Cover Page
Cover Page | 11 Months Ended |
Dec. 31, 2021 | |
Entity Information [Line Items] | |
Document Type | S-1/A |
Entity Registrant Name | Noble Finance Co |
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. 3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 194,138 | $ 343,332 |
Accounts receivable, net of allowance for credit losses | 200,419 | 147,863 |
Taxes receivable | 16,063 | 30,767 |
Prepaid expenses and other current assets | 45,026 | 80,322 |
Total current assets | 455,646 | 602,284 |
Intangible assets | 61,849 | |
Property and equipment, at cost | 1,555,975 | 4,777,697 |
Accumulated depreciation | (77,275) | (1,200,628) |
Property and equipment, net | 1,478,700 | 3,577,069 |
Other assets | 77,247 | 84,584 |
Total assets | 2,073,442 | 4,263,937 |
Current liabilities | ||
Accounts payable | 120,389 | 95,159 |
Accrued payroll and related costs | 48,346 | 36,553 |
Taxes payable | 28,735 | 36,819 |
Interest payable | 9,788 | |
Other current liabilities | 41,136 | 49,820 |
Total current liabilities | 248,394 | 218,351 |
Long-term debt | 216,000 | |
Deferred income taxes | 13,195 | 9,292 |
Other liabilities | 95,226 | 108,039 |
Liabilities subject to compromise | 4,239,643 | |
Total liabilities | 572,815 | 4,575,325 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock | 1 | 2,511 |
Additional paid-in capital | 1,393,255 | 814,796 |
Retained earnings (accumulated deficit) | 101,982 | (1,070,683) |
Accumulated other comprehensive income (loss) | 5,389 | (58,012) |
Total shareholders' equity (deficit) | 1,500,627 | (311,388) |
Total liabilities and equity | 2,073,442 | 4,263,937 |
Noble Finance Company | ||
Current assets | ||
Cash and cash equivalents | 192,636 | 343,332 |
Accounts receivable, net of allowance for credit losses | 200,419 | 147,863 |
Accounts receivable from affiliates | 31,214 | |
Taxes receivable | 16,063 | 30,767 |
Prepaid expenses and other current assets | 36,545 | 50,469 |
Total current assets | 445,663 | 603,645 |
Intangible assets | 61,849 | |
Property and equipment, at cost | 1,555,975 | 4,777,697 |
Accumulated depreciation | (77,275) | (1,200,628) |
Property and equipment, net | 1,478,700 | 3,577,069 |
Other assets | 77,247 | 84,584 |
Total assets | 2,063,459 | 4,265,298 |
Current liabilities | ||
Accounts payable | 116,030 | 83,649 |
Accrued payroll and related costs | 48,346 | 36,516 |
Taxes payable | 28,735 | 36,819 |
Interest payable | 9,788 | |
Other current liabilities | 40,949 | 49,820 |
Total current liabilities | 243,848 | 206,804 |
Long-term debt | 216,000 | |
Deferred income taxes | 13,195 | 9,292 |
Other liabilities | 94,998 | 108,039 |
Liabilities subject to compromise | 4,154,555 | |
Total liabilities | 568,041 | 4,478,690 |
Commitments and contingencies | ||
Shareholders' equity | ||
Common stock | 26,125 | 26,125 |
Additional paid-in capital | 1,393,410 | 766,714 |
Retained earnings (accumulated deficit) | 70,494 | (948,219) |
Accumulated other comprehensive income (loss) | 5,389 | (58,012) |
Total shareholders' equity (deficit) | 1,495,418 | (213,392) |
Total liabilities and equity | $ 2,063,459 | $ 4,265,298 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.01 |
Ordinary shares, shares outstanding (in shares) | 60,172 | 251,084 |
Noble Finance Company | ||
Common stock, par value (in usd per share) | $ 0.10 | $ 0.10 |
Ordinary shares, shares outstanding (in shares) | 261,246 | 261,246 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating revenues | ||||
Operating revenues | $ 77,481 | $ 770,325 | $ 964,272 | $ 1,305,438 |
Operating costs and expenses | ||||
Depreciation and amortization | 20,622 | 89,535 | 374,129 | 440,221 |
General and administrative | 5,727 | 62,476 | 121,196 | 168,792 |
Merger and integration costs | 24,792 | |||
Gain on sale of operating assets, net | 0 | (185,934) | ||
Hurricane lossesĀ and (recoveries), net | 23,350 | |||
Prepetition and Restructuring Costs | 14,409 | |||
Loss on impairment | 0 | 0 | 3,915,408 | 615,294 |
Total operating costs and expenses | 76,051 | 709,493 | 5,040,817 | 1,971,711 |
Operating income (loss) | 1,430 | 60,832 | (4,076,545) | (666,273) |
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (229) | (31,735) | (164,653) | (279,435) |
Bargain purchase gain | 0 | 62,305 | ||
Gain on extinguishment of debt, net | 0 | 0 | 17,254 | 30,616 |
Interest income and other, net | 399 | 10,945 | 9,012 | 6,007 |
Reorganization items, net | 252,051 | 23,930 | ||
Income (loss) before income taxes | 253,651 | 102,347 | (4,238,862) | (909,085) |
Income tax benefit (provision) | (3,423) | (365) | 260,403 | 38,540 |
Net income (loss) from continuing operations | 250,228 | 101,982 | (3,978,459) | (870,545) |
Net loss from discontinued operations, net of tax | (3,821) | |||
Net income (loss) | 250,228 | 101,982 | (3,978,459) | (874,366) |
Net loss attributable to noncontrolling interests | 173,776 | |||
Loss from continuing operations | 250,228 | 101,982 | (3,978,459) | (696,769) |
Net loss from discontinued operations, net of tax | (3,821) | |||
Net income (loss) attributable to Noble Finance Company | $ 250,228 | $ 101,982 | $ (3,978,459) | $ (700,590) |
Basic: | ||||
Income (loss) from continuing operations (usd per share) | $ 1 | $ 1.61 | $ (15.86) | $ (2.79) |
Loss from discontinued operations (usd per share) | (0.02) | |||
Net income (loss) (in usd per share) | 1 | 1.61 | (15.86) | (2.81) |
Diluted: | ||||
Income (loss) from continuing operations (usd per share) | 0.98 | 1.51 | (15.86) | (2.79) |
Loss from discontinued operations (usd per share) | (0.02) | |||
Net income (loss) (in usd per share) | $ 0.98 | $ 1.51 | $ (15.86) | $ (2.81) |
Weighted- Average Shares Outstanding | ||||
Basic (in shares) | 251,115 | 63,186 | 250,792 | 248,949 |
Diluted (in shares) | 256,571 | 67,628 | 250,792 | 248,949 |
Contract drilling services | ||||
Operating revenues | ||||
Operating revenues | $ 74,051 | $ 708,131 | $ 909,236 | $ 1,246,058 |
Operating costs and expenses | ||||
Cost of services | 46,965 | 639,442 | 567,487 | 698,343 |
Reimbursables and other | ||||
Operating revenues | ||||
Operating revenues | 3,430 | 62,194 | 55,036 | 59,380 |
Operating costs and expenses | ||||
Cost of services | 2,737 | 55,832 | 48,188 | 49,061 |
Noble Finance Company | ||||
Operating revenues | ||||
Operating revenues | 77,481 | 770,325 | 964,272 | 1,305,438 |
Operating costs and expenses | ||||
Depreciation and amortization | 20,631 | 89,503 | 372,560 | 437,690 |
General and administrative | 5,729 | 35,300 | 37,798 | 34,602 |
Merger and integration costs | 8,289 | |||
Gain on sale of operating assets, net | (187,493) | |||
Hurricane lossesĀ and (recoveries), net | 23,350 | |||
Loss on impairment | 0 | 0 | 3,915,408 | 615,294 |
Total operating costs and expenses | 75,800 | 661,785 | 4,940,185 | 1,832,912 |
Operating income (loss) | 1,681 | 108,540 | (3,975,913) | (527,474) |
Other income (expense) | ||||
Interest expense, net of amounts capitalized | (229) | (31,735) | (164,653) | (279,435) |
Gain on extinguishment of debt, net | 0 | 0 | 17,254 | 30,616 |
Interest income and other, net | 400 | 10,945 | 9,014 | 6,670 |
Reorganization items, net | 195,395 | 50,778 | ||
Income (loss) before income taxes | 197,247 | 87,750 | (4,165,076) | (769,623) |
Income tax benefit (provision) | (3,422) | (365) | 260,403 | 38,540 |
Net income (loss) from continuing operations | 193,825 | 87,385 | (3,904,673) | (731,083) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | (3,821) |
Net income (loss) | 193,825 | 87,385 | (3,904,673) | (734,904) |
Net loss attributable to noncontrolling interests | 173,776 | |||
Loss from continuing operations | 250,228 | 101,982 | (3,978,459) | (696,769) |
Net income (loss) attributable to Noble Finance Company | $ 193,825 | $ 87,385 | $ (3,904,673) | $ (561,128) |
Basic: | ||||
Income (loss) from continuing operations (usd per share) | $ 1 | $ 1.61 | $ (15.86) | $ (2.79) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.02) |
Net income (loss) (in usd per share) | 1 | 1.61 | (15.86) | (2.81) |
Diluted: | ||||
Income (loss) from continuing operations (usd per share) | 0.98 | 1.51 | (15.86) | (2.79) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.02) |
Net income (loss) (in usd per share) | $ 0.98 | $ 1.51 | $ (15.86) | $ (2.81) |
Weighted- Average Shares Outstanding | ||||
Basic (in shares) | 251,115 | 63,186 | 250,792 | 248,949 |
Diluted (in shares) | 256,571 | 67,628 | 250,792 | 248,949 |
Noble Finance Company | Contract drilling services | ||||
Operating revenues | ||||
Operating revenues | $ 74,051 | $ 708,131 | $ 909,236 | $ 1,246,058 |
Operating costs and expenses | ||||
Cost of services | 46,703 | 637,004 | 566,231 | 696,265 |
Noble Finance Company | Reimbursables and other | ||||
Operating revenues | ||||
Operating revenues | 3,430 | 62,194 | 55,036 | 59,380 |
Operating costs and expenses | ||||
Cost of services | $ 2,737 | $ 55,832 | $ 48,188 | $ 49,061 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income (loss) | $ 250,228 | $ 101,982 | $ (3,978,459) | $ (874,366) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (116) | (521) | 260 | |
Net pension plan gain (loss) (net of tax provision (benefit) of $1,597, $59, $(537) and $(924) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | 224 | 5,844 | (1,407) | (3,744) |
Amortization of deferred pension plan amounts (net of tax provision of zero, zero, $583 and $584 for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | 2,183 | 2,197 | ||
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $(121), zero, $32 and $(8) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | (455) | 122 | (30) | |
Other comprehensive income (loss), net | 108 | 5,389 | 377 | (1,317) |
Net comprehensive loss attributable to noncontrolling interests | 173,776 | |||
Comprehensive income (loss) attributable to Noble Corporation | 250,336 | 107,371 | (3,978,082) | (701,907) |
Noble Finance Company | ||||
Net income (loss) | 193,825 | 87,385 | (3,904,673) | (734,904) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (116) | (521) | 260 | |
Net pension plan gain (loss) (net of tax provision (benefit) of $1,597, $59, $(537) and $(924) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | 224 | 5,844 | (1,407) | (3,744) |
Amortization of deferred pension plan amounts (net of tax provision of zero, zero, $583 and $584 for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | 2,183 | 2,197 | ||
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $(121), zero, $32 and $(8) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) | (455) | 122 | (30) | |
Other comprehensive income (loss), net | 108 | 5,389 | 377 | (1,317) |
Net comprehensive loss attributable to noncontrolling interests | 173,776 | |||
Comprehensive income (loss) attributable to Noble Corporation | $ 193,933 | $ 92,774 | $ (3,904,296) | $ (562,445) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net pension gain (loss), tax provision (benefit) | $ 59 | $ 1,597 | $ (537) | $ (924) |
Amortization of deferred pension plan amounts, tax provision | 0 | 0 | 583 | 584 |
Net pension plans curtailment and settlement gain (loss), tax provision (benefit) | 0 | (121) | 32 | (8) |
Noble Finance Company | ||||
Net pension gain (loss), tax provision (benefit) | 59 | 1,597 | (537) | (924) |
Amortization of deferred pension plan amounts, tax provision | 0 | 0 | 583 | 584 |
Net pension plans curtailment and settlement gain (loss), tax provision (benefit) | $ 0 | $ (121) | $ 32 | $ (8) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||||
Net income (loss) | $ 250,228 | $ 101,982 | $ (3,978,459) | $ (874,366) | |
Adjustments to reconcile net loss to net cash flow from operating activities: | |||||
Depreciation and amortization | 20,622 | 89,535 | 374,129 | 440,221 | |
Loss on impairment | 0 | 0 | 3,915,408 | 615,294 | |
Amortization of intangible asset | 0 | 51,540 | 0 | 0 | |
Gain on extinguishment of debt, net | 0 | 0 | (17,254) | (30,616) | |
Gain on sale of operating assets, net | 0 | (185,934) | |||
Gain on bargain purchase | 0 | (62,305) | |||
Reorganization items, net | (280,790) | 0 | (17,366) | ||
Deferred income taxes | 2,501 | (34,264) | (26,325) | (17,825) | |
Amortization of share-based compensation | 710 | 16,510 | 9,169 | 14,737 | |
Other costs, net | (10,754) | 1,146 | (61,550) | 60,259 | |
Changes in components of working capital | |||||
Change in taxes receivable | (1,789) | 27,847 | 29,880 | (11,225) | |
Net changes in other operating assets and liabilities | (26,176) | 45,559 | 45,565 | (9,708) | |
Net cash provided by (used in) operating activities | (45,448) | 51,616 | 273,197 | 186,771 | |
Cash flows from investing activities | |||||
Capital expenditures | (14,629) | (154,411) | (148,886) | (268,783) | |
Cash acquired in stock-based business combination | 0 | 54,970 | 0 | 0 | |
Proceeds from disposal of assets, net | 194 | 307,324 | 27,366 | 12,753 | |
Net cash provided by (used in) investing activities | (14,435) | 207,883 | (121,520) | (256,030) | |
Cash flows from financing activities | |||||
Issuance of second lien notes | 200,000 | 0 | 0 | 0 | |
Borrowings on credit facilities | 177,500 | 40,000 | 210,000 | 755,000 | |
Repayments of credit facilities | (545,000) | (217,500) | 0 | (420,000) | |
Repayments of debt | 0 | 0 | (101,132) | (400,000) | |
Debt issuance costs | (23,664) | 0 | 0 | (1,092) | |
Warrants exercised | 0 | 730 | 0 | 0 | |
Purchase of noncontrolling interests | 0 | 0 | 0 | (106,744) | |
Dividends paid to noncontrolling interests | 0 | 0 | 0 | (25,109) | |
Cash paid to settle equity compensation awards | 0 | 0 | (1,010) | 0 | |
Taxes withheld on employee stock transactions | (1) | 0 | (418) | (2,779) | |
Net cash provided by (used in) financing activities | (191,165) | (176,770) | 107,440 | (200,724) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (251,048) | 82,729 | 259,117 | (269,983) | |
Cash, cash equivalents and restricted cash, beginning of period | 365,041 | 113,993 | $ 365,041 | 105,924 | 375,907 |
Cash, cash equivalents and restricted cash, end of period | 113,993 | 196,722 | 196,722 | 365,041 | 105,924 |
Noble Finance Company | |||||
Cash flows from operating activities | |||||
Net income (loss) | 193,825 | 87,385 | (3,904,673) | (734,904) | |
Adjustments to reconcile net loss to net cash flow from operating activities: | |||||
Depreciation and amortization | 20,631 | 89,503 | 372,560 | 437,690 | |
Loss on impairment | 0 | 0 | 3,915,408 | 615,294 | |
Amortization of intangible asset | 0 | 51,540 | 0 | 0 | |
Gain on extinguishment of debt, net | 0 | 0 | (17,254) | (30,616) | |
Gain on sale of operating assets, net | (187,493) | ||||
Reorganization items, net | (203,490) | 0 | 44,134 | 0 | |
Deferred income taxes | 2,501 | (34,264) | (26,325) | (17,825) | |
Amortization of share-based compensation | 710 | 16,510 | 9,169 | 14,689 | |
Other costs, net | (3,054) | 1,146 | (115,550) | (39,741) | |
Changes in components of working capital | |||||
Change in taxes receivable | (1,789) | 27,847 | 29,880 | (11,225) | |
Net changes in other operating assets and liabilities | (21,808) | 46,680 | 20,714 | (6,456) | |
Net cash provided by (used in) operating activities | (12,474) | 98,854 | 328,063 | 226,906 | |
Cash flows from investing activities | |||||
Capital expenditures | (14,629) | (154,411) | (148,886) | (268,783) | |
Proceeds from disposal of assets, net | 194 | 308,883 | 27,366 | 12,753 | |
Net cash provided by (used in) investing activities | (14,435) | 154,472 | (121,520) | (256,030) | |
Cash flows from financing activities | |||||
Issuance of second lien notes | 200,000 | 0 | 0 | 0 | |
Borrowings on credit facilities | 177,500 | 40,000 | 210,000 | 755,000 | |
Repayments of credit facilities | (545,000) | (217,500) | (420,000) | ||
Repayments of debt | 0 | 0 | (101,132) | (400,000) | |
Debt issuance costs | (10,139) | 0 | 0 | (1,092) | |
Purchase of noncontrolling interests | (106,744) | ||||
Dividends paid to noncontrolling interests | (25,109) | ||||
Cash contributed by parent in connection with Pacific Drilling merger | 0 | 54,970 | |||
Distributions to parent company, net | (26,503) | (49,569) | (76,245) | (42,103) | |
Net cash provided by (used in) financing activities | (204,142) | (172,099) | 32,623 | (240,048) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (231,051) | 81,227 | 239,166 | (269,172) | |
Cash, cash equivalents and restricted cash, beginning of period | 345,044 | 113,993 | 345,044 | 105,878 | 375,050 |
Cash, cash equivalents and restricted cash, end of period | $ 113,993 | $ 195,220 | $ 195,220 | $ 345,044 | $ 105,878 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Noble Finance Company | Noble Finance CompanyCommon Stock | Noble Finance CompanyAdditional Paid-in Capital | Noble Finance CompanyRetained Earnings (Accumulated Deficit) | Noble Finance CompanyAccumulated Other Comprehensive Income (Loss) | Noble Finance CompanyNoncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2018 | 246,794,000 | 261,246,000 | ||||||||||
Beginning balance at Dec. 31, 2018 | $ 4,654,574 | $ 2,468 | $ 699,409 | $ 3,608,366 | $ (57,072) | $ 401,403 | $ 4,653,468 | $ 26,125 | $ 647,082 | $ 3,635,930 | $ (57,072) | $ 401,403 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Distributions to parent company, net | (42,103) | (42,103) | ||||||||||
Capital contribution by parent - share-based compensation | 14,689 | 14,689 | ||||||||||
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 | $ 24 | (24) | ||||||||||
Tax benefit of equity transactions | (2,803) | (2,803) | ||||||||||
Purchase of noncontrolling interests | (106,744) | 95,774 | (202,518) | (106,744) | 95,774 | (202,518) | ||||||
Net income (loss) | (874,366) | (700,590) | (173,776) | (734,904) | (561,128) | (173,776) | ||||||
Net loss | (700,590) | (561,128) | ||||||||||
Dividends paid to noncontrolling interests | (25,109) | (25,109) | (25,109) | (25,109) | ||||||||
Other comprehensive income, net | (1,317) | (1,317) | (1,317) | (1,317) | ||||||||
Ending balance (in shares) at Dec. 31, 2019 | 249,200,000 | 261,246,000 | ||||||||||
Ending balance at Dec. 31, 2019 | 3,658,972 | $ 2,492 | 807,093 | 2,907,776 | (58,389) | $ 0 | 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) | (76,245) | ||||||||||
Capital contribution by parent - share-based compensation | 9,169 | 9,169 | ||||||||||
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 | $ 19 | (19) | ||||||||||
Tax benefit of equity transactions | (437) | (437) | ||||||||||
Net income (loss) | (3,978,459) | (3,904,673) | ||||||||||
Net loss | (3,978,459) | (3,978,459) | (3,904,673) | (3,904,673) | ||||||||
Other comprehensive income, net | $ 377 | 377 | $ 377 | 377 | ||||||||
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) | $ (213,392) | $ 26,125 | 766,714 | (948,219) | (58,012) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Distributions to parent company, net | (26,503) | (26,503) | ||||||||||
Capital contribution by parent - share-based compensation | 710 | 710 | ||||||||||
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 | 250,228 | 193,825 | 193,825 | ||||||||
Net loss | 250,228 | 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 | |||
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 | 1,016,150 | $ 26,125 | 990,025 | 0 | 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Distributions to parent company, net | (49,569) | (32,678) | (16,891) | |||||||||
Capital contribution by parent - share-based compensation | 16,096 | 16,096 | ||||||||||
Employee related equity activity | ||||||||||||
Amortization of share-based compensation | 16,096 | 16,096 | ||||||||||
Exchange of common stock for penny warrants (in shares) | (6,463,000) | |||||||||||
Net income (loss) | 101,982 | 101,982 | 87,385 | 87,385 | ||||||||
Net loss | 101,982 | 87,385 | ||||||||||
Other comprehensive income, net | 5,389 | 5,389 | 5,389 | 5,389 | ||||||||
Exercise of common stock warrants (in shares) | 35,000 | |||||||||||
Exercise of common stock warrants | 730 | 730 | ||||||||||
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 | $ 419,967 | |||||||||
Capital contribution by parent - Pacific Drilling merger | 419,967 | |||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 60,172,000 | 60,172,000 | 261,246,000 | 261,246,000 | ||||||||
Ending balance at Dec. 31, 2021 | $ 1,500,627 | $ 1 | $ 1,393,255 | $ 101,982 | $ 5,389 | $ 1,495,418 | $ 26,125 | $ 1,393,410 | $ 70,494 | $ 5,389 |
Organization and Basis of Prese
Organization and Basis of Presentation | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Organization and Basis of Presentation | Note 1āOrganization and Significant Accounting Policies Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (āNobleā or āSuccessorā), 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, 2021, our fleet of 20 drilling rigs consisted of 12 floaters and eight We report our contract drilling operations as a single On July 31, 2020 (the āPetition Dateā), 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 (āLegacy Nobleā or the āPredecessorā), and certain of its subsidiaries, including Noble Finance Company (formerly known as Noble Corporation), a Cayman Islands company (āFincoā), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas (the āBankruptcy Courtā) seeking relief under chapter 11 of title 11 of the United States Code (the āBankruptcy Codeā). 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, six Noble Corporation plc, No. 20-33826) The 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 (āFASBā) Accounting Standards Codification (āASCā) Topic 852 ā Reorganizations (āASC 852ā). 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 āNote 3āFresh Start Accountingā 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, our parent company, since the Effective Date. Nobleās 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 āPredecessorā and āSuccessorā also refers to Finco, as the context requires. 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. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (āUS GAAPā) 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. 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, 2021 and 2020, our Noble restricted cash balance consisted of $2.6 million and $21.7 million, respectively. As of December 31, 2021 and 2020, our Finco restricted cash balance consisted of $2.6 million and $1.7 million, respectively. All restricted cash is recorded in āPrepaid expenses and other current assets.ā As of December 31, 2021, our restricted cash balance was associated cash collateral on the Companyās purchase cards and a performance guarantee on the Noble Faye Kozack 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, 2021 and 2020 was zero and $1.1 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 five 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 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 (āconstrained revenueā). When determining if variable consideration should be constrained, management considers whether there are factors outside the Companyās 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 Revenues Related to Reimbursable Expenses Deferred revenues from drilling contracts totaled $27.8 million and $59.9 million at December 31, 2021 and 2020, respectively. Such amounts are included in either āOther current liabilitiesā or āOther liabilitiesā in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $5.7 million at December 31, 2021 as compared to $13.9 million at December 31, 2020 and are included in either āPrepaid expenses and other current assets,ā āOther assetsā or āProperty and equipment, netā in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. We record reimbursements from customers for āout-of-pocketā 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, employersā 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 employerās 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, 2021 and 2020, loss reserves for personal injury and protection claims totaled $14.8 million and $30.9 million, respectively, and such amounts are included in āOther current liabilitiesā and āOther current liabilitiesā or āLiabilities subject to compromise,ā respectively, 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 employeeās 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 employeeās 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 currency transaction gains and losses are included in net income or loss. In non-US Discontinued Operations On August 1, 2014, Legacy Noble completed the separation and spin-off āSpin-offā) Spin-off, Prior to the completion of the Spin-off, Spin-off Spin-off Spin-off. Spin-off, Accounting Pronouncements Accounting Standards Adopted In December 2019, the FASB issued Accounting Standards Update (āASUā) No. 2019-12, We adopted ASU No. 2019-12, Recently Issued Accounting Standards In October 2021, the FASB issued ASU No. 2021-08, 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 | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Chapter 11 Emergence | Note 2āChapter 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: ā¢ Appointed five new members to the Successorās 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 ā¢ Terminated and cancelled all ordinary shares and equity-based awards of Legacy Noble that were outstanding immediately prior to the Effective Date; ā¢ Transferred approximately 31.7 million ordinary shares of Noble with a nominal value of $0.00001 per share (āOrdinary Sharesā) to holders of Legacy Nobleās then outstanding Senior Notes due 2026 (the āGuaranteed Notesā) in the cancellation of the Guaranteed Notes; ā¢ Transferred approximately 2.1 million Ordinary Shares, approximately 8.3 million seven-year warrants with Black-Scholes protection (the āTranche 1 Warrantsā) with an exercise price of $19.27 and approximately 8.3 million seven-year warrants with Black-Scholes protection (the āTranche 2 Warrantsā) with an exercise price of $23.13 to holders of Legacy Nobleās then outstanding senior notes (other than the Guaranteed Notes) (the āLegacy Notesā) in cancellation of the Legacy Notes; ā¢ Issued approximately 7.7 million Ordinary Shares and $216.0 million principal amount of our senior secured second lien notes (the āSecond Lien Notesā) to participants in a rights offering (the āRights Offeringā) at an aggregate subscription price of $200.0 million; ā¢ Issued approximately 5.6 million Ordinary Shares to the backstop parties (the āBackstop Partiesā) to a Backstop Commitment Agreement, dated October 12, 2020 (the āBackstop Commitment Agreementā), among the Debtors and the Backstop Parties as Holdback Securities (as defined in the Backstop Commitment Agreement); ā¢ 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); ā¢ 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); ā¢ Issued 2.8 million five-year warrants with no Black-Scholes protection (the āTranche 3 Warrantsā) with an exercise price of $124.40 to the holders of Legacy Nobleās ordinary shares outstanding prior to the Effective Date; ā¢ Entered into a senior secured revolving credit agreement (the āRevolving Credit Agreementā) 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 āRevolving Credit Facilityā); ā¢ Entered into an indenture governing the Second Lien Notes; ā¢ Entered into a registration rights agreement with certain parties who received Ordinary Shares under the Plan (the āEquity Registration Rights Agreementā); and ā¢ 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 (āPenny Warrantsā). 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 āReorganization items, net.ā The following table summarizes the components of reorganization items included in our Consolidated Statements of Operations for the period from January 1, 2021 through February 5, 2021:āāāāāāāāāāāāāā Predecessor Noble Finco Period From Period From January 1, 2021 January 1, 2021 through through February 5, 2021 February 5, 2021 Professional fees (1) $ (28,739 ) $ (8,095 ) Adjustments for estimated allowed litigation claims 77,300 ā 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 Consolidated Statements of Cash Flows for the period from 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 |
Fresh Start Accounting
Fresh Start Accounting | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Fresh Start Accounting | Note 3āFresh 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% of the voting shares of the Successor, and (ii) the reorganization value of Nobleās and Fincoās assets, each of which approximated $1.7 billion, immediately prior to confirmation of the Plan was less than the corresponding post-petition liabilities and allowed claims, each of which approximated $4.0 billion. Applying fresh start accounting resulted in new reporting entities with no beginning retained earnings or accumulated deficit. Accordingly, our financial statements and notes after the Effective Date are not comparable to our financial statements and notes on and to prior to that date. 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 āNote 1āOrganization and Significant Accounting Policies,ā 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 Successorās and Fincoās total assets and was derived from the enterprise value, which represents the estimated fair value of an entityās 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.āāāāāāā 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 Equity $ 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 Consolidated Balance Sheet to determine if any of the Companyās 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 Companyās 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 Companyās 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 rate, 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 (āWACCā), 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 Companyās 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 Consolidated Balance Sheet at Emergence The adjustments set forth in the following Consolidated Balance Sheet as of February 5, 2021 reflect the consummation of the transactions contemplated by the Plan and carried out by the Company (āReorganization Adjustmentsā) and the fair value adjustments as a result of the application of fresh start accounting (āFresh Start Adjustmentsā). 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 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 ) $ ā $ 111,968 Accounts receivable, net 189,207 ā ā 189,207 Taxes receivable 32,556 ā ā 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 ā ā 113,389 (n ) 113,389 Property and equipment, at cost 4,787,661 ā (3,631,936 ) (o ) 1,155,725 Accumulated depreciation (1,221,033 ) ā 1,221,033 (o ) ā Property and equipment, net 3,566,628 ā (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 ) $ ā $ 81,949 Accrued payroll and related costs 35,615 ā ā 35,615 Taxes payable 34,211 ā ā 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 ā 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 ) ā ā Total liabilities 4,485,588 (3,790,388 ) (8,022 ) 687,178 Shareholdersā equity (deficit) Common stock (Predecessor) 2,511 (2,511 ) (j ) ā ā Common stock (Successor) ā 1 (k ) ā 1 Additional paid-in 815,505 (815,505 ) (j ) ā ā Additional paid-in ā 1,018,767 (k ) ā 1,018,767 Predecessor Reorganization Fresh Start Successor Accumulated deficit (1,006,351 ) 3,374,323 (l ) (2,367,972 ) (r ) ā Accumulated other comprehensive loss (57,904 ) ā 57,904 (s ) ā Total shareholdersā equity (deficit) (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 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 Predecessorās 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 Adjustments (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 ā (6,238 ) ā ā Pension assets and obligations ā (1,010 ) 3 (6,085 ) Fair value adjustments to other assets ā (639 ) ā ā $ (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 ) ā 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 Predecessorās 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 and Divestitures
Acquisitions and Divestitures | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company | |
Acquisitions and Divestitures | Note 4āAcquisitions and Divestitures Proposed Business Combination with Maersk Drilling On November 10, 2021, Noble entered into a Business Combination Agreement (the āBusiness Combination Agreementā) with Noble Finco Limited, a private limited company formed under the laws of England and Wales and an indirect, wholly owned subsidiary of Noble (āTopcoā), Noble Newco Sub Limited, a Cayman Islands exempted company and a direct, wholly owned subsidiary of Topco (āMerger Subā), and The Drilling Company of 1972 A/S, a Danish public limited liability company (āMaersk Drillingā), pursuant to which, among other things, (i) (x) Noble will merge with and into Merger Sub (the āMaersk Drilling Mergerā), with Merger Sub surviving the Maersk Drilling Merger as a wholly owned subsidiary of Topco, and (y) the Ordinary Shares will convert into an equivalent number of class A ordinary shares, par value $0.00001 per share, of Topco (the āTopco Sharesā), and (ii) (x) Topco will make a voluntary tender exchange offer to Maersk Drillingās shareholders as described below (the āOfferā and, together with the Maersk Drilling Merger and the other transactions contemplated by the Business Combination Agreement, the āBusiness Combinationā) and (y) upon the consummation of the Offer, if more than 90% of the issued and outstanding shares of Maersk Drilling, nominal value Danish krone (āDKKā) 10 per share (āMaersk Drilling Sharesā), are acquired by Topco, Topco will redeem any Maersk Drilling Shares not exchanged in the Offer by Topco for Topco Shares or cash, at the election of the holder (cash for holders that do not make an election), under Danish law by way of a compulsory purchase. The board of directors of Noble (the āBoardā) and the board of directors of Maersk Drilling have unanimously approved and adopted the Business Combination Agreement. The Business Combination is subject to Noble shareholder approval, acceptance of the Offer by holders of at least 80% of Maersk Drilling Shares, merger clearance and other regulatory approvals, listing on the NYSE and Nasdaq Copenhagen and other customary conditions. Following the closing of the Business Combination, assuming all of the Maersk Drilling Shares are acquired by Topco through the Offer and no cash is paid by Topco in the Offer, Topco will own all of Nobleās and Maersk Drillingās respective businesses and the former shareholders of Noble and former shareholders of Maersk Drilling will each own approximately 50% of the outstanding Topco Shares (or 50.8% and 49.2%, respectively, if Topco pays $50.0 million in the Offer). Topco will be renamed Noble Corporation Plc, will be a public limited company domiciled (tax resident) in the United Kingdom and will be headquartered in Houston, Texas. Topco is expected to have certain management functions relating to the holding of shares, financing, cash management, incentive compensation and other relevant holding company functions. In addition, the board of directors of the combined company (the āTopco Boardā) will be comprised of seven individuals, including three individuals designated by Noble, three individuals designated by Maersk Drilling, and Robert W. Eifler, who will serve as the President and Chief Executive Officer of the combined company. Charles M. (Chuck) Sledge, the current Chairman of the Board, will become chairman of the Topco Board, and Claus V. Hemmingsen, the current Chairman of Maersk Drillingās board of directors, will be one of the three directors designated by Maersk Drilling. Topco will apply to have Topco Shares listed on the New York Stock Exchange and on Nasdaq Copenhagen A/S. At the effective time of the Maersk Drilling Merger (the āMaersk Drilling Merger Effective Timeā), subject to the terms and conditions set forth in the Business Combination Agreement, (i) each Ordinary Share of Noble issued and outstanding immediately prior to the Maersk Drilling Merger Effective Time will be converted into one newly and validly issued, fully paid and non-assessable Subject to the terms and conditions set forth in the Business Combination Agreement, following the approval of certain regulatory filings with the Danish Financial Supervisory Authority, Topco has agreed to commence the Offer to acquire up to 100% of the then outstanding Maersk Drilling Shares and voting rights of Maersk Drilling, not including any treasury shares held by Maersk Drilling. The Offer is conditioned upon, among other things, holders of at least 80% of the then outstanding Maersk Drilling Shares and voting rights of Maersk Drilling tendering their shares in the Offer (which percentage may be lowered by Topco in its sole discretion to not less than 70%) (the āMinimum Acceptance Conditionā). In the Offer, Maersk Drilling shareholders may exchange each Maersk Drilling Share for 1.6137 newly and validly issued, fully paid and non-assessable of the Offer (the āAcceptance Timeā) is converted, at the Acceptance Time, into the right to receive, on the same terms and conditions as were applicable under the Maersk Drilling RSU Long-Term Incentive Programme for Executive Management 2019 and the Maersk Drilling RSU Long-Term Incentive Programme 2019 (including any vesting conditions), that number of Topco Shares equal to the product of (1) the number of Maersk Drilling Shares subject to such Maersk Drilling RSU Award immediately prior to the Acceptance Time and (2) the Exchange Ratio, with any fractional Maersk Drilling Shares rounded to the nearest whole share. Upon conversion such Maersk Drilling RSU Awards will cease to represent a right to receive Maersk Drilling Shares (or value equivalent to Maersk Drilling Shares). The Business Combination Agreement contains customary warranties and covenants by Noble, Topco, Merger Sub and Maersk Drilling. The Business Combination Agreement also contains customary pre-closing Topcoās obligation to accept for payment or, subject to any applicable rules and regulations of Denmark, pay for any Maersk Drilling Shares that are validly tendered in the Offer and not validly withdrawn prior to the expiration of the Offer is subject to certain customary conditions, including, among others, that the Minimum Acceptance Condition shall have been satisfied. Maersk Drilling may require that Topco does not accept for payment or, subject to any applicable rules and regulations of Denmark, pay for the Maersk Drilling Shares that are validly tendered in the Offer and not validly withdrawn prior to the expiration of the Offer if certain customary conditions are not met. Subject to the satisfaction or waiver of the conditions set forth in the Business Combination Agreement, the Business Combination is expected to close in mid-2022. The Business Combination Agreement contains certain termination rights for both Noble and Maersk Drilling. Pacific Drilling Merger On April 15, 2021, Noble purchased Pacific Drilling Company LLC (āPacific Drillingā), an international offshore drilling contractor, in an all-stock 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 Nobleās. 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 Drillingās 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 Drillingās 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 rate, 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 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 Nobleās 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 $62.3 million and is shown as a gain on bargain purchase on Nobleās 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. An adjustment of $2.2 million to the valuation allowance on the deferred tax assets acquired in the Pacific Drilling Merger was recorded in the three months ended December 31, 2021. 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 457 Total assets acquired 464,780 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 $ 419,967 Gain on bargain purchase 62,305 Purchase price consideration $ 357,662 Pacific Drilling Revenue and Net Income The following table represents Pacific Drillingās revenue and earnings included in Nobleās consolidated statement of operations subsequent to the closing of the Pacific Drilling Merger. Successor Period From February 6, 2021 through December 31, 2021 Revenue $ 94,506 Net loss $ (46,646 ) 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 Period From February 6, 2021 through December 31, 2021 Revenue $ 792,999 Net income $ 69,966 Net income per share Basic $ 1.05 Diluted $ 0.98 The pro forma results include, among others, (i) a reduction in Pacific Drillingās 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. Sale of Rigs in Saudi Arabia On August 25, 2021, Finco and certain subsidiaries of the Company entered into a Purchase and Sale Agreement (the āPurchase and Sale Agreementā) to sell the jackup rigs operated by the Company in Saudi Arabia to ADES International Holding Limited (āADESā) 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 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. |
Earnings Per Share
Earnings Per Share | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Earnings Per Share | Note 5ā Earnings Per Share The following table presents the computation of basic and diluted earnings per share: Successor Predecessor Period From Period From February 6, 2021 January 1, 2021 through through Year Ended Year Ended December 31, 2021 February 5, 2021 December 31, 2020 December 31, 2019 Numerator: Basic Net income (loss) from continuing operations $ 101,982 $ 250,228 $ (3,978,459 ) $ (696,769 ) Net loss from discontinued operations, net of tax ā ā ā (3,821 ) Net income (loss) attributable to Noble Corporation $ 101,982 $ 250,228 $ (3,978,459 ) $ (700,590 ) Diluted Net income (loss) from continuing operations $ 101,982 $ 250,228 $ (3,978,459 ) $ (696,769 ) Net loss from discontinued operations, net of tax ā ā ā (3,821 ) Net income (loss) attributable to Noble Corporation $ 101,982 $ 250,228 $ (3,978,459 ) $ (700,590 ) Denominator: Weighted average shares outstanding ā basic 63,186 251,115 250,792 248,949 Dilutive effect of share-based awards 3,180 5,456 ā ā Dilutive effect of warrants 1,262 ā ā ā Weighted average shares outstanding ā diluted 67,628 256,571 250,792 248,949 Income (loss) per share Basic: Income (loss) from continuing operations $ 1.61 $ 1.00 $ (15.86 ) $ (2.79 ) Loss from discontinued operations ā ā ā (0.02 ) Net income (loss) attributable to Noble Corporation $ 1.61 $ 1.00 $ (15.86 ) $ (2.81 ) Diluted: Income (loss) from continuing operations $ 1.51 $ 0.98 $ (15.86 ) $ (2.79 ) Loss from discontinued operations ā ā ā (0.02 ) Net income (loss) attributable to Noble Corporation $ 1.51 $ 0.98 $ (15.86 ) $ (2.81 ) 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:āāāāāāā Successor Predecessor Period From Period From February 6, 2021 January 1, 2021 through through Year Ended Year Ended December 31, 2021 February 5, 2021 December 31, 2020 December 31, 2019 Share-based awards ā 556 6,082 11,892 Warrants (1) 11,097 ā ā ā (1) Represents the total number of warrants outstanding which did not have a dilutive effect. |
Property, Plant and Equipment
Property, Plant and Equipment | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company | |
Property Plant and Equipment | Note 6ā Property and Equipment Property and equipment, at cost, for Noble consisted of the following: Successor Predecessor Year Ended Year Ended 2021 2020 Drilling equipment and facilities $ 1,467,772 $ 4,476,960 Construction in progress 77,363 99,812 Other 10,840 200,925 Property and equipment, at cost $ 1,555,975 $ 4,777,697 Capital expenditures, including capitalized interest, during the period from February 6 through December 31, 2021 and the period from January 1 through February 5, 2021 totaled $159.9 million and $10.3 million, respectively. During the years ended 2020 and 2019, capital expenditures, including capitalized interest, totaled $148.2 million and $306.4 million, respectively. During the period from February 6 through December 31, 2021 and the period from January 1 through February 5, 2021, capitalized interest was $2.0 million and zero, respectively. During the years ended 2020 and 2019, capitalized interest was zero and $9.6 million, respectively. During the period from February 6 through December 31, 2021 and the period from January 1 through February 5, 2021, we recognized no impairment charges to our long-lived assets. During the years ended 2020 and 2019, we recognized a non-cash In preparation for Hurricane Ida in the US Gulf of Mexico, the Noble Globetrotter II Noble Globetrotter II occurrence and a $50.0 million annual limit; however, our insurance policies may not adequately cover our losses and related claims, which could adversely affect our business. Timing differences are likely to exist between the damage costs, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Companyās financial statements. The Company assessed the damage sustained on the Noble Globetrotter II Noble Globetrotter II 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 | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Loss on Impairment | Note 7ā Loss on Impairment Asset Impairments Consistent with our accounting policies discussed in āNote 1ā Organization and Significant Accounting Policies,ā we evaluate our property and equipment for impairment whenever there are changes in facts which suggest that the value of the asset is not recoverable. For the period from January 1, 2021 through February 5, 2021 and the period from February 6, 2021 through December 31, 2021, we did not identify any impairment triggers for our property and equipment. 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 their corresponding estimated fair values. The impact of the current global economic turmoil on our customersā and our business continues to be uncertain. During the year ended December 31, 2020, we recognized approximately $3.9 billion in impairment charges for seven floaters and nine jackups, and $24.0 million of impairment charges related to certain capital spare equipment. Based upon our impairment analysis, we impaired the carrying values to their corresponding estimated fair values for two , Noble Bully II |
Debt
Debt | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company | |
Debt | Note 8ā Debt Post-emergence Debt Senior Secured Revolving Credit Facility On the Effective Date, Finco and Noble International Finance Company (āNIFCOā) entered into the Revolving Credit Agreement providing for the $675.0 million Revolving Credit Facility and cancelled 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 Fincoās other wholly-owned subsidiaries as additional borrowers under the Revolving Credit Agreement (collectively with Finco and NIFCO, the āBorrowersā). As of the Effective Date, $177.5 million of loans were outstanding, and $8.8 million of letters of credit were issued, under the Revolving Credit Facility. As of December 31, 2021, we had no loans outstanding and $8.8 million of letters of credit issued under the Revolving Credit Facility and an additional $6.3 million in letters of credit and surety bonds issued under bilateral arrangements. 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 āCredit Partiesā), 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 Company LLC nor any of its current subsidiaries is a subsidiary guarantor of the Revolving Credit Facility, and none of their assets secure the Revolving Credit Facility. In addition, none of the Maersk Drilling assets will secure the Revolving Credit Facility upon the closing of the Business Combination. The loans outstanding under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable margin plus, at Fincoās 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 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: ā¢ as of December 31, 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 December 31, 2021; ā¢ 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 ā¢ for each fiscal quarter ending on or after June 30, 2021, the ratio of (i) Asset Coverage Aggregate Rig Value (as defined in the Revolving Credit Agreement) to (ii) the aggregate principal amount of loans and letters of credit outstanding under the Revolving Credit Facility (the āAsset Coverage Ratioā) 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 Company LLC nor any of its current subsidiaries is a subsidiary guarantor of the Second Lien Notes, and none of their assets secure the Second Lien Notes. In addition, none of the Maersk Drilling assets will secure the Second Lien Notes upon the closing of the Business Combination. 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 current subsidiaries. Interest on the Second Lien Notes accrues, at Fincoās 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 (āPIK Notesā); 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 āmake-wholeā 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 (āNHUKā), as parent guarantor, entered into a senior unsecured credit agreement (as amended, the ā2017 Credit Facilityā). 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 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 Companyās 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 creditorsā rights of enforcement were subject to the applicable provisions of the Bankruptcy Code. See āNote 1ā Organization and Basis of Presentationā 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. 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 (US) LLC and Noble Holding International Limited (āNHILā), a finance subsidiary of Finco, (as amended, the ā2015 Credit Facilityā). As a result of the 2015 Credit Facilityās 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 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 lenderās 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 indentures governing such obligations were cancelled, except to the limited extent expressly set forth in the Plan. See āNote 2ā Chapter 11 Emergenceā 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 āNote 15ā Fair Value of Financial Instruments.ā 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 (1) Carrying Value Estimated Fair Carrying Value Estimated Fair Senior secured notes 11.000% Senior Notes due February 2028 $ 216,000 $ 236,792 $ ā $ ā Senior unsecured notes 4.900% Senior Notes due August 2020 $ ā $ ā $ 62,535 $ 1,366 4.625% Senior Notes due March 2021 ā ā 79,936 1,596 3.950% Senior Notes due March 2022 ā ā 21,213 354 7.750% Senior Notes due January 2024 ā ā 397,025 7,925 7.950% Senior Notes due April 2025 ā ā 450,000 8,348 7.875% Senior Notes due February 2026 ā ā 750,000 301,935 6.200% Senior Notes due August 2040 ā ā 393,596 7,966 6.050% Senior Notes due March 2041 ā ā 395,002 7,327 5.250% Senior Notes due March 2042 ā ā 483,619 9,701 8.950% Senior Notes due April 2045 ā ā 400,000 7,420 Credit facility: Senior Secured Revolving Credit Facility matures July 2025 ā ā ā ā 2017 Credit Facility due to mature January 2023 ā ā 545,000 545,000 Total debt 216,000 236,792 3,977,926 898,938 Less: Current maturities of long-term debt ā ā ā ā Long-term debt $ 216,000 $ 236,792 $ ā $ ā (1) Includes write-off As discussed in āNote 1ā Organization and Basis of Presentation,ā from the Petition Date until the Effective 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 āNote 2ā Chapter 11 Emergenceā for additional information. |
Equity
Equity | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company | |
Equity | Note 9ā Equity Share Capital As of December 31, 2021, Noble had approximately 60.2 million shares outstanding and trading. As of December 31, 2020, Legacy Noble had approximately 251.1 million shares outstanding and trading. At Legacy Nobleās 2020 Annual General Meeting, Legacy Nobleās 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 Nobleās directors under the Noble Corporation 2017 Director Omnibus Plan, the authority was not used to allot shares during the period from January 1, 2021 through February 5, 2021 or the period from February 6, 2021 through December 31, 2021. 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 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. In accordance with the Plan, all agreements, instruments and other documents evidencing, relating to or otherwise connected with any of Legacy Nobleās 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 Nobleās 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 Ordinary Shares. Warrants At December 31, 2021, we had outstanding 8.3 million Tranche 1 Warrants, 8.3 million Tranche 2 Warrants and 2.8 million Tranche 3 Warrants. The Tranche 1 Warrants are exercisable for one Ordinary Share per warrant at an exercise price of $19.27 per warrant, the Tranche 2 Warrants are exercisable for one Ordinary Share per warrant at an exercise price of $23.13 per warrant and the Tranche 3 Warrants are exercisable for one Ordinary Share per warrant at an exercise price of $124.40 per warrant (in each case as may be adjusted from time to time pursuant to the applicable warrant agreement). The Tranche 1 Warrants and the Tranche 2 Warrants are exercisable until 5:00 p.m., Eastern time, on February 4, 2028 and the Tranche 3 Warrants are exercisable until 5:00 p.m., Eastern time, on February 4, 2026. The Tranche 1 Warrants and the Tranche 2 Warrants have Black-Scholes protections, including in the event of a Fundamental Transaction (as defined in the applicable warrant agreement). The Tranche 1 Warrants and the Tranche 2 Warrants also provide that while the Mandatory Exercise Condition (as defined in the applicable warrant agreement) set forth in the applicable warrant agreement has occurred and is continuing, Noble or the holders of Tranche 1 Warrants or Tranche 2 Warrants representing at least 20% of such tranche (the āRequired Mandatory Exercise Warrantholdersā) have the right and option (but not the obligation) to cause all or a portion of the warrants to be exercised on a cashless basis. In the case of Noble, under the Mandatory Exercise Condition, all of the Tranche 1 Warrants or the Tranche 2 Warrants (as applicable) would be exercised. In the case of the electing Required Mandatory Exercise Warrantholders, under the Mandatory Exercise Condition, all of their respective Tranche 1 Warrants or Tranche 2 Warrants (as applicable) would be exercised. Mandatory exercises entitle the holder of each warrant subject thereto to (i) the number of Ordinary Shares issuable upon exercise of such warrant on a cashless basis and (ii) an amount payable in cash, Ordinary Shares or a combination thereof (in Nobleās sole discretion) equal to the Black-Scholes Value (as defined in the applicable warrant agreement) with respect to the number of Ordinary Shares withheld upon exercise of such warrant on a cashless basis. At December 31, 2021, the Mandatory Exercise Condition set forth in the warrant agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was not satisfied. Successor Share-Based Compensation Plans Stock Plans On February 18, 2021, the Company adopted the long-term incentive plan (the āNoble Incentive Planā), which permits grants of options, stock appreciation rights, stock or stock unit awards or cash awards, any of which may be structured as a performance award, from time to time to employees and non-employee non-employee Restricted Stock Units (āRSUsā) We have awarded both Time Vested RSUs (āTVRSUsā) and Performance Vested RSUs (āPVRSUsā) 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. These criteria consist of 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 RSU vests and additional paid-in In 2021, 40 percent of the TVRSUs granted to non-employee 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 for the respective grant dates: February 19, 2021 October 1, 2021 December 1, 2021 Valuation assumptions: Expected volatility 50.0 % 92.2 % 95.1 % Expected dividend yield ā % ā % ā % Risk-free interest rate 0.19 % 0.33 % 0.58 % 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 the period from February 6, 2021 through December 31, 2021 is as follows: 2021 Equity-classified TVRSU Units awarded 1,735,843 Weighted-average share price at award date $ 16.68 Weighted-average vesting period (years) 2.94 Liability-classified TVRSU Units awarded 52,364 Weighted-average share price at award date $ 16.76 Weighted-average vesting period (years) 2.81 PVRSU Units awarded 1,457,842 Weighted-average share price at award date $ 16.74 Three-year performance period ended December 31 2023 Weighted-average award date fair value $ 20.82 During the period from February 6, 2021 through December 31, 2021, we awarded 78,546 shares equity-classified TVRSUs and 52,364 shares liability-classified TVRSUs to our non-employee A summary of the status of non-vested Equity-Classified TVRSUs Weighted Award-Date PVRSUs (1) Weighted Award-Date Non-vested ā $ ā ā $ ā Awarded 1,735,843 16.68 1,457,842 20.82 Vested ā ā ā ā Forfeited (66,081 ) 16.44 ā ā Non-vested 1,669,762 $ 16.69 1,457,842 $ 20.82 (1) For awards granted during 2021, the number of PVRSUs shown equals the shares that would vest if the ātargetā level of performance is achieved. The minimum number of units is zero and the āmaximumā level of performance is 200 percent of the amounts shown. During the period from February 6, 2021 through December 31, 2021, we granted 52,364 liability-classified TVRSUs at a weighted-average grant date fair value of $16.76, no units were vested during the period and no units were forfeited during the period. At December 31, 2021, we had 52,364 liability-classified TVRSUs outstanding with an associated total liability of $414.4 thousand. At December 31, 2021, there was $20.1 million of total unrecognized compensation cost related to the equity-classified TVRSUs, to be recognized over a remaining weighted-average period of 2.09 years. At December 31, 2021, there was $0.9 million of total unrecognized compensation cost related to the liability-classified TVRSUs, to be recognized over a remaining weighted-average period of 1.97 years. At December 31, 2021, there was $22.1 million of total unrecognized compensation cost related to the PVRSUs, to be recognized over a remaining weighted-average period of 2.00 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 for the period from February 6, 2021 through December 31, 2021 related to all restricted stock totaled $16.5 million ($16.4 million net of income tax). During the period from February 6, 2021 through December 31, 2021, there was no capitalized share-based amortization. Predecessor Share-Based Compensation Plans All outstanding shares and equity awards of Legacy Noble were cancelled as a result of the Chapter 11 Cases. Stock Plans During 2015, Legacy Noble shareholders approved a new equity plan, the Noble Corporation plc 2015 Omnibus Incentive Plan (the āLegacy Noble Incentive Planā), which permitted grants of options, stock appreciation rights, stock or stock unit awards or cash awards, any of which could be structured as a performance award, from time to time to employees who were to be granted awards under the Legacy Noble Incentive Plan. Neither consultants nor non-employee During 2020 and 2019, the Legacy Noble Incentive Plan was restated and Legacy Noble shareholders approved amendments, primarily to increase the number of Legacy Noble ordinary shares available for issuance as long-term incentive compensation under the Legacy Noble Incentive Plan by 8.7 million, 5.8 million and 5.0 million shares, respectively. The maximum aggregate number of Legacy Noble ordinary shares that could be granted for any and all awards under the Legacy Noble Incentive Plan could not exceed 40.0 million shares. During 2017, upon Legacy Noble shareholder approval, the Noble Corporation 2017 Director Omnibus Plan (the āLegacy Noble Director Planā) replaced the previous plans that were terminated. Legacy equity awards to our non-employee During 2019, Legacy Noble shareholders approved amendments to increase the number of Legacy Noble ordinary shares available for issuance under the Legacy Noble Director Plan by 0.9 million shares, bringing the maximum aggregate number of Legacy Noble ordinary shares that could be granted for any and all awards under the Legacy Noble Director Plan to 1.8 million shares. Stock Options Options had a term of 10 February 5, 2021 December 31, 2020 December 31, 2019 Number of Weighted Number of Weighted Number of Weighted Outstanding at beginning of period 556,155 $ 30.39 708,400 $ 30.90 1,103,242 $ 28.74 Expired or cancelled (556,155 ) 30.39 (152,245 ) 32.78 (394,842 ) 24.85 Outstanding at end of period ā ā 556,155 30.39 708,400 30.90 Exercisable at end of period ā $ ā 556,155 $ 30.39 708,400 $ 30.90 All outstanding options were cancelled as a result of the Chapter 11 Cases and there were no stock options outstanding at December 31, 2021. The fair value of each option was estimated on the date of grant using a Black-Scholes pricing model. The expected term of options granted represented the period of time that the options were expected to be outstanding and was derived from historical exercise behavior, then current trends and values derived from lattice-based models. Expected volatilities were based on implied volatilities of traded options on our shares, historical volatility of our shares, and other factors. The expected dividend yield was based on historical yields on the date of grant. The risk-free rate was based on the US Treasury yield curve in effect at the time of grant. There were no non-vested Restricted Stock Units We awarded both TVRSUs and PVRSUs under the Legacy Noble Incentive Plan. The TVRSUs generally vested over a three-year period. The number of PVRSUs which would vest depended 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 consisted of market based criteria or market and performance based criteria. The TVRSUs were valued on the date of award at our underlying share price. The total compensation for units that ultimately vested was recognized over the service period. The shares and related nominal value were recorded when the RSUs vested and additional paid-in The market-based PVRSUs were valued on the date of grant based on the estimated fair value. Estimated fair value was determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance would achieve the targeted thresholds and the expected forfeiture rate. The fair value was calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSUs included historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows: 2020 2019 Valuation assumptions: Expected volatility 69.8 % 59.6 % Expected dividend yield ā % ā % Risk-free interest rate 1.40 % 2.50 % 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 2020 and 2019 is as follows: 2020 2019 TVRSU Units awarded 5,559,678 4,639,119 Weighted-average share price at award date $ 0.82 $ 3.02 Weighted-average vesting period (years) 3.0 3.0 PVRSU Units awarded 2,696,774 1,623,399 Weighted-average share price at award date $ 0.91 $ 3.13 Three-year performance period ended December 31 2022 2021 Weighted-average award date fair value $ 1.14 $ 3.61 There were no RSUs granted during the period from January 1, 2021 through February 5, 2021. During the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, we awarded zero 280,635 267,204 non-employee A summary of the status of non-vested TVRSUs Weighted Award-Date PVRSUs (1) Weighted Award-Date Non-vested 2,362,500 $ 3.43 3,163,113 $ 3.22 Awarded ā ā ā ā Vested (61,050 ) 5.46 ā ā Forfeited or cancelled (2,301,450 ) 3.37 (3,163,113 ) 3.22 Non-vested ā $ ā ā $ ā (1) For awards granted prior to 2019, the number of PVRSUs shown equals the shares that would vest if the āmaximumā level of performance was achieved. The minimum number of shares was zero and the ātargetā level of performance was 50 200 The total award-date fair value of TVRSUs vested during the period from January 1 through February 5, 2021 was $0.3 million. Share-based amortization recognized during the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019 related to all restricted stock totaled $0.7 million ($0.7 million net of income tax), $9.2 million ($8.6 million net of income tax) and $14.7 million ($14.1 million net of income tax), respectively. During the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, capitalized share-based amortization was zero. Liability-Classified Cash Incentive Awards In 2020, the Company granted cash incentive awards that would vest over a three-year three-year |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Accumulated Other Comprehensive Income (Loss) | Note 10ā Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the accumulated balances for each component of āAccumulated other comprehensive income (loss)ā during the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the year ended December 31, 2020. All amounts within the tables 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 ā (521 ) (521 ) Amounts reclassified from AOCI 898 ā 898 Net other comprehensive loss 898 (521 ) 377 Balance at 12/31/2020 (Predecessor) $ (39,737 ) $ (18,275 ) $ (58,012 ) Activity during period: Other comprehensive income before reclassifications ā (116 ) (116 ) Amounts reclassified from AOCI 224 ā 224 Net other comprehensive income (loss) 224 (116 ) 108 Cancellation of Predecessor equity 39,513 18,391 57,904 Balance at Balance at 2/5/2021 (Predecessor) $ ā $ ā $ ā Defined Benefit (1) Foreign Currency Total Balance at Balance at 2/6/2021 (Successor) $ ā $ ā $ ā Activity during period: Other comprehensive income before reclassifications ā ā ā Amounts reclassified to AOCI 5,389 ā 5,389 Net other comprehensive income 5,389 ā 5,389 Balance at December 31, 2021 $ 5,389 $ ā $ 5,389 (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 āOther income (expense).ā See āNote 14ā Employee Benefit Plansā for additional information. |
Revenue and Customers
Revenue and Customers | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Revenue and Customers | Note 11ā 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 āPrepaid expenses and other current assetsā and āOther current liabilities,ā respectively, and noncurrent contract assets and liabilities are included in āOther assetsā and āOther liabilities,ā respectively, on our Consolidated Balance Sheets. The following table provides information about contract assets and contract liabilities from contracts with customers: Successor Predecessor Current contract assets $ 5,744 $ 10,687 Noncurrent contract assets ā 3,174 Total contract assets 5,744 13,861 Current contract liabilities (deferred revenue) (18,403 ) (34,990 ) Noncurrent contract liabilities (deferred revenue) (9,352 ) (24,896 ) Total contract liabilities $ (27,755 ) $ (59,886 ) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances during the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the year ended December 31, 2020. are as follows: Contract Contract Net balance at December 31, 2019 (Predecessor) $ 30,800 $ (65,055 ) Amortization of deferred costs (27,043 ) ā Additions to deferred costs 10,104 ā Amortization of deferred revenue ā 57,915 Additions to deferred revenue ā (52,746 ) Total (16,939 ) 5,169 Net balance at December 31, 2020 (Predecessor) $ 13,861 $ (59,886 ) Amortization of deferred costs (1,607 ) ā Additions to deferred costs 432 ā Amortization of deferred revenue ā 4,142 Additions to deferred revenue ā (25,479 ) Fresh start accounting revaluation (12,686 ) 72,936 Total (13,861 ) 51,599 Net balance at 2/5/21 (Predecessor) $ ā $ (8,287 ) Net balance at 2/6/21 (Successor) $ ā $ (8,287 ) Amortization of deferred costs (3,908 ) ā Additions to deferred costs 9,652 ā Amortization of deferred revenue ā 13,729 Additions to deferred revenue ā (33,197 ) Total 5,744 (19,468 ) Net balance at 12/31/2021 (Successor) $ 5,744 $ (27,755 ) 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. Customer Contract Intangible Assets Upon emergence from the Chapter 11 Cases, the Company recognized a fair value adjustment of $113.4 million related to intangible assets for certain favorable customer contracts. These intangible assets will be amortized as a reduction of contract drilling services revenue from the Effective Date through the remainder of the contracts, approximately 18 months and 32 months, respectively. As of December 31, 2021, the net carrying amount was $61.8 million, $113.4 million gross less $51.5 million accumulated amortization. The expected remaining amortization is as follows: $43.5 million and $18.4 million for the years ending December 31, 2022 and 2023, respectively. We 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. We considered the events surrounding Hurricane Ida and the Noble Globetrotter II Future Amortization of Deferred Revenue The following table reflects revenue expected to be recognized in the future related to deferred revenue, by rig type, at the end of the reporting period: Year Ending December 31, 2022 2023 2024 2025 2026 and Total Floaters $ 11,930 $ 9,323 $ 29 $ ā $ ā $ 21,282 Jackups 6,473 ā ā ā ā 6,473 Total $ 18,403 $ 9,323 $ 29 $ ā $ ā $ 27,755 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, 2021. 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: Successor Predecessor Period From Period From Year Ended Year Ended Floaters $ 482,283 $ 50,057 $ 491,407 $ 727,177 Jackups 225,848 23,994 417,829 518,881 Total $ 708,131 $ 74,051 $ 909,236 $ 1,246,058 |
Leases
Leases | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company | |
Leases | Note 12ā 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 āOther current liabilities,ā āOther assetsā and āOther liabilities,ā on our Consolidated Balance Sheets. As discussed in āNote 1ā Organization and Basis of Presentation,ā in the 2020 Predecessor period, 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. Supplemental balance sheet information related to leases Successor Predecessor December 31, 2021 December 31, 2020 Operating Leases Operating lease right-of-use assets $ 17,066 $ 26,648 Current operating lease liabilities 3,923 1,942 Long-term operating lease liabilities (1) 13,166 4,969 Weighted average remaining lease term for operating leases (years) 6.25 7.8 Weighted average discounted rate for operating leases 9.5 % 11.1 % (1) $21.0 million of lease liabilities were classified as āLiabilities subject to compromiseā on our Consolidated Balance Sheet at December 31, 2020. The components of lease cost were as follows: Successor Predecessor Period From Period From Year Ended Operating lease cost $ 4,803 $ 365 $ 9,065 Short-term lease cost 634 (124 ) 2,893 Variable lease cost 412 (605 ) 1,265 Total lease cost $ 5,849 $ (364 ) $ 13,223 Supplemental cash flow information related to leases was as follows: Successor Predecessor Period From Period From Year Ended Operating cash flows used for operating leases $ 5,568 $ 979 $ 9,614 Right-of-use 9,647 ā 1,217 Maturities of lease liabilities as of December 31, 2021 were as follows: Operating Leases 2022 $ 5,245 2023 4,375 2024 4,252 2025 2,881 2026 2,523 Thereafter 4,332 Total lease payments 23,608 Less: Interest (6,372 ) Present value of lease liability $ 17,236 |
Income Taxes
Income Taxes | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Income Taxes | Note 13ā 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. Noble is incorporated in the Cayman Islands and therefore not subject to tax in any jurisdiction. With respect to Legacy Noble, 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: Successor Predecessor Deferred tax assets United States Net operating loss carry forwards $ 3,485 $ 79,047 Disallowed interest deduction carryforwards ā 62,337 Deferred pension plan amounts 3,427 10,568 Accrued expenses not currently deductible 5,780 5,625 Other 121 3,178 Non-United Net operating loss carry forwards 1,013,281 47,187 Transition attribute 888,962 ā Tax credits carryover 23,849 ā Disallowed interest deduction carryforwards 13,625 13,625 Deferred pension plan amounts ā 558 Accrued expenses not currently deductible 170 ā Deferred tax assets 1,952,700 222,125 Less: valuation allowance (1,899,092 ) (191,835 ) Net deferred tax assets $ 53,608 $ 30,290 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ ā $ (30,349 ) Contract asset (10,067 ) ā Deferred revenue (3,438 ) ā Other (1,116 ) (1,796 ) Non-United Excess of net book basis over remaining tax basis (690 ) (5,474 ) Contract asset (4,173 ) ā Other (1,912 ) (1,272 ) Deferred tax liabilities (21,396 ) (38,891 ) Net deferred tax assets (liabilities) $ 32,212 $ (8,601 ) Loss from continuing operations before income taxes consists of the following: Successor Predecessor Period From Period From Year Ended Year Ended United States $ (47,686 ) $ 1,878,637 $ (2,150,591 ) $ (65,062 ) Non-United 150,033 (1,624,986 ) (2,088,271 ) (844,022 ) Total $ 102,347 $ 253,651 $ (4,238,862 ) $ (909,084 ) The income tax provision (benefit) for continuing operations consists of the following: Successor Predecessor Period From Period From Year Ended Year Ended Current- United States $ (33,323 ) $ ā $ (257,552 ) $ (34,726 ) Current- Non-United 67,952 922 23,474 14,011 Deferred- United States (7,460 ) (4,689 ) (57,514 ) (5,307 ) Deferred- Non-United (26,804 ) 7,190 31,189 (12,518 ) Total $ 365 $ 3,423 $ (260,403 ) $ (38,540 ) The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties. Successor Predecessor Period From Period From Year Ended Year Ended Gross balance at beginning of period $ 37,156 $ 37,721 $ 130,837 $ 161,256 Additions based on tax positions related to current year 26,463 1,347 20,266 934 Additions for tax positions of prior years 21,465 ā 206 224 Reductions for tax positions of prior years (12,331 ) (5 ) (109,330 ) (28,542 ) Expiration of statutes (9,310 ) (1,907 ) (4,258 ) (1,629 ) Tax settlements ā ā ā (1,406 ) Gross balance at end of period 63,443 37,156 37,721 130,837 Related tax benefits (384 ) (384 ) (384 ) (400 ) Net reserve at end of period $ 63,059 $ 36,772 $ 37,337 $ 130,437 The liabilities related to our reserve for uncertain tax positions are comprised of the following: Successor Predecessor Period From Period From Year Ended Reserve for uncertain tax positions, excluding interest and penalties $ 63,059 $ 36,772 $ 37,337 Interest and penalties included in āOther liabilitiesā 11,930 5,273 5,164 Reserve for uncertain tax positions, including interest and penalties $ 74,989 $ 42,045 $ 42,501 At December 31, 2021, the reserves for uncertain tax positions totaled $75.0 million. If a portion or all of the December 31, 2021 reserves are not realized, the provision for income taxes could be reduced by up to $53.6 million. At December 31, 2020, the reserves for uncertain tax positions totaled $42.5 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 include, as a component of our āIncome tax benefit (provision),ā potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax expense of $6.7 million and $0.1 million for the period from February 6, 2021 to December 31, 2021 and for the period from January 1 through February 5, 2021, respectively. Interest and penalties resulted in an income tax benefit of $24.1 million in 2020 and $3.0 million in 2019. We recorded an income tax expense of $0.4 million and $3.4 million and income tax benefit $260.4 million during the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the year ended December 31, 2020, respectively. During the period from February 6, 2021 to December 31, 2021, our tax provision included tax benefits of $24.3 million related to US and non-US non-US non-US During the period from January 1 through February 5, 2021, our income tax provision included a tax benefit of $1.7 million related to non-US During the year ended December 31, 2020, our tax benefit included the tax effect from asset impairments of $99.7 million, the tax impact of the application of the CARES Act of $39.0 million, a non-US return-to-provision non-US Our gross deferred tax asset balance at year-end write-off During the period ending December 31, 2021, we recognized deferred tax benefits of $22.8 million out of the total available tax benefits of $1.8 billion related to tax attributes available in Switzerland and Luxembourg. The available tax benefits in Switzerland are related to transition attributes created by a tax ruling we obtained in December 2021. These tax benefits are scheduled to expire by 2036. The available tax benefits in Luxembourg are related to net operating losses generated in years prior to 2021 by Pacific Drilling. Most of these tax losses are scheduled to expire between 2035 and 2038; however, a portion of the tax losses has no expiration date. In deriving the $22.8 million in tax benefits being recognized, we relied on sources of income attributable to the reversal of taxable temporary differences in the same periods as the relevant tax attributes and projected taxable income for the period covered by our relevant existing drilling contracts. Given the mobile nature of our assets, we are not able to reasonably forecast the jurisdiction of our taxable income from future drilling contracts. We also have limited objective positive evidence in historical periods for Switzerland and Luxembourg. Accordingly, in determining the amount of deferred tax benefits to recognize related to our Switzerland and Luxembourg rig-owning 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 in the pre-emergence pre-emergence non-UK pre-emergence Successor Predecessor Period From Period From Year Ended Year Ended Effect of: Tax rates which are different than the Cayman Islands (Successor) and UK (Predecessor) rates 22.6 % 0.5 % 0.4 % 4.3 % Tax impact of asset impairment and disposition ā % ā % 4.5 % 0.3 % Tax impact of restructuring ā % 1.0 % 2.1 % (4.1 )% Tax impact of the tax regulation change ā % ā % 0.9 % ā % Tax impact of valuation allowance (25.2 )% ā % (4.3 )% 0.5 % Resolution of (reserve for) tax authority audits 2.9 % (0.2 )% 2.5 % 3.2 % Total 0.3 % 1.3 % 6.1 % 4.2 % At December 31, 2021, 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 material taxable event in the foreseeable future. Therefore, no material 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. For example, cancellation of indebtedness income from such restructuring transaction has significantly reduced the Companyās 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 āCodeā), which subjects certain remaining tax attributes to an annual limitation under Section 382 of the Code. |
Employee Benefit Plans
Employee Benefit Plans | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Employee Benefit Plans | Note 14ā Employee Benefit Plans Defined Benefit Plans Noble Drilling (Land Support) Limited, an indirect, wholly-owned subsidiary of Noble (āNDLSā), maintains a pension plan that covers all of its salaried, non-union ānon-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 (āPBOā) for our non-US Successor Predecessor Period From February 6, Period From January 1, Year Ended December 31, Non-US US Non-US US Non-US US Benefit obligation at beginning of period $ 63,729 $ 256,417 $ 67,943 $ 266,090 $ 62,485 $ 240,249 Interest cost 1,228 5,993 97 615 1,877 7,567 Actuarial loss (gain) 1,548 (6,465 ) (4,366 ) (6,491 ) 7,190 28,266 Plan amendments ā ā ā ā 104 ā Benefits paid (2,456 ) (7,199 ) (138 ) (1,515 ) (2,261 ) (8,024 ) Settlements and curtailments ā (5,208 ) ā (2,282 ) (3,751 ) (1,968 ) Foreign exchange rate changes (983 ) ā 193 ā 2,299 ā Benefit obligation at end of period $ 63,066 $ 243,538 $ 63,729 $ 256,417 $ 67,943 $ 266,090 A reconciliation of the changes in fair value of plan assets is as follows: Successor Predecessor Period From February 6, Period From January 1, Year Ended December 31, Non-US US Non-US US Non-US US Fair value of plan assets at beginning of period $ 79,146 $ 221,743 $ 83,808 $ 222,417 $ 76,429 $ 194,160 Actual return on plan assets 2,998 12,254 (4,763 ) 838 8,741 36,247 Employer contributions ā 5,240 ā 2,285 ā 2,002 Benefits paid (2,456 ) (7,199 ) (138 ) (1,515 ) (2,261 ) (8,024 ) Settlement and curtailment ā (5,208 ) ā (2,282 ) (3,751 ) (1,968 ) Foreign exchange rate changes (1,223 ) ā 239 ā 4,650 ā Fair value of plan assets at end of period $ 78,465 $ 226,830 $ 79,146 $ 221,743 $ 83,808 $ 222,417 The funded status of the plans is as follows: Successor Predecessor 2021 2020 Non-US US Non-US US Funded status $ 15,399 $ (16,708 ) $ 15,865 $ (43,673 ) Amounts recognized in the Consolidated Balance Sheets consist of: Successor Predecessor 2021 2020 Non-US US Non-US US Other assets (noncurrent) $ 15,399 $ 971 $ 15,865 $ ā Other liabilities (current) ā (67 ) ā (8,169 ) Other liabilities (noncurrent) ā (17,612 ) ā (35,504 ) Net amount recognized $ 15,399 $ (16,708 ) $ 15,865 $ (43,673 ) Amounts recognized in AOCI consist of: Successor Predecessor As of December 31, 2021 As of December 31, 2020 Non-US US Non-US US Net actuarial (gain) loss $ (369 ) $ (6,496 ) $ 3,108 $ 47,094 Deferred income tax asset (liability) 112 1,364 (558 ) (9,890 ) Accumulated other comprehensive income (loss) $ (257 ) $ (5,132 ) $ 2,550 $ 37,204 Pension costs include the following components: Successor Predecessor Period From Period From Year Ended December 31, 2020 2019 Non-US US Non-US US Non-US US Non-US US Service cost $ ā $ ā $ ā $ ā $ ā $ ā $ ā $ ā Interest cost 1,228 5,993 97 615 1,877 7,567 1,814 8,711 Return on plan assets (845 ) (11,648 ) (85 ) (1,239 ) (1,649 ) (11,676 ) (2,471 ) (10,313 ) Amortization of prior service cost ā ā 1 ā 10 ā 10 ā Recognized net actuarial loss ā ā ā 281 ā 2,866 ā 2,771 Settlement and curtailment gains ā (575 ) ā 301 9 154 ā (37 ) Net pension benefit cost (gain) $ 383 $ (6,230 ) $ 13 $ (42 ) $ 247 $ (1,089 ) $ (647 ) $ 1,132 There is zero and zero estimated net actuarial losses and prior service costs for the non-US During the years ended December 31, 2021, 2020 and 2019, we adopted the Retirement Plan (āRPā) mortality tables with the Mortality Projection (āMPā) scale as issued by the Society of Actuaries for each of the respective years. The RP 2021, 2020 and 2019 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 increased our pension liability on our US plans by approximately $0.7 million as of December 31, 2021 and decreased our pension liability by approximately $1.7 million and $2.1 million as of December 31, 2020 and 2019. 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 membersā 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 PlansāDisaggregated Plan Information Disaggregated information regarding our non-US Successor Predecessor 2021 2020 Non-US US Non-US US Projected benefit obligation $ 63,066 $ 243,538 $ 67,943 $ 266,090 Accumulated benefit obligation 63,066 243,538 67,943 266,090 Fair value of plan assets 78,465 226,830 83,808 222,417 The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2021 and 2020. 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. Successor Predecessor 2021 2020 Non-US US Non-US US Projected benefit obligation $ ā $ 207,059 $ ā $ 266,090 Fair value of plan assets ā 189,382 ā 222,417 The PBO for the unfunded excess benefit plan was $1.5 million at December 31, 2021 as compared to $9.7 million in 2020, and is included under āUSā in the above tables. The following table provides information related to those plans in which the accumulated benefit obligation (āABOā) exceeded the fair value of plan assets at December 31, 2021 and 2020. 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. Successor Years Predecessor Years 2021 2020 Non-US US Non-US US Accumulated benefit obligation $ ā $ 207,059 $ ā $ 266,090 Fair value of plan assets ā 189,382 ā 222,417 The ABO for the unfunded excess benefit plan was $1.5 million at December 31, 2021 as compared to $9.7 million in 2020, and is included under āUSā in the above tables. Defined Benefit PlansāKey Assumptions The key assumptions for the plans are summarized below: Successor Predecessor Period From Period From Year Ended December 31, 2020 Non-US US Non-US US Non-US US Weighted-average assumptions used to determine benefit obligations: Discount Rate 1.80% 2.63% - 2.89% 1.80% 1.92% - 2.77% 1.40% 1.82% - 2.60% Rate of compensation increase N/A N/A N/A N/A N/A N/A Successor Predecessor Period From Period From Years Ended December 31, 2020 2019 Non-US Non-US Non-US Non-US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 1.80 % 1.80 % 2.10 % 2.90 % Expected long-term return on assets 1.20 % 1.20 % 2.90 % 3.70 % Rate of compensation increase N/A N/A N/A N/A Successor Predecessor Period From Period From Years Ended December 31, 2020 2019 US US US US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 1.92% - 2.77% 1.82% - 2.60% 2.56% - 3.32% 3.65% - 4.29% Expected long-term return on assets 5.00% - 5.80% 5.10% - 6.10% 5.40% - 6.30% 5.40% - 6.50% Rate of compensation increase 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 Moodyās rating of āAaā 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 PlansāPlan Assets Non-US As of December 31, 2021, the NDLS pension Scheme targets an asset allocation of 20.0% return-seeking securities (growth) and 80.0% in debt securities (matching) and adopts a de-risking de-risking risk within the matching portfolio in relation to the Schemeās liabilities. By achieving these objectives, the Trustees believe the Scheme will be able to avoid significant volatility in the contribution rate and provide sufficient assets to cover the Schemeās benefit obligations. To achieve this the Trustees have given Mercer, the appointed investment manager, full discretion in the day-to-day de-risking The actual fair values of the non-US Successor: As of December 31, 2021 Estimated Fair Value Measurements Carrying Quoted Prices in Significant Other Significant Unobservable Cash and cash equivalents $ 938 $ 938 $ ā $ ā Equity securities: International companies 10,546 10,546 ā ā Fixed income securities: Corporate bonds 66,981 66,981 ā ā Total $ 78,465 $ 78,465 $ ā $ ā Predecessor: As of December 31, 2020 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 5,405 $ 5,405 $ ā $ ā Equity securities: International companies 4,179 4,179 ā ā Fixed income securities: Corporate bonds 72,407 72,407 ā ā Other 1,817 1,817 ā ā Total $ 83,808 $ 83,808 $ ā $ ā 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 38.9% equity securities, 59.9% fixed income securities, and 1.2% 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 For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fundās prospectus and the other governing documentation at the fund level. No shares of Noble were included in equity securities at either December 31, 2021 or 2020. The actual fair values of US plan assets are as follows: Successor: As of December 31, 2021 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 3,718 $ 3,718 $ ā $ ā Equity securities: United States 86,237 ā 86,237 ā Fixed income securities: Corporate bonds 103,504 100,342 3,162 ā Treasury bonds 33,371 33,371 ā ā Total $ 226,830 $ 137,431 $ 89,399 $ ā Predecessor: As of December 31, 2020 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 1,727 $ 1,727 $ ā $ ā Equity securities: United States 78,019 32,387 45,632 ā International 32,310 32,310 ā ā Fixed income securities: Corporate bonds 83,645 82,669 976 ā Treasury bonds 26,716 26,716 ā ā Total $ 222,417 $ 175,809 $ 46,608 $ ā Defined Benefit PlansāCash Flows During the period from January 1, 2021 to February 5, 20201 and the period from February 6, 2021 to December 31, 2021, 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, 2021: Payments by Period Total 2022 2023 2024 2025 2026 Thereafter Estimated benefit payments Non-US $ 30,302 $ 2,514 $ 2,616 $ 2,723 $ 2,835 $ 2,951 $ 16,663 US plans 110,107 9,710 10,190 10,397 10,844 11,059 57,907 Total estimated benefit payments $ 140,409 $ 12,224 $ 12,806 $ 13,120 $ 13,679 $ 14,010 $ 74,570 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, 2021 and 2020, our liability for the 401(k) Restoration Plan was $2.8 million and $7.8 million, respectively, and is included in āAccrued payroll and related costs.ā The primary reason for the decrease is due to benefits paid during the calendar year 2021. Subsequent to December 31, 2021, the board has approved the termination of the 401(k) Restoration Plan and distribution of benefits is expected to occur within the next 12 months. 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 zero, zero, $2.4 million and $2.4 million, respectively, for the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the years end December 31, 2020 and 2019. The cost of maintaining these plans for continuing operations aggregated approximately $29.8 million, $1.6 million, $24.9 million and $28.1 million for the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Fair Value of Financial Instruments | Note 15ā 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: 12/31/2021 (Successor) Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Unobservable Assets - Marketable securities $ 7,645 $ 7,645 $ ā $ ā 12/31/2020 (Predecessor) Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Unobservable Assets - Marketable securities $ 12,326 $ 12,326 $ ā $ ā 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. |
Commitments and Contingencies
Commitments and Contingencies | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Commitments and Contingencies | Note 16ā Commitments and Contingencies Tax matters In June 2021, the IRS completed its limited scope examination in relation to our CARES Act refund claim and did not propose any adjustments to the taxable years ended December 31, 2012, 2013, 2014, 2018 and 2019. In June 2021, the IRS completed its audit of taxable year 2009 in relation to our foreign tax credit refund claim. 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 $618.0 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 in Saudi Arabia related to tax years 2015 to 2019 and against Pacific Drilling entities in Nigeria related to tax years 2010 to 2018. We intend to vigorously defend our reported positions and currently 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. Hurricane Ida Personal Injury Claims We have had 14 employees and third parties that were onboard the Noble Globetrotter II related to physical and emotional harm suffered as a result of the incident. See āNote 6ā Property and Equipmentā for additional information regarding the incident. We have received letters of representation from a number of other potential plaintiffs, and more suits may be brought with respect to the incident. We are in the early stages of litigation. We intend to defend ourselves vigorously against these claims although there is inherent risk in litigation, and we cannot provide assurance as to the outcome of this lawsuit. We have insurance for such claims with a deductible of $5.0 million. 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 other 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. |
Segment and Related Information
Segment and Related Information | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Segment Reporting Disclosure | Note 17ā Segment and Related Information We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. 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. As of December 31, 2021, our contract drilling services segment conducts contract drilling operations in Far East Asia, the Middle East, the North Sea, Oceania, South America and the US Gulf of Mexico. Included in our long-lived assets balance below is our property and equipment and right-of-use of-use The following table presents revenues and long lived assets by country based on the location of the service provided during the Successor period: Revenues Long-Lived Assets as of Period From December 31, 2021 Australia $ 1,954 $ 20,704 Brazil 251 1,702 Canada 10 ā Canary Islands ā 88,092 Denmark 25,119 18,407 Guyana 244,638 678,852 Indonesia 23,964 ā Malaysia ā 7,341 Mauritania 29,616 ā Mexico 11,022 ā Norway 20,351 228,687 Qatar 23,247 20,487 Saudi Arabia 75,676 371 Suriname 62,090 ā Timor-Leste 32,257 ā Trinidad and Tobago 35,710 19,387 United Arab Emirates ā 607 United Kingdom 28,126 53,198 United States 156,294 360,478 Other ā 55 Total $ 770,325 $ 1,498,368 The following table presents revenues and identifiable assets by country based on the location of the service provided during the Predecessor period: Revenues Long-Lived Assets as of Period From Year Ended Year Ended December 31, 2020 Australia $ 54 $ 50,434 $ 33,623 $ 20,886 Brazil ā ā ā 4,794 Bulgaria ā ā 61,525 ā Canada ā 28,915 46,147 ā Denmark ā 7,662 31,076 ā Egypt ā ā 49,209 ā Gabon ā 147 ā ā Guyana 23,012 222,088 132,414 1,753,914 Malaysia ā ā 251,497 6,310 Myanmar ā 21,084 56,207 ā Revenues Long-Lived Assets as of Period From Year Ended Year Ended December 31, 2020 Qatar $ 2,263 $ 31,024 $ 36,948 $ 18,582 Saudi Arabia 10,745 133,246 154,807 301,121 Suriname 6,029 61,474 17,374 565,327 Trinidad and Tobago 4,995 9,468 ā 18,355 United Arab Emirates ā ā ā 18,134 United Kingdom 7,142 180,610 243,063 674,704 United States 23,241 209,401 191,548 223,653 Vietnam ā 8,719 ā ā Other ā ā ā 130 Total $ 77,481 $ 964,272 $ 1,305,438 $ 3,605,910 Significant Customers The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues: Successor Predecessor Period From Period From Year Ended Year Ended (1) Royal Dutch Shell plc (āShellā) 13.3 % 30 % 21.7 % 36.5 % Exxon Mobil Corporation (āExxonMobilā) 39.1 % 29.8 % 26.6 % 13.7 % Equinor ASA (āEquinorā) 3.1 % 5.2 % 14.3 % 13.1 % Saudi Arabian Oil Company (āSaudi Aramcoā) 9.8 % 13.9 % 13.8 % 11.9 % (1) Excluding the Noble Bully II No other customer accounted for more than 10 percent of our consolidated operating revenues in 2021, 2020 or 2019. |
Supplemental Financial Informat
Supplemental Financial Information | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Supplemental Financial Information | Note 18ā Supplemental Financial Information 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 Period From Year Ended Year Ended Accounts receivable $ 6,245 $ (41,344 ) $ 50,802 $ 2,057 Other current assets 2,295 17,884 (866 ) 3,573 Other assets (11,650 ) 8,521 (2,369 ) 16,218 Accounts payable 11,429 (16,819 ) 357 (2,279 ) Other current liabilities 4,312 11,428 8,582 (4,700 ) Other liabilities 32,928 (5,846 ) (10,941 ) (24,577 ) Total net change in assets and liabilities $ 45,559 $ (26,176 ) $ 45,565 $ (9,708 ) Finco Successor Predecessor Period From Period From Year Ended Year Ended Accounts receivable $ 6,245 $ (41,344 ) $ 19,588 $ 2,057 Other current assets (594 ) 19,398 7,830 4,046 Other assets (11,618 ) 8,512 (800 ) 18,749 Accounts payable 15,822 (14,061 ) (11,018 ) (2,182 ) Other current liabilities 4,125 11,623 16,055 (4,549 ) Other liabilities 32,700 (5,936 ) (10,941 ) (24,577 ) Total net change in assets and liabilities $ 46,680 $ (21,808 ) $ 20,714 $ (6,456 ) Non-cash Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of December 31, 2021, 2020 and 2019 were $36.5 million, $35.3 million and $36.0 million, respectively. We entered into the $53.6 million 2019 Seller Loan to finance a portion of the purchase price for the Noble Joe Knight Additional cash flow information is as follows: Noble Successor Predecessor Period From Period From Year Ended Year Ended Cash paid during the period for: Interest, net of amounts capitalized $ 21,150 $ ā $ 138,040 $ 289,457 Income taxes paid (refunded), net (1) (8,113 ) 4,385 (133,708 ) 8,181 Finco Successor Predecessor Period From Period From Year Ended Year Ended Cash paid during the period for: Interest, net of amounts capitalized $ 21,150 $ ā $ 138,040 $ 289,457 Income taxes paid (refunded), net (1) (8,113 ) 4,385 (133,708 ) 8,181 (1) The net tax refund for the period from February 6, 2021 to December 31, 2021 excludes withholding tax in Guyana of $15.1 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax refund would be $23.3 million. The net tax refund for the period from January 1, 2021 to February 5, 2021 excludes withholding tax in Guyana of $1.4 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax payment would be $3.0 million. |
Subsequent Events
Subsequent Events | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Subsequent Events | Note 19ā Subsequent Events Potential Litigation Matters related to the Business Combination Following our announcement of the Business Combination, in the first quarter of 2022, we received one demand letter, and two complaints were filed against us, all challenging the Business Combination. The outcome of these complaints and the demand letter, as well as those that may in the future be received or filed with respect to the Business Combination, is uncertain. We believe that we and our directors and officers acted appropriately in connection with the Business Combination and have valid defenses to the allegations and we intend to defend the lawsuits vigorously. While we do not anticipate a negative outcome with respect to such litigation, we cannot assure you as to the outcome or any material negative effect thereof. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) - Noble Finance Company [Member] | 11 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation | Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (āNobleā or āSuccessorā), 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, 2021, our fleet of 20 drilling rigs consisted of 12 floaters and eight We report our contract drilling operations as a single On July 31, 2020 (the āPetition Dateā), 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 (āLegacy Nobleā or the āPredecessorā), and certain of its subsidiaries, including Noble Finance Company (formerly known as Noble Corporation), a Cayman Islands company (āFincoā), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas (the āBankruptcy Courtā) seeking relief under chapter 11 of title 11 of the United States Code (the āBankruptcy Codeā). 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, six Noble Corporation plc, No. 20-33826) The 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 (āFASBā) Accounting Standards Codification (āASCā) Topic 852 ā Reorganizations (āASC 852ā). 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 āNote 3āFresh Start Accountingā 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, our parent company, since the Effective Date. Nobleās 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 āPredecessorā and āSuccessorā also refers to Finco, as the context requires. |
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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (āUS GAAPā) 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. |
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, 2021 and 2020, our Noble restricted cash balance consisted of $2.6 million and $21.7 million, respectively. As of December 31, 2021 and 2020, our Finco restricted cash balance consisted of $2.6 million and $1.7 million, respectively. All restricted cash is recorded in āPrepaid expenses and other current assets.ā As of December 31, 2021, our restricted cash balance was associated cash collateral on the Companyās purchase cards and a performance guarantee on the Noble Faye Kozack |
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, 2021 and 2020 was zero and $1.1 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 five 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 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 (āconstrained revenueā). When determining if variable consideration should be constrained, management considers whether there are factors outside the Companyās 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 Revenues Related to Reimbursable Expenses Deferred revenues from drilling contracts totaled $27.8 million and $59.9 million at December 31, 2021 and 2020, respectively. Such amounts are included in either āOther current liabilitiesā or āOther liabilitiesā in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $5.7 million at December 31, 2021 as compared to $13.9 million at December 31, 2020 and are included in either āPrepaid expenses and other current assets,ā āOther assetsā or āProperty and equipment, netā in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. We record reimbursements from customers for āout-of-pocketā |
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, employersā 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 employerās 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, 2021 and 2020, loss reserves for personal injury and protection claims totaled $14.8 million and $30.9 million, respectively, and such amounts are included in āOther current liabilitiesā and āOther current liabilitiesā or āLiabilities subject to compromise,ā respectively, 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 employeeās 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 employeeās 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 currency transaction gains and losses are included in net income or loss. In non-US |
Discontinued Operations | Discontinued Operations On August 1, 2014, Legacy Noble completed the separation and spin-off āSpin-offā) Spin-off, Prior to the completion of the Spin-off, Spin-off Spin-off Spin-off. Spin-off, |
Accounting Standards Adopted and Recently Issued Accounting Standards | Accounting Pronouncements Accounting Standards Adopted In December 2019, the FASB issued Accounting Standards Update (āASUā) No. 2019-12, We adopted ASU No. 2019-12, Recently Issued Accounting Standards In October 2021, the FASB issued ASU No. 2021-08, |
Chapter 11 Emergence (Tables)
Chapter 11 Emergence (Tables) | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Schedule of Investments [Line Items] | |
Schedule of Components of Reorganization Items, Net | The following table summarizes the components of reorganization items included in our Consolidated Statements of Operations for the period from January 1, 2021 through February 5, 2021:āāāāāāā Predecessor Noble Finco Period From Period From January 1, 2021 January 1, 2021 through through February 5, 2021 February 5, 2021 Professional fees (1) $ (28,739 ) $ (8,095 ) Adjustments for estimated allowed litigation claims 77,300 ā 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 Consolidated Statements of Cash Flows for the period from January 1, 2021 through February 5, 2021 for Noble and Finco, respectively. |
Fresh Start Accounting (Tables)
Fresh Start Accounting (Tables) - Noble Finance Company [Member] | 11 Months Ended |
Dec. 31, 2021 | |
Schedule of Reconciliation of Enterprise Value and Reorganization Value | 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 Equity $ 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 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 ) $ ā $ 111,968 Accounts receivable, net 189,207 ā ā 189,207 Taxes receivable 32,556 ā ā 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 ā ā 113,389 (n ) 113,389 Property and equipment, at cost 4,787,661 ā (3,631,936 ) (o ) 1,155,725 Accumulated depreciation (1,221,033 ) ā 1,221,033 (o ) ā Property and equipment, net 3,566,628 ā (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 ) $ ā $ 81,949 Accrued payroll and related costs 35,615 ā ā 35,615 Taxes payable 34,211 ā ā 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 ā 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 ) ā ā Total liabilities 4,485,588 (3,790,388 ) (8,022 ) 687,178 Shareholdersā equity (deficit) Common stock (Predecessor) 2,511 (2,511 ) (j ) ā ā Common stock (Successor) ā 1 (k ) ā 1 Additional paid-in 815,505 (815,505 ) (j ) ā ā Additional paid-in ā 1,018,767 (k ) ā 1,018,767 Predecessor Reorganization Fresh Start Successor Accumulated deficit (1,006,351 ) 3,374,323 (l ) (2,367,972 ) (r ) ā Accumulated other comprehensive loss (57,904 ) ā 57,904 (s ) ā Total shareholdersā equity (deficit) (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 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 Predecessorās 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 Adjustments (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 ā (6,238 ) ā ā Pension assets and obligations ā (1,010 ) 3 (6,085 ) Fair value adjustments to other assets ā (639 ) ā ā $ (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 ) ā 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 Predecessorās 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 and Divestitures
Acquisitions and Divestitures (Tables) - Noble Finance Company | 11 Months Ended |
Dec. 31, 2021 | |
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 457 Total assets acquired 464,780 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 $ 419,967 Gain on bargain purchase 62,305 Purchase price consideration $ 357,662 |
Schedule of Revenue and Net Income of Acquiree subsequent to the Closing of Merger | The following table represents Pacific Drillingās revenue and earnings included in Nobleās consolidated statement of operations subsequent to the closing of the Pacific Drilling Merger. Successor Period From February 6, 2021 through December 31, 2021 Revenue $ 94,506 Net loss $ (46,646 ) |
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 Period From February 6, 2021 through December 31, 2021 Revenue $ 792,999 Net income $ 69,966 Net income per share Basic $ 1.05 Diluted $ 0.98 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) - Noble Finance Company [Member] | 11 Months Ended |
Dec. 31, 2021 | |
Schedule of Computation of Basic and Diluted Earnings Per Share for Noble-UK | The following table presents the computation of basic and diluted earnings per share: Successor Predecessor Period From Period From February 6, 2021 January 1, 2021 through through Year Ended Year Ended December 31, 2021 February 5, 2021 December 31, 2020 December 31, 2019 Numerator: Basic Net income (loss) from continuing operations $ 101,982 $ 250,228 $ (3,978,459 ) $ (696,769 ) Net loss from discontinued operations, net of tax ā ā ā (3,821 ) Net income (loss) attributable to Noble Corporation $ 101,982 $ 250,228 $ (3,978,459 ) $ (700,590 ) Diluted Net income (loss) from continuing operations $ 101,982 $ 250,228 $ (3,978,459 ) $ (696,769 ) Net loss from discontinued operations, net of tax ā ā ā (3,821 ) Net income (loss) attributable to Noble Corporation $ 101,982 $ 250,228 $ (3,978,459 ) $ (700,590 ) Denominator: Weighted average shares outstanding ā basic 63,186 251,115 250,792 248,949 Dilutive effect of share-based awards 3,180 5,456 ā ā Dilutive effect of warrants 1,262 ā ā ā Weighted average shares outstanding ā diluted 67,628 256,571 250,792 248,949 Income (loss) per share Basic: Income (loss) from continuing operations $ 1.61 $ 1.00 $ (15.86 ) $ (2.79 ) Loss from discontinued operations ā ā ā (0.02 ) Net income (loss) attributable to Noble Corporation $ 1.61 $ 1.00 $ (15.86 ) $ (2.81 ) Diluted: Income (loss) from continuing operations $ 1.51 $ 0.98 $ (15.86 ) $ (2.79 ) Loss from discontinued operations ā ā ā (0.02 ) Net income (loss) attributable to Noble Corporation $ 1.51 $ 0.98 $ (15.86 ) $ (2.81 ) |
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 Period From Period From February 6, 2021 January 1, 2021 through through Year Ended Year Ended December 31, 2021 February 5, 2021 December 31, 2020 December 31, 2019 Share-based awards ā 556 6,082 11,892 Warrants (1) 11,097 ā ā ā (1) Represents the total number of warrants outstanding which did not have a dilutive effect. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Schedule of Property and Equipment, at Cost | Property and equipment, at cost, for Noble consisted of the following: Successor Predecessor Year Ended Year Ended 2021 2020 Drilling equipment and facilities $ 1,467,772 $ 4,476,960 Construction in progress 77,363 99,812 Other 10,840 200,925 Property and equipment, at cost $ 1,555,975 $ 4,777,697 |
Debt (Tables)
Debt (Tables) | 11 Months Ended |
Dec. 31, 2021 | |
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 (1) Carrying Value Estimated Fair Carrying Value Estimated Fair Senior secured notes 11.000% Senior Notes due February 2028 $ 216,000 $ 236,792 $ ā $ ā Senior unsecured notes 4.900% Senior Notes due August 2020 $ ā $ ā $ 62,535 $ 1,366 4.625% Senior Notes due March 2021 ā ā 79,936 1,596 3.950% Senior Notes due March 2022 ā ā 21,213 354 7.750% Senior Notes due January 2024 ā ā 397,025 7,925 7.950% Senior Notes due April 2025 ā ā 450,000 8,348 7.875% Senior Notes due February 2026 ā ā 750,000 301,935 6.200% Senior Notes due August 2040 ā ā 393,596 7,966 6.050% Senior Notes due March 2041 ā ā 395,002 7,327 5.250% Senior Notes due March 2042 ā ā 483,619 9,701 8.950% Senior Notes due April 2045 ā ā 400,000 7,420 Credit facility: Senior Secured Revolving Credit Facility matures July 2025 ā ā ā ā 2017 Credit Facility due to mature January 2023 ā ā 545,000 545,000 Total debt 216,000 236,792 3,977,926 898,938 Less: Current maturities of long-term debt ā ā ā ā Long-term debt $ 216,000 $ 236,792 $ ā $ ā |
Equity (Tables)
Equity (Tables) - Noble Finance Company | 11 Months Ended |
Dec. 31, 2021 | |
Class of Stock [Line Items] | |
Summary of Stock Options Granted | A summary of the status of stock options granted under the 1991 Plan and the changes during the period ended on February 5, 2021, December 31, 2020 and December 31, 2019 are presented below: February 5, 2021 December 31, 2020 December 31, 2019 Number of Weighted Number of Weighted Number of Weighted Outstanding at beginning of period 556,155 $ 30.39 708,400 $ 30.90 1,103,242 $ 28.74 Expired or cancelled (556,155 ) 30.39 (152,245 ) 32.78 (394,842 ) 24.85 Outstanding at end of period ā ā 556,155 30.39 708,400 30.90 Exercisable at end of period ā $ ā 556,155 $ 30.39 708,400 $ 30.90 |
Assumptions used to Value Performance-Vested Restricted Stock Awards | The assumptions used to value the PVRSUs included historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows: 2020 2019 Valuation assumptions: Expected volatility 69.8 % 59.6 % Expected dividend yield ā % ā % Risk-free interest rate 1.40 % 2.50 % |
Summary of Restricted Share Awards | A summary of the RSUs awarded for each of the years ended 2020 and 2019 is as follows: 2020 2019 TVRSU Units awarded 5,559,678 4,639,119 Weighted-average share price at award date $ 0.82 $ 3.02 Weighted-average vesting period (years) 3.0 3.0 PVRSU Units awarded 2,696,774 1,623,399 Weighted-average share price at award date $ 0.91 $ 3.13 Three-year performance period ended December 31 2022 2021 Weighted-average award date fair value $ 1.14 $ 3.61 |
Summary of Status of Non-Vested Restricted Shares | A summary of the status of non-vested Equity-Classified TVRSUs Weighted Award-Date PVRSUs (1) Weighted Award-Date Non-vested ā $ ā ā $ ā Awarded 1,735,843 16.68 1,457,842 20.82 Vested ā ā ā ā Forfeited (66,081 ) 16.44 ā ā Non-vested 1,669,762 $ 16.69 1,457,842 $ 20.82 (1) For awards granted during 2021, the number of PVRSUs shown equals the shares that would vest if the ātargetā level of performance is achieved. The minimum number of units is zero and the āmaximumā level of performance is 200 percent of the amounts shown. |
Noble Incentive Plan | |
Class of Stock [Line Items] | |
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 for the respective grant dates: February 19, 2021 October 1, 2021 December 1, 2021 Valuation assumptions: Expected volatility 50.0 % 92.2 % 95.1 % Expected dividend yield ā % ā % ā % Risk-free interest rate 0.19 % 0.33 % 0.58 % |
Summary of Restricted Share Awards | A summary of the RSUs awarded for the period from February 6, 2021 through December 31, 2021 is as follows: 2021 Equity-classified TVRSU Units awarded 1,735,843 Weighted-average share price at award date $ 16.68 Weighted-average vesting period (years) 2.94 Liability-classified TVRSU Units awarded 52,364 Weighted-average share price at award date $ 16.76 Weighted-average vesting period (years) 2.81 PVRSU Units awarded 1,457,842 Weighted-average share price at award date $ 16.74 Three-year performance period ended December 31 2023 Weighted-average award date fair value $ 20.82 |
Summary of Status of Non-Vested Restricted Shares | A summary of the status of non-vested TVRSUs Weighted Award-Date PVRSUs (1) Weighted Award-Date Non-vested 2,362,500 $ 3.43 3,163,113 $ 3.22 Awarded ā ā ā ā Vested (61,050 ) 5.46 ā ā Forfeited or cancelled (2,301,450 ) 3.37 (3,163,113 ) 3.22 Non-vested ā $ ā ā $ ā (1) For awards granted prior to 2019, the number of PVRSUs shown equals the shares that would vest if the āmaximumā level of performance was achieved. The minimum number of shares was zero and the ātargetā level of performance was 50 200 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
Schedule of Changes in Accumulated Balances for Components of AOCI | The following table presents the changes in the accumulated balances for each component of āAccumulated other comprehensive income (loss)ā during the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the year ended December 31, 2020. All amounts within the tables 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 ā (521 ) (521 ) Amounts reclassified from AOCI 898 ā 898 Net other comprehensive loss 898 (521 ) 377 Balance at 12/31/2020 (Predecessor) $ (39,737 ) $ (18,275 ) $ (58,012 ) Activity during period: Other comprehensive income before reclassifications ā (116 ) (116 ) Amounts reclassified from AOCI 224 ā 224 Net other comprehensive income (loss) 224 (116 ) 108 Cancellation of Predecessor equity 39,513 18,391 57,904 Balance at Balance at 2/5/2021 (Predecessor) $ ā $ ā $ ā Defined Benefit (1) Foreign Currency Total Balance at Balance at 2/6/2021 (Successor) $ ā $ ā $ ā Activity during period: Other comprehensive income before reclassifications ā ā ā Amounts reclassified to AOCI 5,389 ā 5,389 Net other comprehensive income 5,389 ā 5,389 Balance at December 31, 2021 $ 5,389 $ ā $ 5,389 (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 āOther income (expense).ā See āNote 14ā Employee Benefit Plansā for additional information. |
Revenue and Customers (Tables)
Revenue and Customers (Tables) - Noble Finance Company [Member] | 11 Months Ended |
Dec. 31, 2021 | |
Schedule of Contract Assets and Contract Liabilities | The following table provides information about contract assets and contract liabilities from contracts with customers: Successor Predecessor Current contract assets $ 5,744 $ 10,687 Noncurrent contract assets ā 3,174 Total contract assets 5,744 13,861 Current contract liabilities (deferred revenue) (18,403 ) (34,990 ) Noncurrent contract liabilities (deferred revenue) (9,352 ) (24,896 ) Total contract liabilities $ (27,755 ) $ (59,886 ) Contract Contract Net balance at December 31, 2019 (Predecessor) $ 30,800 $ (65,055 ) Amortization of deferred costs (27,043 ) ā Additions to deferred costs 10,104 ā Amortization of deferred revenue ā 57,915 Additions to deferred revenue ā (52,746 ) Total (16,939 ) 5,169 Net balance at December 31, 2020 (Predecessor) $ 13,861 $ (59,886 ) Amortization of deferred costs (1,607 ) ā Additions to deferred costs 432 ā Amortization of deferred revenue ā 4,142 Additions to deferred revenue ā (25,479 ) Fresh start accounting revaluation (12,686 ) 72,936 Total (13,861 ) 51,599 Net balance at 2/5/21 (Predecessor) $ ā $ (8,287 ) Net balance at 2/6/21 (Successor) $ ā $ (8,287 ) Amortization of deferred costs (3,908 ) ā Additions to deferred costs 9,652 ā Amortization of deferred revenue ā 13,729 Additions to deferred revenue ā (33,197 ) Total 5,744 (19,468 ) Net balance at 12/31/2021 (Successor) $ 5,744 $ (27,755 ) |
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | The following table reflects revenue expected to be recognized in the future related to deferred revenue, by rig type, at the end of the reporting period: Year Ending December 31, 2022 2023 2024 2025 2026 and Total Floaters $ 11,930 $ 9,323 $ 29 $ ā $ ā $ 21,282 Jackups 6,473 ā ā ā ā 6,473 Total $ 18,403 $ 9,323 $ 29 $ ā $ ā $ 27,755 |
Schedule of Disaggregation of Revenue by Rig Types | The following table provides information about contract drilling revenue by rig types: Successor Predecessor Period From Period From Year Ended Year Ended Floaters $ 482,283 $ 50,057 $ 491,407 $ 727,177 Jackups 225,848 23,994 417,829 518,881 Total $ 708,131 $ 74,051 $ 909,236 $ 1,246,058 |
Leases (Tables)
Leases (Tables) - Noble Finance Company | 11 Months Ended |
Dec. 31, 2021 | |
Supplemental Financial Information and Lease Cost | Supplemental balance sheet information related to leases Successor Predecessor December 31, 2021 December 31, 2020 Operating Leases Operating lease right-of-use assets $ 17,066 $ 26,648 Current operating lease liabilities 3,923 1,942 Long-term operating lease liabilities (1) 13,166 4,969 Weighted average remaining lease term for operating leases (years) 6.25 7.8 Weighted average discounted rate for operating leases 9.5 % 11.1 % (1) $21.0 million of lease liabilities were classified as āLiabilities subject to compromiseā on our Consolidated Balance Sheet at December 31, 2020. The components of lease cost were as follows: Successor Predecessor Period From Period From Year Ended Operating lease cost $ 4,803 $ 365 $ 9,065 Short-term lease cost 634 (124 ) 2,893 Variable lease cost 412 (605 ) 1,265 Total lease cost $ 5,849 $ (364 ) $ 13,223 Supplemental cash flow information related to leases was as follows: Successor Predecessor Period From Period From Year Ended Operating cash flows used for operating leases $ 5,568 $ 979 $ 9,614 Right-of-use 9,647 ā 1,217 |
Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2021 were as follows: Operating Leases 2022 $ 5,245 2023 4,375 2024 4,252 2025 2,881 2026 2,523 Thereafter 4,332 Total lease payments 23,608 Less: Interest (6,372 ) Present value of lease liability $ 17,236 |
Income Taxes (Tables)
Income Taxes (Tables) - Noble Finance Company [Member] | 11 Months Ended |
Dec. 31, 2021 | |
Components of Net Deferred Taxes | The components of the net deferred taxes are as follows: Successor Predecessor Deferred tax assets United States Net operating loss carry forwards $ 3,485 $ 79,047 Disallowed interest deduction carryforwards ā 62,337 Deferred pension plan amounts 3,427 10,568 Accrued expenses not currently deductible 5,780 5,625 Other 121 3,178 Non-United Net operating loss carry forwards 1,013,281 47,187 Transition attribute 888,962 ā Tax credits carryover 23,849 ā Disallowed interest deduction carryforwards 13,625 13,625 Deferred pension plan amounts ā 558 Accrued expenses not currently deductible 170 ā Deferred tax assets 1,952,700 222,125 Less: valuation allowance (1,899,092 ) (191,835 ) Net deferred tax assets $ 53,608 $ 30,290 Deferred tax liabilities United States Excess of net book basis over remaining tax basis $ ā $ (30,349 ) Contract asset (10,067 ) ā Deferred revenue (3,438 ) ā Other (1,116 ) (1,796 ) Non-United Excess of net book basis over remaining tax basis (690 ) (5,474 ) Contract asset (4,173 ) ā Other (1,912 ) (1,272 ) Deferred tax liabilities (21,396 ) (38,891 ) Net deferred tax assets (liabilities) $ 32,212 $ (8,601 ) |
Income (Loss) from Continuing Operations Before Income Taxes | Loss from continuing operations before income taxes consists of the following: Successor Predecessor Period From Period From Year Ended Year Ended United States $ (47,686 ) $ 1,878,637 $ (2,150,591 ) $ (65,062 ) Non-United 150,033 (1,624,986 ) (2,088,271 ) (844,022 ) Total $ 102,347 $ 253,651 $ (4,238,862 ) $ (909,084 ) |
Income Tax Provision for Continuing Operations | The income tax provision (benefit) for continuing operations consists of the following: Successor Predecessor Period From Period From Year Ended Year Ended Current- United States $ (33,323 ) $ ā $ (257,552 ) $ (34,726 ) Current- Non-United 67,952 922 23,474 14,011 Deferred- United States (7,460 ) (4,689 ) (57,514 ) (5,307 ) Deferred- Non-United (26,804 ) 7,190 31,189 (12,518 ) Total $ 365 $ 3,423 $ (260,403 ) $ (38,540 ) |
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. Successor Predecessor Period From Period From Year Ended Year Ended Gross balance at beginning of period $ 37,156 $ 37,721 $ 130,837 $ 161,256 Additions based on tax positions related to current year 26,463 1,347 20,266 934 Additions for tax positions of prior years 21,465 ā 206 224 Reductions for tax positions of prior years (12,331 ) (5 ) (109,330 ) (28,542 ) Expiration of statutes (9,310 ) (1,907 ) (4,258 ) (1,629 ) Tax settlements ā ā ā (1,406 ) Gross balance at end of period 63,443 37,156 37,721 130,837 Related tax benefits (384 ) (384 ) (384 ) (400 ) Net reserve at end of period $ 63,059 $ 36,772 $ 37,337 $ 130,437 |
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: Successor Predecessor Period From Period From Year Ended Reserve for uncertain tax positions, excluding interest and penalties $ 63,059 $ 36,772 $ 37,337 Interest and penalties included in āOther liabilitiesā 11,930 5,273 5,164 Reserve for uncertain tax positions, including interest and penalties $ 74,989 $ 42,045 $ 42,501 |
Schedule of Effective Tax Rate Reconciliation | Successor Predecessor Period From Period From Year Ended Year Ended Effect of: Tax rates which are different than the Cayman Islands (Successor) and UK (Predecessor) rates 22.6 % 0.5 % 0.4 % 4.3 % Tax impact of asset impairment and disposition ā % ā % 4.5 % 0.3 % Tax impact of restructuring ā % 1.0 % 2.1 % (4.1 )% Tax impact of the tax regulation change ā % ā % 0.9 % ā % Tax impact of valuation allowance (25.2 )% ā % (4.3 )% 0.5 % Resolution of (reserve for) tax authority audits 2.9 % (0.2 )% 2.5 % 3.2 % Total 0.3 % 1.3 % 6.1 % 4.2 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) - Noble Finance Company [Member] | 11 Months Ended |
Dec. 31, 2021 | |
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 (āPBOā) for our non-US Successor Predecessor Period From February 6, Period From January 1, Year Ended December 31, Non-US US Non-US US Non-US US Benefit obligation at beginning of period $ 63,729 $ 256,417 $ 67,943 $ 266,090 $ 62,485 $ 240,249 Interest cost 1,228 5,993 97 615 1,877 7,567 Actuarial loss (gain) 1,548 (6,465 ) (4,366 ) (6,491 ) 7,190 28,266 Plan amendments ā ā ā ā 104 ā Benefits paid (2,456 ) (7,199 ) (138 ) (1,515 ) (2,261 ) (8,024 ) Settlements and curtailments ā (5,208 ) ā (2,282 ) (3,751 ) (1,968 ) Foreign exchange rate changes (983 ) ā 193 ā 2,299 ā Benefit obligation at end of period $ 63,066 $ 243,538 $ 63,729 $ 256,417 $ 67,943 $ 266,090 |
Reconciliation of Changes in Fair Value of Plan Assets | A reconciliation of the changes in fair value of plan assets is as follows: Successor Predecessor Period From February 6, Period From January 1, Year Ended December 31, Non-US US Non-US US Non-US US Fair value of plan assets at beginning of period $ 79,146 $ 221,743 $ 83,808 $ 222,417 $ 76,429 $ 194,160 Actual return on plan assets 2,998 12,254 (4,763 ) 838 8,741 36,247 Employer contributions ā 5,240 ā 2,285 ā 2,002 Benefits paid (2,456 ) (7,199 ) (138 ) (1,515 ) (2,261 ) (8,024 ) Settlement and curtailment ā (5,208 ) ā (2,282 ) (3,751 ) (1,968 ) Foreign exchange rate changes (1,223 ) ā 239 ā 4,650 ā Fair value of plan assets at end of period $ 78,465 $ 226,830 $ 79,146 $ 221,743 $ 83,808 $ 222,417 |
Funded Status of Plans | The funded status of the plans is as follows: Successor Predecessor 2021 2020 Non-US US Non-US US Funded status $ 15,399 $ (16,708 ) $ 15,865 $ (43,673 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets consist of: Successor Predecessor 2021 2020 Non-US US Non-US US Other assets (noncurrent) $ 15,399 $ 971 $ 15,865 $ ā Other liabilities (current) ā (67 ) ā (8,169 ) Other liabilities (noncurrent) ā (17,612 ) ā (35,504 ) Net amount recognized $ 15,399 $ (16,708 ) $ 15,865 $ (43,673 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in AOCI consist of: Successor Predecessor As of December 31, 2021 As of December 31, 2020 Non-US US Non-US US Net actuarial (gain) loss $ (369 ) $ (6,496 ) $ 3,108 $ 47,094 Deferred income tax asset (liability) 112 1,364 (558 ) (9,890 ) Accumulated other comprehensive income (loss) $ (257 ) $ (5,132 ) $ 2,550 $ 37,204 |
Schedule of Pension Costs | Pension costs include the following components: Successor Predecessor Period From Period From Year Ended December 31, 2020 2019 Non-US US Non-US US Non-US US Non-US US Service cost $ ā $ ā $ ā $ ā $ ā $ ā $ ā $ ā Interest cost 1,228 5,993 97 615 1,877 7,567 1,814 8,711 Return on plan assets (845 ) (11,648 ) (85 ) (1,239 ) (1,649 ) (11,676 ) (2,471 ) (10,313 ) Amortization of prior service cost ā ā 1 ā 10 ā 10 ā Recognized net actuarial loss ā ā ā 281 ā 2,866 ā 2,771 Settlement and curtailment gains ā (575 ) ā 301 9 154 ā (37 ) Net pension benefit cost (gain) $ 383 $ (6,230 ) $ 13 $ (42 ) $ 247 $ (1,089 ) $ (647 ) $ 1,132 |
Disaggregated Plan Information | Disaggregated information regarding our non-US Successor Predecessor 2021 2020 Non-US US Non-US US Projected benefit obligation $ 63,066 $ 243,538 $ 67,943 $ 266,090 Accumulated benefit obligation 63,066 243,538 67,943 266,090 Fair value of plan assets 78,465 226,830 83,808 222,417 |
Plans in which PBO Exceeded Fair Value | Successor Predecessor 2021 2020 Non-US US Non-US US Projected benefit obligation $ ā $ 207,059 $ ā $ 266,090 Fair value of plan assets ā 189,382 ā 222,417 |
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 (āABOā) exceeded the fair value of plan assets at December 31, 2021 and 2020. 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. Successor Years Predecessor Years 2021 2020 Non-US US Non-US US Accumulated benefit obligation $ ā $ 207,059 $ ā $ 266,090 Fair value of plan assets ā 189,382 ā 222,417 |
Defined Benefit Plans Key Assumptions | The key assumptions for the plans are summarized below: Successor Predecessor Period From Period From Year Ended December 31, 2020 Non-US US Non-US US Non-US US Weighted-average assumptions used to determine benefit obligations: Discount Rate 1.80% 2.63% - 2.89% 1.80% 1.92% - 2.77% 1.40% 1.82% - 2.60% Rate of compensation increase N/A N/A N/A N/A N/A N/A Successor Predecessor Period From Period From Years Ended December 31, 2020 2019 Non-US Non-US Non-US Non-US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 1.80 % 1.80 % 2.10 % 2.90 % Expected long-term return on assets 1.20 % 1.20 % 2.90 % 3.70 % Rate of compensation increase N/A N/A N/A N/A Successor Predecessor Period From Period From Years Ended December 31, 2020 2019 US US US US Weighted-average assumptions used to determine periodic benefit cost: Discount Rate 1.92% - 2.77% 1.82% - 2.60% 2.56% - 3.32% 3.65% - 4.29% Expected long-term return on assets 5.00% - 5.80% 5.10% - 6.10% 5.40% - 6.30% 5.40% - 6.50% Rate of compensation increase N/A N/A N/A N/A |
Actual Fair Values of Defined Benefit Plans | The actual fair values of the non-US Successor: As of December 31, 2021 Estimated Fair Value Measurements Carrying Quoted Prices in Significant Other Significant Unobservable Cash and cash equivalents $ 938 $ 938 $ ā $ ā Equity securities: International companies 10,546 10,546 ā ā Fixed income securities: Corporate bonds 66,981 66,981 ā ā Total $ 78,465 $ 78,465 $ ā $ ā Predecessor: As of December 31, 2020 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 5,405 $ 5,405 $ ā $ ā Equity securities: International companies 4,179 4,179 ā ā Fixed income securities: Corporate bonds 72,407 72,407 ā ā Other 1,817 1,817 ā ā Total $ 83,808 $ 83,808 $ ā $ ā The actual fair values of US plan assets are as follows: Successor: As of December 31, 2021 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 3,718 $ 3,718 $ ā $ ā Equity securities: United States 86,237 ā 86,237 ā Fixed income securities: Corporate bonds 103,504 100,342 3,162 ā Treasury bonds 33,371 33,371 ā ā Total $ 226,830 $ 137,431 $ 89,399 $ ā Predecessor: As of December 31, 2020 Estimated Fair Value Carrying Quoted Significant Significant Cash and cash equivalents $ 1,727 $ 1,727 $ ā $ ā Equity securities: United States 78,019 32,387 45,632 ā International 32,310 32,310 ā ā Fixed income securities: Corporate bonds 83,645 82,669 976 ā Treasury bonds 26,716 26,716 ā ā Total $ 222,417 $ 175,809 $ 46,608 $ ā |
Estimated Benefit Payments | The following table summarizes our estimated benefit payments at December 31, 2021: Payments by Period Total 2022 2023 2024 2025 2026 Thereafter Estimated benefit payments Non-US $ 30,302 $ 2,514 $ 2,616 $ 2,723 $ 2,835 $ 2,951 $ 16,663 US plans 110,107 9,710 10,190 10,397 10,844 11,059 57,907 Total estimated benefit payments $ 140,409 $ 12,224 $ 12,806 $ 13,120 $ 13,679 $ 14,010 $ 74,570 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 11 Months Ended |
Dec. 31, 2021 | |
Noble Finance Company [Member] | |
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: 12/31/2021 (Successor) Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Unobservable Assets - Marketable securities $ 7,645 $ 7,645 $ ā $ ā 12/31/2020 (Predecessor) Estimated Fair Value Measurements Carrying Amount Quoted Prices in Significant Other Significant Unobservable Assets - Marketable securities $ 12,326 $ 12,326 $ ā $ ā |
Segment and Related Informati_2
Segment and Related Information (Tables) - Noble Finance Company [Member] | 11 Months Ended |
Dec. 31, 2021 | |
Summary of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents revenues and long lived assets by country based on the location of the service provided during the Successor period: Revenues Long-Lived Assets as of Period From December 31, 2021 Australia $ 1,954 $ 20,704 Brazil 251 1,702 Canada 10 ā Canary Islands ā 88,092 Denmark 25,119 18,407 Guyana 244,638 678,852 Indonesia 23,964 ā Malaysia ā 7,341 Mauritania 29,616 ā Mexico 11,022 ā Norway 20,351 228,687 Qatar 23,247 20,487 Saudi Arabia 75,676 371 Suriname 62,090 ā Timor-Leste 32,257 ā Trinidad and Tobago 35,710 19,387 United Arab Emirates ā 607 United Kingdom 28,126 53,198 United States 156,294 360,478 Other ā 55 Total $ 770,325 $ 1,498,368 The following table presents revenues and identifiable assets by country based on the location of the service provided during the Predecessor period: Revenues Long-Lived Assets as of Period From Year Ended Year Ended December 31, 2020 Australia $ 54 $ 50,434 $ 33,623 $ 20,886 Brazil ā ā ā 4,794 Bulgaria ā ā 61,525 ā Canada ā 28,915 46,147 ā Denmark ā 7,662 31,076 ā Egypt ā ā 49,209 ā Gabon ā 147 ā ā Guyana 23,012 222,088 132,414 1,753,914 Malaysia ā ā 251,497 6,310 Myanmar ā 21,084 56,207 ā Revenues Long-Lived Assets as of Period From Year Ended Year Ended December 31, 2020 Qatar $ 2,263 $ 31,024 $ 36,948 $ 18,582 Saudi Arabia 10,745 133,246 154,807 301,121 Suriname 6,029 61,474 17,374 565,327 Trinidad and Tobago 4,995 9,468 ā 18,355 United Arab Emirates ā ā ā 18,134 United Kingdom 7,142 180,610 243,063 674,704 United States 23,241 209,401 191,548 223,653 Vietnam ā 8,719 ā ā Other ā ā ā 130 Total $ 77,481 $ 964,272 $ 1,305,438 $ 3,605,910 |
Schedules of Significant Customers | The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues: Successor Predecessor Period From Period From Year Ended Year Ended (1) Royal Dutch Shell plc (āShellā) 13.3 % 30 % 21.7 % 36.5 % Exxon Mobil Corporation (āExxonMobilā) 39.1 % 29.8 % 26.6 % 13.7 % Equinor ASA (āEquinorā) 3.1 % 5.2 % 14.3 % 13.1 % Saudi Arabian Oil Company (āSaudi Aramcoā) 9.8 % 13.9 % 13.8 % 11.9 % (1) Excluding the Noble Bully II |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) - Noble Finance Company [Member] | 11 Months Ended |
Dec. 31, 2021 | |
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 Period From Year Ended Year Ended Accounts receivable $ 6,245 $ (41,344 ) $ 50,802 $ 2,057 Other current assets 2,295 17,884 (866 ) 3,573 Other assets (11,650 ) 8,521 (2,369 ) 16,218 Accounts payable 11,429 (16,819 ) 357 (2,279 ) Other current liabilities 4,312 11,428 8,582 (4,700 ) Other liabilities 32,928 (5,846 ) (10,941 ) (24,577 ) Total net change in assets and liabilities $ 45,559 $ (26,176 ) $ 45,565 $ (9,708 ) Finco Successor Predecessor Period From Period From Year Ended Year Ended Accounts receivable $ 6,245 $ (41,344 ) $ 19,588 $ 2,057 Other current assets (594 ) 19,398 7,830 4,046 Other assets (11,618 ) 8,512 (800 ) 18,749 Accounts payable 15,822 (14,061 ) (11,018 ) (2,182 ) Other current liabilities 4,125 11,623 16,055 (4,549 ) Other liabilities 32,700 (5,936 ) (10,941 ) (24,577 ) Total net change in assets and liabilities $ 46,680 $ (21,808 ) $ 20,714 $ (6,456 ) |
Additional Cash Flow Information | Additional cash flow information is as follows: Noble Successor Predecessor Period From Period From Year Ended Year Ended Cash paid during the period for: Interest, net of amounts capitalized $ 21,150 $ ā $ 138,040 $ 289,457 Income taxes paid (refunded), net (1) (8,113 ) 4,385 (133,708 ) 8,181 Finco Successor Predecessor Period From Period From Year Ended Year Ended Cash paid during the period for: Interest, net of amounts capitalized $ 21,150 $ ā $ 138,040 $ 289,457 Income taxes paid (refunded), net (1) (8,113 ) 4,385 (133,708 ) 8,181 (1) The net tax refund for the period from February 6, 2021 to December 31, 2021 excludes withholding tax in Guyana of $15.1 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax refund would be $23.3 million. The net tax refund for the period from January 1, 2021 to February 5, 2021 excludes withholding tax in Guyana of $1.4 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax payment would be $3.0 million. |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) $ in Thousands | Sep. 24, 2020Subsidiary | Feb. 05, 2021USD ($) | Dec. 31, 2021USD ($)JACKUPRIGFLOATER | Dec. 31, 2021USD ($)JACKUPRIGFLOATERsegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of jackups (vessel) | JACKUP | 8 | 8 | ||||
Number of reportable segments | segment | 1 | |||||
Number of additional subsidiaries filed bankruptcy | Subsidiary | 6 | |||||
Restricted cash | $ 2,600 | $ 2,600 | $ 21,700 | |||
Period for incurring maintenance costs, minimum | 3 years | |||||
Period for incurring maintenance costs, maximum | 5 years | |||||
Standard drilling contracts, term | 2 days | |||||
Net loss from discontinued operations, net of tax | $ (3,821) | |||||
Drilling Equipment | Minimum | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Maximum useful life of property plant and equipment | 3 years | |||||
Other | Minimum | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Maximum useful life of property plant and equipment | 2 years | |||||
Noble Finance Company | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of drilling rigs (vessel) | RIG | 20 | 20 | ||||
Number of floaters (vessel) | FLOATER | 12 | 12 | ||||
Restricted cash | $ 2,600 | $ 2,600 | 1,700 | |||
Accounts receivable, allowance for credit loss | 0 | 0 | 1,100 | |||
Capital accruals | 36,500 | 35,300 | ||||
Deferred revenues | $ 8,287 | 27,755 | 27,755 | 59,886 | 65,055 | |
Deferred expenses under drilling contracts | 5,700 | 5,700 | 13,900 | |||
Loss reserves for personal injury and protection claims | 14,800 | $ 14,800 | 30,900 | |||
Net loss from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ (3,821) | ||
Noble Finance Company | Maximum | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Standard drilling contracts, term | 60 months | |||||
Noble Finance Company | Drilling Equipment | Maximum | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Maximum useful life of property plant and equipment | 30 years | |||||
Noble Finance Company | 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 | Feb. 05, 2021USD ($)MEMBER$ / sharesshares | Dec. 31, 2021$ / shares | Feb. 18, 2021shares | Dec. 31, 2020$ / shares |
Debt Instrument [Line Items] | ||||
Common stock, par value (in usd per share) | $ / shares | $ 0.00001 | $ 0.01 | ||
Noble Finance Company [Member] | ||||
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 | 0.10 | $ 0.10 | ||
Plan of reorganization, Management Incentive Plan, number of shares authorized and reserved | 7.7 | |||
Noble Finance Company [Member] | Secured notes | 11.000% Second Lien Notes due February 2028 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ | $ 216 | |||
Noble Finance Company [Member] | Line of Credit | Exit Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debtor-in-possession financing, amount arranged | $ | 675 | |||
Noble Finance Company [Member] | Line of Credit | Exit Credit Agreement | Letters of credit | ||||
Debt Instrument [Line Items] | ||||
Debtor-in-possession financing, amount arranged | $ | $ 67.5 | |||
Noble Finance Company [Member] | 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 | |||
Noble Finance Company [Member] | 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 | 19.27 | ||
Noble Finance Company [Member] | 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 | 23.13 | ||
Noble Finance Company [Member] | Holders Of Legacy Notes | Ordinary Shares | ||||
Debt Instrument [Line Items] | ||||
Plan of reorganization, number of shares transferred | 2.1 | |||
Noble Finance Company [Member] | 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 | |||
Noble Finance Company [Member] | Backstop Parties As Holdback Securities | Ordinary Shares | ||||
Debt Instrument [Line Items] | ||||
Plan of reorganization, number of shares issued | 5.6 | |||
Noble Finance Company [Member] | Backstop Parties Unsubscribed Securities | Ordinary Shares | ||||
Debt Instrument [Line Items] | ||||
Plan of reorganization, number of shares issued | 1.7 | |||
Noble Finance Company [Member] | Backstop Parties Backstop Premiums Payment | Ordinary Shares | ||||
Debt Instrument [Line Items] | ||||
Plan of reorganization, number of shares issued | 1.2 | |||
Noble Finance Company [Member] | 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 | $ 124.40 | ||
Plan of reorganization, number of shares issued | 2.8 | |||
Noble Finance Company [Member] | Backstop Parties | Penny Warrants | ||||
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 | |||
Noble Finance Company [Member] | Backstop Parties | Ordinary Shares | ||||
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 | 12 Months Ended | ||
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Debt Instrument [Line Items] | ||||
Professional fees | [1] | $ (28,739) | ||
Adjustments for estimated allowed litigation claims | 77,300 | |||
Write-off of unrecognized share-based compensation | (4,406) | |||
Gain on settlement of liabilities subject to compromise | 2,556,147 | |||
Loss on fresh start adjustments | (2,348,251) | |||
Total Reorganization items, net | 252,051 | $ 23,930 | ||
Payments related to professional fees | 44,200 | |||
Noble Finance Company | ||||
Debt Instrument [Line Items] | ||||
Professional fees | [1] | (8,095) | ||
Write-off of unrecognized share-based compensation | (4,406) | $ (45,500) | ||
Gain on settlement of liabilities subject to compromise | 2,556,147 | |||
Loss on fresh start adjustments | (2,348,251) | |||
Total Reorganization items, net | 195,395 | $ 50,778 | ||
Payments related to professional fees | $ 7,200 | |||
[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 Consolidated Statements of Cash Flows for the period from January 1, 2021 through February 5, 2021 for Noble and Finco, respectively. |
Fresh Start Accounting - Additi
Fresh Start Accounting - Additional Information (Details) - Noble Finance Company $ in Thousands | Feb. 05, 2021USD ($) |
Reorganization, Chapter 11 [Line Items] | |
Reorganization value | $ 1,705,946 |
Post-petition liabilities and allowed claims | $ 4,000,000 |
Fresh Start Accounting - Reorga
Fresh Start Accounting - Reorganization Value and Valuation of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Reorganization, Chapter 11 [Line Items] | |||||
Plus: Cash and cash equivalents | $ 194,138 | $ 343,332 | |||
Less: Fair value of debt | (216,000) | ||||
Fair Value of Successor Equity | 1,500,627 | $ 1,018,768 | (311,388) | $ 3,658,972 | $ 4,654,574 |
Plus: Cash and cash equivalents | 194,138 | 343,332 | |||
Noble Finance Company [Member] | |||||
Reorganization, Chapter 11 [Line Items] | |||||
Enterprise Value | 1,300,300 | ||||
Plus: Cash and cash equivalents | 192,636 | 111,968 | 343,332 | ||
Less: Fair value of debt | (216,000) | (393,500) | |||
Fair Value of Successor Equity | 1,495,418 | 1,016,150 | (213,392) | $ 3,757,980 | $ 4,653,468 |
Enterprise value | 1,300,300 | ||||
Plus: Cash and cash equivalents | $ 192,636 | 111,968 | $ 343,332 | ||
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 | ||||
Noble Finance Company [Member] | Minimum | |||||
Reorganization, Chapter 11 [Line Items] | |||||
Enterprise Value | 1,100,000 | ||||
Enterprise value | 1,100,000 | ||||
Noble Finance Company [Member] | Maximum | |||||
Reorganization, Chapter 11 [Line Items] | |||||
Enterprise Value | 1,600,000 | ||||
Enterprise value | $ 1,600,000 |
Fresh Start Accounting - Valuat
Fresh Start Accounting - Valuation Process (Details) - Noble Finance Company [Member] - 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 |
Fresh Start Accounting - Conden
Fresh Start Accounting - Condensed Consolidated Balance Sheet at Emergence (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | |||||
Cash and cash equivalents | $ 194,138 | $ 343,332 | |||
Accounts receivable, net | 200,419 | 147,863 | |||
Taxes receivable | 16,063 | 30,767 | |||
Prepaid expenses and other current assets | 45,026 | 80,322 | |||
Total current assets | 455,646 | 602,284 | |||
Intangible assets | 61,849 | ||||
Property and equipment, at cost | 1,555,975 | 4,777,697 | |||
Accumulated depreciation | (77,275) | (1,200,628) | |||
Property and equipment, net | 1,478,700 | 3,577,069 | |||
Other assets | 77,247 | 84,584 | |||
Total assets | 2,073,442 | 4,263,937 | |||
Current liabilities | |||||
Accounts payable | 120,389 | 95,159 | |||
Accrued payroll and related costs | 48,346 | 36,553 | |||
Taxes payable | 28,735 | 36,819 | |||
Other current liabilities | 41,136 | 49,820 | |||
Total current liabilities | 248,394 | 218,351 | |||
Long-term debt | 216,000 | ||||
Deferred income taxes | 13,195 | 9,292 | |||
Other liabilities | 95,226 | 108,039 | |||
Liabilities subject to compromise | 4,239,643 | ||||
Total liabilities | 572,815 | 4,575,325 | |||
Shareholders' equity | |||||
Common stock | 1 | 2,511 | |||
Additional paid-in capital | 1,393,255 | 814,796 | |||
Accumulated deficit | 101,982 | (1,070,683) | |||
Accumulated other comprehensive income (loss) | 5,389 | (58,012) | |||
Total shareholders' equity (deficit) | 1,500,627 | $ 1,018,768 | (311,388) | $ 3,658,972 | $ 4,654,574 |
Total liabilities and equity | 2,073,442 | 4,263,937 | |||
Noble Finance Company [Member] | |||||
Current assets | |||||
Cash and cash equivalents | 192,636 | 111,968 | 343,332 | ||
Accounts receivable, net | 200,419 | 189,207 | 147,863 | ||
Taxes receivable | 16,063 | 32,556 | 30,767 | ||
Prepaid expenses and other current assets | 36,545 | 32,681 | 50,469 | ||
Total current assets | 445,663 | 366,412 | 603,645 | ||
Intangible assets | 61,849 | 113,389 | |||
Property and equipment, at cost | 1,555,975 | 1,155,725 | 4,777,697 | ||
Accumulated depreciation | (77,275) | 0 | (1,200,628) | ||
Property and equipment, net | 1,478,700 | 1,155,725 | 3,577,069 | ||
Other assets | 77,247 | 70,420 | 84,584 | ||
Total assets | 2,063,459 | 1,705,946 | 4,265,298 | ||
Current liabilities | |||||
Accounts payable | 116,030 | 81,949 | 83,649 | ||
Accrued payroll and related costs | 48,346 | 35,615 | 36,516 | ||
Taxes payable | 28,735 | 34,211 | 36,819 | ||
Other current liabilities | 40,949 | 33,635 | 49,820 | ||
Total current liabilities | 243,848 | 185,410 | 206,804 | ||
Long-term debt | 216,000 | 393,500 | |||
Deferred income taxes | 13,195 | 21,525 | 9,292 | ||
Other liabilities | 94,998 | 86,743 | 108,039 | ||
Liabilities subject to compromise | 0 | 4,154,555 | |||
Total liabilities | 568,041 | 687,178 | 4,478,690 | ||
Shareholders' equity | |||||
Common stock | 26,125 | 1 | 26,125 | ||
Additional paid-in capital | 1,393,410 | 1,018,767 | 766,714 | ||
Accumulated deficit | 70,494 | 0 | (948,219) | ||
Accumulated other comprehensive income (loss) | 5,389 | 0 | (58,012) | ||
Total shareholders' equity (deficit) | 1,495,418 | 1,016,150 | (213,392) | $ 3,757,980 | $ 4,653,468 |
Total liabilities and equity | $ 2,063,459 | 1,705,946 | $ 4,265,298 | ||
Noble Finance Company [Member] | 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 (deficit) | (246,239) | ||||
Total liabilities and equity | 4,239,349 | ||||
Noble Finance Company [Member] | 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 (deficit) | 3,575,075 | ||||
Total liabilities and equity | (215,313) | ||||
Noble Finance Company [Member] | Fresh Start Adjustments | |||||
Current assets | |||||
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 (deficit) | (2,310,068) | ||||
Total liabilities and equity | $ (2,318,090) |
Fresh Start Accounting - Reor_2
Fresh Start Accounting - Reorganization Adjustment to Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | $ 194,138 | $ 343,332 | |
Noble Finance Company [Member] | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | $ 192,636 | $ 111,968 | $ 343,332 |
Noble Finance Company [Member] | Reorganization Adjustments | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | (205,994) | ||
Noble Finance Company [Member] | Proceeds from Rights Offering | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | 200,000 | ||
Noble Finance Company [Member] | Proceeds from the Revolving Credit Facility, net of issuance costs | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | 167,361 | ||
Noble Finance Company [Member] | Transfer of cash from restricted cash | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | 300 | ||
Noble Finance Company [Member] | Payment of professional service fees | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | (23,261) | ||
Noble Finance Company [Member] | Payment of the pre-petition revolving credit facility principal and accrued interest | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | (550,019) | ||
Noble Finance Company [Member] | Deconsolidation of NHUK | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | (300) | ||
Noble Finance Company [Member] | Payment of recurring debt fees | |||
Reorganization, Chapter 11 [Line Items] | |||
Cash and cash equivalents | $ (75) |
Fresh Start Accounting - Reor_3
Fresh Start Accounting - Reorganization Adjustment to Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | $ 45,026 | $ 80,322 | |
Noble Finance Company [Member] | |||
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | $ 36,545 | $ 32,681 | $ 50,469 |
Noble Finance Company [Member] | Payment of professional service fees | |||
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | (12,380) | ||
Noble Finance Company [Member] | Payment of Paragon litigation settlement form escrow | |||
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | (7,700) | ||
Noble Finance Company [Member] | Transfer of restricted cash to cash | |||
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | (300) | ||
Noble Finance Company [Member] | Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence | |||
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | 78 | ||
Noble Finance Company [Member] | Reorganization Adjustments | |||
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | $ (20,302) |
Fresh Start Accounting - Reor_4
Fresh Start Accounting - Reorganization Adjustments, Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Reorganization, Chapter 11 [Line Items] | |||
Other assets | $ 77,247 | $ 84,584 | |
Accounts payable | 120,389 | 95,159 | |
Other current liabilities | 41,136 | 49,820 | |
Long-term debt | 216,000 | ||
Deferred income taxes | 13,195 | 9,292 | |
Other liabilities | 95,226 | 108,039 | |
Noble Finance Company [Member] | |||
Reorganization, Chapter 11 [Line Items] | |||
Other assets | 77,247 | $ 70,420 | 84,584 |
Accounts payable | 116,030 | 81,949 | 83,649 |
Other current liabilities | 40,949 | 33,635 | 49,820 |
Long-term debt | 216,000 | 393,500 | |
Deferred income taxes | 13,195 | 21,525 | 9,292 |
Other liabilities | $ 94,998 | 86,743 | $ 108,039 |
Noble Finance Company [Member] | Capitalization of long-term debt issuance costs | |||
Reorganization, Chapter 11 [Line Items] | |||
Other assets | 11,100 | ||
Noble Finance Company [Member] | Adjustments on deferred tax assets | |||
Reorganization, Chapter 11 [Line Items] | |||
Other assets | (100) | ||
Noble Finance Company [Member] | Payment of professional service fees | |||
Reorganization, Chapter 11 [Line Items] | |||
Accounts payable | (15,200) | ||
Noble Finance Company [Member] | Reinstatement of trade payables from liabilities subject to compromise | |||
Reorganization, Chapter 11 [Line Items] | |||
Accounts payable | 8,000 | ||
Noble Finance Company [Member] | 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 | ||
Noble Finance Company [Member] | Cancellation of cash-based compensation plans | |||
Reorganization, Chapter 11 [Line Items] | |||
Other liabilities | (100) | ||
Noble Finance Company [Member] | Reinstatement of right-of-use lease liabilities | |||
Reorganization, Chapter 11 [Line Items] | |||
Other liabilities | $ 4,700 |
Fresh Start Accounting - Reor_5
Fresh Start Accounting - Reorganization Adjustments, Liabilities subject to Compromise Settled or Reinstated (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2020 | |
Reorganization, Chapter 11 [Line Items] | ||
Total consolidated liabilities subject to compromise | $ 4,239,643 | |
Gain on settlement of liabilities subject to compromise | $ 2,556,147 | |
Noble Finance Company [Member] | ||
Reorganization, Chapter 11 [Line Items] | ||
Total consolidated liabilities subject to compromise | 0 | $ 4,154,555 |
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 | |
Noble Finance Company [Member] | 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 | |
Noble Finance Company [Member] | 4.900% Senior Notes due August 2020 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 4.90% | |
Noble Finance Company [Member] | 4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 62,535 | |
Noble Finance Company [Member] | 4.625% Senior Notes due March 2021 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 4.625% | |
Noble Finance Company [Member] | 4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 79,937 | |
Noble Finance Company [Member] | 3.950% Senior Notes due March 2022 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 3.95% | |
Noble Finance Company [Member] | 3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 21,213 | |
Noble Finance Company [Member] | 7.750% Senior Notes due January 2024 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 7.75% | |
Noble Finance Company [Member] | 7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 397,025 | |
Noble Finance Company [Member] | 7.950% Senior Notes due April 2025 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 7.95% | |
Noble Finance Company [Member] | 7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 450,000 | |
Noble Finance Company [Member] | 7.875% Senior Notes due February 2026 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 7.875% | |
Noble Finance Company [Member] | 7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 750,000 | |
Noble Finance Company [Member] | 6.200% Senior Notes due August 2040 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 6.20% | |
Noble Finance Company [Member] | 6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 393,597 | |
Noble Finance Company [Member] | 6.050% Senior Notes due March 2041 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 6.05% | |
Noble Finance Company [Member] | 6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 395,000 | |
Noble Finance Company [Member] | 5.250% Senior Notes due March 2042 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 5.25% | |
Noble Finance Company [Member] | 5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 483,619 | |
Noble Finance Company [Member] | 8.950% Senior Notes due April 2045 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 8.95% | |
Noble Finance Company [Member] | 8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | 400,000 | |
Noble Finance Company [Member] | 5.958% Revolving Credit Facility Due January 2023 | Senior Unsecured Notes | ||
Reorganization, Chapter 11 [Line Items] | ||
Interest rate on senior notes | 5.958% | |
Noble Finance Company [Member] | 5.958% Revolving Credit Facility Due January 2023 | Senior Unsecured Notes | Predecessor | ||
Reorganization, Chapter 11 [Line Items] | ||
Debt subject to compromise | $ 545,000 |
Fresh Start Accounting - Reor_6
Fresh Start Accounting - Reorganization Adjustments to Common Stock and Additional Paid in Capital (Details) - USD ($) $ in Thousands | Feb. 05, 2021 | Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Reorganization, Chapter 11 [Line Items] | ||||||
Ordinary Shares | $ 1 | $ 2,511 | ||||
Additional paid-in capital | 1,393,255 | 814,796 | ||||
Total shareholders' equity (deficit) | $ 1,018,768 | $ 1,018,768 | 1,500,627 | (311,388) | $ 3,658,972 | $ 4,654,574 |
Common Stock | ||||||
Reorganization, Chapter 11 [Line Items] | ||||||
Issuance of common stock (in shares) | 50,000,000 | |||||
Total shareholders' equity (deficit) | 1 | $ 1 | 1 | 2,511 | 2,492 | 2,468 |
Noble Finance Company [Member] | ||||||
Reorganization, Chapter 11 [Line Items] | ||||||
Ordinary Shares | 1 | 1 | 26,125 | 26,125 | ||
Additional paid-in capital | 1,018,767 | 1,018,767 | 1,393,410 | 766,714 | ||
Total shareholders' equity (deficit) | $ 1,016,150 | 1,016,150 | 1,495,418 | (213,392) | 3,757,980 | 4,653,468 |
Noble Finance Company [Member] | Common Stock | ||||||
Reorganization, Chapter 11 [Line Items] | ||||||
Issuance of common stock (in shares) | 50,000,000 | |||||
Total shareholders' equity (deficit) | $ 26,125 | 26,125 | $ 26,125 | $ 26,125 | $ 26,125 | $ 26,125 |
Noble Finance Company [Member] | Ordinary Shares | ||||||
Reorganization, Chapter 11 [Line Items] | ||||||
Additional paid-in capital | 875,931 | 875,931 | ||||
Noble Finance Company [Member] | Warrant | ||||||
Reorganization, Chapter 11 [Line Items] | ||||||
Additional paid-in capital | $ 142,836 | $ 142,836 |
Fresh Start Accounting - Reor_7
Fresh Start Accounting - Reorganization Adjustments to Accumulated Deficit (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Reorganization, Chapter 11 [Line Items] | |||
Gain on settlement of liabilities subject to compromise | $ 2,556,147 | ||
Reorganization items, net | (252,051) | $ (23,930) | |
Retained earnings (accumulated deficit) | (1,070,683) | $ 101,982 | |
Noble Finance Company [Member] | |||
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 | (195,395) | (50,778) | |
Retained earnings (accumulated deficit) | 0 | $ (948,219) | $ 70,494 |
Noble Finance Company [Member] | Reorganization Adjustments | |||
Reorganization, Chapter 11 [Line Items] | |||
Reorganization items, net | 2,536,724 | ||
Retained earnings (accumulated deficit) | 3,374,323 | ||
Noble Finance Company [Member] | Cancellation of Predecessor common stock and additional paid-in capital | |||
Reorganization, Chapter 11 [Line Items] | |||
Retained earnings (accumulated deficit) | 820,299 | ||
Noble Finance Company [Member] | Cancellation of Predecessor cash and equity compensation plans | |||
Reorganization, Chapter 11 [Line Items] | |||
Retained earnings (accumulated deficit) | 2,183 | ||
Noble Finance Company [Member] | Issuance of Successor warrants to Predecessor equity holders | |||
Reorganization, Chapter 11 [Line Items] | |||
Retained earnings (accumulated deficit) | (1,807) | ||
Noble Finance Company [Member] | Deconsolidation of NHUK | |||
Reorganization, Chapter 11 [Line Items] | |||
Retained earnings (accumulated deficit) | (222) | ||
Noble Finance Company [Member] | Recognition of recurring debt fees | |||
Reorganization, Chapter 11 [Line Items] | |||
Retained earnings (accumulated deficit) | (75) | ||
Noble Finance Company [Member] | Tax impacts of reorganization | |||
Reorganization, Chapter 11 [Line Items] | |||
Retained earnings (accumulated deficit) | $ 17,221 |
Fresh Start Accounting - Fresh
Fresh Start Accounting - Fresh Start Adjustment, Capitalized Deferred Costs, Deferred Revenue and Pension Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | $ 45,026 | $ 80,322 | |
Other assets | 77,247 | 84,584 | |
Other current liabilities | 41,136 | 49,820 | |
Other liabilities | 95,226 | 108,039 | |
Noble Finance Company [Member] | |||
Reorganization, Chapter 11 [Line Items] | |||
Prepaid expenses and other current assets | 36,545 | $ 32,681 | 50,469 |
Other assets | 77,247 | 70,420 | 84,584 |
Other current liabilities | 40,949 | 33,635 | 49,820 |
Other liabilities | $ 94,998 | 86,743 | $ 108,039 |
Noble Finance Company [Member] | 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) | ||
Noble Finance Company [Member] | 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 | ||
Noble Finance Company [Member] | 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) | ||
Noble Finance Company [Member] | 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 | ||
Noble Finance Company [Member] | 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) |
Fresh Start Accounting - Fres_2
Fresh Start Accounting - Fresh Start Adjustment, Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Reorganization, Chapter 11 [Line Items] | |||
Common stock | $ 1 | $ 2,511 | |
Additional paid-in capital | 1,393,255 | 814,796 | |
Intangible assets | 61,849 | ||
Long-term debt | 216,000 | ||
Deferred income taxes | 13,195 | 9,292 | |
Accumulated other comprehensive income (loss) | 5,389 | (58,012) | |
Noble Finance Company [Member] | |||
Reorganization, Chapter 11 [Line Items] | |||
Common stock | 26,125 | $ 1 | 26,125 |
Additional paid-in capital | 1,393,410 | 1,018,767 | 766,714 |
Intangible assets | 61,849 | 113,389 | |
Long-term debt | 216,000 | 393,500 | |
Deferred income taxes | 13,195 | 21,525 | 9,292 |
Accumulated other comprehensive income (loss) | $ 5,389 | 0 | $ (58,012) |
Noble Finance Company [Member] | 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 |
Fresh Start Accounting - Fres_3
Fresh Start Accounting - Fresh Start Adjustments, Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Reorganization, Chapter 11 [Line Items] | |||
Property and equipment, at cost | $ 1,555,975 | $ 4,777,697 | |
Accumulated depreciation | (77,275) | (1,200,628) | |
Property and equipment, net | 1,478,700 | 3,577,069 | |
Noble Finance Company [Member] | |||
Reorganization, Chapter 11 [Line Items] | |||
Property and equipment, at cost | 1,555,975 | $ 1,155,725 | 4,777,697 |
Accumulated depreciation | (77,275) | 0 | (1,200,628) |
Property and equipment, net | 1,478,700 | 1,155,725 | 3,577,069 |
Noble Finance Company [Member] | Drilling equipment and facilities | |||
Reorganization, Chapter 11 [Line Items] | |||
Property and equipment, at cost | 1,070,931 | ||
Noble Finance Company [Member] | Construction in progress | |||
Reorganization, Chapter 11 [Line Items] | |||
Property and equipment, at cost | $ 77,363 | 75,159 | $ 99,812 |
Noble Finance Company [Member] | Other | |||
Reorganization, Chapter 11 [Line Items] | |||
Property and equipment, at cost | 9,635 | ||
Noble Finance Company [Member] | 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 | ||
Noble Finance Company [Member] | Predecessor | Drilling equipment and facilities | |||
Reorganization, Chapter 11 [Line Items] | |||
Property and equipment, at cost | 4,355,384 | ||
Noble Finance Company [Member] | Predecessor | Construction in progress | |||
Reorganization, Chapter 11 [Line Items] | |||
Property and equipment, at cost | 231,626 | ||
Noble Finance Company [Member] | Predecessor | Other | |||
Reorganization, Chapter 11 [Line Items] | |||
Property and equipment, at cost | 200,651 | ||
Noble Finance Company [Member] | 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) |
Fresh Start Accounting - Fres_4
Fresh Start Accounting - Fresh Start Adjustments, Net Change in Accumulated Deficit (Details) - USD ($) $ in Thousands | Feb. 05, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2021 |
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | $ 80,322 | $ 45,026 | ||
Intangible assets | 61,849 | |||
Property and equipment, net | 3,577,069 | 1,478,700 | ||
Other assets | 84,584 | 77,247 | ||
Other current liabilities | (49,820) | (41,136) | ||
Less: Fair value of debt | (216,000) | |||
Other liabilities | (108,039) | (95,226) | ||
Accumulated other comprehensive income (loss) | 58,012 | (5,389) | ||
Reorganization items, net | $ 252,051 | 23,930 | ||
Retained earnings (accumulated deficit) | (1,070,683) | 101,982 | ||
Noble Finance Company [Member] | ||||
Reorganization, Chapter 11 [Line Items] | ||||
Prepaid expenses and other current assets | $ 32,681 | 32,681 | 50,469 | 36,545 |
Intangible assets | 113,389 | 113,389 | 61,849 | |
Property and equipment, net | 1,155,725 | 1,155,725 | 3,577,069 | 1,478,700 |
Other assets | 70,420 | 70,420 | 84,584 | 77,247 |
Other current liabilities | (33,635) | (33,635) | (49,820) | (40,949) |
Less: Fair value of debt | (393,500) | (393,500) | (216,000) | |
Other liabilities | (86,743) | (86,743) | (108,039) | (94,998) |
Accumulated other comprehensive income (loss) | 0 | 0 | 58,012 | (5,389) |
Reorganization items, net | 195,395 | 50,778 | ||
Retained earnings (accumulated deficit) | 0 | 0 | $ (948,219) | $ 70,494 |
Noble Finance Company [Member] | 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) | |||
Retained earnings (accumulated deficit) | $ (2,367,972) | $ (2,367,972) |
Acquisitions and Divestitures
Acquisitions and Divestitures - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Nov. 10, 2021USD ($)Director$ / shares | Aug. 25, 2021USD ($) | Apr. 15, 2021USD ($)shares | Jun. 30, 2021USD ($) | Feb. 05, 2021USD ($) | Dec. 31, 2021USD ($)floater$ / shares | Dec. 31, 2021USD ($)floater$ / shares | Nov. 10, 2021kr / shares | Dec. 31, 2020$ / shares |
Business Acquisition [Line Items] | |||||||||
Merger and integration costs | $ 24,792 | ||||||||
Gain on bargain purchase | $ 0 | $ 62,305 | |||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.01 | ||||||
Noble [Member] | Topco [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of board directors | Director | 3 | ||||||||
Noble Finance Company [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of floaters acquired | floater | 7 | 7 | |||||||
Number of floaters sold | floater | 2 | 2 | |||||||
Merger and integration costs | $ 8,289 | ||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | ||||||
Noble Finance Company [Member] | Business Combination Agreement [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business combination percentage of shareholder approval | 80.00% | ||||||||
Noble Finance Company [Member] | Purchase and Sale Agreement [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from sale of floaters | $ 292,400 | ||||||||
Gain (loss) on disposition jack rigs | $ 185,900 | ||||||||
Purchase and sale agreement covenants terms | (i) one year for purposes of drilling gas wells and (ii) two years for the purposes of drilling oil wells. | ||||||||
Noble Finance Company [Member] | Topco Class A Shares [Member] | Business Combination Agreement [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.00001 | ||||||||
Noble Finance Company [Member] | Topco [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of board directors | Director | 7 | ||||||||
Noble Finance Company [Member] | Topco [Member] | Business Combination Agreement [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage at closing of Merger | 50.00% | ||||||||
Noble Finance Company [Member] | Topco [Member] | Business Combination Agreement [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage at closing of Merger | 50.80% | ||||||||
Noble Finance Company [Member] | Topco [Member] | Business Combination Agreement [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage at closing of Merger | 49.20% | ||||||||
Pacific Drilling | Noble Corp | |||||||||
Business Acquisition [Line Items] | |||||||||
Ownership percentage at closing of Merger | 24.90% | ||||||||
Pacific Drilling | Noble Finance Company [Member] | |||||||||
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 | $ 15,900 | ||||||||
Gain on bargain purchase | $ 62,305 | ||||||||
Business combination provisional information accounting incomplete adjustment valuation allowance on the deferred tax assets | $ 2,200 | ||||||||
Maersk Drilling [Member] | Noble Finance Company [Member] | Business Combination Agreement [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Interest acquired | 90.00% | ||||||||
Business acquisition, share price | kr / shares | kr 10 | ||||||||
Business combination percentage of shareholder approval | 80.00% | ||||||||
Payments to acquire businesses, gross | $ 50,000 | ||||||||
Business combination maximum percentage of voting rights and shares agreed to acquire | 100.00% | ||||||||
Business combination percentage of shareholder approval minimum | 70.00% | ||||||||
Business combination exchange ratio | 1.6137 | ||||||||
Business combination aggregate cash consideration cap | $ 1,000 | ||||||||
Maersk Drilling [Member] | Noble Finance Company [Member] | Topco [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of board directors | Director | 3 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Allocation of Purchase Price (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 15, 2021USD ($)$ / sharesshares | Feb. 05, 2021USD ($) | Dec. 31, 2021USD ($) |
Liabilities assumed: | |||
Gain on bargain purchase | $ 0 | $ 62,305 | |
Noble Finance Company [Member] | 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 | 457 | ||
Total assets acquired | 464,780 | ||
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 | 419,967 | ||
Gain on bargain purchase | 62,305 | ||
Purchase price consideration | $ 357,662 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures - Revenue and Net Income of Acquiree subsequent to the Closing of Merger (Details) - Pacific Drilling - Noble Finance Company [Member] $ in Thousands | 11 Months Ended |
Dec. 31, 2021USD ($) | |
Business Acquisition [Line Items] | |
Revenue | $ 94,506 |
Net loss | $ (46,646) |
Acquisitions and Divestitures_4
Acquisitions and Divestitures - Pro Forma Financial Information (Details) - Pacific Drilling - Noble Finance Company [Member] $ / shares in Units, $ in Thousands | 11 Months Ended |
Dec. 31, 2021USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenue | $ | $ 792,999 |
Net income | $ | $ 69,966 |
Net income per share, Basic (in USD per share) | $ / shares | $ 1.05 |
Net income per share, Diluted (in USD per share) | $ / shares | $ 0.98 |
Earnings Per Share - Computatio
Earnings 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 | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic | ||||
Net income (loss) from continuing operations | $ 250,228 | $ 101,982 | $ (3,978,459) | $ (696,769) |
Net loss from discontinued operations, net of tax | (3,821) | |||
Diluted | ||||
Net income (loss) from continuing operations | $ 250,228 | $ 101,982 | $ (3,978,459) | (696,769) |
Net loss from discontinued operations, net of tax | $ (3,821) | |||
Denominator: | ||||
Weighted average shares outstanding ā basic (in shares) | 251,115 | 63,186 | 250,792 | 248,949 |
Weighted average shares outstanding ā diluted (in shares) | 256,571 | 67,628 | 250,792 | 248,949 |
Basic: | ||||
Income (loss) from continuing operations (usd per share) | $ 1 | $ 1.61 | $ (15.86) | $ (2.79) |
Loss from discontinued operations (usd per share) | (0.02) | |||
Net income (loss) attributable to Noble Corporation | 1 | 1.61 | (15.86) | (2.81) |
Diluted: | ||||
Income (loss) from continuing operations (usd per share) | 0.98 | 1.51 | (15.86) | (2.79) |
Loss from discontinued operations (usd per share) | (0.02) | |||
Net income (loss) attributable to Noble Corporation | $ 0.98 | $ 1.51 | $ (15.86) | $ (2.81) |
Noble Finance Company | ||||
Basic | ||||
Net income (loss) from continuing operations | $ 250,228 | $ 101,982 | $ (3,978,459) | $ (696,769) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | (3,821) |
Net income (loss) attributable to Noble Corporation | 250,228 | 101,982 | (3,978,459) | (700,590) |
Diluted | ||||
Net income (loss) from continuing operations | 250,228 | 101,982 | (3,978,459) | (696,769) |
Net loss from discontinued operations, net of tax | 0 | 0 | 0 | (3,821) |
Net income (loss) attributable to Noble Corporation | $ 250,228 | $ 101,982 | $ (3,978,459) | $ (700,590) |
Denominator: | ||||
Weighted average shares outstanding ā basic (in shares) | 251,115 | 63,186 | 250,792 | 248,949 |
Dilutive effect of share-based awards (in shares) | 5,456 | 3,180 | 0 | 0 |
Dilutive effect of warrants (in shares) | 0 | 1,262 | 0 | 0 |
Weighted average shares outstanding ā diluted (in shares) | 256,571 | 67,628 | 250,792 | 248,949 |
Basic: | ||||
Income (loss) from continuing operations (usd per share) | $ 1 | $ 1.61 | $ (15.86) | $ (2.79) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.02) |
Net income (loss) attributable to Noble Corporation | 1 | 1.61 | (15.86) | (2.81) |
Diluted: | ||||
Income (loss) from continuing operations (usd per share) | 0.98 | 1.51 | (15.86) | (2.79) |
Loss from discontinued operations (usd per share) | 0 | 0 | 0 | (0.02) |
Net income (loss) attributable to Noble Corporation | $ 0.98 | $ 1.51 | $ (15.86) | $ (2.81) |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - Noble Finance Company - shares shares in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 0 | 6,082 | 11,892 |
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 | 11,097 | 0 | 0 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)rig | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Loss on impairment | $ 0 | $ 0 | $ 3,915,408 | $ 615,294 |
Noble Finance Company | ||||
Property, Plant and Equipment [Line Items] | ||||
Loss on impairment | 0 | 0 | 3,915,408 | 615,294 |
Capital expenditures | 10,300 | 159,900 | 148,200 | 306,400 |
Capitalized interest on construction-in-progress | 0 | 2,000 | $ 0 | 9,600 |
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 | |||
Noble Finance Company | Drilling equipment and facilities | ||||
Property, Plant and Equipment [Line Items] | ||||
Loss on impairment | $ 0 | 0 | $ 615,300 | |
Noble Finance Company | Drillships | ||||
Property, Plant and Equipment [Line Items] | ||||
Loss on impairment | $ 3,900,000 | |||
Noble Finance Company | Rig Noble Globetrotter II | ||||
Property, Plant and Equipment [Line Items] | ||||
Unusual or infrequent item, or both, loss assets written off | 5,400 | |||
Unusual or Infrequent Item, or Both, Insurance Proceeds | $ 7,500 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, at Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, at cost | $ 1,555,975 | $ 4,777,697 | |
Noble Finance Company | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, at cost | 1,555,975 | $ 1,155,725 | 4,777,697 |
Noble Finance Company | Drilling Equipment And Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, at cost | 1,467,772 | 4,476,960 | |
Noble Finance Company | Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, at cost | 77,363 | $ 75,159 | 99,812 |
Noble Finance Company | Other Capitalized Property Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, at cost | $ 10,840 | $ 200,925 |
Loss on Impairment - Additional
Loss on Impairment - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Feb. 05, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020FLOATER | Dec. 31, 2020JACKUP | Mar. 31, 2020USD ($)FLOATER | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)FLOATER | Dec. 31, 2019USD ($)FLOATER | |
Property, Plant and Equipment [Line Items] | ||||||||
Loss on impairment | $ 0 | $ 0 | $ 3,915,408 | $ 615,294 | ||||
Noble Finance Company | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss on impairment | $ 0 | $ 0 | $ 3,915,408 | $ 615,294 | ||||
Number of impairment oil and gas properties | 3 | 9 | 4 | 7 | 2 | |||
Noble Finance Company | Capital Spare Equipment | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss on impairment | $ 3,900,000 | |||||||
Noble Finance Company | Nobel Series [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss on impairment | $ 2,800,000 | $ 1,100,000 | $ 24,000 | |||||
Noble Finance Company | Noble Bully II Noble Paul Romano And Certain Capital Spare Equipment [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss on impairment | $ 615,300 | |||||||
Noble Finance Company | Noble Bully II | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss on impairment | 595,500 | |||||||
Noble Finance Company | Noble Bully II Attributable To Joint Venture Partner [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss on impairment | $ 265,000 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Feb. 05, 2021 | Jul. 20, 2020 | Apr. 20, 2020 | Feb. 05, 2021 | Apr. 30, 2020 | Mar. 31, 2019 | Feb. 28, 2019 | Sep. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 02, 2021 | Jul. 31, 2019 | Jan. 31, 2018 | Dec. 21, 2017 |
Debt Instrument [Line Items] | ||||||||||||||||
Repayments of debt | $ 0 | $ 0 | $ 101,132,000 | $ 400,000,000 | ||||||||||||
Borrowings on credit facilities | 177,500,000 | 40,000,000 | 210,000,000 | 755,000,000 | ||||||||||||
Gain (loss) on extinguishment of debt, net | 0 | 0 | 17,254,000 | 30,616,000 | ||||||||||||
Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Repayments of debt | 0 | 0 | 101,132,000 | 400,000,000 | ||||||||||||
Borrowings on credit facilities | 177,500,000 | 40,000,000 | 210,000,000 | 755,000,000 | ||||||||||||
Gain (loss) on extinguishment of debt, net | $ 0 | 0 | 17,254,000 | 30,616,000 | ||||||||||||
Rig, Noble Joe Knight | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Purchase price of asset acquired | $ 83,800,000 | |||||||||||||||
Rig, Noble Johnny Whitstine | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Purchase price of asset acquired | $ 93,800,000 | |||||||||||||||
Interest Payable In Cash | Second Lien Notes Indenture | Noble Finance Company | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debtor-in-possession financing, Interest rate on borrowings | 15.00% | 15.00% | ||||||||||||||
Participants In The Rights Offering | Ordinary Shares | Noble Finance Company | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Plan of reorganization, shares issued, subscription price | 200,000,000 | 200,000,000 | ||||||||||||||
Line of Credit | The 2017 Credit Facility | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 1,300,000,000 | $ 1,500,000,000 | ||||||||||||||
Outstanding borrowings | 545,000,000 | |||||||||||||||
Borrowings on credit facilities | $ 100,000,000 | |||||||||||||||
Line of Credit | 2015 Credit Facility | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loss on extinguishment of debt | $ 2,300,000 | |||||||||||||||
Secured Debt | Second Lien Notes Indenture | Noble Finance Company | ||||||||||||||||
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 | Seller Loan Due February 2023 [Member] | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Financed value | $ 53,600,000 | $ 60,000,000 | ||||||||||||||
Principal payment due at the end of the term, percentage | 95.00% | 95.00% | ||||||||||||||
Repayments of debt | $ 48,100,000 | |||||||||||||||
Period following payment date for debt termination | 90 days | |||||||||||||||
Long-term debt | $ 0 | |||||||||||||||
Senior unsecured revolving credit facility maturity period | 4 years | 4 years | ||||||||||||||
Principal payment due at the end of the third year, percentage | 5.00% | 5.00% | ||||||||||||||
Interest rate, paid in cash | 4.25% | 4.25% | ||||||||||||||
Paid-in-kind interest rate | 1.25% | 1.25% | ||||||||||||||
Paid in cash and paid-in-kind interest rate | 8.91% | 8.91% | ||||||||||||||
Secured Debt | 2018 Seller Loan | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Repayments of debt | $ 53,600,000 | |||||||||||||||
Period following payment date for debt termination | 90 days | |||||||||||||||
Secured Debt | Seller loans | Noble Finance Company | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maximum borrowing capacity under credit facilities | $ 300,000,000 | |||||||||||||||
Credit facility | 2015 Credit Facility | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Extinguishment of debt | $ 300,000,000 | |||||||||||||||
Credit facility | Line of Credit | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debtor-in-possession financing, letters of credit outstanding | 8,800,000 | |||||||||||||||
Credit facility | Line of Credit | Exit Credit Agreement | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
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 | |||||||||||||||
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 | ||||||||||||||
Credit facility | Line of Credit | The 2017 Credit Facility | Noble Finance Company | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
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 Two | Exit Credit Agreement | Noble Finance Company | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
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 | Reserve-Adjusted One-Month LIBOR | Noble Finance Company | ||||||||||||||||
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 | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debtor-in-possession financing, borrowings outstanding | 0 | |||||||||||||||
Debtor-in-possession financing, letters of credit outstanding | $ 8,800,000 | $ 8,800,000 | ||||||||||||||
Credit facility | Unsecured Debt | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debtor-in-possession financing, letters of credit outstanding | $ 6,300,000 | |||||||||||||||
Letters Of Credit and Surety Bonds | Line of Credit | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding borrowings | 6,000,000 | |||||||||||||||
Letters of credit | The 2017 Credit Facility | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Outstanding borrowings | $ 545,000,000 | |||||||||||||||
Letters of credit | Line of Credit | Exit Credit Agreement | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debtor-in-possession financing, amount arranged | $ 67,500,000 | $ 67,500,000 | ||||||||||||||
Letter of Credit | Line of Credit | The 2017 Credit Facility | Noble Finance Company | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Current borrowing capacity | 15,000,000 | |||||||||||||||
Outstanding borrowings | $ 8,800,000 |
Debt - Estimated Fair Value of
Debt - Estimated Fair Value of Long-Term Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 216,000 | ||
Write-off of debt financing costs and discount | $ 4,406 | ||
Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Long-term debt | 393,500 | 216,000 | |
Write-off of debt financing costs and discount | 4,406 | 45,500 | |
Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 216,000 | $ 3,977,926 | |
Current maturities of long-term debt | 0 | 0 | |
Long-term debt | 216,000 | 0 | |
Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 236,792 | 898,938 | |
Current maturities of long-term debt | 0 | 0 | |
Long-term debt | 236,792 | 0 | |
Line of Credit | Carrying Value | Revolving Credit Facility | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | |
Line of Credit | Estimated Fair Value | Revolving Credit Facility | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 0 | |
11.000% Second Lien Notes due February 2028 | Secured notes | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | $ 216,000 | ||
11.000% Second Lien Notes due February 2028 | Secured notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 216,000 | 0 | |
11.000% Second Lien Notes due February 2028 | Secured notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 236,792 | 0 | |
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 62,535 | |
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 1,366 | |
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 79,936 | |
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 1,596 | |
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 21,213 | |
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 354 | |
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 397,025 | |
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 7,925 | |
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 450,000 | |
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 8,348 | |
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 750,000 | |
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 301,935 | |
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 393,596 | |
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 7,966 | |
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 395,002 | |
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 7,327 | |
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 483,619 | |
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 9,701 | |
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 400,000 | |
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 7,420 | |
The 2017 Credit Facility | Line of Credit | Carrying Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | 0 | 545,000 | |
The 2017 Credit Facility | Line of Credit | Estimated Fair Value | Noble Finance Company | |||
Debt Instrument [Line Items] | |||
Total debt | $ 0 | $ 545,000 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | Dec. 01, 2021 | Oct. 01, 2021 | Feb. 19, 2021 | Feb. 18, 2021 | Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares outstanding and trading (in shares) | 60,172,000 | 60,172,000 | 251,084,000 | |||||||
Common stock, par value (usd per share) | $ 0.00001 | $ 0.00001 | $ 0.01 | |||||||
Common stock | $ 1,000 | $ 1,000 | $ 2,511,000 | |||||||
TVRSUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Incremental fair value awarded as a result of the issuance of awards | $ 300,000 | |||||||||
Noble Finance Company | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares outstanding and trading (in shares) | 261,246,000 | 261,246,000 | 261,246,000 | |||||||
Additional conditionally authorized shares without additional shareholder approval (in shares) | 8,700,000 | 8,700,000 | ||||||||
Common stock, par value (usd per share) | $ 0.10 | $ 0.10 | $ 0.10 | |||||||
Common stock | $ 1,000 | $ 26,125,000 | $ 26,125,000 | $ 26,125,000 | ||||||
Percentage of warrant holders for cashless exercise of warrants | 20.00% | 20.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | |||||||||
Noble Finance Company | Tranche 1 Warrants | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of warrants or rights outstanding | 8,300,000 | 8,300,000 | ||||||||
Number of ordinary shares into which each warrant or right may be converted | 1 | 1 | ||||||||
Warrants and Rights Outstanding, Maturity Date | Feb. 4, 2028 | Feb. 4, 2028 | ||||||||
Noble Finance Company | Tranche 1 Warrants | Holders of Legacy Notes | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Exercise price per share or per unit of warrants or rights outstanding | 19.27 | $ 19.27 | $ 19.27 | |||||||
Noble Finance Company | Tranche 2 Warrants | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of warrants or rights outstanding | 8,300,000 | 8,300,000 | ||||||||
Number of ordinary shares into which each warrant or right may be converted | 1 | 1 | ||||||||
Warrants and Rights Outstanding, Maturity Date | Feb. 4, 2028 | Feb. 4, 2028 | ||||||||
Noble Finance Company | Tranche 2 Warrants | Holders of Legacy Notes | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Exercise price per share or per unit of warrants or rights outstanding | 23.13 | $ 23.13 | $ 23.13 | |||||||
Noble Finance Company | Tranche 3 Warrants | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of warrants or rights outstanding | 2,800,000 | 2,800,000 | ||||||||
Number of ordinary shares into which each warrant or right may be converted | 1 | 1 | ||||||||
Warrants and Rights Outstanding, Maturity Date | Feb. 4, 2026 | Feb. 4, 2026 | ||||||||
Noble Finance Company | Tranche 3 Warrants | Holders of Legacy Noble's Ordinary Shares | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Exercise price per share or per unit of warrants or rights outstanding | $ 124.40 | $ 124.40 | $ 124.40 | |||||||
Noble Finance Company | 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 | |||||||||
Noble Finance Company | 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 | |||||||||
Noble Finance Company | Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common stock | $ 6,000 | |||||||||
Noble Finance Company | 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 | |||||||
Remaining number of shares available for grants (in shares) | 40 | |||||||||
Noble Finance Company | 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 | |||||||||
Noble Finance Company | Noble Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Remaining number of shares available for grants (in shares) | 7,700,000 | 7,700,000 | ||||||||
Compensation cost recognized | $ 16,500,000 | |||||||||
Compensation cost recognized net of tax | 16,400,000 | |||||||||
Capitalized compensation costs | $ 0 | |||||||||
Aggregate number of common shares reserved for future issuance | 7.7 | 7.7 | ||||||||
Units awarded (in shares) | 78,546 | |||||||||
Noble Finance Company | PVRSUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected volatility | 69.80% | 59.60% | ||||||||
Risk-free interest rate | 1.40% | 2.50% | ||||||||
Units awarded (in shares) | 1,457,842 | 2,696,774 | 1,623,399 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.82 | $ 1.14 | $ 3.61 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 1,457,842 | 1,457,842 | |||||||
Noble Finance Company | PVRSUs | Noble Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Total unrecognized compensation cost | $ 22,100,000 | $ 22,100,000 | ||||||||
Period for recognizing unrecognized compensation cost | 2 years | |||||||||
Expected volatility | 95.10% | 92.20% | 50.00% | |||||||
Risk-free interest rate | 0.58% | 0.33% | 0.19% | |||||||
Units awarded (in shares) | 0 | 1,457,842 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 20.82 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 3,163,113 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 3,163,113 | ||||||||
Noble Finance Company | TVRSUs | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | 3 years | ||||||||
Units awarded (in shares) | 1,735,843 | 5,559,678 | 4,639,119 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.68 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 66,081 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 1,669,762 | 1,669,762 | |||||||
Noble Finance Company | TVRSUs | Noble Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Units awarded (in shares) | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 61,050 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 2,301,450 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 2,362,500 | ||||||||
Noble Finance Company | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation cost recognized | $ 700,000 | $ 9,200,000 | $ 14,700,000 | |||||||
Compensation cost recognized net of tax | $ 700,000 | $ 8,600,000 | $ 14,100,000 | |||||||
Noble Finance Company | Liability Classified Cash Incentive Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award performance period | 3 years | |||||||||
Expected volatility | 69.80% | |||||||||
Risk-free interest rate | 1.40% | |||||||||
Noble Finance Company | Liability Classified Time Vested Restricted Stock Units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Total unrecognized compensation cost | $ 900 | $ 900 | ||||||||
Units awarded (in shares) | 52,364 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.76 | |||||||||
Noble Finance Company | Liability Classified Time Vested Restricted Stock Units [Member] | Noble Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 2 years 9 months 21 days | |||||||||
Period for recognizing unrecognized compensation cost | 1 year 11 months 19 days | |||||||||
Units awarded (in shares) | 52,364 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 52,364 | 52,364 | ||||||||
Deferred Compensation Liability | $ 414,400 | $ 414,400 | ||||||||
Noble Finance Company | Equity Classified Time Vested Restricted Stock Units [Member] | Noble Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 2 years 11 months 8 days | |||||||||
Total unrecognized compensation cost | $ 20,100 | $ 20,100 | ||||||||
Period for recognizing unrecognized compensation cost | 2 years 1 month 2 days | |||||||||
Units awarded (in shares) | 1,735,843 | |||||||||
Noble Finance Company | Non-employee directors | Noble Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Units awarded (in shares) | 52,364 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Options Granted (Details) - Noble Finance Company [Member] - $ / shares | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 05, 2021 | |
NumbersĀ of Shares Underlying Options | ||||
Outstanding at beginning of year (in shares) | 556,155 | 708,400 | 1,103,242 | |
Expired (in shares) | (556,155) | (152,245) | (394,842) | |
Outstanding at end of year (in shares) | 0 | 556,155 | 708,400 | |
Exercisable at end of year (in shares) | 556,155 | 708,400 | 0 | |
Weighted Average Exercise Price | ||||
Outstanding at beginning of year (usd per share) | $ 30.39 | $ 30.90 | $ 28.74 | |
Expired (usd per share) | 30.39 | 32.78 | 24.85 | |
Outstanding at end of year (usd per share) | $ 0 | 30.39 | 30.90 | |
Exercisable at end of year (usd per share) | $ 30.39 | $ 30.90 | $ 0 |
Equity - Assumptions used to Va
Equity - Assumptions used to Value the Performance-Vested Restricted Stock Units (Details) - Noble Finance Company - PVRSUs | Dec. 01, 2021 | Oct. 01, 2021 | Feb. 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Valuation assumptions: | |||||
Expected volatility | 69.80% | 59.60% | |||
Expected dividend yield | 0.00% | 0.00% | |||
Risk-free interest rate | 1.40% | 2.50% | |||
Noble Incentive Plan | |||||
Valuation assumptions: | |||||
Expected volatility | 95.10% | 92.20% | 50.00% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||
Risk-free interest rate | 0.58% | 0.33% | 0.19% |
Equity - Summary of Restricted
Equity - Summary of Restricted Share Awards (Details) - Noble Finance Company - $ / shares | Feb. 18, 2021 | Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average award-date fair value (usd per share) | $ 0 | |||||
TVRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units awarded (in shares) | 1,735,843 | 5,559,678 | 4,639,119 | |||
Weighted-average share price at award date (usd per share) | $ 0.82 | $ 3.02 | ||||
Weighted-average vesting period (years) | 3 years | 3 years | ||||
Weighted-average award-date fair value (usd per share) | $ 16.68 | |||||
PVRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units awarded (in shares) | 1,457,842 | 2,696,774 | 1,623,399 | |||
Weighted-average share price at award date (usd per share) | $ 0.91 | $ 3.13 | ||||
Weighted-average award-date fair value (usd per share) | $ 20.82 | $ 1.14 | $ 3.61 | |||
Liability Classified Time Vested Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units awarded (in shares) | 52,364 | |||||
Weighted-average award-date fair value (usd per share) | $ 16.76 | |||||
Noble Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units awarded (in shares) | 78,546 | |||||
Noble Incentive Plan | TVRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units awarded (in shares) | 0 | |||||
Weighted-average vesting period (years) | 3 years | |||||
Weighted-average award-date fair value (usd per share) | $ 0 | |||||
Noble Incentive Plan | PVRSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units awarded (in shares) | 0 | 1,457,842 | ||||
Weighted-average share price at award date (usd per share) | $ 16.74 | |||||
Weighted-average award-date fair value (usd per share) | $ 0 | $ 20.82 | ||||
Noble Incentive Plan | Equity Classified Time Vested Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units awarded (in shares) | 1,735,843 | |||||
Weighted-average share price at award date (usd per share) | $ 16.68 | |||||
Weighted-average vesting period (years) | 2 years 11 months 8 days | |||||
Noble Incentive Plan | Liability Classified Time Vested Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Units awarded (in shares) | 52,364 | |||||
Weighted-average share price at award date (usd per share) | $ 16.76 | |||||
Weighted-average vesting period (years) | 2 years 9 months 21 days |
Equity - Summary of Status of N
Equity - Summary of Status of Non-Vested Restricted Stock Units (Details) - Noble Finance Company [Member] - $ / shares | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Awarded (usd per share) | $ 0 | ||||
Noble Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Awarded (in shares) | 78,546 | ||||
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) | 0 | ||||
Awarded (in shares) | 1,457,842 | 2,696,774 | 1,623,399 | ||
Vested (in shares) | 0 | ||||
Forfeited (in shares) | 0 | ||||
Non-vested Liability-Classified Award (in shares) | 0 | 1,457,842 | 1,457,842 | ||
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) | $ 0 | ||||
Awarded (usd per share) | 20.82 | $ 1.14 | $ 3.61 | ||
Vested (usd per share) | 0 | ||||
Forfeited (usd per share) | 0 | ||||
Non-vested Liability-Classified Award, ending balance (usd per share) | $ 0 | $ 20.82 | $ 20.82 | ||
PVRSUs | Noble Incentive Plan [Member] | |||||
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) | 3,163,113 | 0 | 3,163,113 | ||
Awarded (in shares) | 0 | 1,457,842 | |||
Vested (in shares) | 0 | ||||
Forfeited (in shares) | (3,163,113) | ||||
Non-vested Liability-Classified Award (in shares) | 0 | 3,163,113 | |||
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) | $ 3.22 | $ 0 | $ 3.22 | ||
Awarded (usd per share) | 0 | $ 20.82 | |||
Vested (usd per share) | 0 | ||||
Forfeited (usd per share) | 3.22 | ||||
Non-vested Liability-Classified Award, ending balance (usd per share) | $ 0 | $ 3.22 | |||
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) | 0 | ||||
Awarded (in shares) | 1,735,843 | 5,559,678 | 4,639,119 | ||
Vested (in shares) | 0 | ||||
Forfeited (in shares) | (66,081) | ||||
Non-vested Liability-Classified Award (in shares) | 0 | 1,669,762 | 1,669,762 | ||
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) | $ 0 | ||||
Awarded (usd per share) | 16.68 | ||||
Vested (usd per share) | 0 | ||||
Forfeited (usd per share) | 16.44 | ||||
Non-vested Liability-Classified Award, ending balance (usd per share) | $ 0 | $ 16.69 | $ 16.69 | ||
TVRSUs | Noble Incentive Plan [Member] | |||||
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) | 2,362,500 | 0 | 2,362,500 | ||
Awarded (in shares) | 0 | ||||
Vested (in shares) | (61,050) | ||||
Forfeited (in shares) | (2,301,450) | ||||
Non-vested Liability-Classified Award (in shares) | 0 | 2,362,500 | |||
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) | $ 3.43 | $ 0 | $ 3.43 | ||
Awarded (usd per share) | 0 | ||||
Vested (usd per share) | 5.46 | ||||
Forfeited (usd per share) | 3.37 | ||||
Non-vested Liability-Classified Award, ending balance (usd per share) | $ 0 | $ 3.43 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | $ (311,388) | $ 1,018,768 | $ 3,658,972 | $ 4,654,574 |
Other comprehensive income (loss), net | 108 | 5,389 | 377 | (1,317) |
Cancellation of Predecessor equity | 60,343 | |||
Ending balance | 1,018,768 | 1,500,627 | (311,388) | 3,658,972 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (58,012) | (58,389) | (57,072) | |
Other comprehensive income (loss), net | 108 | 5,389 | 377 | (1,317) |
Cancellation of Predecessor equity | 57,904 | |||
Ending balance | 5,389 | (58,012) | (58,389) | |
Noble Finance Company [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (213,392) | 1,016,150 | 3,757,980 | 4,653,468 |
Other comprehensive loss before reclassifications | (116) | 0 | (521) | |
Amounts reclassified from AOCI | 224 | 5,389 | 898 | |
Other comprehensive income (loss), net | 108 | 5,389 | 377 | (1,317) |
Cancellation of Predecessor equity | 1,061,402 | |||
Ending balance | 1,016,150 | 1,495,418 | (213,392) | 3,757,980 |
Noble Finance Company [Member] | Defined Benefit Pension Items | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (39,737) | 0 | (40,635) | |
Other comprehensive loss before reclassifications | 0 | 0 | 0 | |
Amounts reclassified from AOCI | 224 | 5,389 | 898 | |
Other comprehensive income (loss), net | 224 | 5,389 | 898 | |
Cancellation of Predecessor equity | 39,513 | |||
Ending balance | 0 | 5,389 | (39,737) | (40,635) |
Noble Finance Company [Member] | Foreign Currency Items | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (18,275) | 0 | (17,754) | |
Other comprehensive loss before reclassifications | (116) | 0 | (521) | |
Amounts reclassified from AOCI | 0 | 0 | 0 | |
Other comprehensive income (loss), net | (116) | 0 | (521) | |
Cancellation of Predecessor equity | 18,391 | |||
Ending balance | 0 | 0 | (18,275) | (17,754) |
Noble Finance Company [Member] | Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning balance | (58,012) | 0 | (58,389) | (57,072) |
Other comprehensive income (loss), net | 108 | 5,389 | 377 | (1,317) |
Cancellation of Predecessor equity | 57,904 | |||
Ending balance | $ 0 | $ 5,389 | $ (58,012) | $ (58,389) |
Revenue and Customers - Additio
Revenue and Customers - Additional Information (Details) - USD ($) $ in Thousands | 11 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2021 | Feb. 05, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Payment term | 30 days | ||
Intangible assets | $ 61,849 | ||
Noble Finance Company [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Intangible assets, gross | 113,400 | ||
Intangible assets | 61,849 | $ 113,389 | |
Intangible assets, accumulated amortization | $ 51,500 | ||
Expected amortization, 2022 | 43,500 | ||
Expected amortization, 2023 | $ 18,400 | ||
Noble Finance Company [Member] | Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Remaining amortization period | 18 months | ||
Noble Finance Company [Member] | Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Remaining amortization period | 32 months |
Revenue and Customers - Schedul
Revenue and Customers - Schedule of Contract Assets, and Contract Liabilities from Contract with Customers (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current contract assets | $ 5,744 | $ 10,687 | ||
Noncurrent contract assets | 0 | 3,174 | ||
Total contract assets | 5,744 | $ 5,744 | 13,861 | $ 30,800 |
Current contract liabilities (deferred revenue) | (18,403) | (34,990) | ||
Noncurrent contract liabilities (deferred revenue) | (9,352) | (24,896) | ||
Total contract liabilities | $ (27,755) | $ (8,287) | $ (59,886) | $ (65,055) |
Revenue and Customers - Signifi
Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract Assets | |||
Contract assets, beginning balance | $ 13,861 | $ 5,744 | $ 30,800 |
Amortization of deferred costs | (1,607) | (3,908) | (27,043) |
Additions to deferred costs | 432 | 9,652 | 10,104 |
Fresh start accounting revaluation | (12,686) | ||
Total | (13,861) | 5,744 | (16,939) |
Contract assets, ending balance | 5,744 | 5,744 | 13,861 |
Contract Liabilities | |||
Contract liabilities, beginning balance | (59,886) | (8,287) | (65,055) |
Amortization of deferred revenue | 4,142 | (13,729) | 57,915 |
Additions to deferred revenue | (25,479) | (33,197) | (52,746) |
Fresh start accounting revaluation | 72,936 | ||
Total | 51,599 | (19,468) | 5,169 |
Contract liabilities, ending balance | $ (8,287) | $ (27,755) | $ (59,886) |
Revenue and Customers - Remaini
Revenue and Customers - Remaining Performance Obligations (Details) - Noble Finance Company [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 27,755 |
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 | $ 18,403 |
Performance obligation, expected timing of satisfaction | 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 | $ 9,323 |
Performance obligation, expected timing of satisfaction | 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 | $ 29 |
Performance obligation, expected timing of satisfaction | 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 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year |
Floaters | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 21,282 |
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 | $ 11,930 |
Performance obligation, expected timing of satisfaction | 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 | $ 9,323 |
Performance obligation, expected timing of satisfaction | 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 | $ 29 |
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 |
Performance obligation, expected timing of satisfaction | 1 year |
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year |
Jackups | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 6,473 |
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 | $ 6,473 |
Performance obligation, expected timing of satisfaction | 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 |
Performance obligation, expected timing of satisfaction | 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 |
Performance obligation, expected timing of satisfaction | 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 |
Performance obligation, expected timing of satisfaction | 1 year |
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligations | $ 0 |
Performance obligation, expected timing of satisfaction | 1 year |
Revenue and Customers - Disaggr
Revenue and Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | $ 77,481 | $ 770,325 | $ 964,272 | $ 1,305,438 |
Contract drilling services | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 74,051 | 708,131 | 909,236 | 1,246,058 |
Noble Finance Company [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 77,481 | 770,325 | 964,272 | 1,305,438 |
Noble Finance Company [Member] | Floaters | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 50,057 | 482,283 | 491,407 | 727,177 |
Noble Finance Company [Member] | Jackups | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | 23,994 | 225,848 | 417,829 | 518,881 |
Noble Finance Company [Member] | Contract drilling services | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating revenues | $ 74,051 | $ 708,131 | $ 909,236 | $ 1,246,058 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Noble Finance Company | ||
Operating lease right-of-use assets | $ 17,066 | $ 26,648 |
Current operating lease liabilities | 3,923 | 1,942 |
Long-term operating lease liabilities | $ 13,166 | $ 4,969 |
Weighted average remaining lease term for operating leases (years) | 6 years 3 months | 7 years 9 months 18 days |
Weighted average discounted rate for operating leases | 9.50% | 11.10% |
Lease liabilities classified as liabilities subject to compromise | $ 21,000 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - Noble Finance Company - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease cost | $ 365 | $ 4,803 | $ 9,065 |
Short-term lease cost | 124 | 634 | 2,893 |
Variable lease cost | 605 | 412 | 1,265 |
Total lease cost | $ (364) | $ 5,849 | $ 13,223 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - Noble Finance Company - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating cash flows used forĀ operating leases | $ 979 | $ 5,568 | $ 9,614 |
Right-of-use assets obtained in exchange for a lease liability | $ 0 | $ 9,647 | $ 1,217 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - Noble Finance Company $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 5,245 |
2023 | 4,375 |
2024 | 4,252 |
2025 | 2,881 |
2026 | 2,523 |
Thereafter | 4,332 |
Total lease payments | 23,608 |
Less: Interest | (6,372) |
Present value of lease liability | $ 17,236 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Taxes (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets, Net [Abstract] | ||
Deferred tax assets | $ 1,952,700 | $ 222,125 |
Less: valuation allowance | (1,899,092) | (191,835) |
Net deferred tax assets | 53,608 | 30,290 |
Deferred tax liabilities | ||
Deferred tax liabilities | (21,396) | (38,891) |
Net deferred tax assets (liabilities) | (32,212) | (8,601) |
United States | ||
Deferred Tax Assets, Net [Abstract] | ||
Net operating loss carry forwards | 3,485 | 79,047 |
Disallowed interest deduction carryforwards | 0 | 62,337 |
Deferred pension plan amounts | 3,427 | 10,568 |
Accrued expenses not currently deductible | 5,780 | 5,625 |
Other | 121 | 3,178 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | 0 | (30,349) |
Contract asset | (10,067) | 0 |
Deferred revenue | (3,438) | 0 |
Other | (1,116) | (1,796) |
Non-United States | ||
Deferred Tax Assets, Net [Abstract] | ||
Net operating loss carry forwards | 1,013,281 | 47,187 |
Transition attribute | 888,962 | 0 |
Tax credits carryover | 23,849 | 0 |
Disallowed interest deduction carryforwards | 13,625 | 13,625 |
Deferred pension plan amounts | 0 | 558 |
Accrued expenses not currently deductible | 170 | 0 |
Deferred tax liabilities | ||
Excess of net book basis over remaining tax basis | (690) | (5,474) |
Contract asset | (4,173) | 0 |
Other | $ (1,912) | $ (1,272) |
Income Taxes - Income (Loss) fr
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - Noble Finance Company - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
United States | $ 1,878,637 | $ (47,686) | $ (2,150,591) | $ (65,062) |
Non-United States | (1,624,986) | 150,033 | (2,088,271) | (844,022) |
Total | $ 253,651 | $ 102,347 | $ (4,238,862) | $ (909,084) |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision for Continuing Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current- United States | $ 0 | $ (33,323) | $ (257,552) | $ (34,726) |
Current- Non-United States | 922 | 67,952 | 23,474 | 14,011 |
Deferred- United States | (4,689) | (7,460) | (57,514) | (5,307) |
Deferred- Non-United States | 7,190 | (26,804) | 31,189 | (12,518) |
Total | $ 3,423 | $ 365 | $ (260,403) | $ (38,540) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Gross balance at January 1, | $ 37,721 | $ 37,156 | $ 130,837 | $ 161,256 |
Additions based on tax positions related to current year | 1,347 | 26,463 | 20,266 | 934 |
Additions for tax positions of prior years | 0 | 21,465 | 206 | 224 |
Reductions for tax positions of prior years | (5) | (12,331) | (109,330) | (28,542) |
Expiration of statutes | (1,907) | (9,310) | (4,258) | (1,629) |
Tax settlements | 0 | 0 | 0 | (1,406) |
Gross balance at December 31, | 37,156 | 63,443 | 37,721 | 130,837 |
Related tax benefits | (384) | (384) | (384) | (400) |
Net reserve at December 31, | $ 36,772 | $ 63,059 | $ 37,337 | $ 130,437 |
Income Taxes - Summary of Liabi
Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reserve for uncertain tax positions, excluding interest and penalties | $ 36,772 | $ 63,059 | $ 37,337 | $ 130,437 |
Interest and penalties included in "Other liabilities" | 5,273 | 11,930 | 5,164 | |
Reserve for uncertain tax positions, including interest and penalties | $ 42,045 | $ 74,989 | $ 42,501 |
Income Taxes - Effective Tax Re
Income Taxes - Effective Tax Reconciliation (Details) - Noble Finance Company [Member] - Foreign Tax Authority [Member] | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||||
Tax rates which are different than the UK and Cayman Island rates | 0.50% | 22.60% | 0.40% | 4.30% |
Tax impact of asset impairment and disposition | 0.00% | 0.00% | 4.50% | 0.30% |
Tax impact of restructuring | 1.00% | 0.00% | 2.10% | (4.10%) |
Tax impact of the tax regulation change | 0.00% | 0.00% | 0.90% | 0.00% |
Tax impact of valuation allowance | 0.00% | (25.20%) | (4.30%) | 0.50% |
Resolution of (reserve for) tax authority audits | (0.20%) | 2.90% | 2.50% | 3.20% |
Total | 1.30% | 0.30% | 6.10% | 4.20% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred income taxes | $ 2,501 | $ (34,264) | $ (26,325) | $ (17,825) | ||
Noble Finance Company [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Tax expense (benefit) related to Non-US reserve | 1,700 | 42,000 | 7,800 | |||
Income tax expense related to reorganization and fresh start adjustments | 2,500 | |||||
Tax benefits related to US tax refund | 12,600 | |||||
Reserves for uncertain tax positions | $ 74,989 | 42,045 | 74,989 | $ 74,989 | 42,501 | |
Amount provision for income taxes reduced if reserves not realized | 53,600 | 53,600 | 53,600 | |||
Income tax benefit from CARES Act | 39,000 | |||||
Interest and penalties resulted in an income tax expense | 100 | 6,700 | 24,100 | 3,000 | ||
Tax expense related to a change in valuation allowance | 31,100 | |||||
Income Tax Expense (Benefit) | (3,400) | (400) | (260,400) | |||
Tax benefit related to US reserve | 24,300 | 111,900 | ||||
Tax benefits related to non-US refund claim | 1,900 | |||||
Tax benefits related to deferred tax adjustments | 1,200 | |||||
Tax expenses (benefits) related to various recurring items | 2,600 | 21,200 | 47,300 | |||
Tax benefits related to tax effect from asset impairments | 99,700 | |||||
Tax benefit related to non-US reserve due to statute expiration | 4,600 | |||||
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 | |||||
Deferred income taxes | $ 2,501 | $ (34,264) | $ (26,325) | $ (17,825) | ||
Available deferred tax benefit | 1,800,000 | |||||
Deferred tax Assets net of valuation allowance increase during period | 23,300 | |||||
Noble Finance Company [Member] | UK Tax Authority | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Tax benefits related to deferred tax assets previously not recognized | $ 22,800 | |||||
Noble Finance Company [Member] | Foreign tax authority | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred income taxes | $ 22,800 |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-US | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | $ 67,943 | $ 63,729 | $ 62,485 | |
Interest cost | 97 | 1,228 | 1,877 | $ 1,814 |
Actuarial loss (gain) | (4,366) | 1,548 | 7,190 | |
Plan amendments | 0 | 0 | 104 | |
Benefits paid | (138) | (2,456) | (2,261) | |
Settlements and curtailments | 0 | 0 | (3,751) | |
Foreign exchange rate changes | 193 | (983) | 2,299 | |
Benefit obligation at end of year | 63,729 | 63,066 | 67,943 | 62,485 |
US plans | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 266,090 | 256,417 | 240,249 | |
Interest cost | 615 | 5,993 | 7,567 | 8,711 |
Actuarial loss (gain) | (6,491) | (6,465) | 28,266 | |
Plan amendments | 0 | 0 | 0 | |
Benefits paid | (1,515) | (7,199) | (8,024) | |
Settlements and curtailments | (2,282) | (5,208) | (1,968) | |
Foreign exchange rate changes | 0 | 0 | 0 | |
Benefit obligation at end of year | $ 256,417 | $ 243,538 | $ 266,090 | $ 240,249 |
Employee Benefit Plans - Reco_2
Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-US | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at beginning of year | $ 83,808 | $ 79,146 | $ 76,429 | |
Actual return on plan assets | (4,763) | 2,998 | 8,741 | |
Employer contributions | 0 | 0 | 0 | $ 0 |
Benefits paid | (138) | (2,456) | (2,261) | |
Settlement and curtailment | 0 | 0 | (3,751) | |
Foreign exchange rate changes | 239 | (1,223) | 4,650 | |
Fair value of plan assets at end of year | 79,146 | 78,465 | 83,808 | 76,429 |
US plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets at beginning of year | 222,417 | 221,743 | 194,160 | |
Actual return on plan assets | 838 | 12,254 | 36,247 | |
Employer contributions | 2,285 | 5,240 | 2,002 | 1,300 |
Benefits paid | (1,515) | (7,199) | (8,024) | |
Settlement and curtailment | (2,282) | (5,208) | (1,968) | |
Foreign exchange rate changes | 0 | 0 | 0 | |
Fair value of plan assets at end of year | $ 221,743 | $ 226,830 | $ 222,417 | $ 194,160 |
Employee Benefit Plans - Funded
Employee Benefit Plans - Funded Status of Plans (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ 15,399 | $ 15,865 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Funded status | $ (16,708) | $ (43,673) |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | $ 15,399 | $ 15,865 |
Other liabilities (current) | 0 | 0 |
Other liabilities (noncurrent) | 0 | 0 |
Net amount recognized | 15,399 | 15,865 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets (noncurrent) | 971 | 0 |
Other liabilities (current) | (67) | (8,169) |
Other liabilities (noncurrent) | (17,612) | (35,504) |
Net amount recognized | $ (16,708) | $ (43,673) |
Employee Benefit Plans - Amou_2
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Non-US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | $ (369) | $ 3,108 |
Deferred income tax asset (liability) | 112 | (558) |
Accumulated other comprehensive income (loss) | (257) | 2,550 |
US plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (gain) loss | (6,496) | 47,094 |
Deferred income tax asset (liability) | 1,364 | (9,890) |
Accumulated other comprehensive income (loss) | $ (5,132) | $ 37,204 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Costs (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-US | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 97 | 1,228 | 1,877 | 1,814 |
Return on plan assets | (85) | (845) | (1,649) | (2,471) |
Amortization of prior service cost | 1 | 0 | 10 | 10 |
Recognized net actuarial loss | 0 | 0 | 0 | 0 |
Settlement and curtailment gains | 0 | 0 | 9 | 0 |
Net pension benefit cost (gain) | 13 | 383 | 247 | (647) |
US | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 615 | 5,993 | 7,567 | 8,711 |
Return on plan assets | (1,239) | (11,648) | (11,676) | (10,313) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 281 | 0 | 2,866 | 2,771 |
Settlement and curtailment gains | 301 | (575) | 154 | (37) |
Net pension benefit cost (gain) | $ (42) | $ (6,230) | $ (1,089) | $ 1,132 |
Employee Benefit Plans - Disagg
Employee Benefit Plans - Disaggregated Plan Information (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Non-US | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | $ 63,066 | $ 63,729 | $ 67,943 | $ 62,485 |
Accumulated benefit obligation | 63,066 | 67,943 | ||
Fair value of plan assets | 78,465 | 79,146 | 83,808 | 76,429 |
US plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Projected benefit obligation | 243,538 | 256,417 | 266,090 | 240,249 |
Accumulated benefit obligation | 243,538 | 266,090 | ||
Fair value of plan assets | $ 226,830 | $ 221,743 | $ 222,417 | $ 194,160 |
Employee Benefit Plans - Plans
Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 207,059 | 266,090 |
Fair value of plan assets | $ 189,382 | $ 222,417 |
Employee Benefit Plans - Plan_2
Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 207,059 | 266,090 |
Fair value of plan assets | $ 189,382 | $ 222,417 |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Details) - Noble Finance Company [Member] | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-US | ||||
Weighted-average assumptions used to determine benefit obligations: | ||||
Discount Rate | 1.80% | 1.80% | 1.40% | |
Weighted-average assumptions used to determine periodic benefit cost: | ||||
Discount Rate | 1.80% | 1.80% | 2.10% | 2.90% |
Expected long-term return on assets | 1.20% | 1.20% | 2.90% | 3.70% |
US plans | Minimum | ||||
Weighted-average assumptions used to determine benefit obligations: | ||||
Discount Rate | 1.92% | 2.63% | 1.82% | |
Weighted-average assumptions used to determine periodic benefit cost: | ||||
Discount Rate | 1.82% | 1.92% | 2.56% | 3.65% |
Expected long-term return on assets | 5.10% | 5.00% | 5.40% | 5.40% |
US plans | Maximum | ||||
Weighted-average assumptions used to determine benefit obligations: | ||||
Discount Rate | 2.77% | 2.89% | 2.60% | |
Weighted-average assumptions used to determine periodic benefit cost: | ||||
Discount Rate | 2.60% | 2.77% | 3.32% | 4.29% |
Expected long-term return on assets | 6.10% | 5.80% | 6.30% | 6.50% |
Employee Benefit Plans - Actual
Employee Benefit Plans - Actual Fair Values of Pension Plans (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 05, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Non-US | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $ 78,465 | $ 79,146 | $ 83,808 | $ 76,429 |
Non-US | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 78,465 | 83,808 | ||
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 | 938 | 5,405 | ||
Non-US | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 938 | 5,405 | ||
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 | 10,546 | 4,179 | ||
Non-US | Equity securities | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10,546 | 4,179 | ||
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 | 66,981 | 72,407 | ||
Non-US | Corporate bonds | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 66,981 | 72,407 | ||
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 | |||
Non-US | Other | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,817 | |||
Non-US | Other | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
Non-US | Other | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
US plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 226,830 | $ 221,743 | 222,417 | $ 194,160 |
US plans | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 137,431 | 175,809 | ||
US plans | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 89,399 | 46,608 | ||
US plans | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
US plans | Cash and cash equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,718 | 1,727 | ||
US plans | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,718 | 1,727 | ||
US plans | Cash and cash equivalents | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
US plans | Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
US plans | Corporate bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 103,504 | 83,645 | ||
US plans | Corporate bonds | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 100,342 | 82,669 | ||
US plans | Corporate bonds | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,162 | 976 | ||
US plans | Corporate bonds | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
US plans | United States | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 86,237 | 78,019 | ||
US plans | United States | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 32,387 | ||
US plans | United States | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 86,237 | 45,632 | ||
US plans | United States | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
US plans | International, equity securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 32,310 | |||
US plans | International, equity securities | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 32,310 | |||
US plans | International, equity securities | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
US plans | International, equity securities | Significant Unobservable Inputs (Level 3) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | |||
US plans | Treasury bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 33,371 | 26,716 | ||
US plans | Treasury bonds | Quoted Prices in Active Markets (Level 1) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 33,371 | 26,716 | ||
US plans | Treasury bonds | Significant Other Observable Inputs (Level 2) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
US plans | Treasury bonds | 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, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 12,224 |
2023 | 12,806 |
2024 | 13,120 |
2025 | 13,679 |
2026 | 14,010 |
Thereafter | 74,570 |
Non-US | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 2,514 |
2023 | 2,616 |
2024 | 2,723 |
2025 | 2,835 |
2026 | 2,951 |
Thereafter | 16,663 |
US | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 9,710 |
2023 | 10,190 |
2024 | 10,397 |
2025 | 10,844 |
2026 | 11,059 |
Thereafter | 57,907 |
Noble Finance Company [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 140,409 |
Noble Finance Company [Member] | Non-US | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | 30,302 |
Noble Finance Company [Member] | US | |
Defined Benefit Plan Disclosure [Line Items] | |
Total | $ 110,107 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Market cycle minimum period in which objective should be met over | 5 years | ||||||
Noble Finance Company [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net actuarial losses and prior service costs (less than) | $ 0 | ||||||
Market cycle maximum period in which objective should be met over | 7 years | ||||||
Number of shares included in equity securities | 0 | 0 | 0 | 0 | |||
Costs for maintaining contribution plans | $ 1,600 | $ 29,800 | $ 24,900 | $ 28,100 | |||
Noble Finance Company [Member] | Restoration Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Liability under the restoration plan | 2,800 | 7,800 | $ 2,800 | $ 7,800 | |||
Noble Finance Company [Member] | 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 | |||||
Noble Finance Company [Member] | Equity securities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of company's overall investments | 38.90% | 38.90% | |||||
Noble Finance Company [Member] | Debt security | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of company's overall investments | 59.90% | 59.90% | |||||
Noble Finance Company [Member] | Cash and cash equivalents | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of company's overall investments | 1.20% | 1.20% | |||||
Noble Finance Company [Member] | Non-US | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Projected benefit obligation | 0 | $ 0 | $ 0 | $ 0 | |||
Accumulated benefit obligation | 0 | 0 | $ 0 | 0 | |||
Employer contributions | 0 | $ 0 | 0 | $ 0 | |||
Expected contribution to non-U.S. and U.S pension plans | $ 0 | $ 0 | |||||
Noble Finance Company [Member] | Non-US | Equity securities | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of company's overall investments | 20.00% | 0.20% | 20.00% | 0.20% | |||
Noble Finance Company [Member] | Non-US | Debt security | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of company's overall investments | 80.00% | 80.00% | |||||
Noble Finance Company [Member] | US plans | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Decrease in pension liability | $ 700 | $ 1,700 | 2,100 | ||||
Projected benefit obligation | $ 207,059 | $ 266,090 | 207,059 | 266,090 | |||
Accumulated benefit obligation | 207,059 | 266,090 | 207,059 | 266,090 | |||
Employer contributions | $ 2,285 | 5,240 | 2,002 | $ 1,300 | |||
Expected contribution to non-U.S. and U.S pension plans | 100 | 100 | |||||
Noble Finance Company [Member] | US plans | Unfunded excess benefit plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Projected benefit obligation | 1,500 | 9,700 | 1,500 | 9,700 | |||
Accumulated benefit obligation | $ 1,500 | $ 9,700 | $ 1,500 | $ 9,700 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - Noble Finance Company [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Quoted Prices in Active Markets (Level 1) | ||
Assets | ||
Marketable securities | $ 7,645 | $ 12,326 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Marketable securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Marketable securities | 0 | 0 |
Carrying Value | ||
Assets | ||
Marketable securities | $ 7,645 | $ 12,326 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Noble Finance Company [Member] $ in Millions | 11 Months Ended |
Dec. 31, 2021USD ($)numberOfEmployee | |
Other Commitments [Line Items] | |
Years of effectiveness of employment agreements after the termination of employment | 3 years |
Insurance for litigation claims deductible amount | $ 5 |
Hurricane Ida Personal Injury Claims [Member] | |
Other Commitments [Line Items] | |
Number of employees impacted | numberOfEmployee | 14 |
Minimum | |
Other Commitments [Line Items] | |
Percentage of uncertain tax positions likelihood of being sustained | 50.00% |
Mexico | Income and other business taxes | Foreign tax authority | |
Other Commitments [Line Items] | |
Approximate audit claims assessed | $ 618 |
Segment and Related Informati_3
Segment and Related Information - Revenues And Identifiable Assets By Country (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 77,481 | $ 770,325 | $ 964,272 | $ 1,305,438 |
Noble Finance Company [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 77,481 | 770,325 | 964,272 | 1,305,438 |
Long-Lived Assets | 1,498,368 | 3,605,910 | ||
Noble Finance Company [Member] | Australia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 54 | 1,954 | 50,434 | 33,623 |
Long-Lived Assets | 20,704 | 20,886 | ||
Noble Finance Company [Member] | Brazil | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 251 | 0 | 0 |
Long-Lived Assets | 1,702 | 4,794 | ||
Noble Finance Company [Member] | Bulgaria | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 0 | 61,525 | |
Long-Lived Assets | 0 | |||
Noble Finance Company [Member] | Canada | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 10 | 28,915 | 46,147 |
Long-Lived Assets | 0 | 0 | ||
Noble Finance Company [Member] | Denmark | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 25,119 | 7,662 | 31,076 |
Long-Lived Assets | 18,407 | 0 | ||
Noble Finance Company [Member] | Egypt | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 0 | 49,209 | |
Long-Lived Assets | 0 | |||
Noble Finance Company [Member] | Gabon | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 147 | 0 | |
Long-Lived Assets | 0 | |||
Noble Finance Company [Member] | Guyana | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 23,012 | 244,638 | 222,088 | 132,414 |
Long-Lived Assets | 678,852 | 1,753,914 | ||
Noble Finance Company [Member] | Malaysia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 251,497 |
Long-Lived Assets | 7,341 | 6,310 | ||
Noble Finance Company [Member] | Mexico | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 11,022 | |||
Long-Lived Assets | 0 | |||
Noble Finance Company [Member] | Myanmar | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 23,247 | 21,084 | 56,207 |
Long-Lived Assets | 20,487 | 0 | ||
Noble Finance Company [Member] | Qatar | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 2,263 | 31,024 | 36,948 | |
Long-Lived Assets | 18,582 | |||
Noble Finance Company [Member] | Saudi Arabia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 10,745 | 75,676 | 133,246 | 154,807 |
Long-Lived Assets | 371 | 301,121 | ||
Noble Finance Company [Member] | Suriname | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 6,029 | 62,090 | 61,474 | 17,374 |
Long-Lived Assets | 0 | 565,327 | ||
Noble Finance Company [Member] | Trinidad and Tobago | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 4,995 | 35,710 | 9,468 | 0 |
Long-Lived Assets | 19,387 | 18,355 | ||
Noble Finance Company [Member] | United Arab Emirates | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Long-Lived Assets | 607 | 18,134 | ||
Noble Finance Company [Member] | United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 7,142 | 28,126 | 180,610 | 243,063 |
Long-Lived Assets | 53,198 | 674,704 | ||
Noble Finance Company [Member] | Vietnam | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | 8,719 | 0 | |
Long-Lived Assets | 0 | |||
Noble Finance Company [Member] | N O [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 20,351 | |||
Long-Lived Assets | 228,687 | |||
Noble Finance Company [Member] | Canary Islands | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 0 | |||
Long-Lived Assets | 88,092 | |||
Noble Finance Company [Member] | Indonesia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 23,964 | |||
Long-Lived Assets | 0 | |||
Noble Finance Company [Member] | Mauritania | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 29,616 | |||
Long-Lived Assets | 0 | |||
Noble Finance Company [Member] | Timor-Leste | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 32,257 | |||
Long-Lived Assets | 0 | |||
Noble Finance Company [Member] | United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 23,241 | 156,294 | 209,401 | 191,548 |
Long-Lived Assets | 360,478 | 223,653 | ||
Noble Finance Company [Member] | Other Countries | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 0 | 0 | 0 | $ 0 |
Long-Lived Assets | $ 55 | $ 130 |
Segment and Related Informati_4
Segment and Related Information - Significant Customers (Details) - Noble Finance Company [Member] - Sales Revenue Net [Member] - Customer Concentration Risk Member | May 02, 2021 | Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Royal Dutch Shell Plc Shell [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk Percentage | 30.00% | 13.30% | 21.70% | 36.50% | |
Royal Dutch Shell Plc Shell [Member] | Noble Bully II | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk Percentage | 27.10% | ||||
Exxon Mobil Corporation Exxon Mobil | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk Percentage | 29.80% | 39.10% | 26.60% | 13.70% | |
Exxon Mobil Corporation Exxon Mobil | Noble Bully II | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk Percentage | 15.70% | ||||
Equinor A S A Equinor | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk Percentage | 5.20% | 3.10% | 14.30% | 13.10% | |
Equinor A S A Equinor | Noble Bully II | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk Percentage | 15.10% | ||||
Saudi Arabian Oil Company Saudi Aramco | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk Percentage | 13.90% | 9.80% | 13.80% | 11.90% | |
Saudi Arabian Oil Company Saudi Aramco | Noble Bully II | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk Percentage | 13.60% |
Supplemental Financial Inform_3
Supplemental Financial Information - Additional Information (Details) - Noble Finance Company [Member] - USD ($) $ in Millions | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Feb. 05, 2021 | Feb. 28, 2019 | Sep. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Capital expenditures incurred but not yet paid | $ 36.5 | $ 36.5 | $ 35.3 | $ 36 | |||
Withheld taxes for tax obligation | $ 15.1 | $ 1.4 | |||||
Foreign tax credit refund received | $ 23.3 | ||||||
Income Taxes Paid | $ 3 | ||||||
Seller Loan Due February 2023 [Member] | Secured Debt [Member] | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Financed value | $ 53.6 | $ 60 |
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 | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Capital [Line Items] | ||||
Accounts receivable | $ (41,344) | $ 6,245 | $ 50,802 | $ 2,057 |
Other current assets | 17,884 | 2,295 | (866) | 3,573 |
Other assets | 8,521 | (11,650) | (2,369) | 16,218 |
Accounts payable | (16,819) | 11,429 | 357 | (2,279) |
Other current liabilities | 11,428 | 4,312 | 8,582 | (4,700) |
Other liabilities | (5,846) | 32,928 | (10,941) | (24,577) |
Total net change in assets and liabilities | (26,176) | 45,559 | 45,565 | (9,708) |
Noble Finance Company [Member] | ||||
Operating Capital [Line Items] | ||||
Accounts receivable | (41,344) | 6,245 | 19,588 | 2,057 |
Other current assets | 19,398 | (594) | 7,830 | 4,046 |
Other assets | 8,512 | (11,618) | (800) | 18,749 |
Accounts payable | (14,061) | 15,822 | (11,018) | (2,182) |
Other current liabilities | 11,623 | 4,125 | 16,055 | (4,549) |
Other liabilities | (5,936) | 32,700 | (10,941) | (24,577) |
Total net change in assets and liabilities | $ (21,808) | $ 46,680 | $ 20,714 | $ (6,456) |
Supplemental Financial Inform_5
Supplemental Financial Information - Additional Cash Flow Information (Details) - Noble Finance Company - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Feb. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid during the period for: | ||||
Interest, net of amounts capitalized | $ 0 | $ 21,150 | $ 138,040 | $ 289,457 |
Income taxes paid (refunded), net | $ 4,385 | $ (8,113) | $ (133,708) | $ 8,181 |