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Noble Corporation plc Reports Second Quarter 2014 Results

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

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The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.