Note 16 — Information about Noble-Cayman

Guarantees of Registered Securities

Noble-Cayman, or one or more wholly-owned subsidiaries of Noble-Cayman, are a co-issuer or full and unconditional guarantor or otherwise obligated as of March 31, 2016 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor
$300 million 2.50% Senior Notes due 2017	NHIL	Noble-Cayman
$250 million 5.00% Senior Notes due 2018	NHIL	Noble-Cayman
$202 million 7.50% Senior Notes due 2019	NHC	Noble-Cayman
	Noble Drilling Holding, LLC ("NDH")
	Noble Drilling Services 6 LLC ("NDS6")
$500 million 4.90% Senior Notes due 2020	NHIL	Noble-Cayman
$400 million 4.625% Senior Notes due 2021	NHIL	Noble-Cayman
$400 million 3.95% Senior Notes due 2022	NHIL	Noble-Cayman
$450 million 6.95% Senior Notes due 2025	NHIL	Noble-Cayman
$400 million 6.20% Senior Notes due 2040	NHIL	Noble-Cayman
$400 million 6.05% Senior Notes due 2041	NHIL	Noble-Cayman
$500 million 5.25% Senior Notes due 2042	NHIL	Noble-Cayman
$400 million 7.95% Senior Notes due 2045	NHIL	Noble-Cayman

The following condensed consolidating financial statements of Noble-Cayman, NHC, NDH, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2016

(in thousands)

												Other
												Non-guarantor
	Noble -											Subsidiaries			Consolidating
	Cayman		NHC		NDH			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	8	$	—	$	71		$	—	$	—	$	235,344		$	—		$	235,423
Accounts receivable		—		—		21,702			—		—		484,315			—			506,017
Taxes receivable		—		12,124		—			—		—		43,193			—			55,317
Short-term notes receivable from affiliates		—		—		119,476			—		—		171,925			(291,401	)		—
Accounts receivable from affiliates		930,359		471,793		138,267			92,764		60,439		3,443,616			(5,137,238	)		—
Prepaid expenses and other current assets		105		—		1,799			—		—		149,063			—			150,967
Total current assets		930,472		483,917		281,315			92,764		60,439		4,527,456			(5,428,639	)		947,724
Property and equipment, at cost		—		—		1,900,406			—		—		12,198,091			—			14,098,497
Accumulated depreciation		—		—		(365,767	)		—		—		(2,346,406	)		—			(2,712,173	)
Property and equipment, net		—		—		1,534,639			—		—		9,851,685			—			11,386,324
Notes receivable from affiliates		3,304,798		—		236,921			1,587,927		5,000		1,762,825			(6,897,471	)		—
Investments in affiliates		5,294,156		1,949,551		2,340,680			9,557,179		7,975,626		—			(27,117,192	)		—
Other assets		5,539		—		7,697			—		—		92,898			—			106,134
Total assets	$	9,534,965	$	2,433,468	$	4,401,252		$	11,237,870	$	8,041,065	$	16,234,864		$	(39,443,302	)	$	12,440,182
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	—	$	171,925	$	—		$	—	$	—	$	119,476		$	(291,401	)	$	—
Current maturities of long-term debt		—		—		—			299,523		—		—			—			299,523
Accounts payable		—		—		5,524			—		—		135,593			—			141,117
Accrued payroll and related costs		—		—		4,965			—		—		47,989			—			52,954
Accounts payable to affiliates		1,232,826		61,428		2,088,145			96,868		7,139		1,650,832			(5,137,238	)		—
Taxes payable		—		10,850		—			—		—		81,995			—			92,845
Interest payable		—		—		—			41,403		630		—			—			42,033
Other current liabilities		16		—		4,223			—		—		93,842			—			98,081
Total current liabilities		1,232,842		244,203		2,102,857			437,794		7,769		2,129,727			(5,428,639	)		726,553
Long-term debt		—		—		—			3,662,729		201,331		—			—			3,864,060
Notes payable to affiliates		1,518,363		—		461,380			1,414,151		124,215		3,379,362			(6,897,471	)		—
Deferred income taxes		—		—		1,314			—		—		69,436			—			70,750
Other liabilities		19,929		—		27,214			—		—		247,709			—			294,852
Total liabilities		2,771,134		244,203		2,592,765			5,514,674		333,315		5,826,234			(12,326,110	)		4,956,215
Commitments and contingencies		—		—		—			—		—		—			—			—
Total shareholder equity		6,763,831		2,189,265		1,808,487			5,723,196		7,707,750		9,248,066			(26,676,764	)		6,763,831
Noncontrolling interests		—		—		—			—		—		1,160,564			(440,428	)		720,136
Total equity		6,763,831		2,189,265		1,808,487			5,723,196		7,707,750		10,408,630			(27,117,192	)		7,483,967
Total liabilities and equity	$	9,534,965	$	2,433,468	$	4,401,252		$	11,237,870	$	8,041,065	$	16,234,864		$	(39,443,302	)	$	12,440,182

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2015

(in thousands)

												Other
												Non-guarantor
	Noble-											Subsidiaries			Consolidating
	Cayman		NHC		NDH			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	1,627	$	—	$	2,101		$	—	$	—	$	508,067		$	—		$	511,795
Accounts receivable		—		—		9,381			—		—		489,550			—			498,931
Taxes receivable		—		12,124		27			—		—		43,291			—			55,442
Short-term notes receivable from affiliates		—		—		119,476			—		—		171,925			(291,401	)		—
Accounts receivable from affiliates		626,305		451,201		128,457			811,785		67,684		3,445,590			(5,531,022	)		—
Prepaid expenses and other current assets		246		—		1,696			—		—		166,527			—			168,469
Total current assets		628,178		463,325		261,138			811,785		67,684		4,824,950			(5,822,423	)		1,234,637
Property and equipment, at cost		—		—		1,877,520			—		—		12,177,038			—			14,054,558
Accumulated depreciation		—		—		(344,591	)		—		—		(2,227,740	)		—			(2,572,331	)
Property and equipment, net		—		—		1,532,929			—		—		9,949,298			—			11,482,227
Notes receivable from affiliates		3,304,652		—		236,921			1,587,927		5,000		2,435,154			(7,569,654	)		—
Investments in affiliates		5,159,064		2,174,480		3,001,327			9,752,912		7,438,397		—			(27,526,180	)		—
Other assets		5,954		—		7,496			—		—		118,869			—			132,319
Total assets	$	9,097,848	$	2,637,805	$	5,039,811		$	12,152,624	$	7,511,081	$	17,328,271		$	(40,918,257	)	$	12,849,183
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	—	$	171,925	$	—		$	—	$	—	$	119,476		$	(291,401	)	$	—
Current maturities of long-term debt		—		—		—			299,924		—		—			—			299,924
Accounts payable		—		—		10,676			—		—		210,401			—			221,077
Accrued payroll and related costs		—		—		6,584			—		—		74,780			—			81,364
Accounts payable to affiliates		868,046		60,100		2,440,965			96,543		6,426		2,058,942			(5,531,022	)		—
Taxes payable		—		917		—			—		—		87,191			—			88,108
Interest payable		—		—		—			68,549		4,412		—			—			72,961
Other current liabilities		40		—		4,108			—		—		92,183			—			96,331
Total current liabilities		868,086		232,942		2,462,333			465,016		10,838		2,642,973			(5,822,423	)		859,765
Long-term debt		—		—		—			3,961,338		201,300		—			—			4,162,638
Notes payable to affiliates		1,518,363		—		461,379			2,086,480		124,216		3,379,216			(7,569,654	)		—
Deferred income taxes		—		—		1,529			—		—		91,268			—			92,797
Other liabilities		19,929		—		25,312			—		—		274,271			—			319,512
Total liabilities		2,406,378		232,942		2,950,553			6,512,834		336,354		6,387,728			(13,392,077	)		5,434,712
Commitments and contingencies
Total shareholder equity		6,691,470		2,404,863		2,089,258			5,639,790		7,174,727		9,781,284			(27,089,922	)		6,691,470
Noncontrolling interests		—		—		—			—		—		1,159,259			(436,258	)		723,001
Total equity		6,691,470		2,404,863		2,089,258			5,639,790		7,174,727		10,940,543			(27,526,180	)		7,414,471
Total liabilities and equity	$	9,097,848	$	2,637,805	$	5,039,811		$	12,152,624	$	7,511,081	$	17,328,271		$	(40,918,257	)	$	12,849,183

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended March 31, 2016

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	52,207		$	—		$	—		$	557,474		$	(18,314	)	$	591,367
Reimbursables		—			—			746			—			—			19,860			—			20,606
Other		—			—			—			—			—			600			—			600
Total operating revenues		—			—			52,953			—			—			577,934			(18,314	)		612,573
Operating costs and expenses
Contract drilling services		1,745			7,395			14,558			32,314			—			211,592			(18,314	)		249,290
Reimbursables		—			—			542			—			—			15,464			—			16,006
Depreciation and amortization		—			—			21,461			—			—			128,212			—			149,673
General and administrative		419			3,315			—			14,545			—			(7,674	)		—			10,605
Total operating costs and expenses		2,164			10,710			36,561			46,859			—			347,594			(18,314	)		425,574
Operating income (loss)		(2,164	)		(10,710	)		16,392			(46,859	)		—			230,340			—			186,999
Other income (expense)
Income (loss) of unconsolidated affiliates		135,092			53,855			(13,583	)		176,354			137,371			—			(489,089	)		—
Interest expense, net of amounts capitalized		(17,556	)		(1,327	)		(2,748	)		(61,409	)		(4,275	)		(4,399	)		34,614			(57,100	)
Interest income and other, net		1,649			(4	)		3,476			15,321			69			13,370			(34,614	)		(733	)
Income before income taxes		117,021			41,814			3,537			83,407			133,165			239,311			(489,089	)		129,166
Income tax provision		—			(10,082	)		(205	)		—			—			16,790			—			6,503
Net income		117,021			31,732			3,332			83,407			133,165			256,101			(489,089	)		135,669
Net income attributable to noncontrolling interests		—			—			—			—			—			(22,816	)		4,168			(18,648	)
Net income attributable to Noble Corporation		117,021			31,732			3,332			83,407			133,165			233,285			(484,921	)		117,021
Other comprehensive income, net		2,537			—			—			—			—			2,537			(2,537	)		2,537
Comprehensive income attributable to Noble Corporation	$	119,558		$	31,732		$	3,332		$	83,407		$	133,165		$	235,822		$	(487,458	)	$	119,558

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three months Ended March 31, 2015

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	—		$	75,059		$	—		$	—		$	737,807		$	(33,505	)	$	779,361
Reimbursables		—			—			2,379			—			—			22,602			—			24,981
Total operating revenues		—			—			77,438			—			—			760,409			(33,505	)		804,342
Operating costs and expenses
Contract drilling services		1,815			8,291			29,378			22,839			—			290,661			(33,505	)		319,479
Reimbursables		—			—			1,482			—			—			18,675			—			20,157
Depreciation and amortization		—			—			17,368			—			—			136,498			—			153,866
General and administrative		457			3,388			—			8,349			—			14			—			12,208
Total operating costs and expenses		2,272			11,679			48,228			31,188			—			445,848			(33,505	)		505,710
Operating income (loss)		(2,272	)		(11,679	)		29,210			(31,188	)		—			314,561			—			298,632
Other income (expense)
Income (loss) of unconsolidated affiliates		216,726			32,081			55,024			289,758			179,050			—			(772,639	)		—
Interest expense, net of amounts capitalized		(24,753	)		(1,019	)		(3,255	)		(48,336	)		(6,216	)		(13,727	)		48,262			(49,044	)
Interest income and other, net		2,730			4,832			12,712			20,779			1,399			12,258			(48,262	)		6,448
Income before income taxes		192,431			24,215			93,691			231,013			174,233			313,092			(772,639	)		256,036
Income tax provision		—			(16,093	)		(379	)		—			—			(27,086	)		—			(43,558	)
Net income		192,431			8,122			93,312			231,013			174,233			286,006			(772,639	)		212,478
Net income attributable to noncontrolling interests		—			—			—			—			—			(30,464	)		10,417			(20,047	)
Net income attributable to Noble Corporation		192,431			8,122			93,312			231,013			174,233			255,542			(762,222	)		192,431
Other comprehensive loss, net		(5,363	)		—			—			—			—			(5,363	)		5,363			(5,363	)
Comprehensive income attributable to Noble Corporation	$	187,068		$	8,122		$	93,312		$	231,013		$	174,233		$	250,179		$	(756,859	)	$	187,068

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three months Ended March 31, 2016

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments		Total
Cash flows from operating activities
Net cash from operating activities	$	(8,420	)	$	(12,190	)	$	20,809		$	(120,093	)	$	(7,988	)	$	315,632		$	—	$	187,750
Cash flows from investing activities
Capital expenditures		—			—			(14,575	)		—			—			(74,749	)		—		(89,324	)
Proceeds from disposal of assets		—			—			—			—			—			3,031			—		3,031
Net cash from investing activities		—			—			(14,575	)		—			—			(71,718	)		—		(86,293	)
Cash flows from financing activities
Repayment of long-term debt		—			—			—			(300,000	)		—			—			—		(300,000	)
Dividends paid to noncontrolling interests		—			—			—			—			—			(21,513	)		—		(21,513	)
Distributions to parent company, net		(56,316	)		—			—			—			—			—			—		(56,316	)
Advances (to) from affiliates		63,117			12,190			(8,264	)		420,093			7,988			(495,124	)		—		—
Net cash from financing activities		6,801			12,190			(8,264	)		120,093			7,988			(516,637	)		—		(377,829	)
Net change in cash and cash equivalents		(1,619	)		—			(2,030	)		—			—			(272,723	)		—		(276,372	)
Cash and cash equivalents, beginning of period		1,627			—			2,101			—			—			508,067			—		511,795
Cash and cash equivalents, end of period	$	8		$	—		$	71		$	—		$	—		$	235,344		$	—	$	235,423

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Three months Ended March 31, 2015

(in thousands)

																Other
																Non-guarantor
	Noble-															Subsidiaries			Consolidating
	Cayman			NHC			NDH			NHIL			NDS6			of Noble			Adjustments		Total
Cash flows from operating activities
Net cash from operating activities	$	(27,097	)	$	36,360		$	33,705		$	(102,007	)	$	(8,568	)	$	426,630		$	—	$	359,023
Cash flows from investing activities
Capital expenditures		—			—			(27,344	)		—			—			(90,973	)		—		(118,317	)
Net cash from investing activities		—			—			(27,344	)		—			—			(90,973	)		—		(118,317	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		(1,099,497	)		—			—			—			—			—			—		(1,099,497	)
Repayment of long-term debt		—			—			—			1,092,728			—			—			—		1,092,728
Debt issuance costs on senior notes and credit facilities		(6,392	)		—			—			(8,383	)		—			—			—		(14,775	)
Dividends paid to noncontrolling interests		—			—			—			—			—			(19,369	)		—		(19,369	)
Distributions to parent company, net		(186,597	)		—			—			—			—			—			—		(186,597	)
Advances (to) from affiliates		1,319,583			(36,360	)		(6,344	)		(982,338	)		8,568			(303,109	)		—		—
Net cash from financing activities		27,097			(36,360	)		(6,344	)		102,007			8,568			(322,478	)		—		(227,510	)
Net change in cash and cash equivalents		—			—			17			—			—			13,179			—		13,196
Cash and cash equivalents, beginning of period		5			—			254			—			—			65,521			—		65,780
Cash and cash equivalents, end of period	$	5		$	—		$	271		$	—		$	—		$	78,700		$	—	$	78,976