LONDON, July 30, 2014 /PRNewswire/ -- Noble
Corporation plc (NYSE: NE) today reported second quarter 2014 net
income of $235 million, or
$0.91 per diluted share, compared to
$256 million, or $0.99 per diluted share, for the first quarter of
2014. For the second quarter of 2013, net income totaled
$177 million, or $0.69 per diluted share. Results for the second
quarter of 2013 included $18 million,
or $0.06 per diluted share, related
to cancellation of a contract awarded to a jackup rig under
construction. Revenues for the second quarter of 2014 were
$1.2 billion compared to $1.3 billion in the first quarter of 2014 and
$1.0 billion in the second quarter of
2013.
David W. Williams, Chairman,
President and Chief Executive Officer of Noble Corporation plc
noted, "Second quarter results benefited from our strategy to shift
the fleet toward a greater mix of premium rigs with contributions
from two new jackup rigs, the Noble Houston Colbert and
Noble Regina Allen. In
addition, revenues in the quarter were supported by contractual
dayrate increases on several rigs and the commencement of a
contract for the Noble Paul Romano, which returned to work
in May. However, due to planned regulatory inspection and
maintenance shipyard projects for several rigs, revenues for the
second quarter declined modestly when compared to first quarter
2014.
"As of the close of the second quarter, Noble has added nine
new, technically advanced rigs to its fleet since 2011. Two
additional new rigs are expected to commence operations during the
third quarter with the arrival of the ultra-deepwater drillship
Noble Sam Croft in the U.S.
Gulf of Mexico and the
high-specification jackup Noble Sam
Turner in the North Sea. Operating performance on our
new rigs has continued to improve due in part to the implementation
of previously announced operational readiness procedures and crew
competency measures. We believe these improvements are
sustainable and should continue to drive operating
performance."
Contract drilling services revenues for the second quarter of
2014 reached $1.2 billion, a slight
decline of less than 1 percent from revenues reported during the
first quarter of 2014. The slight decrease was the result of
increased non-operating days in the quarter as six rigs began
planned shipyard projects, substantially offset by favorable
contractual pricing increases, most notably on the Noble Bully
II, Noble Roger Lewis,
Noble Jimmy Puckett and
Noble Discoverer, and revenues received from newbuilds
beginning their first contracts. Fleet operating days
decreased 4 percent during the quarter due to an increase in
shipyard days. As a result, fleet utilization decreased to 79
percent as compared to 84 percent during the first quarter of 2014.
Offsetting the utilization decrease was an increase in average
daily revenues, up 3 percent in the second quarter to $231,000 compared to the previous quarter average
of $223,600, reflecting the addition
of premium assets and favorable contract prices on existing rigs.
Contract drilling operating costs increased marginally in the
second quarter to $577 million
compared to $561 million in the first
quarter of 2014. Higher costs associated with adding newbuild rigs
to the fleet were almost entirely offset by a reduction in
mobilization and repair and maintenance costs.
Net cash from operating activities was $526 million in the second quarter of 2014 as
compared to $506 million for the
first quarter of the year. Capital expenditures in the second
quarter totaled $699 million,
including $510 million related to the
Company's fleet expansion program. As of June 30, 2014, approximately $1.1 billion in capital expenditures was required
to complete the remaining three projects in the Company's newbuild
program, comprised of one ultra-deepwater drillship and two
high-specification jackups.
Debt as a percentage of total capitalization at June 30, 2014 was 39 percent, a slight increase
from 38 percent at March 31, 2014,
while liquidity, defined as cash and cash equivalents plus
availability under revolving credit facilities, totaled
$772 million compared to $1.03 billion at March 31,
2014. The decrease in liquidity primarily relates to final
milestone payments on newbuild rigs, partially offset by cash flows
from operating activities.
Operating Highlights
The Company's total contract backlog at June 30, 2014 was an estimated $13.4 billion compared to $14.3 billion at March 31,
2014, reflecting a reduced pace of customer contractual
activity during the first half of 2014.
Utilization of the Company's floating rig fleet
(semisubmersibles and drillships) decreased to 81 percent in the
second quarter of 2014 from 85 percent in the first quarter of
2014. Excluding the impact of two cold stacked rigs, utilization
would have been 88 percent in the second quarter of 2014 and 92
percent in the first quarter of 2014. The decline in utilization
was a result of the Noble Paul Wolff completing its contract
with Petrobras in April coupled with downtime for planned
maintenance on the Noble Dave Beard in Brazil and the Noble Amos Runner in the
U.S. Gulf of Mexico. The Noble
Amos Runner project is expected to extend through the third
quarter of 2014. Average daily revenues in the floating rig fleet
were $401,200 in the second quarter
of 2014, an improvement of approximately 2 percent compared to
$393,300 in the first quarter of
2014.
Second quarter 2014 utilization of the Company's jackup rig
fleet was 80 percent, a decrease from 86 percent utilization
achieved during the first quarter of 2014. The decline in
utilization was due to an increase in shipyard days on certain rigs
in West Africa and in the North
Sea, together with greater idle time due to the completion of
contracts for the Noble David Tinsley and the Noble
Kenneth Delaney during the quarter. Average daily revenues
during the second quarter improved by approximately 5 percent to
$130,900 from $125,000 during the first quarter of 2014.
The increase in dayrates is primarily the result of favorable
contractual repricing, and the impact of dayrates on the newbuild
jackups Noble Regina Allen
and Noble Houston Colbert.
At the end of the second quarter of 2014, 74 percent of the
Company's available rig operating days for both floater and jackup
units were committed for the remainder of 2014. For 2015, an
estimated 50 percent of the available rig operating days were
committed, including 59 percent and 46 percent of the floating and
jackup rig days, respectively. The calculations for committed
operating days include available days for two floaters and one
jackup, all of which are currently cold stacked and also contract
backlog associated with the Paragon Offshore rigs.
Outlook
Williams closed by stating, "On August
1, Noble will complete the spin-off of Paragon Offshore,
creating a separate and distinct company focused on the operation
of standard capability rigs. The transaction represents a critical
step in transforming Noble into one of the offshore drilling
industry's premier fleets, one possessing the modern features and
versatility to address the increasing technical complexity of many
of our customers' well programs today and in the future. As for
Paragon, we believe it is positioned to excel in the standard
specification drilling sector, with well-maintained and efficient
rigs, highly-proficient crews, a strong customer base and a
talented management team.
"We are delighted to reach this point in our strategic
transformation and believe the completion of the spin-off will
provide Noble with an improved competitive posture and an enhanced
platform for creating shareholder value. We strongly believe our
improved fleet mix, improving operations performance, best-in-class
shipyard execution, demonstrated contracting expertise and
improving free cash flow, place the Company in an advantageous
position to address opportunities expected in the next phase of the
industry cycle."
About Noble
Corporation
Noble is a leading offshore drilling contractor for the oil and
gas industry. Noble performs, through its subsidiaries, contract
drilling services with a fleet of 77 offshore drilling units
(including one ultra-deepwater drillship and two high-specification
jackup drilling rigs currently under construction) located
worldwide, including in the U.S. Gulf of
Mexico and Alaska,
Mexico, Brazil, the North Sea, the Mediterranean,
West Africa, the Middle East, India, Malaysia, Argentina and Australia.
Following the spin-off of Paragon Offshore, Noble will own and
operate one of the most modern, versatile and technically advanced
fleets in the offshore drilling industry. The 35 rig fleet,
consisting of 20 semisubmersibles and drillships and 15 jackups,
are focused largely on ultra-deepwater and high-specification
jackup drilling opportunities in many of the world's established
and emerging regions. Noble's shares are traded on the New York
Stock Exchange under the symbol "NE." Noble Corporation plc is a
public limited company registered in England and Wales with company number 08354954 and
registered office at Devonshire House, 1 Mayfair Place,
London, W1J 8AJ England. Additional information on Noble
Corporation is available on the Company's Web site at
http://www.noblecorp.com.
Forward Looking Disclosure Statement
Statements regarding contract backlog, earnings, costs, revenue,
rig demand, fleet condition or performance, shareholder value,
timing of delivery of newbuilds, contract commitments, dayrates,
contract commencements, contract extensions or renewals, letters of
intent or award, industry fundamentals, customer relationships and
requirements, strategic initiatives, future performance, growth
opportunities, market outlook, as well as any other statements that
are not historical facts in this release, are forward-looking
statements that involve certain risks, uncertainties and
assumptions. These include but are not limited to operating hazards
and delays, risks associated with operations outside of the U.S.,
actions by regulatory authorities, customers and other third
parties, legislation and regulations affecting drilling operations,
compliance with regulatory requirements, factors affecting the
level of activity in the oil and gas industry, supply and demand of
drilling rigs, factors affecting the duration of contracts, delays
in the construction of newbuilds, the actual amount of downtime,
factors that reduce applicable dayrates, violations of
anti-corruption laws, hurricanes and other weather conditions, the
future price of oil and gas and other factors detailed in the
Company's most recent Form 10-K, Form 10-Q's and other filings with
the Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated.
Conference Call
Noble has scheduled a conference call and webcast related to its
second quarter 2014 results on Thursday,
July 31, 2014, at 8:00 a.m.
U.S. Central Daylight Time. Interested parties are invited to
listen to the call by dialing 1-866-461-7129, or internationally
1-706-679-3084, using access code: 88248309, or by asking for the
Noble Corporation conference call. Interested parties may also
listen over the Internet through a link posted in the Investor
Relations section of the Company's Web site.
A replay of the conference call will be available on
Thursday, July 31, 2014, beginning at
12:00 p.m. U.S. Central Daylight
Time, through Friday, August 29,
2014, ending at 11:00 p.m.
U.S. Central Daylight Time. The phone number for the conference
call replay is 1-855-859-2056 or, for calls from outside of the
U.S., 1-404-537-3406, using access code: 88248309. The replay
will also be available on the Company's Web site following the end
of the live call.
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Operating
revenues
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$ 1,200,406
|
|
$ 975,455
|
|
$ 2,406,710
|
|
$ 1,904,192
|
|
Reimbursables
|
|
31,811
|
|
28,260
|
|
68,464
|
|
49,434
|
|
Labor contract
drilling services
|
|
8,146
|
|
13,603
|
|
16,358
|
|
34,657
|
|
Other
|
|
-
|
|
67
|
|
1
|
|
77
|
|
|
|
1,240,363
|
|
1,017,385
|
|
2,491,533
|
|
1,988,360
|
Operating
costs and expenses
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
577,134
|
|
487,971
|
|
1,138,265
|
|
968,097
|
|
Reimbursables
|
|
22,460
|
|
22,701
|
|
53,066
|
|
37,623
|
|
Labor contract
drilling services
|
|
6,261
|
|
9,349
|
|
12,487
|
|
21,598
|
|
Depreciation
and amortization
|
|
254,394
|
|
212,589
|
|
500,299
|
|
418,745
|
|
General and
administrative
|
|
27,080
|
|
26,850
|
|
52,717
|
|
52,419
|
|
Non-recurring
spin-off related costs
|
|
6,458
|
|
4,065
|
|
18,863
|
|
8,027
|
|
Gain on
contract extinguishment
|
|
-
|
|
-
|
|
-
|
|
(1,800)
|
|
|
|
893,787
|
|
763,525
|
|
1,775,697
|
|
1,504,709
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
346,576
|
|
253,860
|
|
715,836
|
|
483,651
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
|
|
|
Interest
expense, net of amount capitalized
|
|
(36,351)
|
|
(24,665)
|
|
(76,743)
|
|
(51,966)
|
|
Interest income
and other, net
|
|
(328)
|
|
955
|
|
(1,518)
|
|
530
|
Income
before income taxes
|
|
309,897
|
|
230,150
|
|
637,575
|
|
432,215
|
|
Income tax
provision
|
|
(52,435)
|
|
(36,824)
|
|
(106,871)
|
|
(71,176)
|
Net
income
|
|
257,462
|
|
193,326
|
|
530,704
|
|
361,039
|
|
Net income
attributable to noncontrolling interests
|
|
(22,903)
|
|
(16,706)
|
|
(39,819)
|
|
(34,359)
|
Net income
attributable to Noble Corporation
|
|
$ 234,559
|
|
$ 176,620
|
|
$ 490,885
|
|
$ 326,680
|
|
|
|
|
|
|
|
|
|
|
Net income
per share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.91
|
|
$ 0.69
|
|
$
1.90
|
|
$
1.28
|
|
Diluted
|
|
$
0.91
|
|
$ 0.69
|
|
$
1.90
|
|
$
1.27
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ 140,537
|
|
$ 114,458
|
|
Accounts
receivable
|
|
889,942
|
|
949,069
|
|
Prepaid
expenses and other current assets
|
|
381,597
|
|
327,408
|
Total current
assets
|
|
1,412,076
|
|
1,390,935
|
|
|
|
|
|
|
Property and
equipment, at cost
|
|
20,391,892
|
|
19,198,767
|
|
Accumulated
depreciation
|
|
(5,118,363)
|
|
(4,640,677)
|
Property and
equipment, net
|
|
15,273,529
|
|
14,558,090
|
|
|
|
|
|
|
Other
assets
|
|
304,295
|
|
268,932
|
|
Total
assets
|
|
$ 16,989,900
|
|
$ 16,217,957
|
|
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
|
$ 365,961
|
|
$ 347,214
|
|
Accrued payroll
and related costs
|
|
148,447
|
|
151,161
|
|
Dividends
payable
|
|
-
|
|
128,249
|
|
Other current
liabilities
|
|
386,406
|
|
425,291
|
Total current
liabilities
|
|
900,814
|
|
1,051,915
|
|
|
|
|
|
|
Long-term
debt
|
|
6,013,946
|
|
5,556,251
|
Deferred income
taxes
|
|
233,419
|
|
225,455
|
Other
liabilities
|
|
338,888
|
|
334,308
|
|
Total
liabilities
|
|
7,487,067
|
|
7,167,929
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Total
shareholders' equity
|
|
8,777,479
|
|
8,322,583
|
|
Noncontrolling
interests
|
|
725,354
|
|
727,445
|
|
Total
equity
|
|
9,502,833
|
|
9,050,028
|
|
Total
liabilities and equity
|
|
$ 16,989,900
|
|
$ 16,217,957
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
|
2014
|
|
2013
|
Cash flows
from operating activities
|
|
|
|
|
|
Net
income
|
|
$ 530,704
|
|
$ 361,039
|
|
Adjustments to
reconcile net income to net cash from operating
activities:
|
|
|
|
|
Depreciation
and amortization
|
|
500,299
|
|
418,745
|
|
Other changes
in operating activities
|
|
820
|
|
(133,719)
|
|
Net cash from
operating activities
|
|
1,031,823
|
|
646,065
|
|
|
|
|
|
|
Cash flows
from investing activities
|
|
|
|
|
|
New
construction
|
|
(836,251)
|
|
(752,332)
|
|
Other capital
expenditures
|
|
(352,744)
|
|
(430,253)
|
|
Capitalized
interest
|
|
(27,409)
|
|
(61,726)
|
|
Other investing
activities
|
|
(11,813)
|
|
(39,047)
|
|
Net cash from
investing activities
|
|
(1,228,217)
|
|
(1,283,358)
|
|
|
|
|
|
|
Cash flows
from financing activities
|
|
|
|
|
|
Net change in
borrowings outstanding on bank credit facilities
|
|
707,472
|
|
941,653
|
|
Dividend
payments
|
|
(193,740)
|
|
(66,672)
|
|
Repayment of
long-term debt
|
|
(250,000)
|
|
(300,000)
|
|
Other financing
activities
|
|
(41,259)
|
|
(53,573)
|
|
Net cash from
financing activities
|
|
222,473
|
|
521,408
|
|
Net change in
cash and cash equivalents
|
|
26,079
|
|
(115,885)
|
Cash and
cash equivalents, beginning of period
|
|
114,458
|
|
282,092
|
Cash and
cash equivalents, end of period
|
|
$ 140,537
|
|
$ 166,207
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
FINANCIAL
AND OPERATIONAL INFORMATION BY SEGMENT
|
(In thousands,
except operating statistics)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Three Months Ended
March 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
Contract
|
|
|
|
|
|
Contract
|
|
|
|
|
|
Contract
|
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
Drilling
|
|
|
|
|
|
|
Services
|
|
Other
|
|
Total
|
|
Services
|
|
Other
|
|
Total
|
|
Services
|
|
Other
|
|
Total
|
Operating
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$ 1,200,406
|
|
$
-
|
|
$ 1,200,406
|
|
$ 975,455
|
|
$
-
|
|
$ 975,455
|
|
$ 1,206,304
|
|
$
-
|
|
$ 1,206,304
|
Reimbursables
|
|
29,291
|
|
2,520
|
|
31,811
|
|
28,000
|
|
260
|
|
28,260
|
|
36,133
|
|
520
|
|
36,653
|
Labor contract
drilling services
|
|
-
|
|
8,146
|
|
8,146
|
|
-
|
|
13,603
|
|
13,603
|
|
-
|
|
8,212
|
|
8,212
|
Other
|
|
-
|
|
-
|
|
-
|
|
67
|
|
-
|
|
67
|
|
1
|
|
-
|
|
1
|
|
|
$ 1,229,697
|
|
$ 10,666
|
|
$ 1,240,363
|
|
$ 1,003,522
|
|
$ 13,863
|
|
$ 1,017,385
|
|
$ 1,242,438
|
|
$ 8,732
|
|
$ 1,251,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract
drilling services
|
|
$ 577,134
|
|
$
-
|
|
$ 577,134
|
|
$ 487,971
|
|
$
-
|
|
$ 487,971
|
|
$ 561,131
|
|
$
-
|
|
$ 561,131
|
Reimbursables
|
|
21,481
|
|
979
|
|
22,460
|
|
22,469
|
|
232
|
|
22,701
|
|
30,118
|
|
488
|
|
30,606
|
Labor contract
drilling services
|
|
-
|
|
6,261
|
|
6,261
|
|
-
|
|
9,349
|
|
9,349
|
|
-
|
|
6,226
|
|
6,226
|
Depreciation
and amortization
|
|
249,701
|
|
4,693
|
|
254,394
|
|
209,082
|
|
3,507
|
|
212,589
|
|
241,574
|
|
4,331
|
|
245,905
|
General and
administrative
|
|
26,845
|
|
235
|
|
27,080
|
|
26,378
|
|
472
|
|
26,850
|
|
25,428
|
|
209
|
|
25,637
|
Non-recurring
spin-off related costs
|
|
1,441
|
|
5,017
|
|
6,458
|
|
-
|
|
4,065
|
|
4,065
|
|
320
|
|
12,085
|
|
12,405
|
|
|
$ 876,602
|
|
$ 17,185
|
|
$ 893,787
|
|
$ 745,900
|
|
$ 17,625
|
|
$ 763,525
|
|
$ 858,571
|
|
$ 23,339
|
|
$ 881,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$ 353,095
|
|
$ (6,519)
|
|
$ 346,576
|
|
$ 257,622
|
|
$ (3,762)
|
|
$ 253,860
|
|
$ 383,867
|
|
$ (14,607)
|
|
$ 369,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jackups:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
80%
|
|
|
|
|
|
92%
|
|
|
|
|
|
86%
|
|
|
|
|
Operating
Days
|
|
3,272
|
|
|
|
|
|
3,594
|
|
|
|
|
|
3,413
|
|
|
|
|
Average
Dayrate
|
|
$ 130,851
|
|
|
|
|
|
$ 116,266
|
|
|
|
|
|
$ 124,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Semisubmersibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
73%
|
|
|
|
|
|
76%
|
|
|
|
|
|
79%
|
|
|
|
|
Operating
Days
|
|
924
|
|
|
|
|
|
970
|
|
|
|
|
|
993
|
|
|
|
|
Average
Dayrate
|
|
$ 394,605
|
|
|
|
|
|
$ 370,117
|
|
|
|
|
|
$ 392,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drillships:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
92%
|
|
|
|
|
|
78%
|
|
|
|
|
|
92%
|
|
|
|
|
Operating
Days
|
|
1,001
|
|
|
|
|
|
637
|
|
|
|
|
|
990
|
|
|
|
|
Average
Dayrate
|
|
$ 407,259
|
|
|
|
|
|
$ 311,490
|
|
|
|
|
|
$ 393,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPSO/Submersibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
0%
|
|
|
|
|
|
0%
|
|
|
|
|
|
0%
|
|
|
|
|
Operating
Days
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
Average
Dayrate
|
|
$
-
|
|
|
|
|
|
$
-
|
|
|
|
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rig
Utilization
|
|
79%
|
|
|
|
|
|
83%
|
|
|
|
|
|
84%
|
|
|
|
|
Operating
Days
|
|
5,197
|
|
|
|
|
|
5,201
|
|
|
|
|
|
5,396
|
|
|
|
|
Average
Dayrate
|
|
$ 231,003
|
|
|
|
|
|
$ 187,537
|
|
|
|
|
|
$ 223,559
|
|
|
|
|
NOBLE
CORPORATION PLC AND SUBSIDIARIES
|
CALCULATION
OF BASIC AND DILUTED NET INCOME PER SHARE
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
The following
table sets forth the computation of basic and diluted net income
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Allocation
of net income
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
Net income
attributable to Noble Corporation
|
|
$ 234,559
|
|
$ 176,620
|
|
$ 490,885
|
|
$ 326,680
|
Earnings
allocated to unvested share-based payment awards
|
|
(3,776)
|
|
(2,169)
|
|
(8,048)
|
|
(3,822)
|
Net income
to common shareholders - basic
|
|
$ 230,783
|
|
$ 174,451
|
|
$ 482,837
|
|
$ 322,858
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
|
|
Net income
attributable to Noble Corporation
|
|
$ 234,559
|
|
$ 176,620
|
|
$ 490,885
|
|
$ 326,680
|
Earnings
allocated to unvested share-based payment awards
|
|
(3,774)
|
|
(2,167)
|
|
(8,046)
|
|
(3,819)
|
Net income
to common shareholders - diluted
|
|
$ 230,785
|
|
$ 174,453
|
|
$ 482,839
|
|
$ 322,861
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding -
basic
|
|
254,238
|
|
253,295
|
|
254,090
|
|
253,184
|
Incremental
shares issuable from assumed exercise of stock
options
|
|
97
|
|
261
|
|
116
|
|
265
|
Weighted
average number of shares outstanding -
diluted
|
|
254,335
|
|
253,556
|
|
254,206
|
|
253,449
|
|
|
|
|
|
|
|
|
|
Weighted
average unvested share-based payment awards
|
|
4,156
|
|
3,150
|
|
4,172
|
|
2,998
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 0.91
|
|
$ 0.69
|
|
$ 1.90
|
|
$ 1.28
|
Diluted
|
|
$ 0.91
|
|
$ 0.69
|
|
$ 1.90
|
|
$ 1.27
|
SOURCE Noble Corporation