Noble (NBLWF) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-41520
Entity Registrant Name	Noble Corporation plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1644664
Entity Address, Address Line One	13135 Dairy Ashford, Suite 800
Entity Address, City or Town	Sugar Land
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77478
City Area Code	(281)
Local Phone Number	276-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		141,054,074
Entity Central Index Key	0001895262
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	A Ordinary Shares, par value $0.00001 per share
Trading Symbol	NE
Security Exchange Name	NYSE
Tranche 1 Warrants
Document Information [Line Items]
Title of 12(b) Security	Tranche 1 Warrants of Noble Corporation plc
Trading Symbol	NE WS
Security Exchange Name	NYSE
Tranche 2 Warrants
Document Information [Line Items]
Title of 12(b) Security	Tranche 2 Warrants of Noble Corporation plc
Trading Symbol	NE WSA
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 244,792	$ 476,206
Accounts receivable, net	638,746	468,802
Taxes receivable	50,398	34,087
Prepaid expenses and other current assets	97,514	72,695
Total current assets	1,031,450	1,051,790
Intangible assets	11,341	34,372
Property and equipment, at cost	4,413,310	4,163,205
Accumulated depreciation	(399,005)	(181,904)
Property and equipment, net	4,014,305	3,981,301
Goodwill	0	26,016
Other assets	211,820	141,385
Total assets	5,268,916	5,234,864
Current liabilities
Current maturities of long-term debt	0	159,715
Accounts payable	281,266	290,690
Accrued payroll and related costs	88,953	76,185
Taxes payable	66,149	56,986
Interest payable	22,399	9,509
Other current liabilities	57,062	74,013
Total current liabilities	515,829	667,098
Long-term debt	585,791	513,055
Deferred income taxes	9,174	9,335
Noncurrent contract liabilities	63,312	181,883
Other liabilities	261,810	256,408
Total liabilities	1,435,916	1,627,779
Commitments and contingencies (Note 12)
Shareholders’ equity
Common stock, $0.00001 par value; 141,046,102 and 134,680,941 ordinary shares outstanding as of September 30, 2023 and December 31, 2022, respectively	1	1
Additional paid-in capital	3,367,109	3,347,507
Retained earnings	464,453	255,930
Accumulated other comprehensive income (loss)	1,437	3,647
Total shareholders’ equity	3,833,000	3,607,085
Total liabilities and equity	$ 5,268,916	$ 5,234,864

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Oct. 03, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001	$ 0.00001
Ordinary shares, shares outstanding (in shares)	141,046,102	134,680,941

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating revenues
Operating revenues	$ 697,450	$ 305,872	$ 1,946,039	$ 791,255
Operating costs and expenses
Depreciation and amortization	77,146	24,868	218,412	77,109
General and administrative	33,039	18,089	95,428	52,300
Merger and integration costs	12,966	9,338	47,049	27,916
(Gain) loss on sale of operating assets, net	0	354	0	(3,105)
Hurricane losses and (recoveries), net	2,642	1,896	22,120	4,701
Total operating costs and expenses	496,674	254,311	1,529,014	726,726
Operating income (loss)	200,776	51,561	417,025	64,529
Other income (expense)
Interest expense, net of amounts capitalized	(13,005)	(7,943)	(44,539)	(23,338)
Gain on bargain purchase	5,005	0	5,005	0
Gain (loss) on extinguishment of debt, net	0	(196)	(26,397)	(196)
Interest income and other, net	17,206	3,235	16,292	4,766
Income (loss) before income taxes	209,982	46,657	367,386	45,761
Income tax benefit (provision)	(51,659)	(13,072)	(35,184)	(11,775)
Net income (loss)	$ 158,323	$ 33,585	$ 332,202	$ 33,986
Basic:
Net income (loss) (in usd per share)	$ 1.14	$ 0.48	$ 2.42	$ 0.49
Diluted:
Net income (loss) (in usd per share)	$ 1.09	$ 0.41	$ 2.29	$ 0.42
Contract drilling services
Operating revenues
Operating revenues	$ 671,004	$ 289,494	$ 1,852,474	$ 746,992
Operating costs and expenses
Cost of services	354,199	186,482	1,078,521	530,710
Reimbursables and other
Operating revenues
Operating revenues	26,446	16,378	93,565	44,263
Operating costs and expenses
Cost of services	$ 16,682	$ 13,284	$ 67,484	$ 37,095

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 158,323	$ 33,585	$ 332,202	$ 33,986
Other comprehensive income (loss)
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive income (loss), net of tax provision (benefit) of zero and $3 for the three months ended September 30, 2023 and 2022, respectively, and $2,436 and $3 for the nine months ended September 30, 2023 and 2022, respectively	(65)	(1,230)	(2,210)	(2,817)
Other comprehensive income (loss), net	(65)	(1,230)	(2,210)	(2,817)
Comprehensive income (loss)	$ 158,258	$ 32,355	$ 329,992	$ 31,169

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive income (loss), tax provision (benefit)	$ 0	$ 3	$ 2,436	$ 3

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 332,202	$ 33,986
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	218,412	77,109
Amortization of intangible assets and contract liabilities, net	(95,540)	36,525
Gain on bargain purchase	(5,005)	0
(Gain) loss on extinguishment of debt, net	26,397	196
(Gain) loss on sale of operating assets, net	0	(6,767)
Deferred income taxes	(42,445)	(22,081)
Amortization of share-based compensation	28,058	20,907
Other costs, net	7,248	(4,334)
Changes in components of working capital and other operating activities
Change in taxes receivable	(17,927)	118
Net changes in other operating assets and liabilities	(164,552)	(25,853)
Net cash provided by (used in) operating activities	286,848	109,806
Cash flows from investing activities
Capital expenditures	(268,131)	(109,235)
Proceeds from disposal of assets, net	0	15,756
Net cash provided by (used in) investing activities	(268,131)	(93,479)
Cash flows from financing activities
Issuance of debt	600,000	0
Borrowings on credit facilities	0	220,000
Repayments of debt	(673,411)	(1,828)
Debt extinguishment costs	(25,697)	0
Debt issuance costs	(24,914)	0
Warrants exercised	156	784
Share repurchases	(80,000)	0
Dividend payments	(42,369)	0
Taxes withheld on employee stock transactions	(8,612)	(4,926)
Net cash provided by (used in) financing activities	(254,847)	214,030
Net increase (decrease) in cash, cash equivalents and restricted cash	(236,130)	230,357
Cash, cash equivalents and restricted cash, beginning of period	485,707	196,722
Cash, cash equivalents and restricted cash, end of period	$ 249,577	$ 427,079

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)
Beginning balance (in shares) at Dec. 31, 2021		60,172,000
Beginning balance at Dec. 31, 2021	$ 1,500,627	$ 1	$ 1,393,255	$ 101,982	$ 5,389
Employee related equity activity
Amortization of share-based compensation	20,907		20,907
Issuance of share-based compensation shares (in shares)		365,000
Shares withheld for taxes on equity transactions	(4,926)		(4,926)
Warrants exercised (in shares)		9,817,000
Warrants exercised	784		784
Net income (loss)	33,986
Other comprehensive income (loss), net	(2,817)
Ending balance (in shares) at Sep. 30, 2022		70,354,000
Ending balance at Sep. 30, 2022	1,548,561	$ 1	1,410,020	135,968	2,572
Beginning balance (in shares) at Jun. 30, 2022		67,050,000
Beginning balance at Jun. 30, 2022	1,508,794	$ 1	1,402,608	102,383	3,802
Employee related equity activity
Amortization of share-based compensation	7,068		7,068
Warrants exercised (in shares)		3,304,000
Warrants exercised	344		344
Net income (loss)	33,585
Other comprehensive income (loss), net	(1,230)				(1,230)
Ending balance (in shares) at Sep. 30, 2022		70,354,000
Ending balance at Sep. 30, 2022	$ 1,548,561	$ 1	1,410,020	135,968	2,572
Beginning balance (in shares) at Dec. 31, 2022	134,680,941	134,681,000
Beginning balance at Dec. 31, 2022	$ 3,607,085	$ 1	3,347,507	255,930	3,647
Employee related equity activity
Amortization of share-based compensation	28,058		28,058
Issuance of share-based compensation shares (in shares)		462,000
Shares withheld for taxes on equity transactions	(8,612)		(8,612)
Warrants exercised (in shares)		7,920,000
Warrants exercised	156		156
Share repurchases (in shares)		(2,017,000)
Share repurchases	(80,000)			(80,000)
Dividend payments	(43,679)			(43,679)
Net income (loss)	332,202
Other comprehensive income (loss), net	$ (2,210)				(2,210)
Ending balance (in shares) at Sep. 30, 2023	141,046,102	141,046,000
Ending balance at Sep. 30, 2023	$ 3,833,000	$ 1	3,367,109	464,453	1,437
Beginning balance (in shares) at Jun. 30, 2023		137,084,000
Beginning balance at Jun. 30, 2023	3,719,420	$ 1	3,358,108	359,809	1,502
Employee related equity activity
Amortization of share-based compensation	9,204		9,204
Issuance of share-based compensation shares (in shares)		15,000
Shares withheld for taxes on equity transactions	(257)		(257)
Warrants exercised (in shares)		4,144,000
Warrants exercised	54		54
Share repurchases (in shares)		(197,000)
Share repurchases	(10,000)			(10,000)
Dividend payments	(43,679)			(43,679)
Net income (loss)	158,323
Other comprehensive income (loss), net	$ (65)				(65)
Ending balance (in shares) at Sep. 30, 2023	141,046,102	141,046,000
Ending balance at Sep. 30, 2023	$ 3,833,000	$ 1	$ 3,367,109	$ 464,453	$ 1,437

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1— Organization and Basis of Presentation Noble Corporation plc, a public limited company incorporated under the laws of England and Wales (“Noble”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of September 30, 2023, our fleet of 32 drilling rigs consisted of 19 floaters and 13 jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. In September 2022, as a result of the Merger (as defined herein), Noble became the successor issuer to Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (“Noble Cayman”), for purposes of and pursuant to Rule 12g-3(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). References in this Quarterly Report on Form 10-Q to “Noble,” the “Company,” “we,” “us,” “our” and words of similar meaning refer collectively to Noble and its consolidated subsidiaries. The accompanying unaudited condensed consolidated financial statements of Noble have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements are prepared on a going concern basis and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2022 Condensed Consolidated Balance Sheet presented herein is derived from the December 31, 2022 audited consolidated financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed by Noble. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Note 2— Acquisitions Business Combination with Maersk Drilling On September 30, 2022 (the “Merger Effective Date”), pursuant to a Business Combination Agreement, dated November 10, 2021 (as amended, the “Business Combination Agreement”), by and among Noble, Noble Cayman, Noble Newco Sub Limited, a Cayman Islands exempted company and a direct, wholly owned subsidiary of Noble (“Merger Sub”), and The Drilling Company of 1972 A/S, a Danish public limited liability company (“Maersk Drilling”), Noble Cayman merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger as a wholly owned subsidiary of Noble. As a result of the Merger, Noble became the ultimate parent of Noble Cayman and its respective subsidiaries. On October 3, 2022 (the “Closing Date”), pursuant to the Business Combination Agreement, Noble completed a voluntary tender exchange offer to Maersk Drilling’s shareholders (the “Offer” and, together with the Merger and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”) and because Noble acquired more than 90% of the issued and outstanding shares of Maersk Drilling, nominal value Danish krone (“DKK”) 10 per share (“Maersk Drilling Shares”), Noble redeemed all remaining Maersk Drilling Shares not exchanged in the Offer for, at the election of the holder, either A ordinary shares, par value $0.00001 per share, of Noble (“Ordinary Shares”) or cash (or, for those holders that did not make an election, only cash), under Danish law by way of a compulsory purchase (the “Compulsory Purchase”), which was completed in early November 2022. Upon completion of the Compulsory Purchase, Maersk Drilling became a wholly owned subsidiary of Noble. Determining the fair value of the assets and liabilities of Maersk Drilling required judgment and certain assumptions to be made. The most significant fair value estimates related to the valuation of Maersk Drilling’s offshore drilling units and other related tangible assets, and the valuation of drilling contracts and other intangibles. The following table represents the allocation of the total purchase price of Maersk Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Closing Date. Purchase price consideration: Fair value of Noble shares transferred to legacy Maersk Drilling shareholders $ 1,793,351 Cash paid to legacy Maersk Drilling shareholders 887 Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price 6,780 Deal Completion Bonus 6,177 Fair Value of Compulsory Purchase 193,678 Total purchase price consideration $ 2,000,873 Assets acquired: Cash and cash equivalents $ 172,205 Accounts receivable, net 250,251 Taxes receivable (1) 18,987 Prepaid expenses and other current assets (1) 43,168 Total current assets 484,611 Intangible assets 22,991 Property, plant and equipment, net 2,756,096 Other assets (1) 94,882 Total assets acquired 3,358,580 Liabilities assumed: Current maturities of long-term debt 129,130 Accounts payable 130,273 Accrued payroll and related costs (1) 23,884 Taxes payable (1) 29,219 Interest payable 800 Other current liabilities (1) 44,253 Total current liabilities 357,559 Long-term debt 596,692 Deferred income taxes 4,071 Noncurrent contract liabilities 237,703 Other liabilities (1) 156,677 Total liabilities assumed 1,352,702 Net assets acquired 2,005,878 Gain on bargain purchase (1) (5,005) Purchase price consideration $ 2,000,873 (1) During the nine months ended September 30, 2023, the Company recorded tax adjustments, which resulted in a net decrease to current taxes receivable and current taxes payable of $1.6 million and $9.0 million, respectively, a net increase to deferred tax assets of $25.2 million, a net increase to other current liabilities of $3.0 million, a net increase to reserves for uncertain tax positions of $13.1 million, and a net decrease to other tax liabilities of 14.6 million. Other adjustments were made to remeasure certain payroll tax related balances. As a result of the aforementioned adjustments, initial goodwill recognized on the purchase was revised to a gain on bargain purchase. See “Note 4— Acquisitions and Divestitures” in our Annual Report on Form 10-K for the year ended December 31, 2022, for additional information on the Business Combination.

Accounting Pronouncements

Accounting Pronouncements	9 Months Ended
	Sep. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Note 3— Accounting Pronouncements Accounting Standards Adopted We do not believe that any recently issued accounting standards would have a material effect on the accompanying unaudited condensed consolidated financial statements. Recently Issued Accounting Standards There have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our unaudited condensed consolidated financial statements.

Income (Loss) Per Share

Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Income (Loss) Per Share	Note 4— Income (Loss) Per Share The following table presents the computation of basic and diluted income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income (loss) $ 158,323 $ 33,585 $ 332,202 $ 33,986 Denominator: Weighted average shares outstanding – basic 139,400 70,318 137,478 69,260 Dilutive effect of share-based awards 3,204 3,388 3,204 3,388 Dilutive effect of warrants 3,117 8,220 4,339 8,718 Weighted average shares outstanding – diluted 145,721 81,926 145,021 81,366 Per share data Basic Net income (loss) $ 1.14 $ 0.48 $ 2.42 $ 0.49 Diluted Net income (loss) $ 1.09 $ 0.41 $ 2.29 $ 0.42 Only those items having a dilutive impact on our basic income (loss) per share are included in diluted income (loss) per share. The following table displays the share-based instruments that have been excluded from diluted income (loss) per share since the effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Share-based awards — — — — Warrants (1) 2,774 2,774 2,774 2,774 (1) Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the treasury stock method, adjusted for mandatory exercise provisions under the warrant agreements if applicable. Share Capital As of September 30, 2023, Noble had approximately 141.0 million Ordinary Shares outstanding as compared to approximately 134.7 million Ordinary Shares outstanding at December 31, 2022. In addition, as of September 30, 2023, 1.1 million Tranche 1 Warrants, 1.2 million Tranche 2 Warrants, and 2.8 million Tranche 3 Warrants (each as defined herein) were outstanding and exercisable. We also have 1.3 million Ordinary Shares authorized and reserved for issuance pursuant to equity awards under the Noble Corporation plc 2022 Long-Term Incentive Plan. Our most recent quarterly dividend payment to shareholders, totaling approximately $42.4 million (or $0.30 per share), was declared on July 11, 2023, and paid on September 14, 2023, to shareholders of record at close of business on August 17, 2023. The declaration and payment of dividends require the authorization of the Board of Directors of Noble. Such may be paid only out of Noble’s “distributable reserves” on its statutory balance sheet in accordance with law. Therefore, Noble is not permitted to pay dividends out of share capital, which includes share premium. 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 Board of Directors. Share Repurchases Under applicable law, the Company is only permitted to purchase its own Ordinary Shares by way of an “off-market purchase” in a plan approved by shareholders. Such may be made only out of Noble’s “distributable reserves” on its statutory balance sheet in accordance with applicable law. As of the date of this report, we have shareholder authority to repurchase up to 15% per annum of the issued share capital of the Company as of the beginning of each fiscal year for a five-year period (subject to an overall aggregate maximum of 20.6 million Ordinary Shares). During the three and nine months ended September 30, 2023, respectively, we repurchased 0.2 million and 2.0 million of our Ordinary Shares, which were subsequently cancelled. The Inflation Reduction Act of 2022 imposes a 1% excise tax on stock repurchases by publicly traded U.S. corporations that occur after December 31, 2022. Such tax may also apply if a domestic affiliate of a publicly traded foreign corporation purchases, or is deemed to fund the purchase of, the shares of the publicly traded foreign corporation. None of these conditions were met for share repurchases to date, and are not expected to be met for future repurchases; as such, the excise tax should not be applicable to Noble. Warrants The tranche 1 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 (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 (the “Tranche 3 Warrants”) are exercisable for one Ordinary Share per warrant at an exercise price of $124.40 per warrant.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 5— Property and Equipment Property and equipment, at cost, for Noble consisted of the following: September 30, 2023 December 31, 2022 Drilling equipment and facilities $ 4,231,251 $ 3,997,498 Construction in progress 142,265 123,911 Other 39,794 41,796 Property and equipment, at cost $ 4,413,310 $ 4,163,205 Capital expenditures, including capitalized interest, during the three months ended September 30, 2023 and 2022, totaled $88.6 million and $40.8 million, respectively, and totaled $259.4 million and $116.9 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 , the rig Noble Explorer and a warehouse in Brazil qualified as held for sale and were included in “Other assets” on our Condensed Consolidated Balance Sheet at their carrying values of $3.4 million and $1.7 million, respectively. During the first quarter of 2022, we sold the Noble Clyde Boudreaux for total net proceeds of $14.2 million, resulting in a gain of $6.8 million, which was offset by additional costs related to the sale of rigs in Saudi Arabia in 2021.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Note 6— Debt Amended and Restated Senior Secured Revolving Credit Agreement On April 18, 2023, certain subsidiaries of Noble amended and restated the senior secured credit facility, dated February 5, 2021, by entering into an Amended and Restated Senior Secured Revolving Credit Agreement, dated April 18, 2023 (the “2023 Revolving Credit Agreement” and the facility thereunder, the "2023 Revolving Credit Facility"), by and among Noble Finance II, LLC (“Noble Finance II”), Noble International Finance Company (“NIFCO”) and Noble Drilling A/S, as borrowers, the lenders and issuing banks party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and security trustee. The 2023 Revolving Credit Facility provides for commitments of $550 million with maturity in 2028. The guarantors under the 2023 Revolving Credit Facility are the same subsidiaries of Noble Finance II that are or will be guarantors of the 2030 Notes (as defined below). As of September 30, 2023, we had no loans outstanding and $5.4 million of letters of credit issued under the 2023 Revolving Credit Agreement. All obligations of the Borrowers under the 2023 Revolving Credit Agreement, certain cash management obligations, certain letter of credit obligations and certain swap obligations are unconditionally guaranteed, on a joint and several basis, by the Noble Finance II and certain of its direct and indirect subsidiaries (the Guarantors, and together with the Borrowers, the “Credit Parties”), including a guarantee by each Borrower of the obligations of each other Borrower under the 2023 Revolving Credit Agreement. All such obligations, including the guarantees of the 2023 Revolving Credit Facility, are secured by senior priority liens on substantially all assets of, and the equity interests in, each Credit Party, including substantially all rigs owned by subsidiaries of Noble as of the date of the 2023 Revolving Credit Agreement (the “Effective Date”), along with certain other rigs in the future such that collateral rigs shall generate at least 80% of the revenue of all rigs owned by Noble Finance II and its restricted subsidiaries and the ratio of the aggregate rig value of the collateral rigs to the commitments under the 2023 Revolving Credit Facility is at least 5.00 to 1.00, in each case, subject to certain exceptions and limitations described in the 2023 Revolving Credit Agreement. The loans outstanding under the 2023 Revolving Credit Facility bear interest at a rate per annum equal to the applicable margin plus, at Noble Finance II’s option, either: (i) the Term SOFR Rate (as defined in the 2023 Revolving Credit Agreement) plus 0.10%; or (ii) a base rate, determined as the greatest of (x) the prime loan rate as published in the Wall Street Journal, (y) the NYFRB Rate (as defined in the 2023 Revolving Credit Agreement) plus 1/2 of 1%, and (z) the one-month Term SOFR Rate plus 0.10% plus 1%. The applicable margin is initially 2.75% per annum for Term SOFR Rate loans and 1.75% per annum for base rate loans and will range based on the Consolidated Total Net Leverage Ratio (as defined in the 2023 Revolving Credit Agreement, which allows for certain cash netting depending on the amount of loans and letters of credit outstanding under the 2023 Revolving Credit Facility at the time of calculation), from 2.75% per annum to 3.75% per annum for Term SOFR Rate loans and 1.75% per annum to 2.75% per annum for base rate loans. The Borrowers are required to pay interest on (i) overdue principal at the rate equal to 2.00% per annum in excess of the applicable interest rate under the 2023 Revolving Credit Facility, to the extent lawful, and (ii) overdue installments of interest, if any, without regard to any applicable grace period, at 2% in excess of the interest rate applicable to base rate loans, to the extent lawful. The Borrowers are required to pay a quarterly commitment fee to each lender under the 2023 Revolving Credit Facility, which accrues at a rate per annum equal to (i) 0.50% on the average daily unused portion of such lender’s commitments under the 2023 Revolving Credit Facility during the period from and including the Effective Date to and including the third anniversary of the Effective Date, (ii) during the period from the third anniversary of the Effective Date to and including the fourth anniversary of the Effective Date, a rate per annum equal to 0.75% and (iii) thereafter, a rate per annum equal to 1.00%. The Borrowers are also required to pay customary letter of credit and fronting fees. Borrowings under the 2023 Revolving Credit Agreement may be used for working capital and other general corporate purposes. Availability of borrowings under the 2023 Revolving Credit Facility is subject to the satisfaction of certain conditions, including that, after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of Available Cash (as defined in the 2023 Revolving Credit Agreement) would not exceed $250 million. Mandatory prepayments and, under certain circumstances, commitment reductions are required under the 2023 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 $250 million at the end of any month is also required to be applied to prepay loans (without a commitment reduction). The loans under the 2023 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 2023 Revolving Credit Agreement obligates Noble Finance II and its restricted subsidiaries to comply with the following financial covenants: • as of the last day of each fiscal quarter, the Interest Coverage Ratio (as defined in the 2023 Revolving Credit Agreement) is not permitted to be less than 2.50 to 1.00; and • as of the last day of each fiscal quarter, the Consolidated Total Net Leverage Ratio is not permitted to be greater than 3.00 to 1.00. The 2023 Revolving Credit Agreement contains other affirmative and negative covenants, representations and warranties and events of default that Noble views as customary for a financing of this type. The occurrence of any event of default under the 2023 Credit Agreement would permit all obligations under the 2023 Revolving Credit Facility to be declared due and payable immediately and all commitments thereunder to be terminated. 8.000% Senior Notes due 2030 On April 18, 2023, Noble Finance II, a wholly owned subsidiary of Noble, issued $600 million in aggregate principal amount of its 8.000% Senior Notes due 2030 (the “2030 Notes”). The 2030 Notes were issued pursuant to an indenture, dated April 18, 2023, among Noble Finance II, the subsidiaries of Noble Finance II party thereto (the “Guarantors”), as guarantors, and U.S. Bank Trust Company, National Association, as trustee. The 2030 Notes are unconditionally guaranteed on a senior unsecured basis by the Guarantors and will be unconditionally guaranteed on the same basis by certain of Noble Finance II’s future subsidiaries that guarantee certain indebtedness of Noble Finance II and the Guarantors, including the 2023 Revolving Credit Facility. The 2030 Notes will mature on April 15, 2030, and interest on the 2030 Notes is payable semi-annually in arrears on each April 15 and October 15, commencing October 15, 2023, to holders of record on the April 1 and October 1 immediately preceding the related interest payment date, at a rate of 8.000% per annum. At any time prior to April 15, 2026, Noble Finance II may, from time to time, redeem up to 40% of the aggregate principal amount of 2030 Notes at a redemption price of 108% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), in an amount not greater than the net cash proceeds of one or more equity offerings by Noble Finance II, subject to certain requirements. In addition, prior to April 15, 2026, Noble Finance II may redeem the 2030 Notes at a redemption price equal to 100% of the principal amount of the 2030 Notes redeemed, plus an applicable make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. At any time on or after April 15, 2026, Noble Finance II may redeem all or part of the 2030 Notes at fixed redemption prices (expressed as percentages of the principal amount) beginning at 104.00% and decreasing thereafter, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a Change of Control Triggering Event (as defined in the indenture governing the 2030 Notes) occurs, each holder of 2030 Notes may require Noble Finance II to repurchase all or any part of that holder’s 2030 Notes for cash at a price equal to 101% of the aggregate principal amount of the 2030 Notes repurchased, plus any accrued and unpaid interest thereon, if any, to, but excluding, the date on which the notes are repurchased (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). The indenture governing the 2030 Notes contain customary covenants and events of default. The indenture governing the 2030 Notes contains a covenant that requires Noble Finance II to furnish to holders of the 2030 Notes certain financial information relating to Noble Finance II and its restricted subsidiaries. The obligation to furnish such information may be satisfied by providing financial information of Noble along with a description of the differences between such information and the financial information of Noble Finance II and its restricted subsidiaries on a standalone basis. As a result of Noble conducting substantially all of its business through Noble Finance II, the financial position and results of operations for Noble Finance II are the same as the information presented for Noble in all material respects, with the exception of operating income (loss) and gain (loss) on extinguishment of debt. For the three and nine months ended September 30, 2023, Noble Finance II’s operating income (loss) was $14.2 million and $43.2 million higher, respectively, than that of Noble. The operating income (loss) difference is primarily a result of expenses related to corporate legal costs and administration charges attributable to Noble for operations support and stewardship-related services. Second Lien Notes On February 5, 2021, pursuant to the Backstop Commitment Agreement, dated October 12, 2020, Noble Cayman and Noble Finance Company (“Finco”) consummated a rights offering of senior secured second lien notes (the “Second Lien Notes”) and associated Noble Cayman Shares at an aggregate subscription price of $200.0 million. On April 18, 2023, we redeemed the remaining balance of approximately $173.7 million aggregate principal amount of outstanding Second Lien Notes using a portion of the proceeds from the offering of the 2030 Notes, and recognized a loss of approximately $25.7 million. DNB Credit Facility and New DNB Credit Facility Upon closing the Business Combination with Maersk Drilling, Noble guaranteed the Term and Revolving Facilities Agreement dated December 6, 2018, by and among Maersk Drilling, the rig owners and material intragroup charterers party thereto and DNB Bank ASA as agent (as amended from time to time, the “DNB Credit Facility”). On April 18, 2023, we repaid the $347.5 million of outstanding borrowings under the New DNB Credit Facility using a portion of the proceeds from the offering of the 2030 Notes, and recognized a loss of approximately $0.7 million. DSF Credit Facility The Company guaranteed the Term Loan Facility Agreement dated December 10, 2018 by and between Maersk Drilling and Danmarks Skibskredit A/S as lender, agent, and security agent (as amended from time to time, the “DSF Credit Facility”) in connection with the Business Combination with Maersk Drilling that closed on October 3, 2022. The DSF Credit Facility was repaid in full on February 23, 2023 using cash on hand. 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 fair value of each of the Revolving Credit Facility, the New DNB Credit Facility and the DSF Credit Facility approximates its respective carrying amount as its interest rate is variable and reflective of market rates. All remaining fair value disclosures are presented in “Note 10— Fair Value of Financial Instruments.” The following table presents the carrying value, net of unamortized debt issuance costs and discounts or premiums, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively: September 30, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior secured notes 8.000% Senior Notes due April 2030 $ 585,791 $ 609,006 $ — $ — 11.000% Senior Notes due February 2028 — — 173,695 192,353 Credit facility Amended and Restated Senior Secured Revolving Credit Facility matures April 2028 — — — — Term Loans New DNB Credit Facility matures December 2025 — — 349,360 350,000 DSF Credit Facility matures December 2023 — — 149,715 149,715 Total debt 585,791 609,006 672,770 692,068 Less: Current maturities of long-term debt — — 159,715 — Long-term debt $ 585,791 $ 609,006 $ 513,055 $ 692,068

Revenue and Customers

Revenue and Customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue and Customers	Note 7— Revenue and Customers Disaggregation of Revenue The following table provides information about contract drilling revenue by rig types: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Floaters $ 549,130 $ 217,923 $ 1,519,346 561,826 Jackups 121,874 71,571 333,128 185,166 Total $ 671,004 $ 289,494 $ 1,852,474 $ 746,992 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 to 60 days. Customer contract assets and liabilities generally consist of deferred revenue and contract costs resulting from past transactions related to the provision of services under contracts with customers. Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Condensed Consolidated Balance Sheets. Off-market customer contract assets and liabilities have been recognized in connection with our emergence from Chapter 11 and the Business Combination with Maersk Drilling and are included in “Intangible assets” and “Noncurrent contract liabilities,” respectively. The following table provides information about contract assets and contract liabilities from contracts with customers: September 30, 2023 December 31, 2022 Current customer contract assets $ 2,824 $ 11,169 Noncurrent customer contract assets 347 368 Total customer contract assets 3,171 11,537 Current deferred revenue (19,160) (40,214) Noncurrent deferred revenue (14,403) (19,583) Total deferred revenue $ (33,563) $ (59,797) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2023 and 2022, are as follows: Contract Assets Contract Liabilities Net balance at December 31, 2022 $ 11,537 $ (59,797) Amortization of deferred costs (21,722) — Additions to deferred costs 13,356 — Amortization of deferred revenue — 62,125 Additions to deferred revenue — (35,891) Total (8,366) 26,234 Net balance at September 30, 2023 $ 3,171 $ (33,563) Net balance at December 31, 2021 $ 5,744 $ (27,755) Amortization of deferred costs (17,793) — Additions to deferred costs 28,561 — Amortization of deferred revenue — 37,942 Additions to deferred revenue — (71,489) Reclassification to held for sale (8,584) 20,002 Total 2,184 (13,545) Net balance at September 30, 2022 $ 7,928 $ (41,300) 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. Off-market Customer Contract Assets and Liabilities Upon emergence from the Chapter 11 Cases and in connection with the Business Combination with Maersk Drilling, the Company recognized fair value adjustments of $113.4 million and $23.0 million, respectively, related to intangible assets for certain favorable customer contracts. These intangible assets will be amortized as a reduction of contract drilling services revenue from February 5, 2021 and the Closing Date, respectively, through the remainder of the contracts. In connection with the Business Combination with Maersk Drilling, the Company recognized a fair value adjustment of $237.7 million related to certain unfavorable customer contracts acquired. These liabilities will be amortized as an increase to contract drilling services revenue from the Closing Date through the remainder of the contracts. Unfavorable contracts Favorable Balance at December 31, 2022 $ (181,883) $ 34,372 Additions — — Amortization 118,571 (23,031) Balance at September 30, 2023 $ (63,312) $ 11,341 Balance at December 31, 2021 $ — $ 61,849 Additions — — Amortization — (36,526) Balance at September 30, 2022 $ — $ 25,323 Estimated future amortization over the expected remaining contract periods: For the Years Ended December 31, 2023 2024 2025 Total Unfavorable contracts $ 14,665 $ 40,439 $ 8,208 $ 63,312 Favorable contracts — (8,891) (2,450) (11,341) Total $ 14,665 $ 31,548 $ 5,758 $ 51,971

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 8— Income Taxes At September 30, 2023, the Company had deferred tax assets of $166.2 million, net of valuation allowance. Additionally, the Company also had deferred tax liabilities of $9.2 million, inclusive of a valuation allowance of $19.2 million. During the three months ended September 30, 2023, the Company recognized additional discrete deferred tax benefits of $17.2 million related to releases and adjustments of valuation allowance for deferred tax benefits in Guyana, Norway, Switzerland, and Luxembourg. During the nine months ended September 30, 2023, the Company recognized additional discrete deferred tax benefits of $80.8 million, $18.1 million, $10.5 million, and $4.1 million in Guyana, Luxembourg, Switzerland, and Norway, respectively. In deriving the above net deferred tax benefits, the Company relied on sources of income attributable to the projected taxable income for the period covered by the Company’s relevant existing drilling contracts based on the assumption that the relevant rigs will be owned by the relevant rig owners during the relevant existing drilling contract periods. Given the mobile nature of the Company’s assets, we are not able to reasonably forecast the jurisdictions in which taxable income from future drilling contracts may arise. We also have limited objective positive evidence in historical periods. Accordingly, in determining the amount of additional deferred tax assets to recognize, we did not consider projected book income beyond the conclusion of existing drilling contracts. As new drilling contracts are executed or as current contracts are extended, we will reassess the amount of deferred tax assets that are realizable. Finally, once we have established sufficient objective positive evidence for historical periods, we may consider reliance on forecasted taxable income from future drilling contracts. At September 30, 2023, the reserves for uncertain tax positions totaled $192.2 million (net of related tax benefits of $0.1 million). At December 31, 2022, the reserves for uncertain tax positions totaled $175.9 million (net of related tax benefits of $0.3 million). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. During the three months ended September 30, 2023, our tax provision included tax benefits of $17.2 million related to releases and adjustments of valuation allowance for deferred tax benefits in Guyana, Norway, Switzerland, and Luxembourg and a tax benefit of $2.0 million related to a foreign tax credit refund. Such tax benefits are offset by tax expenses related to contract fair value amortization of $7.4 million and various recurring quarterly accruals of $63.5 million primarily in Guyana, Australia, Denmark, and Luxembourg. During the nine months ended September 30, 2023, our tax provision included tax benefits of $113.5 million related to releases of valuation allowance for deferred tax benefits in Guyana, Luxembourg, Norway, and Switzerland, a tax benefit of $6.8 million related to a Ghana uncertain tax position release, and a tax benefit of $2.0 million related to a foreign tax credit refund. Such tax benefits are offset by tax expense s related to a Mexico uncertain tax position of $9.8 million, contract fair value amortization of $16.3 million, and various recurring quarterly accruals of $131.3 million primarily in Guyana, Australia, Denmark, and Luxembourg. In Denmark, prior to the Merger, Maersk Drilling was subject to a mandatory joint taxation scheme with all other Danish entities under the common control of A.P. Møller Holding A/S. To the extent Maersk Drilling incurred tax losses in Denmark until the Merger, such losses may be utilized by other jointly taxed entities. Noble may be compensated through a joint taxation contribution when such losses are utilized. In the event that A.P. Møller Holding A/S or any jointly taxed entity is subject to audits for years and periods prior to and until the Merger and such audits result in adjustments to relevant tax returns, adjustments to the prior year joint tax contributions may be required. This could result in additional compensation to Noble or refunds payable by Noble to A.P. Møller Holding A/S or to any previous joint taxation group administration company of previously received joint taxation contributions. Since the Merger and through September 30, 2023, Noble has recognized tax contribution payments of approximately $20.0 million under this arrangement related to the period beginning with the Merger. Approximately $18.0 million of such payments is included in “Interest income and other, net” and approximately $2.0 million is recorded as a tax benefit on our Condensed Consolidated Statements of Operations. The Finance (No 2) Act 2023, which includes the UK’s introduction of Pillar 2, received Royal Assent on July 11, 2023. We are continuing to evaluate the impact of this legislation, but we do not currently believe the implications should have a material adverse effect on the Company’s unaudited condensed consolidated financial statements.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Note 9— Employee Benefit Plans Pension costs (gain) include the following components for the three months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 2022 Non-US US Non-US US Interest cost $ 508 $ 2,248 $ 272 $ 1,688 Return on plan assets (433) (2,394) (316) (3,145) Recognized net actuarial (gain) loss 54 (58) — (5) Net pension benefit cost (gain) $ 129 $ (204) $ (44) $ (1,462) Nine Months Ended September 30, 2023 2022 Non-US US Non-US US Interest cost $ 1,632 $ 6,744 893 5,064 Return on plan assets (1,392) (7,184) (1,039) (9,435) Recognized net actuarial (gain) loss 176 (173) — (15) Net pension benefit cost (gain) $ 416 $ (613) $ (146) $ (4,386) During the three and nine months ended September 30, 2023 and 2022, we made no contributions to our pension plans. Effective December 31, 2016, employees and alternate payees accrue no future benefits under the US plans and, as such, Noble recognized no service costs with the plans for three and nine months ended September 30, 2023 and 2022.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 10— 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: September 30, 2023 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets Foreign currency forward contracts $ 117 $ — $ 117 $ — Liabilities Foreign currency forward contracts $ 708 $ — $ 708 $ — December 31, 2022 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets Foreign currency forward contracts $ 2,422 $ — $ 2,422 $ — Liabilities Foreign currency forward contracts $ 1,124 $ — $ 1,124 $ —

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 11— Derivative Instruments Although we are a UK company, we define foreign currency as any non-US dollar denominated currency. Our functional currency is the US Dollar. We are exposed to risks on future cash flows to the extent that expenses denominated in a foreign currency are not equal to revenues denominated in the same foreign currency. The Company uses foreign currency forward contracts to manage our net exposure to fluctuations in currency exchange rates. Currencies of the Company’s derivative instruments include DKK, the Australian dollar (“AUD”) and the British pound sterling (“GBP”). Currency derivatives are mainly realized within one year. We did not enter into any derivative contracts during the three and nine months ended September 30, 2022. We have exposure related to changes in interest rates on borrowings under the 2023 Revolving Credit Facility and may be subject to similar exposure on future borrowing arrangements. The Company may use interest rate swap contracts to manage our exposure to fluctuations in interest rates. The Company did not enter into any interest rate swap contracts during the nine months ended September 30, 2023 or 2022. Derivative financial instruments are recognized on the trading date and measured at fair value using generally accepted valuation techniques based on relevant observable inputs. The Company does not enter into derivative transactions for speculative purposes and for accounting purposes we have not elected to apply hedge accounting for these transactions. Realized gains and losses as well as changes in the fair values of derivative financial instruments are recognized in the income statement in “Interest income and other, net” on our Condensed Consolidated Statements of Operations. The following tables summarize notional value of currency derivative contracts as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Foreign Currency USD Equivalent Foreign Currency USD Equivalent DKK to USD 88,571 12,843 484,593 68,840 AUD to USD 10,373 7,156 51,139 35,257 GBP to USD 1,957 2,401 9,083 10,922 The following gains (losses) from derivative instruments were recognized on our Condensed Consolidated Statements of Operations: Derivative Instrument Description Three Months Ended Nine Months Ended Foreign currency forward contracts Realized gain (loss) 363 826 Foreign currency forward contracts Unrealized gain (loss) (984) (1,889)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12— Commitments and Contingencies Tax Matters Audit claims of approximately $327.8 million attributable to income and other business taxes remain outstanding and are under continued objection by Noble. Such audit claims are attributable to Mexico related to tax years 2007 and 2009, Australia related to tax years 2013 to 2016, Guyana related to tax years 2018 to 2021, Saudi Arabia related to tax years 2015 to 2019, Nigeria related to tax years 2010 to 2019, Ghana related to tax years 2011 to 2017, and Egypt related to tax years 2012 to 2016. 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 condensed consolidated financial statements. This remains under continued monitoring and evaluation on a quarterly basis as facts change and as audits and/or litigation continue to progress. 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% 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 In preparation for Hurricane Ida in the US Gulf of Mexico in August 2021, the Noble Globetrotter II successfully secured the well it was drilling and detached from the blowout preventer without incident. Due to the environmental conditions, a number of crew members were treated for injuries and released from medical care. We have had multiple parties, some of which are subject to a third-party contractual indemnity to our benefit, who have filed answers to the Limitation of Liability Action in the United States District Court Western District of Louisiana , seeking damages related to physical and emotional harm allegedly suffered as a result of the Hurricane Ida incident. We are in the discovery phase and we intend to defend ourselves vigorously against these claims, although there is inherent risk in litigation, and we cannot predict or provide assurance as to the ultimate outcome of this lawsuit. As claims progress, the Company’s estimated loss could change from time to time, and any such change individually or in the aggregate could be material. We have insurance for such claims with a deductible of $5.0 million, in addition to contractual indemnity owed to us for a portion of the third-party claims. Timing differences are likely to exist between any losses incurred and the recognition and receipt of insurance proceeds reflected in the Company’s financial statements. Costs, as well as insurance recoveries, are presented in “Hurricane losses and (recoveries), net” on the Condensed Consolidated Statement of Operations. Letters of Credit and Surety bonds As of September 30, 2023, we had $5.4 million of letters of credit issued under the 2023 Revolving Credit Facility and an additional $72.9 million in letters of credit and surety bonds issued under bilateral arrangements which guarantee our performance as it relates to our drilling contracts, contract bidding, tax appeals, customs duties, and other obligations in various jurisdictions. We expect to comply with the underlying performance requirements and we expect obligations under these letters of credit and surety bonds will not be called. Other Contingencies We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements generally provide for certain compensation and other benefits if the employee is terminated without cause or if the employee resigns for good reason (within the meaning set forth in the agreements). In addition, certain of these agreements contain provisions that are triggered upon a change of control of Noble (within the meaning set forth in the agreements) and a termination of employment without cause or if the employee resigns for good reason in connection with a change of control. The agreements initially have three year terms and automatically extend, unless either party provides notice not to extend, and provide for certain compensation and other benefits depending on the circumstances. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including other personal injury claims, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations, or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims.

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Sep. 30, 2023
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Note 13— Supplemental Financial Information Condensed Consolidated Balance Sheets Information Noble’s restricted cash balance as of September 30, 2023 and December 31, 2022, was $4.8 million and $9.5 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.” Condensed Consolidated Statements of Cash Flows Information Operating cash activities The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Nine Months Ended September 30, 2023 2022 Accounts receivable $ (169,944) $ (73,756) Other current assets (30,250) 5,763 Other assets 7,356 (3,585) Accounts payable (721) 16,484 Other current liabilities 22,815 (4,999) Other liabilities 6,192 34,240 Total net change in assets and liabilities $ (164,552) $ (25,853) Non-cash investing and financing activities Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of September 30, 2023 and December 31, 2022 were $61.3 million and $70.0 million, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 14— Subsequent Events On October 31, 2023, Noble announced that its Board of Directors approved a declaration of a quarterly cash interim dividend on its Ordinary Shares of $0.40 per share. This dividend is to be payable on December 14, 2023, to shareholders of record at close of business on November 15, 2023. On October 20, 2023, a floating production vessel experienced what we believe was a mooring failure and allided with the Noble Resilient which was jacked up and stationary approximately 70 meters off the quayside at the Port of Frederikshavn in Denmark causing significant damage. There are no injuries reported at this time and all personnel on board were promptly accounted for and successfully disembarked. An investigation and damage assessment is underway and we expect damages to be covered by the liable party or our own insurance, subject to terms and limits of the applicable insurance policies. The Noble Resilient has been awarded a 120-day contract with Petrogas at $133,000 per day scheduled to commence between August 1, 2024, and September 30, 2024, and while the required repairs could impact availability for additional work ahead of the Petrogas contract, at this time we do not expect the timing of the Petrogas contract to be impacted.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 158,323	$ 33,585	$ 332,202	$ 33,986

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of Noble have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements are prepared on a going concern basis and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2022 Condensed Consolidated Balance Sheet presented herein is derived from the December 31, 2022 audited consolidated financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed by Noble. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Adopted and Recently Issued Accounting Standards	Accounting Standards Adopted We do not believe that any recently issued accounting standards would have a material effect on the accompanying unaudited condensed consolidated financial statements. Recently Issued Accounting Standards There have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our unaudited condensed consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Identifiable Assets Acquired and Liabilities Assumed Based on the Fair Values	The following table represents the allocation of the total purchase price of Maersk Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Closing Date. Purchase price consideration: Fair value of Noble shares transferred to legacy Maersk Drilling shareholders $ 1,793,351 Cash paid to legacy Maersk Drilling shareholders 887 Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price 6,780 Deal Completion Bonus 6,177 Fair Value of Compulsory Purchase 193,678 Total purchase price consideration $ 2,000,873 Assets acquired: Cash and cash equivalents $ 172,205 Accounts receivable, net 250,251 Taxes receivable (1) 18,987 Prepaid expenses and other current assets (1) 43,168 Total current assets 484,611 Intangible assets 22,991 Property, plant and equipment, net 2,756,096 Other assets (1) 94,882 Total assets acquired 3,358,580 Liabilities assumed: Current maturities of long-term debt 129,130 Accounts payable 130,273 Accrued payroll and related costs (1) 23,884 Taxes payable (1) 29,219 Interest payable 800 Other current liabilities (1) 44,253 Total current liabilities 357,559 Long-term debt 596,692 Deferred income taxes 4,071 Noncurrent contract liabilities 237,703 Other liabilities (1) 156,677 Total liabilities assumed 1,352,702 Net assets acquired 2,005,878 Gain on bargain purchase (1) (5,005) Purchase price consideration $ 2,000,873 (1) During the nine months ended September 30, 2023, the Company recorded tax adjustments, which resulted in a net decrease to current taxes receivable and current taxes payable of $1.6 million and $9.0 million, respectively, a net increase to deferred tax assets of $25.2 million, a net increase to other current liabilities of $3.0 million, a net increase to reserves for uncertain tax positions of $13.1 million, and a net decrease to other tax liabilities of 14.6 million. Other adjustments were made to remeasure certain payroll tax related balances. As a result of the

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Income (Loss) Per Share	The following table presents the computation of basic and diluted income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator: Net income (loss) $ 158,323 $ 33,585 $ 332,202 $ 33,986 Denominator: Weighted average shares outstanding – basic 139,400 70,318 137,478 69,260 Dilutive effect of share-based awards 3,204 3,388 3,204 3,388 Dilutive effect of warrants 3,117 8,220 4,339 8,718 Weighted average shares outstanding – diluted 145,721 81,926 145,021 81,366 Per share data Basic Net income (loss) $ 1.14 $ 0.48 $ 2.42 $ 0.49 Diluted Net income (loss) $ 1.09 $ 0.41 $ 2.29 $ 0.42
Schedule of Antidilutive Securities Excluded from Computation of Income (Loss) Per Share	The following table displays the share-based instruments that have been excluded from diluted income (loss) per share since the effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Share-based awards — — — — Warrants (1) 2,774 2,774 2,774 2,774 (1) Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the treasury stock method, adjusted for mandatory exercise provisions under the warrant agreements if applicable.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, at Cost	Property and equipment, at cost, for Noble consisted of the following: September 30, 2023 December 31, 2022 Drilling equipment and facilities $ 4,231,251 $ 3,997,498 Construction in progress 142,265 123,911 Other 39,794 41,796 Property and equipment, at cost $ 4,413,310 $ 4,163,205

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	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: September 30, 2023 December 31, 2022 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Senior secured notes 8.000% Senior Notes due April 2030 $ 585,791 $ 609,006 $ — $ — 11.000% Senior Notes due February 2028 — — 173,695 192,353 Credit facility Amended and Restated Senior Secured Revolving Credit Facility matures April 2028 — — — — Term Loans New DNB Credit Facility matures December 2025 — — 349,360 350,000 DSF Credit Facility matures December 2023 — — 149,715 149,715 Total debt 585,791 609,006 672,770 692,068 Less: Current maturities of long-term debt — — 159,715 — Long-term debt $ 585,791 $ 609,006 $ 513,055 $ 692,068

Revenue and Customers (Tables)

Revenue and Customers (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Rig Types	The following table provides information about contract drilling revenue by rig types: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Floaters $ 549,130 $ 217,923 $ 1,519,346 561,826 Jackups 121,874 71,571 333,128 185,166 Total $ 671,004 $ 289,494 $ 1,852,474 $ 746,992
Schedule of Contract Assets and Contract Liabilities	The following table provides information about contract assets and contract liabilities from contracts with customers: September 30, 2023 December 31, 2022 Current customer contract assets $ 2,824 $ 11,169 Noncurrent customer contract assets 347 368 Total customer contract assets 3,171 11,537 Current deferred revenue (19,160) (40,214) Noncurrent deferred revenue (14,403) (19,583) Total deferred revenue $ (33,563) $ (59,797) Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2023 and 2022, are as follows: Contract Assets Contract Liabilities Net balance at December 31, 2022 $ 11,537 $ (59,797) Amortization of deferred costs (21,722) — Additions to deferred costs 13,356 — Amortization of deferred revenue — 62,125 Additions to deferred revenue — (35,891) Total (8,366) 26,234 Net balance at September 30, 2023 $ 3,171 $ (33,563) Net balance at December 31, 2021 $ 5,744 $ (27,755) Amortization of deferred costs (17,793) — Additions to deferred costs 28,561 — Amortization of deferred revenue — 37,942 Additions to deferred revenue — (71,489) Reclassification to held for sale (8,584) 20,002 Total 2,184 (13,545) Net balance at September 30, 2022 $ 7,928 $ (41,300) Unfavorable contracts Favorable Balance at December 31, 2022 $ (181,883) $ 34,372 Additions — — Amortization 118,571 (23,031) Balance at September 30, 2023 $ (63,312) $ 11,341 Balance at December 31, 2021 $ — $ 61,849 Additions — — Amortization — (36,526) Balance at September 30, 2022 $ — $ 25,323 Estimated future amortization over the expected remaining contract periods: For the Years Ended December 31, 2023 2024 2025 Total Unfavorable contracts $ 14,665 $ 40,439 $ 8,208 $ 63,312 Favorable contracts — (8,891) (2,450) (11,341) Total $ 14,665 $ 31,548 $ 5,758 $ 51,971

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of Pension Costs (Gains)	Pension costs (gain) include the following components for the three months ended September 30, 2023 and 2022: Three Months Ended September 30, 2023 2022 Non-US US Non-US US Interest cost $ 508 $ 2,248 $ 272 $ 1,688 Return on plan assets (433) (2,394) (316) (3,145) Recognized net actuarial (gain) loss 54 (58) — (5) Net pension benefit cost (gain) $ 129 $ (204) $ (44) $ (1,462) Nine Months Ended September 30, 2023 2022 Non-US US Non-US US Interest cost $ 1,632 $ 6,744 893 5,064 Return on plan assets (1,392) (7,184) (1,039) (9,435) Recognized net actuarial (gain) loss 176 (173) — (15) Net pension benefit cost (gain) $ 416 $ (613) $ (146) $ (4,386)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis: September 30, 2023 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets Foreign currency forward contracts $ 117 $ — $ 117 $ — Liabilities Foreign currency forward contracts $ 708 $ — $ 708 $ — December 31, 2022 Estimated Fair Value Measurements Carrying Amount Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs Assets Foreign currency forward contracts $ 2,422 $ — $ 2,422 $ — Liabilities Foreign currency forward contracts $ 1,124 $ — $ 1,124 $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Value of Currency Derivative Contracts	The following tables summarize notional value of currency derivative contracts as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Foreign Currency USD Equivalent Foreign Currency USD Equivalent DKK to USD 88,571 12,843 484,593 68,840 AUD to USD 10,373 7,156 51,139 35,257 GBP to USD 1,957 2,401 9,083 10,922
Schedule of Gains (Losses) from Derivative Instruments	The following gains (losses) from derivative instruments were recognized on our Condensed Consolidated Statements of Operations: Derivative Instrument Description Three Months Ended Nine Months Ended Foreign currency forward contracts Realized gain (loss) 363 826 Foreign currency forward contracts Unrealized gain (loss) (984) (1,889)

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Financial Information [Abstract]
Schedule of Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities	The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows: Nine Months Ended September 30, 2023 2022 Accounts receivable $ (169,944) $ (73,756) Other current assets (30,250) 5,763 Other assets 7,356 (3,585) Accounts payable (721) 16,484 Other current liabilities 22,815 (4,999) Other liabilities 6,192 34,240 Total net change in assets and liabilities $ (164,552) $ (25,853)

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2023 floater rig segment jackup
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of drilling rigs (vessel) | rig	32
Number of floaters (vessel) | floater	19
Number of jackups (vessel) | jackup	13
Number of reportable segments | segment	1

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ / shares in Units, $ in Thousands	Oct. 03, 2022 USD ($) $ / shares	Sep. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares	Oct. 03, 2022 kr / shares
Business Acquisition [Line Items]
Common stock, par value (in DKK per share) | $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Maersk Drilling
Business Acquisition [Line Items]
Common stock, par value (in DKK per share) | kr / shares				kr 10
Maersk Drilling Merger
Business Acquisition [Line Items]
Business combination, percentage of issued and outstanding shares acquired (more than)	90%			90%
Total purchase price consideration	$ 2,000,873
Cash paid to acquire business	5,600
Non-cash consideration to acquire business	$ 2,000,000

Acquisitions - Allocation of Pu

Acquisitions - Allocation of Purchase Price: Maersk Drilling (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 03, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Liabilities assumed:
Gain on bargain purchase		$ 5,005	$ 0	$ 5,005	$ 0
Maersk Drilling Merger
Business Acquisition [Line Items]
Fair value of Noble shares transferred to legacy Maersk Drilling shareholders	$ 1,793,351
Cash paid to legacy Maersk Drilling shareholders	887
Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price	6,780
Deal Completion Bonus	6,177
Fair Value of Compulsory Purchase	193,678
Total purchase price consideration	2,000,873
Assets acquired:
Cash and cash equivalents	172,205
Accounts receivable, net	250,251
Taxes receivable	18,987
Prepaid expenses and other current assets	43,168
Total current assets	484,611
Intangible assets	22,991
Property, plant and equipment, net	2,756,096
Other assets	94,882
Total assets acquired	3,358,580
Liabilities assumed:
Current maturities of long-term debt	129,130
Accounts payable	130,273
Accrued payroll and related costs	23,884
Taxes payable	29,219
Interest payable	800
Other current liabilities	44,253
Total current liabilities	357,559
Long-term debt	596,692
Deferred income taxes	4,071
Noncurrent contract liabilities	237,703
Other liabilities	156,677
Total liabilities assumed	1,352,702
Net assets acquired	2,005,878
Gain on bargain purchase	5,005
Purchase price consideration	$ 2,000,873
Net decrease in current taxes receivable				1,600
Net decrease in current taxes payable				9,000
Net increase to deferred tax assets				25,200
Net increase in other current liabilities				3,000
Net increase to reserves for uncertain tax positions				13,100
Net decrease to other tax liabilities				$ 14,600

Income (Loss) Per Share - Compu

Income (Loss) Per Share - Computation of Basic and Diluted Income (Loss) Per Share for Noble-UK (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income (loss)	$ 158,323	$ 33,585	$ 332,202	$ 33,986
Denominator:
Weighted average shares outstanding - basic (in shares)	139,400	70,318	137,478	69,260
Dilutive effect of share-based awards (in shares)	3,204	3,388	3,204	3,388
Dilutive effect of warrants (in shares)	3,117	8,220	4,339	8,718
Weighted average shares outstanding - diluted (in shares)	145,721	81,926	145,021	81,366
Basic
Net income (loss) (in usd per share)	$ 1.14	$ 0.48	$ 2.42	$ 0.49
Diluted
Net income (loss) (in usd per share)	$ 1.09	$ 0.41	$ 2.29	$ 0.42

Income (Loss) Per Share - Antid

Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	0	0	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,774	2,774	2,774	2,774

Income (Loss) Per Share - Addit

Income (Loss) Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Sep. 14, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ordinary shares, shares outstanding (in shares)		141,046,102	141,046,102		134,680,941
Payments of dividends	$ 42,400		$ 42,369	$ 0
Common stock dividends paid (in usd per share)	$ 0.30
Shareholder authority to repurchase, percentage of issued share capital		15%	15%
Shareholder authority to repurchase, period			5 years
Share repurchase authorized (in shares)		20,600,000	20,600,000
Stock repurchased and cancelled during period (in shares)		200,000	2,000,000
2022 Long-Term Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total number of shares issuable under incentive plan (in shares)		1,300,000	1,300,000
Tranche 1 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant outstanding (in shares)		1,100,000	1,100,000
Warrants converted into rights (in shares)		1	1
Exercise price of warrants (in usd per share)		$ 19.27	$ 19.27
Tranche 2 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant outstanding (in shares)		1,200,000	1,200,000
Warrants converted into rights (in shares)		1	1
Exercise price of warrants (in usd per share)		$ 23.13	$ 23.13
Tranche 3 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant outstanding (in shares)		2,800,000	2,800,000
Warrants converted into rights (in shares)		1	1
Exercise price of warrants (in usd per share)		$ 124.40	$ 124.40

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment, at Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 4,413,310	$ 4,163,205
Drilling equipment and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	4,231,251	3,997,498
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	142,265	123,911
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 39,794	$ 41,796

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Capital expenditures, including capitalized interest	$ 88.6	$ 40.8		$ 259.4	$ 116.9
Proceeds from sale of property, plant, and equipment			$ 14.2
Gain on disposition of property plant equipment			$ 6.8
BRAZIL | Rig
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, carrying value	3.4			3.4
BRAZIL | Warehouse
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, carrying value	$ 1.7			$ 1.7

Debt - Amended and Restated Sen

Debt - Amended and Restated Senior Secured Revolving Credit Agreement (Details) - 2013 Revolving Credit Agreement - Credit facility - Credit facility - USD ($)	Apr. 18, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Credit facility of maximum borrowing capacity	$ 550,000,000
Long-term debt		$ 0
Letters of credit outstanding amount		$ 5,400,000
Debt covenant, revenue from collateral rigs to revenue of all rigs, threshold percentage	80%
Debt covenant, ratio of aggregated value from collateral rigs to the commitment (at least)	500%
Debt, interest rate on overdue principal	2%
Debt, excess interest rate	2%
Debt mandatory prepayments term, available cash benchmark	$ 250,000,000
Debt covenant, interest coverage ratio	250%
Debt covenant leverage ratio (no greater than)	3
Period from and including the Effective Date to and including the third anniversary of the Effective Date
Debt Instrument [Line Items]
Debt commitment fee percentage	0.50%
Period from the third anniversary of the Effective Date to and including the fourth anniversary of the Effective Date
Debt Instrument [Line Items]
Debt commitment fee percentage	1%
Thereafter
Debt Instrument [Line Items]
Debt commitment fee percentage	0.75%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Secured Overnight Financing Rate (SOFR) | Variable Rate Component One
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Additional basis spread on variable rate	1%
NYFRB Rate | Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%

Debt - 8.000% Senior Notes due

Debt - 8.000% Senior Notes due 2030 (Details) - USD ($)		3 Months Ended	9 Months Ended
	Apr. 18, 2023	Sep. 30, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Operating income (loss) from subsidiary to parent, difference, amount		$ 14,200,000	$ 43,200,000
8.000% Senior Notes due 2030 | Senior Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate	8%
Aggregate principal amount	$ 600,000,000
8.000% Senior Notes due 2030 | Senior Unsecured Notes | Any time prior to April 15, 2026
Debt Instrument [Line Items]
Debt, maximum percentage of principal amount can be redeemed	40%
Percentage of principal amount redeemed	108%
8.000% Senior Notes due 2030 | Senior Unsecured Notes | Addition prior to April 15, 2026
Debt Instrument [Line Items]
Percentage of principal amount redeemed	100%
8.000% Senior Notes due 2030 | Senior Unsecured Notes | After April 15, 2026
Debt Instrument [Line Items]
Percentage of principal amount redeemed	104%
8.000% Senior Notes due 2030 | Senior Unsecured Notes | Change of Control Triggering Event
Debt Instrument [Line Items]
Percentage of principal amount redeemed	101%

Debt - Second Lien Notes (Detai

Debt - Second Lien Notes (Details) - Second Lien Notes - Senior secured notes - USD ($) $ in Millions	Apr. 18, 2023	Feb. 05, 2021
Debt Instrument [Line Items]
Debt, aggregate subscription price		$ 200
Repurchase amount	$ 173.7
Loss on repurchase of debt	$ 25.7

Debt - DNB Credit Facility and

Debt - DNB Credit Facility and New DNB Credit Facility (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 18, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 0	$ 196	$ 26,397	$ 196
New DNB Credit Facility matures December 2025 | Credit facility
Debt Instrument [Line Items]
Repayments of credit facilities	$ 347,500
Loss on extinguishment of debt	$ 700

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Current maturities of long-term debt	$ 0	$ 159,715
Long-term debt	585,791	513,055
Carrying Value
Debt Instrument [Line Items]
Total debt	585,791	672,770
Less: Current maturities of long-term debt	0	159,715
Long-term debt	585,791	513,055
Estimated Fair Value
Debt Instrument [Line Items]
Total debt	609,006	692,068
Less: Current maturities of long-term debt	0	0
Long-term debt	609,006	692,068
Credit facility | Credit facility | Carrying Value
Debt Instrument [Line Items]
Total debt	0	0
Credit facility | Credit facility | Estimated Fair Value
Debt Instrument [Line Items]
Total debt	$ 0	0
8.000% Senior Notes due April 2030 | Senior secured notes
Debt Instrument [Line Items]
Stated interest rate	8%
8.000% Senior Notes due April 2030 | Senior secured notes | Carrying Value
Debt Instrument [Line Items]
Total debt	$ 585,791	0
8.000% Senior Notes due April 2030 | Senior secured notes | Estimated Fair Value
Debt Instrument [Line Items]
Total debt	$ 609,006	0
11.000% Senior Notes due February 2028 | Senior secured notes
Debt Instrument [Line Items]
Stated interest rate	11%
11.000% Senior Notes due February 2028 | Senior secured notes | Carrying Value
Debt Instrument [Line Items]
Total debt	$ 0	173,695
11.000% Senior Notes due February 2028 | Senior secured notes | Estimated Fair Value
Debt Instrument [Line Items]
Total debt	0	192,353
New DNB Credit Facility matures December 2025 | Term Loans | Carrying Value
Debt Instrument [Line Items]
Total debt	0	349,360
New DNB Credit Facility matures December 2025 | Term Loans | Estimated Fair Value
Debt Instrument [Line Items]
Total debt	0	350,000
DSF Credit Facility matures December 2023 | Term Loans | Carrying Value
Debt Instrument [Line Items]
Total debt	0	149,715
DSF Credit Facility matures December 2023 | Term Loans | Estimated Fair Value
Debt Instrument [Line Items]
Total debt	$ 0	$ 149,715

Revenue and Customers - Disaggr

Revenue and Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Operating revenues	$ 697,450	$ 305,872	$ 1,946,039	$ 791,255
Contract drilling services
Disaggregation of Revenue [Line Items]
Operating revenues	671,004	289,494	1,852,474	746,992
Floaters
Disaggregation of Revenue [Line Items]
Operating revenues	549,130	217,923	1,519,346	561,826
Jackups
Disaggregation of Revenue [Line Items]
Operating revenues	$ 121,874	$ 71,571	$ 333,128	$ 185,166

Revenue and Customers - Additio

Revenue and Customers - Additional Information (Details) - USD ($) $ in Millions			9 Months Ended
	Oct. 03, 2022	Feb. 05, 2021	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Favorable customer contracts, fair value adjustments	$ 23	$ 113.4
Unfavorable customer contracts, fair value adjustment	$ 237.7
Minimum
Disaggregation of Revenue [Line Items]
Payment term			30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment term			60 days

Revenue and Customers - Contrac

Revenue and Customers - Contract Assets, and Contract Liabilities with Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Current customer contract assets	$ 2,824	$ 11,169
Noncurrent customer contract assets	347	368
Total customer contract assets	3,171	11,537	$ 7,928	$ 5,744
Current deferred revenue	(19,160)	(40,214)
Noncurrent deferred revenue	(14,403)	(19,583)
Total deferred revenue	$ (33,563)	$ (59,797)	$ (41,300)	$ (27,755)

Revenue and Customers - Signifi

Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Contract Assets
Contract assets, beginning balance	$ 11,537	$ 5,744
Amortization of deferred costs	(21,722)	(17,793)
Additions to deferred costs	13,356	28,561
Reclassification to held for sale		(8,584)
Total	(8,366)	2,184
Contract assets, ending balance	3,171	7,928
Contract Liabilities
Contract liabilities, beginning balance	(59,797)	(27,755)
Amortization of deferred revenue	62,125	37,942
Additions to deferred revenue	(35,891)	(71,489)
Reclassification to held for sale		20,002
Total	26,234	(13,545)
Contract liabilities, ending balance	$ (33,563)	$ (41,300)

Revenue and Customers - Favorab

Revenue and Customers - Favorable and Unfavorable contracts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Unfavorable contracts
Beginning balance	$ (181,883)
Ending balance	(63,312)
Maersk Drilling
Unfavorable contracts
Beginning balance	(181,883)	$ 0
Additions	0	0
Amortization	118,571	0
Ending balance	(63,312)	0
Maersk Drilling | Favorable contracts
Favorable contracts
Beginning balance	34,372	61,849
Additions	0	0
Amortization	(23,031)	(36,526)
Ending balance	$ 11,341	$ 25,323

Revenue and Customers - Estimat

Revenue and Customers - Estimated Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Unfavorable contracts
Noncurrent contract liabilities	$ 63,312	$ 181,883
Maersk Drilling
Unfavorable contracts
2023	14,665
2024	40,439
2025	8,208
Noncurrent contract liabilities	63,312	181,883	$ 0	$ 0
Total
2023	14,665
2024	31,548
2025	5,758
Total	51,971
Maersk Drilling | Favorable contracts
Favorable contracts
2023	0
2024	(8,891)
2025	(2,450)
Favorable contracts	$ (11,341)	$ (34,372)	$ (25,323)	$ (61,849)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Components of deferred tax assets and liabilities. [Line Items]
Deferred tax assets, net of valuation allowance	$ 166.2	$ 166.2	$ 166.2
Deferred tax liabilities	9.2	9.2	9.2
Valuation allowance	19.2	19.2	19.2
Reserves for uncertain tax positions	192.2	192.2	192.2	$ 175.9
Unrecognized tax benefits	0.1	0.1	0.1	$ 0.3
Deferred tax expenses related to contract fair value amortization	7.4	16.3
Additional compensation from tax adjustments			$ 20
Interest Income And Other, Net
Components of deferred tax assets and liabilities. [Line Items]
Additional compensation from tax adjustments		18
Income Tax Benefit (Provision)
Components of deferred tax assets and liabilities. [Line Items]
Additional compensation from tax adjustments		2
Foreign Tax Authority
Components of deferred tax assets and liabilities. [Line Items]
Tax benefit related to tax credit refund	2	2
Foreign Tax Authority | Guyana, Norway, Switzerland And Luxembourg
Components of deferred tax assets and liabilities. [Line Items]
Deferred foreign tax benefits	17.2
Deferred tax benefits related to release of valuation allowance		113.5
Foreign Tax Authority | GUYANA
Components of deferred tax assets and liabilities. [Line Items]
Deferred foreign tax benefits		80.8
Foreign Tax Authority | LUXEMBOURG
Components of deferred tax assets and liabilities. [Line Items]
Deferred foreign tax benefits		18.1
Foreign Tax Authority | SWITZERLAND
Components of deferred tax assets and liabilities. [Line Items]
Deferred foreign tax benefits		10.5
Foreign Tax Authority | NORWAY
Components of deferred tax assets and liabilities. [Line Items]
Deferred foreign tax benefits		4.1
Foreign Tax Authority | Guyana, Australia, Denmark And Luxembourg
Components of deferred tax assets and liabilities. [Line Items]
Tax expenses (benefits) related to various recurring items	$ 63.5
Foreign Tax Authority | GHANA
Components of deferred tax assets and liabilities. [Line Items]
Tax expense (benefit) related to uncertain tax position		(6.8)
Foreign Tax Authority | Mexico
Components of deferred tax assets and liabilities. [Line Items]
Tax expense (benefit) related to uncertain tax position		9.8
Foreign Tax Authority | Guyana, Australia And Luxembourg
Components of deferred tax assets and liabilities. [Line Items]
Tax expenses (benefits) related to various recurring items		$ 131.3

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer	$ 0	$ 0	$ 0	$ 0
Defined benefit plans, service costs	0	0	0	0
Non-US
Defined Benefit Plan Disclosure [Line Items]
Interest cost	508,000	272,000	1,632,000	893,000
Return on plan assets	(433,000)	(316,000)	(1,392,000)	(1,039,000)
Recognized net actuarial (gain) loss	54,000	0	176,000	0
Net pension benefit cost (gain)	129,000	(44,000)	416,000	(146,000)
US
Defined Benefit Plan Disclosure [Line Items]
Interest cost	2,248,000	1,688,000	6,744,000	5,064,000
Return on plan assets	(2,394,000)	(3,145,000)	(7,184,000)	(9,435,000)
Recognized net actuarial (gain) loss	(58,000)	(5,000)	(173,000)	(15,000)
Net pension benefit cost (gain)	$ (204,000)	$ (1,462,000)	$ (613,000)	$ (4,386,000)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Recurring - Foreign currency forward contracts - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Quoted Prices in Active Markets (Level 1)
Assets
Foreign currency forward contracts	$ 0	$ 0
Liabilities
Foreign currency forward contracts	0	0
Significant Other Observable Inputs (Level 2)
Assets
Foreign currency forward contracts	117	2,422
Liabilities
Foreign currency forward contracts	708	1,124
Significant Unobservable Inputs (Level 3)
Assets
Foreign currency forward contracts	0	0
Liabilities
Foreign currency forward contracts	0	0
Carrying Value
Assets
Foreign currency forward contracts	117	2,422
Liabilities
Foreign currency forward contracts	$ 708	$ 1,124

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023
Foreign currency forward contracts
Derivative [Line Items]
Derivative, term	1 year

Derivative Instruments - Notion

Derivative Instruments - Notional Amounts of Outstanding Derivative (Details) - Foreign currency forward contracts £ in Thousands, kr in Thousands, $ in Thousands, $ in Thousands	Sep. 30, 2023 DKK (kr)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 AUD ($)	Sep. 30, 2023 GBP (£)	Dec. 31, 2022 DKK (kr)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 GBP (£)
DKK to USD
Derivative [Line Items]
Notional amount	kr 88,571	$ 12,843			kr 484,593	$ 68,840
AUD to USD
Derivative [Line Items]
Notional amount		7,156	$ 10,373			35,257	$ 51,139
GBP to USD
Derivative [Line Items]
Notional amount		$ 2,401		£ 1,957		$ 10,922		£ 9,083

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) from Derivative Instrument (Details) - Foreign currency forward contracts - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	$ 363	$ 826
Unrealized gain (loss)	$ (984)	$ (1,889)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Other Commitments [Line Items]
Other contingencies, agreements with executive officers and employees, term	3 years
Credit facility | Credit facility | 2013 Revolving Credit Agreement
Other Commitments [Line Items]
Letters of credit outstanding amount	$ 5.4
Credit facility | Letters of Credit and Surety Bonds
Other Commitments [Line Items]
Letters of credit outstanding amount	72.9
Hurricane Ida Personal Injury Claims
Other Commitments [Line Items]
Claim insurance deductible amount	$ 5
Minimum
Other Commitments [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50%
Mexico | Customs and Other Business Taxes | Foreign Tax Authority
Other Commitments [Line Items]
Approximate audit claims assessed	$ 327.8

Supplemental Financial Inform_3

Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Supplemental Financial Information [Abstract]
Restricted cash	$ 4.8	$ 9.5
Capital expenditures incurred but not yet paid	$ 61.3	$ 70

Supplemental Financial Inform_4

Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental Financial Information [Abstract]
Accounts receivable	$ (169,944)	$ (73,756)
Other current assets	(30,250)	5,763
Other assets	7,356	(3,585)
Accounts payable	(721)	16,484
Other current liabilities	22,815	(4,999)
Other liabilities	6,192	34,240
Total net change in assets and liabilities	$ (164,552)	$ (25,853)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Thousands	Oct. 31, 2023 $ / shares	Oct. 20, 2023 USD ($) meter
Subsequent Event [Line Items]
Common stock dividends declared (in usd per share) | $ / shares	$ 0.40
Unusual or infrequent item, collision accident, distance off quayside (in meter) | meter		70
Unusual or infrequent item, contract with liable party, term		120 days
Unusual or infrequent item, contract with liable party, amount awarded per day scheduled | $		$ 133