Noble Corporation Reports First Quarter 2021 Results

By Noble Corporation8 days ago

SUGAR LAND, Texas, May 4, 2021 /PRNewswire/ -- Noble Corporation (Noble or the Company) today reported first quarter 2021 results.

Robert W. Eifler, President and Chief Executive Officer of Noble Corporation, stated, We are pleased with our first quarter results and the accomplishment of a number of important strategic objectives in the first part of 2021. In early February we completed our financial restructuring transactions and emerged with a much stronger financial foundation.In March we announced the acquisition of Pacific Drilling and expeditiously closed the transaction on April 15th.Pacific Drilling represents a highly strategic acquisition, which enhances our position in the ultra-deepwater market.

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Mr. Eifler continued, Noble celebrated its one-hundred-year anniversary a few weeks ago, and while the market environment has continually changed over the life of our company, Noble's commitment to its core values does not waiver. I would like to personally thank all the men and women at Noble, both offshore and onshore, who remain focused every day on delivering best-in-class safety and operational performance for our customers.

Noble emerged from Chapter 11 bankruptcy protection on February 5, 2021 (the Effective Date). Upon emergence, Noble adopted fresh-start accounting which resulted in Noble becoming a new reporting entity for accounting and financial reporting purposes.Accordingly, our financial statements and notes after the Effective Date are not comparable to our financial statements and notes prior to that date.As required by GAAP, results for the quarter must be presented separately for the predecessor period from January 1, 2021 through February 5, 2021 (the Predecessor period) and the successor period from February 6, 2021 through March 31, 2021 (the Successor period). However, the Company has combined certain results of the Predecessor and Successor periods as non-GAAP measures (combined results) to compare to prior periods for discussion purposes herein since we believe it provides the most meaningful basis to analyze our results.

On a GAAP basis, total revenue and net loss in the Successor period from February 6, 2021 to March 31, 2021 were $92 million and $18 million, respectively. Total revenue and net income in the Predecessor period from January 1, 2021 to February 5, 2021 were $77 million and $250 million, respectively. The Predecessor period includes a net reorganization gain of $252 million from January 1, 2021 to February 5, 2021.

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