |||
Warrants exercised | 0 | 647 | 0 | |||
Cash paid to settle equity compensation awards | 0 | 0 | (1,010) | (1,010) | 0 | 0 |
Taxes withheld on employee stock transactions | (1) | 0 | (417) | (418) | (2,779) | (3,470) |
Net cash provided by (used in) financing activities | (191,165) | 13,147 | 107,441 | 107,440 | (200,724) | (269,396) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (251,048) | 5,642 | 232,932 | 259,117 | (269,983) | (286,922) |
Cash, cash equivalents and restricted cash, beginning of period | 365,041 | 113,993 | 105,924 | 105,924 | 375,907 | 662,829 |
Cash, cash equivalents and restricted cash, end of period | 113,993 | 119,635 | 338,856 | 365,041 | 105,924 | 375,907 |
Noble Finance Company | ||||||
Cash flows from operating activities | ||||||
Net income (loss) | 193,825 | (55,336) | (1,104,341) | (3,904,673) | (734,904) | (1,089,970) |
Adjustments to reconcile net loss to net cash flow from operating activities: | ||||||
Depreciation and amortization | 20,631 | 64,814 | 282,385 | 372,560 | 437,690 | 482,660 |
Loss on impairment | 0 | 0 | 1,119,517 | 3,915,408 | 615,294 | 802,133 |
(Gain) loss on extinguishment of debt, net | 0 | 0 | (17,254) | (17,254) | (30,616) | 1,793 |
Amortization of intangible asset | 0 | 37,127 | 0 | |||
Reorganization items, net | (203,490) | 0 | 49,969 | 44,134 | 0 | 0 |
Deferred income taxes | 2,501 | (9,170) | 6,825 | (26,325) | (17,825) | (68,416) |
Amortization of share-based compensation | 710 | 11,624 | 7,352 | 9,169 | 14,689 | 23,945 |
Other costs, net | (3,054) | 1,912 | (99,679) | (115,550) | (39,741) | 6,446 |
Changes in components of working capital: | ||||||
Change in taxes receivable | (1,789) | 13,810 | 29,581 | 29,880 | (11,225) | 84,847 |
Net changes in other operating assets and liabilities | (21,808) | (7,664) | (2,258) | 20,714 | (6,456) | (30,679) |
Net cash provided by (used in) operating activities | (12,474) | 57,117 | 272,097 | 328,063 | 226,906 | 212,759 |
Cash flows from investing activities | ||||||
Capital expenditures | (14,629) | (117,750) | (112,603) | (148,886) | (268,783) | (194,779) |
Proceeds from disposal of assets, net | 194 | 31,247 | 1,428 | 27,366 | 12,753 | 5,402 |
Net cash provided by (used in) investing activities | (14,435) | (86,503) | (111,175) | (121,520) | (256,030) | (189,377) |
Cash flows from financing activities | ||||||
Issuance of second lien notes | 200,000 | 0 | 0 | 0 | 0 | 750,000 |
Borrowings on credit facilities | 177,500 | 40,000 | 210,000 | 210,000 | 755,000 | 0 |
Repayments of credit facilities | (545,000) | (27,500) | 0 | 0 | (420,000) | 0 |
Repayments of debt | 0 | 0 | (101,132) | (101,132) | (400,000) | (972,708) |
Debt issuance costs | (10,139) | 0 | 0 | 0 | (1,092) | (15,639) |
Purchase of noncontrolling interests | 0 | (106,744) | 0 | |||
Dividends paid to noncontrolling interests | 0 | (25,109) | (27,579) | |||
Contributions (distributions) from (to) parent company, net | (76,245) | (42,103) | (44,417) | |||
Cash contributed by parent in connection with Pacific Drilling merger | 0 | 54,970 | 0 | |||
Distributions to parent company, net | (26,503) | (32,677) | (49,829) | |||
Net cash provided by (used in) financing activities | (204,142) | 34,793 | 59,039 | 32,623 | (240,048) | (310,343) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (231,051) | 5,407 | 219,961 | 239,166 | (269,172) | (286,961) |
Cash, cash equivalents and restricted cash, beginning of period | 345,044 | 113,993 | 105,878 | 105,878 | 375,050 | 662,011 |
Cash, cash equivalents and restricted cash, end of period | $ 113,993 | $ 119,400 | $ 325,839 | $ 345,044 | $ 105,878 | $ 375,050 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance | Noncontrolling Interests | Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance | Noble Finance Company | Noble Finance CompanyCumulative Effect, Period of Adoption, Adjustment | Noble Finance CompanyCumulative Effect, Period of Adoption, Adjusted Balance | Noble Finance CompanyCommon Stock | Noble Finance CompanyCommon StockCumulative Effect, Period of Adoption, Adjustment | Noble Finance CompanyCommon StockCumulative Effect, Period of Adoption, Adjusted Balance | Noble Finance CompanyAdditional Paid-in Capital | Noble Finance CompanyAdditional Paid-in CapitalCumulative Effect, Period of Adoption, Adjustment | Noble Finance CompanyAdditional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Noble Finance CompanyRetained Earnings (Accumulated Deficit) | Noble Finance CompanyRetained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | Noble Finance CompanyRetained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjusted Balance | Noble Finance CompanyAccumulated Other Comprehensive Income (Loss) | Noble Finance CompanyAccumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment | Noble Finance CompanyAccumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance | Noble Finance CompanyNoncontrolling Interests | Noble Finance CompanyNoncontrolling InterestsCumulative Effect, Period of Adoption, Adjustment | Noble Finance CompanyNoncontrolling InterestsCumulative Effect, Period of Adoption, Adjusted Balance | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Tax effects of intra-entity asset transfers | $ (148,393) | $ (148,393) | $ (148,393) | $ 0 | $ 0 | $ (148,393) | $ 0 | $ 0 | |||||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2017 | 244,971,000 | 244,971,000 | 261,246,000 | ||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2017 | 5,950,628 | $ (1,488) | $ 5,800,747 | $ 2,450 | $ 2,450 | $ 678,922 | $ 678,922 | 4,637,677 | $ (1,488) | $ 4,493,336 | $ (42,888) | $ (48,428) | $ 674,467 | $ 674,467 | 5,950,014 | $ 26,125 | 623,137 | 4,669,173 | (42,888) | 674,467 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Stranded tax effect resulting from the Tax Cuts and Jobs Act | 5,540 | (5,540) | 0 | 0 | 0 | 5,540 | (5,540) | 0 | |||||||||||||||||||||||||
Contributions from parent company, net | (44,417) | 0 | 0 | (44,417) | 0 | 0 | |||||||||||||||||||||||||||
Capital contribution by parent - share-based compensation | 23,945 | 0 | 23,945 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Amortization of share-based compensation | 23,993 | 23,993 | |||||||||||||||||||||||||||||||
Issuance of share-based compensation shares (in shares) | 1,823,000 | ||||||||||||||||||||||||||||||||
Issuance of share-based compensation shares | 0 | $ 18 | (18) | ||||||||||||||||||||||||||||||
Tax benefit of equity transactions | (3,488) | (3,488) | |||||||||||||||||||||||||||||||
Net income (loss) | (1,130,535) | (885,050) | (245,485) | (1,089,970) | 0 | 0 | (844,485) | 0 | (245,485) | ||||||||||||||||||||||||
Net loss | (885,050) | (844,485) | |||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (27,579) | (27,579) | (27,579) | 0 | 0 | 0 | 0 | (27,579) | |||||||||||||||||||||||||
Dividend equivalents | [1] | 80 | 80 | ||||||||||||||||||||||||||||||
Other comprehensive income, net | (8,644) | (8,644) | (8,644) | $ 0 | 0 | 0 | (8,644) | 0 | |||||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 246,794,000 | 261,246,000 | 0 | 261,246,000 | |||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 4,654,574 | $ 2,468 | 699,409 | 3,608,366 | (57,072) | 401,403 | 4,653,468 | $ (1,488) | $ 5,800,133 | $ 26,125 | $ 0 | $ 26,125 | 647,082 | $ 0 | $ 623,137 | 3,635,930 | $ (1,488) | $ 4,524,832 | (57,072) | $ 0 | $ (48,428) | 401,403 | $ 0 | $ 674,467 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Distributions to parent company, net | (42,103) | 0 | 0 | (42,103) | 0 | 0 | |||||||||||||||||||||||||||
Capital contribution by parent - share-based compensation | 14,689 | 0 | 14,689 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Amortization of share-based compensation | 14,737 | 14,737 | |||||||||||||||||||||||||||||||
Issuance of share-based compensation shares (in shares) | 2,406,000 | ||||||||||||||||||||||||||||||||
Issuance of share-based compensation shares | 0 | $ 24 | (24) | ||||||||||||||||||||||||||||||
Tax benefit of equity transactions | (2,803) | (2,803) | |||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | (106,744) | 95,774 | (202,518) | (106,744) | 0 | 95,774 | 0 | 0 | (202,518) | ||||||||||||||||||||||||
Net income (loss) | (874,366) | (700,590) | (173,776) | (734,904) | 0 | 0 | (561,128) | 0 | (173,776) | ||||||||||||||||||||||||
Net loss | (700,590) | (561,128) | |||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interests | (25,109) | (25,109) | (25,109) | 0 | 0 | 0 | 0 | (25,109) | |||||||||||||||||||||||||
Other comprehensive income, net | $ (1,317) | (1,317) | $ (1,317) | $ 0 | 0 | 0 | (1,317) | 0 | |||||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 249,200,000 | 249,200,000 | 261,246,000 | 261,246,000 | |||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 3,658,972 | $ 2,492 | 807,093 | 2,907,776 | (58,389) | $ 3,757,980 | $ 26,125 | 757,545 | 3,032,699 | (58,389) | 0 | ||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Other comprehensive income, net | $ (1,568) | ||||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2020 | (59,957) | ||||||||||||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 249,200,000 | 249,200,000 | 261,246,000 | 261,246,000 | |||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 3,658,972 | $ 2,492 | 807,093 | 2,907,776 | (58,389) | $ 3,757,980 | $ 26,125 | 757,545 | 3,032,699 | (58,389) | 0 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Distributions to parent company, net | (49,828) | (49,828) | |||||||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Amortization of share-based compensation | 6,342 | 6,342 | |||||||||||||||||||||||||||||||
Issuance of share-based compensation shares (in shares) | 1,862,000 | ||||||||||||||||||||||||||||||||
Issuance of share-based compensation shares | 1 | $ 18 | (17) | ||||||||||||||||||||||||||||||
Tax benefit of equity transactions | (435) | (435) | |||||||||||||||||||||||||||||||
Net income (loss) | (1,155,739) | (1,104,341) | |||||||||||||||||||||||||||||||
Net loss | (1,155,739) | (1,155,739) | (1,104,341) | (1,104,341) | |||||||||||||||||||||||||||||
Other comprehensive income, net | (107) | (107) | (107) | (107) | |||||||||||||||||||||||||||||
Capital contribution by parent - share-based compensation | 7,352 | 7,352 | |||||||||||||||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 251,062,000 | 261,246,000 | |||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2020 | $ 2,509,034 | $ 2,510 | 812,983 | 1,752,037 | (58,496) | $ 2,611,056 | $ 26,125 | 764,897 | 1,878,530 | (58,496) | |||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 249,200,000 | 249,200,000 | 261,246,000 | 261,246,000 | |||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 3,658,972 | $ 2,492 | 807,093 | 2,907,776 | (58,389) | $ 3,757,980 | $ 26,125 | 757,545 | 3,032,699 | (58,389) | 0 | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Distributions to parent company, net | (76,245) | 0 | 0 | (76,245) | 0 | 0 | |||||||||||||||||||||||||||
Capital contribution by parent - share-based compensation | 9,169 | 0 | 9,169 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Amortization of share-based compensation | 8,159 | 8,159 | |||||||||||||||||||||||||||||||
Issuance of share-based compensation shares (in shares) | 1,884,000 | ||||||||||||||||||||||||||||||||
Issuance of share-based compensation shares | 0 | $ 19 | (19) | ||||||||||||||||||||||||||||||
Tax benefit of equity transactions | (437) | (437) | |||||||||||||||||||||||||||||||
Net income (loss) | (3,978,459) | (3,978,459) | (3,904,673) | 0 | 0 | (3,904,673) | 0 | 0 | |||||||||||||||||||||||||
Net loss | (3,978,459) | (3,904,673) | |||||||||||||||||||||||||||||||
Other comprehensive income, net | $ 377 | 377 | $ 377 | $ 0 | 0 | 0 | 377 | 0 | |||||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 251,084,000 | 251,084,000 | 261,246,000 | 261,246,000 | |||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | $ (311,388) | $ 2,511 | 814,796 | (1,070,683) | (58,012) | 0 | $ (213,392) | $ 26,125 | 766,714 | (948,219) | (58,012) | 0 | |||||||||||||||||||||
Beginning balance at Mar. 31, 2020 | (59,957) | ||||||||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Other comprehensive income, net | 29 | ||||||||||||||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 251,041,000 | 261,246,000 | |||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 2,556,970 | $ 2,510 | 811,483 | 1,802,905 | (59,928) | 2,700,304 | $ 26,125 | 763,397 | 1,970,710 | (59,928) | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Distributions to parent company, net | (13,978) | (13,978) | |||||||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Amortization of share-based compensation | 1,500 | 1,500 | |||||||||||||||||||||||||||||||
Issuance of share-based compensation shares (in shares) | 21,000 | ||||||||||||||||||||||||||||||||
Issuance of share-based compensation shares | 0 | $ 0 | |||||||||||||||||||||||||||||||
Net income (loss) | (50,868) | (78,202) | |||||||||||||||||||||||||||||||
Net loss | (50,868) | (50,868) | (78,202) | (78,202) | |||||||||||||||||||||||||||||
Other comprehensive income, net | 1,432 | 1,432 | 1,432 | 1,432 | |||||||||||||||||||||||||||||
Capital contribution by parent - share-based compensation | 1,500 | 1,500 | |||||||||||||||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 251,062,000 | 261,246,000 | |||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2020 | $ 2,509,034 | $ 2,510 | 812,983 | 1,752,037 | (58,496) | $ 2,611,056 | $ 26,125 | 764,897 | 1,878,530 | (58,496) | |||||||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 251,084,000 | 251,084,000 | 261,246,000 | 261,246,000 | |||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | $ (311,388) | $ 2,511 | 814,796 | (1,070,683) | (58,012) | $ 0 | $ (213,392) | $ 26,125 | 766,714 | (948,219) | (58,012) | $ 0 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Distributions to parent company, net | (26,503) | (26,503) | |||||||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Amortization of share-based compensation | 710 | 710 | |||||||||||||||||||||||||||||||
Issuance of share-based compensation shares (in shares) | 43,000 | ||||||||||||||||||||||||||||||||
Tax benefit of equity transactions | (1) | (1) | |||||||||||||||||||||||||||||||
Net income (loss) | 250,228 | 193,825 | |||||||||||||||||||||||||||||||
Net loss | 250,228 | 250,228 | 193,825 | 193,825 | |||||||||||||||||||||||||||||
Other comprehensive income, net | 108 | 108 | 108 | 108 | |||||||||||||||||||||||||||||
Issuance of Successor common stock and warrants (in shares) | 50,000,000 | ||||||||||||||||||||||||||||||||
Issuance of Successor common stock and warrants | 1,018,768 | $ 1 | 1,018,767 | ||||||||||||||||||||||||||||||
Cancellation of Predecessor equity (in shares) | (251,127,000) | ||||||||||||||||||||||||||||||||
Cancellation of Predecessor equity | 60,343 | $ (2,511) | (815,505) | 820,455 | 57,904 | 1,061,402 | 222,601 | 780,897 | 57,904 | ||||||||||||||||||||||||
Capital contribution by parent - share-based compensation | 710 | 710 | |||||||||||||||||||||||||||||||
Ending balance (in shares) at Feb. 05, 2021 | 50,000,000 | 261,246,000 | |||||||||||||||||||||||||||||||
Ending balance at Feb. 05, 2021 | 1,018,768 | $ 1 | 1,018,767 | 0 | 1,016,150 | $ 26,125 | 990,025 | ||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Other comprehensive income, net | 0 | ||||||||||||||||||||||||||||||||
Ending balance at Mar. 31, 2021 | 0 | ||||||||||||||||||||||||||||||||
Beginning balance (in shares) at Feb. 05, 2021 | 50,000,000 | 261,246,000 | |||||||||||||||||||||||||||||||
Beginning balance at Feb. 05, 2021 | 1,018,768 | $ 1 | 1,018,767 | 0 | 1,016,150 | $ 26,125 | 990,025 | ||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Distributions to parent company, net | (32,677) | (32,677) | |||||||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Amortization of share-based compensation | 11,312 | 11,312 | |||||||||||||||||||||||||||||||
Exchange of common stock for penny warrants (in shares) | (6,463,000) | ||||||||||||||||||||||||||||||||
Net income (loss) | (21,454) | (55,336) | |||||||||||||||||||||||||||||||
Net loss | (21,454) | (21,454) | (55,336) | (55,336) | |||||||||||||||||||||||||||||
Other comprehensive income, net | (267) | (267) | (267) | (267) | |||||||||||||||||||||||||||||
Exercise of common stock warrants (in shares) | 31,000 | ||||||||||||||||||||||||||||||||
Exercise of common stock warrants | 647 | 647 | |||||||||||||||||||||||||||||||
Issuance of common stock for Pacific Drilling merger (in shares) | 16,600,000 | ||||||||||||||||||||||||||||||||
Issuance of common stock for Pacific Drilling merger | $ 357,662 | 357,662 | |||||||||||||||||||||||||||||||
Capital contribution by parent - share-based compensation | 11,312 | 11,312 | |||||||||||||||||||||||||||||||
Capital contribution by parent - Pacific Drilling merger | $ 422,141 | 422,141 | |||||||||||||||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 60,168,000 | 60,168,000 | 261,246,000 | 261,246,000 | |||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2021 | $ 1,366,668 | $ 1 | 1,388,388 | (21,454) | (267) | $ 1,361,323 | $ 26,125 | 1,390,801 | (55,336) | (267) | |||||||||||||||||||||||
Beginning balance at Mar. 31, 2021 | 0 | ||||||||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Other comprehensive income, net | $ 168 | ||||||||||||||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 60,200,000 | 60,150,000 | 261,246,000 | ||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | $ 1,385,724 | $ 1 | 1,383,344 | 2,211 | 168 | 1,384,842 | $ 26,125 | 1,399,905 | (41,356) | 168 | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||
Distributions to parent company, net | (13,772) | (13,772) | |||||||||||||||||||||||||||||||
Employee related equity activity | |||||||||||||||||||||||||||||||||
Amortization of share-based compensation | 4,668 | 4,668 | |||||||||||||||||||||||||||||||
Net income (loss) | (23,665) | (13,980) | |||||||||||||||||||||||||||||||
Net loss | (23,665) | (23,665) | (13,980) | (13,980) | |||||||||||||||||||||||||||||
Other comprehensive income, net | (435) | (435) | (435) | (435) | |||||||||||||||||||||||||||||
Exercise of common stock warrants (in shares) | 18,000 | ||||||||||||||||||||||||||||||||
Exercise of common stock warrants | $ 376 | 376 | |||||||||||||||||||||||||||||||
Capital contribution by parent - share-based compensation | $ 4,668 | 4,668 | |||||||||||||||||||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 60,168,000 | 60,168,000 | 261,246,000 | 261,246,000 | |||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2021 | $ 1,366,668 | $ 1 | $ 1,388,388 | $ (21,454) | $ (267) | $ 1,361,323 | $ 26,125 | $ 1,390,801 | $ (55,336) | $ (267) | |||||||||||||||||||||||
[1] | Activity associated with dividend equivalents, which are related to 2016 performance awards to be paid upon vesting. |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Basis of Presentation | Note 1—Organization and Basis of Presentation Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability, collectively with its consolidated subsidiaries (“Noble” or “Successor”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of September jackups (including the four drilling rigs that are subject to an agreement to sell, see “Note 7— Property and Equipment”). We report our contract drilling operations as a single On July 31, 2020 (the “Petition Date”), our former parent company, Noble Holding Corporation plc (formerly known as Noble Corporation plc), a public limited company incorporated under the laws of England and Wales (“Legacy Noble” or the “Predecessor”), and certain of its subsidiaries, including Noble Finance Company (formerly known as Noble Corporation), a Cayman Islands company (“Finco”), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”). On September 4, 2020, the Debtors (as defined herein) filed with the Bankruptcy Court the Joint Plan of Reorganization of Noble Corporation plc and its Debtor Affiliates, Noble Corporation plc, et al No. 20-33826) Noble is the successor issuer to Legacy Noble for purposes of and pursuant to Rule 15d-5 . Upon emergence, the Company applied fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 – Reorganizations (“ASC 852”). The application of fresh start accounting resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. Accordingly, our financial statements and notes after the Effective Date are not comparable to our financial statements and notes on and prior to that date. See “Note 3— Reorganization and Fresh Start Accounting” for additional information. Finco was an indirect, wholly-owned subsidiary of Legacy Noble prior to the Effective Date and has been a direct, wholly-owned subsidiary of Noble since the Effective Date. Noble’s principal asset is all of the shares of Finco. Finco has no public equity outstanding. The consolidated financial statements of Noble include the accounts of Finco, and Noble conducts substantially all of its business through Finco and its subsidiaries. As such, the terms “Predecessor” and “Successor” also refers to Finco, as the context requires . The accompanying unaudited condensed consolidated financial statements of Noble and Finco have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. 10-K | Note 1— Organization and Significant Accounting Policies Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (“Noble” or “Successor”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of December 31, 2020, our fleet of 19 drilling rigs consisted of 7 floaters and 12 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. On July 31, 2020 (the “Petition Date”), our former parent company, Noble Holding Corporation plc (formerly known as Noble Corporation plc), a public limited company incorporated under the laws of England and Wales (“Legacy Noble” or the “Predecessor”), and certain of its subsidiaries, including Noble Finance Company (formerly known as Noble Corporation), a Cayman Islands company (“Finco”), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”). On September 4, 2020, the Debtors (as defined herein) filed with the Bankruptcy Court the Joint Plan of Reorganization of Noble Corporation plc and its Debtor Affiliates, Noble Corporation plc, No. 20-33826) Noble is the successor issuer to Legacy Noble for purposes of and pursuant to Rule 15d-5 Finco was an indirect, wholly-owned subsidiary of Legacy Noble prior to the Effective Date and has been a direct, wholly-owned subsidiary of Noble, our parent company, since the Effective Date. Noble’s principal asset is all of the shares of Finco. Finco has no public equity outstanding. The consolidated financial statements of Noble include the accounts of Finco, and Noble conducts substantially all of its business through Finco and its subsidiaries. Going Concern A prolonged offshore industry downturn which began in 2014 was further exacerbated throughout 2020 by a steep decline in crude oil demand and crude oil price instability. The severity and length of these industry challenges negatively impacted our liquidity position resulting in higher than previously anticipated free cash flow deficits, increased borrowings and reduced availability under our 2017 Credit Facility (as defined herein), and significantly reduced access to sources of new capital. We actively pursued a variety of transactions and cost-cutting measures during the first half of 2020, including, but not limited to, potential refinancing transactions by us or our subsidiaries, potential capital exchange transactions, and a potential waiver from lenders under, or amendment to, our 2017 Credit Facility. Legacy Noble performed the required assessments in conjunction with the filing of its Form 10-Q 10-K 10-K. Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Until December 3, 2019 our consolidated financial statements included the accounts of two joint ventures, in each of which we owned a 50 percent interest. On December 3, 2019, we acquired the remaining 50 percent interest not owned by us and as a result the two joint ventures became our wholly-owned subsidiaries. Our historical ownership interest in the joint ventures met the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we determined that we were the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. Restricted Cash We classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year. As of December 31, 2020 and 2019, our Noble restricted cash balance consisted of $21.7 million and $1.3 million, respectively. As of December 31, 2020 and 2019, our Finco restricted cash balance consisted of $1.7 million and $1.3 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.” As of December 31, 2019, our restricted cash balance was associated with our financing of the Noble Johnny Whitstine Noble Joe Knight Accounts Receivable We record accounts receivable at the amount we invoice our clients, net of allowance for credit losses. We provide an allowance for uncollectible accounts, as necessary. Our allowance for doubtful accounts as of December 31, 2020 and 2019 was $1.1 million and $1.9 million, respectively. Property and Equipment Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three two Interest is capitalized on long-term construction project using the weighted average cost of debt outstanding during the period of construction. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. As part of this analysis, we make assumptions and estimates regarding future market conditions. When circumstances indicate that the carrying value of the assets may not be recoverable, management compares the carrying value to the expected undiscounted pre-tax pre-tax fair value. An impairment loss is recognized to the extent that an asset’s carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. The expected future cash flows used for impairment assessment and related fair value measurements are typically based on judgmental assessments of, but were not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term, and considering all available information at the date of assessment. For more detailed information, see “Note 6— Loss on Impairment.” Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows: Level 1—Valuations based on quoted prices in active markets for identical assets; Level 2—Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3—Valuations based on unobservable inputs. Revenue Recognition The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services. Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract (“constrained revenue”). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed Dayrate Drilling Revenue. Mobilization/Demobilization Revenue. lump-sum pre-operating pre-operating In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. lump-sum Bonuses, Penalties and Other Variable Consideration. re-measure Capital Modification Revenue lump-sum Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses Deferred revenues from drilling contracts totaled $59.9 million and $65.1 million at December 31, 2020 and 2019, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $13.9 million at December 31, 2020 as compared to $30.8 million at December 31, 2019 and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. We record reimbursements from customers for “out-of-pocket” Income Taxes Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year-end. We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the United States, UK and any other jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes. Insurance Reserves We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2020 and 2019, loss reserves for personal injury and protection claims totaled $30.9 million and $27.9 million, respectively, and such amounts are included in “Other current liabilities” or “Liabilities subject to compromise” in the accompanying Consolidated Balance Sheets. Earnings per Share Our unvested share-based payment awards, which contain non-forfeitable two-class two-class two-class Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. Liability-Classified Awards The Company classified certain awards that will be settled in cash as liability awards. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are expensed or capitalized based on the nature of the employee’s activities over the vesting period of the award. Litigation Contingencies We are involved in legal proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements. We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgement is required to determine both the probability and the estimated amount. Foreign Currency Translation Although we are a Cayman Islands company, our functional currency is the US dollar, and we define any non-US non-US non-US Discontinued Operations On August 1, 2014, Legacy Noble completed the separation and spin-off “Spin-off”) Spin-off, Prior to the completion of the Spin-off, Spin-off Spin-off Spin-off. Spin-off, Certain Significant Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. Accounting Pronouncements Accounting Standards Adopted In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-14, 715-20, In June 2016, the FASB issued ASU No. 2016-13 available-for-sale Recently Issued Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, which amends ASC Topic 740, “Income Taxes” This update simplifies the accounting for income taxes by removing certain exceptions to general principles. The amendment is effective for fiscal years beginning after December 15, 2020 and is required to be adopted on a retrospective basis for all periods presented. We do not expect the adoption of this guidance to materially affect our consolidated financial statements. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our consolidated financial statements. |
Chapter 11 Emergence
Chapter 11 Emergence | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Reorganizations [Abstract] | ||
Chapter 11 Emergence | Note 2—Chapter 11 Emergence On the Petition Date, Legacy Noble and certain of its subsidiaries, including Finco, filed voluntary petitions in the Bankruptcy Court seeking relief under chapter 11 of the Bankruptcy Code. The Plan was confirmed by the Bankruptcy Court on November 20, 2020, and the Debtors emerged from the bankruptcy proceedings on the Effective Date. On the Effective Date, and pursuant to the terms of the Plan, the Company: • Appointed five new members to the Successor’s board of directors to replace all of the directors of the Predecessor, other than the director also serving as President and Chief Executive Officer, who was re-appointed • Terminated and cancelled all ordinary shares and equity-based awards of Legacy Noble that were outstanding immediately prior to the Effective Date; • Transferred approximately 31.7 million ordinary shares of Noble with a nominal value of $0.00001 per share (“Ordinary Shares”) to holders of Legacy Noble’s Senior Notes due 2026 (the “Guaranteed Notes”) in the cancellation of the Guaranteed Notes; • Transferred approximately 2.1 million Ordinary Shares, approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Tranche 1 Warrants”) with an exercise price of $19.27 and approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Tranche 2 Warrants”) with an exercise price of $23.13 to holders of Legacy Noble’s then outstanding senior notes (other than the Guaranteed Notes) (the “Legacy Notes”) in cancellation of the Legacy Notes; • Issued approximately 7.7 million Ordinary Shares and $216.0 million principal amount of our senior secured second lien notes (the “Second Lien Notes”) to participants in a rights offering (the “Rights Offering”) at an aggregate subscription price of $200.0 million; • Issued approximately 5.6 million Ordinary Shares to the backstop parties (the “Backstop Parties”) to a Backstop Commitment Agreement, dated October 12, 2020 (the “Backstop Commitment Agreement”), among the Debtors and the Backstop Parties as Holdback Securities (as defined in the Backstop Commitment Agreement); • Issued approximately 1.7 million Ordinary Shares to the Backstop Parties in respect of their backstop commitment to subscribe for Unsubscribed Securities (as defined in the Backstop Commitment Agreement); • Issued approximately 1.2 million Ordinary Shares to the Backstop Parties in connection with the payment of the Backstop Premiums (as defined in the Backstop Commitment Agreement); • Issued 2.8 million five-year warrants with no Black-Scholes protection (the “Tranche 3 Warrants”) with an exercise price of $124.40 to the holders of Legacy Noble’s ordinary shares outstanding prior to the Effective Date; • Entered into a senior secured revolving credit agreement (the “Revolving Credit Agreement”) that provides for a $675.0 million senior secured revolving credit facility (with a $67.5 million sublimit for the issuance of letters of credit thereunder) (the “Revolving Credit Facility”); • Entered into an indenture governing the Second Lien Notes; • Entered into a registration rights agreement with certain parties who received Ordinary Shares under the Plan (the “Equity Registration Rights Agreement”); and • Entered into a registration rights agreement with certain parties who received Second Lien Notes under the Plan. In addition, Noble entered into an exchange agreement with certain Backstop Parties which provided that, as soon as reasonably practicable after the Effective Date, the other parties to such agreement would deliver to the Company an aggregate of approximately 6.5 million Ordinary Shares issued pursuant to the Plan in exchange for the issuance of penny warrants to purchase up to approximately 6.5 million Ordinary Shares, with an exercise price of $0.01 per share (“Penny Warrants”). This exchange was completed in late February 2021. Management Incentive Plan Sources of Cash for Plan Distribution Reorganization Items, Net In accordance with ASC 852, any incremental expenses, gains and losses that are realized or incurred as of or subsequent to the Petition Date and before the Effective Date that are a direct result of the Chapter 11 Cases are recorded under “Reorganization items, net.” The following table summarizes the components of reorganization items included in our Condensed Consolidated Statements of Operations for the period January 1, 2021 through February 5, 2021: Predecessor Noble Finco Period From January 1, 2021 Period From January 1, 2021 Professional fees (1) $ (28,739 ) $ (8,095 ) Adjustments for estimated allowed litigation claims 77,300 — Write-off (4,406 ) (4,406 ) Gain on settlement of liabilities subject to compromise 2,556,147 2,556,147 Loss on fresh start adjustments (2,348,251 ) (2,348,251 ) Total Reorganization items, net $ 252,051 $ 195,395 (1) Payments of $44.2 million and $7.2 million related to professional fees have been presented as cash outflows from operating activities in our Condensed Consolidated Statements of Cash Flows for the period January 1, 2021 through February 5, 2021 for Noble and Finco, respectively. Liabilities Subject to Compromise From the Petition Date until the Effective Date, the Company operated as a debtor-in-possession pre-petition pre-petition pre-petition . | Note 2—Chapter 11 Proceedings Bankruptcy Petition and Emergence On the Petition Date, Legacy Noble and certain of its subsidiaries, including Finco, filed voluntary petitions in the Bankruptcy Court seeking relief under chapter 11 of the Bankruptcy Code. In September 2020, the Debtors filed the Plan and the Disclosure Statement with the Bankruptcy Court and six additional subsidiaries of Legacy Noble filed voluntary petitions in the Bankruptcy Court. During the proceedings, the Debtors operated their business as “debtors-in-possession” The filing of the Chapter 11 Cases constituted events of default that accelerated the Company’s obligations under the indentures governing its outstanding senior notes and under our 2017 Credit Facility. In addition, the unpaid principal and interest due under our then-outstanding senior notes and 2017 Credit Facility became immediately due and payable. As of December 31, 2020, the estimated claim amounts of our senior notes and the 2017 Credit Facility have been presented as “Liabilities subject to compromise” in our Consolidated Balance Sheet. However, any efforts to enforce such payment obligations with respect to such senior notes and 2017 Credit Facility were automatically stayed as a result of the filing of the Chapter 11 Cases, and the creditors’ rights of enforcement were subject to the applicable provisions of the Bankruptcy Code. As of December 31, 2020, we had an aggregate outstanding principal amount of approximately $3.4 billion in senior notes with stated maturities at various times from 2020 through 2045 and $545.0 million of borrowings outstanding under our 2017 Credit Facility. We elected not to make the semiannual interest payment due in respect of our Senior Notes due 2024 (the “2024 Notes”), which was due on July 15, 2020, and did not make any additional interest payments due on any senior notes through the Effective Date. As a result of the filing of the Chapter 11 Cases, Legacy Noble’s Board of Directors determined to cancel Legacy Noble’s share ownership policy applicable to the officers and directors, and the Company will consider an appropriate policy in due course. On the Petition Date, the Debtors entered into a Restructuring Support Agreement (together with all exhibits and schedules thereto, and as amended by the First Amendment thereto dated as of August 20, 2020, the “Restructuring Support Agreement”) with an ad hoc group of certain holders of approximately 70% of the aggregate outstanding principal amount of the outstanding Senior Notes due 2026 (the “Guaranteed Notes”) and an ad hoc group of certain holders of approximately 45% of the aggregate principal amount of our other then-outstanding senior notes, taken as a whole (the “Legacy Notes”). Legacy Noble entered into a Backstop Commitment Agreement (the “Backstop Commitment Agreement”) with the backstop parties thereto (the “Backstop Parties”) on October 12, 2020, pursuant to which the issuance of the senior secured second lien notes (the “Second Lien Notes”) as part of the rights offering contemplated by the Restructuring Support Agreement and the Plan (the “Rights Offering”) were fully backstopped by the Ad Hoc Guaranteed Group and the Ad Hoc Legacy Group (each as defined in the Restructuring Support Agreement). Participation in the Rights Offering was offered to the holders of the Guaranteed Notes and the Legacy Notes. The Restructuring Support Agreement, among other things, provides that the Consenting Creditors (as defined in the Restructuring Support Agreement) will support the Debtors’ restructuring efforts as set forth in, and subject to the terms and conditions of, the Restructuring Support Agreement. The Restructuring Support Agreement contains customary conditions, representations, and warranties of the parties and is subject to a number of conditions, including, among others, the accuracy of the representations and warranties of the parties and compliance with the obligations set forth in the Restructuring Support Agreement. The Restructuring Support Agreement also provides for termination by the parties upon the occurrence of certain events. On the Effective Date, and pursuant to the terms of the Plan, the Company: • Appointed five new members to the Successor’s board of directors to replace all of the directors of the Predecessor, other than the director also serving as President and Chief Executive Officer, who was re-appointed • Terminated and cancelled all common stock and equity-based awards of Legacy Noble that were outstanding immediately prior to the Effective Date; • Transferred approximately 31.7 million ordinary shares of Noble with a nominal value of $0.00001 per share (“New Shares”) to holders of the Guaranteed Notes in the cancellation of the Guaranteed Notes; • Transferred approximately 2.1 million New Shares, approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Tranche 1 Warrants”) with an exercise price of $19.27 and approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Tranche 2 Warrants”) with an exercise price of $23.13 to holders of the Legacy Notes in cancellation of the Legacy Notes; • Issued approximately 7.7 million New Shares and Second Lien Notes to participants in the Rights Offering at an aggregate subscription price of $200 million; • Issued approximately 5.6 million New Shares to the Backstop Parties as Holdback Securities (as defined in the Backstop Commitment Agreement); • Issued approximately 1.7 million New Shares to the Backstop Parties in respect of their backstop commitment to subscribe for Unsubscribed Securities (as defined in the Backstop Commitment Agreement); • Issued approximately 1.2 million New Shares to the Backstop Parties in connection with the payment of the Backstop Premiums (as defined in the Backstop Commitment Agreement); • Issued 2.8 million five-year warrants with no Black-Scholes protection (the “Tranche 3 Warrants”) with an exercise price of $124.40 to the holders of Legacy Noble’s ordinary shares outstanding prior to the Effective Date; • Entered into a senior secured revolving credit agreement (the “Exit Credit Agreement”) that provides for a $675.0 million senior secured revolving credit facility (with a $67.5 million sublimit for the issuance of letters of credit thereunder) (the “Exit Credit Facility”); • Entered into an exchange agreement with certain Backstop Parties which provided that, as soon as reasonably practicable after the Effective Date, the other parties to such agreement would deliver to the Company an aggregate of approximately 6.5 million New Shares issued pursuant to the Plan in exchange for the issuance of penny warrants to purchase up to approximately 6.5 million New Shares, with an exercise price of $0.01 per share (“Penny Warrants”) which were exchanged on a one-for-one • Entered into an indenture governing the Second Lien Notes; • Entered into a registration rights agreement with certain parties who received New Shares under the Plan; and • Entered into a registration rights agreement with certain parties who received Second Lien Notes under the Plan. Management Incentive Plan. Sources of Cash for Plan Distribution. Under ASC Topic 852, fresh start accounting is required upon emergence from Chapter 11 if (i) the value of the assets of the emerging entity immediately before the date of confirmation is less than the total of all post-petition liabilities and allowed claims; and (ii) holders of existing voting shares immediately before confirmation receive less than 50% of the voting shares of the emerging entity. The value of the assets of Legacy Noble immediately before the date of confirmation is expected to be less than the total of all postpetition liabilities and allowed claims. Additionally, the holders of the existing voting shares of Legacy Noble immediately before the date of confirmation held less than 50% of the voting shares of Noble. The same test was performed for Finco and yielded the same result. As such, Noble and Finco will adopt fresh start accounting as of the Effective Date. Adopting fresh start accounting results in a new reporting entity with no beginning retained earnings or accumulated deficit. In accordance with ASC Topic 852, with the application of fresh start accounting, the Company will be required to allocate its reorganization value to its individual assets based on their estimated fair values in conformity with ASC Topic 805, “Business Combinations.” The reorganization value represents the fair value of the Successor Company’s assets before considering liabilities. The Company is in the process of evaluating the potential impact of the fresh start accounting on its consolidated financial statements. We cannot currently estimate the financial effect of emergence from bankruptcy on our financial statements, although we expect to record material adjustments related to our Plan and the application of fresh start accounting as of the Effective Date. The Company’s financial advisor performed a valuation of the reorganized Company dated as of August 24, 2020. According to the valuation, which was included in the Disclosure Statement related to the Plan, the post-confirmation estimated enterprise value of the Company to be in a range between $1.1 billion and $1.6 billion. The following assumptions were made in the valuation of the projected amounts upon emergence; $430.0 million of debt under the Exit Financing Facility and the Second Lien Notes and cash on hand of $100.0 million. Executory Contracts Subject to certain exceptions, under the Bankruptcy Code, the Debtors may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition pre-petition 10-K, Claims Reconciliation The Debtors have filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of each Debtor, subject to the assumptions filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing. Certain holders of pre-petition The Debtors received approximately 1,200 proofs of claim as of March 5, 2021 for an amount of approximately $23.0 billion. Such amount includes duplicate claims across multiple Debtor legal entities. These claims are being reconciled to amounts recorded in the Debtors’ accounting records. Differences between amounts recorded by the Debtors and claims filed by creditors will be investigated and resolved, at the direction of the Debtors, including through proceedings before the Bankruptcy Court. In addition, the Debtors have been identifying claims that have been amended or superseded, are without merit, are overstated or should be adjusted or expunged for other reasons. As a result of this process, the Debtors may identify additional liabilities that will need to be recorded or reclassified to Liabilities subject to compromise. In light of the number of claims filed, the claims resolution process will continue after the Debtors emerge from bankruptcy. Pre-petition Pre-petition “Pre-petition Reorganization Items, Net In accordance with ASC Topic 852, any incremental expenses, gains and losses that are realized or incurred as of or subsequent to the Petition Date and as a direct result of the Chapter 11 Cases are recorded under “Reorganization items, net”. The following table summarizes the components of reorganization items included in our Consolidated Statements of Operations for the year ended December 31, 2020: Noble Finco December 31, 2020 December 31, 2020 Adjustments for estimated litigation claims (1) (57,000 ) 4,500 Write-off 45,469 45,469 Professional fees (1) 37,296 2,644 Revision of estimated claims (1,835 ) (1,835 ) Total Reorganization items, net $ 23,930 $ 50,778 (1) Payments of $25.6 million and $5.0 million related to professional fees and the first installment payment for the previously disclosed patent infringement settlement with Transocean Ltd. (“Transocean”) have been presented as cash outflows from operating activities in our Consolidated Statements of Cash Flows for the year ended December 31, 2020 for Noble and Finco, respectively. Liabilities Subject to Compromise Since the Petition Date, the Company operated as a debtor-in-possession pre-petition pre-petition pre-petition The following table summarizes the components of liabilities subject to compromise included on our Consolidated Balance Sheet as of December 31, 2020: Noble Finco December 31, 2020 December 31, 2020 4.900% Senior Notes due August 2020 $ 62,535 $ 62,535 4.625% Senior Notes due March 2021 79,936 79,936 3.950% Senior Notes due March 2022 21,213 21,213 7.750% Senior Notes due January 2024 397,025 397,025 7.950% Senior Notes due April 2025 450,000 450,000 7.875% Senior Notes due February 2026 750,000 750,000 6.200% Senior Notes due August 2040 393,596 393,596 6.050% Senior Notes due March 2041 395,002 395,002 5.250% Senior Notes due March 2042 483,619 483,619 8.950% Senior Notes due April 2045 400,000 400,000 2017 Credit Facility 545,000 545,000 Litigation 93,000 8,000 Accrued and unpaid interest 110,301 110,301 Accounts payable and other liabilities 37,447 37,359 Lease liabilities 20,969 20,969 Total consolidated liabilities subject to compromise $ 4,239,643 $ 4,154,555 Since the filing of the Chapter 11 Cases on the Petition Date, the Company ceased accruing interest on all debt. As a result, the Company did not record $112.9 million of contractual interest expense related to the Guaranteed Notes, Legacy Notes, and 2017 Credit Facility. |
Reorganization and Fresh Start
Reorganization and Fresh Start Accounting | 9 Months Ended |
Sep. 30, 2021 | |
Reorganizations [Abstract] | |
Reorganization and Fresh Start Accounting | Note 3—Reorganization and Fresh Start Accounting In connection with our emergence from bankruptcy and in accordance with ASC 852, Noble and Finco qualified for and applied fresh start accounting on the Effective Date. Noble and Finco were required to apply fresh start accounting because (i) the holders of existing Legacy Noble voting shares received less than 50 With the application of fresh start accounting, we allocated the reorganization value to our individual assets and liabilities (except for deferred income taxes) based on their estimated fair values in conformity with ASC Topic 805, Business Combinations. The amount of deferred taxes was determined in accordance with ASC Topic 740, Income Taxes and ASC 852. The Effective Date fair values of our assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets. As described in “Note 1—Organization and Basis of Presentation,” Noble and Finco are referred to as Successor, as the context requires, and includes the financial position and results of operations of the reorganized Noble and Finco subsequent to February 5, 2021. References to Predecessor relate to the financial position and results of operations of Legacy Noble and Finco prior to, and including, February 5, 2021. Reorganization Value and Valuation of Assets The reorganization value represents the fair value of the Successor’s and Finco’s total assets and was derived from the enterprise value, which represents the estimated fair value of an entity’s long-term debt and equity. As set forth in the Plan, the enterprise value of the reorganized Debtors was estimated to be in the range of $1.1 billion to $1.6 billion with a midpoint of $1.3 billion. The enterprise value range was determined by using a discounted cash flow analysis and a peer group trading analysis, excluding unrestricted cash at emergence. Based on the estimates and assumptions discussed above, we estimated the enterprise value to be the midpoint of the range of estimated enterprise value of $1.3 billion. The following table reconciles the enterprise value to the Successor equity as of the Effective Date: February 5, 2021 Enterprise Value $ 1,300,300 Plus: Cash and cash equivalents 111,968 Less: Fair value of debt (393,500 ) Fair Value of Successor Equi ty $ 1,018,768 The following table reconciles the enterprise value to the reorganization value as of the Effective Date: February 5, 2021 Enterprise Value $ 1,300,300 Plus: Cash and cash equivalents 111,968 Plus: Non-interest 185,410 Plus: Non-interest non-current 108,268 Reorganization value of Successor assets $ 1,705,946 With the assistance of financial advisors, we determined the enterprise and corresponding equity value of the Successor by calculating the present value of future cash flows based on our financial projections. The enterprise value and corresponding equity value are dependent upon achieving future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, the estimates, assumptions, valuations or financial projections may not be realized and actual results could vary materially. Valuation Process Under the application of fresh start accounting and with the assistance of valuation experts, we conducted an analysis of the Condensed Consolidated Balance Sheet to determine if any of the Company’s net assets would require a fair value adjustment as of the Effective Date. The results of our analysis indicated that our principal assets, which include mobile offshore drilling units, certain intangibles and debt issued at emergence would require a fair value adjustment on the Effective Date. The rest of the Company’s net assets were determined to have carrying values that approximated fair value on the Effective Date. Further details regarding the valuation process is described further below. Property, Plant and Equipment The valuation of the Company’s mobile offshore drilling units and other related tangible assets was determined by using a combination of (1) the discounted cash flows expected to be generated from our drilling assets over their remaining useful lives and (2) the cost to replace our drilling assets, as adjusted by the current market for similar offshore drilling assets. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, tax rates, discount rates, capital expenditures, market values, weighting of market values, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term. We included an allocation for corporate overhead when calculating the discounted cash flows expected to be generated from our drilling assets over their remaining useful lives. The cash flows were discounted at our weighted average cost of capital (“WACC”), which was derived from a blend of our after-tax The valuation of our remaining property and equipment, including owned real estate, construction in progress assets, and other equipment essential to our operations, was determined utilizing a combination of replacement cost and market valuation approaches. Specifically, the land was valued using a sales comparison method of the market approach, in which we utilized recent sales of comparable properties to estimate the fair value on a US Dollar per acre basis. The remaining property and equipment were valued using a cost approach, in which we estimated the replacement cost of the assets and applied adjustments for physical depreciation and obsolescence, where applicable, to arrive at a fair value. Intangible Assets At emergence, we held contracts for drilling services related to certain long-term contracts. Given the contract dayrates relative to market dayrates at the Effective Date, we determined the contracts represent favorable contract intangible assets. Based on a discounted cash flow analysis utilizing the dayrate differential between current market dayrates and the contract dayrates, and a risk-adjusted discount rate of 17%, we determined the aggregate fair value of our contracts for these certain contracts to be $113.4 million above the fair value of the contracts if they were priced at current market dayrates on the Effective Date. The dayrate differential on these contracts as compared to prior years was primarily driven by the combination of continued market oversupply of offshore drilling units, the volatility in oil and gas price and the unprecedented crude product consumption levels experienced in 2020. Debt The valuations of the Company’s Revolving Credit Facility and Second Lien Notes were based on relevant market data as of the Effective Date and the terms of each of the respective instruments. Considering the interest rates and implied yields for the Revolving Credit Facility and Second Lien Notes were within a range of comparable market yields (with considerations for term and seniority), fair value adjustments were recorded relating to each of the instruments. Successor Warrants On the Effective Date, the Company issued Tranche 1 Warrants and Tranche 2 Warrants to certain former bondholders as part of the settlement of their pre-petition Condensed Consolidated Balance Sheet at Emergence The adjustments set forth in the following Condensed Consolidated Balance Sheet as of February 5, 2021 reflect the consummation of the transactions contemplated by the Plan and carried out by the Company (“Reorganization Adjustments”) and the fair value adjustments as a result of the application of fresh start accounting (“Fresh Start Adjustments”). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine fair values and significant assumptions or inputs. The following table reflects the reorganization and application of ASC 852 on our condensed consolidated balance sheet as of February 5, 2021: Predecessor Reorganization Fresh Start Successor ASSETS Current assets Cash and cash equivalents $ 317,962 $ (205,994 )(a) $ — $ 111,968 Accounts receivable, net 189,207 — — 189,207 Taxes receivable 32,556 — — 32,556 Prepaid expenses and other current assets 63,056 (20,302 )(b) (10,073 )(m) 32,681 Total current assets 602,781 (226,296 ) (10,073 ) 366,412 Intangible assets — — 113,389 (n) 113,389 Property and equipment, at cost 4,787,661 — (3,631,936 )(o) 1,155,725 Accumulated depreciation (1,221,033 ) — 1,221,033 (o) — Property and equipment, net 3,566,628 — (2,410,903 ) 1,155,725 Other assets 69,940 10,983 (c) (10,503 )(m) 70,420 Total assets $ 4,239,349 $ (215,313 ) $ (2,318,090 ) $ 1,705,946 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 89,215 $ (7,266 )(d) $ — $ 81,949 Accrued payroll and related costs 35,615 — — 35,615 Taxes payable 34,211 — — 34,211 Other current liabilities 64,943 21,305 (e) (52,613 )(m) 33,635 Total current liabilities 223,984 14,039 (52,613 ) 185,410 Long-term debt — 352,054 (f) 41,446 (p) 393,500 Deferred income taxes 9,303 (17,328 )(g) 29,550 (q) 21,525 Other liabilities 108,489 4,659 (h) (26,405 )(m) 86,743 Liabilities subject to compromise 4,143,812 (4,143,812 )(i) — — Total liabilities 4,485,588 (3,790,388 ) (8,022 ) 687,178 Shareholders’ equity Common stock (Predecessor) 2,511 (2,511 )(j) — — Common stock (Successor) — 1 (k) — 1 Additional paid-in 815,505 (815,505 )(j) — — Additional paid-in — 1,018,767 (k) — 1,018,767 Accumulated deficit (1,006,351 ) 3,374,323 (l) (2,367,972 )(r) — Accumulated other comprehensive loss (57,904 ) — 57,904 (s) — Total shareholders’ equity (246,239 ) 3,575,075 (2,310,068 ) 1,018,768 Total liabilities and equity $ 4,239,349 $ (215,313 ) $ (2,318,090 ) $ 1,705,946 Reorganization Adjustments (a) Represents the reorganization adjustment to cash and cash equivalents: Proceeds from Rights Offering $ 200,000 Proceeds from the Revolving Credit Facility, net of issuance costs 167,361 Transfer of cash from restricted cash 300 Payment of professional service fees (23,261 ) Payment of the pre-petition (550,019 ) Deconsolidation of NHUK (300 ) Payment of recurring debt fees (75 ) Change in cash and cash equivalents $ (205,994 ) (b) Represents the reorganization adjustment for the following: Payment of professional service fees from escrow $ (12,380 ) Payment of Paragon litigation settlement form escrow (7,700 ) Transfer of restricted cash to cash (300 ) Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence 78 Change in prepaid expenses and other current assets $ (20,302 ) (c) Adjustments to other assets relates to capitalization of long-term debt issuance costs related to the Revolving Credit Facility of $11.1 million and the impact of reorganization adjustments on deferred tax assets of $(0.1) million. (d) Adjustments to accounts payable related to the payment of professional fees $(15.2) million and the reinstatement of trade payables from liabilities subject to compromise of $8.0 million. (e) Adjustment of $21.3 million to other current liabilities related to the reinstatement of liabilities subject to compromise. (f) Represents $352.1 million of outstanding borrowings, net of financing costs, under the Second Lien Notes and Revolving Credit Facility. (g) Represents the write-off (h) Represents cancellation of $(0.1) million cash-based compensation plans and the reinstatement of $4.7 million right-of-use (i) Liabilities subject to compromise settled or reinstated in accordance with the Plan and the resulting gain were determined as follows: 4.900% senior notes due Aug. 2020 $ 62,535 4.625% senior notes due Mar. 2021 79,937 3.950% senior notes due Mar. 2022 21,213 7.750% senior notes due Jan. 2024 397,025 7.950% senior notes due Apr. 2025 450,000 7.875% senior notes due Feb. 2026 750,000 6.200% senior notes due Aug. 2040 393,597 6.050% senior notes due Mar. 2041 395,000 5.250% senior notes due Mar. 2042 483,619 8.950% senior notes due Apr. 2045 400,000 5.958% revolving credit facility maturing Jan. 2023 545,000 Accrued and unpaid interest 110,300 Protection and indemnity insurance liabilities 25,669 Accounts payable and other payables 8,163 Estimated loss on litigation 15,700 Lease liabilities 6,054 Total consolidated liabilities subject to compromise 4,143,812 Issuance of Successor common stock (854,909 ) Issuance of Successor warrants to certain Predecessor creditors (141,029 ) Payment of the pre-petition (550,020 ) Payment of Paragon litigation settlement from escrow (7,700 ) Reinstatement of Transocean litigation liability (8,000 ) Reinstatement of protection and indemnity insurance liabilities (11,791 ) Reinstatement of trade payables and right-of-use (14,216 ) Gain on settlement of liabilities subject to compromise $ 2,556,147 (j) Represents the cancellation of the Predecessor’s common stock of $(2.5) million and Additional paid-in (k) Represents the reorganization adjustments to common stock and additional paid in capital: Par value of 50 million shares of new common stock issued $ 1 Capital in excess of par value of 50 million issued and authorized shares of new common stock issued 875,931 Fair value of new warrants issued 142,836 Total Successor equity issued on the Effective Date $ 1,018,768 (l) Represents the reorganization adjustments to accumulated deficit: Gain on settlement of liabilities subject to compromise $ 2,556,147 Professional fees and success fees (15,017 ) Write-off (4,406 ) Reorganization items, net 2,536,724 Cancellation of Predecessor common stock and additional paid-in 820,299 Cancellation of Predecessor cash and equity compensation plans 2,183 Issuance of Successor warrants to Predecessor equity holders (1,807 ) Deconsolidation of NHUK (222 ) Recognition of recurring debt fees (75 ) Tax impacts of reorganization 17,221 Net impact to Accumulated Deficit $ 3,374,323 Fresh Start Adjustment s (m) Reflects adjustments to capitalized deferred costs, deferred revenue and pension balances due to the application of fresh start accounting as follows: Prepaid expenses and Other assets Other current liabilities Other liabilities Deferred contract assets and revenues $ (10,073 ) $ (2,616 ) $ (52,616 ) $ (20,320 ) Write-off — (6,238 ) — — Pension assets and obligations — (1,010 ) 3 (6,085 ) Fair value adjustments to other assets — (639 ) — — $ (10,073 ) $ (10,503 ) $ (52,613 ) $ (26,405 ) (n) Reflects the fair value adjustment of $113.4 million to record an intangible asset for favorable contracts with customers. (o) Reflects the fair value adjustment of $2.4 billion to property and equipment of the Predecessor. The following table presents a comparison of the historical and new fair values upon emergence: Historical Value Fair Value Drilling equipment and facilities $ 4,355,384 $ 1,070,931 Construction in progress 231,626 75,159 Other 200,651 9,635 Less: accumulated depreciation (1,221,033 ) — Property and equipment, at cost $ 3,566,628 $ 1,155,725 (p) Reflects a fair value adjustment of $41.4 million to the carrying value of the Second Lien Notes due to application of fresh start accounting. (q) New deferred tax balances of $29.6 million were established for favorable contracts with customers due to application of fresh start accounting. (r) The following table summarizes the cumulative impact of the fresh start adjustments, as discussed above, the elimination of the Predecessor’s accumulated other comprehensive loss, and the adjustments required to eliminate accumulated deficit: Fair value adjustment to Prepaid and other current assets $ (10,073 ) Fair value adjustment to Intangible assets 113,389 Fair value adjustment to Property and equipment, net (2,410,903 ) Fair value adjustment to Other assets (10,503 ) Fair value adjustment to Other current liabilities 52,613 Fair value adjustment to Long-term debt (41,446 ) Fair value adjustment to Deferred income taxes (9,829 ) Fair value adjustment to Other liabilities 26,405 Derecognition of Predecessor Accumulated other comprehensive loss (57,904 ) Total fresh start adjustments included in Reorganization items, net (2,348,251 ) Tax impact of fresh start adjustments (19,721 ) Net change in accumulated deficit $ (2,367,972 ) (s) Reflects $57.9 million for the derecognition of Predecessor Accumulated other comprehensive loss through Reorganization items, net. |
Consolidated Joint Ventures
Consolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Consolidated Joint Ventures | Note 3—Consolidated Joint Ventures On December 3, 2019, we completed a transaction with a subsidiary of Royal Dutch Shell plc (“Shell”), in which Shell bought out the remaining term of its drilling contract for the drillship Noble Bully II Prior to this transaction, we maintained a 50 percent interest in the two joint ventures, each with Shell, that owned and operated the two Bully-class drillships. We had determined that we were the primary beneficiary of the joint ventures. Accordingly, we consolidated the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interests were presented as noncontrolling interests on our Consolidated Balance Sheets. During the years ended December 31, 2019 and 2018, the Bully joint ventures approved and paid dividends totaling $50.2 million and $55.2 million, respectively. Of these amounts, 50 percent was paid to our former joint venture partner, Shell. During the year ended December 31, 2019, we recognized a $595.5 million impairment charge on the Noble Bully II December 31, 2018, we recognized a $550.3 million impairment on the Noble Bully I, |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Note 4—Acquisitions On April 15, 2021, Noble purchased Pacific Drilling Company LLC (“Pacific Drilling”), an international offshore drilling contractor, in an all-stock the right to receive 1.553 Ordinary Shares. As part of the transaction, Pacific Drilling’s equity holders received 16.6 million Ordinary Shares, or approximately 24.9% of the outstanding Ordinary Shares and Penny Warrants at closing. The results of Pacific Drilling’s operations are included in the Company’s results of operations effective April 15, 2021. In connection with this acquisition, the Company acquired seven floaters and subsequently sold two floaters in June 2021 for net proceeds of $29.7 million. In connection with this acquisition, the Company incurred $13.8 million and $5.0 million of acquisition related costs during the period from February 6 through September 30, 2021 and the three months ended September 30, 2021, respectively. Purchase Price Allocation The transaction has been accounted for using the acquisition method of accounting under ASC Topic 805, Business Combinations, with Noble being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of Pacific Drilling and its subsidiaries have been recorded at their respective fair values as of the date of completion of the Pacific Drilling Merger and added to Noble’s. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date of the Pacific Drilling Merger. Determining the fair values of the assets and liabilities of Pacific Drilling and the consideration paid requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of Pacific Drilling’s mobile offshore drilling units and other related tangible assets and the fair value of the Ordinary Shares issued by Noble. The valuation of the Pacific Drilling’s mobile offshore drilling units was determined by using a combination of (1) the discounted cash flows expected to be generated from the drilling assets over their remaining useful lives and (2) the cost to replace the drilling assets, as adjusted by the current market for similar offshore drilling assets. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, tax rates, discount rates, capital expenditures, market values, weighting of market values, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term. We included an allocation for corporate overhead when calculating the discounted cash flows expected to be generated from our drilling assets over their remaining useful lives. The cash flows were discounted at our weighted average cost of capital (“WACC”), which was derived from a blend of our after-tax . As Noble was not yet trading on the New York Stock Exchange at the time of the Pacific Drilling Merger, the valuation of our Ordinary Shares issued by Noble as consideration required an analysis of the discounted cash flows expected to be generated by the drilling assets of the combined entity. These discounted cash flows were derived utilizing many of the same types of assumptions as were used in the valuation of the Noble drilling assets at emergence as well the Pacific Drilling assets. In addition, the discounted cash flows of the combined entity considered annual cost saving synergies from the operation of the Noble and Pacific Drilling assets as a single fleet, and were accordingly discounted at a market participant WACC for the combined entity. Lastly, the valuation of the Ordinary Shares considered the fair value of debt, warrants and the management incentive plan of the combined entity to arrive at the fair value of common equity. The inputs and assumptions related to the value of Noble’s Ordinary Shares are also categorized as Level 3 in the fair value hierarchy . The Pacific Drilling Merger resulted in a gain on bargain purchase due to the estimated fair value of the identifiable net assets acquired exceeding the purchase consideration transferred by $64.5 million and is shown as a gain on bargain purchase on Noble’s consolidated statement of operations. Management reviewed the Pacific Drilling assets acquired and liabilities assumed as well as the assumptions utilized in estimating their fair values. Upon completion of our assessment, the Company concluded that recording a gain on bargain purchase was appropriate and required under US GAAP. The bargain purchase was a result of a combination of factors, including a prolonged downturn in the drilling industry which led to challenging fundamentals for many competitors in the offshore drilling sector. The Company believes the seller was motivated to complete the transaction as the emerging market dynamics do not appear to be favorable to smaller rig fleets which operate across multiple regions. The following table represents the preliminary allocation of the total purchase price of Pacific Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date . Consideration: Pacific Drilling membership interests outstanding 2,500 Exchange Ratio 6.366 15,915 Pacific Drilling warrants outstanding 441 Exchange Ratio 1.553 685 Noble Ordinary Shares issued 16,600 Fair value of Noble Ordinary Shares on April 15, 2021 $ 21.55 Total consideration $ 357,662 Assets acquired: Cash and cash equivalents $ 54,970 Accounts receivable 17,457 Taxes receivable 1,585 Prepaid expenses and other current assets 14,081 Total current assets 88,093 Property and equipment, net 346,167 Assets held for sale 30,063 Other assets 2,631 Total assets acquired 466,954 Liabilities assumed: Accounts payable 18,603 Other current liabilities 2,900 Accrued payroll and related costs 16,128 Taxes payable 1,951 Total current liabilities 39,582 Deferred income taxes 798 Other liabilities 4,433 Total liabilities assumed 44,813 Net assets acquired $ 422,141 Gain on bargain purchase 64,479 Purchase price consideration $ 357,662 Pacific Drilling Revenue and Net Income The following table represents Pacific Drilling’s revenue and earnings included in Noble’s consolidated statement of operations subsequent to the closing of the Pacific Drilling Merger. Successor Three Months Period From Revenue $ 35,682 $ 65,629 Net loss $ (12,533 ) $ (28,865 ) Pro Forma Financial Information The following unaudited pro forma summary presents the results of operations as if the Pacific Drilling Merger had occurred on February 6, 2021. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. Successor Three Months Period From Revenue $ 250,371 $ 584,821 Net loss $ (23,665 ) $ (53,470 ) Net loss per share Basic $ (0.36 ) $ (0.80 ) Diluted $ (0.36 ) $ (0.80 ) The pro forma results include, among others, (i) a reduction in Pacific Drilling’s historically reported depreciation expense for adjustments to property and equipment and (ii) an adjustment to reflect the gain on bargain purchase as if the Pacific Drilling Merger had occurred on February 6, 2021. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements | Note 5—Accounting Pronouncements Accounting Standards Adopted In December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, We adopted ASU No. 2019-12, Recently Issued Accounting Standards In October 2021, the FASB issued ASU No. 2021-08, |
Income (Loss) Per Share
Income (Loss) Per Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Income (Loss) Per Share | Note 6—Income (Loss) Per Share The following table presents the computation of basic and diluted loss per share for Noble: Successor Predecessor Three Months Period From Period From Three Months Nine Months Numerator: Basic Net income (loss) from continuing operations $ (23,665 ) $ (21,454 ) $ 250,228 $ (50,868 ) $ (1,155,739 ) Net loss from discontinued operations, net of tax — — — — — Net income (loss) $ (23,665 ) $ (21,454 ) $ 250,228 $ (50,868 ) $ (1,155,739 ) Diluted Net income (loss) $ (23,665 ) $ (21,454 ) $ 250,228 $ (50,868 ) $ (1,155,739 ) Denominator: Weighted average shares outstanding - basic 66,623 61,847 251,115 251,058 250,696 Dilutive effect of share-based awards — — 5,456 — — Weighted average shares outstanding - diluted 66,623 61,847 256,571 251,058 250,696 Per share data Basic: Net income (loss) $ (0.36 ) $ (0.35 ) $ 1.00 $ (0.20 ) $ (4.61 ) Diluted: Net income (loss) $ (0.36 ) $ (0.35 ) $ 0.98 $ (0.20 ) $ (4.61 ) Only those items having a dilutive impact on our basic loss per share are included in diluted loss per share. The following table displays the share-based instruments that have been excluded from diluted income or loss per share since the effect would have been anti-dilutive: Successor Predecessor Three Months Period From Period From Three Months Ended Nine Months Ended Share-based awards 3,124 3,124 556 6,431 6,431 Warrants (1) 19,412 19,412 — — — (1) Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the treasury stock method, adjusted for mandatory exercise provisions under the warrant agreements if applicable. Share capital Successor Share capital On the Effective Date, pursuant to the Plan, Noble issued 50 million Ordinary Shares. Subsequent to the Effective Date, approximately 6.5 million Ordinary Shares were exchanged for Penny Warrants to purchase up to approximately 6.5 million Ordinary shares, with an exercise price of $0.01 per share. Ordinary Shares issuable upon the exercise of Penny Warrants were included in the number of outstanding shares used for the computation of basic net loss per share prior to the exercise of those warrants. As of Se ptember . Predecessor Share capital As discussed in “Note 2—Chapter 11 Emergence,” on the Effective Date and pursuant to the terms of the Plan, all of the Predecessor’s ordinary shares were cancelled. In accordance with the Plan, all agreements, instruments and other documents evidencing, relating to or otherwise connected with any of Legacy Noble’s equity interests outstanding prior to the Effective Date, including all equity-based awards, were cancelled and all such equity interests have no further force or effect after the Effective Date. Pursuant to the Plan, the holders of Legacy Noble’s ordinary shares outstanding prior to the Effective Date received their pro rata share of the Tranche 3 Warrants to acquire Ordinary Shares. | Note 4—Loss Per Share The following table presents the computation of basic and diluted loss per share for Legacy Noble: Year Ended December 31, 2020 2019 2018 Numerator: Basic Net loss from continuing operations $ (3,978,459 ) $ (696,769 ) $ (885,050 ) Net loss from discontinued operations, net of tax — (3,821 ) — Net loss attributable to Noble Corporation $ (3,978,459 ) $ (700,590 ) $ (885,050 ) Diluted Net loss from continuing operations $ (3,978,459 ) $ (696,769 ) $ (885,050 ) Net loss from discontinued operations, net of tax — (3,821 ) — Net loss attributable to Noble Corporation $ (3,978,459 ) $ (700,590 ) $ (885,050 ) Denominator: Weighted average shares outstanding—basic 250,792 248,949 246,614 Weighted average shares outstanding—diluted 250,792 248,949 246,614 Loss per share Basic: Loss from continuing operations $ (15.86 ) $ (2.79 ) $ (3.59 ) Loss from discontinued operations — (0.02 ) — Net loss attributable to Noble Corporation $ (15.86 ) $ (2.81 ) $ (3.59 ) Diluted: Loss from continuing operations $ (15.86 ) $ (2.79 ) $ (3.59 ) Loss from discontinued operations — (0.02 ) — Net loss attributable to Noble Corporation $ (15.86 ) $ (2.81 ) $ (3.59 ) Dividends per share $ — $ — $ — Only those items having a dilutive impact on our basic loss per share are included in diluted loss per share. For the years ended December 31, 2020, 2019 and 2018, 6.1 million, 11.9 million and 12.5 million share-based awards, respectively, were excluded from the diluted loss per share since the effect would have been anti-dilutive. On the Effective Date, all issued and outstanding shares of common stock, including all share-based awards, were cancelled and extinguished. See “Note 2—Chapter 11 Proceedings” for additional information. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Property Plant and Equipment | Note 7—Property and Equipment Property and equipment, at cost consisted of the following: Successor Predecessor September 30, December 31, Drilling equipment and facilities $ 1,396,570 $ 4,476,960 Construction in progress 110,972 99,812 Other 11,121 200,925 Property and equipment, at cost $ 1,518,663 $ 4,777,697 During the period from February 6 through September 30, 2021 and the period from January 1 through February 5, 2021, we recognized no impairment charges to our long-lived assets. During the nine months ended September 30, 2020, we recognized a non-cash In preparation for Hurricane Ida in the US Gulf of Mexico, the Noble Globetrotter II Noble Globetrotter II Noble Globetrotter II On August 25, 2021, the Company and certain subsidiaries of the Company entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) to sell the jackup rigs operated by the Company in Saudi Arabia to ADES International Holding Limited (“ADES”) for a purchase price of $292.4 million in cash. Pursuant to the terms of the Purchase and Sale Agreement, the jackups, Noble Roger Lewis Noble Scott Marks Noble Joe Knight Noble Johnny Whitstine The net income before income taxes for the four rigs classified as held for sale was: Successor Predecessor Three Months Period From Period From Three Months Ended Nine Months Ended Net income before income taxes (1) $ 9,768 $ 15,176 $ 3,128 $ 741 $ 20,061 (1) Excludes Reorganization items, net The Purchase and Sale Agreement also included certain covenants that the Company has agreed to not carry on or be engaged in the operation of jackup drilling rigs in the territorial waters of the Kingdom of Saudi Arabia in the Arabian Gulf for a term after the closing date of (i) one year for purposes of drilling gas wells and (ii) two years for the purposes of drilling oil wells. | Note 5—Property and Equipment Property and equipment, at cost, for Noble consisted of the following: Year Ended December 31, 2020 2019 Drilling equipment and facilities $ 4,476,960 $ 10,014,314 Construction in progress 99,812 88,904 Other 200,925 203,407 Property and equipment, at cost $ 4,777,697 $ 10,306,625 Capital expenditures, including capitalized interest, totaled $148.2 million, $306.4 million and $281.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. During the years ended December 31, 2020, 2019 and 2018, capitalized interest was zero, $9.6 million and $2.9 million, respectively. On February 28, 2019, we purchased a new GustoMSC CJ46 rig, the Noble Joe Knight, During the years ended December 31, 2020, 2019 and 2018, we recognized a non-cash For the year ended December 31, 2020, we sold six rigs, which had a net book value of $17.1 million for total proceeds of $26.7 million, resulting in a gain of $8.9 million. |
Loss on Impairment
Loss on Impairment | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Asset Impairment Charges [Abstract] | ||
Loss on Impairment | Note 11—Loss on Impairment Asset Impairments We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. During the period from February 6 through September . In connection with the preparation of our financial statements for the first quarter of 2020, we conducted a review of our fleet to determine recoverability and recognized approximately $1.1 billion in impairment charges for four floaters, and $5.5 million of While we have experienced favorable trends in 2021, the global economic turmoil that began in 2020 continues to evolve and its duration and ultimate disruption to our customers’ and our business cannot be estimated at this time. The worldwide supply of rigs still exceeds current demand from customers in both the floater and jackup markets. If we experience prolonged unfavorable changes to current market conditions, reactivation costs or dayrates or if we are unable to secure new or extended contracts for our active rigs at favorable rates, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term, resulting in the need to write down the affected assets to their corresponding estimated fair values. | Note 6—Loss on Impairment Asset Impairments As discussed in “Note 1—Organization and Significant Accounting Policies,” during the first quarter of 2020, the pandemic and OPEC+ production level disagreements resulted in an unprecedented steep decline in the demand for oil and a substantial surplus of oil. We considered these events to be an impairment indicator and based on our assumptions and analysis, we impaired the carrying value of four floaters. For our impaired units, the carrying values were written down to scrap value and subsequently sold in late 2020. During the fourth quarter of 2020, the combination of the growing commitments by many of our customers to a transition to cleaner energy options, and the prolonged impacts of the pandemic, the continued oversupply of offshore drilling units placed further downward pressure on global oil demand and on our industry, potentially lengthening what was already expected to be a slow recovery. We considered these events to be an impairment indicator and based on our assumptions and analysis, we impaired the carrying value of three floaters and nine jackups. We estimated the fair values of these units using a weighting between an income valuation approach and a market approach, utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, market values, weighting of market values, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term. During the quarters ended March 31, 2020 and December 31, 2020, we recognized non-cash Based upon our impairment analysis, we impaired the carrying values to their corresponding estimated fair values for two floaters , Noble Bully II Based upon our impairment analysis, we impaired the carrying values to their corresponding estimated fair values for three floaters , Noble Bully I, |
Debt
Debt | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Debt | Note 8—Debt Post-emergence Debt Senior Secured Revolving Credit Facility On the Effective Date, Finco and Noble International Finance Company (“NIFCO”) entered into the Revolving Credit Agreement providing for the $675.0 million Revolving Credit Facility and canceled all debt that existed immediately prior to the Effective Date. The Revolving Credit Facility matures on July 31, 2025. Subject to the satisfaction of certain conditions, Finco may from time to time designate one or more of Finco’s other wholly-owned subsidiaries as additional borrowers under the Revolving Credit Agreement (collectively with Finco and NIFCO, the “Borrowers”). As of the Effective Dat e, $177.5 million of loans were outstanding, and $8.8 million of letters of credit were issued, under the Revolving Credit Facility. As of September All obligations of the Borrowers under the Revolving Credit Agreement, certain cash management obligations and certain swap obligations are unconditionally guaranteed, on a joint and several basis, by Finco and certain of its direct and indirect subsidiaries (collectively with the Borrowers, the “Credit Parties”), including a guarantee by each Borrower of the obligations of each other Borrower under the Revolving Credit Agreement. All such obligations, including the guarantees of the Revolving Credit Facility, are secured by senior priority liens on substantially all assets of, and the equity interests in, each Credit Party, subject to certain exceptions and limitations described in the Revolving Credit Agreement. Neither Pacific Drilling nor any of its subsidiaries is a subsidiary guarantor of the Revolving Credit Facility, and none of their assets secure the Revolving Credit Facility. The loans outstanding under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable margin plus, at Finco’s option, either: (i) the reserve-adjusted LIBOR or (ii) a base rate, determined as the greatest of (x) the prime loan rate as published in the Wall Street Journal, (y) the federal funds effective rate plus 1 2 one-month The Borrowers are required to pay customary quarterly commitment fees and letter of credit and fronting fees. Availability of borrowings under the Revolving Credit Agreement is subject to the satisfaction of certain conditions, including restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, (i) the aggregate amount of Available Cash (as defined in the Revolving Credit Agreement) would exceed $100.0 million, (ii) the Consolidated First Lien Net Leverage Ratio (as defined in the Revolving Credit Agreement) would be greater than 5.50 to 1.00 and the aggregate principal amount outstanding under the Revolving Credit Facility would exceed $610.0 million, or (iii) the Asset Coverage Ratio (as described below) would be less than 2.00 to 1.00. Mandatory prepayments and, under certain circumstances, commitment reductions are required under the Revolving Credit Facility in connection with (i) certain asset sales, asset swaps and events of loss (subject to reinvestment rights if no event of default exists) and (ii) certain debt issuances. Available Cash in excess of $150.0 million is also required to be applied periodically to prepay loans (without a commitment reduction). The loans under the Revolving Credit Facility may be voluntarily prepaid, and the commitments thereunder voluntarily terminated or reduced, by the Borrowers at any time without premium or penalty, other than customary breakage costs. The Revolving Credit Agreement obligates Finco and its restricted subsidiaries to comply with the following financial maintenance covenants: • as of the last day of each fiscal quarter in 2021, Adjusted EBITDA (as defined in the Revolving Credit Agreement) is not permitted to be lower than $25.0 million for the four fiscal quarter periods ending on each of September 30, 2021 and December 31, 2021; • as of the last day of each fiscal quarter ending on or after March 31, 2022, the ratio of Adjusted EBITDA to Cash Interest Expense (as defined in the Revolving Credit Agreement) is not permitted to be less than (i) 2.00 to 1.00 for each four fiscal quarter period ending on or after March 31, 2022 until June 30, 2024, and (ii) 2.25 to 1.00 for each four fiscal quarter period ending thereafter; and • for each fiscal quarter ending on or after June 30, 2021, the ratio of (x) Asset Coverage Aggregate Rig Value (as defined in the Revolving Credit Agreement) to (y) the aggregate principal amount of loans and letters of credit outstanding under the Revolving Credit Facility (the “Asset Coverage Ratio”) as of the last day of any such fiscal quarter is not permitted to be less than 2.00 to 1.00. The Revolving Credit Facility contains affirmative and negative covenants, representations and warranties and events of default that the Company considers customary for facilities of this type. Second Lien Notes Indenture On the Effective Date, pursuant to the Backstop Commitment Agreement and in accordance with the Plan, Noble and Finco consummated the Rights Offering of Second Lien Notes and associated Ordinary Shares at an aggregate subscription price of $200.0 million. An aggregate principal amount of $216.0 million of Second Lien Notes was issued in the Rights Offering, which includes the aggregate subscription price of $200.0 million plus a backstop fee of $16.0 million which was paid in kind. The Second Lien Notes mature on February 15, 2028. The Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured second-priority basis, by the direct and indirect subsidiaries of Finco that are Credit Parties under the Revolving Credit Facility. Neither Pacific Drilling nor any of its subsidiaries is a subsidiary guarantor of the Second Lien Notes, and none of their assets secure the Second Lien Notes. The Second Lien Notes and such guarantees are secured by senior priority liens on the assets subject to liens securing the Revolving Credit Facility, including the equity interests in Finco and each guarantor of the Second Lien Notes, all of the rigs owned by the Company as of the Effective Date or acquired thereafter, certain assets related thereto, and substantially all other assets of Finco and such guarantors, in each case, subject to certain exceptions and limitations. Such collateral does not include any assets of, or equity interests in, Pacific Drilling or any of its subsidiaries. Interest on the Second Lien Notes accrues, at Finco’s option, at a rate of: (i) 11% per annum, payable in cash; (ii) 13% per annum, with 50% of such interest to be payable in cash and 50% of such interest to be payable by issuing additional Second Lien Notes (“PIK Notes”); or (iii) 15% per annum, with the entirety of such interest to be payable by issuing PIK Notes. Finco shall pay interest semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2021. For accrual purposes, we have assumed we will make the next interest payment in cash and have accrued at a rate of 11%; however, the actual interest election will be made no later than the record date for such interest payment. On or after February 15, 2024, Finco may redeem all or part of the Second Lien Notes at fixed redemption prices (expressed as percentages of the principal amount), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Finco may also redeem the Second Lien Notes, in whole or in part, at any time and from time to time on or before February 14, 2024 at a redemption price equal to 106% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, plus a “make-whole” premium. Notwithstanding the foregoing, if a Change of Control (as defined in the Second Lien Notes Indenture) occurs prior to (but not including) February 15, 2024, then, within 120 days of such Change of Control, Finco may elect to purchase all remaining outstanding Second Lien Notes at a redemption price equal to 106% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. The Second Lien Notes contain covenants and events of default that the Company considers customary for notes of this type. Pre-emergence 2017 Credit Facility In December 2017, Noble Cayman Limited, a Cayman Islands company and a wholly-owned indirect subsidiary of Finco; Noble International Finance Company, a Cayman Islands company and a wholly-owned indirect subsidiary of Finco; and Noble Holding UK Limited, a company incorporated under the laws of England and Wales and a wholly-owned direct subsidiary of Legacy Noble (“NHUK”), as parent guarantor, entered into a senior unsecured credit agreement (as amended, the “2017 Credit Facility”). In July 2019, we executed a first amendment to our 2017 Credit Facility, which, among other things, reduced the maximum aggregate amount of commitments thereunder from $1.5 billion to $1.3 billion. Prior to the filing of the Chapter 11 Cases, the 2017 Credit Facility was scheduled to mature in January 2023. Borrowings were available for working capital and other general corporate purposes. The filing of the Chapter 11 Cases constituted events of default that accelerated the Company’s obligations under the indentures governing our outstanding senior notes and under our 2017 Credit Facility. In addition, the unpaid principal and interest due under our indentures and the 2017 Credit Facility became immediately due and payable. However, any efforts to enforce such payment obligations with respect to our senior notes and 2017 Credit Facility were automatically stayed as a result of the filing of the Chapter 11 Cases, and the creditors’ rights of enforcement were subject to the applicable provisions of the Bankruptcy Code. See “Note 1— Organization and Basis of Presentation” for additional information. The Company had $545.0 million outstanding under the 2017 Credit Facility prior to the Effective Date. On the Effective Date, all outstanding obligations under the 2017 Credit Facility were terminated and the holders of claims under the 2017 Credit Facility had such obligations repaid using cash on hand, repaid using proceeds from the Rights Offering, or refinanced through the Revolving Credit Facility. On the Effective Date, all liens and security interests granted to secure such obligations were terminated and are of no further force and effect. Seller Loans In February 2019, we purchased the Noble Joe Knight Noble Johnny Whitstine In April 2020, the Company agreed with the lender under the Seller Loans to pay off 85% of the outstanding principal amount of the Seller Loans in exchange for a discount to the outstanding loan balance. On April 20, 2020, the Company made a payment of $48.1 million under the 2019 Seller Loan and $53.6 million under the 2018 Seller Loan, and, upon the lender’s receipt of such payment, interest ceased accruing, and the financial covenants set forth in the agreements relating to the Seller Loans ceased to apply. On July 20, 2020, at the conclusion of the 90-day Senior Notes On the Effective Date, in accordance with the Plan, all outstanding obligations under our senior notes were cancelled and the indentures governing such obligations were cancelled, except to the limited extent expressly set forth in the Plan. See “Note 2—Chapter 11 Emergence” for additional information. 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 debt instruments 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 carrying amount of the Revolving Credit Facility approximates fair value as the interest rate is variable and reflective of market rates. All remaining fair value disclosures are presented in “Note 14— Fair Value of Financial Instruments.” The following table presents the carrying value, net of unamortized debt issuance costs and discounts or premiums, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: Successor Predecessor September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Senior secured notes: 11.000% Second Lien Notes due February 2028 $ 216,000 $ 239,071 $ — $ — Senior unsecured notes: 4.900% Senior Notes due August 2020 — — 62,535 1,366 4.625% Senior Notes due March 2021 — — 79,936 1,596 3.950% Senior Notes due March 2022 — — 21,213 354 7.750% Senior Notes due January 2024 — — 397,025 7,925 7.950% Senior Notes due April 2025 — — 450,000 8,348 7.875% Senior Notes due February 2026 — — 750,000 301,935 6.200% Senior Notes due August 2040 — — 393,596 7,966 6.050% Senior Notes due March 2041 — — 395,002 7,327 5.250% Senior Notes due March 2042 — — 483,619 9,701 8.950% Senior Notes due April 2045 — — 400,000 7,420 Credit facility: Senior Secured Revolving Credit Facility matures July 2025 190,000 190,000 — — 2017 Credit Facility matures January 2023 — — 545,000 545,000 Total debt 406,000 429,071 3,977,926 898,938 Less: Current maturities of long-term debt — — — — Long-term debt $ 406,000 $ 429,071 $ — $ — At September As discussed in “Note 1—Organization and Basis of Presentation,” from the Petition Date until the Effective Date, the Company operated as a debtor-in-possession | Note 7—Debt Pre-emergence 2017 Credit Facility In December 2017, Noble Cayman Limited, a Cayman Islands company and a wholly-owned indirect subsidiary of Finco; Noble International Finance Company, a Cayman Islands company and a wholly-owned indirect subsidiary of Finco; and Noble Holding UK Limited, a company incorporated under the laws of England and Wales and a wholly-owned direct subsidiary of Legacy Noble (“NHUK”), as parent guarantor, entered into a senior unsecured credit agreement (as amended, the “2017 Credit Facility”). In July 2019, we executed a first amendment to our 2017 Credit Facility, which, among other things, reduced the maximum aggregate amount of commitments thereunder from $1.5 billion to $1.3 billion. As a result of such reduction in the maximum aggregate amount of commitments, we recognized a net loss of approximately $0.7 million in the year ended December 31, 2019. Prior to the filing of the Chapter 11 Cases, the 2017 Credit Facility was scheduled to mature in January 2023. Borrowings were available for working capital and other general corporate purposes. The 2017 Credit Facility provided for a letter of credit sub-facility In April 2020, we borrowed $100.0 million under the 2017 Credit Facility to pay down our indebtedness under the Seller Loans (as defined herein) as further described below. At December 31, 2020, we had $545.0 million of borrowings outstanding under the 2017 Credit Facility. At December 31, 2020, we had $8.8 million of letters of credit issued under the 2017 Credit Facility and an additional $6.0 million in letters of credit and surety bonds issued under unsecured or cash collateralized bilateral arrangements. The filing of the Chapter 11 Cases constituted events of default that accelerated the Company’s obligations under the indentures governing our outstanding senior notes and under our 2017 Credit Facility. In addition, the unpaid principal and interest due under our indentures and the 2017 Credit Facility became immediately due and payable. However, any efforts to enforce such payment obligations with respect to our senior notes and 2017 Credit Facility were automatically stayed as a result of the filing of the Chapter 11 Cases, and the creditors’ rights of enforcement were subject to the applicable provisions of the Bankruptcy Code. See “Note 1— Organization and Basis of Presentation” for additional information. On the Effective Date, all outstanding obligations under the 2017 Credit Facility were terminated and the holders of claims under the 2017 Credit Facility had such obligations refinanced through the Exit Credit Facility. On the Effective Date, all liens and security interests granted to secure such obligations were terminated and are of no further force and effect. 2015 Credit Facility Effective January 2018, in connection with entering into the 2017 Credit Facility, we amended our $300.0 million senior unsecured credit facility that would have matured in January 2020 and was guaranteed by our indirect, wholly-owned subsidiaries, Noble Holding (U.S.) LLC and Noble Holding International Limited (“NHIL”), a finance subsidiary of Finco, (as amended, the “2015 Credit Facility”). As a result of the 2015 Credit Facility’s reduction in the aggregate principal amount of commitments, we recognized a net loss of approximately $2.3 million in the year ended December 31, 2018. On December 20, 2019, we repaid $300.0 million of outstanding borrowings and terminated the 2015 Credit Facility. Seller Loans In February 2019, we purchased the Noble Joe Knight paid-in-kind paid-in-kind paid-in-kind In September 2018, we purchased the Noble Johnny Whitstine paid-in-kind paid-in-kind paid-in-kind Both of the Seller Loans were guaranteed by Finco and each was secured by a mortgage on the applicable rig and by the pledge of the shares of the applicable single-purpose entity that owned the relevant rig. Each Seller Loan contained a debt to total capitalization ratio requirement that such ratio not exceed 0.55 at the end of each fiscal quarter, a $300.0 million minimum liquidity financial covenant and an asset and revenue covenant substantially similar to the Guaranteed Notes, as well as other covenants and provisions customarily found in secured transactions, including a cross-default provision. Each Seller Loan required immediate repayment on the occurrence of certain events, including the termination of the drilling contract associated with the relevant rig or circumstances in connection with a material adverse effect. In April 2020, the Company agreed with the lender under the Seller Loans to pay off 85% of the outstanding principal amount of the Seller Loans in exchange for a discount to the outstanding loan balance. On April 20, 2020, the Company made a payment of $48.1 million under the 2019 Seller Loan and $53.6 million under the 2018 Seller Loan, and, upon the lender’s receipt of such payment, interest ceased accruing, and the financial covenants set forth in the agreements relating to the Seller Loans ceased to apply. On July 20, 2020, at the conclusion of the 90-day As a result of the early repayment of the Seller Loans and the conclusion of the 90-day Senior Notes In March 2019, we completed cash tender offers for our Senior Notes due 2020, Senior Notes due 2021, Senior Notes due 2022 and Senior Notes due 2024. Pursuant to such tender offers, we purchased $440.9 million aggregate principal amount of these senior notes for $400.0 million, plus accrued interest, using cash on hand and borrowings under the 2015 Credit Facility. As a result of these transactions, we recognized a net gain of approximately $31.3 million. On the Effective Date, in accordance with the Plan, all outstanding obligations under our senior notes were cancelled and the 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 debt instruments 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). All remaining fair value disclosures are presented in “Note 15—Fair Value of Financial Instruments.” The following table presents the carrying value, net of unamortized debt issuance costs and discounts, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: December 31, 2020 (1) December 31, 2019 Carrying Value Estimated Fair Carrying Value Estimated Fair Senior unsecured notes 4.900% Senior Notes due August 2020 $ 62,535 $ 1,366 $ 62,505 $ 60,660 4.625% Senior Notes due March 2021 79,936 1,596 79,854 64,262 3.950% Senior Notes due March 2022 21,213 354 21,181 12,170 7.750% Senior Notes due January 2024 397,025 7,925 389,800 211,035 7.950% Senior Notes due April 2025 450,000 8,348 446,962 228,515 7.875% Senior Notes due February 2026 750,000 301,935 739,371 546,353 6.200% Senior Notes due August 2040 393,596 7,966 390,526 149,134 6.050% Senior Notes due March 2041 395,002 7,327 389,809 142,646 5.250% Senior Notes due March 2042 483,619 9,701 478,122 176,265 8.950% Senior Notes due April 2045 400,000 7,420 390,763 164,664 Seller loans: Seller-financed secured loan due September 2022 — — 62,453 36,968 Seller-financed secured loan due February 2023 — — 55,658 31,175 Credit facility: 2017 Credit Facility due to mature January 2023 545,000 545,000 335,000 335,000 Total debt 3,977,926 898,938 3,842,004 2,158,847 Less: Current maturities of long-term debt — — 62,505 60,660 Long-term debt (2) $ — $ — $ 3,779,499 $ 2,098,187 (1) Includes write-off (2) All of our long-term debt as of December 31, 2020 has been presented as “Liabilities subject to compromise”. See “Note 2—Chapter 11 Proceedings” for additional information. As discussed in “Note 1—Organization and Basis of Presentation,” since the Petition Date, the Company operated as a debtor-in-possession On the Effective Date, in accordance with the Plan, all outstanding obligations under our senior notes were cancelled and the indentures governing such obligations were cancelled, except to the limited extent expressly set forth in the Plan. See “Note 2—Chapter 11 Proceedings” for additional information. Post-emergence Debt Senior Secured Exit Revolving Credit Facility On the Effective Date, Finco and Noble International Finance Company (“NIFCO”) entered into the Exit Credit Agreement providing for the $675.0 million Exit Credit Facility and canceled all debt that existed immediately prior to the Effective Date. The Exit Credit Facility matures on July 31, 2025. Subject to the satisfaction of certain conditions, Finco may from time to time designate one or more of Finco’s other wholly-owned subsidiaries as additional borrowers under the Exit Credit Agreement (collectively with Finco and NIFCO, the “Borrowers”). As of the Effective Date, $177.5 million of loans were outstanding, and $8.8 million of letters of credit were issued, under the Exit Credit Facility. All obligations of the Borrowers under the Exit Credit Agreement, certain cash management obligations and certain swap obligations are unconditionally guaranteed, on a joint and several basis, by Finco and certain of its direct and indirect subsidiaries (collectively with the Borrowers, the “Credit Parties”), including a guarantee by each Borrower of the obligations of each other Borrower under the Exit Credit Agreement. All such obligations, including the guarantees of the Exit Credit Facility, are secured by senior priority liens on substantially all assets of, and the equity interests in, each Credit Party, including all of the rigs owned by the Company as of the Effective Date or acquired thereafter and certain assets related thereto, in each case, subject to certain exceptions and limitations described in the Exit Credit Agreement. The loans outstanding under the Exit Credit Facility bear interest at a rate per annum equal to the applicable margin plus, at Finco’s option, either: (i) the reserve-adjusted LIBOR or (ii) a base rate, determined as the greatest of (x) the prime loan rate as published in the Wall Street Journal, (y) the federal funds effective rate plus 1/2 of 1%, and (z) the reserve-adjusted one-month The Borrowers are required to pay a quarterly commitment fee to each lender under the Exit Credit Agreement, which accrues at a rate per annum equal to 0.50% on the average daily unused portion of such lender’s commitments under the Exit Credit Facility. The Borrowers are also required to pay customary letter of credit and fronting fees. Borrowings under the Exit Credit Agreement may be used for working capital and other general corporate purposes. Availability of borrowings under the Exit Credit Agreement is subject to the satisfaction of certain conditions, including restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, (i) the aggregate amount of Available Cash (as defined in the Exit Credit Agreement) would exceed $100 million, (ii) the Consolidated First Lien Net Leverage Ratio (as defined in the Exit Credit Agreement) would be greater than 5.50 to 1.00 and the aggregate principal amount outstanding under the Exit Credit Facility would exceed $610 million, or (iii) the Asset Coverage Ratio (as described below) would be less than 2.00 to 1.00. Mandatory prepayments and, under certain circumstances, commitment reductions are required under the Exit Credit Facility in connection with (i) certain asset sales, asset swaps and events of loss (subject to reinvestment rights if no event of default exists) and (ii) certain debt issuances. Available Cash in excess of $150 million is also required to be applied periodically to prepay loans (without a commitment reduction). The loans under the Exit Credit Facility may be voluntarily prepaid, and the commitments thereunder voluntarily terminated or reduced, by the Borrowers at any time without premium or penalty, other than customary breakage costs. The Exit Credit Agreement obligates Finco and its restricted subsidiaries to comply with the following financial maintenance covenants: • as of the last day of each fiscal quarter in 2021, Adjusted EBITDA (as defined in the Exit Credit Agreement) is not permitted to be lower than (i) $70 million for the four fiscal quarter period ending March 31, 2021, (ii) $40 million for the four fiscal quarter period ending June 30, 2021 and (iii) $25 million for the four fiscal quarter periods ending on each of September 30, 2021 and December 31, 2021; • as of the last day of each fiscal quarter ending on or after March 31, 2022, the ratio of Adjusted EBITDA to Cash Interest Expense (as defined in the Exit Credit Agreement) is not permitted to be less than (i) 2.00 to 1.00 for each four fiscal quarter period ending on or after March 31, 2022 until June 30, 2024, and (ii) 2.25 to 1.00 for each four fiscal quarter period ending thereafter; and • for each fiscal quarter ending on or after June 30, 2021, the ratio of (x) Asset Coverage Aggregate Rig Value (as defined in the Exit Credit Agreement) to (y) the aggregate principal amount of loans and letters of credit outstanding under the Exit Credit Facility (the “Asset Coverage Ratio”) as of the last day of any such fiscal quarter is not permitted to be less than 2.00 to 1.00. The Exit Credit Facility contains affirmative and negative covenants, representations and warranties and events of default that the Company considers customary for facilities of this type. Second Lien Notes Indenture On the Effective Date, pursuant to the Backstop Commitment Agreement and in accordance with the Plan, Noble and Finco consummated the Rights Offering of Second Lien Notes and associated New Shares at an aggregate subscription price of $200.0 million. On the Effective Date, Finco issued an aggregate principal amount of $216 million of Second Lien Notes, which includes the aggregate subscription price of $200.0 million plus a backstop fee of $16.0 million which was paid in kind. The Second Lien Notes mature on February 15, 2028. The Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured second-priority basis, by the direct and indirect subsidiaries of Finco that are Credit Parties under the Exit Credit Facility. The Second Lien Notes and such guarantees are secured by senior priority liens on the assets subject to liens securing the Exit Credit Facility, including the equity interests in Finco and each guarantor of the Second Lien Notes, all of the rigs owned by the Company as of the Effective Date or acquired thereafter, certain assets related thereto, and substantially all other assets of Finco and such guarantors, in each case, subject to certain exceptions and limitations. Interest on the Second Lien Notes accrues, at Finco’s option, at a rate of: (i) 11% per annum, payable in cash; (ii) 13% per annum, with 50% of such interest to be payable in cash and 50% of such interest to be payable by issuing additional Second Lien Notes (“PIK Notes”); or (iii) 15% per annum, with the entirety of such interest to be payable by issuing PIK Notes. Finco shall pay interest semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2021. On or after February 15, 2024, Finco may redeem all or part of the Second Lien Notes at fixed redemption prices (expressed as percentages of the principal amount), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Finco may also redeem the Second Lien Notes, in whole or in part, at any time and from time to time on or before February 14, 2025 at a redemption price equal to 106% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, plus a “make-whole” premium. Notwithstanding the foregoing, if a Change of Control (as defined in the Second Lien Notes Indenture) occurs prior to (but not including) February 15, 2024, then, within 120 days of such Change of Control, Finco may elect to purchase all remaining outstanding Second Lien Notes at a redemption price equal to 106% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. The Second Lien Notes contain covenants and events of default that the Company considers customary for notes of this type. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | Note 8—Equity Share Capital As of December 31, 2020, Noble had approximately 251.1 million shares outstanding and trading as compared to approximately 249.2 million shares outstanding and trading at December 31, 2019. At Legacy Noble’s 2020 Annual General Meeting, Legacy Noble’s shareholders authorized its Board of Directors to increase share capital through the issuance of up to approximately 8.7 million ordinary shares (at then current nominal value of $0.01 per share). That authority to allot shares has expired on the Effective Date. Other than shares issued to Legacy Noble’s directors under the Noble Corporation 2017 Director Omnibus Plan, the authority was not used to allot shares during the year ended December 31, 2020. Pursuant to the Memorandum of Association of Noble Corporation, the share capital of Noble is $6,000 divided into 500,000,000 ordinary shares of a par value of $0.00001 each and 100,000,000 shares of a par value of $0.00001, each of such class or classes having the rights as the Board may determine from time to time. The declaration and payment of dividends required the authorization of the Board of Directors of Legacy Noble, provided that such dividends on issued share capital may be paid only out of Legacy Noble’s “distributable reserves” on its statutory balance sheet in accordance with UK law. Therefore, Legacy Noble was not permitted to pay dividends out of share capital, which includes share premium. Noble has not paid dividends since the third quarter of 2016. The payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture restrictions and other factors deemed relevant by our current Board of Directors; however, at this time, we do not expect to pay any dividends in the foreseeable future. In accordance with the Plan, all agreements, instruments and other documents evidencing, relating to or otherwise connected with any of Legacy Noble’s equity interests outstanding prior to the Effective Date, including all equity-based awards, were cancelled and all such equity interests have no further force or effect after the Effective Date. Pursuant to the Plan, the holders of Legacy Noble’s ordinary shares, par value $0.01 per share, outstanding prior to the Effective Date received their pro rata share of the Tranche 3 Warrants to acquire New Shares. Share Repurchases Under UK law, Legacy Noble was only permitted to purchase its own shares by way of an “off-market Share-Based Compensation Plans Stock Plans During 2015, Noble Corporation shareholders approved a new equity plan, the Noble Corporation plc 2015 Omnibus Incentive Plan (the “Noble Incentive Plan”), which permits grants of options, stock appreciation rights (“SARs”), stock or stock unit awards or cash awards, any of which may be structured as a performance award, from time to time to employees who are to be granted awards under the Noble Incentive Plan. Neither consultants nor non-employee During 2020, 2019 and 2018, the Noble Incentive Plan was restated and shareholders approved amendments, primarily to increase the number of ordinary shares available for issuance as long-term incentive compensation under the Noble Incentive Plan by 8.7 million, 5.8 million and 5.0 million shares, respectively. The maximum aggregate number of ordinary shares that may be granted for any and all awards under the Noble Incentive Plan will not exceed 40.0 million shares and at December 31, 2020, we had 25.0 million shares remaining available for grants to employees. During 2017, upon shareholder approval, the Noble Corporation 2017 Director Omnibus Plan (the “Director Plan”) replaced the previous plans that were terminated. Equity awards to our non-employee During 2019, shareholders approved amendments to increase the number of ordinary shares available for issuance under the Director Plan by 0.9 million shares, bringing the maximum aggregate number of ordinary shares that may be granted for any and all awards under the Director Plan to 1.8 million shares. At December 31, 2020, we had 1.0 million shares remaining for grants to non-employee Stock Options Options have a term of 10 years, an exercise price equal to the fair market value of a share on the date of grant and generally vest over a three-year period. A summary of the status of stock options granted under the 1991 Plan as of December 31, 2020, 2019 and 2018 and the changes during the year ended on those dates is presented below: 2020 2019 2018 Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Outstanding at beginning of year 708,400 $ 30.90 1,103,242 $ 28.74 1,313,155 $ 29.51 Expired (152,245 ) 32.78 (394,842 ) 24.85 (209,913 ) 33.56 Outstanding at end of year (1) 556,155 30.39 708,400 30.90 1,103,242 28.74 Exercisable at end of year (1) 556,155 $ 30.39 708,400 $ 30.90 1,103,242 $ 28.74 (1) Options outstanding and exercisable at December 31, 2020 had no intrinsic value. The following table summarizes additional information about stock options outstanding at December 31, 2020: Options Outstanding and Exercisable Number of Shares Underlying Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price $20.49 to $25.41 53,934 1.02 $ 25.41 $25.42 to $30.59 277,177 1.09 30.59 $30.60 to $32.78 225,044 0.10 31.33 Total 556,155 0.68 $ 30.39 The fair value of each option is estimated on the date of grant using a Black-Scholes pricing model. The expected term of options granted represents the period of time that the options are expected to be outstanding and is derived from historical exercise behavior, current trends and values derived from lattice-based models. Expected volatilities are based on implied volatilities of traded options on our shares, historical volatility of our shares, and other factors. The expected dividend yield is based on historical yields on the date of grant. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant. There were no non-vested 2018. There was no compensation cost recognized during the years ended December 31, 2020, 2019 and 2018 related to stock options. All outstanding options were cancelled as a result of the Chapter 11 Cases. Restricted Stock Units (“RSUs”) We have awarded both Time Vested (“TVRSUs”) and Performance Vested (“PVRSUs”) RSUs under the Noble Incentive Plan. The TVRSUs generally vest over a three-year period. The number of PVRSUs which vest will depend on the degree of achievement of specified corporate performance criteria over a three-year performance period. Depending on the date the PVRSU was awarded, these criteria consist of market based criteria or market and performance based criteria. The TVRSUs are valued on the date of award at our underlying share price. The total compensation for units that ultimately vest is recognized over the service period. The shares and related nominal value are recorded when the restricted stock unit vests and additional paid-in The market-based PVRSUs are valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSUs include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows: 2020 2019 2018 Valuation assumptions: Expected volatility 69.8 % 59.6 % 61.8 % Risk-free interest rate 1.40 % 2.50 % 2.31 % Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model. A summary of the RSUs awarded for each of the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 TVRSU Units awarded 5,559,678 4,639,119 3,578,212 Weighted-average share price at award date $ 0.82 $ 3.02 $ 4.71 Weighted-average vesting period (years) 3.0 3.0 3.0 PVRSU Units awarded 2,696,774 1,623,399 2,733,906 Weighted-average share price at award date $ 0.91 $ 3.13 $ 4.55 Three-year performance period ended December 31 2022 2021 2020 Weighted-average award date fair value $ 1.14 $ 3.61 $ 2.96 During the years ended December 31, 2020, 2019 and 2018, we awarded zero, 280,635 and 267,204 shares, respectively, to our non-employee A summary of the status of non-vested TVRSUs Outstanding Weighted Average Award-Date Fair Value PVRSUs Outstanding (1) Weighted Average Award-Date Fair Value Non-vested 6,329,029 $ 3.89 4,854,352 $ 3.56 Awarded 5,559,678 0.82 2,696,774 1.14 Vested (2,924,900 ) 4.24 (1,063,242 ) 4.37 Forfeited (6,601,307 ) 1.19 (3,324,771 ) 1.67 Non-vested 2,362,500 $ 3.43 3,163,113 $ 3.22 (1) For awards granted prior to 2019, the number of PVRSUs shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown. For awards granted during 2020 and 2019, the number of PVRSUs shown equals the units that would vest if the “target” level of performance is achieved. The minimum number of units is zero and the “maximum” level of performance is 200 percent of the amounts shown. At December 31, 2020, there was $3.5 million of total unrecognized compensation cost related to the TVRSUs, to be recognized over a remaining weighted-average period of 0.9 years. The total award-date fair value of TVRSUs vested during the year ended December 31, 2020 was $12.4 million. At December 31, 2020, there was $1.7 million of total unrecognized compensation cost related to the PVRSUs, to be recognized over a remaining weighted-average period of 0.5 years. The total potential compensation for PVRSUs is recognized over the service period regardless of whether the performance thresholds are ultimately achieved. Share-based amortization recognized during the years ended December 31, 2020, 2019 and 2018 related to all restricted stock totaled $9.2 million ($8.6 million net of income tax), $14.7 million ($14.1 million net of income tax) and $24.0 million ($21.9 million net of income tax), respectively. During the years ended December 31, 2020, 2019 and 2018, capitalized share-based amortization was zero. All outstanding shares and equity awards were cancelled as a result of the Chapter 11 Cases. Liability-Classified Cash Incentive Awards In 2020, the Company granted cash incentive awards that vest over a three-year period and the final cash payment depends on the degree of achievement of specified corporate performance criteria over a three-year performance period. These criteria consist of market based criteria or market and performance based criteria. These awards were valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the awards include historical volatility of 69.8% and a risk-free interest rate of 1.4% over a time period commensurate with the remaining term prior to vesting. Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model. A summary of the status of non-vested Number of Weighted Average Award-Date Fair Value Non-vested — $ — Awarded 3,619,000 0.77 Vested (1) (2,401,362 ) 0.77 Forfeited (1,217,638 ) 0.77 Non-vested — $ — (1) As of December 31, 2020, approximately 91,362 awards are still outstanding and fully vested. The remaining balance of the vested awards were cancelled and replaced as part of the 2020 Other Cash Award Plan. All outstanding shares and equity awards were cancelled as a result of the Chapter 11 Cases. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Accumulated Other Comprehensive Income (Loss) | Note 9—Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” (“AOCI”) for the period from February 6 through September 30, 2021, the period from January 1 through February 5, 2021 and the three and nine months ended September 30, 2020. All amounts within the table are shown net of tax. Defined Benefit (1) Foreign Currency Total Balance at 12/31/2019 (Predecessor) $ (40,635 ) $ (17,754 ) $ (58,389 ) Activity during period: Other comprehensive loss before reclassifications — (2,136 ) (2,136 ) Amounts reclassified from AOCI 568 — 568 Net other comprehensive income (loss) 568 (2,136 ) (1,568 ) Balance at 3/31/2020 (Predecessor) $ (40,067 ) $ (19,890 ) $ (59,957 ) Activity during period: Other comprehensive loss before reclassifications — (539 ) (539 ) Amounts reclassified from AOCI 568 — 568 Net other comprehensive income (loss) 568 (539 ) 29 Balance at 6/30/2020 (Predecessor) $ (39,499 ) $ (20,429 ) $ (59,928 ) Activity during period: Other comprehensive income (loss) before reclassifications — 863 863 Amounts reclassified from AOCI 569 — 569 Net other comprehensive income 569 863 1,432 Balance at 9/30/20 (Predecessor) $ (38,930 ) $ (19,566 ) $ (58,496 ) Balance at 12/31/2020 (Predecessor) $ (39,737 ) $ (18,275 ) $ (58,012 ) Activity during period: Other comprehensive loss before reclassifications — (116 ) (116 ) Amounts reclassified from AOCI 224 — 224 Net other comprehensive income (loss) 224 (116 ) 108 Cancellation of Predecessor equity 39,513 18,391 57,904 Balance at 2/5/2021 (Predecessor) $ — $ — $ — Balance at 2/6/2021 (Successor) $ — $ — $ — Activity during period: Other comprehensive income before reclassifications — — — Amounts reclassified from AOCI — — — Net other comprehensive income — — — Balance at 3/31/2021 (Successor) $ — $ — $ — Activity during period: Other comprehensive income before reclassifications 168 — 168 Amounts reclassified from AOCI — — — Net other comprehensive income 168 — 168 Balance at 6/30/2021 (Successor) $ 168 $ — $ 168 Defined Benefit (1) Foreign Currency Total Activity during period: Other comprehensive loss before reclassifications (435 ) — (435 ) Amounts reclassified from AOCI — — — Net other comprehensive loss (435 ) — (435 ) Balance at 9/30/2021 (Successor) $ (267 ) $ — $ (267 ) (1) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and the unrealized gain (loss) on foreign exchange on pension assets. Reclassifications from AOCI are recognized as expense on our Condensed Consolidated Statements of Operations through “Other income (expense).” See “Note 13—Employee Benefit Plans” for additional information. | Note 9—Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” for the years ended December 31, 2020 and 2019. All amounts within the tables are shown net of tax. Defined Benefit (1) Foreign Currency Total Balance at December 31, 2018 $ (39,058 ) $ (18,014 ) $ (57,072 ) Activity during period: Other comprehensive loss before reclassifications — 260 260 Amounts reclassified from AOCI (1,577 ) — (1,577 ) Net other comprehensive loss (1,577 ) 260 (1,317 ) Balance at December 31, 2019 $ (40,635 ) $ (17,754 ) $ (58,389 ) Activity during period: Other comprehensive income before reclassifications — (521 ) (521 ) Amounts reclassified from AOCI 898 — 898 Net other comprehensive income (loss) 898 (521 ) 377 Balance at December 31, 2020 $ (39,737 ) $ (18,275 ) $ (58,012 ) (1) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through “Other income (expense).” See “Note 13—Employee Benefit Plans” for additional information. |
Revenue and Customers
Revenue and Customers | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue and Customers | Note 10—Revenue and Customers Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts typically range from 30 to 60 days. Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Condensed Consolidated Balance Sheets. Successor Predecessor September 30, 2021 December 31, Current contract assets $ 4,143 $ 10,687 Noncurrent contract assets — 3,174 Total contract assets 4,143 13,861 Current contract liabilities (deferred revenue) (13,025 ) (34,990 ) Noncurrent contract liabilities (deferred revenue) (4,466 ) (24,896 ) Total contract liabilities $ (17,491 ) $ (59,886 ) Customer Contract Intangible Assets Upon emergence September three -month assess the recoverability of the unamortized balance when indicators of impairment are present. Should the review indicate that the carrying value is not fully recoverable, the portion not fully recoverable would be recognized as an impairment loss. Noble Globetrotter II Transaction Price Allocated to the Remaining Performance Obligations The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, as of September 30, 2021: (1) Represents a three-month period beginning October 1, 2021. Disaggregation of Revenue The following table provides information about contract drilling revenue by rig types: Successor Predecessor Three Months Ended Three Months Ended Floaters $ 158,313 $ 127,286 Jackups 72,841 99,764 Total $ 231,154 $ 227,050 Successor Predecessor Period From Period From Nine Months Ended Floaters $ 349,634 $ 50,057 $ 367,304 Jackups 166,046 23,994 347,251 Total $ 515,680 $ 74,051 $ 714,555 | Note 10—Revenue and Customers Contract Balances Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Consolidated Balance Sheets. The following table provides information about contract assets and contract liabilities from contracts with customers: December 31, 2020 December 31, 2019 Current contract assets $ 10,687 $ 21,292 Noncurrent contract assets 3,174 9,508 Total contract assets 13,861 30,800 Current contract liabilities (deferred revenue) (34,990 ) (34,196 ) Noncurrent contract liabilities (deferred revenue) (24,896 ) (30,859 ) Total contract liabilities $ (59,886 ) $ (65,055 ) Contract Assets Contract Liabilities Net balance at December 31, 2018 $ 47,664 $ (80,753 ) Amortization of deferred costs (39,936 ) — Additions to deferred costs 23,072 — Amortization of deferred revenue — 65,312 Additions to deferred revenue — (49,614 ) Total (16,864 ) 15,698 Net balance at December 31, 2019 $ 30,800 $ (65,055 ) Amortization of deferred costs (27,043 ) — Additions to deferred costs 10,104 — Amortization of deferred revenue — 57,915 Additions to deferred revenue — (52,746 ) Total (16,939 ) 5,169 Net balance at December 31, 2020 $ 13,861 $ (59,886 ) Contract Costs Certain direct and incremental costs incurred for upfront preparation, initial rig mobilization and modifications are costs of fulfilling a contract and are recoverable. These recoverable costs are deferred and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Certain of our contracts include capital rig enhancements used to satisfy our performance obligations. These capital items are capitalized and depreciated in accordance with our existing property and equipment accounting policy. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred for rig modifications or upgrades required for a contract, which are considered to be capital improvements, are capitalized as drilling and other property and equipment and depreciated over the estimated useful life of the improvement. Transaction Price Allocated to the Remaining Performance Obligations The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, at the end of the reporting period: Year Ending December 31, 2021 2022 2023 2024 2025 and Total Floaters $ 27,005 $ 13,487 $ 9,199 $ 915 $ — $ 50,606 Jackups 7,539 1,741 — — — 9,280 Total $ 34,544 $ 15,228 $ 9,199 $ 915 $ — $ 59,886 The revenue included above consists of expected mobilization, demobilization, and upgrade revenue for unsatisfied performance obligations. The amounts are derived from the specific terms within drilling contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at December 31, 2020. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have taken the optional exemption, permitted by accounting standards, to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services. Disaggregation of Revenue The following table provides information about contract drilling revenue by rig types: Year Ended December 31, 2020 Year Ended December 31, 2019 Floaters (1) 491,407 727,177 Jackups 417,829 518,881 Total (1) 909,236 1,246,058 (1) Includes the impact of the Noble Bully II |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 11—Leases Leases We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for real estate, equipment, storage, dock space and automobiles and are included within “Other current liabilities,” “Other assets” and “Other liabilities,” on our Consolidated Balance Sheets. As discussed in “Note 1—Organization and Basis of Presentation,” since the Petition Date, the Company operated as a debtor-in-possession As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise and reasonably certain not to exercise, respectively. In early January 2021, the Company entered into agreements to surrender a portion of the Sugar Land office lease and to terminate the Brook Street London office leases with the respective lessors. This will reduce the Right of Use Asset and Lease Liability by approximately $11.3 million and $11.9 million, respectively. Supplemental balance sheet information related to leases was as follows: December 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use $ 26,648 $ 33,480 Current operating lease liabilities 1,942 6,591 Long-term operating lease liabilities 4,969 26,778 Weighted average remaining lease term for operating leases (years) 7.8 7.7 Weighted average discounted rate for operating leases 11.1 % 9.7 % The components of lease cost were as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost $ 9,065 $ 8,878 Short-term lease cost 2,893 7,012 Variable lease cost 1,265 1,620 Total lease cost $ 13,223 $ 17,510 Supplemental cash flow information related to leases was as follows: Year Ended Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,614 $ 8,812 Maturities of lease liabilities as of December 31, 2020 were as follows: Operating Leases 2021 $ 8,594 2022 5,545 2023 3,567 2024 3,629 2025 3,687 Thereafter 17,018 Total lease payments 42,040 Less: Interest (14,343 ) Present value of lease liability (1) $ 27,697 (1) Includes $21.0 million of lease liabilities which are currently classified as “Liabilities subject to compromise” on our Consolidated Balance Sheet. |
Income Taxes
Income Taxes | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income Taxes | Note 12—Income Taxes As described in “Note 2—Chapter 11 Emergence,” in accordance with the Plan, the Predecessor’s Legacy Notes were cancelled and exchanged for Successor’s Ordinary Shares and Warrants. The cancellation of indebtedness income resulting from such restructuring transactions has significantly reduced the Company’s US tax attributes, including but not limited to net operating loss carryforwards. As a result of the emergence from bankruptcy, on the Effective Date, the Company experienced an ownership change under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), which is anticipated to subject certain remaining tax attributes to an annual limitation under Section 382 of the Code. On the Effective Date, the Company had net deferred tax liabilities in total of $21.5 million inclusive of a valuation allowance of $4.7 million. Because of the impact the cumulative operating losses have on the determination of the recoverability of deferred tax assets through future earnings and the negative evidence associated with the bankruptcy reorganization, the Company assessed the realizability of its deferred tax assets based on the future reversals of existing deferred tax liabilities. Accordingly, the Company established a new valuation allowance upon emergence of $4.7 million for a portion of its deferred tax assets. At September At September 30, 2021, the reserves for uncertain tax positions totaled $50.9 million (net of related tax benefits of $0.3 million). At December 31, 2020, the reserves for uncertain tax positions totaled $42.5 million (net of related tax benefits of $0.4 million). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. During the period ended on February 5, 2021, our income tax provision included a tax benefit of $1.7 million related to non-US On the Effective Date, our income tax provision included tax expenses of $2.5 million associated with reorganization and fresh start adjustments. As a result of the Pacific Drilling Merger, the Company r ecorded a net decrease of $18.4 million to Pacific Drilling’s historical tax reserve balance and a net adjustment of $2.9 million to other tax balances. During the period from February 6, 2021 to September non-US non-US | Note 12— Income Taxes Legacy Noble is a tax resident in the UK and, as such, is subject to UK corporation tax on its taxable profits and gains. A UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income or loss of the non-UK Consequently, we have taken account of the above exemption and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries have a taxable presence for income tax purposes. The components of the net deferred taxes are as follows: 2020 2019 Deferred tax assets United States Net operating loss carry forwards $ 79,047 $ 129,695 Disallowed interest deduction carryforwards 62,337 92,030 Deferred pension plan amounts 10,568 10,447 Accrued expenses not currently deductible 5,625 8,434 Other 3,178 2,356 Non-United Net operating loss carry forwards 47,187 22,426 Disallowed interest deduction carryforwards 13,625 13,942 Deferred pension plan amounts 558 787 Deferred tax assets 222,125 280,117 Less: valuation allowance (191,835 ) (8,084 ) Net deferred tax assets $ 30,290 $ 272,033 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ (30,349 ) $ (299,136 ) Other (1,796 ) (2,420 ) Non-United Excess of net book basis over remaining tax basis (5,474 ) (4,780 ) Other (1,272 ) (1,342 ) Deferred tax liabilities (38,891 ) (307,678 ) Net deferred tax liabilities $ (8,601 ) $ (35,645 ) Loss from continuing operations before income taxes consists of the following: Year Ended December 31, 2020 2019 2018 United States $ (2,150,591 ) $ (65,062 ) $ (136,083 ) Non-United (2,088,271 ) (844,022 ) (1,101,093 ) Total $ (4,238,862 ) $ (909,084 ) $ (1,237,176 ) The income tax provision (benefit) for continuing operations consists of the following: Year Ended December 31, 2020 2019 2018 Current- United States $ (257,552 ) $ (34,726 ) $ (56,574 ) Current- Non-United 23,474 14,011 18,348 Deferred- United States (57,514 ) (5,307 ) (67,371 ) Deferred- Non-United 31,189 (12,518 ) (1,044 ) Total $ (260,403 ) $ (38,540 ) $ (106,641 ) The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties. 2020 2019 2018 Gross balance at January 1, $ 130,837 $ 161,256 $ 174,437 Additions based on tax positions related to current year 20,266 934 97 Additions for tax positions of prior years 206 224 25 Reductions for tax positions of prior years (109,330 ) (28,542 ) (12,806 ) Expiration of statutes (4,258 ) (1,629 ) (497 ) Tax settlements — (1,406 ) — Gross balance at December 31, 37,721 130,837 161,256 Related tax benefits (384 ) (400 ) (1,008 ) Net reserve at December 31, $ 37,337 $ 130,437 $ 160,248 The liabilities related to our reserve for uncertain tax positions are comprised of the following: 2020 2019 Reserve for uncertain tax positions, excluding interest and penalties $ 37,337 $ 130,437 Interest and penalties included in “Other liabilities” 5,164 29,232 Reserve for uncertain tax positions, including interest and penalties $ 42,501 $ 159,669 At December 31, 2020, the reserves for uncertain tax positions totaled $42.5 million (net of related tax benefits of $0.4 million). If a portion or all of the December 31, 2020 reserves are not realized, the provision for income taxes could be reduced by up to $42.5 million. At December 31, 2019, the reserves for uncertain tax positions totaled $159.7 million (net of related tax benefits of $0.4 million). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. We estimate the potential changes could range up to $14.0 million. On March 27, 2020, the 45 th non-cash We include, as a component of our “Income tax benefit (provision),” potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax benefit of $24.1 million in 2020, an income tax benefit of $3.0 million in 2019 and an income tax expense of $5.1 million in 2018. During the year ended December 31, 2020, our income tax provision included the following non-recurring Tax benefit related to the following: • gross benefit of $192.4 million related to the impairment of rigs and certain capital spares partially offset by a corresponding increase in valuation allowance of $92.7 million; • the application of the CARES Act of $39.0 million; • release of reserves related to the closure of the 2012-2017 US tax audit of $111.9 million; and • tax impact of an internal restructuring net of resulting adjustment of the valuation allowance of $17.9 million. Tax expenses related to the following: • a 2019 US return-to-provision • an increase in UK valuation allowance of $31.1 million; and • an increase in non-US Our gross deferred tax asset balance at year-end We conduct business globally and, as a result, we file numerous income tax returns in the US and in non-US non-US Legacy Noble conducted substantially all of its business through Finco and its subsidiaries. The income or loss of our non-UK Year Ended December 31, 2020 2019 2018 Effect of: Tax rates which are different than the UK and Cayman Island rates 0.4% 4.3% 5.0% Tax impact of asset impairment and disposition 4.5% 0.3% 2.9% Tax impact of restructuring 2.1% (4.1)% — % Tax impact of the tax regulation change 0.9% — % 2.1% Tax impact of valuation allowance (4.3)% 0.5% (1.0)% Resolution of (reserve for) tax authority audits 2.5% 3.2% (0.4)% Total 6.1% 4.2% 8.6% Due to US foreign tax credit limitation constraints, for the years ended December 31, 2020, 2019 and 2018, the Company has made the determination to take foreign tax expense as a deduction against US taxable income. At December 31, 2020, the Company asserts that its unremitted earnings and/or book/tax outside basis differences in certain of its subsidiaries are either permanently reinvested or are not expected to result in a taxable event in the foreseeable future. Therefore, no deferred taxes have been recorded related to such earnings and/or investments. Certain of the restructuring transactions effected by the Company in connection with the Plan have a material impact on the Company, the full extent of which is still being finalized. For example, cancellation of indebtedness income resulting from such restructuring transactions has significantly reduced the Company’s US tax attributes, including but not limited to NOL carryforwards. Further, the Plan was approved by the Bankruptcy Court on November 20, 2020. As a result, on the Effective Date, the Company experienced an ownership change under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), which is anticipated to subject certain remaining tax attributes to an annual limitation under Section 382 of the Code. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Employee Benefit Plans | Note 13—Employee Benefit Plans Pension costs include the following components for the period from February 6 through September 30, 2021, the period from January 1 through February 5, 2021, the three months ended September 30, 2021 and the three and nine months ended September 30, 2020: Successor Predecessor Three Months Ended Three Months Ended Non-US US Non-US US Interest cost $ 344 $ 1,634 $ 450 $ 1,892 Return on plan assets (229 ) (3,177 ) (517 ) (2,919 ) Recognized net actuarial loss — — 3 716 Net pension benefit cost (gain) $ 115 $ (1,543 ) $ (64 ) $ (311 ) Successor Predecessor Period From September 30, 2021 Period From February 5, 2021 Nine Months Ended September 30, 2020 Non-US US Non-US US Non-US US Interest cost $ 926 $ 4,358 $ 99 $ 621 $ 1,313 $ 5,676 Return on plan assets (616 ) (8,471 ) (69 ) (1,250 ) (1,510 ) (8,757 ) Recognized net actuarial loss — — 1 282 7 2,149 Net pension benefit cost (gain) $ 310 $ (4,113 ) $ 31 $ (347 ) $ (190 ) $ (932 ) During the period from February 6 through September 30, 2021, the period from January 1 through February 5, 2021 and the three and nine months ended September 30, 2020, we made contributions to our pension plans. Effective December 31, 2016, employees and alternate payees accrue no future benefits under the US plans and, as such, Noble recognized service costs with the plans for the period from February 6 through September 30, 2021, the period from January 1 through February 5, 2021 and the three and nine months ended September 30, 2020. | Note 13—Employee Benefit Plans Defined Benefit Plans Noble Drilling (Land Support) Limited, an indirect, wholly-owned subsidiary of Noble (“NDLS”), maintains a pension plan that covers all of its salaried, non-union “non-US In addition to the non-US During the fourth quarter of 2016, we approved amendments, effective as of December 31, 2016, to our non-US A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US Years Ended December 31, 2020 2019 Non-US US Non-US US Benefit obligation at beginning of year $ 62,485 $ 240,249 $ 54,898 $ 210,944 Service cost — — — — Interest cost 1,877 7,567 1,814 8,711 Actuarial loss (gain) 7,190 28,266 6,649 29,078 Plan amendments 104 — — — Benefits paid (2,261 ) (8,024 ) (2,821 ) (7,201 ) Settlements and curtailments (3,751 ) (1,968 ) — (1,283 ) Foreign exchange rate changes 2,299 — 1,945 — Benefit obligation at end of year $ 67,943 $ 266,090 $ 62,485 $ 240,249 A reconciliation of the changes in fair value of plan assets is as follows: Years Ended December 31, 2020 2019 Non-US US Non-US US Fair value of plan assets at beginning of year $ 76,429 $ 194,160 $ 68,597 $ 165,730 Actual return on plan assets 8,741 36,247 8,282 35,597 Employer contributions — 2,002 — 1,317 Benefits paid (2,261 ) (8,024 ) (2,821 ) (7,201 ) Settlement and curtailment (3,751 ) (1,968 ) — (1,283 ) Foreign exchange rate changes 4,650 — 2,371 — Fair value of plan assets at end of year $ 83,808 $ 222,417 $ 76,429 $ 194,160 The funded status of the plans is as follows: Years Ended December 31, 2020 2019 Non-US US Non-US US Funded status $ 15,865 $ (43,673 ) $ 13,944 $ (46,089 ) Amounts recognized in the Consolidated Balance Sheets consist of: Years Ended December 31, 2020 2019 Non-US US Non-US US Other assets (noncurrent) $ 15,865 $ — $ 13,944 $ — Other liabilities (current) — (8,169 ) — (2,535 ) Other liabilities (noncurrent) — (35,504 ) — (43,554 ) Net amount recognized $ 15,865 $ (43,673 ) $ 13,944 $ (46,089 ) Amounts recognized in AOCI consist of: Years Ended December 31, 2020 2019 Non-US US Non-US US Net actuarial loss $ 3,108 $ 47,094 $ 4,758 $ 46,420 Prior service cost — — — — Deferred income tax asset (558 ) (9,890 ) (787 ) (9,748 ) Accumulated other comprehensive loss $ 2,550 $ 37,204 $ 3,971 $ 36,672 Pension costs include the following components: Years Ended December 31, 2020 2019 2018 Non-US US Non-US US Non-US US Service cost $ — $ — $ — $ — $ — $ — Interest cost 1,877 7,567 1,814 8,711 1,747 8,179 Return on plan assets (1,649 ) (11,676 ) (2,471 ) (10,313 ) (2,762 ) (11,914 ) Amortization of prior service cost 10 — 10 — — — Recognized net actuarial loss — 2,866 — 2,771 — 1,642 Settlement and curtailment gains 9 154 — (37 ) — 135 Net pension benefit cost (gain) $ 247 $ (1,089 ) $ (647 ) $ 1,132 $ (1,015 ) $ (1,958 ) There is less than $0.1 million and $2.9 million estimated net actuarial losses and prior service costs for the non-US During the years ended December 31, 2020, 2019 and 2018, we adopted the Retirement Plan (“RP”) mortality tables with the Mortality Projection (“MP”) scale as issued by the Society of Actuaries for each of the respective years. The RP 2020, 2019 and 2018 mortality tables represent the new standard for defined benefit mortality assumptions due to adjusted life expectancies. The adoption of the updated mortality tables and the mortality improvement scales decreased our pension liability on our US plans by approximately $1.7 million, $2.1 million and $0.6 million as of December 31, 2020, 2019 and 2018. During the fourth quarter of 2018, the UK High Court made a judgement confirming that UK pension schemes are required to equalize male and female members’ benefits for the effect of guaranteed minimum pensions (GMP). We have accounted for the impact of the GMP equalization as a plan amendment to our non-US Defined Benefit Plans—Disaggregated Plan Information Disaggregated information regarding our non-US Years Ended December 31, 2020 2019 Non-US US Non-US US Projected benefit obligation $ 67,943 $ 266,090 $ 62,485 $ 240,249 Accumulated benefit obligation 67,943 266,090 62,485 240,249 Fair value of plan assets 83,808 222,417 76,429 194,160 The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2020 and 2019. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2017. Years Ended December 31, 2020 2019 Non-US US Non-US US Projected benefit obligation $ — $ 266,090 $ — $ 240,249 Fair value of plan assets — 222,417 — 194,160 The PBO for the unfunded excess benefit plan was $9.7 million at December 31, 2020 as compared to $10.8 million in 2019, and is included under “US” in the above tables. The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2020 and 2019. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016. Years Ended December 31, 2020 2019 Non-US US Non-US US Accumulated benefit obligation $ — $ 266,090 $ — $ 240,249 Fair value of plan assets — 222,417 — 194,160 The ABO for the unfunded excess benefit plan was $9.7 million at December 31, 2020 as compared to $10.8 million in 2019, and is included under “US” in the above tables. Defined Benefit Plans—Key Assumptions The key assumptions for the plans are summarized below: Years Ended December 31, 2020 2019 Non-US US Non-US US Weighted-average assumptions used to determine benefit obligations: Discount Rate 1.40 % 1.82%-2.60 % 2.10 % 2.56%-3.32 % Rate of compensation increase N/A N/A N/A N/A Years Ended December 31, 2020 2019 2018 Non-US US Non-US US Non-US US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 2.10% 2.56%-3.32% 2.90% 3.65%-4.29% 2.60% 2.84%-3.66% Expected long-term return on assets 2.90% 5.40%-6.30% 3.70% 5.40%-6.50% 3.70% 5.75%-6.50% Rate of compensation increase N/A N/A N/A N/A N/A N/A The discount rates used to calculate the net present value of future benefit obligations for our US plans is based on the average of current rates earned on long-term bonds that receive a Moody’s rating of “Aa” or better. We have determined that the timing and amount of expected cash outflows on our plans reasonably match this index. For our non-US In developing the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio. To assist us with this analysis, we employ third-party consultants for our US and non-US Defined Benefit Plans—Plan Assets Non-US As of December 31, 2020, the NDLS pension Scheme targets an asset allocation of 10.0% return-seeking securities (Growth) and 90.0% debt securities (Matching) in order to protect the strong funding position the Scheme had achieved and reduce the level of funding level volatility arising as a result of the Scheme’s investment portfolio while the Trustees and Company considered entering into a buy-out buy-out 80.0% in debt securities (Matching) and recommended the de-risking de-risking day-to-day de-risking The actual fair values of the non-US Year Ended December 31, 2020 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Cash and cash equivalents $ 5,405 $ 5,405 $ — $ — Equity securities: International companies 4,179 4,179 — — Fixed income securities: Corporate bonds 72,407 72,407 — — Other 1,817 1,817 — — Total $ 83,808 $ 83,808 $ — $ — Year Ended December 31, 2019 Estimated Fair Value Carrying Amount Quoted Prices in Significant Other Significant Cash and cash equivalents $ 903 $ 903 $ — $ — Equity securities: International companies 26,131 26,131 — — Fixed income securities: Corporate bonds 49,395 49,395 — — Other — — — — Total $ 76,429 $ 76,429 $ — $ — US Plans The fundamental objective of the US plan is to provide the capital assets necessary to meet the financial obligations made to plan participants. In order to meet this objective, the Investment Policy Statement depicts how the investment assets of the plan are to be managed in accordance with the overall target asset allocation of approximately 41.0% equity securities, 57.7% fixed income securities, and 1.3% in cash and equivalents. The target asset allocation is intended to generate sufficient capital to meet plan obligations and provide a portfolio rate of return equal to or greater than the return realized using appropriate blended, market benchmark over a full market cycle (usually a five seven For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund’s prospectus and the other governing documentation at the fund level. No shares of Noble were included in equity securities at either December 31, 2020 or 2019. The actual fair values of US plan assets are as follows: Year Ended December 31, 2020 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 1,727 $ 1,727 $ — $ — Equity securities: United States 78,019 32,387 45,632 — International 32,310 32,310 — — Fixed income securities: Corporate bonds 83,645 82,669 976 — Municipal bonds — — — Treasury bonds 26,716 26,716 — — Total $ 222,417 $ 175,809 $ 46,608 $ — Year Ended December 31, 2019 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 2,254 $ 2,254 $ — $ — Equity securities: United States 60,422 21,502 38,920 — International 23,470 23,470 — — Fixed income securities: Corporate bonds 75,131 74,253 878 — Municipal bonds 1,064 $ — $ 1,064 Treasury bonds 31,819 31,819 — — Total $ 194,160 $ 153,298 $ 40,862 $ — Defined Benefit Plans—Cash Flows In 2020, we made no contributions to our non-US non-US non-US non-US The following table summarizes our estimated benefit payments at December 31, 2020: Payments by Period Total 2021 2022 2023 2024 2025 Thereafter Estimated benefit payments Non-US $ 24,311 $ 2,071 $ 2,143 $ 2,218 $ 2,296 $ 2,376 $ 13,207 US plans 115,735 17,319 9,648 10,157 10,367 10,824 57,420 Total estimated benefit payments $ 140,046 $ 19,390 $ 11,791 $ 12,375 $ 12,663 $ 13,200 $ 70,627 Other Benefit Plans We sponsor a 401(k) Restoration Plan, which is a nonqualified, unfunded employee benefit plan under which specified employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The 401(k) Restoration Plan has no assets, and amounts withheld for the 401(k) Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and associated returns are tracked on a phantom basis. Accordingly, we have a liability to the employee for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, benefit should phantom investment losses occur. At December 31, 2020 and 2019, our liability for the 401(k) Restoration Plan was $7.8 million and $8.4 million, respectively, and is included in “Accrued payroll and related costs.” In 2005, we enacted a profit sharing plan, the Noble Drilling Services Inc. Profit Sharing Plan, which covers eligible employees, as defined in the plan. Participants in the plan become fully vested in the plan after three years of service. We sponsor other retirement, health and welfare plans and a 401(k) savings plan for the benefit of our employees. On January 1, 2019, the 401(k) savings plan and the profit sharing plan were merged into the Noble Drilling Services Inc. 401(k) and Profit Sharing Plan. Profit sharing contributions are discretionary, require Board of Directors approval and are made in the form of cash. Contributions recorded related to this plan totaled $2.4 million, $2.4 million and $2.3 million, respectively, for three years ended December 31, 2020, 2019 and 2018. The cost of maintaining these plans for continuing operations aggregated approximately $24.9 million, $28.1 million and $25.0 million in 2020, 2019 and 2018, respectively. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Note 14—Derivative Instruments and Hedging Activities We are exposed to certain concentrations of interest rate and foreign currency exchange rate risk: periodically, we enter into derivative instruments to manage our exposure to fluctuations in these 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 Several of our regional shorebases 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 have historically settled monthly in the operations’ respective local currencies. All of these contracts had a maturity of less than 12 months. During 2020, we did not enter into any forward contracts. During 2019, we entered into forward contracts of approximately $15.8 million, all of which settled during 2019. At both December 31, 2020 and 2019, we had no outstanding derivative contracts. Financial Statement Presentation The following table, together with “Note 15—Fair Value of Financial Instruments,” summarizes the recognized gains and losses of cash flow hedges and non-designated Year Ended December 31, 2020 2019 Gain/(loss) reclassified from AOCI to “Contract drilling services” costs Cash flow hedges Foreign currency forward contracts $ — $ 320 There were no foreign currency forward contracts outstanding as of December 31, 2020. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Fair Value of Financial Instruments | Note 14—Fair Value of Financial InstrumentsThe following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: Successor: September 30, 2021 Estimated Fair Value Measurements Carrying Quoted Significant (Level 2) Significant (Level 3) Assets Marketable securities $ 7,205 $ 7,205 $ — $ — Predecessor: December 31, 2020 Estimated Fair Value Measurements Carrying Quoted Significant (Level 2) Significant (Level 3) Assets Marketable securities $ 12,326 $ 12,326 $ — $ — Our cash, cash equivalents and restricted cash, accounts receivable, marketable securities and accounts payable are by their nature short-term. As a result, the carrying values included in our Condensed Consolidated Balance Sheets approximate fair value. See “Note 8—Debt” for information regarding the fair value of our debt. | Note 15—Fair Value of Financial Instruments The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: December 31, 2020 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Assets — Marketable securities $ 12,326 $ 12,326 $ — $ — December 31, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Assets — Marketable securities $ 10,433 $ 10,433 $ — $ — Our cash and cash equivalents, and restricted cash, accounts receivable, marketable securities and accounts payable are by their nature short-term. As a result, the carrying values included in our Consolidated Balance Sheets approximate fair value. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | Note 17—Segment and Related Information We report our contract drilling operations as a single The following table presents revenues and identifiable assets by country based on the location of the service provided: Revenues for Year Ended December 31, Identifiable Assets as of December 31, 2020 2019 2018 2020 2019 Australia $ 50,434 $ 33,623 $ — $ 30,498 $ 244,244 Brazil — — — 14,184 8,910 Brunei — — 3,080 — — Bulgaria — 61,525 84,757 — — Canada 28,915 46,147 47,085 4,579 199,696 Curacao — — — — 75,776 Denmark 7,662 31,076 35,855 — 238,413 East Timor — — 33,733 — — Egypt — 49,209 112,473 — — Gabon 147 — — 4,509 4,160 Guyana 222,088 132,414 50,839 1,824,921 1,807,296 Malaysia — 251,497 91,052 9,199 30,012 Mexico — — — 1,297 28,032 Myanmar 21,084 56,207 16,572 — 151,116 Qatar 31,024 36,948 35,180 24,024 219,569 Saudi Arabia 133,246 154,807 156,989 398,093 673,884 Singapore — — 1,769 — — Suriname 61,474 17,374 (3 ) 585,994 599,659 Tanzania — — 381 — — Trinidad and Tobago 9,468 — — 19,031 — United Arab Emirates — — (17 ) 52,266 31,150 United Kingdom 180,610 243,063 194,602 749,416 1,373,524 United States 209,401 191,548 218,479 545,926 2,599,057 Vietnam 8,719 — — — — Total $ 964,272 $ 1,305,438 $ 1,082,826 $ 4,263,937 $ 8,284,498 |
Combined Debtor-In-Possession F
Combined Debtor-In-Possession Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Combined Debtor-In-Possession Financial Information | Note 19—Combined Debtor-In-Possession The financial statements included below represent the combined financial statements of the Debtors only. These statements reflect the results of operations, financial position and cash flows of the combined Debtor subsidiaries, including certain amounts and activities between Debtor and non-Debtor COMBINED DEBTORS’ BALANCE SHEET (In thousands) December 31, 2020 ASSETS Current assets Cash and cash equivalents $ 201,239 Accounts receivable 117,179 Receivables from non-debtor 2,921,225 Taxes receivable 24,475 Prepaid expenses and other current assets 58,973 Short-term notes receivable from non-debtor 365,112 Total current assets 3,688,203 Property and equipment, at cost 4,728,956 Accumulated depreciation (1,184,698 ) Property and equipment, net 3,544,258 Investment in non-debtor 19,622,028 Receivables from non-debtor 551,368 Other assets 60,173 Total assets $ 27,466,030 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 76,190 Accounts payable to non-debtor 36,140 Accrued payroll and related costs 31,327 Taxes payable 24,865 Other current liabilities 40,652 Total current liabilities 209,174 Deferred income taxes 8,678 Other liabilities 99,441 Liabilities subject to compromise, inclusive of payables to non-debtor 10,457,372 Total liabilities 10,774,665 Total debtors’ equity 16,691,365 Total liabilities and debtors’ equity $ 27,466,030 COMBINED DEBTORS’ STATEMENTS OF OPERATIONS (In thousands) Year Ended December 31, Operating revenues Contract drilling services $ 717,655 Reimbursables and other 53,284 Non-debtor 103,551 874,490 Operating costs and expenses Contract drilling services 477,144 Reimbursables 47,794 Depreciation and amortization 372,663 General and administrative 120,497 Pre-petition 14,409 Loss on impairment 3,914,608 4,947,115 Operating loss (4,072,625 ) Other income (expense) Interest expense, net of amounts capitalized (164,421 ) Interest expense from non-debtor (33,421 ) Gain on extinguishment of debt, net 17,254 Interest income and other, net 9,548 Interest income from non-debtor 31,751 Reorganization items, net (23,930 ) Loss from continuing operations before income taxes (4,235,844 ) Income tax benefit (provision) 247,021 Net loss $ (3,988,823 ) COMBINED DEBTORS’ STATEMENTS OF CASH FLOWS (In thousands) Year Ended Cash flows from operating activities Net loss $ (3,988,823 ) Adjustments to reconcile net loss to net cash flow from operating activities: Depreciation and amortization 372,663 Loss on impairment 3,914,608 Reorganization items, net (17,366 ) Gain on extinguishment of debt, net (17,254 ) Deferred income taxes (26,435 ) Amortization of share-based compensation 9,169 Other costs, net (42,020 ) Changes in components of working capital: Change in taxes receivable 28,117 Net changes in other operating assets and liabilities (274,902 ) Net changes in other operating assets and liabilities with non-debtor (143,759 ) Net cash used in operating activities (186,002 ) Cash flows from investing activities Capital expenditures (148,028 ) Proceeds from disposal of assets, net 26,999 Net cash used in investing activities (121,029 ) Cash flows from financing activities Borrowings on credit facilities 210,000 Repayments of senior notes (101,132 ) Cash paid to settle equity awards (1,010 ) Other financing activities with non-debtor 348,107 Taxes withheld on employee stock transactions (418 ) Net cash provided by financing activities 455,547 Net increase in cash, cash equivalents and restricted cash 148,516 Cash, cash equivalents and restricted cash, beginning of period 73,682 Cash, cash equivalents and restricted cash, end of period $ 222,198 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 15—Commitments and Contingencies Tax matters Subsequent to our filing of an Application for Tentative Refund with the Internal Revenue Service (“IRS”) under the CARES Act in the months of April and August 2020, the IRS informed us that it would be conducting a limited scope examination of the taxable years ended December 31, 2012, 2013, 2014, 2018 and 2019. In June 2021, the IRS completed its limited scope examination and did not propose any adjustments to the taxable years ended December 31, 2012, 2013, 2014, 2018 and 2019. In September 2021, the Congressional Joint Committee approved our remaining outstanding CARES Act refund of $ million. We expect to receive this refund plus interest in the last quarter of 2021. In the first quarter of 2020, we filed a foreign tax credit refund claim for taxable year 2009. In June 2021, the IRS completed its audit of taxable year 2009 in relation to our refund claim. In August 2021, we received the foreign tax credit refund of $ million plus interest. No other taxable years are currently under audit in the US. We believe that we have accurately reported all amounts in our returns. Audit claims of approximately $632.9 . 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. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained upon challenge by a tax authority. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. Other contingencies Legacy Noble entered into agreements with certain of our executive officers. These agreements became effective upon a change of control of Noble (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 were effective for three years thereafter. These agreements provided for compensation and certain other benefits under such circumstances. On the Effective Date of our emergence from the Chapter 11 Cases, the Legacy Noble agreements were superseded by new employment agreements with substantially similar terms except that the new agreements provide for certain severance benefits upon termination without cause or resignation for good reason. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including personal injury claims, 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. | Note 16— Commitments and Contingencies Transocean Ltd. In January 2017, a subsidiary of Transocean Ltd. filed suit against us and certain of our subsidiaries seeking damages for patent infringement in a Texas federal court. The suit claimed that five of our newbuild rigs that operated in the US Gulf of Mexico violated Transocean patents relating to what is generally referred to as dual-activity drilling, and Transocean sought royalties of a $10.0 million fee and a five percent license fee for the pertinent period of operation for each vessel and damages for the breach of contract alleged in February 2019, regarding a 2007 settlement agreement that we entered into with Transocean relating to patent claims in respect of another Noble rig. On September 15, 2020, the Company entered into a settlement agreement with Transocean to settle this matter in exchange for payment by the Company of an immaterial amount to be paid in three installment payments due 2020, 2021 and 2022, which was approved by the Bankruptcy Court on October 9, 2020 and is included in “Liabilities subject to compromise” on our Consolidated Balance Sheet as of December 31, 2020. Paragon Offshore On August 1, 2014, Legacy Noble completed the separation and spin-off “Spin-off”) On December 15, 2017, the litigation trust filed fraudulent conveyance and related claims relating to the Spin-off On September 23, 2020, the Noble Defendants entered into a settlement agreement (the “Settlement Agreement”) with the litigation trust to fully and finally settle the disputes among them in the Action on the terms set forth in the Settlement Agreement and, subject to certain terms and conditions, to allow the litigation trust’s claims to proceed against the Individual Defendants in the Delaware Court. Among other things, the Settlement Agreement provided that the claims asserted by the litigation trust against each of the Noble Defendants in the Action would be allowed as a prepetition unsecured claim in the Chapter 11 Cases in the aggregate amount of $85 million, and, on account of that claim, required the Debtors to either (a) make a $10 million payment to the litigation trust, if a full settlement and release of (i) all claims brought against all defendants in the Action, including the Noble Defendants and the Individual Defendants, (ii) the Noble Defense Cost Claim (as defined in the Settlement Agreement), and (iii) the Noble Indemnity Claim (as defined in the Settlement Agreement) (a “Global Resolution”) is reached on or before October 1, 2020, or (b) if a Global Resolution was not reached on or before October 1, 2020, make an up-front On February 3, 2021, the Noble Defendants, the Individual Defendants and the litigation trust entered into an agreement (the “Global Resolution Agreement”) to effectuate the global resolution contemplated by the Settlement Agreement. Pursuant to the Global Resolution Agreement, among other things, the Debtors made a $7.7 million payment into escrow which, together with $82.7 million contributed by certain insurers, will be paid to the litigation trust upon the satisfaction of certain conditions precedent, and all claims brought against all defendants, including the Noble Defendants and Individual Defendants will be settled and released. The Global Resolution Agreement was subject to approval by the Delaware Court, which approval was granted on February 24, 2021. All claims related to the Action have now been fully settled. Tax matters The Internal Revenue Service (“IRS”) has completed its examination procedures, including all appeals and administrative reviews, for the taxable years ended December 31, 2012 through December 31, 2017. In May 2020, the IRS examination team notified us that it was no longer proposing any adjustments with respect to our tax reporting for the taxable years ended December 31, 2012 through December 31, 2017. Subsequent to our filing of an Application for Tentative Refund with the IRS under the CARES Act in the months of April and August 2020, the IRS informed us that it would be conducting a limited scope examination of the taxable years ended December 31, 2012, 2013, 2014, 2018 and 2019. In the first quarter of 2020, we filed a foreign tax credit refund claim for taxable year 2009. The IRS is currently auditing taxable year 2009 in relation to our refund claim. We believe that we have accurately reported all amounts in our returns. Audit claims of approximately $96.1 million attributable to income and other business taxes were assessed against Noble entities in Mexico related to tax years 2007, 2009 and 2010, in Australia related to tax years 2013 to 2016, in Guyana related to tax years 2019 and 2020 and in Saudi Arabia related to tax years 2015 to 2018. We intend to vigorously defend our reported positions and believe the ultimate resolution of the audit claims will not have a material adverse effect on our consolidated financial statements. 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. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained upon challenge by a tax authority. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. Other contingencies Legacy Noble had entered into agreements with certain of our executive officers, as well as certain other employees. These agreements were effective upon a change of control of Noble (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 remained effective for three years thereafter. These agreements provided for compensation and certain other benefits under such circumstances. On the Effective Date of our emergence from the Chapter 11 Cases, the Legacy Noble agreements were superseded by new employment agreements. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including personal injury claims, 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. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Supplemental Financial Information [Abstract] | ||
Supplemental Financial Information | Note 16—Supplemental Financial Information Condensed Consolidated Balance Sheets Information Our Noble restricted cash balance as of September Septe mber Condensed Consolidated Statements of Cash Flows Information Operating cash activities The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble Successor Predecessor Period From Septe mber Period From Nine September Accounts receivable $ (20,980 ) $ (41,344 ) $ 31,230 Other current assets 671 17,884 (4,950 ) Other assets (11,891 ) 8,521 1,483 Accounts payable 3,570 (16,819 ) (1,485 ) Other current liabilities 12,888 11,428 9,033 Other liabilities 5,569 (5,846 ) (7,869 ) Total net change in assets and liabilities $ (10,173 ) $ (26,176 ) $ 27,442 Finco Successor Predecessor Period From September Period From Nine September Accounts receivable $ (20,980 ) $ (41,344 ) $ 299 Other current assets 460 19,398 8,124 Other assets (11,874 ) 8,512 2,750 Accounts payable 6,584 (14,061 ) (14,564 ) Other current liabilities 12,751 11,623 9,002 Other liabilities 5,395 (5,936 ) (7,869 ) Total net change in assets and liabilities $ (7,664 ) $ (21,808 ) $ (2,258 ) Non-cash Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of September Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of September On the Effective Date, an aggregate principal amount of $ 216.0 16.0 On April 15, 2021, Noble completed the Pacific Drilling Merger, issuing 16.6 million Ordinary Shares valued at $357.7 million, in exchange for $422.1 million net assets acquired. See “Note 4—Acquisitions” for additional information . | Note 18—Supplemental Financial Information Consolidated Balance Sheets Information Deferred revenues from drilling contracts totaled $59.9 million and $65.1 million at December 31, 2020 and 2019, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $13.9 million at December 31, 2020 as compared to $30.8 million at December 31, 2019, and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Consolidated Statements of Cash Flows Information Operating cash activities The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble Finco December 31, December 31, 2020 2019 2018 2020 2019 2018 Accounts receivable $ 50,802 $ 2,057 $ 3,974 $ 19,588 $ 2,057 $ 3,974 Other current assets (866 ) 3,573 (2,722 ) 7,830 4,046 (2,700 ) Other assets (2,369 ) 16,218 (10,378 ) (800 ) 18,749 (6,424 ) Accounts payable 357 (2,279 ) 14,955 (11,018 ) (2,182 ) 14,795 Other current liabilities 8,582 (4,700 ) (13,940 ) 16,055 (4,549 ) (13,495 ) Other liabilities (10,941 ) (24,577 ) (26,829 ) (10,941 ) (24,577 ) (26,829 ) Total net change in assets and liabilities $ 45,565 $ (9,708 ) $ (34,940 ) $ 20,714 $ (6,456 ) $ (30,679 ) Non-cash Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of December 31, 2020, 2019 and 2018 were $35.3 million, $36.0 million and $52.1 million, respectively. We entered into the $60.0 million 2018 Seller Loan to finance a portion of the purchase price for the Noble Johnny Whitstine Noble Joe Knight Additional cash flow information is as follows: Noble Finco December 31, December 31, 2020 2019 2018 2020 2019 2018 Cash paid during the period for: Interest, net of amounts capitalized $ 138,040 $ 289,457 $ 286,506 $ 138,040 $ 289,457 $ 286,506 Income taxes paid (refunded), net (133,708 ) 8,181 (107,554 ) (133,708 ) 8,181 (107,554 ) |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17—Subsequent Events The closing of the sale of the jackup rigs operated by the Company in Saudi Arabia, the Noble Roger Lewis Noble Scott Marks Noble Joe Knight Noble Johnny Whitstine |
Unaudited Interim Financial Dat
Unaudited Interim Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Interim Financial Data | Note 20—Unaudited Interim Financial Data Unaudited interim consolidated financial information from continuing operations for Noble is as follows: Quarter Ended March 31 June 30 September 30 December 31 2020 Operating revenues $ 281,311 $ 237,918 $ 241,836 $ 203,207 Operating income (loss) (1,132,555 ) (95,453 ) (18,875 ) (2,829,662 ) Net loss from continuing operations (1,062,677 ) (42,194 ) (50,868 ) (2,822,720 ) Net loss per share from continuing operations attributable to Noble (1) Basic Loss from continuing operations (4.25 ) (0.17 ) (0.20 ) (11.24 ) Diluted Loss from continuing operations (4.25 ) (0.17 ) (0.20 ) (11.24 ) Quarter Ended March 31 June 30 September 30 December 31 2019 Operating revenues $ 282,888 $ 292,936 $ 275,526 $ 454,088 Operating loss (23,812 ) (118,710 ) (640,012 ) 116,261 Net loss from continuing operations (67,068 ) (151,960 ) (444,871 ) (32,870 ) Net loss from discontinued operations, net of tax (3,821 ) — — — Net loss per share from continuing operations attributable to Noble (1) Basic Loss from continuing operations (0.27 ) (0.61 ) (1.79 ) (0.13 ) Loss from discontinued operations (0.02 ) — — — Diluted Loss from continuing operations (0.27 ) (0.61 ) (1.79 ) (0.13 ) Loss from discontinued operations (0.02 ) — — — (1) Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net loss per share may not equal the total computed for the year. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (“Noble” or “Successor”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of December 31, 2020, our fleet of 19 drilling rigs consisted of 7 floaters and 12 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. On July 31, 2020 (the “Petition Date”), our former parent company, Noble Holding Corporation plc (formerly known as Noble Corporation plc), a public limited company incorporated under the laws of England and Wales (“Legacy Noble” or the “Predecessor”), and certain of its subsidiaries, including Noble Finance Company (formerly known as Noble Corporation), a Cayman Islands company (“Finco”), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”). On September 4, 2020, the Debtors (as defined herein) filed with the Bankruptcy Court the Joint Plan of Reorganization of Noble Corporation plc and its Debtor Affiliates, Noble Corporation plc, No. 20-33826) Noble is the successor issuer to Legacy Noble for purposes of and pursuant to Rule 15d-5 Finco was an indirect, wholly-owned subsidiary of Legacy Noble prior to the Effective Date and has been a direct, wholly-owned subsidiary of Noble, our parent company, since the Effective Date. Noble’s principal asset is all of the shares of Finco. Finco has no public equity outstanding. The consolidated financial statements of Noble include the accounts of Finco, and Noble conducts substantially all of its business through Finco and its subsidiaries. |
Consolidation | Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. Until December 3, 2019 our consolidated financial statements included the accounts of two joint ventures, in each of which we owned a 50 percent interest. On December 3, 2019, we acquired the remaining 50 percent interest not owned by us and as a result the two joint ventures became our wholly-owned subsidiaries. Our historical ownership interest in the joint ventures met the definition of variable interest under Financial Accounting Standards Board (“FASB”) codification and we determined that we were the primary beneficiary. Intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business. |
Restricted Cash | Restricted Cash We classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year. As of December 31, 2020 and 2019, our Noble restricted cash balance consisted of $21.7 million and $1.3 million, respectively. As of December 31, 2020 and 2019, our Finco restricted cash balance consisted of $1.7 million and $1.3 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.” As of December 31, 2019, our restricted cash balance was associated with our financing of the Noble Johnny Whitstine Noble Joe Knight |
Accounts Receivable and Accounts Receivable from Affiliates | Accounts Receivable We record accounts receivable at the amount we invoice our clients, net of allowance for credit losses. We provide an allowance for uncollectible accounts, as necessary. Our allowance for doubtful accounts as of December 31, 2020 and 2019 was $1.1 million and $1.9 million, respectively. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three two Interest is capitalized on long-term construction project using the weighted average cost of debt outstanding during the period of construction. Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. As part of this analysis, we make assumptions and estimates regarding future market conditions. When circumstances indicate that the carrying value of the assets may not be recoverable, management compares the carrying value to the expected undiscounted pre-tax pre-tax fair value. An impairment loss is recognized to the extent that an asset’s carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. The expected future cash flows used for impairment assessment and related fair value measurements are typically based on judgmental assessments of, but were not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term, and considering all available information at the date of assessment. For more detailed information, see “Note 6— Loss on Impairment.” |
Fair Value Measurements | Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows: Level 1—Valuations based on quoted prices in active markets for identical assets; Level 2—Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and Level 3—Valuations based on unobservable inputs. |
Revenue Recognition | Revenue Recognition The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services. Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract (“constrained revenue”). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed Dayrate Drilling Revenue. Mobilization/Demobilization Revenue. lump-sum pre-operating pre-operating In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset. Contract Preparation Revenue. lump-sum Bonuses, Penalties and Other Variable Consideration. re-measure Capital Modification Revenue lump-sum Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract. Revenues Related to Reimbursable Expenses Deferred revenues from drilling contracts totaled $59.9 million and $65.1 million at December 31, 2020 and 2019, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $13.9 million at December 31, 2020 as compared to $30.8 million at December 31, 2019 and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. We record reimbursements from customers for “out-of-pocket” |
Income Taxes | Income Taxes Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year-end. We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the United States, UK and any other jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes. |
Insurance Reserves | Insurance Reserves We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis. Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2020 and 2019, loss reserves for personal injury and protection claims totaled $30.9 million and $27.9 million, respectively, and such amounts are included in “Other current liabilities” or “Liabilities subject to compromise” in the accompanying Consolidated Balance Sheets. |
Earnings per Share | Earnings per Share Our unvested share-based payment awards, which contain non-forfeitable two-class two-class two-class |
Share-Based Compensation Plans and Liability-Classified Awards | Share-Based Compensation Plans We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. Liability-Classified Awards The Company classified certain awards that will be settled in cash as liability awards. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are expensed or capitalized based on the nature of the employee’s activities over the vesting period of the award. |
Litigation Contingencies | Litigation Contingencies We are involved in legal proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements. We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgement is required to determine both the probability and the estimated amount. |
Foreign Currency Translation | Foreign Currency Translation Although we are a Cayman Islands company, our functional currency is the US dollar, and we define any non-US non-US non-US |
Discontinued Operations | Discontinued Operations On August 1, 2014, Legacy Noble completed the separation and spin-off “Spin-off”) Spin-off, Prior to the completion of the Spin-off, Spin-off Spin-off Spin-off. Spin-off, |
Certain Significant Estimates | Certain Significant Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements. |
Accounting Standards Adopted and Recently Issued Accounting Standards | Accounting Pronouncements Accounting Standards Adopted In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-14, 715-20, In June 2016, the FASB issued ASU No. 2016-13 available-for-sale Recently Issued Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, which amends ASC Topic 740, “Income Taxes” This update simplifies the accounting for income taxes by removing certain exceptions to general principles. The amendment is effective for fiscal years beginning after December 15, 2020 and is required to be adopted on a retrospective basis for all periods presented. We do not expect the adoption of this guidance to materially affect our consolidated financial statements. With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our consolidated financial statements. |
Chapter 11 Emergence (Tables)
Chapter 11 Emergence (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Reorganizations [Abstract] | ||
Schedule of Components of Reorganization Items, Net | The following table summarizes the components of reorganization items included in our Condensed Consolidated Statements of Operations for the period January 1, 2021 through February 5, 2021: Predecessor Noble Finco Period From January 1, 2021 Period From January 1, 2021 Professional fees (1) $ (28,739 ) $ (8,095 ) Adjustments for estimated allowed litigation claims 77,300 — Write-off (4,406 ) (4,406 ) Gain on settlement of liabilities subject to compromise 2,556,147 2,556,147 Loss on fresh start adjustments (2,348,251 ) (2,348,251 ) Total Reorganization items, net $ 252,051 $ 195,395 (1) Payments of $44.2 million and $7.2 million related to professional fees have been presented as cash outflows from operating activities in our Condensed Consolidated Statements of Cash Flows for the period January 1, 2021 through February 5, 2021 for Noble and Finco, respectively. | The following table summarizes the components of reorganization items included in our Consolidated Statements of Operations for the year ended December 31, 2020: Noble Finco December 31, 2020 December 31, 2020 Adjustments for estimated litigation claims (1) (57,000 ) 4,500 Write-off 45,469 45,469 Professional fees (1) 37,296 2,644 Revision of estimated claims (1,835 ) (1,835 ) Total Reorganization items, net $ 23,930 $ 50,778 (1) Payments of $25.6 million and $5.0 million related to professional fees and the first installment payment for the previously disclosed patent infringement settlement with Transocean Ltd. (“Transocean”) have been presented as cash outflows from operating activities in our Consolidated Statements of Cash Flows for the year ended December 31, 2020 for Noble and Finco, respectively. |
Schedule Of Components Of Liabilities Subject To Compromise | The following table summarizes the components of liabilities subject to compromise included on our Consolidated Balance Sheet as of December 31, 2020: Noble Finco December 31, 2020 December 31, 2020 4.900% Senior Notes due August 2020 $ 62,535 $ 62,535 4.625% Senior Notes due March 2021 79,936 79,936 3.950% Senior Notes due March 2022 21,213 21,213 7.750% Senior Notes due January 2024 397,025 397,025 7.950% Senior Notes due April 2025 450,000 450,000 7.875% Senior Notes due February 2026 750,000 750,000 6.200% Senior Notes due August 2040 393,596 393,596 6.050% Senior Notes due March 2041 395,002 395,002 5.250% Senior Notes due March 2042 483,619 483,619 8.950% Senior Notes due April 2045 400,000 400,000 2017 Credit Facility 545,000 545,000 Litigation 93,000 8,000 Accrued and unpaid interest 110,301 110,301 Accounts payable and other liabilities 37,447 37,359 Lease liabilities 20,969 20,969 Total consolidated liabilities subject to compromise $ 4,239,643 $ 4,154,555 |
Reorganization and Fresh Star_2
Reorganization and Fresh Start Accounting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Reorganizations [Abstract] | |
Schedule of Reconciliation of Enterprise Value and Reorganization Value | The reorganization value represents the fair value of the Successor’s and Finco’s total assets and was derived from the enterprise value, which represents the estimated fair value of an entity’s long-term debt and equity. As set forth in the Plan, the enterprise value of the reorganized Debtors was estimated to be in the range of $1.1 billion to $1.6 billion with a midpoint of $1.3 billion. The enterprise value range was determined by using a discounted cash flow analysis and a peer group trading analysis, excluding unrestricted cash at emergence. Based on the estimates and assumptions discussed above, we estimated the enterprise value to be the midpoint of the range of estimated enterprise value of $1.3 billion. The following table reconciles the enterprise value to the Successor equity as of the Effective Date: February 5, 2021 Enterprise Value $ 1,300,300 Plus: Cash and cash equivalents 111,968 Less: Fair value of debt (393,500 ) Fair Value of Successor Equi ty $ 1,018,768 The following table reconciles the enterprise value to the reorganization value as of the Effective Date: February 5, 2021 Enterprise Value $ 1,300,300 Plus: Cash and cash equivalents 111,968 Plus: Non-interest 185,410 Plus: Non-interest non-current 108,268 Reorganization value of Successor assets $ 1,705,946 |
Schedule of Fresh Start Balance Sheet | The following table reflects the reorganization and application of ASC 852 on our condensed consolidated balance sheet as of February 5, 2021: Predecessor Reorganization Fresh Start Successor ASSETS Current assets Cash and cash equivalents $ 317,962 $ (205,994 )(a) $ — $ 111,968 Accounts receivable, net 189,207 — — 189,207 Taxes receivable 32,556 — — 32,556 Prepaid expenses and other current assets 63,056 (20,302 )(b) (10,073 )(m) 32,681 Total current assets 602,781 (226,296 ) (10,073 ) 366,412 Intangible assets — — 113,389 (n) 113,389 Property and equipment, at cost 4,787,661 — (3,631,936 )(o) 1,155,725 Accumulated depreciation (1,221,033 ) — 1,221,033 (o) — Property and equipment, net 3,566,628 — (2,410,903 ) 1,155,725 Other assets 69,940 10,983 (c) (10,503 )(m) 70,420 Total assets $ 4,239,349 $ (215,313 ) $ (2,318,090 ) $ 1,705,946 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 89,215 $ (7,266 )(d) $ — $ 81,949 Accrued payroll and related costs 35,615 — — 35,615 Taxes payable 34,211 — — 34,211 Other current liabilities 64,943 21,305 (e) (52,613 )(m) 33,635 Total current liabilities 223,984 14,039 (52,613 ) 185,410 Long-term debt — 352,054 (f) 41,446 (p) 393,500 Deferred income taxes 9,303 (17,328 )(g) 29,550 (q) 21,525 Other liabilities 108,489 4,659 (h) (26,405 )(m) 86,743 Liabilities subject to compromise 4,143,812 (4,143,812 )(i) — — Total liabilities 4,485,588 (3,790,388 ) (8,022 ) 687,178 Shareholders’ equity Common stock (Predecessor) 2,511 (2,511 )(j) — — Common stock (Successor) — 1 (k) — 1 Additional paid-in 815,505 (815,505 )(j) — — Additional paid-in — 1,018,767 (k) — 1,018,767 Accumulated deficit (1,006,351 ) 3,374,323 (l) (2,367,972 )(r) — Accumulated other comprehensive loss (57,904 ) — 57,904 (s) — Total shareholders’ equity (246,239 ) 3,575,075 (2,310,068 ) 1,018,768 Total liabilities and equity $ 4,239,349 $ (215,313 ) $ (2,318,090 ) $ 1,705,946 Reorganization Adjustments (a) Represents the reorganization adjustment to cash and cash equivalents: Proceeds from Rights Offering $ 200,000 Proceeds from the Revolving Credit Facility, net of issuance costs 167,361 Transfer of cash from restricted cash 300 Payment of professional service fees (23,261 ) Payment of the pre-petition (550,019 ) Deconsolidation of NHUK (300 ) Payment of recurring debt fees (75 ) Change in cash and cash equivalents $ (205,994 ) (b) Represents the reorganization adjustment for the following: Payment of professional service fees from escrow $ (12,380 ) Payment of Paragon litigation settlement form escrow (7,700 ) Transfer of restricted cash to cash (300 ) Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence 78 Change in prepaid expenses and other current assets $ (20,302 ) (c) Adjustments to other assets relates to capitalization of long-term debt issuance costs related to the Revolving Credit Facility of $11.1 million and the impact of reorganization adjustments on deferred tax assets of $(0.1) million. (d) Adjustments to accounts payable related to the payment of professional fees $(15.2) million and the reinstatement of trade payables from liabilities subject to compromise of $8.0 million. (e) Adjustment of $21.3 million to other current liabilities related to the reinstatement of liabilities subject to compromise. (f) Represents $352.1 million of outstanding borrowings, net of financing costs, under the Second Lien Notes and Revolving Credit Facility. (g) Represents the write-off (h) Represents cancellation of $(0.1) million cash-based compensation plans and the reinstatement of $4.7 million right-of-use (i) Liabilities subject to compromise settled or reinstated in accordance with the Plan and the resulting gain were determined as follows: 4.900% senior notes due Aug. 2020 $ 62,535 4.625% senior notes due Mar. 2021 79,937 3.950% senior notes due Mar. 2022 21,213 7.750% senior notes due Jan. 2024 397,025 7.950% senior notes due Apr. 2025 450,000 7.875% senior notes due Feb. 2026 750,000 6.200% senior notes due Aug. 2040 393,597 6.050% senior notes due Mar. 2041 395,000 5.250% senior notes due Mar. 2042 483,619 8.950% senior notes due Apr. 2045 400,000 5.958% revolving credit facility maturing Jan. 2023 545,000 Accrued and unpaid interest 110,300 Protection and indemnity insurance liabilities 25,669 Accounts payable and other payables 8,163 Estimated loss on litigation 15,700 Lease liabilities 6,054 Total consolidated liabilities subject to compromise 4,143,812 Issuance of Successor common stock (854,909 ) Issuance of Successor warrants to certain Predecessor creditors (141,029 ) Payment of the pre-petition (550,020 ) Payment of Paragon litigation settlement from escrow (7,700 ) Reinstatement of Transocean litigation liability (8,000 ) Reinstatement of protection and indemnity insurance liabilities (11,791 ) Reinstatement of trade payables and right-of-use (14,216 ) Gain on settlement of liabilities subject to compromise $ 2,556,147 (j) Represents the cancellation of the Predecessor’s common stock of $(2.5) million and Additional paid-in (k) Represents the reorganization adjustments to common stock and additional paid in capital: Par value of 50 million shares of new common stock issued $ 1 Capital in excess of par value of 50 million issued and authorized shares of new common stock issued 875,931 Fair value of new warrants issued 142,836 Total Successor equity issued on the Effective Date $ 1,018,768 (l) Represents the reorganization adjustments to accumulated deficit: Gain on settlement of liabilities subject to compromise $ 2,556,147 Professional fees and success fees (15,017 ) Write-off (4,406 ) Reorganization items, net 2,536,724 Cancellation of Predecessor common stock and additional paid-in 820,299 Cancellation of Predecessor cash and equity compensation plans 2,183 Issuance of Successor warrants to Predecessor equity holders (1,807 ) Deconsolidation of NHUK (222 ) Recognition of recurring debt fees (75 ) Tax impacts of reorganization 17,221 Net impact to Accumulated Deficit $ 3,374,323 Fresh Start Adjustment s (m) Reflects adjustments to capitalized deferred costs, deferred revenue and pension balances due to the application of fresh start accounting as follows: Prepaid expenses and Other assets Other current liabilities Other liabilities Deferred contract assets and revenues $ (10,073 ) $ (2,616 ) $ (52,616 ) $ (20,320 ) Write-off — (6,238 ) — — Pension assets and obligations — (1,010 ) 3 (6,085 ) Fair value adjustments to other assets — (639 ) — — $ (10,073 ) $ (10,503 ) $ (52,613 ) $ (26,405 ) (n) Reflects the fair value adjustment of $113.4 million to record an intangible asset for favorable contracts with customers. (o) Reflects the fair value adjustment of $2.4 billion to property and equipment of the Predecessor. The following table presents a comparison of the historical and new fair values upon emergence: Historical Value Fair Value Drilling equipment and facilities $ 4,355,384 $ 1,070,931 Construction in progress 231,626 75,159 Other 200,651 9,635 Less: accumulated depreciation (1,221,033 ) — Property and equipment, at cost $ 3,566,628 $ 1,155,725 (p) Reflects a fair value adjustment of $41.4 million to the carrying value of the Second Lien Notes due to application of fresh start accounting. (q) New deferred tax balances of $29.6 million were established for favorable contracts with customers due to application of fresh start accounting. (r) The following table summarizes the cumulative impact of the fresh start adjustments, as discussed above, the elimination of the Predecessor’s accumulated other comprehensive loss, and the adjustments required to eliminate accumulated deficit: Fair value adjustment to Prepaid and other current assets $ (10,073 ) Fair value adjustment to Intangible assets 113,389 Fair value adjustment to Property and equipment, net (2,410,903 ) Fair value adjustment to Other assets (10,503 ) Fair value adjustment to Other current liabilities 52,613 Fair value adjustment to Long-term debt (41,446 ) Fair value adjustment to Deferred income taxes (9,829 ) Fair value adjustment to Other liabilities 26,405 Derecognition of Predecessor Accumulated other comprehensive loss (57,904 ) Total fresh start adjustments included in Reorganization items, net (2,348,251 ) Tax impact of fresh start adjustments (19,721 ) Net change in accumulated deficit $ (2,367,972 ) (s) Reflects $57.9 million for the derecognition of Predecessor Accumulated other comprehensive loss through Reorganization items, net. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Identifiable Assets Acquired and Liabilities Assumed Based on the Fair Values | The following table represents the preliminary allocation of the total purchase price of Pacific Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date . Consideration: Pacific Drilling membership interests outstanding 2,500 Exchange Ratio 6.366 15,915 Pacific Drilling warrants outstanding 441 Exchange Ratio 1.553 685 Noble Ordinary Shares issued 16,600 Fair value of Noble Ordinary Shares on April 15, 2021 $ 21.55 Total consideration $ 357,662 Assets acquired: Cash and cash equivalents $ 54,970 Accounts receivable 17,457 Taxes receivable 1,585 Prepaid expenses and other current assets 14,081 Total current assets 88,093 Property and equipment, net 346,167 Assets held for sale 30,063 Other assets 2,631 Total assets acquired 466,954 Liabilities assumed: Accounts payable 18,603 Other current liabilities 2,900 Accrued payroll and related costs 16,128 Taxes payable 1,951 Total current liabilities 39,582 Deferred income taxes 798 Other liabilities 4,433 Total liabilities assumed 44,813 Net assets acquired $ 422,141 Gain on bargain purchase 64,479 Purchase price consideration $ 357,662 |
Schedule of Revenue and Net Income of Acquiree subsequent to the Closing of Merger | The following table represents Pacific Drilling’s revenue and earnings included in Noble’s consolidated statement of operations subsequent to the closing of the Pacific Drilling Merger. Successor Three Months Period From Revenue $ 35,682 $ 65,629 Net loss $ (12,533 ) $ (28,865 ) |
Schedule of Pro Forma Financial Information | The following unaudited pro forma summary presents the results of operations as if the Pacific Drilling Merger had occurred on February 6, 2021. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented. Successor Three Months Period From Revenue $ 250,371 $ 584,821 Net loss $ (23,665 ) $ (53,470 ) Net loss per share Basic $ (0.36 ) $ (0.80 ) Diluted $ (0.36 ) $ (0.80 ) |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Schedule of Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table presents the computation of basic and diluted loss per share for Noble: Successor Predecessor Three Months Period From Period From Three Months Nine Months Numerator: Basic Net income (loss) from continuing operations $ (23,665 ) $ (21,454 ) $ 250,228 $ (50,868 ) $ (1,155,739 ) Net loss from discontinued operations, net of tax — — — — — Net income (loss) $ (23,665 ) $ (21,454 ) $ 250,228 $ (50,868 ) $ (1,155,739 ) Diluted Net income (loss) $ (23,665 ) $ (21,454 ) $ 250,228 $ (50,868 ) $ (1,155,739 ) Denominator: Weighted average shares outstanding - basic 66,623 61,847 251,115 251,058 250,696 Dilutive effect of share-based awards — — 5,456 — — Weighted average shares outstanding - diluted 66,623 61,847 256,571 251,058 250,696 Per share data Basic: Net income (loss) $ (0.36 ) $ (0.35 ) $ 1.00 $ (0.20 ) $ (4.61 ) Diluted: Net income (loss) $ (0.36 ) $ (0.35 ) $ 0.98 $ (0.20 ) $ (4.61 ) | The following table presents the computation of basic and diluted loss per share for Legacy Noble: Year Ended December 31, 2020 2019 2018 Numerator: Basic Net loss from continuing operations $ (3,978,459 ) $ (696,769 ) $ (885,050 ) Net loss from discontinued operations, net of tax — (3,821 ) — Net loss attributable to Noble Corporation $ (3,978,459 ) $ (700,590 ) $ (885,050 ) Diluted Net loss from continuing operations $ (3,978,459 ) $ (696,769 ) $ (885,050 ) Net loss from discontinued operations, net of tax — (3,821 ) — Net loss attributable to Noble Corporation $ (3,978,459 ) $ (700,590 ) $ (885,050 ) Denominator: Weighted average shares outstanding—basic 250,792 248,949 246,614 Weighted average shares outstanding—diluted 250,792 248,949 246,614 Loss per share Basic: Loss from continuing operations $ (15.86 ) $ (2.79 ) $ (3.59 ) Loss from discontinued operations — (0.02 ) — Net loss attributable to Noble Corporation $ (15.86 ) $ (2.81 ) $ (3.59 ) Diluted: Loss from continuing operations $ (15.86 ) $ (2.79 ) $ (3.59 ) Loss from discontinued operations — (0.02 ) — Net loss attributable to Noble Corporation $ (15.86 ) $ (2.81 ) $ (3.59 ) Dividends per share $ — $ — $ — |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table displays the share-based instruments that have been excluded from diluted income or loss per share since the effect would have been anti-dilutive: Successor Predecessor Three Months Period From Period From Three Months Ended Nine Months Ended Share-based awards 3,124 3,124 556 6,431 6,431 Warrants (1) 19,412 19,412 — — — (1) Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the treasury stock method, adjusted for mandatory exercise provisions under the warrant agreements if applicable. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Equipment, at Cost | Property and equipment, at cost consisted of the following: Successor Predecessor September 30, December 31, Drilling equipment and facilities $ 1,396,570 $ 4,476,960 Construction in progress 110,972 99,812 Other 11,121 200,925 Property and equipment, at cost $ 1,518,663 $ 4,777,697 | Property and equipment, at cost, for Noble consisted of the following: Year Ended December 31, 2020 2019 Drilling equipment and facilities $ 4,476,960 $ 10,014,314 Construction in progress 99,812 88,904 Other 200,925 203,407 Property and equipment, at cost $ 4,777,697 $ 10,306,625 |
Disposal Groups, Including Discontinued Operations | The net income before income taxes for the four rigs classified as held for sale was: Successor Predecessor Three Months Period From Period From Three Months Ended Nine Months Ended Net income before income taxes (1) $ 9,768 $ 15,176 $ 3,128 $ 741 $ 20,061 (1) Excludes Reorganization items, net |
Debt (Tables)
Debt (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Schedule of Fair Value, by Balance Sheet Grouping | The following table presents the carrying value, net of unamortized debt issuance costs and discounts or premiums, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: Successor Predecessor September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Senior secured notes: 11.000% Second Lien Notes due February 2028 $ 216,000 $ 239,071 $ — $ — Senior unsecured notes: 4.900% Senior Notes due August 2020 — — 62,535 1,366 4.625% Senior Notes due March 2021 — — 79,936 1,596 3.950% Senior Notes due March 2022 — — 21,213 354 7.750% Senior Notes due January 2024 — — 397,025 7,925 7.950% Senior Notes due April 2025 — — 450,000 8,348 7.875% Senior Notes due February 2026 — — 750,000 301,935 6.200% Senior Notes due August 2040 — — 393,596 7,966 6.050% Senior Notes due March 2041 — — 395,002 7,327 5.250% Senior Notes due March 2042 — — 483,619 9,701 8.950% Senior Notes due April 2045 — — 400,000 7,420 Credit facility: Senior Secured Revolving Credit Facility matures July 2025 190,000 190,000 — — 2017 Credit Facility matures January 2023 — — 545,000 545,000 Total debt 406,000 429,071 3,977,926 898,938 Less: Current maturities of long-term debt — — — — Long-term debt $ 406,000 $ 429,071 $ — $ — | The following table presents the carrying value, net of unamortized debt issuance costs and discounts, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: December 31, 2020 (1) December 31, 2019 Carrying Value Estimated Fair Carrying Value Estimated Fair Senior unsecured notes 4.900% Senior Notes due August 2020 $ 62,535 $ 1,366 $ 62,505 $ 60,660 4.625% Senior Notes due March 2021 79,936 1,596 79,854 64,262 3.950% Senior Notes due March 2022 21,213 354 21,181 12,170 7.750% Senior Notes due January 2024 397,025 7,925 389,800 211,035 7.950% Senior Notes due April 2025 450,000 8,348 446,962 228,515 7.875% Senior Notes due February 2026 750,000 301,935 739,371 546,353 6.200% Senior Notes due August 2040 393,596 7,966 390,526 149,134 6.050% Senior Notes due March 2041 395,002 7,327 389,809 142,646 5.250% Senior Notes due March 2042 483,619 9,701 478,122 176,265 8.950% Senior Notes due April 2045 400,000 7,420 390,763 164,664 Seller loans: Seller-financed secured loan due September 2022 — — 62,453 36,968 Seller-financed secured loan due February 2023 — — 55,658 31,175 Credit facility: 2017 Credit Facility due to mature January 2023 545,000 545,000 335,000 335,000 Total debt 3,977,926 898,938 3,842,004 2,158,847 Less: Current maturities of long-term debt — — 62,505 60,660 Long-term debt (2) $ — $ — $ 3,779,499 $ 2,098,187 (1) Includes write-off |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Stock Options Granted | A summary of the status of stock options granted under the 1991 Plan as of December 31, 2020, 2019 and 2018 and the changes during the year ended on those dates is presented below: 2020 2019 2018 Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Outstanding at beginning of year 708,400 $ 30.90 1,103,242 $ 28.74 1,313,155 $ 29.51 Expired (152,245 ) 32.78 (394,842 ) 24.85 (209,913 ) 33.56 Outstanding at end of year (1) 556,155 30.39 708,400 30.90 1,103,242 28.74 Exercisable at end of year (1) 556,155 $ 30.39 708,400 $ 30.90 1,103,242 $ 28.74 (1) Options outstanding and exercisable at December 31, 2020 had no intrinsic value. |
Additional Information about Stock Options Outstanding | The following table summarizes additional information about stock options outstanding at December 31, 2020: Options Outstanding and Exercisable Number of Shares Underlying Options Weighted Average Remaining Life (Years) Weighted Average Exercise Price $20.49 to $25.41 53,934 1.02 $ 25.41 $25.42 to $30.59 277,177 1.09 30.59 $30.60 to $32.78 225,044 0.10 31.33 Total 556,155 0.68 $ 30.39 |
Assumptions used to Value Performance-Vested Restricted Stock Awards | The assumptions used to value the PVRSUs include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows: 2020 2019 2018 Valuation assumptions: Expected volatility 69.8 % 59.6 % 61.8 % Risk-free interest rate 1.40 % 2.50 % 2.31 % |
Summary of Restricted Share Awards | A summary of the RSUs awarded for each of the years ended December 31, 2020, 2019 and 2018 is as follows: 2020 2019 2018 TVRSU Units awarded 5,559,678 4,639,119 3,578,212 Weighted-average share price at award date $ 0.82 $ 3.02 $ 4.71 Weighted-average vesting period (years) 3.0 3.0 3.0 PVRSU Units awarded 2,696,774 1,623,399 2,733,906 Weighted-average share price at award date $ 0.91 $ 3.13 $ 4.55 Three-year performance period ended December 31 2022 2021 2020 Weighted-average award date fair value $ 1.14 $ 3.61 $ 2.96 |
Summary of Status of Non-Vested Restricted Shares | A summary of the status of non-vested TVRSUs Outstanding Weighted Average Award-Date Fair Value PVRSUs Outstanding (1) Weighted Average Award-Date Fair Value Non-vested 6,329,029 $ 3.89 4,854,352 $ 3.56 Awarded 5,559,678 0.82 2,696,774 1.14 Vested (2,924,900 ) 4.24 (1,063,242 ) 4.37 Forfeited (6,601,307 ) 1.19 (3,324,771 ) 1.67 Non-vested 2,362,500 $ 3.43 3,163,113 $ 3.22 (1) For awards granted prior to 2019, the number of PVRSUs shown equals the units that would vest if the “maximum” level of performance is achieved. The minimum number of units is zero and the “target” level of performance is 50 percent of the amounts shown. For awards granted during 2020 and 2019, the number of PVRSUs shown equals the units that would vest if the “target” level of performance is achieved. The minimum number of units is zero and the “maximum” level of performance is 200 percent of the amounts shown. A summary of the status of non-vested Number of Weighted Average Award-Date Fair Value Non-vested — $ — Awarded 3,619,000 0.77 Vested (1) (2,401,362 ) 0.77 Forfeited (1,217,638 ) 0.77 Non-vested — $ — (1) As of December 31, 2020, approximately 91,362 awards are still outstanding and fully vested. The remaining balance of the vested awards were cancelled and replaced as part of the 2020 Other Cash Award Plan. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Schedule of Changes in Accumulated Balances for Components of AOCI | The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” (“AOCI”) for the period from February 6 through September 30, 2021, the period from January 1 through February 5, 2021 and the three and nine months ended September 30, 2020. All amounts within the table are shown net of tax. Defined Benefit (1) Foreign Currency Total Balance at 12/31/2019 (Predecessor) $ (40,635 ) $ (17,754 ) $ (58,389 ) Activity during period: Other comprehensive loss before reclassifications — (2,136 ) (2,136 ) Amounts reclassified from AOCI 568 — 568 Net other comprehensive income (loss) 568 (2,136 ) (1,568 ) Balance at 3/31/2020 (Predecessor) $ (40,067 ) $ (19,890 ) $ (59,957 ) Activity during period: Other comprehensive loss before reclassifications — (539 ) (539 ) Amounts reclassified from AOCI 568 — 568 Net other comprehensive income (loss) 568 (539 ) 29 Balance at 6/30/2020 (Predecessor) $ (39,499 ) $ (20,429 ) $ (59,928 ) Activity during period: Other comprehensive income (loss) before reclassifications — 863 863 Amounts reclassified from AOCI 569 — 569 Net other comprehensive income 569 863 1,432 Balance at 9/30/20 (Predecessor) $ (38,930 ) $ (19,566 ) $ (58,496 ) Balance at 12/31/2020 (Predecessor) $ (39,737 ) $ (18,275 ) $ (58,012 ) Activity during period: Other comprehensive loss before reclassifications — (116 ) (116 ) Amounts reclassified from AOCI 224 — 224 Net other comprehensive income (loss) 224 (116 ) 108 Cancellation of Predecessor equity 39,513 18,391 57,904 Balance at 2/5/2021 (Predecessor) $ — $ — $ — Balance at 2/6/2021 (Successor) $ — $ — $ — Activity during period: Other comprehensive income before reclassifications — — — Amounts reclassified from AOCI — — — Net other comprehensive income — — — Balance at 3/31/2021 (Successor) $ — $ — $ — Activity during period: Other comprehensive income before reclassifications 168 — 168 Amounts reclassified from AOCI — — — Net other comprehensive income 168 — 168 Balance at 6/30/2021 (Successor) $ 168 $ — $ 168 Defined Benefit (1) Foreign Currency Total Activity during period: Other comprehensive loss before reclassifications (435 ) — (435 ) Amounts reclassified from AOCI — — — Net other comprehensive loss (435 ) — (435 ) Balance at 9/30/2021 (Successor) $ (267 ) $ — $ (267 ) (1) Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and the unrealized gain (loss) on foreign exchange on pension assets. Reclassifications from AOCI are recognized as expense on our Condensed Consolidated Statements of Operations through “Other income (expense).” See “Note 13—Employee Benefit Plans” for additional information. | The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” for the years ended December 31, 2020 and 2019. All amounts within the tables are shown net of tax. Defined Benefit (1) Foreign Currency Total Balance at December 31, 2018 $ (39,058 ) $ (18,014 ) $ (57,072 ) Activity during period: Other comprehensive loss before reclassifications — 260 260 Amounts reclassified from AOCI (1,577 ) — (1,577 ) Net other comprehensive loss (1,577 ) 260 (1,317 ) Balance at December 31, 2019 $ (40,635 ) $ (17,754 ) $ (58,389 ) Activity during period: Other comprehensive income before reclassifications — (521 ) (521 ) Amounts reclassified from AOCI 898 — 898 Net other comprehensive income (loss) 898 (521 ) 377 Balance at December 31, 2020 $ (39,737 ) $ (18,275 ) $ (58,012 ) (1) Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through “Other income (expense).” See “Note 13—Employee Benefit Plans” for additional information. |
Revenue and Customers (Tables)
Revenue and Customers (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Schedule of Contract Assets and Contract Liabilities | Successor Predecessor September 30, 2021 December 31, Current contract assets $ 4,143 $ 10,687 Noncurrent contract assets — 3,174 Total contract assets 4,143 13,861 Current contract liabilities (deferred revenue) (13,025 ) (34,990 ) Noncurrent contract liabilities (deferred revenue) (4,466 ) (24,896 ) Total contract liabilities $ (17,491 ) $ (59,886 ) Contract Contract Net balance at 12/31/2019 (Predecessor) $ 30,800 $ (65,055 ) Amortization of deferred costs (22,736 ) — Additions to deferred costs 7,365 — Amortization of deferred revenue — 46,523 Additions to deferred revenue — (41,515 ) Total (15,371 ) 5,008 Net balance at 9 $ 15,429 $ (60,047 ) Net balance at 12/31/2020 (Predecessor) $ 13,861 $ (59,886 ) Amortization of deferred costs (1,607 ) — Additions to deferred costs 432 — Amortization of deferred revenue — 4,142 Additions to deferred revenue — (25,479 ) Fresh start accounting revaluation (12,686 ) 72,936 Total $ (13,861 ) $ 51,599 Net balance at 2/5/21 (Predecessor) $ — $ (8,287 ) Net balance at 2/6/21 (Successor) $ — $ (8,287 ) Amortization of deferred costs (1,293 ) — Additions to deferred costs 5,436 — Amortization of deferred revenue — 5,962 Additions to deferred revenue — (15,166 ) Total 4,143 (9,204 ) Net balance at 9 $ 4,143 $ (17,491 ) | The following table provides information about contract assets and contract liabilities from contracts with customers: December 31, 2020 December 31, 2019 Current contract assets $ 10,687 $ 21,292 Noncurrent contract assets 3,174 9,508 Total contract assets 13,861 30,800 Current contract liabilities (deferred revenue) (34,990 ) (34,196 ) Noncurrent contract liabilities (deferred revenue) (24,896 ) (30,859 ) Total contract liabilities $ (59,886 ) $ (65,055 ) Contract Assets Contract Liabilities Net balance at December 31, 2018 $ 47,664 $ (80,753 ) Amortization of deferred costs (39,936 ) — Additions to deferred costs 23,072 — Amortization of deferred revenue — 65,312 Additions to deferred revenue — (49,614 ) Total (16,864 ) 15,698 Net balance at December 31, 2019 $ 30,800 $ (65,055 ) Amortization of deferred costs (27,043 ) — Additions to deferred costs 10,104 — Amortization of deferred revenue — 57,915 Additions to deferred revenue — (52,746 ) Total (16,939 ) 5,169 Net balance at December 31, 2020 $ 13,861 $ (59,886 ) |
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, as of September 30, 2021: For the Years Ended December 31, 2021 (1) 2022 2023 2024 2025 and beyond Total Floaters $ 2,371 $ 14,804 $ 316 $ — $ — $ 17,491 Jackups — — — — — — Total $ 2,371 $ 14,804 $ 316 $ — $ — $ 17,491 | The following table reflects revenue expected to be recognized in the future related to unsatisfied performance obligations, by rig type, at the end of the reporting period: Year Ending December 31, 2021 2022 2023 2024 2025 and Total Floaters $ 27,005 $ 13,487 $ 9,199 $ 915 $ — $ 50,606 Jackups 7,539 1,741 — — — 9,280 Total $ 34,544 $ 15,228 $ 9,199 $ 915 $ — $ 59,886 |
Schedule of Disaggregation of Revenue by Rig Types | The following table provides information about contract drilling revenue by rig types: Successor Predecessor Three Months Ended Three Months Ended Floaters $ 158,313 $ 127,286 Jackups 72,841 99,764 Total $ 231,154 $ 227,050 Successor Predecessor Period From Period From Nine Months Ended Floaters $ 349,634 $ 50,057 $ 367,304 Jackups 166,046 23,994 347,251 Total $ 515,680 $ 74,051 $ 714,555 | The following table provides information about contract drilling revenue by rig types: Year Ended December 31, 2020 Year Ended December 31, 2019 Floaters (1) 491,407 727,177 Jackups 417,829 518,881 Total (1) 909,236 1,246,058 (1) Includes the impact of the Noble Bully II |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Supplemental Financial Information and Lease Cost | Supplemental balance sheet information related to leases was as follows: December 31, 2020 December 31, 2019 Operating Leases Operating lease right-of-use $ 26,648 $ 33,480 Current operating lease liabilities 1,942 6,591 Long-term operating lease liabilities 4,969 26,778 Weighted average remaining lease term for operating leases (years) 7.8 7.7 Weighted average discounted rate for operating leases 11.1 % 9.7 % The components of lease cost were as follows: Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost $ 9,065 $ 8,878 Short-term lease cost 2,893 7,012 Variable lease cost 1,265 1,620 Total lease cost $ 13,223 $ 17,510 Supplemental cash flow information related to leases was as follows: Year Ended Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 9,614 $ 8,812 |
Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2020 were as follows: Operating Leases 2021 $ 8,594 2022 5,545 2023 3,567 2024 3,629 2025 3,687 Thereafter 17,018 Total lease payments 42,040 Less: Interest (14,343 ) Present value of lease liability (1) $ 27,697 (1) Includes $21.0 million of lease liabilities which are currently classified as “Liabilities subject to compromise” on our Consolidated Balance Sheet. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Net Deferred Taxes | The components of the net deferred taxes are as follows: 2020 2019 Deferred tax assets United States Net operating loss carry forwards $ 79,047 $ 129,695 Disallowed interest deduction carryforwards 62,337 92,030 Deferred pension plan amounts 10,568 10,447 Accrued expenses not currently deductible 5,625 8,434 Other 3,178 2,356 Non-United Net operating loss carry forwards 47,187 22,426 Disallowed interest deduction carryforwards 13,625 13,942 Deferred pension plan amounts 558 787 Deferred tax assets 222,125 280,117 Less: valuation allowance (191,835 ) (8,084 ) Net deferred tax assets $ 30,290 $ 272,033 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ (30,349 ) $ (299,136 ) Other (1,796 ) (2,420 ) Non-United Excess of net book basis over remaining tax basis (5,474 ) (4,780 ) Other (1,272 ) (1,342 ) Deferred tax liabilities (38,891 ) (307,678 ) Net deferred tax liabilities $ (8,601 ) $ (35,645 ) |
Income (Loss) from Continuing Operations Before Income Taxes | Loss from continuing operations before income taxes consists of the following: Year Ended December 31, 2020 2019 2018 United States $ (2,150,591 ) $ (65,062 ) $ (136,083 ) Non-United (2,088,271 ) (844,022 ) (1,101,093 ) Total $ (4,238,862 ) $ (909,084 ) $ (1,237,176 ) |
Income Tax Provision for Continuing Operations | The income tax provision (benefit) for continuing operations consists of the following: Year Ended December 31, 2020 2019 2018 Current- United States $ (257,552 ) $ (34,726 ) $ (56,574 ) Current- Non-United 23,474 14,011 18,348 Deferred- United States (57,514 ) (5,307 ) (67,371 ) Deferred- Non-United 31,189 (12,518 ) (1,044 ) Total $ (260,403 ) $ (38,540 ) $ (106,641 ) |
Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties | The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties. 2020 2019 2018 Gross balance at January 1, $ 130,837 $ 161,256 $ 174,437 Additions based on tax positions related to current year 20,266 934 97 Additions for tax positions of prior years 206 224 25 Reductions for tax positions of prior years (109,330 ) (28,542 ) (12,806 ) Expiration of statutes (4,258 ) (1,629 ) (497 ) Tax settlements — (1,406 ) — Gross balance at December 31, 37,721 130,837 161,256 Related tax benefits (384 ) (400 ) (1,008 ) Net reserve at December 31, $ 37,337 $ 130,437 $ 160,248 |
Summary of Liabilities Related to Reserve for Uncertain Tax Positions | The liabilities related to our reserve for uncertain tax positions are comprised of the following: 2020 2019 Reserve for uncertain tax positions, excluding interest and penalties $ 37,337 $ 130,437 Interest and penalties included in “Other liabilities” 5,164 29,232 Reserve for uncertain tax positions, including interest and penalties $ 42,501 $ 159,669 |
Schedule of Effective Tax Rate Reconciliation | A reconciliation of tax rates outside of the United Kingdom and the Cayman Islands to our Legacy Noble effective rate for continuing operations is shown below: Year Ended December 31, 2020 2019 2018 Effect of: Tax rates which are different than the UK and Cayman Island rates 0.4% 4.3% 5.0% Tax impact of asset impairment and disposition 4.5% 0.3% 2.9% Tax impact of restructuring 2.1% (4.1)% — % Tax impact of the tax regulation change 0.9% — % 2.1% Tax impact of valuation allowance (4.3)% 0.5% (1.0)% Resolution of (reserve for) tax authority audits 2.5% 3.2% (0.4)% Total 6.1% 4.2% 8.6% |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans | A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US Years Ended December 31, 2020 2019 Non-US US Non-US US Benefit obligation at beginning of year $ 62,485 $ 240,249 $ 54,898 $ 210,944 Service cost — — — — Interest cost 1,877 7,567 1,814 8,711 Actuarial loss (gain) 7,190 28,266 6,649 29,078 Plan amendments 104 — — — Benefits paid (2,261 ) (8,024 ) (2,821 ) (7,201 ) Settlements and curtailments (3,751 ) (1,968 ) — (1,283 ) Foreign exchange rate changes 2,299 — 1,945 — Benefit obligation at end of year $ 67,943 $ 266,090 $ 62,485 $ 240,249 | |
Reconciliation of Changes in Fair Value of Plan Assets | A reconciliation of the changes in fair value of plan assets is as follows: Years Ended December 31, 2020 2019 Non-US US Non-US US Fair value of plan assets at beginning of year $ 76,429 $ 194,160 $ 68,597 $ 165,730 Actual return on plan assets 8,741 36,247 8,282 35,597 Employer contributions — 2,002 — 1,317 Benefits paid (2,261 ) (8,024 ) (2,821 ) (7,201 ) Settlement and curtailment (3,751 ) (1,968 ) — (1,283 ) Foreign exchange rate changes 4,650 — 2,371 — Fair value of plan assets at end of year $ 83,808 $ 222,417 $ 76,429 $ 194,160 | |
Funded Status of Plans | The funded status of the plans is as follows: Years Ended December 31, 2020 2019 Non-US US Non-US US Funded status $ 15,865 $ (43,673 ) $ 13,944 $ (46,089 ) | |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets consist of: Years Ended December 31, 2020 2019 Non-US US Non-US US Other assets (noncurrent) $ 15,865 $ — $ 13,944 $ — Other liabilities (current) — (8,169 ) — (2,535 ) Other liabilities (noncurrent) — (35,504 ) — (43,554 ) Net amount recognized $ 15,865 $ (43,673 ) $ 13,944 $ (46,089 ) | |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in AOCI consist of: Years Ended December 31, 2020 2019 Non-US US Non-US US Net actuarial loss $ 3,108 $ 47,094 $ 4,758 $ 46,420 Prior service cost — — — — Deferred income tax asset (558 ) (9,890 ) (787 ) (9,748 ) Accumulated other comprehensive loss $ 2,550 $ 37,204 $ 3,971 $ 36,672 | |
Schedule of Pension Costs | Pension costs include the following components for the period from February 6 through September 30, 2021, the period from January 1 through February 5, 2021, the three months ended September 30, 2021 and the three and nine months ended September 30, 2020: Successor Predecessor Three Months Ended Three Months Ended Non-US US Non-US US Interest cost $ 344 $ 1,634 $ 450 $ 1,892 Return on plan assets (229 ) (3,177 ) (517 ) (2,919 ) Recognized net actuarial loss — — 3 716 Net pension benefit cost (gain) $ 115 $ (1,543 ) $ (64 ) $ (311 ) Successor Predecessor Period From September 30, 2021 Period From February 5, 2021 Nine Months Ended September 30, 2020 Non-US US Non-US US Non-US US Interest cost $ 926 $ 4,358 $ 99 $ 621 $ 1,313 $ 5,676 Return on plan assets (616 ) (8,471 ) (69 ) (1,250 ) (1,510 ) (8,757 ) Recognized net actuarial loss — — 1 282 7 2,149 Net pension benefit cost (gain) $ 310 $ (4,113 ) $ 31 $ (347 ) $ (190 ) $ (932 ) | Pension costs include the following components: Years Ended December 31, 2020 2019 2018 Non-US US Non-US US Non-US US Service cost $ — $ — $ — $ — $ — $ — Interest cost 1,877 7,567 1,814 8,711 1,747 8,179 Return on plan assets (1,649 ) (11,676 ) (2,471 ) (10,313 ) (2,762 ) (11,914 ) Amortization of prior service cost 10 — 10 — — — Recognized net actuarial loss — 2,866 — 2,771 — 1,642 Settlement and curtailment gains 9 154 — (37 ) — 135 Net pension benefit cost (gain) $ 247 $ (1,089 ) $ (647 ) $ 1,132 $ (1,015 ) $ (1,958 ) |
Disaggregated Plan Information | Disaggregated information regarding our non-US Years Ended December 31, 2020 2019 Non-US US Non-US US Projected benefit obligation $ 67,943 $ 266,090 $ 62,485 $ 240,249 Accumulated benefit obligation 67,943 266,090 62,485 240,249 Fair value of plan assets 83,808 222,417 76,429 194,160 | |
Plans in which PBO Exceeded Fair Value | Years Ended December 31, 2020 2019 Non-US US Non-US US Projected benefit obligation $ — $ 266,090 $ — $ 240,249 Fair value of plan assets — 222,417 — 194,160 | |
Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets | The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2020 and 2019. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016. Years Ended December 31, 2020 2019 Non-US US Non-US US Accumulated benefit obligation $ — $ 266,090 $ — $ 240,249 Fair value of plan assets — 222,417 — 194,160 | |
Defined Benefit Plans Key Assumptions | The key assumptions for the plans are summarized below: Years Ended December 31, 2020 2019 Non-US US Non-US US Weighted-average assumptions used to determine benefit obligations: Discount Rate 1.40 % 1.82%-2.60 % 2.10 % 2.56%-3.32 % Rate of compensation increase N/A N/A N/A N/A Years Ended December 31, 2020 2019 2018 Non-US US Non-US US Non-US US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 2.10% 2.56%-3.32% 2.90% 3.65%-4.29% 2.60% 2.84%-3.66% Expected long-term return on assets 2.90% 5.40%-6.30% 3.70% 5.40%-6.50% 3.70% 5.75%-6.50% Rate of compensation increase N/A N/A N/A N/A N/A N/A | |
Actual Fair Values of Defined Benefit Plans | The actual fair values of the non-US Year Ended December 31, 2020 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Cash and cash equivalents $ 5,405 $ 5,405 $ — $ — Equity securities: International companies 4,179 4,179 — — Fixed income securities: Corporate bonds 72,407 72,407 — — Other 1,817 1,817 — — Total $ 83,808 $ 83,808 $ — $ — Year Ended December 31, 2019 Estimated Fair Value Carrying Amount Quoted Prices in Significant Other Significant Cash and cash equivalents $ 903 $ 903 $ — $ — Equity securities: International companies 26,131 26,131 — — Fixed income securities: Corporate bonds 49,395 49,395 — — Other — — — — Total $ 76,429 $ 76,429 $ — $ — The actual fair values of US plan assets are as follows: Year Ended December 31, 2020 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 1,727 $ 1,727 $ — $ — Equity securities: United States 78,019 32,387 45,632 — International 32,310 32,310 — — Fixed income securities: Corporate bonds 83,645 82,669 976 — Municipal bonds — — — Treasury bonds 26,716 26,716 — — Total $ 222,417 $ 175,809 $ 46,608 $ — Year Ended December 31, 2019 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 2,254 $ 2,254 $ — $ — Equity securities: United States 60,422 21,502 38,920 — International 23,470 23,470 — — Fixed income securities: Corporate bonds 75,131 74,253 878 — Municipal bonds 1,064 $ — $ 1,064 Treasury bonds 31,819 31,819 — — Total $ 194,160 $ 153,298 $ 40,862 $ — | |
Estimated Benefit Payments | The following table summarizes our estimated benefit payments at December 31, 2020: Payments by Period Total 2021 2022 2023 2024 2025 Thereafter Estimated benefit payments Non-US $ 24,311 $ 2,071 $ 2,143 $ 2,218 $ 2,296 $ 2,376 $ 13,207 US plans 115,735 17,319 9,648 10,157 10,367 10,824 57,420 Total estimated benefit payments $ 140,046 $ 19,390 $ 11,791 $ 12,375 $ 12,663 $ 13,200 $ 70,627 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summarization of Recognized Gains and Losses of Cash Flow Hedges | The following table, together with “Note 15—Fair Value of Financial Instruments,” summarizes the recognized gains and losses of cash flow hedges and non-designated Year Ended December 31, 2020 2019 Gain/(loss) reclassified from AOCI to “Contract drilling services” costs Cash flow hedges Foreign currency forward contracts $ — $ 320 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: Successor: September 30, 2021 Estimated Fair Value Measurements Carrying Quoted Significant (Level 2) Significant (Level 3) Assets Marketable securities $ 7,205 $ 7,205 $ — $ — Predecessor: December 31, 2020 Estimated Fair Value Measurements Carrying Quoted Significant (Level 2) Significant (Level 3) Assets Marketable securities $ 12,326 $ 12,326 $ — $ — | The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: December 31, 2020 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Assets — Marketable securities $ 12,326 $ 12,326 $ — $ — December 31, 2019 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Assets — Marketable securities $ 10,433 $ 10,433 $ — $ — |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents revenues and identifiable assets by country based on the location of the service provided: Revenues for Year Ended December 31, Identifiable Assets as of December 31, 2020 2019 2018 2020 2019 Australia $ 50,434 $ 33,623 $ — $ 30,498 $ 244,244 Brazil — — — 14,184 8,910 Brunei — — 3,080 — — Bulgaria — 61,525 84,757 — — Canada 28,915 46,147 47,085 4,579 199,696 Curacao — — — — 75,776 Denmark 7,662 31,076 35,855 — 238,413 East Timor — — 33,733 — — Egypt — 49,209 112,473 — — Gabon 147 — — 4,509 4,160 Guyana 222,088 132,414 50,839 1,824,921 1,807,296 Malaysia — 251,497 91,052 9,199 30,012 Mexico — — — 1,297 28,032 Myanmar 21,084 56,207 16,572 — 151,116 Qatar 31,024 36,948 35,180 24,024 219,569 Saudi Arabia 133,246 154,807 156,989 398,093 673,884 Singapore — — 1,769 — — Suriname 61,474 17,374 (3 ) 585,994 599,659 Tanzania — — 381 — — Trinidad and Tobago 9,468 — — 19,031 — United Arab Emirates — — (17 ) 52,266 31,150 United Kingdom 180,610 243,063 194,602 749,416 1,373,524 United States 209,401 191,548 218,479 545,926 2,599,057 Vietnam 8,719 — — — — Total $ 964,272 $ 1,305,438 $ 1,082,826 $ 4,263,937 $ 8,284,498 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Supplemental Financial Information [Abstract] | ||
Schedule of 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 Successor Predecessor Period From Septe mber Period From Nine September Accounts receivable $ (20,980 ) $ (41,344 ) $ 31,230 Other current assets 671 17,884 (4,950 ) Other assets (11,891 ) 8,521 1,483 Accounts payable 3,570 (16,819 ) (1,485 ) Other current liabilities 12,888 11,428 9,033 Other liabilities 5,569 (5,846 ) (7,869 ) Total net change in assets and liabilities $ (10,173 ) $ (26,176 ) $ 27,442 Finco Successor Predecessor Period From September Period From Nine September Accounts receivable $ (20,980 ) $ (41,344 ) $ 299 Other current assets 460 19,398 8,124 Other assets (11,874 ) 8,512 2,750 Accounts payable 6,584 (14,061 ) (14,564 ) Other current liabilities 12,751 11,623 9,002 Other liabilities 5,395 (5,936 ) (7,869 ) Total net change in assets and liabilities $ (7,664 ) $ (21,808 ) $ (2,258 ) | The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Noble Finco December 31, December 31, 2020 2019 2018 2020 2019 2018 Accounts receivable $ 50,802 $ 2,057 $ 3,974 $ 19,588 $ 2,057 $ 3,974 Other current assets (866 ) 3,573 (2,722 ) 7,830 4,046 (2,700 ) Other assets (2,369 ) 16,218 (10,378 ) (800 ) 18,749 (6,424 ) Accounts payable 357 (2,279 ) 14,955 (11,018 ) (2,182 ) 14,795 Other current liabilities 8,582 (4,700 ) (13,940 ) 16,055 (4,549 ) (13,495 ) Other liabilities (10,941 ) (24,577 ) (26,829 ) (10,941 ) (24,577 ) (26,829 ) Total net change in assets and liabilities $ 45,565 $ (9,708 ) $ (34,940 ) $ 20,714 $ (6,456 ) $ (30,679 ) |
Additional Cash Flow Information | Additional cash flow information is as follows: Noble Finco December 31, December 31, 2020 2019 2018 2020 2019 2018 Cash paid during the period for: Interest, net of amounts capitalized $ 138,040 $ 289,457 $ 286,506 $ 138,040 $ 289,457 $ 286,506 Income taxes paid (refunded), net (133,708 ) 8,181 (107,554 ) (133,708 ) 8,181 (107,554 ) |
Combined Debtor-In-Possession_2
Combined Debtor-In-Possession Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | COMBINED DEBTORS’ BALANCE SHEET (In thousands) December 31, 2020 ASSETS Current assets Cash and cash equivalents $ 201,239 Accounts receivable 117,179 Receivables from non-debtor 2,921,225 Taxes receivable 24,475 Prepaid expenses and other current assets 58,973 Short-term notes receivable from non-debtor 365,112 Total current assets 3,688,203 Property and equipment, at cost 4,728,956 Accumulated depreciation (1,184,698 ) Property and equipment, net 3,544,258 Investment in non-debtor 19,622,028 Receivables from non-debtor 551,368 Other assets 60,173 Total assets $ 27,466,030 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 76,190 Accounts payable to non-debtor 36,140 Accrued payroll and related costs 31,327 Taxes payable 24,865 Other current liabilities 40,652 Total current liabilities 209,174 Deferred income taxes 8,678 Other liabilities 99,441 Liabilities subject to compromise, inclusive of payables to non-debtor 10,457,372 Total liabilities 10,774,665 Total debtors’ equity 16,691,365 Total liabilities and debtors’ equity $ 27,466,030 |
Condensed Consolidating Statement of Operations | COMBINED DEBTORS’ STATEMENTS OF OPERATIONS (In thousands) Year Ended December 31, Operating revenues Contract drilling services $ 717,655 Reimbursables and other 53,284 Non-debtor 103,551 874,490 Operating costs and expenses Contract drilling services 477,144 Reimbursables 47,794 Depreciation and amortization 372,663 General and administrative 120,497 Pre-petition 14,409 Loss on impairment 3,914,608 4,947,115 Operating loss (4,072,625 ) Other income (expense) Interest expense, net of amounts capitalized (164,421 ) Interest expense from non-debtor (33,421 ) Gain on extinguishment of debt, net 17,254 Interest income and other, net 9,548 Interest income from non-debtor 31,751 Reorganization items, net (23,930 ) Loss from continuing operations before income taxes (4,235,844 ) Income tax benefit (provision) 247,021 Net loss $ (3,988,823 ) |
Condensed Consolidating Statement of Cash Flows | COMBINED DEBTORS’ STATEMENTS OF CASH FLOWS (In thousands) Year Ended Cash flows from operating activities Net loss $ (3,988,823 ) Adjustments to reconcile net loss to net cash flow from operating activities: Depreciation and amortization 372,663 Loss on impairment 3,914,608 Reorganization items, net (17,366 ) Gain on extinguishment of debt, net (17,254 ) Deferred income taxes (26,435 ) Amortization of share-based compensation 9,169 Other costs, net (42,020 ) Changes in components of working capital: Change in taxes receivable 28,117 Net changes in other operating assets and liabilities (274,902 ) Net changes in other operating assets and liabilities with non-debtor (143,759 ) Net cash used in operating activities (186,002 ) Cash flows from investing activities Capital expenditures (148,028 ) Proceeds from disposal of assets, net 26,999 Net cash used in investing activities (121,029 ) Cash flows from financing activities Borrowings on credit facilities 210,000 Repayments of senior notes (101,132 ) Cash paid to settle equity awards (1,010 ) Other financing activities with non-debtor 348,107 Taxes withheld on employee stock transactions (418 ) Net cash provided by financing activities 455,547 Net increase in cash, cash equivalents and restricted cash 148,516 Cash, cash equivalents and restricted cash, beginning of period 73,682 Cash, cash equivalents and restricted cash, end of period $ 222,198 |
Unaudited Interim Financial D_2
Unaudited Interim Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Interim Financial Information | Unaudited interim consolidated financial information from continuing operations for Noble is as follows: Quarter Ended March 31 June 30 September 30 December 31 2020 Operating revenues $ 281,311 $ 237,918 $ 241,836 $ 203,207 Operating income (loss) (1,132,555 ) (95,453 ) (18,875 ) (2,829,662 ) Net loss from continuing operations (1,062,677 ) (42,194 ) (50,868 ) (2,822,720 ) Net loss per share from continuing operations attributable to Noble (1) Basic Loss from continuing operations (4.25 ) (0.17 ) (0.20 ) (11.24 ) Diluted Loss from continuing operations (4.25 ) (0.17 ) (0.20 ) (11.24 ) Quarter Ended March 31 June 30 September 30 December 31 2019 Operating revenues $ 282,888 $ 292,936 $ 275,526 $ 454,088 Operating loss (23,812 ) (118,710 ) (640,012 ) 116,261 Net loss from continuing operations (67,068 ) (151,960 ) (444,871 ) (32,870 ) Net loss from discontinued operations, net of tax (3,821 ) — — — Net loss per share from continuing operations attributable to Noble (1) Basic Loss from continuing operations (0.27 ) (0.61 ) (1.79 ) (0.13 ) Loss from discontinued operations (0.02 ) — — — Diluted Loss from continuing operations (0.27 ) (0.61 ) (1.79 ) (0.13 ) Loss from discontinued operations (0.02 ) — — — (1) Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarters’ net loss per share may not equal the total computed for the year. |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) $ in Thousands | Sep. 24, 2020Subsidiary | Feb. 05, 2021USD ($) | Sep. 30, 2021USD ($)RIGJACKUPFLOATER | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)RIGJACKUPFLOATER | Sep. 30, 2021USD ($)segmentRIGJACKUPFLOATER | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)joint_ventureRIGJACKUPsegmentFLOATER | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of drilling rigs (vessel) | RIG | 24 | 24 | 24 | 19 | ||||||
Number of floaters (vessel) | FLOATER | 12 | 12 | 12 | 7 | ||||||
Number of jackups (vessel) | JACKUP | 12 | 12 | 12 | 12 | ||||||
Number of reportable segments | segment | 1 | 1 | ||||||||
Number of additional subsidiaries filed bankruptcy | Subsidiary | 6 | |||||||||
Number of joint ventures | joint_venture | 2 | |||||||||
Percent of interest in joint ventures | 50.00% | |||||||||
Interest acquired | 50.00% | |||||||||
Restricted cash | $ 2,000 | $ 7,400 | $ 7,400 | $ 7,400 | $ 21,700 | $ 1,300 | ||||
Accounts receivable, allowance for credit loss | 0 | 0 | 0 | 1,069 | 1,939 | |||||
Capital accruals | $ 35,300 | 36,000 | ||||||||
Period for incurring maintenance costs, minimum | 3 years | |||||||||
Period for incurring maintenance costs, maximum | 5 years | |||||||||
Standard drilling contracts, term | 2 months | |||||||||
Deferred revenues | 8,287 | 17,491 | $ 60,047 | 17,491 | 17,491 | $ 60,047 | $ 59,886 | 65,055 | $ 80,753 | |
Deferred expenses under drilling contracts | 13,900 | 30,800 | ||||||||
Loss reserves for personal injury and protection claims | 30,900 | 27,900 | ||||||||
Net loss from discontinued operations, net of tax | 0 | 0 | $ 0 | 0 | $ 0 | 0 | 3,821 | $ 0 | ||
Noble Finance Company | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Restricted cash | $ 2,000 | 7,400 | 7,400 | 7,400 | 1,700 | 1,300 | ||||
Accounts receivable, allowance for credit loss | $ 0 | $ 0 | $ 0 | $ 1,069 | $ 1,939 | |||||
Maximum | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Standard drilling contracts, term | 60 months | |||||||||
Drilling Equipment | Minimum | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Maximum useful life of property plant and equipment | 3 years | |||||||||
Drilling Equipment | Maximum | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Maximum useful life of property plant and equipment | 30 years | |||||||||
Other | Minimum | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Maximum useful life of property plant and equipment | 2 years | |||||||||
Other | Maximum | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Maximum useful life of property plant and equipment | 40 years |
Chapter 11 Emergence - Narrativ
Chapter 11 Emergence - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions | Mar. 05, 2021USD ($)claim | Feb. 05, 2021USD ($)MEMBER$ / sharesshares | Sep. 24, 2020Subsidiary | Dec. 31, 2020USD ($)contract$ / shares | Sep. 30, 2021$ / shares | Apr. 15, 2021$ / shares | Feb. 18, 2021shares | Feb. 04, 2021USD ($) | Aug. 24, 2020USD ($) | Aug. 20, 2020 | Dec. 31, 2019$ / shares |
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of the Successor's board of directors members | MEMBER | 5 | ||||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.01 | $ 0.00001 | $ 0.01 | ||||||||
Plan of reorganization, Management Incentive Plan, number of shares authorized and reserved | 7.7 | ||||||||||
Number of additional subsidiaries filed bankruptcy | Subsidiary | 6 | ||||||||||
Cash on hand | $ | $ 100 | ||||||||||
Number of executory contracts rejected | contract | 3 | ||||||||||
Contractual interest expense on prepetition liabilities not recognized | $ | $ 112.9 | ||||||||||
Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of the Successor's board of directors members | MEMBER | 5 | ||||||||||
Plan of reorganization, Management Incentive Plan, number of shares authorized and reserved | 7.7 | ||||||||||
Plan of reorganization, Management Incentive Plan, percentage of shares for initial awards | 40.00% | ||||||||||
Plan of reorganization, Management Incentive Plan, percentage of initial awards in form of time-based vesting awards | 40.00% | ||||||||||
Bankruptcy claims, number claims filed | claim | 1,200 | ||||||||||
Bankruptcy claims, amount of claims filed | $ | $ 23,000 | ||||||||||
Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Postconfirmation, enterprise value | $ | 1,100 | ||||||||||
Minimum | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, Management Incentive Plan, awards vesting period | 3 years | ||||||||||
Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Postconfirmation, enterprise value | $ | 1,600 | ||||||||||
Maximum | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, Management Incentive Plan, awards vesting period | 4 years | ||||||||||
2017 Credit Facility | Letters of credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowings | $ | $ 545 | ||||||||||
Exit Financing Facility and Second Lien Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ | $ 430 | ||||||||||
Secured notes | 11.000% Second Lien Notes due February 2028 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ | $ 216 | ||||||||||
Line of Credit | Exit Credit Agreement | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debtor-in-possession financing, amount arranged | $ | 675 | ||||||||||
Line of Credit | Exit Credit Agreement | Revolving Credit Facility | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debtor-in-possession financing, amount arranged | $ | 675 | ||||||||||
Line of Credit | Exit Credit Agreement | Letters of credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debtor-in-possession financing, amount arranged | $ | 67.5 | ||||||||||
Line of Credit | Exit Credit Agreement | Letters of credit | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debtor-in-possession financing, amount arranged | $ | $ 67.5 | ||||||||||
Line of Credit | 2017 Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowings | $ | 545 | ||||||||||
Line of Credit | 2017 Credit Facility | Letters of credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowings | $ | 8.8 | ||||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ | $ 3,400 | ||||||||||
Senior Notes | Senior Notes due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Lenders' ownership of aggregate outstanding principle amount, percentage | 70.00% | ||||||||||
Senior Notes | Legacy Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Lenders' ownership of aggregate outstanding principle amount, percentage | 45.00% | ||||||||||
Holders Of Guaranteed Notes | Ordinary Shares | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares transferred | 31.7 | ||||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.00001 | ||||||||||
Holders Of Guaranteed Notes | Ordinary Shares | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares transferred | 31.7 | ||||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.00001 | ||||||||||
Holders Of Legacy Notes | Tranche 1 Warrants | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares transferred | 8.3 | ||||||||||
Plan of reorganization, warrants term | 7 years | ||||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 19.27 | ||||||||||
Holders Of Legacy Notes | Tranche 1 Warrants | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares transferred | 8.3 | ||||||||||
Plan of reorganization, warrants term | 7 years | ||||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 19.27 | ||||||||||
Holders Of Legacy Notes | Tranche 2 Warrants | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares transferred | 8.3 | ||||||||||
Plan of reorganization, warrants term | 7 years | ||||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 23.13 | ||||||||||
Holders Of Legacy Notes | Tranche 2 Warrants | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares transferred | 8.3 | ||||||||||
Plan of reorganization, warrants term | 7 years | ||||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 23.13 | ||||||||||
Holders Of Legacy Notes | Ordinary Shares | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares transferred | 2.1 | ||||||||||
Holders Of Legacy Notes | Ordinary Shares | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares transferred | 2.1 | ||||||||||
Participants In The Rights Offering | Ordinary Shares | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares issued | 7.7 | ||||||||||
Plan of reorganization, shares issued, subscription price | $ | $ 200 | ||||||||||
Participants In The Rights Offering | Ordinary Shares | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares issued | 7.7 | ||||||||||
Plan of reorganization, shares issued, subscription price | $ | $ 200 | ||||||||||
Backstop Parties As Holdback Securities | Ordinary Shares | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares issued | 5.6 | ||||||||||
Backstop Parties As Holdback Securities | Ordinary Shares | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares issued | 5.6 | ||||||||||
Backstop Parties Unsubscribed Securities | Ordinary Shares | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares issued | 1.7 | ||||||||||
Backstop Parties Unsubscribed Securities | Ordinary Shares | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares issued | 1.7 | ||||||||||
Backstop Parties Backstop Premiums Payment | Ordinary Shares | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares issued | 1.2 | ||||||||||
Backstop Parties Backstop Premiums Payment | Ordinary Shares | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares issued | 1.2 | ||||||||||
Holders Of Legacy Nobles Ordinary Shares | Tranche 3 Warrants | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, warrants term | 5 years | ||||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 124.40 | ||||||||||
Plan of reorganization, number of shares issued | 2.8 | ||||||||||
Holders Of Legacy Nobles Ordinary Shares | Tranche 3 Warrants | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, warrants term | 5 years | ||||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 124.40 | ||||||||||
Plan of reorganization, number of shares issued | 2.8 | ||||||||||
Backstop Parties | Penny Warrants | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||
Number of securities called by warrants (in shares) | 6.5 | ||||||||||
Backstop Parties | Penny Warrants | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 0.01 | ||||||||||
Number of securities called by warrants (in shares) | 6.5 | ||||||||||
Number of securities called by each warrant | 1 | ||||||||||
Backstop Parties | Ordinary Shares | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares exchanged | 6.5 | ||||||||||
Backstop Parties | Ordinary Shares | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Plan of reorganization, number of shares exchanged | 6.5 |
Chapter 11 Emergence - Schedule
Chapter 11 Emergence - Schedule of Components of Reorganization Items, Net (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 05, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Debt Instrument [Line Items] | |||||||||
Professional fees | $ (28,739) | [1] | $ 37,296 | [2] | |||||
Adjustments for estimated allowed litigation claims | 77,300 | (57,000) | |||||||
Write-off of unrecognized share-based compensation | (4,406) | 45,469 | |||||||
Gain on settlement of liabilities subject to compromise | 2,556,147 | ||||||||
Loss on fresh start adjustments | (2,348,251) | ||||||||
Revision of estimated claims | (1,835) | ||||||||
Total Reorganization items, net | (252,051) | $ 9,014 | $ 0 | $ 9,014 | 23,930 | $ 0 | $ 0 | ||
Payments related to professional fees | 44,200 | 25,600 | |||||||
Finco | |||||||||
Debt Instrument [Line Items] | |||||||||
Professional fees | (8,095) | [1] | 2,644 | [2] | |||||
Adjustments for estimated allowed litigation claims | 4,500 | ||||||||
Write-off of unrecognized share-based compensation | (4,406) | 45,469 | |||||||
Gain on settlement of liabilities subject to compromise | 2,556,147 | ||||||||
Loss on fresh start adjustments | (2,348,251) | ||||||||
Revision of estimated claims | (1,835) | ||||||||
Total Reorganization items, net | (195,395) | $ 49,974 | $ 49,974 | 50,778 | $ 0 | $ 0 | |||
Payments related to professional fees | $ 7,200 | $ 5,000 | |||||||
[1] | Payments of $44.2 million and $7.2 million related to professional fees have been presented as cash outflows from operating activities in our Condensed Consolidated Statements of Cash Flows for the period January 1, 2021 through February 5, 2021 for Noble and Finco, respectively. | ||||||||
[2] | Payments of $25.6 million and $5.0 million related to professional fees and the first installment payment for the previously disclosed patent infringement settlement with Transocean Ltd. (“Transocean”) have been presented as cash outflows from operating activities in our Consolidated Statements of Cash Flows for the year ended December 31, 2020 for Noble and Finco, respectively. |
Chapter 11 Proceedings - Schedu
Chapter 11 Proceedings - Schedule Of Components Of Liabilities Subject To Compromise (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Litigation | $ 93,000 | ||
Accrued and unpaid interest | 110,301 | ||
Accounts payable and other payables | 37,447 | ||
Lease liabilities | 20,969 | ||
Total consolidated liabilities subject to compromise | $ 0 | 4,239,643 | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | $ 545,000 | ||
4.900% Senior Notes due August 2020 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 4.90% | 4.90% | |
Debt subject to compromise | $ 62,535 | ||
4.625% Senior Notes due March 2021 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 4.625% | 4.625% | |
Debt subject to compromise | $ 79,936 | ||
3.950% Senior Notes due March 2022 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.95% | 3.95% | |
Debt subject to compromise | $ 21,213 | ||
7.750% Senior Notes due January 2024 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 7.75% | 7.75% | |
Debt subject to compromise | $ 397,025 | ||
7.950% Senior Notes due April 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 7.95% | 7.95% | |
Debt subject to compromise | $ 450,000 | ||
7.875% Senior Notes due February 2026 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 7.875% | 7.875% | |
Debt subject to compromise | $ 750,000 | ||
6.200% Senior Notes due August 2040 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 6.20% | 6.20% | |
Debt subject to compromise | $ 393,596 | ||
6.050% Senior Notes due March 2041 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 6.05% | 6.05% | |
Debt subject to compromise | $ 395,002 | ||
5.250% Senior Notes due March 2042 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.25% | 5.25% | |
Debt subject to compromise | $ 483,619 | ||
8.950% Senior Notes due April 2045 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 8.95% | 8.95% | |
Debt subject to compromise | $ 400,000 | ||
Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Litigation | 8,000 | ||
Accrued and unpaid interest | 110,301 | ||
Accounts payable and other payables | 37,359 | ||
Lease liabilities | 20,969 | ||
Total consolidated liabilities subject to compromise | 4,154,555 | ||
Noble Finance Company | Line of Credit | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 545,000 | ||
Noble Finance Company | 4.900% Senior Notes due August 2020 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 62,535 | ||
Noble Finance Company | 4.625% Senior Notes due March 2021 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 79,936 | ||
Noble Finance Company | 3.950% Senior Notes due March 2022 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 21,213 | ||
Noble Finance Company | 7.750% Senior Notes due January 2024 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 397,025 | ||
Noble Finance Company | 7.950% Senior Notes due April 2025 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 450,000 | ||
Noble Finance Company | 7.875% Senior Notes due February 2026 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 750,000 | ||
Noble Finance Company | 6.200% Senior Notes due August 2040 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 393,596 | ||
Noble Finance Company | 6.050% Senior Notes due March 2041 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 395,002 | ||
Noble Finance Company | 5.250% Senior Notes due March 2042 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | 483,619 | ||
Noble Finance Company | 8.950% Senior Notes due April 2045 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt subject to compromise | $ 400,000 |
Reorganization and Fresh Star_3
Reorganization and Fresh Start Accounting - Additional Information (Details) $ in Thousands | Feb. 05, 2021USD ($) |
Reorganization, Chapter 11 [Line Items] | |
Reorganization value | $ 1,705,946 |
Post-petition liabilities and allowed claims | 4,000,000 |
Finco | |
Reorganization, Chapter 11 [Line Items] | |
Reorganization value | 1,700,000 |
Post-petition liabilities and allowed claims | $ 4,000,000 |
Reorganization and Fresh Star_4
Reorganization and Fresh Start Accounting - Reorganization Value and Valuation of Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reorganization, Chapter 11 [Line Items] | |||||||||
Enterprise Value | $ 1,300,300 | ||||||||
Plus: Cash and cash equivalents | $ 112,225 | 111,968 | $ 343,332 | $ 104,621 | |||||
Less: Fair value of debt | (406,000) | (393,500) | (3,779,499) | ||||||
Fair Value of Successor Equity | 1,366,668 | $ 1,385,724 | 1,018,768 | (311,388) | $ 2,509,034 | $ 2,556,970 | 3,658,972 | $ 4,654,574 | $ 5,950,628 |
Enterprise value | 1,300,300 | ||||||||
Plus: Cash and cash equivalents | $ 112,225 | 111,968 | $ 343,332 | $ 104,621 | |||||
Plus: Non-interest bearing current liabilities | 185,410 | ||||||||
Plus: Non-interest bearing non-current liabilities | 108,268 | ||||||||
Reorganization value of Successor assets | 1,705,946 | ||||||||
Minimum | |||||||||
Reorganization, Chapter 11 [Line Items] | |||||||||
Enterprise Value | 1,100,000 | ||||||||
Enterprise value | 1,100,000 | ||||||||
Maximum | |||||||||
Reorganization, Chapter 11 [Line Items] | |||||||||
Enterprise Value | 1,600,000 | ||||||||
Enterprise value | $ 1,600,000 |
Reorganization and Fresh Star_5
Reorganization and Fresh Start Accounting - Valuation Process (Details) - Long-term drilling services contracts $ in Millions | Feb. 05, 2021USD ($) |
Reorganization, Chapter 11 [Line Items] | |
Intangible Assets, Amount Above Fair Value | $ 113.4 |
Measurement Input, Discount Rate | |
Reorganization, Chapter 11 [Line Items] | |
Intangible Assets, Measurement Input | 0.17 |
Reorganization and Fresh Star_6
Reorganization and Fresh Start Accounting - Condensed Consolidated Balance Sheet at Emergence (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | |||||||||
Cash and cash equivalents | $ 112,225 | $ 111,968 | $ 343,332 | $ 104,621 | |||||
Accounts receivable, net | 227,644 | 189,207 | 147,863 | 198,665 | |||||
Taxes receivable | 29,565 | 32,556 | 30,767 | 59,771 | |||||
Prepaid expenses and other current assets | 51,476 | 32,681 | 80,322 | 59,050 | |||||
Total current assets | 420,910 | 366,412 | 602,284 | 422,107 | |||||
Intangible assets | 76,262 | 113,389 | |||||||
Property and equipment, at cost | 1,518,663 | 1,155,725 | 4,777,697 | 10,306,625 | |||||
Accumulated depreciation | (56,588) | 0 | (1,200,628) | (2,572,701) | |||||
Property and equipment, net | 1,462,075 | 1,155,725 | 3,577,069 | 7,733,924 | |||||
Other assets | 46,882 | 70,420 | 84,584 | 128,467 | |||||
Total assets | 2,094,768 | 1,705,946 | 4,263,937 | 8,284,498 | |||||
Current liabilities | |||||||||
Accounts payable | 106,429 | 81,949 | 95,159 | 108,208 | |||||
Accrued payroll and related costs | 56,442 | 35,615 | 36,553 | 56,056 | |||||
Taxes payable | 39,312 | 34,211 | 36,819 | 30,715 | |||||
Other current liabilities | 35,031 | 33,635 | 49,820 | 171,397 | |||||
Total current liabilities | 241,507 | 185,410 | 218,351 | 516,928 | |||||
Long-term debt | 406,000 | 393,500 | 3,779,499 | ||||||
Deferred income taxes | 13,568 | 21,525 | 9,292 | 68,201 | |||||
Other liabilities | 67,025 | 86,743 | 108,039 | 260,898 | |||||
Liabilities subject to compromise | 0 | 4,239,643 | |||||||
Total liabilities | 728,100 | 687,178 | 4,575,325 | 4,625,526 | |||||
Shareholders' equity | |||||||||
Common stock | 1 | 1 | 2,511 | 2,492 | |||||
Additional paid-in capital | 1,388,388 | 1,018,767 | 814,796 | 807,093 | |||||
Accumulated deficit | (21,454) | 0 | (1,070,683) | 2,907,776 | |||||
Accumulated other comprehensive income (loss) | (267) | 0 | (58,012) | (58,389) | |||||
Total shareholders' equity | 1,366,668 | $ 1,385,724 | 1,018,768 | (311,388) | $ 2,509,034 | $ 2,556,970 | 3,658,972 | $ 4,654,574 | $ 5,950,628 |
Total liabilities and equity | $ 2,094,768 | 1,705,946 | $ 4,263,937 | $ 8,284,498 | |||||
Predecessor | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 317,962 | ||||||||
Accounts receivable, net | 189,207 | ||||||||
Taxes receivable | 32,556 | ||||||||
Prepaid expenses and other current assets | 63,056 | ||||||||
Total current assets | 602,781 | ||||||||
Intangible assets | 0 | ||||||||
Property and equipment, at cost | 4,787,661 | ||||||||
Accumulated depreciation | (1,221,033) | ||||||||
Property and equipment, net | 3,566,628 | ||||||||
Other assets | 69,940 | ||||||||
Total assets | 4,239,349 | ||||||||
Current liabilities | |||||||||
Accounts payable | 89,215 | ||||||||
Accrued payroll and related costs | 35,615 | ||||||||
Taxes payable | 34,211 | ||||||||
Other current liabilities | 64,943 | ||||||||
Total current liabilities | 223,984 | ||||||||
Long-term debt | 0 | ||||||||
Deferred income taxes | 9,303 | ||||||||
Other liabilities | 108,489 | ||||||||
Liabilities subject to compromise | 4,143,812 | ||||||||
Total liabilities | 4,485,588 | ||||||||
Shareholders' equity | |||||||||
Common stock | 2,511 | ||||||||
Additional paid-in capital | 815,505 | ||||||||
Accumulated deficit | (1,006,351) | ||||||||
Accumulated other comprehensive income (loss) | (57,904) | ||||||||
Total shareholders' equity | (246,239) | ||||||||
Total liabilities and equity | 4,239,349 | ||||||||
Reorganization Adjustments | |||||||||
Current assets | |||||||||
Cash and cash equivalents | (205,994) | ||||||||
Accounts receivable, net | 0 | ||||||||
Taxes receivable | 0 | ||||||||
Prepaid expenses and other current assets | (20,302) | ||||||||
Total current assets | (226,296) | ||||||||
Intangible assets | 0 | ||||||||
Property and equipment, at cost | 0 | ||||||||
Accumulated depreciation | 0 | ||||||||
Property and equipment, net | 0 | ||||||||
Other assets | 10,983 | ||||||||
Total assets | (215,313) | ||||||||
Current liabilities | |||||||||
Accounts payable | (7,266) | ||||||||
Accrued payroll and related costs | 0 | ||||||||
Taxes payable | 0 | ||||||||
Other current liabilities | 21,305 | ||||||||
Total current liabilities | 14,039 | ||||||||
Long-term debt | 352,054 | ||||||||
Deferred income taxes | (17,328) | ||||||||
Other liabilities | 4,659 | ||||||||
Liabilities subject to compromise | (4,143,812) | ||||||||
Total liabilities | (3,790,388) | ||||||||
Shareholders' equity | |||||||||
Common stock | (2,511) | ||||||||
Additional paid-in capital | (815,505) | ||||||||
Accumulated deficit | 3,374,323 | ||||||||
Accumulated other comprehensive income (loss) | 0 | ||||||||
Total shareholders' equity | 3,575,075 | ||||||||
Total liabilities and equity | (215,313) | ||||||||
Fresh Start Adjustments | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 0 | ||||||||
Accounts receivable, net | 0 | ||||||||
Taxes receivable | 0 | ||||||||
Prepaid expenses and other current assets | (10,073) | ||||||||
Total current assets | (10,073) | ||||||||
Intangible assets | 113,389 | ||||||||
Property and equipment, at cost | (3,631,936) | ||||||||
Accumulated depreciation | 1,221,033 | ||||||||
Property and equipment, net | (2,410,903) | ||||||||
Other assets | (10,503) | ||||||||
Total assets | (2,318,090) | ||||||||
Current liabilities | |||||||||
Accounts payable | 0 | ||||||||
Accrued payroll and related costs | 0 | ||||||||
Taxes payable | 0 | ||||||||
Other current liabilities | (52,613) | ||||||||
Total current liabilities | (52,613) | ||||||||
Long-term debt | 41,446 | ||||||||
Deferred income taxes | 29,550 | ||||||||
Other liabilities | (26,405) | ||||||||
Liabilities subject to compromise | 0 | ||||||||
Total liabilities | (8,022) | ||||||||
Shareholders' equity | |||||||||
Common stock | 2,500 | ||||||||
Additional paid-in capital | 815,500 | ||||||||
Accumulated deficit | (2,367,972) | ||||||||
Accumulated other comprehensive income (loss) | 57,904 | ||||||||
Total shareholders' equity | (2,310,068) | ||||||||
Total liabilities and equity | $ (2,318,090) |
Reorganization and Fresh Star_7
Reorganization and Fresh Start Accounting - Reorganization Adjustment to Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | $ 112,225 | $ 111,968 | $ 343,332 | $ 104,621 |
Reorganization Adjustments | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | (205,994) | |||
Proceeds from Rights Offering | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | 200,000 | |||
Proceeds from the Revolving Credit Facility, net of issuance costs | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | 167,361 | |||
Transfer of cash from restricted cash | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | 300 | |||
Payment of professional service fees | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | (23,261) | |||
Payment of the pre-petition revolving credit facility principal and accrued interest | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | (550,019) | |||
Deconsolidation of NHUK | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | (300) | |||
Payment of recurring debt fees | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Cash and cash equivalents | $ (75) |
Reorganization and Fresh Star_8
Reorganization and Fresh Start Accounting - Reorganization Adjustment to Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | $ 51,476 | $ 32,681 | $ 80,322 | $ 59,050 |
Payment of professional service fees | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | (12,380) | |||
Payment of Paragon litigation settlement form escrow | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | (7,700) | |||
Transfer of restricted cash to cash | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | (300) | |||
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | 78 | |||
Reorganization Adjustments | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | $ (20,302) |
Reorganization and Fresh Star_9
Reorganization and Fresh Start Accounting - Reorganization Adjustments, Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reorganization, Chapter 11 [Line Items] | ||||
Other assets | $ 46,882 | $ 70,420 | $ 84,584 | $ 128,467 |
Accounts payable | 106,429 | 81,949 | 95,159 | 108,208 |
Other current liabilities | 35,031 | 33,635 | 49,820 | 171,397 |
Long-term debt | 406,000 | 393,500 | 3,779,499 | |
Deferred income taxes | 13,568 | 21,525 | 9,292 | 68,201 |
Other liabilities | $ 67,025 | 86,743 | $ 108,039 | $ 260,898 |
Capitalization of long-term debt issuance costs | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Other assets | 11,100 | |||
Adjustments on deferred tax assets | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Other assets | (100) | |||
Payment of professional service fees | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Accounts payable | (15,200) | |||
Reinstatement of trade payables from liabilities subject to compromise | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Accounts payable | 8,000 | |||
Reorganization Adjustments | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Other assets | 10,983 | |||
Accounts payable | (7,266) | |||
Other current liabilities | 21,305 | |||
Long-term debt | 352,054 | |||
Deferred income taxes | (17,328) | |||
Other liabilities | 4,659 | |||
Cancellation of cash-based compensation plans | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Other liabilities | (100) | |||
Reinstatement of right-of-use lease liabilities | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Other liabilities | $ 4,700 |
Reorganization and Fresh Sta_10
Reorganization and Fresh Start Accounting - Reorganization Adjustments, Liabilities subject to Compromise Settled or Reinstated (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Feb. 05, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Reorganization, Chapter 11 [Line Items] | |||
Accrued and unpaid interest | $ 110,301 | ||
Accounts payable and other payables | 37,447 | ||
Estimated loss on litigation | 93,000 | ||
Lease liabilities | 20,969 | ||
Total consolidated liabilities subject to compromise | $ 0 | $ 4,239,643 | |
Issuance of Successor common stock | (854,909) | ||
Issuance of Successor warrants to certain Predecessor creditors | (141,029) | ||
Payment of the pre-petition revolving credit facility principal and accrued interest | (550,020) | ||
Payment of Paragon litigation settlement from escrow | (7,700) | ||
Reinstatement of Transocean litigation liability | (8,000) | ||
Reinstatement of protection and indemnity insurance liabilities | (11,791) | ||
Reinstatement of trade payables and right-of-use lease liabilities | (14,216) | ||
Gain on settlement of liabilities subject to compromise | 2,556,147 | ||
Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Accrued and unpaid interest | 110,300 | ||
Protection and indemnity insurance liabilities | 25,669 | ||
Accounts payable and other payables | 8,163 | ||
Estimated loss on litigation | 15,700 | ||
Lease liabilities | 6,054 | ||
Total consolidated liabilities subject to compromise | 4,143,812 | ||
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 4.90% | 4.90% | |
Debt subject to compromise | $ 62,535 | ||
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 62,535 | ||
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 4.625% | 4.625% | |
Debt subject to compromise | $ 79,936 | ||
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 79,937 | ||
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 3.95% | 3.95% | |
Debt subject to compromise | $ 21,213 | ||
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 21,213 | ||
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 7.75% | 7.75% | |
Debt subject to compromise | $ 397,025 | ||
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 397,025 | ||
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 7.95% | 7.95% | |
Debt subject to compromise | $ 450,000 | ||
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 450,000 | ||
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 7.875% | 7.875% | |
Debt subject to compromise | $ 750,000 | ||
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 750,000 | ||
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 6.20% | 6.20% | |
Debt subject to compromise | $ 393,596 | ||
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 393,597 | ||
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 6.05% | 6.05% | |
Debt subject to compromise | $ 395,002 | ||
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 395,000 | ||
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 5.25% | 5.25% | |
Debt subject to compromise | $ 483,619 | ||
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 483,619 | ||
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 8.95% | 8.95% | |
Debt subject to compromise | $ 400,000 | ||
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | 400,000 | ||
5.958% Revolving Credit Facility Due January 2023 | Senior Unsecured Notes | |||
Reorganization, Chapter 11 [Line Items] | |||
Interest rate, stated percentage | 5.958% | ||
5.958% Revolving Credit Facility Due January 2023 | Senior Unsecured Notes | Predecessor | |||
Reorganization, Chapter 11 [Line Items] | |||
Debt subject to compromise | $ 545,000 |
Reorganization and Fresh Sta_11
Reorganization and Fresh Start Accounting - Reorganization Adjustments to Common Stock and Additional Paid in Capital (Details) - USD ($) shares in Thousands, $ in Thousands | Feb. 05, 2021 | Feb. 05, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reorganization, Chapter 11 [Line Items] | ||||||||||
Par value of 50 million shares of new common stock issued | $ 1 | $ 1 | $ 1 | $ 2,511 | $ 2,492 | |||||
Additional paid-in capital | 1,018,767 | 1,018,767 | 1,388,388 | 814,796 | 807,093 | |||||
Total shareholders' equity | $ 1,018,768 | $ 1,018,768 | 1,366,668 | $ 1,385,724 | (311,388) | $ 2,509,034 | $ 2,556,970 | 3,658,972 | $ 4,654,574 | $ 5,950,628 |
Common Stock | ||||||||||
Reorganization, Chapter 11 [Line Items] | ||||||||||
Issuance of common stock (in shares) | 50,000 | 50,000 | ||||||||
Total shareholders' equity | $ 1 | $ 1 | $ 1 | $ 1 | $ 2,511 | $ 2,510 | $ 2,510 | $ 2,492 | $ 2,468 | $ 2,450 |
Ordinary Shares | ||||||||||
Reorganization, Chapter 11 [Line Items] | ||||||||||
Additional paid-in capital | 875,931 | 875,931 | ||||||||
Warrant | ||||||||||
Reorganization, Chapter 11 [Line Items] | ||||||||||
Additional paid-in capital | $ 142,836 | $ 142,836 |
Reorganization and Fresh Sta_12
Reorganization and Fresh Start Accounting - Reorganization Adjustments to Accumulated Deficit (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||
Feb. 05, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reorganization, Chapter 11 [Line Items] | |||||||
Gain on settlement of liabilities subject to compromise | $ 2,556,147 | ||||||
Professional fees and success fees | (15,017) | ||||||
Write-off of unrecognized share-based compensation | (4,406) | ||||||
Reorganization items, net | 252,051 | $ (9,014) | $ 0 | $ (9,014) | $ (23,930) | $ 0 | $ 0 |
Accumulated deficit | 0 | $ (21,454) | $ (1,070,683) | $ 2,907,776 | |||
Reorganization Adjustments | |||||||
Reorganization, Chapter 11 [Line Items] | |||||||
Reorganization items, net | 2,536,724 | ||||||
Accumulated deficit | 3,374,323 | ||||||
Cancellation of Predecessor common stock and additional paid-in capital | |||||||
Reorganization, Chapter 11 [Line Items] | |||||||
Accumulated deficit | 820,299 | ||||||
Cancellation of Predecessor cash and equity compensation plans | |||||||
Reorganization, Chapter 11 [Line Items] | |||||||
Accumulated deficit | 2,183 | ||||||
Issuance of Successor warrants to Predecessor equity holders | |||||||
Reorganization, Chapter 11 [Line Items] | |||||||
Accumulated deficit | (1,807) | ||||||
Deconsolidation of NHUK | |||||||
Reorganization, Chapter 11 [Line Items] | |||||||
Accumulated deficit | (222) | ||||||
Recognition of recurring debt fees | |||||||
Reorganization, Chapter 11 [Line Items] | |||||||
Accumulated deficit | (75) | ||||||
Tax impacts of reorganization | |||||||
Reorganization, Chapter 11 [Line Items] | |||||||
Accumulated deficit | $ 17,221 |
Reorganization and Fresh Sta_13
Reorganization and Fresh Start Accounting - Fresh Start Adjustment, Capitalized Deferred Costs, Deferred Revenue and Pension Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | $ 51,476 | $ 32,681 | $ 80,322 | $ 59,050 |
Other assets | 46,882 | 70,420 | 84,584 | 128,467 |
Other current liabilities | 35,031 | 33,635 | 49,820 | 171,397 |
Other liabilities | $ 67,025 | 86,743 | $ 108,039 | $ 260,898 |
Deferred contract assets and revenues | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | (10,073) | |||
Other assets | (2,616) | |||
Other current liabilities | (52,616) | |||
Other liabilities | (20,320) | |||
Write-off of certain financing costs | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | 0 | |||
Other assets | (6,238) | |||
Other current liabilities | 0 | |||
Other liabilities | 0 | |||
Pension assets and obligations | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | 0 | |||
Other assets | (1,010) | |||
Other current liabilities | 3 | |||
Other liabilities | (6,085) | |||
Fair value adjustments to other assets | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | 0 | |||
Other assets | (639) | |||
Other current liabilities | 0 | |||
Other liabilities | 0 | |||
Fresh Start Adjustments | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | (10,073) | |||
Other assets | (10,503) | |||
Other current liabilities | (52,613) | |||
Other liabilities | $ (26,405) |
Reorganization and Fresh Sta_14
Reorganization and Fresh Start Accounting - Fresh Start Adjustment, Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reorganization, Chapter 11 [Line Items] | ||||
Common stock | $ 1 | $ 1 | $ 2,511 | $ 2,492 |
Additional paid-in capital | 1,388,388 | 1,018,767 | 814,796 | 807,093 |
Intangible assets | 76,262 | 113,389 | ||
Long-term debt | 406,000 | 393,500 | 3,779,499 | |
Deferred income taxes | 13,568 | 21,525 | 9,292 | 68,201 |
Accumulated other comprehensive income (loss) | $ (267) | 0 | $ (58,012) | $ (58,389) |
Fresh Start Adjustments | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Common stock | 2,500 | |||
Additional paid-in capital | 815,500 | |||
Intangible assets | 113,389 | |||
Long-term debt | 41,446 | |||
Deferred income taxes | 29,550 | |||
Accumulated other comprehensive income (loss) | $ 57,904 |
Reorganization and Fresh Sta_15
Reorganization and Fresh Start Accounting - Fresh Start Adjustments, Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | $ 1,518,663 | $ 1,155,725 | $ 4,777,697 | $ 10,306,625 |
Accumulated depreciation | (56,588) | 0 | (1,200,628) | (2,572,701) |
Property and equipment, net | 1,462,075 | 1,155,725 | 3,577,069 | 7,733,924 |
Drilling equipment and facilities | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | 1,070,931 | |||
Construction in progress | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | $ 110,972 | 75,159 | $ 99,812 | $ 88,904 |
Other | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | 9,635 | |||
Predecessor | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | 4,787,661 | |||
Accumulated depreciation | (1,221,033) | |||
Property and equipment, net | 3,566,628 | |||
Predecessor | Drilling equipment and facilities | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | 4,355,384 | |||
Predecessor | Construction in progress | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | 231,626 | |||
Predecessor | Other | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | 200,651 | |||
Fresh Start Adjustments | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Property and equipment, at cost | (3,631,936) | |||
Accumulated depreciation | 1,221,033 | |||
Property and equipment, net | $ (2,410,903) |
Reorganization and Fresh Sta_16
Reorganization and Fresh Start Accounting - Fresh Start Adjustments, Net Change in Accumulated Deficit (Details) - USD ($) $ in Thousands | Feb. 05, 2021 | Feb. 05, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Reorganization, Chapter 11 [Line Items] | ||||||||
Prepaid expenses and other current assets | $ 32,681 | $ 32,681 | $ 51,476 | $ 80,322 | $ 59,050 | |||
Intangible assets | 113,389 | 113,389 | 76,262 | |||||
Property and equipment, net | 1,155,725 | 1,155,725 | 1,462,075 | 3,577,069 | 7,733,924 | |||
Other assets | 70,420 | 70,420 | 46,882 | 84,584 | 128,467 | |||
Other current liabilities | (33,635) | (33,635) | (35,031) | (49,820) | (171,397) | |||
Less: Fair value of debt | (393,500) | (393,500) | (406,000) | (3,779,499) | ||||
Other liabilities | (86,743) | (86,743) | (67,025) | (108,039) | (260,898) | |||
Accumulated other comprehensive income (loss) | 0 | 0 | 267 | 58,012 | 58,389 | |||
Reorganization items, net | (252,051) | $ 9,014 | 0 | $ 9,014 | 23,930 | 0 | $ 0 | |
Accumulated deficit | 0 | 0 | $ (21,454) | $ (1,070,683) | $ 2,907,776 | |||
Fresh Start Adjustments | ||||||||
Reorganization, Chapter 11 [Line Items] | ||||||||
Prepaid expenses and other current assets | (10,073) | (10,073) | ||||||
Intangible assets | 113,389 | 113,389 | ||||||
Property and equipment, net | (2,410,903) | (2,410,903) | ||||||
Other assets | (10,503) | (10,503) | ||||||
Other current liabilities | 52,613 | 52,613 | ||||||
Less: Fair value of debt | (41,446) | (41,446) | ||||||
Deferred income taxes | (9,829) | (9,829) | ||||||
Other liabilities | 26,405 | 26,405 | ||||||
Accumulated other comprehensive income (loss) | (57,904) | (57,904) | ||||||
Reorganization items, net | (2,348,251) | |||||||
Tax impact of fresh start adjustments | (19,721) | |||||||
Accumulated deficit | $ (2,367,972) | $ (2,367,972) |
Consolidated Joint Ventures (De
Consolidated Joint Ventures (Details) $ in Thousands | Dec. 03, 2019USD ($) | Feb. 05, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)joint_venturerig | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||
Percent of interest in joint ventures | 50.00% | ||||||
Number of joint ventures | joint_venture | 2 | ||||||
Number of Bully-class drillships | rig | 2 | ||||||
Percentage of dividends paid to joint venture partner | 50.00% | ||||||
Loss on impairment | $ 0 | $ 0 | $ 1,119,517 | $ 3,915,408 | $ 615,294 | $ 802,133 | |
Noble Bully II | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loss on impairment | 595,500 | ||||||
Noble Bully II Attributable To Joint Venture Partner | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loss on impairment | 265,000 | ||||||
Noble Bully I | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 50.00% | ||||||
Noble Bully II | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 50.00% | ||||||
Bully Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Payments to Acquire Interest in Joint Venture | $ 106,700 | ||||||
Dividends approved and paid | $ 50,200 | 55,200 | |||||
Loss on impairment | 250,300 | ||||||
Floaters | Bully Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loss on impairment | $ 550,300 | ||||||
Subsidiary Of Royal Dutch Shell PLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Proceeds from contract termination | $ 166,900 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) shares in Thousands, $ in Thousands | Apr. 15, 2021USD ($)shares | Jun. 30, 2021USD ($) | Feb. 05, 2021USD ($) | Sep. 30, 2021USD ($)floater | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)floater | Sep. 30, 2020USD ($) |
Business Acquisition [Line Items] | |||||||
Number of floaters acquired | floater | 7 | 7 | |||||
Number of floaters sold | floater | 2 | 2 | |||||
Merger and integration costs | $ 0 | $ 5,033 | $ 0 | $ 13,786 | $ 0 | ||
Gain on bargain purchase | $ 0 | 64,479 | $ 0 | ||||
Pacific Drilling | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, membership interest conversion ratio | 6.366 | ||||||
Business acquisition, warrants conversion ratio | 1.553 | ||||||
Number of shares received by acquiree (in shares) | shares | 16,600 | ||||||
Proceeds from sale of floaters | $ 29,700 | ||||||
Merger and integration costs | $ 5,000 | $ 13,800 | |||||
Gain on bargain purchase | $ 64,479 | ||||||
Pacific Drilling | Pacific Drilling | Noble Corp | |||||||
Business Acquisition [Line Items] | |||||||
Ownership percentage at closing of Merger | 24.90% |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 15, 2021USD ($)$ / sharesshares | Feb. 05, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Liabilities assumed: | ||||
Gain on bargain purchase | $ 0 | $ 64,479 | $ 0 | |
Pacific Drilling | ||||
Business Acquisition [Line Items] | ||||
Pacific Drilling membership interests outstanding (in shares) | shares | 2,500 | |||
Business acquisition, membership interest conversion ratio | 6.366 | |||
Preliminary purchase price allocation, membership interests (in shares) | shares | 15,915 | |||
Pacific Drilling warrants outstanding (in shares) | shares | 441 | |||
Business acquisition, warrants conversion ratio | 1.553 | |||
Preliminary purchase price allocation, warrants (in shares) | shares | 685 | |||
Number of shares received by acquiree (in shares) | shares | 16,600 | |||
Noble common stock price on April 15, 2021 (in USD per share) | $ / shares | $ 21.55 | |||
Total consideration | $ 357,662 | |||
Assets acquired: | ||||
Cash and cash equivalents | 54,970 | |||
Accounts receivable | 17,457 | |||
Taxes receivable | 1,585 | |||
Prepaid expenses and other current assets | 14,081 | |||
Total current assets | 88,093 | |||
Property and equipment, net | 346,167 | |||
Assets held for sale | 30,063 | |||
Other assets | 2,631 | |||
Total assets acquired | 466,954 | |||
Liabilities assumed: | ||||
Accounts payable | 18,603 | |||
Other current liabilities | 2,900 | |||
Accrued payroll and related costs | 16,128 | |||
Taxes payable | 1,951 | |||
Total current liabilities | 39,582 | |||
Deferred income taxes | 798 | |||
Other liabilities | 4,433 | |||
Total liabilities assumed | 44,813 | |||
Net assets acquired | 422,141 | |||
Gain on bargain purchase | 64,479 | |||
Purchase price consideration | $ 357,662 |
Acquisitions - Revenue and Net
Acquisitions - Revenue and Net Income of Acquiree subsequent to the Closing of Merger (Details) - Pacific Drilling - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||
Revenue | $ 35,682 | $ 65,629 |
Net loss | $ (12,533) | $ (28,865) |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - Pacific Drilling - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||
Revenue | $ 250,371 | $ 584,821 |
Net loss | $ (23,665) | $ (53,470) |
Net loss per share. Basic (in USD per share) | $ (0.36) | $ (0.80) |
Net loss per share, Diluted (in USD per share) | $ (0.36) | $ (0.80) |
Income (Loss) Per Share - Compu
Income (Loss) Per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Feb. 05, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic | |||||||||||||||
Net income (loss) | $ 250,228 | $ (23,665) | $ (50,868) | $ (21,454) | $ (1,155,739) | $ (3,978,459) | $ (700,590) | $ (885,050) | |||||||
Net loss from continuing operations | 250,228 | (23,665) | $ (2,822,720) | (50,868) | $ (42,194) | $ (1,062,677) | $ (32,870) | $ (444,871) | $ (151,960) | $ (67,068) | (21,454) | (1,155,739) | (3,978,459) | (696,769) | (885,050) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | (3,821) | 0 | |||||||
Net loss attributable to Noble Corporation | 250,228 | (23,665) | (50,868) | (21,454) | (1,155,739) | (3,978,459) | (700,590) | (885,050) | |||||||
Diluted | |||||||||||||||
Net income (loss) | 250,228 | (23,665) | (50,868) | (21,454) | (1,155,739) | (3,978,459) | (700,590) | (885,050) | |||||||
Net loss from continuing operations | 250,228 | (23,665) | $ (2,822,720) | (50,868) | $ (42,194) | $ (1,062,677) | $ (32,870) | $ (444,871) | $ (151,960) | $ (67,068) | (21,454) | (1,155,739) | (3,978,459) | (696,769) | (885,050) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | (3,821) | 0 | |||||||
Net loss attributable to Noble Corporation | $ 250,228 | $ (23,665) | $ (50,868) | $ (21,454) | $ (1,155,739) | $ (3,978,459) | $ (700,590) | $ (885,050) | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding - basic (in shares) | 251,115 | 66,623 | 251,058 | 61,847 | 250,696 | 250,792 | 248,949 | 246,614 | |||||||
Dilutive effect of share-based awards (in shares) | 5,456 | 0 | 0 | 0 | 0 | ||||||||||
Weighted average shares outstanding - diluted (in shares) | 256,571 | 66,623 | 251,058 | 61,847 | 250,696 | 250,792 | 248,949 | 246,614 | |||||||
Basic: | |||||||||||||||
Net income (loss) (in usd per share) | $ 1 | $ (0.36) | $ (0.20) | $ (0.35) | $ (4.61) | $ (15.86) | $ (2.81) | $ (3.59) | |||||||
Loss from continuing operations (usd per share) | $ (11.24) | (0.20) | $ (0.17) | $ (4.25) | $ (0.13) | $ (1.79) | $ (0.61) | $ (0.27) | (15.86) | (2.79) | (3.59) | ||||
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.02) | 0 | (0.02) | 0 | ||||||||
Net loss attributable to Noble Corporation | 1 | (0.36) | (0.20) | (0.35) | (4.61) | (15.86) | (2.81) | (3.59) | |||||||
Diluted: | |||||||||||||||
Net income (loss) (in usd per share) | 0.98 | (0.36) | (0.20) | (0.35) | (4.61) | (15.86) | (2.81) | (3.59) | |||||||
Loss from continuing operations (usd per share) | $ (11.24) | (0.20) | $ (0.17) | $ (4.25) | (0.13) | (1.79) | (0.61) | (0.27) | (15.86) | (2.79) | (3.59) | ||||
Loss from discontinued operations (usd per share) | $ 0 | $ 0 | $ 0 | $ (0.02) | 0 | (0.02) | 0 | ||||||||
Net loss attributable to Noble Corporation | $ 0.98 | $ (0.36) | $ (0.20) | $ (0.35) | $ (4.61) | (15.86) | (2.81) | (3.59) | |||||||
Dividends per share | $ 0 | $ 0 | $ 0 |
Income (Loss) Per Share - Antid
Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 556 | 3,124 | 6,431 | 3,124 | 6,431 |
Warrant | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 19,412 | 0 | 19,412 | 0 |
Income (Loss) Per Share - Addit
Income (Loss) Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 05, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2021 | Jun. 30, 2021 | Apr. 15, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2017 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares outstanding and trading (in shares) | 251,084,000 | 249,200,000 | 60,168,000 | 60,200,000 | |||||||
Share capital | $ 6,000 | $ 6,000 | |||||||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.00001 | ||||||||
Stock option | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares excluded from the diluted net income per share (in shares) | 6,100,000 | 11,900,000 | 12,500,000 | ||||||||
Backstop Parties | Penny Warrants | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Number of securities called by warrants (in shares) | 6,500,000 | 6,500,000 | |||||||||
Exercise price of warrants (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Ordinary Shares | Backstop Parties | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Plan of reorganization, number of shares exchanged | 6,500,000 | 6,500,000 | |||||||||
Class of Stock, To Be Determined One | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares outstanding and trading (in shares) | 500,000,000 | 500,000,000 | |||||||||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 | |||||||||
Class of Stock, To Be Determined Two | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Shares outstanding and trading (in shares) | 100,000,000 | 100,000,000 | |||||||||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 | |||||||||
Common Stock | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Issuance of Successor common stock and warrants (in shares) | 50,000,000 | 50,000,000 | |||||||||
Shares outstanding and trading (in shares) | 50,000,000 | 50,000,000 | 251,084,000 | 249,200,000 | 246,794,000 | 60,168,000 | 60,150,000 | 251,062,000 | 251,041,000 | 244,971,000 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) $ in Thousands | Feb. 28, 2019USD ($) | Feb. 28, 2021USD ($) | Feb. 05, 2021USD ($) | Feb. 28, 2019USD ($) | Sep. 30, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($)rig | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)rig | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 25, 2021USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||||||||
Property and equipment, at cost | $ 1,155,725 | $ 1,518,663 | $ 1,518,663 | $ 1,518,663 | $ 1,518,663 | $ 4,777,697 | $ 10,306,625 | |||||||
Loss on impairment | 0 | 0 | $ 1,119,517 | 3,915,408 | 615,294 | $ 802,133 | ||||||||
Capital expenditures | 148,200 | 306,400 | 281,300 | |||||||||||
Capitalized interest on construction-in-progress | $ 0 | 9,600 | $ 2,900 | |||||||||||
Number of rigs sold | rig | 6 | |||||||||||||
Rigs sold, net book value | $ 17,100 | |||||||||||||
Total proceeds | 26,700 | |||||||||||||
Gain on sale of rigs | 8,900 | |||||||||||||
Property Damage Insurance Coverage Deductible Amount | 10,000 | |||||||||||||
Property Damage Insurance Coverage Limit Amount Per Claim | 50,000 | |||||||||||||
Hurricane losses | 10,441 | 10,441 | ||||||||||||
Held for sale, not discontinued operations | Jackup Rigs In Saudi Arabia | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Purchase and Sale Agreement, consideration | $ 292,400 | |||||||||||||
Number of rigs classified as held for sale | rig | 4 | |||||||||||||
Purchase and Sale Agreement covenant, period for purposes of drilling gas wells | 1 year | |||||||||||||
Purchase and Sale Agreement covenant, period for purposes of drilling oil wells | 2 years | |||||||||||||
Drilling equipment and facilities | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Property and equipment, at cost | 1,396,570 | 1,396,570 | 1,396,570 | $ 1,396,570 | 4,476,960 | 10,014,314 | ||||||||
Construction in progress | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Property and equipment, at cost | $ 75,159 | 110,972 | 110,972 | 110,972 | 110,972 | 99,812 | 88,904 | |||||||
Other | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Property and equipment, at cost | 11,121 | 11,121 | $ 11,121 | $ 11,121 | $ 200,925 | $ 203,407 | ||||||||
Drillships | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Loss on impairment | $ 1,100,000 | $ 1,100,000 | ||||||||||||
Rig, Noble Joe Knight | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Purchase price of asset acquired | $ 83,800 | |||||||||||||
Cash paid to acquire asset | $ 30,200 | |||||||||||||
Rig Noble Globetrotter II | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Hurricane losses | $ 5,400 | $ 5,400 | ||||||||||||
Seller loans: | Seller-financed secured loan due February 2023 | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Financed value | $ 53,600 | $ 53,600 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, at Cost (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, at cost | $ 1,518,663 | $ 1,155,725 | $ 4,777,697 | $ 10,306,625 |
Drilling Equipment And Facilities [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, at cost | 1,396,570 | 4,476,960 | 10,014,314 | |
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, at cost | 110,972 | $ 75,159 | 99,812 | 88,904 |
Other Capitalized Property Plant and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, at cost | $ 11,121 | $ 200,925 | $ 203,407 |
Property and Equipment- Net Inc
Property and Equipment- Net Income before Income Taxes for Assets classified as Held for Sale (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Jackup Rigs In Saudi Arabia [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net income before income taxes | $ 3,128 | $ 9,768 | $ 741 | $ 15,176 | $ 20,061 |
Loss on Impairment (Details)
Loss on Impairment (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Feb. 05, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020floater | Dec. 31, 2020JACKUP | Mar. 31, 2020USD ($)floater | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)floater | Dec. 31, 2019USD ($)floater | Dec. 31, 2018USD ($) | Dec. 31, 2018floater | Dec. 31, 2018JACKUP | |
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | $ 0 | $ 0 | $ 1,119,517 | $ 3,915,408 | $ 615,294 | $ 802,133 | ||||||
Number of impairment oil and gas properties | 3 | 9 | 4 | 7 | 2 | 3 | 2 | |||||
Drillships | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | $ 1,100,000 | 1,100,000 | ||||||||||
Capital Spare Equipment | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | 5,500 | $ 24,000 | ||||||||||
Nobel Series [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | $ 2,800,000 | 1,100,000 | $ 3,900,000 | |||||||||
Noble Bully II Noble Paul Romano And Certain Capital Spare Equipment [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | $ 615,300 | |||||||||||
Noble Bully I | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | 550,300 | |||||||||||
Noble Bully II | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | 595,500 | |||||||||||
Noble Bully I Attributable To Joint Venture Partner [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | $ 250,300 | |||||||||||
Noble Bully II Attributable To Joint Venture Partner [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | $ 265,000 | |||||||||||
Noble Bully I, Noble Bully II, Noble Danny Adkins and Noble Jim Day | Drillships | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Loss on impairment | $ 1,100,000 | $ 1,100,000 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Feb. 05, 2021 | Jul. 20, 2020 | Apr. 20, 2020 | Feb. 28, 2021 | Feb. 05, 2021 | Apr. 30, 2020 | Mar. 31, 2019 | Feb. 28, 2019 | Sep. 30, 2018 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2021 | May 02, 2021 | Feb. 04, 2021 | Jul. 31, 2019 | Jan. 31, 2018 | Dec. 21, 2017 |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Repayments of debt | $ 0 | $ 0 | $ 101,132,000 | $ 101,132,000 | $ 400,000,000 | $ 972,708,000 | ||||||||||||||||
Borrowings on credit facilities | 177,500,000 | 40,000,000 | 210,000,000 | 210,000,000 | 755,000,000 | 0 | ||||||||||||||||
Gain (loss) on extinguishment of debt, net | $ 0 | $ 973,000 | $ 17,847,000 | 0 | $ 17,254,000 | 17,254,000 | 30,616,000 | (1,793,000) | ||||||||||||||
Rig, Noble Joe Knight | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Purchase price of asset acquired | $ 83,800,000 | |||||||||||||||||||||
Rig, Noble Johnny Whitstine | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Purchase price of asset acquired | $ 93,800,000 | |||||||||||||||||||||
Interest Payable In Cash | Second Lien Notes Indenture | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, Interest rate on borrowings | 11.00% | 11.00% | ||||||||||||||||||||
Interest Payable In Cash | Second Lien Notes Indenture | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, Interest rate on borrowings | 11.00% | 11.00% | ||||||||||||||||||||
Interest Payable Half In Cash And Half By Issuing P I K Notes | Second Lien Notes Indenture | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, Interest rate on borrowings | 13.00% | 13.00% | ||||||||||||||||||||
Interest Payable Half In Cash And Half By Issuing P I K Notes | Second Lien Notes Indenture | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, Interest rate on borrowings | 13.00% | 13.00% | ||||||||||||||||||||
Interest Payable By Issuing P I K Notes | Second Lien Notes Indenture | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, Interest rate on borrowings | 15.00% | 15.00% | ||||||||||||||||||||
Interest Payable By Issuing P I K Notes | Second Lien Notes Indenture | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, Interest rate on borrowings | 15.00% | 15.00% | ||||||||||||||||||||
Participants In The Rights Offering | Ordinary Shares | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Plan of reorganization, shares issued, subscription price | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||||||
Participants In The Rights Offering | Ordinary Shares | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Plan of reorganization, shares issued, subscription price | 200,000,000 | 200,000,000 | ||||||||||||||||||||
Participants In The Rights Offering | Ordinary Shares | Second Lien Notes Indenture | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Plan of reorganization, shares issued, subscription price | 200,000,000 | 200,000,000 | ||||||||||||||||||||
Participants In The Rights Offering | Ordinary Shares | Second Lien Notes Indenture | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Plan of reorganization, shares issued, subscription price | 200,000,000 | 200,000,000 | ||||||||||||||||||||
Line of Credit | The 2017 Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Outstanding borrowings | 545,000,000 | |||||||||||||||||||||
Borrowings on credit facilities | $ 100,000,000 | |||||||||||||||||||||
Line of Credit | 2015 Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Loss on extinguishment of debt | $ 2,300,000 | |||||||||||||||||||||
Secured Debt | Second Lien Notes Indenture | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, amount arranged | 216,000,000 | 216,000,000 | ||||||||||||||||||||
Debtor-in-possession financing, backstop fee | $ 16,000,000 | $ 16,000,000 | ||||||||||||||||||||
Debt redemption rice, percentage of principal amount redeemed | 106.00% | 106.00% | ||||||||||||||||||||
Debt redemption, change of control period | 120 days | |||||||||||||||||||||
Secured Debt | Second Lien Notes Indenture | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, amount arranged | $ 216,000,000 | $ 216,000,000 | ||||||||||||||||||||
Debtor-in-possession financing, backstop fee | $ 16,000,000 | |||||||||||||||||||||
Debt redemption rice, percentage of principal amount redeemed | 106.00% | |||||||||||||||||||||
Debt redemption, change of control period | 120 days | |||||||||||||||||||||
Secured Debt | 2019 Seller Loan | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Financed value | $ 53,600,000 | $ 53,600,000 | ||||||||||||||||||||
Principal payment due at the end of the term, percentage | 95.00% | |||||||||||||||||||||
Repayments of debt | $ 48,100,000 | |||||||||||||||||||||
Senior unsecured revolving credit facility maturity period | 4 years | |||||||||||||||||||||
Principal payment due at the end of the third year, percentage | 5.00% | |||||||||||||||||||||
Interest rate, paid in cash | 4.25% | |||||||||||||||||||||
Paid-in-kind interest rate | 1.25% | |||||||||||||||||||||
Paid in cash and paid-in-kind interest rate | 8.91% | |||||||||||||||||||||
Secured Debt | 2018 Seller Loan | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Financed value | $ 60,000,000 | |||||||||||||||||||||
Principal payment due at the end of the term, percentage | 95.00% | |||||||||||||||||||||
Repayments of debt | $ 53,600,000 | |||||||||||||||||||||
Period following payment date for debt termination | 90 days | |||||||||||||||||||||
Long-term debt | $ 0 | |||||||||||||||||||||
Senior unsecured revolving credit facility maturity period | 4 years | |||||||||||||||||||||
Principal payment due at the end of the third year, percentage | 5.00% | |||||||||||||||||||||
Interest rate, paid in cash | 4.25% | |||||||||||||||||||||
Paid-in-kind interest rate | 1.25% | |||||||||||||||||||||
Paid in cash and paid-in-kind interest rate | 8.91% | |||||||||||||||||||||
Secured Debt | Seller loans | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Minimum liquidity | $ 300,000,000 | |||||||||||||||||||||
Principal payment due at the end of the term, percentage | 85.00% | |||||||||||||||||||||
Debt to total capitalization ratio requirement | 0.55 | |||||||||||||||||||||
Gain (loss) on extinguishment of debt, net | 17,300,000 | |||||||||||||||||||||
Senior Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term debt | 3,400,000,000 | |||||||||||||||||||||
Gain (loss) on extinguishment of debt, net | $ 31,300,000 | |||||||||||||||||||||
Aggregate principal amount of senior notes repurchased | 440,900,000 | |||||||||||||||||||||
Debt repurchase amount | $ 400,000,000 | |||||||||||||||||||||
Credit facility | 2015 Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Extinguishment of debt | 300,000,000 | |||||||||||||||||||||
Credit facility | Line of Credit | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, letters of credit outstanding | 8,700,000 | 8,700,000 | ||||||||||||||||||||
Credit facility | Line of Credit | Exit Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, amount arranged | $ 675,000,000 | 675,000,000 | ||||||||||||||||||||
Debtor-in-possession financing, borrowings outstanding | $ 177,500,000 | $ 177,500,000 | $ 190,000,000 | $ 190,000,000 | ||||||||||||||||||
Debtor-in-possession financing, increase of basis spread on variable rate | 50.00% | 50.00% | ||||||||||||||||||||
Debtor-in-possession financing, basis spread on variable rate, additional increase under conditions | 50.00% | 50.00% | ||||||||||||||||||||
Debt restrictive covenants, maximum available cash after borrowings | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||||||
Debt covenant, consolidated leverage ratio (maximum) | 5.50 | 5.50 | ||||||||||||||||||||
Debt restrictive covenants, outstanding borrowing | $ 610,000,000 | $ 610,000,000 | ||||||||||||||||||||
Debt restrictive covenants, asset coverage ratio | 2 | 2 | ||||||||||||||||||||
Debt mandatory prepayments term, available cash benchmark | $ 150,000,000 | $ 150,000,000 | ||||||||||||||||||||
Minimum liquidity | $ 25,000,000 | $ 25,000,000 | ||||||||||||||||||||
Debt financial maintenance covenant, ratio of asset coverage aggregate rig value to aggregate principal amount of loans and letters of credit outstanding | 2 | 2 | ||||||||||||||||||||
Credit facility | Line of Credit | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, amount arranged | $ 675,000,000 | $ 675,000,000 | ||||||||||||||||||||
Debtor-in-possession financing, borrowings outstanding | $ 177,500,000 | $ 177,500,000 | ||||||||||||||||||||
Debtor-in-possession financing, increase of basis spread on variable rate | 50.00% | 50.00% | ||||||||||||||||||||
Debtor-in-possession financing, basis spread on variable rate, additional increase under conditions | 50.00% | 50.00% | ||||||||||||||||||||
Debt restrictive covenants, maximum available cash after borrowings | $ 100,000,000 | $ 100,000,000 | ||||||||||||||||||||
Debt covenant, consolidated leverage ratio (maximum) | 5.50 | 5.50 | ||||||||||||||||||||
Debt restrictive covenants, outstanding borrowing | $ 610,000,000 | $ 610,000,000 | ||||||||||||||||||||
Debt restrictive covenants, asset coverage ratio | 2 | 2 | ||||||||||||||||||||
Debt mandatory prepayments term, available cash benchmark | $ 150,000,000 | $ 150,000,000 | ||||||||||||||||||||
Debt financial maintenance covenant, ratio of asset coverage aggregate rig value to aggregate principal amount of loans and letters of credit outstanding | 0.0200 | 0.0200 | ||||||||||||||||||||
Debtor-in-possession, commitment fee on unused borrowings | 0.50% | 0.50% | ||||||||||||||||||||
Credit facility | Line of Credit | The 2017 Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Credit facility, ability to increase (up to) | 500,000,000 | |||||||||||||||||||||
Credit facility | Line of Credit | Debt Covenant Period One | Exit Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt financial maintenance covenant, ratio of adjusted EBITDA to cash interest expense | 2 | 2 | ||||||||||||||||||||
Credit facility | Line of Credit | Debt Covenant Period One | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Minimum liquidity | $ 70,000,000 | $ 70,000,000 | ||||||||||||||||||||
Credit facility | Line of Credit | Debt Covenant Period Two | Exit Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt financial maintenance covenant, ratio of adjusted EBITDA to cash interest expense | 2.25 | 2.25 | ||||||||||||||||||||
Credit facility | Line of Credit | Debt Covenant Period Two | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Minimum liquidity | $ 40,000,000 | $ 40,000,000 | ||||||||||||||||||||
Credit facility | Line of Credit | Debt Covenant Period Three | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Minimum liquidity | $ 25,000,000 | $ 25,000,000 | ||||||||||||||||||||
Credit facility | Line of Credit | Debt Covenant Period Four | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt financial maintenance covenant, ratio of adjusted EBITDA to cash interest expense | 2 | 2 | ||||||||||||||||||||
Credit facility | Line of Credit | Debt Covenant Period Five | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt financial maintenance covenant, ratio of adjusted EBITDA to cash interest expense | 2.25 | 2.25 | ||||||||||||||||||||
Credit facility | Line of Credit | LIBOR | Exit Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, increase of basis spread on variable rate | 4.75% | 4.75% | ||||||||||||||||||||
Credit facility | Line of Credit | LIBOR | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, increase of basis spread on variable rate | 4.75% | 4.75% | ||||||||||||||||||||
Credit facility | Line of Credit | Base Rate | Exit Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, increase of basis spread on variable rate | 3.75% | 3.75% | ||||||||||||||||||||
Credit facility | Line of Credit | Base Rate | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, basis spread on variable rate | 3.75% | |||||||||||||||||||||
Credit facility | Line of Credit | Base Rate | Exit Credit Agreement | Reserve-Adjusted One-Month LIBOR | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, increase of basis spread on variable rate | 1.00% | 1.00% | ||||||||||||||||||||
Credit facility | Letters of credit | Exit Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, letters of credit outstanding | $ 8,800,000 | $ 8,800,000 | ||||||||||||||||||||
Credit facility | Letters of credit | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, letters of credit outstanding | 8,800,000 | 8,800,000 | ||||||||||||||||||||
Credit facility | Unsecured Debt | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, letters of credit outstanding | $ 11,700,000 | |||||||||||||||||||||
Letters of credit | The 2017 Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 1,300,000,000 | $ 1,500,000,000 | ||||||||||||||||||||
Outstanding borrowings | $ 545,000,000 | |||||||||||||||||||||
Loss on extinguishment of debt | $ 700,000 | |||||||||||||||||||||
Letters of credit | Line of Credit | Exit Credit Agreement | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, amount arranged | 67,500,000 | 67,500,000 | ||||||||||||||||||||
Letters of credit | Line of Credit | Exit Credit Agreement | Subsequent Event | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debtor-in-possession financing, amount arranged | $ 67,500,000 | $ 67,500,000 | ||||||||||||||||||||
Letters of credit | Line of Credit | The 2017 Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Current borrowing capacity | 15,000,000 | |||||||||||||||||||||
Outstanding borrowings | 8,800,000 | |||||||||||||||||||||
Letters Of Credit and Surety Bonds | Line of Credit | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Outstanding borrowings | $ 6,000,000 | |||||||||||||||||||||
Unsecured Revolving Credit Facility | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 300,000,000 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Long-Term Debt (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 05, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Jul. 20, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||||
Current maturities of long-term debt | $ 62,505,000 | ||||
Long-term debt | $ 393,500,000 | $ 406,000,000 | 3,779,499,000 | ||
Write-off of debt financing costs and discount | 4,406,000 | $ (45,469,000) | |||
Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 3,977,926,000 | 406,000,000 | 3,842,004,000 | ||
Current maturities of long-term debt | 0 | 0 | 62,505,000 | ||
Long-term debt | 0 | 406,000,000 | 3,779,499,000 | ||
Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 898,938,000 | 429,071,000 | 2,158,847,000 | ||
Current maturities of long-term debt | 0 | 0 | 60,660,000 | ||
Long-term debt | 0 | 429,071,000 | 2,098,187,000 | ||
Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | 3,400,000,000 | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs and discounts or premiums | 11,100,000 | ||||
Line of Credit | Carrying Value | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 190,000,000 | |||
Line of Credit | Estimated Fair Value | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 190,000,000 | |||
11.000% Second Lien Notes due February 2028 | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs and discounts or premiums | $ 0 | ||||
11.000% Second Lien Notes due February 2028 | Secured notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 11.00% | ||||
Total debt | $ 216,000,000 | ||||
11.000% Second Lien Notes due February 2028 | Secured notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | $ 216,000,000 | |||
11.000% Second Lien Notes due February 2028 | Secured notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 0 | $ 239,071,000 | |||
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 4.90% | 4.90% | |||
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 62,535,000 | $ 0 | 62,505,000 | ||
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 1,366,000 | $ 0 | 60,660,000 | ||
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 4.625% | 4.625% | |||
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 79,936,000 | $ 0 | 79,854,000 | ||
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 1,596,000 | $ 0 | 64,262,000 | ||
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.95% | 3.95% | |||
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 21,213,000 | $ 0 | 21,181,000 | ||
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 354,000 | $ 0 | 12,170,000 | ||
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 7.75% | 7.75% | |||
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 397,025,000 | $ 0 | 389,800,000 | ||
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 7,925,000 | $ 0 | 211,035,000 | ||
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 7.95% | 7.95% | |||
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 450,000,000 | $ 0 | 446,962,000 | ||
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 8,348,000 | $ 0 | 228,515,000 | ||
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 7.875% | 7.875% | |||
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 750,000,000 | $ 0 | 739,371,000 | ||
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 301,935,000 | $ 0 | 546,353,000 | ||
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 6.20% | 6.20% | |||
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 393,596,000 | $ 0 | 390,526,000 | ||
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 7,966,000 | $ 0 | 149,134,000 | ||
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 6.05% | 6.05% | |||
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 395,002,000 | $ 0 | 389,809,000 | ||
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 7,327,000 | $ 0 | 142,646,000 | ||
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 5.25% | 5.25% | |||
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 483,619,000 | $ 0 | 478,122,000 | ||
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 9,701,000 | $ 0 | 176,265,000 | ||
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 8.95% | 8.95% | |||
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 400,000,000 | $ 0 | 390,763,000 | ||
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 7,420,000 | 0 | 164,664,000 | ||
The 2017 Credit Facility | Line of Credit | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 545,000,000 | 0 | |||
The 2017 Credit Facility | Line of Credit | Carrying Value | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 545,000,000 | 335,000,000 | |||
The 2017 Credit Facility | Line of Credit | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 545,000,000 | $ 0 | |||
The 2017 Credit Facility | Line of Credit | Estimated Fair Value | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 545,000,000 | 335,000,000 | |||
Seller-financed secured loan due September 2022 | Secured notes | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 0 | ||||
Seller-financed secured loan due September 2022 | Secured notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 62,453,000 | |||
Seller-financed secured loan due September 2022 | Secured notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 36,968,000 | |||
Seller-financed secured loan due February 2023 | Secured notes | Carrying Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 55,658,000 | |||
Seller-financed secured loan due February 2023 | Secured notes | Estimated Fair Value | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 0 | $ 31,175,000 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2021 | Jun. 30, 2021 | Feb. 05, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares outstanding and trading (in shares) | 251,084,000 | 249,200,000 | 60,168,000 | 60,200,000 | ||
Additional conditionally authorized shares without additional shareholder approval (in shares) | 8,700,000 | |||||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.00001 | |||
Common stock | $ 2,511,000 | $ 2,492,000 | $ 1,000 | $ 1,000 | ||
Repurchases of shares (in shares) | 0 | 0 | 0 | |||
Non-vest stock options (in shares) | 0 | |||||
Stock options granted (in shares) | 0 | 0 | 0 | |||
Class of Stock, To Be Determined One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares outstanding and trading (in shares) | 500,000,000 | |||||
Common stock, par value (usd per share) | $ 0.00001 | |||||
Class of Stock, To Be Determined Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares outstanding and trading (in shares) | 100,000,000 | |||||
Common stock, par value (usd per share) | $ 0.00001 | |||||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock | $ 6,000,000 | |||||
Subsequent Event [Member] | Class of Stock, To Be Determined One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares outstanding and trading (in shares) | 500,000,000 | |||||
Common stock, par value (usd per share) | $ 0.00001 | |||||
Subsequent Event [Member] | Class of Stock, To Be Determined Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares outstanding and trading (in shares) | 100,000,000 | |||||
Common stock, par value (usd per share) | $ 0.00001 | |||||
2015 Omnibus Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional shares authorized under plan (in shares) | 8,700,000 | 5,800,000 | 5,000,000 | |||
Total number of shares issuable under stock option plan (in shares) | 40,000,000 | |||||
Remaining number of shares available for grants (in shares) | 25,000,000 | |||||
Director Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional shares authorized under plan (in shares) | 900,000 | |||||
Total number of shares issuable under stock option plan (in shares) | 1,800,000 | |||||
Remaining number of shares available for grants (in shares) | 1,000,000 | |||||
Stock option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option exercisable term | 10 years | |||||
Compensation cost recognized | $ 0 | $ 0 | $ 0 | |||
Award vesting period | 3 years | |||||
PVRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Award performance period | 3 years | |||||
Total unrecognized compensation cost | $ 1,700,000 | |||||
Period for recognizing unrecognized compensation cost | 6 months | |||||
Expected volatility | 69.80% | 59.60% | 61.80% | |||
Risk-free interest rate | 1.40% | 2.50% | 2.31% | |||
TVRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | 3 years | 3 years | |||
Total unrecognized compensation cost | $ 3,500,000 | |||||
Period for recognizing unrecognized compensation cost | 10 months 24 days | |||||
Incremental fair value awarded as a result of the issuance of awards | $ 12,400,000 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation cost recognized | 9,200,000 | $ 14,700,000 | $ 24,000,000 | |||
Compensation cost recognized net of tax | 8,600,000 | 14,100,000 | 21,900,000 | |||
Capitalized compensation costs | $ 0 | $ 0 | $ 0 | |||
Liability Classified Cash Incentive Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Award performance period | 3 years | |||||
Expected volatility | 69.80% | |||||
Risk-free interest rate | 1.40% | |||||
Non-employee directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrestricted shares awarded (in shares) | 0 | 280,635 | 267,204 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Options Granted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numbers of Shares Underlying Options | |||
Outstanding at beginning of year (in shares) | 708,400 | 1,103,242 | 1,313,155 |
Expired (in shares) | (152,245) | (394,842) | (209,913) |
Outstanding at end of year (in shares) | 556,155 | 708,400 | 1,103,242 |
Exercisable at end of year (in shares) | 556,155 | 708,400 | 1,103,242 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year (usd per share) | $ 30.90 | $ 28.74 | $ 29.51 |
Expired (usd per share) | 32.78 | 24.85 | 33.56 |
Outstanding at end of year (usd per share) | 30.39 | 30.90 | 28.74 |
Exercisable at end of year (usd per share) | $ 30.39 | $ 30.90 | $ 28.74 |
Aggregate intrinsic value of options outstanding and exercisable | $ 0 |
Equity - Assumptions used to Va
Equity - Assumptions used to Value the Performance-Vested Restricted Stock Units (Details) - PVRSUs | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation assumptions: | |||
Expected volatility | 69.80% | 59.60% | 61.80% |
Risk-free interest rate | 1.40% | 2.50% | 2.31% |
Equity - Summary of Restricted
Equity - Summary of Restricted Share Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
TVRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units awarded (in shares) | 5,559,678 | 4,639,119 | 3,578,212 |
Weighted-average share price at award date (usd per share) | $ 0.82 | $ 3.02 | $ 4.71 |
Weighted-average vesting period (years) | 3 years | 3 years | 3 years |
Weighted-average award-date fair value (usd per share) | $ 0.82 | ||
PVRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Units awarded (in shares) | 2,696,774 | 1,623,399 | 2,733,906 |
Weighted-average share price at award date (usd per share) | $ 0.91 | $ 3.13 | $ 4.55 |
Weighted-average vesting period (years) | 3 years | ||
Weighted-average award-date fair value (usd per share) | $ 1.14 | $ 3.61 | $ 2.96 |
Equity - Summary of Status of N
Equity - Summary of Status of Non-Vested Restricted Stock Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
PVRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested Liability-Classified Award, beginning balance (in shares) | 4,854,352 | ||
Awarded (in shares) | 2,696,774 | 1,623,399 | 2,733,906 |
Vested (in shares) | (1,063,242) | ||
Forfeited (in shares) | (3,324,771) | ||
Non-vested Liability-Classified Award (in shares) | 3,163,113 | 4,854,352 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested Liability-Classified Award, beginning balance (usd per shares) | $ 3.56 | ||
Awarded (usd per share) | 1.14 | $ 3.61 | $ 2.96 |
Vested (usd per share) | 4.37 | ||
Forfeited (usd per share) | 1.67 | ||
Non-vested Liability-Classified Award, ending balance (usd per share) | $ 3.22 | $ 3.56 | |
Minimum number of performance vested shares | 0 | ||
Target level of performance, percent | 50.00% | ||
Maximum level of performance, percent | 200.00% | ||
TVRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested Liability-Classified Award, beginning balance (in shares) | 6,329,029 | ||
Awarded (in shares) | 5,559,678 | 4,639,119 | 3,578,212 |
Vested (in shares) | (2,924,900) | ||
Forfeited (in shares) | (6,601,307) | ||
Non-vested Liability-Classified Award (in shares) | 2,362,500 | 6,329,029 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested Liability-Classified Award, beginning balance (usd per shares) | $ 3.89 | ||
Awarded (usd per share) | 0.82 | ||
Vested (usd per share) | 4.24 | ||
Forfeited (usd per share) | 1.19 | ||
Non-vested Liability-Classified Award, ending balance (usd per share) | $ 3.43 | $ 3.89 |
Equity - Summary of Non-vested
Equity - Summary of Non-vested Liability-Classified Award (Details) - Liability Classified Cash Incentive Awards [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number of Awards | |
Non-vested Liability-Classified Award, beginning balance (in shares) | 0 |
Units awarded (in shares) | 3,619,000 |
Vested (in shares) | (2,401,362) |
Forfeited (in shares) | (1,217,638) |
Non-vested Liability-Classified Award (in shares) | 0 |
Weighted Average Award-Date Fair Value | |
Non-vested Liability-Classified Award, beginning balance (usd per shares) | $ / shares | $ 0 |
Awarded (usd per share) | $ / shares | 0.77 |
Vested (usd per share) | $ / shares | 0.77 |
Forfeited (usd per share) | $ / shares | 0.77 |
Non-vested Liability-Classified Award, ending balance (usd per share) | $ / shares | $ 0 |
Vested (in shares) | 91,362 |
Equity - Additional Information
Equity - Additional Information About Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Numbers of Shares Underlying Options | shares | 556,155 |
Weighted Average Remaining Life (Years) | 8 months 4 days |
Weighted Average Exercise Price | $ 30.39 |
$20.49 to $25.41 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in usd per share) | 20.49 |
Exercise price range, upper range limit (in usd per share) | $ 25.41 |
Numbers of Shares Underlying Options | shares | 53,934 |
Weighted Average Remaining Life (Years) | 1 year 7 days |
Weighted Average Exercise Price | $ 25.41 |
$25.42 to $30.59 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in usd per share) | 25.42 |
Exercise price range, upper range limit (in usd per share) | $ 30.59 |
Numbers of Shares Underlying Options | shares | 277,177 |
Weighted Average Remaining Life (Years) | 1 year 1 month 2 days |
Weighted Average Exercise Price | $ 30.59 |
$30.60 to $32.78 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in usd per share) | 30.60 |
Exercise price range, upper range limit (in usd per share) | $ 32.78 |
Numbers of Shares Underlying Options | shares | 225,044 |
Weighted Average Remaining Life (Years) | 1 month 6 days |
Weighted Average Exercise Price | $ 31.33 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Feb. 05, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||||||
Beginning balance | $ (311,388) | $ 1,018,768 | $ 1,385,724 | $ 2,556,970 | $ 3,658,972 | $ 1,018,768 | $ 3,658,972 | $ 3,658,972 | $ 4,654,574 | $ 5,950,628 | ||
Other comprehensive loss before reclassifications | (116) | 0 | $ 168 | 863 | $ (539) | (2,136) | (521) | 260 | ||||
Amounts reclassified from AOCI | 224 | 0 | 0 | 569 | 568 | 568 | 898 | (1,577) | ||||
Other comprehensive income (loss), net | 108 | 0 | (435) | 168 | 1,432 | 29 | (1,568) | (267) | (107) | 377 | (1,317) | (8,644) |
Cancellation of Predecessor equity | 60,343 | |||||||||||
Ending balance | 1,018,768 | 1,366,668 | 1,385,724 | 2,509,034 | 2,556,970 | 1,366,668 | 2,509,034 | (311,388) | 3,658,972 | 4,654,574 | ||
Defined Benefit Pension Items | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||||||
Beginning balance | (39,737) | 0 | 168 | 0 | (39,499) | (40,067) | (40,635) | 0 | (40,635) | (40,635) | (39,058) | |
Other comprehensive loss before reclassifications | 0 | 0 | (435) | 168 | 0 | 0 | 0 | 0 | 0 | |||
Amounts reclassified from AOCI | 224 | 0 | 0 | 0 | 569 | 568 | 568 | 898 | (1,577) | |||
Other comprehensive income (loss), net | 224 | 0 | (435) | 168 | 569 | 568 | 568 | 898 | (1,577) | |||
Cancellation of Predecessor equity | 39,513 | |||||||||||
Ending balance | 0 | 0 | (267) | 168 | (38,930) | (39,499) | (40,067) | (267) | (38,930) | (39,737) | (40,635) | (39,058) |
Foreign Currency Items | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||||||
Beginning balance | (18,275) | 0 | 0 | 0 | (20,429) | (19,890) | (17,754) | 0 | (17,754) | (17,754) | (18,014) | |
Other comprehensive loss before reclassifications | (116) | 0 | 0 | 0 | 863 | (539) | (2,136) | (521) | 260 | |||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Other comprehensive income (loss), net | (116) | 0 | 0 | 0 | 863 | (539) | (2,136) | (521) | 260 | |||
Cancellation of Predecessor equity | 18,391 | |||||||||||
Ending balance | 0 | 0 | 0 | 0 | (19,566) | (20,429) | (19,890) | 0 | (19,566) | (18,275) | (17,754) | (18,014) |
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||||||||
Beginning balance | (58,012) | 0 | 168 | 0 | (59,928) | (59,957) | (58,389) | 0 | (58,389) | (58,389) | (57,072) | (42,888) |
Other comprehensive loss before reclassifications | (435) | |||||||||||
Amounts reclassified from AOCI | 0 | |||||||||||
Other comprehensive income (loss), net | 108 | (435) | 1,432 | (267) | (107) | 377 | (1,317) | (8,644) | ||||
Cancellation of Predecessor equity | 57,904 | |||||||||||
Ending balance | $ 0 | $ 0 | $ (267) | $ 168 | $ (58,496) | $ (59,928) | $ (59,957) | $ (267) | $ (58,496) | $ (58,012) | $ (58,389) | $ (57,072) |
Revenue and Customers - Additio
Revenue and Customers - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Feb. 05, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Payment term | 30 days | ||
Intangible assets, gross | $ 113,400 | ||
Intangible assets | 76,262 | $ 113,389 | |
Intangible assets, accumulated amortization | 37,100 | ||
Expected amortization, remainder of fiscal year | 14,400 | ||
Expected amortization, 2022 | 43,500 | ||
Expected amortization, 2023 | $ 18,400 | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Payment term | 30 days | ||
Remaining amortization period | 18 months | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Payment term | 60 days | ||
Remaining amortization period | 32 months |
Revenue and Customers - Receiva
Revenue and Customers - Receivables, Contract Assets, and Contract Liabilities with Customers (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||||||
Current contract assets | $ 4,143 | $ 10,687 | $ 21,292 | |||
Noncurrent contract assets | 0 | 3,174 | 9,508 | |||
Total contract assets | 4,143 | $ 0 | 13,861 | $ 15,429 | 30,800 | $ 47,664 |
Current contract liabilities (deferred revenue) | (13,025) | (34,990) | (34,196) | |||
Noncurrent contract liabilities (deferred revenue) | (4,466) | (24,896) | (30,859) | |||
Total contract liabilities | $ (17,491) | $ (8,287) | $ (59,886) | $ (60,047) | $ (65,055) | $ (80,753) |
Revenue and Customers - Signifi
Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contract Assets | |||||
Contract assets, beginning balance | $ 13,861 | $ 0 | $ 30,800 | $ 30,800 | $ 47,664 |
Amortization of deferred costs | (1,607) | (1,293) | (22,736) | (27,043) | (39,936) |
Additions to deferred costs | 432 | 5,436 | 7,365 | 10,104 | 23,072 |
Fresh start accounting revaluation | (12,686) | ||||
Total | (13,861) | 4,143 | (15,371) | (16,939) | (16,864) |
Contract assets, ending balance | 0 | 4,143 | 15,429 | 13,861 | 30,800 |
Contract Liabilities | |||||
Contract liabilities, beginning balance | (59,886) | (8,287) | (65,055) | (65,055) | (80,753) |
Additions to deferred costs | 0 | ||||
Amortization of deferred revenue | 4,142 | 5,962 | 46,523 | 57,915 | 65,312 |
Additions to deferred revenue | (25,479) | (15,166) | (41,515) | (52,746) | (49,614) |
Fresh start accounting revaluation | 72,936 | ||||
Total | 51,599 | (9,204) | 5,008 | 5,169 | 15,698 |
Contract liabilities, ending balance | $ (8,287) | $ (17,491) | $ (60,047) | $ (59,886) | $ (65,055) |
Revenue and Customers - Remaini
Revenue and Customers - Remaining Performance Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 17,491 | $ 59,886 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 2,371 | $ 34,544 |
Performance obligation, expected timing of satisfaction | 6 months | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 14,804 | $ 15,228 |
Performance obligation, expected timing of satisfaction | 1 year | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 316 | $ 9,199 |
Performance obligation, expected timing of satisfaction | 1 year | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | $ 915 |
Performance obligation, expected timing of satisfaction | 1 year | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | $ 0 |
Floaters | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | 17,491 | 50,606 |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 2,371 | $ 27,005 |
Performance obligation, expected timing of satisfaction | 6 months | 1 year |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 14,804 | $ 13,487 |
Performance obligation, expected timing of satisfaction | 1 year | 1 year |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 316 | $ 9,199 |
Performance obligation, expected timing of satisfaction | 1 year | 1 year |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | $ 915 |
Performance obligation, expected timing of satisfaction | 1 year | |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year | |
Jackups | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | 9,280 |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | $ 7,539 |
Performance obligation, expected timing of satisfaction | 6 months | 1 year |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | $ 1,741 |
Performance obligation, expected timing of satisfaction | 1 year | 1 year |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year | 1 year |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year | 1 year |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Unsatisfied performance obligations | $ 0 |
Revenue and Customers - Disaggr
Revenue and Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Feb. 05, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenues | $ 77,481 | $ 250,371 | $ 203,207 | $ 241,836 | $ 237,918 | $ 281,311 | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 562,147 | $ 761,065 | $ 964,272 | $ 1,305,438 | $ 1,082,826 |
Floaters | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenues | 50,057 | 158,313 | 127,286 | 349,634 | 367,304 | 491,407 | 727,177 | ||||||||
Jackups | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenues | 23,994 | 72,841 | 99,764 | 166,046 | 347,251 | 417,829 | 518,881 | ||||||||
Contract drilling services | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenues | $ 74,051 | $ 231,154 | $ 227,050 | $ 515,680 | $ 714,555 | $ 909,236 | 1,246,058 | $ 1,036,082 | |||||||
Drillships, Exclusive of contract termination | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenues | 560,319 | ||||||||||||||
Contract Drilling Services, Exclusive of contract termination | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Operating revenues | $ 1,079,200 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 26,648 | $ 33,480 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Current operating lease liabilities | $ 1,942 | $ 6,591 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Long-term operating lease liabilities | $ 4,969 | $ 26,778 |
Weighted average remaining lease term for operating leases (years) | 7 years 9 months 18 days | 7 years 8 months 12 days |
Weighted average discounted rate for operating leases | 11.10% | 9.70% |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 9,065 | $ 8,878 |
Short-term lease cost | 2,893 | 7,012 |
Variable lease cost | 1,265 | 1,620 |
Total lease cost | $ 13,223 | $ 17,510 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 9,614 | $ 8,812 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 8,594 |
2022 | 5,545 |
2023 | 3,567 |
2024 | 3,629 |
2025 | 3,687 |
Thereafter | 17,018 |
Total lease payments | 42,040 |
Less: Interest | (14,343) |
Present value of lease liability | $ 27,697 |
Leases - Maturities of Lease _2
Leases - Maturities of Lease Liabilities (Parenthetical) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Liabilities subject to compromise, lease liabilities | $ 20,969 |
Leases - Additional Information
Leases - Additional Information (Details) - Subsequent Event [Member] $ in Millions | Jan. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
Decrease of Right of Use Asset | $ 11.3 |
Decrease of Lease Liability | $ 11.9 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Taxes (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets, Net [Abstract] | ||||
Deferred tax assets | $ 222,125 | $ 280,117 | ||
Less: valuation allowance | $ (4,500) | $ (4,700) | (191,835) | (8,084) |
Net deferred tax assets | 8,700 | 30,290 | 272,033 | |
Deferred tax liabilities | ||||
Deferred tax liabilities | (38,891) | (307,678) | ||
Net deferred tax liabilities | $ (13,600) | $ (21,500) | (8,601) | (35,645) |
United States | ||||
Deferred Tax Assets, Net [Abstract] | ||||
Net operating loss carry forwards | 79,047 | 129,695 | ||
Disallowed interest deduction carryforwards | 62,337 | 92,030 | ||
Deferred pension plan amounts | 10,568 | 10,447 | ||
Accrued expenses not currently deductible | 5,625 | 8,434 | ||
Other | 3,178 | 2,356 | ||
Less: valuation allowance | (183,800) | |||
Deferred tax liabilities | ||||
Excess of net book basis over remaining tax basis | (30,349) | (299,136) | ||
Other | (1,796) | (2,420) | ||
Non-United States | ||||
Deferred Tax Assets, Net [Abstract] | ||||
Net operating loss carry forwards | 47,187 | 22,426 | ||
Disallowed interest deduction carryforwards | 13,625 | 13,942 | ||
Deferred pension plan amounts | 558 | 787 | ||
Deferred tax liabilities | ||||
Excess of net book basis over remaining tax basis | (5,474) | (4,780) | ||
Other | $ (1,272) | $ (1,342) |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (2,150,591) | $ (65,062) | $ (136,083) |
Non-United States | (2,088,271) | (844,022) | (1,101,093) |
Total | $ (4,238,862) | $ (909,084) | $ (1,237,176) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision for Continuing Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||||||
Current- United States | $ (257,552) | $ (34,726) | $ (56,574) | |||||
Current- Non-United States | 23,474 | 14,011 | 18,348 | |||||
Deferred- United States | (57,514) | (5,307) | (67,371) | |||||
Deferred- Non-United States | 31,189 | (12,518) | (1,044) | |||||
Total | $ 3,423 | $ 2,275 | $ 25,271 | $ (6,631) | $ (238,944) | $ (260,403) | $ (38,540) | $ (106,641) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Gross balance at January 1, | $ 130,837 | $ 161,256 | $ 174,437 | |
Additions based on tax positions related to current year | 20,266 | 934 | 97 | |
Additions for tax positions of prior years | 206 | 224 | 25 | |
Reductions for tax positions of prior years | (109,330) | (28,542) | (12,806) | |
Expiration of statutes | (4,258) | (1,629) | (497) | |
Tax settlements | 0 | (1,406) | 0 | |
Gross balance at December 31, | 37,721 | 130,837 | 161,256 | |
Related tax benefits | (384) | (400) | (1,008) | $ (300) |
Net reserve at December 31, | $ 37,337 | $ 130,437 | $ 160,248 |
Income Taxes - Summary of Liabi
Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Reserve for uncertain tax positions, excluding interest and penalties | $ 37,337 | $ 130,437 | $ 160,248 |
Interest and penalties included in "Other liabilities" | 5,164 | 29,232 | |
Reserve for uncertain tax positions, including interest and penalties | $ 42,501 | $ 159,669 |
Income Taxes - Effective Tax Re
Income Taxes - Effective Tax Reconciliation (Details) - Foreign Tax Authority [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Tax rates which are different than the UK and Cayman Island rates | 0.40% | 4.30% | 5.00% |
Tax impact of asset impairment and disposition | 4.50% | 0.30% | 2.90% |
Tax impact of restructuring | 2.10% | (4.10%) | 0.00% |
Tax impact of the tax regulation change | 0.90% | 0.00% | 2.10% |
Tax impact of valuation allowance | (4.30%) | 0.50% | (1.00%) |
Resolution of (reserve for) tax authority audits | 2.50% | 3.20% | (0.40%) |
Total | 6.10% | 4.20% | 8.60% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Apr. 15, 2021 | Mar. 27, 2020 | Feb. 05, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Deferred tax liabilities | $ 21,500 | $ 13,600 | $ 8,601 | $ 8,601 | $ 35,645 | |||
Valuation allowance | 4,700 | 4,500 | 191,835 | 191,835 | 8,084 | |||
Deferred tax asset, net of valuation allowance | 8,700 | 30,290 | 30,290 | 272,033 | ||||
Reserves for uncertain tax positions | 50,900 | 42,500 | 42,500 | |||||
Tax expense (benefit) related to Non-US reserve | 1,700 | 18,600 | ||||||
Income tax expense related to reorganization and fresh start adjustments | 2,500 | |||||||
Tax expenses related to various recurring items | $ 2,600 | 12,600 | ||||||
Decrease of acquiree's historical tax reserve | $ 18,400 | |||||||
Other tax adjustment related to acquisition | $ 2,900 | |||||||
Tax benefits related to US and Non-US reserve release | 24,200 | |||||||
Tax benefits related to US tax refund | 12,600 | |||||||
Tax benefit related to deferred tax adjustments | 1,200 | |||||||
Reserves for uncertain tax positions | 42,501 | 42,501 | 159,669 | |||||
Related tax benefits | $ 300 | 384 | 384 | 400 | $ 1,008 | |||
Amount provision for income taxes reduced if reserves not realized | 42,500 | 42,500 | ||||||
Potential changes of existing liabilities related to reserve for uncertain tax positions (up to) | 14,000 | 14,000 | ||||||
Income tax benefit from CARES Act | $ 39,000 | |||||||
Current income taxes receivable, CARES Act | 151,400 | |||||||
Noncash deferred tax expense related to NOL utilization, CARES Act | $ 112,400 | |||||||
Proceeds from income tax receivable | 134,000 | |||||||
Proceeds from income tax receivable, related interest, CARES Act | 4,400 | |||||||
Interest and penalties resulted in an income tax expense | 24,100 | $ 3,000 | $ 5,100 | |||||
Gross tax benefit related to impairment of rigs and certain spares | 192,400 | |||||||
Gross tax benefit related to impairment of rigs and certain spares, change in valuation allowance | 92,700 | |||||||
Tax benefit related to settlement of uncertain tax positions | 111,900 | |||||||
Tax benefit related to internal restructuring, net of valuation allowance adjustment | 17,900 | |||||||
Tax expenses related to a return-to-provision adjustment and valuation allowance adjustment | 21,200 | |||||||
Foreign tax authority | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Tax expense related to a change in valuation allowance | 7,800 | |||||||
Foreign tax authority | UK Tax Authority | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Tax expense related to a change in valuation allowance | 31,100 | |||||||
Domestic Tax Authority | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Valuation allowance | $ 183,800 | $ 183,800 |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Non-US | ||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||||
Benefit obligation at beginning of year | 67,943 | 62,485 | $ 62,485 | $ 54,898 | ||||
Service cost | 0 | 0 | $ 0 | |||||
Interest cost | 99 | $ 344 | 450 | 926 | 1,313 | 1,877 | 1,814 | 1,747 |
Actuarial loss (gain) | 7,190 | 6,649 | ||||||
Plan amendments | 104 | 0 | ||||||
Benefits paid | (2,261) | (2,821) | ||||||
Settlements and curtailments | (3,751) | 0 | ||||||
Foreign exchange rate changes | 2,299 | 1,945 | ||||||
Benefit obligation at end of year | 67,943 | 62,485 | 54,898 | |||||
US plans | ||||||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||||||
Benefit obligation at beginning of year | 266,090 | 240,249 | 240,249 | 210,944 | ||||
Service cost | 0 | 0 | 0 | |||||
Interest cost | $ 621 | $ 1,634 | $ 1,892 | $ 4,358 | $ 5,676 | 7,567 | 8,711 | 8,179 |
Actuarial loss (gain) | 28,266 | 29,078 | ||||||
Plan amendments | 0 | 0 | ||||||
Benefits paid | (8,024) | (7,201) | ||||||
Settlements and curtailments | (1,968) | (1,283) | ||||||
Foreign exchange rate changes | 0 | 0 | ||||||
Benefit obligation at end of year | $ 266,090 | $ 240,249 | $ 210,944 |
Employee Benefit Plans - Reco_2
Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Feb. 05, 2021 | Feb. 05, 2021 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets at beginning of year | $ 222,417 | $ 194,160 | $ 194,160 | ||||
Employer contributions | $ 0 | 0 | $ 0 | 0 | |||
Fair value of plan assets at end of year | 222,417 | $ 194,160 | |||||
Non-US | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets at beginning of year | 83,808 | 76,429 | 76,429 | 68,597 | |||
Actual return on plan assets | 8,741 | 8,282 | |||||
Employer contributions | 0 | 0 | $ 0 | ||||
Benefits paid | (2,261) | (2,821) | |||||
Settlement and curtailment | (3,751) | 0 | |||||
Foreign exchange rate changes | 4,650 | 2,371 | |||||
Fair value of plan assets at end of year | 83,808 | 76,429 | 68,597 | ||||
US plans | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets at beginning of year | $ 222,417 | $ 194,160 | 194,160 | 165,730 | |||
Actual return on plan assets | 36,247 | 35,597 | |||||
Employer contributions | 2,002 | 1,317 | 4,600 | ||||
Benefits paid | (8,024) | (7,201) | |||||
Settlement and curtailment | (1,968) | (1,283) | |||||
Foreign exchange rate changes | 0 | 0 | |||||
Fair value of plan assets at end of year | $ 222,417 | $ 194,160 | $ 165,730 |
Employee Benefit Plans - Funded
Employee Benefit Plans - Funded Status of Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ 15,865 | $ 13,944 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ (43,673) | $ (46,089) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | $ 15,865 | $ 13,944 |
Other liabilities (current) | 0 | 0 |
Other liabilities (noncurrent) | 0 | 0 |
Net amount recognized | 15,865 | 13,944 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | 0 | 0 |
Other liabilities (current) | (8,169) | (2,535) |
Other liabilities (noncurrent) | (35,504) | (43,554) |
Net amount recognized | $ (43,673) | $ (46,089) |
Employee Benefit Plans - Amou_2
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 3,108 | $ 4,758 |
Prior service cost | 0 | 0 |
Deferred income tax asset | (558) | (787) |
Accumulated other comprehensive loss | 2,550 | 3,971 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 47,094 | 46,420 |
Prior service cost | 0 | 0 |
Deferred income tax asset | (9,890) | (9,748) |
Accumulated other comprehensive loss | $ 37,204 | $ 36,672 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Costs (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Non-US | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | $ 0 | $ 0 | $ 0 | |||||
Interest cost | 99 | $ 344 | 450 | 926 | 1,313 | 1,877 | 1,814 | 1,747 |
Return on plan assets | (69) | (229) | (517) | (616) | (1,510) | (1,649) | (2,471) | (2,762) |
Amortization of prior service cost | 10 | 10 | 0 | |||||
Recognized net actuarial loss | 1 | 0 | 3 | 7 | 0 | 0 | 0 | |
Settlement and curtailment gains | 9 | 0 | 0 | |||||
Net pension benefit cost (gain) | 31 | 115 | (64) | 310 | (190) | 247 | (647) | (1,015) |
US | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | 0 | 0 | 0 | |||||
Interest cost | 621 | 1,634 | 1,892 | 4,358 | 5,676 | 7,567 | 8,711 | 8,179 |
Return on plan assets | (1,250) | (3,177) | (2,919) | (8,471) | (8,757) | (11,676) | (10,313) | (11,914) |
Amortization of prior service cost | 0 | 0 | 0 | |||||
Recognized net actuarial loss | 282 | 0 | 716 | 2,149 | 2,866 | 2,771 | 1,642 | |
Settlement and curtailment gains | 154 | (37) | 135 | |||||
Net pension benefit cost (gain) | $ (347) | $ (1,543) | $ (311) | $ (4,113) | $ (932) | $ (1,089) | $ 1,132 | $ (1,958) |
Employee Benefit Plans - Disagg
Employee Benefit Plans - Disaggregated Plan Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 222,417 | $ 194,160 | |
Non-US | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 67,943 | 62,485 | $ 54,898 |
Accumulated benefit obligation | 67,943 | 62,485 | |
Fair value of plan assets | 83,808 | 76,429 | 68,597 |
US plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 266,090 | 240,249 | 210,944 |
Accumulated benefit obligation | 266,090 | 240,249 | |
Fair value of plan assets | $ 222,417 | $ 194,160 | $ 165,730 |
Employee Benefit Plans - Plans
Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 0 | $ 0 |
Fair value of plan assets | 0 | 0 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 266,090 | 240,249 |
Fair value of plan assets | $ 222,417 | $ 194,160 |
Employee Benefit Plans - Plan_2
Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 0 | $ 0 |
Fair value of plan assets | 0 | 0 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 266,090 | 240,249 |
Fair value of plan assets | $ 222,417 | $ 194,160 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-US | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 1.40% | 2.10% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.10% | 2.90% | 2.60% |
Expected long-term return on assets | 2.90% | 3.70% | 3.70% |
US plans | Minimum | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 1.82% | 2.56% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 2.56% | 3.65% | 2.84% |
Expected long-term return on assets | 5.40% | 5.40% | 5.75% |
US plans | Maximum | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount Rate | 2.60% | 3.32% | |
Weighted-average assumptions used to determine periodic benefit cost: | |||
Discount Rate | 3.32% | 4.29% | 3.66% |
Expected long-term return on assets | 6.30% | 6.50% | 6.50% |
Employee Benefit Plans - Actual
Employee Benefit Plans - Actual Fair Values of Pension Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 222,417 | $ 194,160 | |
Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 175,809 | 153,298 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46,608 | 40,862 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,727 | 2,254 | |
Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,727 | 2,254 | |
Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83,645 | 75,131 | |
Corporate bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 82,669 | 74,253 | |
Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 976 | 878 | |
Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
United States | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 78,019 | 60,422 | |
United States | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,387 | 21,502 | |
United States | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 45,632 | 38,920 | |
United States | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International, equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,310 | 23,470 | |
International, equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,310 | 23,470 | |
International, equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International, equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Municipal bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1,064 | |
Municipal bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Municipal bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1,064 | |
Treasury bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,716 | 31,819 | |
Treasury bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,716 | 31,819 | |
Treasury bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Treasury bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83,808 | 76,429 | $ 68,597 |
Non-US | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83,808 | 76,429 | |
Non-US | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,405 | 903 | |
Non-US | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,405 | 903 | |
Non-US | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,179 | 26,131 | |
Non-US | Equity securities | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,179 | 26,131 | |
Non-US | Equity securities | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Equity securities | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 72,407 | 49,395 | |
Non-US | Corporate bonds | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 72,407 | 49,395 | |
Non-US | Corporate bonds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Corporate bonds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,817 | 0 | |
Non-US | Other | Quoted Prices in Active Markets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,817 | 0 | |
Non-US | Other | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-US | Other | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Total | $ 140,046 |
2021 | 19,390 |
2022 | 11,791 |
2023 | 12,375 |
2024 | 12,663 |
2025 | 13,200 |
Thereafter | 70,627 |
Non-US | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 24,311 |
2021 | 2,071 |
2022 | 2,143 |
2023 | 2,218 |
2024 | 2,296 |
2025 | 2,376 |
Thereafter | 13,207 |
US | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 115,735 |
2021 | 17,319 |
2022 | 9,648 |
2023 | 10,157 |
2024 | 10,367 |
2025 | 10,824 |
Thereafter | $ 57,420 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | Feb. 05, 2021 | Feb. 05, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 20, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Market cycle minimum period in which objective should be met over | 5 days | ||||||||
Market cycle maximum period in which objective should be met over | 7 days | ||||||||
Number of shares included in equity securities | 0 | 0 | |||||||
Employer contributions | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Costs for maintaining contribution plans | $ 24,900 | $ 28,100 | $ 25,000 | ||||||
Defined benefit plans, service costs | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Restoration Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Liability under the restoration plan | $ 7,800 | 8,400 | |||||||
Noble Drilling Corporation Profit Sharing Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Number of years of service for the participants in the plan to become fully vested | 3 years | ||||||||
Plan participants' contributions | $ 2,400 | 2,400 | 2,300 | ||||||
Equity securities | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Percentage of company's overall investments | 41.00% | ||||||||
Debt security | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Percentage of company's overall investments | 57.70% | ||||||||
Cash and cash equivalents | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Percentage of company's overall investments | 1.30% | ||||||||
Non-US | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Net actuarial losses and prior service costs (less than) | $ 100 | ||||||||
Projected benefit obligation | 0 | 0 | |||||||
Accumulated benefit obligation | $ 0 | 0 | |||||||
Defined benefit plan, investment within plan asset category, de-risking basis of gilts, percentage | 0.20% | ||||||||
Defined benefit plan, investment within plan asset category, minimum outperformance versus cash, percentage | 4.00% | ||||||||
Employer contributions | $ 0 | 0 | 0 | ||||||
Expected contribution to non-U.S. and U.S pension plans | 0 | ||||||||
Defined benefit plans, service costs | $ 0 | 0 | 0 | ||||||
Non-US | Equity securities | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Percentage of company's overall investments | 10.00% | 20.00% | |||||||
Non-US | Debt security | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Percentage of company's overall investments | 90.00% | 80.00% | |||||||
US plans | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Net actuarial losses and prior service costs (less than) | $ 2,900 | ||||||||
Decrease in pension liability | 1,700 | 2,100 | 600 | ||||||
Projected benefit obligation | 266,090 | 240,249 | |||||||
Accumulated benefit obligation | 266,090 | 240,249 | |||||||
Employer contributions | 2,002 | 1,317 | 4,600 | ||||||
Expected contribution to non-U.S. and U.S pension plans | 8,200 | ||||||||
Defined benefit plans, service costs | 0 | 0 | $ 0 | ||||||
US plans | Unfunded excess benefit plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Projected benefit obligation | 9,700 | 10,800 | |||||||
Accumulated benefit obligation | $ 9,700 | $ 10,800 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) - Foreign currency forward contracts | Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract |
Derivative [Line Items] | ||
Notional amount | $ | $ 0 | $ 15,800,000 |
Number of contracts outstanding | contract | 0 | 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign currency forward contracts | Designated as hedging | Contract drilling services | Cash flow hedges | Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain/(loss) reclassified from AOCI to "Contract drilling services" costs | $ 0 | $ 320 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Quoted Prices in Active Markets (Level 1) | |||
Assets | |||
Marketable securities | $ 7,205 | $ 12,326 | $ 10,433 |
Significant Other Observable Inputs (Level 2) | |||
Assets | |||
Marketable securities | 0 | 0 | 0 |
Significant Unobservable Inputs (Level 3) | |||
Assets | |||
Marketable securities | 0 | 0 | 0 |
Carrying Value | |||
Assets | |||
Marketable securities | $ 7,205 | $ 12,326 | $ 10,433 |
Segment and Related Informati_3
Segment and Related Information - Revenues And Identifiable Assets By Country (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Feb. 05, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Number of reportable segments | segment | 1 | 1 | ||||||||||||||
Total revenue | $ 77,481 | $ 250,371 | $ 203,207 | $ 241,836 | $ 237,918 | $ 281,311 | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 562,147 | $ 761,065 | $ 964,272 | $ 1,305,438 | $ 1,082,826 | |
Identifiable Assets | $ 1,705,946 | $ 2,094,768 | 4,263,937 | 8,284,498 | $ 2,094,768 | $ 2,094,768 | 4,263,937 | 8,284,498 | ||||||||
Australia | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 50,434 | 33,623 | 0 | |||||||||||||
Identifiable Assets | 30,498 | 244,244 | 30,498 | 244,244 | ||||||||||||
Brazil | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 0 | 0 | |||||||||||||
Identifiable Assets | 14,184 | 8,910 | 14,184 | 8,910 | ||||||||||||
Brunei | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 0 | 3,080 | |||||||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | ||||||||||||
Bulgaria | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 61,525 | 84,757 | |||||||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | ||||||||||||
Canada | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 28,915 | 46,147 | 47,085 | |||||||||||||
Identifiable Assets | 4,579 | 199,696 | 4,579 | 199,696 | ||||||||||||
Curacao | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 0 | 0 | |||||||||||||
Identifiable Assets | 0 | 75,776 | 0 | 75,776 | ||||||||||||
Denmark | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 7,662 | 31,076 | 35,855 | |||||||||||||
Identifiable Assets | 0 | 238,413 | 0 | 238,413 | ||||||||||||
East Timor | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 0 | 33,733 | |||||||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | ||||||||||||
Egypt | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 49,209 | 112,473 | |||||||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | ||||||||||||
Gabon | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 147 | 0 | 0 | |||||||||||||
Identifiable Assets | 4,509 | 4,160 | 4,509 | 4,160 | ||||||||||||
Guyana | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 222,088 | 132,414 | 50,839 | |||||||||||||
Identifiable Assets | 1,824,921 | 1,807,296 | 1,824,921 | 1,807,296 | ||||||||||||
Malaysia | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 251,497 | 91,052 | |||||||||||||
Identifiable Assets | 9,199 | 30,012 | 9,199 | 30,012 | ||||||||||||
Mexico | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 0 | 0 | |||||||||||||
Identifiable Assets | 1,297 | 28,032 | 1,297 | 28,032 | ||||||||||||
Myanmar | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 21,084 | 56,207 | 16,572 | |||||||||||||
Identifiable Assets | 0 | 151,116 | 0 | 151,116 | ||||||||||||
Qatar | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 31,024 | 36,948 | 35,180 | |||||||||||||
Identifiable Assets | 24,024 | 219,569 | 24,024 | 219,569 | ||||||||||||
Saudi Arabia | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 133,246 | 154,807 | 156,989 | |||||||||||||
Identifiable Assets | 398,093 | 673,884 | 398,093 | 673,884 | ||||||||||||
Singapore | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 0 | 1,769 | |||||||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | ||||||||||||
Suriname | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 61,474 | 17,374 | (3) | |||||||||||||
Identifiable Assets | 585,994 | 599,659 | 585,994 | 599,659 | ||||||||||||
Tanzania | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 0 | 381 | |||||||||||||
Identifiable Assets | 0 | 0 | 0 | 0 | ||||||||||||
Trinidad and Tobago | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 9,468 | 0 | 0 | |||||||||||||
Identifiable Assets | 19,031 | 0 | 19,031 | 0 | ||||||||||||
United Arab Emirates | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 0 | 0 | (17) | |||||||||||||
Identifiable Assets | 52,266 | 31,150 | 52,266 | 31,150 | ||||||||||||
United Kingdom | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 180,610 | 243,063 | 194,602 | |||||||||||||
Identifiable Assets | 749,416 | 1,373,524 | 749,416 | 1,373,524 | ||||||||||||
US plans | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 209,401 | 191,548 | 218,479 | |||||||||||||
Identifiable Assets | 545,926 | 2,599,057 | 545,926 | 2,599,057 | ||||||||||||
Vietnam | ||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||
Total revenue | 8,719 | 0 | $ 0 | |||||||||||||
Identifiable Assets | $ 0 | $ 0 | $ 0 | $ 0 |
Combined Debtor-In-Possession_3
Combined Debtor-In-Possession Financial Information - Combined Debtors' Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | |||||||||
Cash and cash equivalents | $ 112,225 | $ 111,968 | $ 343,332 | $ 104,621 | |||||
Taxes receivable | 29,565 | 32,556 | 30,767 | 59,771 | |||||
Prepaid expenses and other current assets | 51,476 | 32,681 | 80,322 | 59,050 | |||||
Total current assets | 420,910 | 366,412 | 602,284 | 422,107 | |||||
Property and equipment, at cost | 1,518,663 | 1,155,725 | 4,777,697 | 10,306,625 | |||||
Accumulated depreciation | (56,588) | 0 | (1,200,628) | (2,572,701) | |||||
Property and equipment, net | 1,462,075 | 1,155,725 | 3,577,069 | 7,733,924 | |||||
Other assets | 46,882 | 70,420 | 84,584 | 128,467 | |||||
Total assets | 2,094,768 | 1,705,946 | 4,263,937 | 8,284,498 | |||||
Current liabilities | |||||||||
Accounts payable | 106,429 | 81,949 | 95,159 | 108,208 | |||||
Accrued payroll and related costs | 56,442 | 35,615 | 36,553 | 56,056 | |||||
Taxes payable | 39,312 | 34,211 | 36,819 | 30,715 | |||||
Other current liabilities | 35,031 | 33,635 | 49,820 | 171,397 | |||||
Total current liabilities | 241,507 | 185,410 | 218,351 | 516,928 | |||||
Deferred income taxes | 13,568 | 21,525 | 9,292 | 68,201 | |||||
Other liabilities | 67,025 | 86,743 | 108,039 | 260,898 | |||||
Liabilities subject to compromise | 0 | 4,239,643 | |||||||
Total liabilities | 728,100 | 687,178 | 4,575,325 | 4,625,526 | |||||
Total shareholders' equity | 1,366,668 | $ 1,385,724 | 1,018,768 | (311,388) | $ 2,509,034 | $ 2,556,970 | 3,658,972 | $ 4,654,574 | $ 5,950,628 |
Total liabilities and equity | $ 2,094,768 | $ 1,705,946 | 4,263,937 | $ 8,284,498 | |||||
Liabilities subject to compromise payables to non debtor affiliates | 6,217,729 | ||||||||
Parent Company And Subsidiaries Debtor In Possession | |||||||||
Current assets | |||||||||
Cash and cash equivalents | 201,239 | ||||||||
Accounts receivable | 117,179 | ||||||||
Receivables from non-debtor affiliates | 2,921,225 | ||||||||
Taxes receivable | 24,475 | ||||||||
Prepaid expenses and other current assets | 58,973 | ||||||||
Short-term notes receivable from non-debtor affiliates | 365,112 | ||||||||
Total current assets | 3,688,203 | ||||||||
Property and equipment, at cost | 4,728,956 | ||||||||
Accumulated depreciation | (1,184,698) | ||||||||
Property and equipment, net | 3,544,258 | ||||||||
Investment in non-debtor affiliates | 19,622,028 | ||||||||
Receivables from non-debtor affiliates | 551,368 | ||||||||
Other assets | 60,173 | ||||||||
Total assets | 27,466,030 | ||||||||
Current liabilities | |||||||||
Accounts payable | 76,190 | ||||||||
Accounts payable to non-debtor affiliates | 36,140 | ||||||||
Accrued payroll and related costs | 31,327 | ||||||||
Taxes payable | 24,865 | ||||||||
Other current liabilities | 40,652 | ||||||||
Total current liabilities | 209,174 | ||||||||
Deferred income taxes | 8,678 | ||||||||
Other liabilities | 99,441 | ||||||||
Liabilities subject to compromise | 10,457,372 | ||||||||
Total liabilities | 10,774,665 | ||||||||
Total shareholders' equity | 16,691,365 | ||||||||
Total liabilities and equity | $ 27,466,030 |
Combined Debtor-In-Possession_4
Combined Debtor-In-Possession Financial Information - Combined Debtors' Statements of Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Feb. 05, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Operating revenues | $ 77,481 | $ 250,371 | $ 203,207 | $ 241,836 | $ 237,918 | $ 281,311 | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 562,147 | $ 761,065 | $ 964,272 | $ 1,305,438 | $ 1,082,826 |
Operating costs and expenses | |||||||||||||||
Depreciation and amortization | 20,622 | 25,248 | 90,606 | 64,831 | 283,652 | 374,129 | 440,221 | 486,530 | |||||||
General and administrative | 5,727 | 14,982 | 15,662 | 47,939 | 106,504 | 121,196 | 168,792 | 73,216 | |||||||
Pre-petition charges | 0 | 0 | 3,894 | 0 | 14,409 | 14,409 | 0 | 0 | |||||||
Loss on impairment | 0 | 0 | 1,119,517 | 3,915,408 | 615,294 | 802,133 | |||||||||
Total operating costs and expenses | 76,051 | 263,864 | 260,711 | 638,573 | 2,007,948 | 5,040,817 | 1,971,711 | 2,028,900 | |||||||
Operating loss | 1,430 | (13,493) | $ (2,829,662) | (18,875) | $ (95,453) | $ (1,132,555) | $ 116,261 | $ (640,012) | $ (118,710) | $ (23,812) | (76,426) | (1,246,883) | (4,076,545) | (666,273) | (946,074) |
Other income (expense) | |||||||||||||||
Interest expense, net of amounts capitalized | (229) | (8,870) | (23,427) | (23,628) | (164,586) | (164,653) | (279,435) | (297,611) | |||||||
Gain on extinguishment of debt, net | 0 | 973 | 17,847 | 0 | 17,254 | 17,254 | 30,616 | (1,793) | |||||||
Interest income and other, net | 399 | 7,872 | 7,490 | 8,546 | 9,012 | 6,007 | 8,302 | ||||||||
Reorganization items, net | (252,051) | 9,014 | 0 | 9,014 | 23,930 | 0 | 0 | ||||||||
Income (loss) before income taxes | 253,651 | (21,390) | (25,597) | (28,085) | (1,394,683) | (4,238,862) | (909,085) | (1,237,176) | |||||||
Income tax benefit (provision) | 3,423 | 2,275 | 25,271 | (6,631) | (238,944) | (260,403) | (38,540) | (106,641) | |||||||
Net income (loss) | 250,228 | (23,665) | (50,868) | (21,454) | (1,155,739) | (3,978,459) | (874,366) | (1,130,535) | |||||||
Parent Company And Subsidiaries Debtor In Possession | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Operating revenues | 874,490 | ||||||||||||||
Operating costs and expenses | |||||||||||||||
Depreciation and amortization | 372,663 | ||||||||||||||
General and administrative | 120,497 | ||||||||||||||
Pre-petition charges | 14,409 | ||||||||||||||
Loss on impairment | 3,914,608 | ||||||||||||||
Total operating costs and expenses | 4,947,115 | ||||||||||||||
Operating loss | (4,072,625) | ||||||||||||||
Other income (expense) | |||||||||||||||
Interest expense, net of amounts capitalized | (164,421) | ||||||||||||||
Interest expense from non-debtor affiliates | (33,421) | ||||||||||||||
Gain on extinguishment of debt, net | 17,254 | ||||||||||||||
Interest income and other, net | 9,548 | ||||||||||||||
Interest income from non-debtor affiliates | 31,751 | ||||||||||||||
Reorganization items, net | (23,930) | ||||||||||||||
Income (loss) before income taxes | (4,235,844) | ||||||||||||||
Income tax benefit (provision) | 247,021 | ||||||||||||||
Net income (loss) | (3,988,823) | ||||||||||||||
Contract drilling services | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Operating revenues | 74,051 | 231,154 | 227,050 | 515,680 | 714,555 | 909,236 | 1,246,058 | 1,036,082 | |||||||
Operating costs and expenses | |||||||||||||||
Cost of services | 46,965 | 188,552 | 137,180 | 456,853 | 442,479 | 567,487 | 698,343 | 629,937 | |||||||
Contract drilling services | Parent Company And Subsidiaries Debtor In Possession | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Operating revenues | 717,655 | ||||||||||||||
Operating costs and expenses | |||||||||||||||
Cost of services | 477,144 | ||||||||||||||
Reimbursables and other | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Operating revenues | 3,430 | 19,217 | 14,786 | 46,467 | 46,510 | 55,036 | 59,380 | 46,744 | |||||||
Operating costs and expenses | |||||||||||||||
Cost of services | $ 2,737 | $ 16,462 | $ 13,369 | $ 41,577 | $ 41,387 | 48,188 | $ 49,061 | $ 37,084 | |||||||
Reimbursables and other | Parent Company And Subsidiaries Debtor In Possession | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Operating revenues | 53,284 | ||||||||||||||
Operating costs and expenses | |||||||||||||||
Cost of services | 47,794 | ||||||||||||||
Non-debtor affiliates | Parent Company And Subsidiaries Debtor In Possession | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Operating revenues | $ 103,551 |
Combined Debtor-In-Possession_5
Combined Debtor-In-Possession Financial Information - Combined Debtors' Statements of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 05, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||||||||
Net income (loss) | $ 250,228 | $ (23,665) | $ (50,868) | $ (21,454) | $ (1,155,739) | $ (3,978,459) | $ (874,366) | $ (1,130,535) | |
Adjustments to reconcile net loss to net cash flow from operating activities: | |||||||||
Depreciation and amortization | 20,622 | 25,248 | 90,606 | 64,831 | 283,652 | 374,129 | 440,221 | 486,530 | |
Loss on impairment | 0 | 0 | 1,119,517 | 3,915,408 | 615,294 | 802,133 | |||
Reorganization items, net | (280,790) | 0 | (11,531) | (17,366) | 0 | 0 | |||
Gain on extinguishment of debt, net | 0 | (973) | (17,847) | 0 | (17,254) | (17,254) | (30,616) | 1,793 | |
Deferred income taxes | 2,501 | (9,170) | 6,825 | (26,325) | (17,825) | (68,416) | |||
Amortization of share-based compensation | 710 | 11,624 | 7,352 | 9,169 | 14,737 | 23,993 | |||
Other costs, net | (10,754) | 1,912 | (53,179) | (61,550) | 60,259 | 6,446 | |||
Changes in components of working capital: | |||||||||
Change in taxes receivable | 1,789 | (13,810) | (29,581) | (29,880) | 11,225 | (84,847) | |||
Net changes in other operating assets and liabilities | 26,176 | 10,173 | (27,442) | (45,565) | 9,708 | 34,940 | |||
Net cash provided by (used in) operating activities | (45,448) | 24,028 | 236,666 | 273,197 | 186,771 | 171,851 | |||
Cash flows from investing activities | |||||||||
Proceeds from disposal of assets, net | 194 | 31,247 | 1,428 | 27,366 | 12,753 | 5,402 | |||
Net cash provided by (used in) investing activities | (14,435) | (31,533) | (111,175) | (121,520) | (256,030) | (189,377) | |||
Cash flows from financing activities | |||||||||
Borrowings on credit facilities | 177,500 | 40,000 | 210,000 | 210,000 | 755,000 | 0 | |||
Repayments of debt | 0 | 0 | (101,132) | (101,132) | (400,000) | (972,708) | |||
Taxes withheld on employee stock transactions | (1) | 0 | (417) | (418) | (2,779) | (3,470) | |||
Net cash provided by (used in) financing activities | (191,165) | 13,147 | 107,441 | 107,440 | (200,724) | (269,396) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | (251,048) | 5,642 | 232,932 | 259,117 | (269,983) | (286,922) | |||
Cash, cash equivalents and restricted cash, beginning of period | 365,041 | $ 338,856 | 113,993 | 105,924 | 105,924 | 375,907 | 662,829 | ||
Cash, cash equivalents and restricted cash, end of period | 113,993 | $ 119,635 | 365,041 | $ 338,856 | $ 119,635 | 338,856 | 365,041 | 105,924 | $ 375,907 |
Parent Company And Subsidiaries Debtor In Possession | |||||||||
Cash flows from operating activities | |||||||||
Net income (loss) | (3,988,823) | ||||||||
Adjustments to reconcile net loss to net cash flow from operating activities: | |||||||||
Depreciation and amortization | 372,663 | ||||||||
Loss on impairment | 3,914,608 | ||||||||
Reorganization items, net | (17,366) | ||||||||
Gain on extinguishment of debt, net | (17,254) | ||||||||
Deferred income taxes | (26,435) | ||||||||
Amortization of share-based compensation | 9,169 | ||||||||
Other costs, net | (42,020) | ||||||||
Changes in components of working capital: | |||||||||
Change in taxes receivable | 28,117 | ||||||||
Net changes in other operating assets and liabilities | (274,902) | ||||||||
Net changes in other operating assets and liabilities with non-debtor affiliates | (143,759) | ||||||||
Net cash provided by (used in) operating activities | (186,002) | ||||||||
Cash flows from investing activities | |||||||||
Capital expenditures | (148,028) | ||||||||
Proceeds from disposal of assets, net | 26,999 | ||||||||
Net cash provided by (used in) investing activities | (121,029) | ||||||||
Cash flows from financing activities | |||||||||
Borrowings on credit facilities | 210,000 | ||||||||
Repayments of debt | (101,132) | ||||||||
Cash paid to settle equity awards | (1,010) | ||||||||
Other financing activities with non-debtor affiliates | 348,107 | ||||||||
Taxes withheld on employee stock transactions | (418) | ||||||||
Net cash provided by (used in) financing activities | 455,547 | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 148,516 | ||||||||
Cash, cash equivalents and restricted cash, beginning of period | $ 222,198 | $ 73,682 | 73,682 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ 222,198 | $ 222,198 | $ 73,682 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 15, 2017USD ($) | Aug. 31, 2021USD ($) | Jan. 31, 2017USD ($)rig | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Feb. 03, 2021USD ($) | Sep. 23, 2020USD ($) | Sep. 15, 2020installment |
Other Commitments [Line Items] | ||||||||
Expected CARES Act refund | $ 15 | |||||||
Foreign tax credit refund received | $ 24.5 | |||||||
Number of newbuild rigs allegedly infringing patent | rig | 5 | |||||||
Damages sought | $ 10 | |||||||
Number of installment for litigation settlement payments | installment | 3 | |||||||
Aggregate amount of claims filed | $ 85 | |||||||
Payment made to the litigation trust | 10 | |||||||
Up-front payment required amount | $ 7.5 | |||||||
Years of effectiveness of employment agreements after the termination of employment | 3 years | 3 years | ||||||
Borrowings By Paragon Off shore [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Damages sought | $ 2,600 | |||||||
Subsequent Event [Member] | ||||||||
Other Commitments [Line Items] | ||||||||
Litigation settlement, payment into escrow by debtors | $ 7.7 | |||||||
Litigation settlement, contribution by certain insurers | $ 82.7 | |||||||
Minimum | ||||||||
Other Commitments [Line Items] | ||||||||
Percentage of uncertain tax positions likelihood of being sustained | 50.00% | 50.00% | ||||||
Mexico | Income and other business taxes | Foreign tax authority | ||||||||
Other Commitments [Line Items] | ||||||||
Approximate audit claims assessed | $ 632.9 | $ 96.1 |
Supplemental Financial Inform_3
Supplemental Financial Information - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands | Apr. 15, 2021 | Feb. 05, 2021 | Feb. 28, 2021 | Feb. 05, 2021 | Feb. 28, 2019 | Sep. 30, 2018 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Restricted cash | $ 2,000 | $ 2,000 | $ 7,400 | $ 21,700 | $ 1,300 | ||||||
Capital expenditures incurred but not yet paid | 31,000 | 31,000 | 30,400 | 35,300 | $ 26,400 | 36,000 | |||||
Deferred revenues | 8,287 | 8,287 | 17,491 | 59,886 | $ 60,047 | 65,055 | $ 80,753 | ||||
Deferred expenses under drilling contracts | 13,900 | 30,800 | |||||||||
Aramco | Prepaid expenses and other current assets | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Capital expenditures incurred but not yet paid | 35,300 | 36,000 | $ 52,100 | ||||||||
Contract drilling services | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Deferred revenues | 59,900 | 65,100 | |||||||||
Pacific Drilling | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Number of shares received by acquiree (in shares) | 16,600 | ||||||||||
Total consideration | $ 357,662 | ||||||||||
Net assets acquired | $ 422,141 | ||||||||||
Second Lien Notes Indenture | Secured Debt [Member] | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Debtor-in-possession financing, amount arranged | 216,000 | 216,000 | |||||||||
Debtor-in-possession financing, backstop fee | 16,000 | 16,000 | |||||||||
Seller Loan Due September 2022 [Member] | Secured Debt [Member] | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Financed value | $ 60,000 | ||||||||||
Seller Loan Due February 2023 [Member] | Secured Debt [Member] | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Financed value | $ 53,600 | $ 53,600 | |||||||||
Participants In The Rights Offering | Ordinary Shares | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Plan of reorganization, shares issued, subscription price | 200,000 | 200,000 | |||||||||
Participants In The Rights Offering | Second Lien Notes Indenture | Ordinary Shares | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Plan of reorganization, shares issued, subscription price | 200,000 | 200,000 | |||||||||
Finco | |||||||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||||||
Restricted cash | $ 2,000 | $ 2,000 | $ 7,400 | $ 1,700 | $ 1,300 |
Supplemental Financial Inform_4
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows (Detail) - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||
Feb. 05, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Capital [Line Items] | ||||||
Accounts receivable | $ (41,344) | $ (20,980) | $ 31,230 | $ 50,802 | $ 2,057 | $ 3,974 |
Other current assets | 17,884 | 671 | (4,950) | (866) | 3,573 | (2,722) |
Other assets | 8,521 | (11,891) | 1,483 | (2,369) | 16,218 | (10,378) |
Accounts payable | (16,819) | 3,570 | (1,485) | 357 | (2,279) | 14,955 |
Other current liabilities | 11,428 | 12,888 | 9,033 | 8,582 | (4,700) | (13,940) |
Other liabilities | (5,846) | 5,569 | (7,869) | (10,941) | (24,577) | (26,829) |
Total net change in assets and liabilities | (26,176) | (10,173) | 27,442 | 45,565 | (9,708) | (34,940) |
Finco | ||||||
Operating Capital [Line Items] | ||||||
Accounts receivable | (41,344) | (20,980) | 299 | 19,588 | 2,057 | 3,974 |
Other current assets | 19,398 | 460 | 8,124 | 7,830 | 4,046 | (2,700) |
Other assets | 8,512 | (11,874) | 2,750 | (800) | 18,749 | (6,424) |
Accounts payable | (14,061) | 6,584 | (14,564) | (11,018) | (2,182) | 14,795 |
Other current liabilities | 11,623 | 12,751 | 9,002 | 16,055 | (4,549) | (13,495) |
Other liabilities | (5,936) | 5,395 | (7,869) | (10,941) | (24,577) | (26,829) |
Total net change in assets and liabilities | $ (21,808) | $ (7,664) | $ (2,258) | $ 20,714 | $ (6,456) | $ (30,679) |
Supplemental Financial Inform_5
Supplemental Financial Information - Additional Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid during the period for: | |||
Interest, net of amounts capitalized | $ 138,040 | $ 289,457 | $ 286,506 |
Income taxes paid (refunded), net | (133,708) | 8,181 | (107,554) |
Noble Finance Company | |||
Cash paid during the period for: | |||
Interest, net of amounts capitalized | 138,040 | 289,457 | 286,506 |
Income taxes paid (refunded), net | $ (133,708) | $ 8,181 | $ (107,554) |
Unaudited Interim Financial D_3
Unaudited Interim Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Feb. 05, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Operating revenues | $ 77,481 | $ 250,371 | $ 203,207 | $ 241,836 | $ 237,918 | $ 281,311 | $ 454,088 | $ 275,526 | $ 292,936 | $ 282,888 | $ 562,147 | $ 761,065 | $ 964,272 | $ 1,305,438 | $ 1,082,826 |
Operating income (loss) | 1,430 | (13,493) | (2,829,662) | (18,875) | (95,453) | (1,132,555) | 116,261 | (640,012) | (118,710) | (23,812) | (76,426) | (1,246,883) | (4,076,545) | (666,273) | (946,074) |
Net loss from continuing operations | $ 250,228 | $ (23,665) | $ (2,822,720) | $ (50,868) | $ (42,194) | $ (1,062,677) | (32,870) | (444,871) | (151,960) | (67,068) | $ (21,454) | $ (1,155,739) | (3,978,459) | (696,769) | (885,050) |
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ (3,821) | $ 0 | $ (3,821) | $ 0 | ||||||||
Basic: | |||||||||||||||
Loss from continuing operations | $ (11.24) | $ (0.20) | $ (0.17) | $ (4.25) | $ (0.13) | $ (1.79) | $ (0.61) | $ (0.27) | $ (15.86) | $ (2.79) | $ (3.59) | ||||
Loss from discontinued operations | 0 | 0 | 0 | (0.02) | 0 | (0.02) | 0 | ||||||||
Diluted: | |||||||||||||||
Loss from continuing operations | $ (11.24) | $ (0.20) | $ (0.17) | $ (4.25) | (0.13) | (1.79) | (0.61) | (0.27) | (15.86) | (2.79) | (3.59) | ||||
Loss from discontinued operations | $ 0 | $ 0 | $ 0 | $ (0.02) | $ 0 | $ (0.02) | $ 0 |