Switzerland | 000-53604 | 98-0619597 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
Dorfstrasse 19A Baar, Switzerland |
6340 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. | Results of Operations and Financial Condition. |
ITEM 9.01. | Financial Statements and Exhibits. |
Exhibit 99.1 | Noble Corporation Press Release dated July 20, 2011, announcing the
financial results for the three and six months ended June 30, 2011. |
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NOBLE CORPORATION |
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Date: July 20, 2011 | By: | /s/ Thomas L. Mitchell | ||
Thomas L. Mitchell | ||||
Senior Vice President, Chief Financial Officer, Treasurer and Controller |
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Exhibit No. | Description | |||
99.1 | Noble Corporation Press Release dated July 20, 2011, announcing the financial results for the
three and six months ended June 30, 2011. |
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Noble Corporation
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Dorfstrasse 19a |
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6340 Baar |
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Switzerland |
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Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Operating revenues |
||||||||||||||||
Contract drilling services |
$ | 589,550 | $ | 687,510 | $ | 1,132,155 | $ | 1,496,156 | ||||||||
Reimbursables |
24,122 | 13,753 | 46,413 | 37,986 | ||||||||||||
Labor contract drilling services |
14,012 | 8,056 | 27,559 | 15,817 | ||||||||||||
Other |
313 | 603 | 758 | 814 | ||||||||||||
627,997 | 709,922 | 1,206,885 | 1,550,773 | |||||||||||||
Operating costs and expenses |
||||||||||||||||
Contract drilling services |
336,728 | 275,595 | 643,091 | 530,026 | ||||||||||||
Reimbursables |
18,723 | 10,365 | 35,826 | 30,108 | ||||||||||||
Labor contract drilling services |
8,750 | 5,380 | 17,273 | 11,268 | ||||||||||||
Depreciation and amortization |
163,119 | 126,227 | 321,241 | 242,084 | ||||||||||||
Selling, general and administrative |
21,632 | 23,808 | 45,347 | 45,779 | ||||||||||||
Gain on contract extinguishments, net |
| | (21,202 | ) | | |||||||||||
548,952 | 441,375 | 1,041,576 | 859,265 | |||||||||||||
Operating income |
79,045 | 268,547 | 165,309 | 691,508 | ||||||||||||
Other income (expense) |
||||||||||||||||
Interest expense, net of amount capitalized |
(14,829 | ) | (510 | ) | (33,870 | ) | (975 | ) | ||||||||
Interest income and other, net |
(534 | ) | 1,006 | 2,058 | 4,632 | |||||||||||
Income before income taxes |
63,682 | 269,043 | 133,497 | 695,165 | ||||||||||||
Income tax provision |
(9,508 | ) | (51,118 | ) | (24,867 | ) | (106,514 | ) | ||||||||
Net income |
54,174 | 217,925 | 108,630 | 588,651 | ||||||||||||
Net income attributable to noncontrolling interests |
(91 | ) | | (52 | ) | | ||||||||||
Net income attributable to Noble Corporation |
$ | 54,083 | $ | 217,925 | $ | 108,578 | $ | 588,651 | ||||||||
Net income per share |
||||||||||||||||
Basic |
$ | 0.21 | $ | 0.85 | $ | 0.43 | $ | 2.29 | ||||||||
Diluted |
$ | 0.21 | $ | 0.85 | $ | 0.43 | $ | 2.28 |
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June 30, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
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Current assets |
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Cash and cash equivalents |
$ | 230,877 | $ | 337,871 | ||||
Accounts receivable |
510,019 | 387,414 | ||||||
Prepaid expenses and other current assets |
236,600 | 186,509 | ||||||
Total current assets |
977,496 | 911,794 | ||||||
Property and equipment |
13,926,052 | 12,643,866 | ||||||
Accumulated depreciation |
(2,863,482 | ) | (2,595,779 | ) | ||||
Property and equipment, net |
11,062,570 | 10,048,087 | ||||||
Other assets |
398,172 | 342,506 | ||||||
Total assets |
$ | 12,438,238 | $ | 11,302,387 | ||||
LIABILITIES AND EQUITY |
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Current liabilities |
||||||||
Current maturities of long-term debt |
$ | | $ | 80,213 | ||||
Accounts payable |
303,902 | 374,814 | ||||||
Accrued payroll and related costs |
114,736 | 125,663 | ||||||
Interest payable |
58,328 | 40,260 | ||||||
Other current liabilities |
149,590 | 180,497 | ||||||
Total current liabilities |
626,556 | 801,447 | ||||||
Long-term debt |
3,521,770 | 2,686,484 | ||||||
Deferred income taxes |
257,069 | 258,822 | ||||||
Other liabilities |
212,475 | 268,000 | ||||||
Total liabilities |
4,617,870 | 4,014,753 | ||||||
Commitments and contingencies |
||||||||
Shareholders equity |
||||||||
Shares |
857,795 | 917,684 | ||||||
Additional paid-in capital |
50,499 | 39,006 | ||||||
Retained earnings |
6,739,078 | 6,630,500 | ||||||
Treasury shares |
(383,344 | ) | (373,967 | ) | ||||
Accumulated other comprehensive loss |
(42,316 | ) | (50,220 | ) | ||||
Total shareholders equity |
7,221,712 | 7,163,003 | ||||||
Noncontrolling interests |
598,656 | 124,631 | ||||||
Total equity |
7,820,368 | 7,287,634 | ||||||
Total liabilities and equity |
$ | 12,438,238 | $ | 11,302,387 | ||||
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Six Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
Cash flows from operating activities |
||||||||
Net income |
$ | 108,630 | $ | 588,651 | ||||
Adjustments to reconcile net income to net cash from operating activities: |
||||||||
Depreciation and amortization |
321,241 | 242,084 | ||||||
Gain on contract extinguishments, net |
(21,202 | ) | | |||||
Deferred income taxes |
(1,753 | ) | (11,842 | ) | ||||
Share-based compensation expense |
16,388 | 16,285 | ||||||
Net change in other assets and liabilities |
(177,968 | ) | 179,246 | |||||
Net cash from operating activities |
245,336 | 1,014,424 | ||||||
Cash flows from investing activities |
||||||||
New construction |
(1,017,190 | ) | (184,963 | ) | ||||
Other capital expenditures |
(316,245 | ) | (305,751 | ) | ||||
Major maintenance expenditures |
(95,348 | ) | (40,687 | ) | ||||
Refund from contract extinguishments |
18,642 | | ||||||
Change in accrued capital expenditures |
(51,500 | ) | (17,848 | ) | ||||
Net cash from investing activities |
(1,461,641 | ) | (549,249 | ) | ||||
Cash flows from financing activities |
||||||||
Borrowings on bank credit facilities |
625,000 | | ||||||
Payments on bank credit facilities |
(240,000 | ) | | |||||
Payments of other long-term debt |
(693,494 | ) | | |||||
Proceeds from issuance of senior notes, net of debt
issuance costs |
1,087,833 | | ||||||
Contributions from joint venture partners |
436,000 | | ||||||
Settlements of interest rate swaps |
(29,032 | ) | | |||||
Par value reduction payments |
(72,141 | ) | (23,306 | ) | ||||
Repurchases of shares |
| (88,652 | ) | |||||
Financing costs on credit facilities |
(2,835 | ) | | |||||
Proceeds from employee stock transactions |
7,357 | 3,711 | ||||||
Repurchases of employee shares surrendered for taxes |
(9,377 | ) | (9,309 | ) | ||||
Net cash from financing activities |
1,109,311 | (117,556 | ) | |||||
Net change in cash and cash equivalents |
(106,994 | ) | 347,619 | |||||
Cash and cash equivalents, beginning of period |
337,871 | 735,493 | ||||||
Cash and cash equivalents, end of period |
$ | 230,877 | $ | 1,083,112 | ||||
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Three Months Ended June 30, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | ||||||||||||||||||||||||||||||||||
Contract | Contract | Contract | ||||||||||||||||||||||||||||||||||
Drilling | Drilling | Drilling | ||||||||||||||||||||||||||||||||||
Services | Other | Total | Services | Other | Total | Services | Other | Total | ||||||||||||||||||||||||||||
Operating revenues |
||||||||||||||||||||||||||||||||||||
Contract drilling services |
$ | 589,550 | $ | | $ | 589,550 | $ | 687,510 | $ | | $ | 687,510 | $ | 542,605 | $ | | $ | 542,605 | ||||||||||||||||||
Reimbursables |
22,982 | 1,140 | 24,122 | 12,989 | 764 | 13,753 | 21,604 | 687 | 22,291 | |||||||||||||||||||||||||||
Labor contract drilling services |
| 14,012 | 14,012 | | 8,056 | 8,056 | | 13,547 | 13,547 | |||||||||||||||||||||||||||
Other |
313 | | 313 | 603 | | 603 | 445 | | 445 | |||||||||||||||||||||||||||
$ | 612,845 | $ | 15,152 | $ | 627,997 | $ | 701,102 | $ | 8,820 | $ | 709,922 | $ | 564,654 | $ | 14,234 | $ | 578,888 | |||||||||||||||||||
Operating costs and expenses |
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Contract drilling services |
$ | 336,728 | $ | | $ | 336,728 | $ | 275,595 | $ | | $ | 275,595 | $ | 306,363 | $ | | $ | 306,363 | ||||||||||||||||||
Reimbursables |
17,606 | 1,117 | 18,723 | 9,626 | 739 | 10,365 | 16,440 | 663 | 17,103 | |||||||||||||||||||||||||||
Labor contract drilling services |
| 8,750 | 8,750 | | 5,380 | 5,380 | | 8,523 | 8,523 | |||||||||||||||||||||||||||
Depreciation and amortization |
159,843 | 3,276 | 163,119 | 123,379 | 2,848 | 126,227 | 154,888 | 3,234 | 158,122 | |||||||||||||||||||||||||||
Selling, general and administrative |
21,359 | 273 | 21,632 | 23,561 | 247 | 23,808 | 23,449 | 266 | 23,715 | |||||||||||||||||||||||||||
Gain on contract extinguishments, net |
| | | | | | (21,202 | ) | | (21,202 | ) | |||||||||||||||||||||||||
$ | 535,536 | $ | 13,416 | $ | 548,952 | $ | 432,161 | $ | 9,214 | $ | 441,375 | $ | 479,938 | $ | 12,686 | $ | 492,624 | |||||||||||||||||||
Operating income |
$ | 77,309 | $ | 1,736 | $ | 79,045 | $ | 268,941 | $ | (394 | ) | $ | 268,547 | $ | 84,716 | $ | 1,548 | $ | 86,264 | |||||||||||||||||
Operating statistics |
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Jackups: |
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Average Rig Utilization |
71 | % | 81 | % | 62 | % | ||||||||||||||||||||||||||||||
Operating Days |
2,797 | 3,183 | 2,381 | |||||||||||||||||||||||||||||||||
Average Dayrate |
$ | 80,742 | $ | 96,677 | $ | 80,866 | ||||||||||||||||||||||||||||||
Semisubmersibles: |
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Average Rig Utilization |
85 | % | 94 | % | 69 | % | ||||||||||||||||||||||||||||||
Operating Days |
1,088 | 1,023 | 868 | |||||||||||||||||||||||||||||||||
Average Dayrate |
$ | 269,798 | $ | 328,286 | $ | 277,859 | ||||||||||||||||||||||||||||||
Drillships: |
||||||||||||||||||||||||||||||||||||
Average Rig Utilization |
58 | % | 67 | % | 70 | % | ||||||||||||||||||||||||||||||
Operating Days |
317 | 182 | 361 | |||||||||||||||||||||||||||||||||
Average Dayrate |
$ | 220,953 | $ | 242,045 | $ | 301,647 | ||||||||||||||||||||||||||||||
FPSO/Submersibles: |
||||||||||||||||||||||||||||||||||||
Average Rig Utilization |
0 | % | 0 | % | 0 | % | ||||||||||||||||||||||||||||||
Operating Days |
| | | |||||||||||||||||||||||||||||||||
Average Dayrate |
$ | | $ | | $ | | ||||||||||||||||||||||||||||||
Total: |
||||||||||||||||||||||||||||||||||||
Average Rig Utilization |
70 | % | 80 | % | 61 | % | ||||||||||||||||||||||||||||||
Operating Days |
4,202 | 4,388 | 3,610 | |||||||||||||||||||||||||||||||||
Average Dayrate |
$ | 140,296 | $ | 156,683 | $ | 150,294 |
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Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Allocation of net income |
||||||||||||||||
Basic |
||||||||||||||||
Net income attributable to Noble Corporation |
$ | 54,083 | $ | 217,925 | $ | 108,578 | $ | 588,651 | ||||||||
Earnings allocated to unvested share-based payment awards |
(572 | ) | (2,143 | ) | (1,083 | ) | (5,652 | ) | ||||||||
Net income to common shareholders basic |
$ | 53,511 | $ | 215,782 | $ | 107,495 | $ | 582,999 | ||||||||
Diluted |
||||||||||||||||
Net income attributable to Noble Corporation |
$ | 54,083 | $ | 217,925 | $ | 108,578 | $ | 588,651 | ||||||||
Earnings allocated to unvested share-based payment awards |
(572 | ) | (2,137 | ) | (1,082 | ) | (5,632 | ) | ||||||||
Net income to common shareholders diluted |
$ | 53,511 | $ | 215,788 | $ | 107,496 | $ | 583,019 | ||||||||
Weighted average number of shares outstanding basic |
251,368 | 254,224 | 251,198 | 254,671 | ||||||||||||
Incremental shares issuable from assumed exercise of stock options |
700 | 800 | 737 | 949 | ||||||||||||
Weighted average number of shares outstanding diluted |
252,068 | 255,024 | 251,935 | 255,620 | ||||||||||||
Weighted average unvested share-based payment awards |
2,688 | 2,480 | 2,554 | 2,431 | ||||||||||||
Earnings per share |
||||||||||||||||
Basic |
$ | 0.21 | $ | 0.85 | $ | 0.43 | $ | 2.29 | ||||||||
Diluted |
$ | 0.21 | $ | 0.85 | $ | 0.43 | $ | 2.28 |
9
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