NOBLE : REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS – Form 8-K

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02/17/2022 | 06:18 am EST NOBLE CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS
▪Announced agreement to combine with #MaerskDrilling to create world’s leading offshore driller▪Received a conditional award of 7.4 years of the additional term under CEA agreement with #Exxon #Mobil in #Guyana▪No change to previously disclosed Adjusted Revenue and Adjusted EBITDA guidance for 2022; Capex guidance, net of client reimbursable, only adjusted for rollover of capital from 2021 #SUGARLAND, #TEXAS, February 16, 2022 – Noble Corporation (NYSE: NE, “Noble”, or the “Company”) today reported fourth quarter and full-year 2021 results.

SuccessorPredecessor
(stated in millions, except per share amounts)Three Months
Ended
Dec 31, 2021
Three Months
Ended
Sep 30, 2021
Three Months
Ended
Dec 31, 2020
Total Revenue$208$250$203
Contract Drilling Services Revenue192231195
Net Income (Loss)123(24)(2,823)
Adjusted EBITDA*124757
Adjusted Net Income (Loss)*(26)10(25)
Basic Earnings (Loss) Per Share1.85(0.36)(11.24)
Diluted Earnings (Loss) Per Share1.70(0.36)(11.24)
Adjusted Diluted Earnings (Loss) Per Share*(0.35)0.15(0.10)
* A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release and can be found at www.noblecorp.com.


Robert W. Eifler, President and Chief Executive Officer of Noble Corporation, stated “2021 proved to be a truly transformative year in Noble’s 100-year history. After completing our restructuring in February, we quickly closed the #PacificDrilling acquisition and relisted it on the #NewYorkStockExchange. During the fourth quarter, we also completed the highly accretive sale of four jack-ups in #SaudiArabia and announced the creation of the world’s leading driller through the proposed combination with Maersk Drilling. While our fourth-quarter results were negatively impacted by unplanned downtime on the Noble Globetrotter II and Noble Hans Deul, both rigs were fully operational again by the end of 2021, and we expect to generate an attractive level of free cash flow this year. I am proud of the efforts of our entire organization in 2021 and look forward to an exciting 2022 as we focus on executing our strategy in an improving offshore rig market.”
Fourth Quarter Results Contract drilling services revenue for the fourth quarter of 2021 totaled $192 million compared to $231 million in the third quarter of 2021. The decrease in revenue was largely due to the sale of four jack-ups in Saudi Arabia in early November, the conclusion of the Noble Gerry de Souza’s contract in Mauritania, the conclusion of Noble Regina Allen’s contract in #Trinidad and #Tobago, repairs on the Noble Hans Deul, and the impact of Hurricane Ida on the Noble Globetrotter II. Both Noble Gerry de Souza and Noble Regina Allen are contracted to return to work in the first and second quarters of 2022, respectively. Marketed fleet utilization was 77 percent in the three months ended December 31, 2021, compared to 81 percent in the third quarter. Contract drilling services costs for the fourth quarter were $183 million, down from $189 million in the third quarter of 2021. Adjusted #EBITDA for the three months ended December 31, 2021, was $12 million compared to $47 million in the third quarter of 2021. During the fourth quarter, Noble incurred $20 million of repair and recovery expenses in connection to damages sustained by the Noble Globetrotter II during Hurricane Ida, which brings our total expense for this event, before insurance recoveries, to $31 million for the full year 2021. The Company has an ongoing insurance claim under its property damage insurance coverage, which carries a $10 million deductible. Through the end of December, the Company had received insurance recoveries of approximately $8 million. Adjusted EBITDA excludes hurricane losses, net of recoveries, of $13 million and $23 million for the fourth quarter and full-year 2021, respectively.
Our fourth-quarter results, including Adjusted EBITDA, were negatively impacted by reduced revenue associated with the Noble Hans Deul and Noble Globetrotter II incidents. The reduced revenue for both rigs, as well as incremental repair-related expenses on the Noble Hans Deul, amounted to approximately $20 million. Capital expenditures came in lower than previously expected for the fourth quarter with approximately $15 million of previously planned capital carrying over to the current year. Upon emergence from restructuring, Noble adopted fresh-start accounting which resulted in Noble becoming a new reporting entity for accounting and financial reporting purposes. Accordingly, financial statements and notes after February 5, 2021, are not comparable to financial statements and notes prior to that date. As required by GAAP, results must be presented separately for the predecessor period up to February 5, 2021 (the “Predecessor” period) and the successor period from February 6, 2021, through all dates after (the “Successor” period). https://www.marketscreener.com/quote/stock/NOBLE-CORPORATION-123488716/news/NOBLE-REPORTS-FOURTH-QUARTER-AND-FULL-YEAR-2021-RESULTS-Form-8-K-39500122″/

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