0001628280-22-028214 | 10-Q | XBRL Viewer

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Income (Loss) Per Share - Computation of Basic and Diluted Earnings Per Share for Noble-UK (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Basic
Net income (loss)	$ 250,228	$ 33,585	$ (23,665)	$ (21,454)	$ 33,986
Diluted
Net income (loss)	$ 250,228	$ 33,585	$ (23,665)	$ (21,454)	$ 33,986
Denominator:
Weighted average shares outstanding - basic (in shares)	251,115	70,318	66,623	61,847	69,260
Dilutive effect of share-based awards (in shares)	5,456	3,388	0	0	3,388
Dilutive effect of warrants (in shares)	0	8,220	0	0	8,718
Weighted average shares outstanding - diluted (in shares)	256,571	81,926	66,623	61,847	81,366
Basic:
Net income (loss) (in usd per share)	$ 1.00	$ 0.48	$ (0.36)	$ (0.35)	$ 0.49
Diluted:
Net income (loss) (in usd per share)	$ 0.98	$ 0.41	$ (0.36)	$ (0.35)	$ 0.42

Income (Loss) Per Share - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended
	Feb. 05, 2021 USD ($) $ / shares shares	Feb. 05, 2021 USD ($) $ / shares shares	Sep. 30, 2022 $ / shares shares	Sep. 30, 2022 £ / shares shares	Jun. 30, 2022 shares	Dec. 31, 2021 $ / shares shares	Sep. 30, 2021 shares	Jun. 30, 2021 shares	Dec. 31, 2020 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ordinary shares, shares outstanding (in shares)			70,354,000	70,354,000		60,172,000
Share capital \| $	$ 6,000	$ 6,000
Common stock, par value (in pound sterling per share) \| $ / shares			$ 0.00001			$ 0.00001
Tranche 3 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (in pound sterling per share) \| $ / shares			$ 0.01
Backstop Parties \| Penny Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities called by warrants (in shares)	6,500,000	6,500,000
Exercise price of warrants (in usd per share) \| $ / shares	$ 0.01	$ 0.01
Holders of Legacy Notes \| Tranche 3 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrant outstanding (in shares)			2,800,000	2,800,000
Warrants outstanding, term			5 years	5 years
Holders of Legacy Notes \| Tranche 1 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (in usd per share) \| $ / shares			$ 19.27
Warrant outstanding (in shares)			6,200,000	6,200,000
Warrants outstanding, term			7 years	7 years
Warrants converted into rights (in shares)			1	1
Holders of Legacy Notes \| Tranche 2 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (in usd per share) \| $ / shares			$ 23.13
Warrant outstanding (in shares)			5,600,000	5,600,000
Warrants outstanding, term			7 years	7 years
Warrants converted into rights (in shares)			1	1
Holders of Legacy Nobles Ordinary Shares \| Tranche 3 Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (in usd per share) \| $ / shares			$ 124.40
Ordinary Shares \| Backstop Parties
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Plan of reorganization, number of shares exchanged (in shares)	6,500,000	6,500,000
Class of Stock, To Be Determined One
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ordinary shares, shares outstanding (in shares)	500,000,000	500,000,000
Common stock, par value (in pound sterling per share) \| $ / shares	$ 0.00001	$ 0.00001
Class of Stock, To Be Determined Two
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ordinary shares, shares outstanding (in shares)	100,000,000	100,000,000
Common stock, par value (in pound sterling per share) \| $ / shares	$ 0.00001	$ 0.00001
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ordinary shares, shares outstanding (in shares)			50,000	50,000
Common stock, par value (in pound sterling per share) \| £ / shares				£ 1.00
Common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Issuance of Successor common stock and warrants (in shares)	50,000,000	50,000,000
Ordinary shares, shares outstanding (in shares)	50,000,000	50,000,000	70,354,000	70,354,000	67,050,000	60,172,000	60,168,000	60,150,000	251,084,000

Debt - Schedule of Long-Term Debt, Net, not Including Effect of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 434,368	$ 216,000
Carrying Value
Debt Instrument [Line Items]
Total debt	434,368	216,000
Less: Current maturities of long-term debt	0	0
Long-term debt	434,368	216,000
Estimated Fair Value
Debt Instrument [Line Items]
Total debt	456,223	236,792
Less: Current maturities of long-term debt	0	0
Long-term debt	456,223	236,792
Line of Credit \| Revolving Credit Facility \| Carrying Value
Debt Instrument [Line Items]
Total debt	220,000	0
Line of Credit \| Revolving Credit Facility \| Estimated Fair Value
Debt Instrument [Line Items]
Total debt	$ 220,000	0
11.000% Second Lien Notes due February 2028 \| Secured notes
Debt Instrument [Line Items]
Debt, stated interest rate	11.00%
11.000% Second Lien Notes due February 2028 \| Secured notes \| Carrying Value
Debt Instrument [Line Items]
Total debt	$ 214,368	216,000
11.000% Second Lien Notes due February 2028 \| Secured notes \| Estimated Fair Value
Debt Instrument [Line Items]
Total debt	$ 236,223	$ 236,792

Acquisitions and Divestitures - Pacific Drilling Merger (Details) shares in Millions, $ in Millions	Apr. 15, 2021 USD ($) floater shares
Business Acquisition [Line Items]
Number of floaters acquired	7
Number of floaters sold	2
Pacific Drilling
Business Acquisition [Line Items]
Business acquisition, membership interest conversion ratio	6.366
Business acquisition, warrants conversion ratio	1.553
Number of shares received by acquiree (in shares) \| shares	16.6
Proceeds from sale of floaters \| $	$ 29.7
Pacific Drilling \| Noble Corp \| Pacific Drilling
Business Acquisition [Line Items]
Ownership percentage at closing of Merger	24.90%

Property and Equipment - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended					8 Months Ended	9 Months Ended	11 Months Ended	20 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Capital expenditures, including capitalized interest	$ 10,300,000	$ 40,800,000						$ 116,900,000	$ 159,900,000
Capitalized interest on construction-in-progress									$ 2,000,000
Property damage insurance coverage, deductible amount										$ 10,000,000
Property damage insurance coverage limit amount per claim										$ 50,000,000
Hurricane losses and (recoveries), net	$ 0	$ 1,896,000				$ 10,441,000	$ 10,441,000	$ 4,701,000
Proceeds from sale of property, plant, and equipment				$ 14,200,000
Gain on disposition of property plant equipment				6,800,000
Jackup Rigs in Saudi Arabia
Property, Plant and Equipment [Line Items]
Transaction costs on disposition of oil and gas properties				$ 2,200,000
Rig Noble Globetrotter II
Property, Plant and Equipment [Line Items]
Hurricane losses and (recoveries), net			$ 16,600,000		$ 7,500,000	$ 5,400,000

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 14— Subsequent Events Business Combination On the Closing Date, pursuant to the Business Combination Agreement, Noble completed the Offer and because Noble acquired more than 90% of the issued and outstanding Maersk Drilling Shares, Noble will redeem all remaining Maersk Drilling Shares not exchanged in the Offer for, at the election of the holder, either Ordinary Shares or cash (or, for those holders that do not make an election, only cash), under Danish law by way of the Compulsory Purchase. Upon completion of the Compulsory Purchase, Maersk Drilling will become a wholly owned subsidiary of Noble. See “Note 2— Acquisitions and Divestitures” for additional information on the Business Combination. Rig Transaction On October 5, 2022, Noble and Shelf Drilling completed the Rig Transaction as part of the Business Combination. In connection with the Rig Transaction, and pursuant to the terms and conditions set forth in the Asset Purchase Agreement, the Divestment Business was transferred by Noble to Shelf Drilling for a purchase price of $375 million in cash, which was paid by Shelf Drilling to Noble at the Completion. See “Note 2— Acquisitions and Divestitures” for additional information on the Rig Transaction. Guarantees On the Closing Date, the following guarantees (the “Guarantees”) by Noble became effective: (i) a Guarantee related to a Term and Revolving Facilities Agreement dated December 6, 2018, by and among Maersk Drilling, the rig owners and material intra-group charterers party thereto and DNB Bank ASA as agent (as amended from time to time, the “DNB Credit Facility”), pursuant to which Noble guarantees all of the obligations of Maersk Drilling and its subsidiaries party thereto in relation to the DNB Credit Facility and related financing documents and (ii) a Guarantee related to a Term Loan Facility dated December 10, 2018 by and among Maersk Drilling and Danmarks Skibskredit A/S as agent, (as amended from time to time, the “DSF Credit Facility” and together with the DNB Credit Facility, the “Credit Facilities”), pursuant to which Noble guarantees all of the obligations of Maersk Drilling and its subsidiaries party thereto in relation to the DSF Credit Facility and related financing documents. As of September 30, 2022, the DNB Credit Facility had $400.0 million aggregate revolving commitments, of which $400.0 million were available, and approximately $460.0 million of outstanding term loans, and the DSF Credit Facility had approximately $266.0 million of outstanding term loans. The Credit Facilities mature in December 2023. The term loans under the DNB Credit Facility require amortization payments, in accordance with a schedule set forth therein, on the last day of each fiscal quarter as well as a final payment on the date of the termination of the DNB Credit Facility. The revolving loans under the DNB Credit Facility must be repaid on the last day of the applicable interest period for such loans (1, 3 or 6 months). The loans under the DNB Credit Facility are required to be repaid quarterly on March 15, June 15, September 15 and December 15 in equal installments in the amount of $6.0 million and a balloon payment payable on the termination of the DSF Credit Facility in an amount equal to the remaining outstanding principal amount of the loans. The facility A term loans under the DNB Credit Facility accrue interest at a rate of LIBOR + 2% - 3% based on the current leverage ratio of Maersk Drilling (which shall increase by 1% from the period 12 months prior to the maturity date until 9 months prior to the maturity date, at which time it shall increase another 0.5% until the date that is 6 months prior to maturity date, at which time it shall increase another 0.5% until the maturity date), the facility B term loans accrue interest at a rate of 2.02% and the revolving loans accrue interest at a rate of LIBOR + 1.7% - 2.7% based on the current leverage ratio of Maersk Drilling (which shall increase by 1% from the period 12 months prior to the maturity date until 9 months prior to the maturity date, at which time it shall increase another 0.5% until the date that is 6 months prior to maturity date, at which time it shall increase another 0.5% until the maturity date). The loans under the DSF Credit Facility accrue interest at a rate of LIBOR + 1.8% - 2.9% based on the current leverage ratio of Maersk Drilling. Under each of the Credit Facilities, Maersk Drilling is subject to the following financial covenants, (i) Maersk Drilling’s leverage ratio shall not at any time be greater than 4.75:1.00, (ii) Maersk Drilling’s liquidity shall not at any time be less than $200.0 million and (iii) Maersk Drilling’s Minimum Equity Ratio (as defined in each Credit Facility) shall not at any time be less than 35%. Under each of the Credit Facilities, a mandatory prepayment (or commitment reduction in the case of the revolving loans) is required with respect to the total loss, sale or arrest of the related collateral vessels. Each Credit Facility contains covenants and terms in which the violation of such, along with the lapse of any relevant cure period, results in an event of default that Noble considers customary for credit facilities of these types. If an event of default occurs and is continuing, the agent under such Credit Facility may cancel the loan commitments and declare that all or part of the outstanding loans are immediately due and payable.

Acquisitions and Divestitures - Rig Transaction (Details) - Held-for-sale, Not Discontinued Operations - October 2022 Divestment Business $ in Millions	Sep. 30, 2022 USD ($)	Jun. 23, 2022 jackup
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of jackup rigs disposed \| jackup		5
Current assets held for sale	$ 3.2
Current liabilities held for sale	8.1
Noncurrent liabilities held for sale	$ 13.4

- Definition

Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer.

+ References + Details

- Definition

Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of beyond one year or the normal operating cycle, if longer.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares outstanding (in shares)	70,354	60,172

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 6— Debt

Senior Secured Revolving Credit Facility

On the Emergence Effective Date, Finco and Noble International Finance Company (“NIFCO”) entered into a senior secured revolving credit agreement (the “Revolving Credit Agreement”) providing for a $675.0 million senior secured revolving credit facility (with a $67.5 million sublimit for the issuance of letters of credit thereunder) (the “Revolving Credit Facility”) and cancelled all debt that existed immediately prior to the Emergence Effective Date. The Revolving Credit Facility matures on July 31, 2025. Subject to the satisfaction of certain conditions, Finco may from time to time designate one or more of Finco’s other wholly owned subsidiaries as additional borrowers under the Revolving Credit Agreement (collectively with Finco and NIFCO, the “Borrowers”). As of the Emergence Effective Date, $177.5 million of loans were outstanding, and $8.8 million of letters of credit were issued, under the Revolving Credit Facility. As of September 30, 2022, we had $220.0 million of loans outstanding and $20.6 million of letters of credit issued under the Revolving Credit Facility and an additional $8.7 million in letters of credit and surety bonds issued under bilateral arrangements.

All obligations of the Borrowers under the Revolving Credit Agreement, certain cash management obligations and certain swap obligations are unconditionally guaranteed, on a joint and several basis, by Finco and certain of its direct and indirect subsidiaries (collectively with the Borrowers, the “Credit Parties”), including a guarantee by each Borrower of the obligations of each other Borrower under the Revolving Credit Agreement. All such obligations, including the guarantees of the Revolving Credit Facility, are secured by senior priority liens on substantially all assets of, and the equity interests in, each Credit Party, subject to certain exceptions and limitations described in the Revolving Credit Agreement. Neither Pacific Drilling Company LLC nor any of its current subsidiaries is a subsidiary guarantor of the Revolving Credit Facility, and none of their assets secure the Revolving Credit Facility. In addition, none of the Maersk Drilling assets secure the Revolving Credit Facility.

The loans outstanding under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable margin plus, at Finco’s option, either: (i) the reserve-adjusted LIBOR or (ii) a base rate, determined as the greatest of (x) the prime loan rate as published in the Wall Street Journal, (y) the federal funds effective rate plus ½ of 1%, and (z) the reserve-adjusted one-month LIBOR plus 1%. The applicable margin is initially 4.75% per annum for LIBOR loans and 3.75% per annum for base rate loans and will be increased by 50 basis points after July 31, 2024, and may be increased by an additional 50 basis points under certain conditions described in the Revolving Credit Agreement.

The Borrowers are required to pay customary quarterly commitment fees and letter of credit and fronting fees.

Availability of borrowings under the Revolving Credit Agreement is subject to the satisfaction of certain conditions, including restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, (i) the aggregate amount of Available Cash (as defined in the Revolving Credit Agreement) would exceed $100.0 million, (ii) the Consolidated First Lien Net Leverage Ratio (as defined in the Revolving Credit Agreement) would be greater than 5.50 to 1.00 and the aggregate principal amount outstanding under the Revolving Credit Facility would exceed $610.0 million, or (iii) the Asset Coverage Ratio (as described below) would be less than 2.00 to 1.00.

Mandatory prepayments and, under certain circumstances, commitment reductions are required under the Revolving Credit Facility in connection with (i) certain asset sales, asset swaps and events of loss (subject to reinvestment rights if no event of default exists) and (ii) certain debt issuances. Available Cash in excess of $150.0 million is also required to be applied periodically to prepay loans (without a commitment reduction). The loans under the Revolving Credit Facility may be voluntarily prepaid, and the commitments thereunder voluntarily terminated or reduced, by the Borrowers at any time without premium or penalty, other than customary breakage costs.

The Revolving Credit Agreement obligates Finco and its restricted subsidiaries to comply with the following financial maintenance covenants:

•as of the last day of each fiscal quarter, the ratio of Adjusted EBITDA to Cash Interest Expense (as defined in the Revolving Credit Agreement) is not permitted to be less than (i) 2.00 to 1.00 for each four fiscal quarter period ending on or after March 31, 2022 until June 30, 2024, and (ii) 2.25 to 1.00 for each four fiscal quarter period ending thereafter; and

•for each fiscal quarter, the ratio of (x) Asset Coverage Aggregate Rig Value (as defined in the Revolving Credit Agreement) to (y) the aggregate principal amount of loans and letters of credit outstanding under the Revolving

Credit Facility (the “Asset Coverage Ratio”) as of the last day of any such fiscal quarter is not permitted to be less than 2.00 to 1.00.

The Revolving Credit Facility contains affirmative and negative covenants, representations and warranties and events of default that the Company considers customary for facilities of this type.

Second Lien Notes Indenture

On the Emergence Effective Date, pursuant to a Backstop Commitment Agreement, dated October 12, 2020, among the Debtors and the backstop parties thereto, Noble Cayman and Finco consummated a rights offering (the “Rights Offering”) of senior secured second lien notes (the “Second Lien Notes”) and associated Noble Cayman Shares at an aggregate subscription price of $200.0 million.

An aggregate principal amount of $216.0 million of Second Lien Notes was issued in the Rights Offering, which includes the aggregate subscription price of $200.0 million plus a backstop fee of $16.0 million which was paid in kind. The Second Lien Notes mature on February 15, 2028. The Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured second-priority basis, by the direct and indirect subsidiaries of Finco that are Credit Parties under the Revolving Credit Facility. Neither Pacific Drilling Company LLC nor any of its current subsidiaries is a subsidiary guarantor of the Second Lien Notes, and none of their assets secure the Second Lien Notes. In addition, none of the Maersk Drilling assets secure the Second Lien Notes.

The Second Lien Notes and such guarantees are secured by senior priority liens on the assets subject to liens securing the Revolving Credit Facility, including the equity interests in Finco and each guarantor of the Second Lien Notes, all of the rigs owned by the Company as of the Emergence Effective Date or acquired thereafter, certain assets related thereto, and substantially all other assets of Finco and such guarantors, in each case, subject to certain exceptions and limitations. Such collateral does not include any assets of, or equity interests in, Pacific Drilling or any of its current subsidiaries.

Interest on the Second Lien Notes accrues, at Finco’s option, at a rate of: (i) 11% per annum, payable in cash; (ii) 13% per annum, with 50% of such interest to be payable in cash and 50% of such interest to be payable by issuing additional Second Lien Notes (“PIK Notes”); or (iii) 15% per annum, with the entirety of such interest to be payable by issuing PIK Notes. Finco shall pay interest semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2021. For accrual purposes, we have assumed we will make the next interest payment in cash and have accrued at a rate of 11%; however, the actual interest election will be made no later than the record date for such interest payment.

On or after February 15, 2024, Finco may redeem all or part of the Second Lien Notes at fixed redemption prices (expressed as percentages of the principal amount), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Finco may also redeem the Second Lien Notes, in whole or in part, at any time and from time to time on or before February 14, 2024 at a redemption price equal to 106% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, plus a “make-whole” premium. Notwithstanding the foregoing, if a Change of Control (as defined in the Second Lien Notes Indenture) occurs prior to (but not including) February 15, 2024, then, within 120 days of such Change of Control, Finco may elect to purchase all remaining outstanding Second Lien Notes at a redemption price equal to 106% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

The Second Lien Notes contain covenants and events of default that the Company considers customary for notes of this type.

Debt Open Market Repurchases

In August 2022, we purchased $1.6 million aggregate principal amount of our Second Lien Notes for approximately $1.8 million, plus accrued interest, as open market repurchases and recognized a loss of approximately $0.2 million.

Fair Value of Debt

Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our debt instruments was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2 measurement). The carrying amount of the Revolving Credit Facility approximates fair value as the interest rate is variable and reflective of market rates. All remaining fair value disclosures are presented in “Note 11— Fair Value of Financial Instruments.”

The following table presents the carrying value, net of unamortized debt issuance costs and discounts or premiums, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively:


	Successor
	September 30, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior secured notes:
11.000% Second Lien Notes due February 2028	$	214,368	$	236,223	$	216,000	$	236,792











Credit facility:
Senior Secured Revolving Credit Facility matures July 2025	220,000		220,000		—		—


Total debt	434,368		456,223		216,000		236,792
Less: Current maturities of long-term debt	—		—		—		—
Long-term debt	$	434,368	$	456,223	$	216,000	$	236,792

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
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-Subparagraph (SX 210.4-08(c))
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-Publisher FASB
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-SubTopic 20
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-Publisher FASB
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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Organization and Basis of Presentation (Details)		9 Months Ended
Organization and Basis of Presentation (Details)	Sep. 24, 2020 subsidiary	Sep. 30, 2022 rig floater jackup segment $ / shares	Oct. 03, 2022 $ / shares	Dec. 31, 2021 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of drilling rigs (vessel) \| rig		19
Number of floaters (vessel) \| floater		11
Number of jackups (vessel) \| jackup		8
Number of reportable segments \| segment		1
Number of additional subsidiaries filed bankruptcy \| subsidiary	6
Common stock, par value (in usd per share)		$ 0.00001		$ 0.00001
Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in usd per share)			$ 0.00001
Subsequent Event \| Maersk Drilling Merger
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination, percentage of issued and outstanding shares acquired (more than)			90.00%
Maersk Drilling \| Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in usd per share)			$ 10

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, at Cost

Property and equipment, at cost, for Noble consisted of the following:


	Successor
	September 30, 2022		December 31, 2021
Drilling equipment and facilities	$	1,273,108	$	1,467,772
Construction in progress	55,640		77,363
Other	12,384		10,840
Property and equipment, at cost	$	1,341,132	$	1,555,975

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	8 Months Ended	9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Components of deferred tax assets and liabilities. [Line Items]
Deferred tax assets, net of valuation allowance		$ 61,800		$ 61,800
Deferred tax liabilities		7,600		7,600
Valuation allowance		3,000		3,000
Reserves for uncertain tax positions		78,300		78,300	$ 75,000
Unrecognized tax benefits		100		100	300
Tax benefit related to deferred tax adjustments			$ 1,200
Tax benefits related to US and Non-US reserve release			24,200
Tax benefits related to US tax refund			12,600
Tax expenses related to various recurring items	$ 2,600		12,600
Tax expense (benefit) related to non-US reserve	(1,700)		$ 18,600
Income tax expense related to reorganization and fresh start adjustments	$ 2,500
Deferred income taxes		7,407		7,407	$ 13,195
Foreign Tax Authority \| GUYANA
Components of deferred tax assets and liabilities. [Line Items]
Tax benefits related to release of valuation allowance				13,600
Tax expenses (benefits) related to various recurring items				24,000
Deferred Income Taxes and Tax Credits		5,400
Foreign Tax Authority \| LUXEMBOURG
Components of deferred tax assets and liabilities. [Line Items]
Tax benefits related to release of valuation allowance				11,000
Tax expenses (benefits) related to various recurring items				14,800
Deferred Income Taxes and Tax Credits		$ 4,500
Foreign Tax Authority \| Swiss Federal Tax Administration (FTA)
Components of deferred tax assets and liabilities. [Line Items]
Tax benefit related to deferred tax adjustments				1,100
US
Components of deferred tax assets and liabilities. [Line Items]
Tax benefit related to deferred tax adjustments				$ 1,300

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1— Organization and Basis of Presentation Noble Corporation plc (formerly known as Noble Finco Limited), a public limited company formed under the laws of England and Wales (“Noble” or “Successor”), is a leading offshore drilling contractor for the oil and gas industry. We provide contract drilling services to the international oil and gas industry with our global fleet of mobile offshore drilling units. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. As of September 30, 2022, our fleet of 19 drilling rigs consisted of 11 floaters and eight jackups. We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world. On July 31, 2020 (the “Petition Date”), our former parent company, Noble Holding Corporation plc, a public limited company incorporated under the laws of England and Wales (“Legacy Noble” or the “Predecessor”), and certain of its subsidiaries, including Noble Finance Company, an exempted company incorporated in the Cayman Islands with limited liability (“Finco”), filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”). On September 4, 2020, the Debtors (as defined herein) filed with the Bankruptcy Court the Joint Plan of Reorganization of Noble Corporation plc and its Debtor Affiliates, which was subsequently amended on October 8, 2020 and October 13, 2020 and modified on November 18, 2020 (as amended, modified or supplemented, the “Plan”), and the related disclosure statement. On September 24, 2020, six additional subsidiaries of Legacy Noble (together with Legacy Noble and its subsidiaries that filed on the Petition Date, as the context requires, the “Debtors”) filed voluntary petitions in the Bankruptcy Court. The chapter 11 proceedings were jointly administered under the caption Noble Corporation plc, et al. (Case No. 20-33826) (the “Chapter 11 Cases”). On November 20, 2020, the Bankruptcy Court entered an order confirming the Plan. In connection with the Chapter 11 Cases and the Plan, on and prior to the Emergence Effective Date (as defined herein), Legacy Noble and certain of its subsidiaries effectuated certain restructuring transactions pursuant to which Legacy Noble formed Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (“Noble Cayman”), as an indirect wholly owned subsidiary of Legacy Noble and transferred to Noble Cayman substantially all of the subsidiaries and other assets of Legacy Noble. On February 5, 2021 (the “Emergence Effective Date”), the Plan became effective in accordance with its terms, the Debtors emerged from the Chapter 11 Cases and Noble Cayman became the new parent company. In accordance with the Plan, Legacy Noble and its remaining subsidiary will in due course be wound down and dissolved in accordance with applicable law. The Bankruptcy Court closed the Chapter 11 Cases with respect to all Debtors other than Legacy Noble, pending its wind down. On September 30, 2022 (the “Merger Effective Date”), pursuant to a Business Combination Agreement, dated November 10, 2021 (as amended, the “Business Combination Agreement”), by and among Noble, Noble Cayman, Noble Newco Sub Limited, a Cayman Islands exempted company and a direct, wholly owned subsidiary of Noble (“Merger Sub”), and The Drilling Company of 1972 A/S, a Danish public limited liability company (“Maersk Drilling”), Noble Cayman merged with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger as a wholly owned subsidiary of Noble. As a result of the Merger, Noble became the ultimate parent of Noble Cayman and its respective subsidiaries. On October 3, 2022 (the “Closing Date”), pursuant to the Business Combination Agreement, Noble completed a voluntary tender exchange offer to Maersk Drilling’s shareholders (the “Offer” and, together with the Merger and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”) and because Noble acquired more than 90% of the issued and outstanding shares of Maersk Drilling, nominal value Danish krone (“DKK”) 10 per share (“Maersk Drilling Shares”), Noble will redeem all remaining Maersk Drilling Shares not exchanged in the Offer for, at the election of the holder, either A ordinary shares, par value $0.00001 per share, of Noble (“Ordinary Shares”) or cash (or, for those holders that do not make an election, only cash), under Danish law by way of a compulsory purchase (the “Compulsory Purchase”). Upon completion of the Compulsory Purchase, Maersk Drilling will become a wholly owned subsidiary of Noble. See “Note 2— Acquisitions and Divestitures” for additional information on the Business Combination. As a result of the emergence from the Chapter 11 Cases, Noble Cayman became the successor issuer to Legacy Noble for purposes of and pursuant to Rule 15d-5 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result of the Merger, Noble became the successor issuer to Noble Cayman for purposes of and pursuant to Rule 12g-3(a) of the Exchange Act. References in this Quarterly Report on Form 10-Q to “Noble,” the “Company,” “we,” “us” and “our” refer collectively to (i) Legacy Noble and its consolidated subsidiaries prior to the Emergence Effective Date, (ii) Noble Cayman and its consolidated subsidiaries on and after the Emergence Effective Date and prior to the Merger Effective Date, and (iii) Noble and its consolidated subsidiaries (including Noble Cayman) on and after the Merger Effective Date, as applicable. Upon emergence, the Company applied fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 – Reorganizations (“ASC 852”). The application of fresh start accounting resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. Accordingly, our financial statements and notes after the Emergence Effective Date are not comparable to our financial statements and notes on and prior to that date. Finco was an indirect, wholly owned subsidiary of Legacy Noble prior to the Emergence Effective Date and a direct, wholly owned subsidiary of Noble Cayman on and after the Emergence Effective Date and prior to the Merger Effective Date, and has been an indirect, wholly owned subsidiary of Noble on and after the Merger Effective Date. As of September 30, 2022, Noble’s principal asset is all of the shares of Finco. Finco has no public equity outstanding. The condensed consolidated financial statements of Noble include the accounts of Finco, and Noble conducts substantially all of its business through Finco and its subsidiaries as of September 30, 2022. As such, the terms “Predecessor” and “Successor” also refers to Finco, as the context requires. The accompanying unaudited condensed consolidated financial statements of Noble and Finco have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements are prepared on a going concern basis and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2021 Condensed Consolidated Balance Sheets presented herein are derived from the December 31, 2021 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed by both Noble Cayman and Finco. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2021	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 250,228	$ (21,454)	$ 33,986
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	20,622	64,831	77,109
Amortization of intangible assets	0	37,127	36,525
Loss on extinguishment of debt, net	0	0	(196)
Gain on bargain purchase	0	(64,479)	0
(Gain) loss on sale of operating assets, net	0	0	(6,767)
Reorganization items, net	(280,790)	0	0
Deferred income taxes	2,501	(9,170)	(22,081)
Amortization of share-based compensation	710	11,624	20,907
Other costs, net	(10,754)	1,912	(4,334)
Changes in components of working capital
Change in taxes receivable	(1,789)	13,810	118
Net changes in other operating assets and liabilities	(26,176)	(10,173)	(25,853)
Net cash provided by (used in) operating activities	(45,448)	24,028	109,806
Cash flows from investing activities
Capital expenditures	(14,629)	(117,750)	(109,235)
Cash acquired in stock-based business combination	0	54,970	0
Proceeds from disposal of assets, net	194	31,247	15,756
Net cash used in investing activities	(14,435)	(31,533)	(93,479)
Cash flows from financing activities
Issuance of second lien notes	200,000	0	0
Borrowings on credit facilities	177,500	40,000	220,000
Repayments of debt	(545,000)	(27,500)	(1,828)
Debt issuance costs	(23,664)	0	0
Warrants exercised	0	647	784
Taxes withheld on employee stock transactions	(1)	0	(4,926)
Net cash provided by (used in) financing activities	(191,165)	13,147	214,030
Net increase (decrease) in cash, cash equivalents and restricted cash	(251,048)	5,642	230,357
Cash, cash equivalents and restricted cash, beginning of period	365,041	113,993	196,722
Cash, cash equivalents and restricted cash, end of period	$ 113,993	$ 119,635	$ 427,079

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - Finco - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Noble Finance Company	Noble Finance Company Common stock	Noble Finance Company Additional Paid-in Capital	Noble Finance Company Retained Earnings (Accumulated Deficit)	Noble Finance Company Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		251,084					261,246
Beginning balance at Dec. 31, 2020	$ (311,388)	$ 2,511	$ 814,796	$ (1,070,683)	$ (58,012)	$ (213,392)	$ 26,125	$ 766,714	$ (948,219)	$ (58,012)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to parent company, net						(26,503)			(26,503)
Capital contribution by parent - share-based compensation						710		710
Net income (loss)	250,228			250,228		193,825			193,825
Other comprehensive income (loss), net	108				108	108				108
Elimination of Predecessor equity	60,343	$ (2,511)	(815,505)	820,455	57,904	1,061,402		222,601	780,897	57,904
Ending balance (in shares) at Feb. 05, 2021		50,000					261,246
Ending balance at Feb. 05, 2021	1,018,768	$ 1	1,018,767	0	0	1,016,150	$ 26,125	990,025	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net	0
Ending balance at Mar. 31, 2021					0
Beginning balance (in shares) at Feb. 05, 2021		50,000					261,246
Beginning balance at Feb. 05, 2021	1,018,768	$ 1	1,018,767	0	0	1,016,150	$ 26,125	990,025	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to parent company, net						(32,677)		(32,677)
Capital contribution by parent - share-based compensation						11,312		11,312
Capital contribution by parent - Pacific Drilling merger						422,141		422,141
Net income (loss)	(21,454)			(21,454)		(55,336)			(55,336)
Other comprehensive income (loss), net	(267)				(267)	(267)				(267)
Ending balance (in shares) at Sep. 30, 2021		60,168					261,246
Ending balance at Sep. 30, 2021	1,366,668	$ 1	1,388,388	(21,454)	(267)	1,361,323	$ 26,125	1,390,801	(55,336)	(267)
Beginning balance at Mar. 31, 2021					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net	168
Ending balance (in shares) at Jun. 30, 2021		60,150					261,246
Ending balance at Jun. 30, 2021	1,385,724	$ 1	1,383,344	2,211	168	1,384,842	$ 26,125	1,399,905	(41,356)	168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to parent company, net						(13,772)		(13,772)
Capital contribution by parent - share-based compensation						4,668		4,668
Net income (loss)	(23,665)			(23,665)		(13,980)			(13,980)
Other comprehensive income (loss), net	(435)				(435)	(435)				(435)
Ending balance (in shares) at Sep. 30, 2021		60,168					261,246
Ending balance at Sep. 30, 2021	$ 1,366,668	$ 1	1,388,388	(21,454)	(267)	$ 1,361,323	$ 26,125	1,390,801	(55,336)	(267)
Beginning balance (in shares) at Dec. 31, 2021	60,172	60,172				261,246	261,246
Beginning balance at Dec. 31, 2021	$ 1,500,627	$ 1	1,393,255	101,982	5,389	$ 1,495,418	$ 26,125	1,393,410	70,494	5,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net	$ (424)
Ending balance at Mar. 31, 2022					4,965
Beginning balance (in shares) at Dec. 31, 2021	60,172	60,172				261,246	261,246
Beginning balance at Dec. 31, 2021	$ 1,500,627	$ 1	1,393,255	101,982	5,389	$ 1,495,418	$ 26,125	1,393,410	70,494	5,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to parent company, net						(365,071)			(149,307)
Capital contribution by parent - share-based compensation						20,907		20,907
Net income (loss)	33,986			33,986		78,813			78,813
Other comprehensive income (loss), net	$ (2,817)				(2,817)	$ (2,817)				(2,817)
Ending balance (in shares) at Sep. 30, 2022	70,354	70,354				261,246	261,246
Ending balance at Sep. 30, 2022	$ 1,548,561	$ 1	1,410,020	135,968	2,572	$ 1,227,250	$ 26,125	1,198,553	0	2,572
Beginning balance at Mar. 31, 2022					4,965
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss), net	(1,163)
Ending balance (in shares) at Jun. 30, 2022		67,050					261,246
Ending balance at Jun. 30, 2022	1,508,794	$ 1	1,402,608	102,383	3,802	1,509,586	$ 26,125	1,407,249	72,410	3,802
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to parent company, net						(340,028)		(215,764)	(124,264)
Capital contribution by parent - share-based compensation						7,068		7,068
Net income (loss)	33,585			33,585		51,854			51,854
Other comprehensive income (loss), net	$ (1,230)				(1,230)	$ (1,230)				(1,230)
Ending balance (in shares) at Sep. 30, 2022	70,354	70,354				261,246	261,246
Ending balance at Sep. 30, 2022	$ 1,548,561	$ 1	$ 1,410,020	$ 135,968	$ 2,572	$ 1,227,250	$ 26,125	$ 1,198,553	$ 0	$ 2,572

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12— Commitments and Contingencies Tax matters Audit claims of approximately $613.3 million attributable to income and other business taxes remain outstanding and are under continued objection by Noble. Such audit claims are attributable to Noble entities in Mexico related to tax years 2007 and 2009, in Australia related to tax years 2013 to 2016, in Guyana related to tax years 2018 to 2020, in Saudi Arabia related to tax years 2015 to 2019 and in Nigeria related to tax years 2010 to 2019. We intend to vigorously defend our reported positions and currently believe the ultimate resolution of the audit claims will not have a material adverse effect on our condensed consolidated financial statements. We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained upon challenge by a tax authority. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments. Hurricane Ida Personal Injury Claims We have had multiple parties, some of which are subject to a third-party contractual indemnity to our benefit, who have filed answers to the Limitation of Liability Action, seeking damages related to physical and emotional harm allegedly suffered as a result of the incident. We are in the early stages of litigation. We intend to defend ourselves vigorously against these claims although there is inherent risk in litigation, and we cannot predict or provide assurance as to the ultimate outcome of this lawsuit. As claims progress, the Company’s estimated loss could change from time to time, and any such change individually or in the aggregate could be material. We have insurance for such claims with a deductible of $5.0 million, in addition to contractual indemnity owed to us for a portion of the third-party claims. See “Note 5— Property and Equipment” for additional information regarding the incident. Other contingencies We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements generally provide for certain compensation and other benefits if the employee is terminated without cause or if the employee resigns for good reason (within the meaning set forth in the agreements). In addition, certain of these agreements contain provisions that are triggered upon a change of control of Noble (within the meaning set forth in the agreements) and a termination of employment without cause or if the employee resigns for good reason in connection with a change of control. The agreements initially have three year terms and automatically extend, unless either party provides notice not to extend, and provide for certain compensation and other benefits depending on the circumstances. We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including other personal injury claims, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims.

Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Income (Loss) before Income Tax for Assets Held for Sale

The net income before income taxes for the rigs classified as held for sale was:

Successor

Predecessor

Period From

February 6, 2021

January 1, 2021

Three Months Ended September 30,

Nine Months Ended

through

2022

2021

September 30, 2022

September 30, 2021

2/5/2021 (1)

Net income (loss) before income taxes

(37)

(27,438)

(13,980)

(61,307)

(5,360)

(1) Excludes Reorganization items, net

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Debt - Additional Information (Details) - USD ($)		1 Months Ended
Debt - Additional Information (Details) - USD ($)	Feb. 05, 2021	Aug. 31, 2022	Sep. 30, 2022	Aug. 30, 2022
Credit facility \| Letters of credit
Debt Instrument [Line Items]
Debtor-in-possession financing, letters of credit outstanding			$ 20,600,000
Credit facility \| Unsecured Debt
Debt Instrument [Line Items]
Debtor-in-possession financing, letters of credit outstanding			8,700,000
Exit Credit Agreement \| Credit facility \| Line of Credit
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged	$ 675,000,000
Debtor-in-possession financing, borrowings outstanding	$ 177,500,000		$ 220,000,000
Debtor-in-possession financing, increase of basis spread on variable rate	5000.00%
Debtor-in-possession financing, basis spread on variable rate, additional increase under conditions	5000.00%
Debt restrictive covenants, maximum available cash after borrowings	$ 100,000,000
Debt covenant, consolidated leverage ratio (maximum)	5.50
Debt restrictive covenants, outstanding borrowing	$ 610,000,000
Debt restrictive covenants, asset coverage ratio	2.00
Debt mandatory prepayments term, available cash benchmark	$ 150,000,000
Debt financial maintenance covenant, ratio of asset coverage aggregate rig value to aggregate principal amount of loans and letters of credit outstanding	2.00
Exit Credit Agreement \| Credit facility \| Line of Credit \| Debt Covenant Period One
Debt Instrument [Line Items]
Debt financial maintenance covenant, ratio of adjusted EBITDA to cash interest expense	2.00
Exit Credit Agreement \| Credit facility \| Line of Credit \| Debt Covenant Period Two
Debt Instrument [Line Items]
Debt financial maintenance covenant, ratio of adjusted EBITDA to cash interest expense	2.25
Exit Credit Agreement \| Credit facility \| Line of Credit \| Fed Funds Effective Rate
Debt Instrument [Line Items]
Debtor-in-possession financing, increase of basis spread on variable rate	0.50%
Exit Credit Agreement \| Credit facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Debtor-in-possession financing, increase of basis spread on variable rate	4.75%
Exit Credit Agreement \| Credit facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Debtor-in-possession financing, basis spread on variable rate	3.75%
Exit Credit Agreement \| Credit facility \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Debtor-in-possession financing, increase of basis spread on variable rate	1.00%
Exit Credit Agreement \| Credit facility \| Letters of credit
Debt Instrument [Line Items]
Debtor-in-possession financing, letters of credit outstanding	$ 8,800,000
Exit Credit Agreement \| Letters of credit \| Line of Credit
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged	$ 67,500,000
Second Lien Notes Indenture \| Interest Payable In Cash
Debt Instrument [Line Items]
Debtor-in-possession financing, Interest rate on borrowings	11.00%
Second Lien Notes Indenture \| Interest Payable Half In Cash And Half By Issuing P I K Notes
Debt Instrument [Line Items]
Debtor-in-possession financing, Interest rate on borrowings	13.00%
Second Lien Notes Indenture \| Interest Payable By Issuing P I K Notes
Debt Instrument [Line Items]
Debtor-in-possession financing, Interest rate on borrowings	15.00%
Second Lien Notes Indenture \| Participants In The Rights Offering \| Ordinary Shares
Debt Instrument [Line Items]
Plan of reorganization, shares issued, subscription price	$ 200,000,000
Second Lien Notes Indenture \| Secured notes
Debt Instrument [Line Items]
Debtor-in-possession financing, amount arranged	216,000,000
Debtor-in-possession financing, backstop fee	$ 16,000,000
Debt redemption price, percentage of principal amount redeemed	106.00%
Debt redemption, change of control period	120 days
Aggregate principal amount of debt repurchased				$ 1,600,000
Debt repurchase amount				$ 1,800,000
Gain (loss) on repurchase of debt instrument		$ (200,000)

Revenue and Customers - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Payment term	30 days
Intangible assets, gross	$ 113,400
Intangible assets	25,324	$ 61,849
Intangible assets, accumulated amortization	88,100
Expected amortization, remainder of fiscal year	7,000
Expected amortization, 2023	$ 18,300
Minimum
Disaggregation of Revenue [Line Items]
Remaining amortization period	18 months
Maximum
Disaggregation of Revenue [Line Items]
Remaining amortization period	32 months

Revenue and Customers - Receivables, Contract Assets, and Contract Liabilities with Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Feb. 05, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Current contract assets	$ 7,407	$ 5,744
Noncurrent contract assets	522	0
Total contract assets	7,929	5,744	$ 4,143	$ 0	$ 13,861
Current contract liabilities (deferred revenue)	(27,997)	(18,403)
Noncurrent contract liabilities (deferred revenue)	(13,303)	(9,352)
Total contract liabilities	$ (41,300)	$ (27,755)	$ (17,491)	$ (8,287)	$ (59,886)

Supplemental Financial Information - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	Apr. 15, 2021	Feb. 05, 2021	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Condensed Balance Sheet Statements, Captions [Line Items]
Restricted cash			$ 4.6	$ 2.6
Capital expenditures incurred but not yet paid		$ 31.0	$ 44.1	$ 36.5	$ 30.4	$ 35.3
Pacific Drilling
Condensed Balance Sheet Statements, Captions [Line Items]
Number of shares received by acquiree (in shares)	16.6
Total consideration	$ 357.7
Net assets acquired	$ 420.0
Second Lien Notes Indenture \| Participants In The Rights Offering \| Ordinary Shares
Condensed Balance Sheet Statements, Captions [Line Items]
Plan of reorganization, shares issued, subscription price		200.0
Secured notes \| Second Lien Notes Indenture
Condensed Balance Sheet Statements, Captions [Line Items]
Debtor-in-possession financing, amount arranged		216.0
Debtor-in-possession financing, backstop fee		$ 16.0

Revenue and Customers (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contract Liabilities

The following table provides information about contract assets and contract liabilities from contracts with customers:


	Successor
	September 30, 2022		December 31, 2021
Current contract assets	$	7,407	$	5,744
Noncurrent contract assets	522		—
Total contract assets	7,929		5,744

Current contract liabilities (deferred revenue)	(27,997)		(18,403)
Noncurrent contract liabilities (deferred revenue)	(13,303)		(9,352)
Total contract liabilities	$	(41,300)	$	(27,755)

Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the nine months ended September 30, 2022, the period from February 6 through September 30, 2021 and the period from January 1 through February 5, 2021 are as follows:


	Contract Assets		Contract Liabilities
Net balance at 12/31/2020 (Predecessor)	$	13,861	$	(59,886)

Amortization of deferred costs	(1,607)		—
Additions to deferred costs	432		—
Amortization of deferred revenue	—		4,142
Additions to deferred revenue	—		(25,479)
Fresh start accounting revaluation	(12,686)		72,936
Total	(13,861)		51,599

Net balance at 2/5/2021 (Predecessor)	$	—	$	(8,287)


Net balance at 2/6/2021 (Successor)	$	—	$	(8,287)

Amortization of deferred costs	(1,293)		—
Additions to deferred costs	5,436		—
Amortization of deferred revenue	—		5,962
Additions to deferred revenue	—		(15,166)
Total	4,143		(9,204)

Net balance at 9/30/2021 (Successor)	$	4,143	$	(17,491)

Net balance at 12/31/2021 (Successor)	$	5,744	$	(27,755)

Amortization of deferred costs	(17,793)		—
Additions to deferred costs	28,561		—
Amortization of deferred revenue	—		37,942
Additions to deferred revenue	—		(71,489)
Reclassification to held for sale	(8,584)		20,002
Total	2,184		(13,545)

Net balance at 9/30/2022 (Successor)	$	7,929	$	(41,300)

Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

The following table reflects revenue expected to be recognized in the future related to deferred revenue, by rig type, as of September 30, 2022:


	For the Years Ended December 31,
	2022		2023		2024		2025		2026 and beyond		Total
Floaters	$	10,420	$	21,195	$	5,146	$	4,382	$	—	$	41,143
Jackups	157		—		—		—		—		157
Total	$	10,577	$	21,195	$	5,146	$	4,382	$	—	$	41,300

Schedule of Disaggregation of Revenue by Rig Types

The following table provides information about contract drilling revenue by rig types:


	Successor								Predecessor
							Period From		Period From
					Nine Months Ended		February 6, 2021		January 1, 2021
	Three Months Ended September 30,						through		through
	2022		2021		September 30, 2022		September 30, 2021		February 5, 2021
Floaters	$	217,923	$	158,313	$	561,826	$	349,634	$	50,057
Jackups	71,571		72,841		185,166		166,046		23,994
Total	$	289,494	$	231,154	$	746,992	$	515,680	$	74,051

Subsequent Events (Details) - USD ($) $ in Millions	Oct. 03, 2022	Oct. 05, 2022	Sep. 30, 2022
DNB Credit Facility \| Term Loans
Subsequent Event [Line Items]
Debt outstanding			$ 460.0
DSF Credit Facility \| Term Loans
Subsequent Event [Line Items]
Debt outstanding			266.0
Revolving Credit Facility \| DNB Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity under credit facilities			400.0
Credit facility, available borrowing capacity			$ 400.0
Subsequent Event \| Maersk Driling
Subsequent Event [Line Items]
Debt covenant, leverage ratio (no greater than)	4.75
Debt covenant, liquidity amount (no less than)	$ 200.0
Debt covenant, minimum equity ratio	0.35
Subsequent Event \| DNB Credit Facility \| Term Loans
Subsequent Event [Line Items]
Debt, periodic payment	$ 6.0
Subsequent Event \| DSF Credit Facility \| LIBOR \| Minimum \| Term Loans
Subsequent Event [Line Items]
Debt, basis spread on variable rate	1.80%
Subsequent Event \| DSF Credit Facility \| LIBOR \| Maximum \| Term Loans
Subsequent Event [Line Items]
Debt, basis spread on variable rate	2.90%
Subsequent Event \| Facility A Term Loans \| Term Loans \| 12 Months Prior To Maturity Date Until 9 Months Prior To Maturity Date
Subsequent Event [Line Items]
Debt, increase of interest rate	1.00%
Subsequent Event \| Facility A Term Loans \| Term Loans \| 9 Months Prior To Maturity Date Until 6 Months Prior To Maturity Date
Subsequent Event [Line Items]
Debt, increase of interest rate	0.50%
Subsequent Event \| Facility A Term Loans \| Term Loans \| 6 Months Prior To Maturity Date Until Maturity Date
Subsequent Event [Line Items]
Debt, increase of interest rate	0.50%
Subsequent Event \| Facility A Term Loans \| LIBOR \| Minimum \| Term Loans
Subsequent Event [Line Items]
Debt, basis spread on variable rate	2.00%
Subsequent Event \| Facility A Term Loans \| LIBOR \| Maximum \| Term Loans
Subsequent Event [Line Items]
Debt, basis spread on variable rate	3.00%
Subsequent Event \| Facility B Term Loans \| Term Loans
Subsequent Event [Line Items]
Debt, stated interest rate	2.02%
Subsequent Event \| Revolving Credit Facility \| DNB Credit Facility \| 12 Months Prior To Maturity Date Until 9 Months Prior To Maturity Date
Subsequent Event [Line Items]
Debt, increase of interest rate	1.00%
Subsequent Event \| Revolving Credit Facility \| DNB Credit Facility \| 9 Months Prior To Maturity Date Until 6 Months Prior To Maturity Date
Subsequent Event [Line Items]
Debt, increase of interest rate	0.50%
Subsequent Event \| Revolving Credit Facility \| DNB Credit Facility \| 6 Months Prior To Maturity Date Until Maturity Date
Subsequent Event [Line Items]
Debt, increase of interest rate	0.50%
Subsequent Event \| Revolving Credit Facility \| DNB Credit Facility \| LIBOR \| Minimum
Subsequent Event [Line Items]
Debt, basis spread on variable rate	1.70%
Subsequent Event \| Revolving Credit Facility \| DNB Credit Facility \| LIBOR \| Maximum
Subsequent Event [Line Items]
Debt, basis spread on variable rate	2.70%
Subsequent Event \| Held-for-sale, Not Discontinued Operations \| October 2022 Divestment Business
Subsequent Event [Line Items]
Disposal group, consideration		$ 375.0
Maersk Drilling Merger \| Subsequent Event
Subsequent Event [Line Items]
Business combination, percentage of issued and outstanding shares acquired (more than)	90.00%

Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Share-based awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	556	0	3,124	3,124	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	2,774	19,412	19,412	2,774

Acquisitions and Divestitures- Income (Loss) before Income Tax for Assets Held for Sale (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Held-for-sale, Not Discontinued Operations \| October 2022 Divestment Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) before income taxes	$ (5,360)	$ (37)	$ (27,438)	$ (61,307)	$ (13,980)

Employee Benefit Plans

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

Note 10— Employee Benefit Plans

Pension costs include the following components for the three months ended September 30, 2022, the period from February 6 through September 30, 2021, and the period from January 1 through February 5, 2021:


	Successor
	Three Months Ended September 30,
	2022				2021
	Non-US		US		Non-US		US

Interest cost	$	272	$	1,688	$	344	$	1,634
Return on plan assets	(316)		(3,145)		(229)		(3,177)

Recognized net actuarial loss	—		(5)		—		—

Net pension benefit cost (gain)	$	(44)	$	(1,462)	$	115	$	(1,543)


	Successor								Predecessor
	Nine Months Ended September 30, 2022				Period From February 6, 2021 through September 30, 2021				Period From January 1, 2021 through February 5, 2021
	Non-US		US		Non-US		US		Non-US		US

Interest cost	$	893	$	5,064	$	926	$	4,358	$	99	$	621
Return on plan assets	(1,039)		(9,435)		(616)		(8,471)		(69)		(1,250)

Recognized net actuarial loss	—		(15)		—		—		1		282

Net pension benefit cost (gain)	$	(146)	$	(4,386)	$	310	$	(4,113)	$	31	$	(347)

During the nine months ended September 30, 2022, the period from February 6 through September 30, 2021, and the period from January 1 through February 5, 2021, we made no contributions to our pension plans. Effective December 31, 2016, employees and alternate payees accrue no future benefits under the US plans and, as such, Noble recognized no service costs with the plans for three months ended September 30, 2022, the period from February 6 through September 30, 2021, and the period from January 1 through February 5, 2021.

The Noble Cayman Board approved the termination of the 401(k) Restoration Plan in early 2022, following which Noble distributed all benefits of the plan during the second quarter of 2022.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The accompanying unaudited condensed consolidated financial statements of Noble and Finco have been prepared pursuant to the rules and regulations of the US Securities and Exchange Commission (“SEC”) as they pertain to Quarterly Reports on Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements are prepared on a going concern basis and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a recurring nature. The December 31, 2021 Condensed Consolidated Balance Sheets presented herein are derived from the December 31, 2021 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021, filed by both Noble Cayman and Finco. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Adopted and Recently Issued Accounting Standards	Accounting Standards Adopted In October 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, in order to provide clarity on how to account for acquired revenue contracts with customers in a business combination. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date. Early adoption is permitted. We adopted ASU No. 2021-08, effective January 1, 2022. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Standards With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our condensed consolidated financial statements.
Contract Balances	Contract BalancesAccounts receivable are recognized when the right to consideration becomes unconditional based upon contractual terms. Payment terms on invoiced amounts are typically 30 days. Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Condensed Consolidated Balance Sheets.

Property and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 5— Property and Equipment

Property and equipment, at cost, for Noble consisted of the following:


	Successor
	September 30, 2022		December 31, 2021
Drilling equipment and facilities	$	1,273,108	$	1,467,772
Construction in progress	55,640		77,363
Other	12,384		10,840
Property and equipment, at cost	$	1,341,132	$	1,555,975

Capital expenditures, including capitalized interest, during the three and nine months ended September 30, 2022, the period from February 6 through December 31, 2021 and the period from January 1 through February 5, 2021 totaled $40.8 million, $116.9 million, $159.9 million and $10.3 million, respectively. During the period from February 6 through December 31, 2021, capitalized interest was $2.0 million, and there was no capitalized interest for any other period presented.

In preparation for Hurricane Ida in the US Gulf of Mexico in August 2021, the Noble Globetrotter II successfully secured the well it was drilling and detached from the blowout preventer without incident. However, during transit, the lower marine riser package and a number of riser joints separated from the rig, and certain other damage occurred. Due to the environmental conditions, a number of crew members were treated for injuries and released from medical care. The Company gave force majeure notice to the customer of the Noble Globetrotter II in accordance with the governing drilling services contract. The Company has insurance coverage for property damage to rigs due to named storms in the US Gulf of Mexico with a $10.0 million deductible per occurrence and a $50.0 million annual limit; however, our insurance policies may not adequately cover our losses, and related claims, which could adversely affect our business. Timing differences are likely to exist between the damage costs, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. We received $16.6 million and $7.5 million of insurance proceeds during the second quarter of 2022 and the fourth quarter of 2021, respectively. The Company assessed the damage sustained on the Noble Globetrotter II, which resulted in $5.4 million of assets written off in the third quarter of 2021. Costs, as well as insurance recoveries, are presented in “Hurricane losses and (recoveries), net” on the Condensed Consolidated Statement of Operations. See “Note 12— Commitments and Contingencies” for additional information.

During the three months ended March 31, 2022, we sold the Noble Clyde Boudreaux for total net proceeds of $14.2 million, resulting in a gain of $6.8 million which was offset by additional costs recognized of $2.2 million related to the sale of rigs in Saudi Arabia in 2021.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - Finco - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Net income (loss)	$ 250,228	$ 33,585	$ (23,665)	$ (21,454)	$ 33,986
Other comprehensive loss
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(116)			0	0
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision	224	(1,230)	(435)	(267)	(2,817)
Net other comprehensive income (loss)	108	(1,230)	(435)	(267)	(2,817)
Comprehensive income (loss)	250,336	32,355	(24,100)	(21,721)	31,169
Noble Finance Company
Net income (loss)	193,825	51,854	(13,980)	(55,336)	78,813
Other comprehensive loss
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	(116)			0	0
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision	224	(1,230)	(435)	(267)	(2,817)
Net other comprehensive income (loss)	108	(1,230)	(435)	(267)	(2,817)
Comprehensive income (loss)	$ 193,933	$ 50,624	$ (14,415)	$ (55,603)	$ 75,996

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt


	Successor
	September 30, 2022				December 31, 2021
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior secured notes:
11.000% Second Lien Notes due February 2028	$	214,368	$	236,223	$	216,000	$	236,792











Credit facility:
Senior Secured Revolving Credit Facility matures July 2025	220,000		220,000		—		—


Total debt	434,368		456,223		216,000		236,792
Less: Current maturities of long-term debt	—		—		—		—
Long-term debt	$	434,368	$	456,223	$	216,000	$	236,792

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 9— Income Taxes At September 30, 2022, the Company had deferred tax assets of $61.8 million net of valuation allowance. Additionally, the Company also had deferred tax liabilities of $7.6 million inclusive of a valuation allowance of $3.0 million. During the three months ended September 30, 2022, the Company recognized additional deferred tax benefits of $5.4 million and $4.5 million in Guyana and Luxembourg, respectively. In deriving the $5.4 million and $4.5 million in net tax benefits being recognized in Guyana and Luxembourg, the Company relied on sources of income attributable to the projected taxable income for the period covered by the Company’s relevant existing drilling contracts based on the assumption that the relevant rigs will be owned by the current rig owners during the relevant existing drilling contract periods. Given the mobile nature of the Company’s assets, we are not able to reasonably forecast the jurisdictions in which taxable income from future drilling contracts may arise. Further, we do not believe taxable temporary differences will reverse within the period covered by the Company’s relevant existing drilling contracts to warrant an additional source of income for recognizing the Company’s deferred tax assets in Guyana. We also have limited objective positive evidence in historical periods. Accordingly, in determining the amount of additional deferred tax assets to recognize, we did not consider projected book income beyond the conclusion of existing drilling contracts. As new drilling contracts are executed or as current contracts are extended, we will reassess the amount of deferred tax assets that are realizable. Finally, once we have established sufficient objective positive evidence for historical periods, we may consider reliance on forecasted taxable income from future drilling contracts. At September 30, 2022, the reserves for uncertain tax positions totaled $78.3 million (net of related tax benefits of $0.1 million). At December 31, 2021, the reserves for uncertain tax positions totaled $75.0 million (net of related tax benefits of $0.3 million). It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may fluctuate in the next 12 months primarily due to the completion of open audits or the expiration of statutes of limitation. During the nine months ended September 30, 2022, our tax provision included net tax benefits of $13.6 million related to a release of valuation allowance for Guyana deferred tax benefits, a tax benefit of $11 million related to a release of valuation allowance for Luxembourg deferred tax benefits, $1.1 million related to adjustments to Swiss deferred tax benefits, and $1.3 million related primarily to deferred tax adjustments. Such tax benefits were offset by tax expenses related to various recurring items comprised of Guyana excess withholding tax on gross revenue of $24 million and quarterly tax expense of $14.8 million mostly in Luxembourg and Switzerland. During the period from February 6 through September 30, 2021, our tax provision included tax benefits of $24.2 million related to US and non-US reserve releases, $12.6 million related to a US tax refund, and $1.2 million related primarily to deferred tax adjustments. Such tax benefits were partially offset by tax expenses of $12.6 million related to various recurring items and $18.6 million related to non-US tax reserves. During the period from January 1 through February 5, 2021, our income tax provision included a tax benefit of $1.7 million related to a non-US reserve release and tax expense of $2.5 million related to fresh start and reorganization adjustments, and other recurring tax expenses of approximately $2.6 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 11— Fair Value of Financial Instruments Our cash, cash equivalents and restricted cash, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in our Condensed Consolidated Balance Sheets approximate fair value. Marketable securities which were held at March 31, 2022 were liquidated during the three months ended June 30, 2022. See “Note 6— Debt” for information regarding the fair value of our debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue and Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Operating revenues	$ 77,481	$ 305,872	$ 250,371	$ 562,147	$ 791,255
Floaters
Disaggregation of Revenue [Line Items]
Operating revenues	50,057	217,923	158,313	349,634	561,826
Jackups
Disaggregation of Revenue [Line Items]
Operating revenues	23,994	71,571	72,841	166,046	185,166
Contract drilling services
Disaggregation of Revenue [Line Items]
Operating revenues	$ 74,051	$ 289,494	$ 231,154	$ 515,680	$ 746,992

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue and Customers

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue and Customers

Note 8— Revenue and Customers

Contract Balances

Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual terms. Payment terms on invoiced amounts are typically 30 days. Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Condensed Consolidated Balance Sheets.

The following table provides information about contract assets and contract liabilities from contracts with customers:


	Successor
	September 30, 2022		December 31, 2021
Current contract assets	$	7,407	$	5,744
Noncurrent contract assets	522		—
Total contract assets	7,929		5,744

Current contract liabilities (deferred revenue)	(27,997)		(18,403)
Noncurrent contract liabilities (deferred revenue)	(13,303)		(9,352)
Total contract liabilities	$	(41,300)	$	(27,755)


	Contract Assets		Contract Liabilities
Net balance at 12/31/2020 (Predecessor)	$	13,861	$	(59,886)

Amortization of deferred costs	(1,607)		—
Additions to deferred costs	432		—
Amortization of deferred revenue	—		4,142
Additions to deferred revenue	—		(25,479)
Fresh start accounting revaluation	(12,686)		72,936
Total	(13,861)		51,599

Net balance at 2/5/2021 (Predecessor)	$	—	$	(8,287)


Net balance at 2/6/2021 (Successor)	$	—	$	(8,287)

Amortization of deferred costs	(1,293)		—
Additions to deferred costs	5,436		—
Amortization of deferred revenue	—		5,962
Additions to deferred revenue	—		(15,166)
Total	4,143		(9,204)

Net balance at 9/30/2021 (Successor)	$	4,143	$	(17,491)

Net balance at 12/31/2021 (Successor)	$	5,744	$	(27,755)

Amortization of deferred costs	(17,793)		—
Additions to deferred costs	28,561		—
Amortization of deferred revenue	—		37,942
Additions to deferred revenue	—		(71,489)
Reclassification to held for sale	(8,584)		20,002
Total	2,184		(13,545)

Net balance at 9/30/2022 (Successor)	$	7,929	$	(41,300)

Customer Contract Intangible Assets

Upon emergence from the Chapter 11 Cases, the Company recognized a fair value adjustment of $113.4 million related to intangible assets for certain favorable customer contracts. These intangible assets will be amortized as a reduction of contract drilling services revenue from the Emergence Effective Date through the remainder of the contracts, approximately 18 months and 32 months, respectively. As of September 30, 2022, the net carrying amount was $25.3 million, $113.4 million gross less $88.1 million accumulated amortization. The expected remaining amortization is as follows: $7.0 million for the three-month period ending December 31, 2022 and $18.3 million for the year ending December 31, 2023. We assess the recoverability of the unamortized balance when indicators of impairment are present. Should the review indicate that the carrying value is not fully recoverable, the portion not fully recoverable would be recognized as an impairment loss.

Future Amortization of Deferred Revenue

The following table reflects revenue expected to be recognized in the future related to deferred revenue, by rig type, as of September 30, 2022:


	For the Years Ended December 31,
	2022		2023		2024		2025		2026 and beyond		Total
Floaters	$	10,420	$	21,195	$	5,146	$	4,382	$	—	$	41,143
Jackups	157		—		—		—		—		157
Total	$	10,577	$	21,195	$	5,146	$	4,382	$	—	$	41,300

The revenue included above consists of expected mobilization, demobilization, and upgrade revenue for unsatisfied performance obligations. The amounts are derived from the specific terms within drilling contracts that contain such provisions, and the expected timing for recognition of such revenue is based on the estimated start date and duration of each respective contract based on information known at September 30, 2022. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have taken the optional exemption, permitted by accounting standards, to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services.

Disaggregation of Revenue

The following table provides information about contract drilling revenue by rig types:


	Successor								Predecessor
							Period From		Period From
					Nine Months Ended		February 6, 2021		January 1, 2021
	Three Months Ended September 30,						through		through
	2022		2021		September 30, 2022		September 30, 2021		February 5, 2021
Floaters	$	217,923	$	158,313	$	561,826	$	349,634	$	50,057
Jackups	71,571		72,841		185,166		166,046		23,994
Total	$	289,494	$	231,154	$	746,992	$	515,680	$	74,051

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Income (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Income (Loss) Per Share

Note 4— Income (Loss) Per Share

The following table presents the computation of basic and diluted loss per share for Noble:




	Successor								Predecessor
							Period From		Period From
							February 6, 2021		January 1, 2021
	Three Months Ended September 30,				Nine Months Ended		through		through
	2022		2021		September 30, 2022		September 30, 2021		February 5, 2021
Numerator:
Basic


Net income (loss)	$	33,585	$	(23,665)	$	33,986	$	(21,454)	$	250,228
Diluted


Net income (loss)	$	33,585	$	(23,665)	$	33,986	$	(21,454)	$	250,228
Denominator:
Weighted average shares outstanding – basic	70,318		66,623		69,260		61,847		251,115
Dilutive effect of share-based awards	3,388		—		3,388		—		5,456
Dilutive effect of warrants	8,220		—		8,718		—		—
Weighted average shares outstanding – diluted	81,926		66,623		81,366		61,847		256,571
Per share data
Basic:


Net income (loss)	$	0.48	$	(0.36)	$	0.49	$	(0.35)	$	1.00
Diluted:


Net income (loss)	$	0.41	$	(0.36)	$	0.42	$	(0.35)	$	0.98

Only those items having a dilutive impact on our basic loss per share are included in diluted loss per share. The following table displays the share-based instruments that have been excluded from diluted income or loss per share since the effect would have been anti-dilutive:


	Successor				Predecessor
				Period From	Period From
				February 6, 2021	January 1, 2021
	Three Months Ended September 30,		Nine Months Ended	through	through
	2022	2021	September 30, 2022	September 30, 2021	February 5, 2021
Share-based awards	—	3,124	—	3,124	556
Warrants (1)	2,774	19,412	2,774	19,412	—

(1)Represents the total number of warrants outstanding which did not have a dilutive effect. In periods where the warrants are determined to be dilutive, the number of shares which will be included in the computation of diluted shares is determined using the treasury stock method, adjusted for mandatory exercise provisions under the warrant agreements if applicable.

Share Capital

Noble Cayman Share Capital

On the Emergence Effective Date, pursuant to the Plan, Noble Cayman issued 50 million Noble Cayman Shares. Subsequent to the Emergence Effective Date, approximately 6.5 million Noble Cayman Shares were exchanged for Noble Cayman Penny Warrants to purchase up to approximately 6.5 million Noble Cayman Shares, with an exercise price of $0.01 per share. Noble Cayman Shares issuable upon the exercise of Noble Cayman Penny Warrants were included in the number of outstanding shares used for the computation of basic net loss per share prior to the exercise of those warrants. As of September 30, 2022, all Noble Cayman Penny Warrants had been exchanged for Noble Cayman Shares and there were no Noble Cayman Penny Warrants remaining outstanding. As of September 30, 2022, immediately prior to the Merger Effective Time, Noble Cayman had approximately 70.4 million Noble Cayman Shares outstanding, as compared to approximately 60.2 million Noble Cayman Shares outstanding at December 31, 2021. Pursuant to the Memorandum of Association of Noble Cayman, the share capital of Noble Cayman was $6,000 divided into 500,000,000 ordinary shares of a par value of $0.00001 each and 100,000,000 shares of a par value of $0.00001, each of such class or classes having the rights as the board of directors of Noble Cayman (the “Noble Cayman Board”) could determine from time to time.

The payment of future dividends depended on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture restrictions and other factors deemed relevant by the Noble Cayman Board.

In accordance with the Plan, all agreements, instruments and other documents evidencing, relating to or otherwise connected with any of Legacy Noble’s equity interests outstanding prior to the Emergence Effective Date, including all equity-based awards, were cancelled and all such equity interests have no further force or effect after the Emergence Effective Date. Pursuant to the Plan, the holders of Legacy Noble’s ordinary shares, par value $0.01 per share, outstanding prior to the Emergence Effective Date received their pro rata share of the Noble Cayman Tranche 3 Warrants (as defined herein) to acquire Noble Cayman Shares.

Noble Share Capital

At the Merger Effective Time, Noble issued 70.4 million Ordinary Shares to the former holders of Noble Cayman Shares. Further, at the Merger Effective Time, Noble issued 14.5 million Warrants exercisable for Ordinary Shares to former holders of Noble Cayman Warrants. As of September 30, 2022, immediately after the Merger Effective Time, Noble had approximately 70.4 million Ordinary Shares outstanding and 50,000 Class B ordinary shares outstanding. The Class B ordinary shares have a par value of 1.00 pound sterling and are all held by Noble Corporation 2022 Limited, a wholly owned subsidiary of Noble.

Warrants

At September 30, 2022, immediately prior to the Merger Effective Time, we had outstanding 6.2 million seven-year warrants with Black-Scholes protection (the “Noble Cayman Tranche 1 Warrants”), 5.6 million seven-year warrants with Black-Scholes protection (the “Noble Cayman Tranche 2 Warrants”) and 2.8 million five-year warrants with no Black-Sholes protection (the “Noble Cayman Tranche 3 Warrants” and, together with the Noble Cayman Tranche 1 Warrants and the Noble Cayman Tranche 2 Warrants, the “Noble Cayman Warrants”). At the Merger Effective Time, each Noble Cayman Warrant outstanding immediately prior to the Merger Effective Time was converted automatically into a Warrant to acquire a number of Ordinary Shares equal to the number of Noble Cayman Shares underlying such Noble Cayman Warrant, with the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the applicable Noble Cayman Warrant Agreement.

The Tranche 1 Warrants of Noble (the “Tranche 1 Warrants”) are exercisable for one Ordinary Share per warrant at an exercise price of $19.27 per warrant, the Tranche 2 Warrants of Noble (the “Tranche 2 Warrants”) are exercisable for one Ordinary Share per warrant at an exercise price of $23.13 per warrant and the Tranche 3 Warrants of Noble (the “Tranche 3 Warrants”) are exercisable for one Ordinary Share per warrant at an exercise price of $124.40 per warrant (in each case as may be adjusted from time to time pursuant to the applicable Warrant Agreement). The Tranche 1 Warrants and the Tranche 2 Warrants are exercisable until 5:00 p.m., Eastern time, on February 4, 2028 and the Tranche 3 Warrants are exercisable until 5:00 p.m., Eastern time, on February 4, 2026. The Tranche 1 Warrants and the Tranche 2 Warrants have Black-Scholes protections, including in the event of a Fundamental Transaction (as defined in the applicable warrant agreement). The Tranche 1 Warrants and the Tranche 2 Warrants also provide that while the Mandatory Exercise Condition (as defined in the applicable Warrant Agreement) set forth in the applicable Warrant Agreement has occurred and is continuing, Noble or the Required Mandatory Exercise Warrantholders (as defined in the applicable Warrant Agreement) have the right and option (but not the obligation) to cause all or a portion of the Warrants to be exercised on a cashless

basis. In the case of Noble, under the Mandatory Exercise Condition, all of the Tranche 1 Warrants or the Tranche 2 Warrants (as applicable) would be exercised. In the case of the electing Required Mandatory Exercise Warrantholders, under the Mandatory Exercise Condition, all of their respective Tranche 1 Warrants or Tranche 2 Warrants (as applicable) would be exercised. Mandatory exercises entitle the holder of each Warrant subject thereto to (i) the number of Ordinary Shares issuable upon exercise of such Warrant on a cashless basis and (ii) an amount payable in cash, Ordinary Shares or a combination thereof (in Noble’s sole discretion) equal to the Black-Scholes Value (as defined in the applicable Warrant Agreement) with respect to the number of Ordinary Shares withheld upon exercise of such Warrant on a cashless basis. At September 30, 2022, the Mandatory Exercise Condition set forth in the Warrant Agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was satisfied.

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended					8 Months Ended	9 Months Ended
	Feb. 05, 2021	Mar. 31, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (311,388)	$ 1,018,768	$ 1,508,794		$ 1,500,627	$ 1,385,724		$ 1,018,768	$ 1,500,627
Other comprehensive income (loss) before reclassifications	(116)	0	(1,230)	$ (1,163)	(424)	(435)	$ 168
Amounts reclassified from AOCI	224	0	0	0	0	0	0
Net other comprehensive income (loss)	108	0	(1,230)	(1,163)	(424)	(435)	168	(267)	(2,817)
Cancellation of Predecessor equity	60,343
Ending balance	1,018,768		1,548,561	1,508,794		1,366,668	1,385,724	1,366,668	1,548,561
Defined Benefit Pension Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(39,737)	0	3,802	4,965	5,389	168	0	0	5,389
Other comprehensive income (loss) before reclassifications	0	0	(1,230)	(1,163)	(424)	(435)	168
Amounts reclassified from AOCI	224	0	0	0	0	0	0
Net other comprehensive income (loss)	224	0	(1,230)	(1,163)	(424)	(435)	168
Cancellation of Predecessor equity	39,513
Ending balance	0	0	2,572	3,802	4,965	(267)	168	(267)	2,572
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(18,275)	0	0	0	0	0	0	0	0
Other comprehensive income (loss) before reclassifications	(116)	0	0	0	0	0	0
Amounts reclassified from AOCI	0	0	0	0	0	0	0
Net other comprehensive income (loss)	(116)	0	0	0	0	0	0
Cancellation of Predecessor equity	18,391
Ending balance	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(58,012)	0	3,802	4,965	5,389	168	0	0	5,389
Net other comprehensive income (loss)	108		(1,230)			(435)		(267)	(2,817)
Cancellation of Predecessor equity	57,904
Ending balance	$ 0	$ 0	$ 2,572	$ 3,802	$ 4,965	$ (267)	$ 168	$ (267)	$ 2,572

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Feb. 05, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 422,486		$ 194,138
Accounts receivable, net	274,175		200,419
Taxes receivable	16,693		16,063
Prepaid expenses and other current assets	41,272		45,026
Total current assets	754,626		455,646
Intangible assets	25,324		61,849
Property and equipment, at cost	1,341,132		1,555,975
Accumulated depreciation	(119,442)		(77,275)
Property and equipment, net	1,221,690		1,478,700
Assets held for sale	299,016		0
Other assets	84,853		77,247
Total assets	2,385,509		2,073,442
Current liabilities
Accounts payable	144,498		120,389
Accrued payroll and related costs	36,402		48,346
Taxes payable	26,534		28,735
Interest payable	4,268		9,788
Other current liabilities	57,117		41,136
Total current liabilities	268,819		248,394
Long-term debt	434,368		216,000
Deferred income taxes	7,407		13,195
Other liabilities	126,354		95,226
Total liabilities	836,948		572,815
Commitments and contingencies (Note 12)
Shareholders’ equity
Common stock, $0.00001 par value; 70,354 ordinary shares outstanding as of September 30, 2022; 60,172 ordinary shares outstanding as of December 31, 2021	1		1
Additional paid-in capital	1,410,020		1,393,255
Retained earnings	135,968		101,982
Accumulated other comprehensive income	2,572		5,389
Total shareholders’ equity	1,548,561	$ 1,508,794	1,500,627	$ 1,366,668	$ 1,385,724	$ 1,018,768	$ (311,388)
Total liabilities and equity	$ 2,385,509		$ 2,073,442

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Finco - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2021	Sep. 30, 2022
Cash flows from operating activities
Net income (loss)	$ 250,228	$ (21,454)	$ 33,986
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	20,622	64,831	77,109
Loss on extinguishment of debt, net	0	0	196
Amortization of intangible asset	0	37,127	36,525
(Gain) loss on sale of operating assets, net	0	0	(6,767)
Reorganization items, net	(280,790)	0	0
Deferred income taxes	2,501	(9,170)	(22,081)
Amortization of share-based compensation	710	11,624	20,907
Other costs, net	(10,754)	1,912	(4,334)
Changes in components of working capital:
Change in taxes receivable	(1,789)	13,810	118
Net changes in other operating assets and liabilities	(26,176)	(10,173)	(25,853)
Net cash provided by (used in) operating activities	(45,448)	24,028	109,806
Cash flows from investing activities
Capital expenditures	(14,629)	(117,750)	(109,235)
Proceeds from disposal of assets, net	194	31,247	15,756
Net cash used in investing activities	(14,435)	(31,533)	(93,479)
Cash flows from financing activities
Issuance of second lien notes	200,000	0	0
Borrowings on credit facilities	177,500	40,000	220,000
Repayments of credit facilities	(545,000)	(27,500)	(1,828)
Debt issuance costs	(23,664)	0	0
Net cash provided by (used in) financing activities	(191,165)	13,147	214,030
Net increase (decrease) in cash, cash equivalents and restricted cash	(251,048)	5,642	230,357
Cash, cash equivalents and restricted cash, beginning of period	365,041	113,993	196,722
Cash, cash equivalents and restricted cash, end of period	113,993	119,635	427,079
Noble Finance Company
Cash flows from operating activities
Net income (loss)	193,825	(55,336)	78,813
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	20,631	64,814	76,997
Loss on extinguishment of debt, net	0	0	196
Amortization of intangible asset	0	37,127	36,525
(Gain) loss on sale of operating assets, net	0	0	(6,767)
Reorganization items, net	(203,490)	0	0
Deferred income taxes	2,501	(9,170)	(22,081)
Amortization of share-based compensation	710	11,624	20,907
Other costs, net	(3,054)	1,912	(4,334)
Changes in components of working capital:
Change in taxes receivable	(1,789)	13,810	118
Net changes in other operating assets and liabilities	(21,808)	(7,664)	(32,982)
Net cash provided by (used in) operating activities	(12,474)	57,117	147,392
Cash flows from investing activities
Capital expenditures	(14,629)	(117,750)	(109,235)
Proceeds from disposal of assets, net	194	31,247	15,756
Net cash used in investing activities	(14,435)	(86,503)	(93,479)
Cash flows from financing activities
Issuance of second lien notes	200,000	0	0
Borrowings on credit facilities	177,500	40,000	220,000
Repayments of credit facilities	(545,000)	(27,500)	0
Repayments of debt	0	0	(1,828)
Debt issuance costs	(10,139)	0	0
Cash contributed by parent in connection with Pacific Drilling merger	0	54,970	0
Distributions to parent company, net	(26,503)	(32,677)	(365,071)
Net cash provided by (used in) financing activities	(204,142)	34,793	(146,899)
Net increase (decrease) in cash, cash equivalents and restricted cash	(231,051)	5,407	(92,986)
Cash, cash equivalents and restricted cash, beginning of period	345,044	113,993	195,220
Cash, cash equivalents and restricted cash, end of period	$ 113,993	$ 119,400	$ 102,234

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2022 USD ($)
Hurricane Ida Personal Injury Claims
Other Commitments [Line Items]
Claim insurance deductible amount	$ 5.0
Minimum
Other Commitments [Line Items]
Percentage of uncertain tax positions likelihood of being sustained	50.00%
Mexico \| Customs and Other Business Taxes \| Foreign Tax Authority
Other Commitments [Line Items]
Approximate audit claims assessed	$ 613.3

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 7— Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” (“AOCI”) for the three months ended September 30, 2022, the period from February 6 through September 30, 2021, and the period from January 1 through February 5, 2021. All amounts within the table are shown net of tax.


	Defined Benefit Pension Items (1)		Foreign Currency Items		Total
Balance at 12/31/2020 (Predecessor)	$	(39,737)	$	(18,275)	$	(58,012)
Activity during period:
Other comprehensive loss before reclassifications	—		(116)		(116)
Amounts reclassified from AOCI	224		—		224
Net other comprehensive income (loss)	224		(116)		108
Cancellation of Predecessor equity	39,513		18,391		57,904
Balance at 2/5/2021 (Predecessor)	$	—	$	—	$	—


Balance at 2/6/2021 (Successor)	$	—	$	—	$	—
Activity during period:
Other comprehensive income before reclassifications	—		—		—
Amounts reclassified from AOCI	—		—		—
Net other comprehensive income	—		—		—
Balance at 3/31/2021 (Successor)	$	—	$	—	$	—
Activity during period:
Other comprehensive income before reclassifications	168		—		168
Amounts reclassified from AOCI	—		—		—
Net other comprehensive income	168		—		168
Balance at 6/30/2021 (Successor)	$	168	$	—	$	168
Activity during period:
Other comprehensive loss before reclassifications	(435)		—		(435)
Amounts reclassified from AOCI	—		—		—
Net other comprehensive loss	(435)		—		(435)
Balance at 9/30/2021 (Successor)	$	(267)	$	—	$	(267)

Balance at 12/31/2021 (Successor)	$	5,389	$	—	$	5,389


Activity during period:


	Defined Benefit Pension Items (1)		Foreign Currency Items		Total
Other comprehensive loss before reclassifications	(424)		—		(424)
Amounts reclassified from AOCI	—		—		—
Net other comprehensive loss	(424)		—		(424)
Balance at 3/31/2022 (Successor)	$	4,965	$	—	$	4,965
Activity during period:
Other comprehensive loss before reclassifications	(1,163)		—		(1,163)
Amounts reclassified from AOCI	—		—		—
Net other comprehensive loss	(1,163)		—		(1,163)
Balance at 6/30/2022 (Successor)	$	3,802	$	—	$	3,802
Activity during period:
Other comprehensive loss before reclassifications	(1,230)		—		(1,230)
Amounts reclassified from AOCI	—		—		—
Net other comprehensive loss	(1,230)		—		(1,230)
Balance at 9/30/2022 (Successor)	$	2,572	$	—	$	2,572

(1)Defined benefit pension items relate to actuarial changes, the amortization of prior service costs and the unrealized gain (loss) on foreign exchange on pension assets. Reclassifications from AOCI are recognized as expense on our Condensed Consolidated Statements of Operations through “Other income (expense).” See “Note 10— Employee Benefit Plans” for additional information.

Employee Benefit Plans (Details) - USD ($)	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
Employee Benefit Plans (Details) - USD ($)	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, contributions by employer	$ 0			$ 0	$ 0
Defined benefit plans, service costs	0	$ 0		0
Non-US
Defined Benefit Plan Disclosure [Line Items]
Interest cost	99,000	272,000	$ 344,000	926,000	893,000
Return on plan assets	(69,000)	(316,000)	(229,000)	(616,000)	(1,039,000)
Recognized net actuarial loss	1,000	0	0	0	0
Net pension benefit cost (gain)	31,000	(44,000)	115,000	310,000	(146,000)
US
Defined Benefit Plan Disclosure [Line Items]
Interest cost	621,000	1,688,000	1,634,000	4,358,000	5,064,000
Return on plan assets	(1,250,000)	(3,145,000)	(3,177,000)	(8,471,000)	(9,435,000)
Recognized net actuarial loss	282,000	(5,000)	0	0	(15,000)
Net pension benefit cost (gain)	$ (347,000)	$ (1,462,000)	$ (1,543,000)	$ (4,113,000)	$ (4,386,000)

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Contract Assets
Contract assets, beginning balance	$ 13,861	$ 0	$ 5,744	$ 13,861
Amortization of deferred costs	(1,607)	(1,293)	(17,793)
Additions to deferred costs	432	5,436	28,561
Fresh start accounting revaluation	(12,686)
Reclassification to held for sale				(8,584)
Total	(13,861)	4,143	2,184
Contract assets, ending balance	0	4,143	7,929	4,143
Contract Liabilities
Contract liabilities, beginning balance	(59,886)	(8,287)	(27,755)	(59,886)
Amortization of deferred revenue	4,142	5,962	37,942
Additions to deferred revenue	(25,479)	(15,166)	(71,489)
Reclassification to held for sale			20,002
Fresh start accounting revaluation	72,936
Total	51,599	(9,204)	(13,545)
Contract liabilities, ending balance	$ (8,287)	$ (17,491)	$ (41,300)	$ (17,491)

Supplemental Financial Information

9 Months Ended

Sep. 30, 2022

Supplemental Financial Information [Abstract]

Supplemental Financial Information

Note 13— Supplemental Financial Information

Condensed Consolidated Balance Sheets Information

Both of Noble’s and Finco’s restricted cash balances as of September 30, 2022 and December 31, 2021 were $4.6 million and $2.6 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.”

Condensed Consolidated Statements of Cash Flows Information

Operating cash activities

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:


	Noble
	Successor				Predecessor
			Period From		Period From
	Nine Months		February 6, 2021		January 1, 2021
	Ended		through		through
	September 30, 2022		September 30, 2021		February 5, 2021


Accounts receivable	$	(73,756)	$	(20,980)	$	(41,344)
Other current assets	5,763		671		17,884
Other assets	(3,585)		(11,891)		8,521
Accounts payable	16,484		3,570		(16,819)
Other current liabilities	(4,999)		12,888		11,428
Other liabilities	34,240		5,569		(5,846)
Total net change in assets and liabilities	$	(25,853)	$	(10,173)	$	(26,176)


	Finco
	Successor				Predecessor
			Period From		Period From
	Nine Months		February 6, 2021		January 1, 2021
	Ended		through		through
	September 30, 2022		September 30, 2021		February 5, 2021


Accounts receivable	$	(73,756)	$	(20,980)	$	(41,344)
Other current assets	5,497		460		19,398
Other assets	(3,550)		(11,874)		8,512
Accounts payable	9,771		6,584		(14,061)
Other current liabilities	(5,412)		12,751		11,623
Other liabilities	34,468		5,395		(5,936)
Total net change in assets and liabilities	$	(32,982)	$	(7,664)	$	(21,808)

Non-cash investing and financing activities

Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of September 30, 2022 and December 31, 2021 were $44.1 million and $36.5 million, respectively.

Additions to property and equipment, at cost for which we had accrued a corresponding liability in accounts payable as of September 30, 2021, February 5, 2021 and December 31, 2020 were $30.4 million, $31.0 million and $35.3 million, respectively.

On the Emergence Effective Date, an aggregate principal amount of $216.0 million of Second Lien Notes was issued, which includes the aggregate subscription price of $200.0 million, plus a backstop fee of $16.0 million which was paid in kind.

On April 15, 2021, Noble Cayman completed the Pacific Drilling Merger, issuing 16.6 million Noble Cayman Shares valued at $357.7 million, in exchange for $420.0 million net assets acquired. See “Note 2— Acquisitions and Divestitures” for additional information.

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Pension Costs


	Successor
	Three Months Ended September 30,
	2022				2021
	Non-US		US		Non-US		US

Interest cost	$	272	$	1,688	$	344	$	1,634
Return on plan assets	(316)		(3,145)		(229)		(3,177)

Recognized net actuarial loss	—		(5)		—		—

Net pension benefit cost (gain)	$	(44)	$	(1,462)	$	115	$	(1,543)


	Successor								Predecessor
	Nine Months Ended September 30, 2022				Period From February 6, 2021 through September 30, 2021				Period From January 1, 2021 through February 5, 2021
	Non-US		US		Non-US		US		Non-US		US

Interest cost	$	893	$	5,064	$	926	$	4,358	$	99	$	621
Return on plan assets	(1,039)		(9,435)		(616)		(8,471)		(69)		(1,250)

Recognized net actuarial loss	—		(15)		—		—		1		282

Net pension benefit cost (gain)	$	(146)	$	(4,386)	$	310	$	(4,113)	$	31	$	(347)

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 28, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-41520
Entity Registrant Name	Noble Corporation plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-1644664
Entity Address, Address Line One	13135 Dairy Ashford, Suite 800
Entity Address, City or Town	Sugar Land
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77478
City Area Code	(281)
Local Phone Number	276-6100
Title of 12(b) Security	A Ordinary Shares, par value $0.00001 per share
Trading Symbol	NE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130,840,740
Entity Central Index Key	0001895262
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Noble Finance Company
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Entity File Number	001-31306
Entity Registrant Name	Noble Finance Company
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-0366361
Entity Address, Address Line One	13135 Dairy Ashford, Suite 800
Entity Address, City or Town	Sugar Land
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77478
City Area Code	(281)
Local Phone Number	276-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		261,246,093
Entity Central Index Key	0001169055
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Operating revenues
Operating revenues	$ 77,481	$ 305,872	$ 250,371	$ 562,147	$ 791,255
Operating costs and expenses
Depreciation and amortization	20,622	24,868	25,248	64,831	77,109
General and administrative	5,727	18,089	14,982	47,939	52,300
Merger and integration costs	0	9,338	5,033	13,786	27,916
(Gain) loss on sale of operating assets, net	0	354	3,146	3,146	(3,105)
Hurricane losses and (recoveries), net	0	1,896	10,441	10,441	4,701
Total operating costs and expenses	76,051	254,311	263,864	638,573	726,726
Operating income (loss)	1,430	51,561	(13,493)	(76,426)	64,529
Other income (expense)
Interest expense, net of amounts capitalized	(229)	(7,943)	(8,870)	(23,628)	(23,338)
Gain on bargain purchase	0			64,479	0
Loss on extinguishment of debt, net	0	(196)	0	0	(196)
Interest income and other, net	399	3,235	973	7,490	4,766
Income (loss) before income taxes	253,651	46,657	(21,390)	(28,085)	45,761
Income tax provision	(3,423)	(13,072)	(2,275)	6,631	(11,775)
Net income (loss)	$ 250,228	$ 33,585	$ (23,665)	$ (21,454)	$ 33,986
Basic:
Net income (loss) (in usd per share)	$ 1.00	$ 0.48	$ (0.36)	$ (0.35)	$ 0.49
Diluted:
Net income (loss) (in usd per share)	$ 0.98	$ 0.41	$ (0.36)	$ (0.35)	$ 0.42
Contract drilling services
Operating revenues
Operating revenues	$ 74,051	$ 289,494	$ 231,154	$ 515,680	$ 746,992
Operating costs and expenses
Cost of services	46,965	186,482	188,552	456,853	530,710
Reimbursables and other
Operating revenues
Operating revenues	3,430	16,378	19,217	46,467	44,263
Operating costs and expenses
Cost of services	$ 2,737	$ 13,284	$ 16,462	$ 41,577	$ 37,095

Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2022

Supplemental Financial Information [Abstract]

Schedule of Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:


	Noble
	Successor				Predecessor
			Period From		Period From
	Nine Months		February 6, 2021		January 1, 2021
	Ended		through		through
	September 30, 2022		September 30, 2021		February 5, 2021


Accounts receivable	$	(73,756)	$	(20,980)	$	(41,344)
Other current assets	5,763		671		17,884
Other assets	(3,585)		(11,891)		8,521
Accounts payable	16,484		3,570		(16,819)
Other current liabilities	(4,999)		12,888		11,428
Other liabilities	34,240		5,569		(5,846)
Total net change in assets and liabilities	$	(25,853)	$	(10,173)	$	(26,176)


	Finco
	Successor				Predecessor
			Period From		Period From
	Nine Months		February 6, 2021		January 1, 2021
	Ended		through		through
	September 30, 2022		September 30, 2021		February 5, 2021


Accounts receivable	$	(73,756)	$	(20,980)	$	(41,344)
Other current assets	5,497		460		19,398
Other assets	(3,550)		(11,874)		8,512
Accounts payable	9,771		6,584		(14,061)
Other current liabilities	(5,412)		12,751		11,623
Other liabilities	34,468		5,395		(5,936)
Total net change in assets and liabilities	$	(32,982)	$	(7,664)	$	(21,808)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - Finco - $ / shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares outstanding (in shares)	70,354	60,172
Noble Finance Company
Common stock, par value (in usd per share)	$ 0.10	$ 0.10
Ordinary shares, shares outstanding (in shares)	261,246	261,246

CONDENSED CONSOLIDATED BALANCE SHEETS - Finco - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 422,486	$ 194,138
Accounts receivable, net	274,175	200,419
Taxes receivable	16,693	16,063
Prepaid expenses and other current assets	41,272	45,026
Total current assets	754,626	455,646
Intangible assets	25,324	61,849
Property and equipment, at cost	1,341,132	1,555,975
Accumulated depreciation	(119,442)	(77,275)
Property and equipment, net	1,221,690	1,478,700
Assets held for sale	299,016	0
Other assets	84,853	77,247
Total assets	2,385,509	2,073,442
Accounts payable
Accounts payable	144,498	120,389
Accrued payroll and related costs	36,402	48,346
Taxes payable	26,534	28,735
Interest payable	4,268	9,788
Other current liabilities	57,117	41,136
Total current liabilities	268,819	248,394
Long-term debt	434,368	216,000
Deferred income taxes	7,407	13,195
Other liabilities	126,354	95,226
Total liabilities	836,948	572,815
Commitments and contingencies (Note 12)
Shareholders’ equity
Common stock, $0.10 par value; 261,246 ordinary shares outstanding as of September 30, 2022 and December 31, 2021	1	1
Capital in excess of par value	1,410,020	1,393,255
Retained earnings	135,968	101,982
Accumulated other comprehensive income	2,572	5,389
Total shareholders’ equity	1,548,561	1,500,627
Total liabilities and equity	2,385,509	2,073,442
Noble Finance Company
Current assets
Cash and cash equivalents	97,641	192,636
Accounts receivable, net	274,175	200,419
Taxes receivable	16,693	16,063
Prepaid expenses and other current assets	33,057	36,545
Total current assets	421,566	445,663
Intangible assets	25,324	61,849
Property and equipment, at cost	1,341,132	1,555,975
Accumulated depreciation	(119,442)	(77,275)
Property and equipment, net	1,221,690	1,478,700
Assets held for sale	299,016	0
Other assets	84,930	77,247
Total assets	2,052,526	2,063,459
Accounts payable
Accounts payable	133,426	116,030
Accrued payroll and related costs	36,402	48,346
Taxes payable	26,534	28,735
Interest payable	4,268	9,788
Other current liabilities	56,517	40,949
Total current liabilities	257,147	243,848
Long-term debt	434,368	216,000
Deferred income taxes	7,407	13,195
Other liabilities	126,354	94,998
Total liabilities	825,276	568,041
Commitments and contingencies (Note 12)
Shareholders’ equity
Common stock, $0.10 par value; 261,246 ordinary shares outstanding as of September 30, 2022 and December 31, 2021	26,125	26,125
Capital in excess of par value	1,198,553	1,393,410
Retained earnings	0	70,494
Accumulated other comprehensive income	2,572	5,389
Total shareholders’ equity	1,227,250	1,495,418
Total liabilities and equity	$ 2,052,526	$ 2,063,459

Property and Equipment - Schedule of Property and Equipment, at Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 1,341,132	$ 1,555,975
Drilling equipment and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	1,273,108	1,467,772
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	55,640	77,363
Other
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 12,384	$ 10,840

Accounting Pronouncements	9 Months Ended
Accounting Pronouncements	Sep. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Note 3— Accounting Pronouncements Accounting Standards Adopted In October 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, in order to provide clarity on how to account for acquired revenue contracts with customers in a business combination. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date. Early adoption is permitted. We adopted ASU No. 2021-08, effective January 1, 2022. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Standards With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI https://asc.fasb.org/topic&trid=2122394

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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+ Details

Acquisitions and Divestitures - Business Combination with Maersk Drilling (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Oct. 03, 2022	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Common stock, par value (in usd per share)		$ 0.00001	$ 0.00001
Subsequent Event
Business Acquisition [Line Items]
Common stock, par value (in usd per share)	$ 0.00001
Maersk Drilling Merger \| Subsequent Event
Business Acquisition [Line Items]
Business combination, percentage of issued and outstanding shares acquired (more than)	90.00%
Business combination, shares exchange ratio	1.6137
Business combination, consideration in cash election per share (in USD per share)	$ 1,000
Business combination, consideration in cash election amount	$ 50
Noble Corp
Business Acquisition [Line Items]
Common stock, par value (in usd per share)		$ 0.00001
Warrant outstanding (in shares)		14.5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - Finco - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, tax provision	$ 59	$ 3	$ 0	$ 0	$ 3
Noble Finance Company
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, tax provision	$ 59	$ 3	$ 0	$ 0	$ 3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		251,084
Beginning balance at Dec. 31, 2020	$ (311,388)	$ 2,511	$ 814,796	$ (1,070,683)	$ (58,012)
Employee related equity activity
Amortization of share-based compensation	710		710
Issuance of share-based compensation shares (in shares)		43
Shares withheld for taxes on equity transactions	(1)		(1)
Net income (loss)	250,228			250,228
Other comprehensive income (loss), net	108				108
Cancellation of Predecessor equity (in shares)		(251,127)
Cancellation of Predecessor equity	60,343	$ (2,511)	(815,505)	820,455	57,904
Issuance of Successor common stock and warrants (in shares)		50,000
Issuance of Successor common stock and warrants	1,018,768	$ 1	1,018,767
Ending balance (in shares) at Feb. 05, 2021		50,000
Ending balance at Feb. 05, 2021	1,018,768	$ 1	1,018,767	0	0
Employee related equity activity
Other comprehensive income (loss), net	0
Ending balance at Mar. 31, 2021					0
Beginning balance (in shares) at Feb. 05, 2021		50,000
Beginning balance at Feb. 05, 2021	1,018,768	$ 1	1,018,767	0	0
Employee related equity activity
Amortization of share-based compensation	11,312		11,312
Exchange of common stock for penny warrants (in shares)		(6,463)
Exercise of common stock warrants (in shares)		31
Exercise of common stock warrants	647		647
Issuance of common stock for Pacific Drilling merger (in shares)		16,600
Issuance of common stock for Pacific Drilling merger	357,662		357,662
Net income (loss)	(21,454)			(21,454)
Other comprehensive income (loss), net	(267)				(267)
Ending balance (in shares) at Sep. 30, 2021		60,168
Ending balance at Sep. 30, 2021	1,366,668	$ 1	1,388,388	(21,454)	(267)
Beginning balance at Mar. 31, 2021					0
Employee related equity activity
Other comprehensive income (loss), net	168
Ending balance (in shares) at Jun. 30, 2021		60,150
Ending balance at Jun. 30, 2021	1,385,724	$ 1	1,383,344	2,211	168
Employee related equity activity
Amortization of share-based compensation	4,668		4,668
Exercise of common stock warrants (in shares)		18
Exercise of common stock warrants	376		376
Net income (loss)	(23,665)			(23,665)
Other comprehensive income (loss), net	(435)				(435)
Ending balance (in shares) at Sep. 30, 2021		60,168
Ending balance at Sep. 30, 2021	$ 1,366,668	$ 1	1,388,388	(21,454)	(267)
Beginning balance (in shares) at Dec. 31, 2021	60,172	60,172
Beginning balance at Dec. 31, 2021	$ 1,500,627	$ 1	1,393,255	101,982	5,389
Employee related equity activity
Other comprehensive income (loss), net	$ (424)
Ending balance at Mar. 31, 2022					4,965
Beginning balance (in shares) at Dec. 31, 2021	60,172	60,172
Beginning balance at Dec. 31, 2021	$ 1,500,627	$ 1	1,393,255	101,982	5,389
Employee related equity activity
Amortization of share-based compensation	20,907		20,907
Issuance of share-based compensation shares (in shares)		365
Shares withheld for taxes on equity transactions	(4,926)		(4,926)
Exercise of common stock warrants (in shares)		9,817
Exercise of common stock warrants	784		784
Net income (loss)	33,986			33,986
Other comprehensive income (loss), net	$ (2,817)				(2,817)
Ending balance (in shares) at Sep. 30, 2022	70,354	70,354
Ending balance at Sep. 30, 2022	$ 1,548,561	$ 1	1,410,020	135,968	2,572
Beginning balance at Mar. 31, 2022					4,965
Employee related equity activity
Other comprehensive income (loss), net	(1,163)
Ending balance (in shares) at Jun. 30, 2022		67,050
Ending balance at Jun. 30, 2022	1,508,794	$ 1	1,402,608	102,383	3,802
Employee related equity activity
Amortization of share-based compensation	7,068		7,068
Exercise of common stock warrants (in shares)		3,304
Exercise of common stock warrants	344		344
Net income (loss)	33,585			33,585
Other comprehensive income (loss), net	$ (1,230)				(1,230)
Ending balance (in shares) at Sep. 30, 2022	70,354	70,354
Ending balance at Sep. 30, 2022	$ 1,548,561	$ 1	$ 1,410,020	$ 135,968	$ 2,572

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, tax provision	$ 59	$ 3	$ 0	$ 0	$ 3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - Finco - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Operating revenues
Operating revenues	$ 77,481	$ 305,872	$ 250,371	$ 562,147	$ 791,255
Operating costs and expenses
Depreciation and amortization	20,622	24,868	25,248	64,831	77,109
General and administrative	5,727	18,089	14,982	47,939	52,300
Merger and integration costs	0	9,338	5,033	13,786	27,916
(Gain) loss on sale of operating assets, net	0	354	3,146	3,146	(3,105)
Hurricane losses and (recoveries), net	0	1,896	10,441	10,441	4,701
Total operating costs and expenses	76,051	254,311	263,864	638,573	726,726
Operating income (loss)	1,430	51,561	(13,493)	(76,426)	64,529
Other income (expense)
Interest expense, net of amounts capitalized	(229)	(7,943)	(8,870)	(23,628)	(23,338)
Loss on extinguishment of debt, net	0	(196)	0	0	(196)
Interest income and other, net	399	3,235	973	7,490	4,766
Reorganization items, net	252,051			0	0
Income (loss) before income taxes	253,651	46,657	(21,390)	(28,085)	45,761
Income tax provision	(3,423)	(13,072)	(2,275)	6,631	(11,775)
Net income (loss)	250,228	33,585	(23,665)	(21,454)	33,986
Contract drilling services
Operating revenues
Operating revenues	74,051	289,494	231,154	515,680	746,992
Operating costs and expenses
Cost of services	46,965	186,482	188,552	456,853	530,710
Reimbursables and other
Operating revenues
Operating revenues	3,430	16,378	19,217	46,467	44,263
Operating costs and expenses
Cost of services	2,737	13,284	16,462	41,577	37,095
Noble Finance Company
Operating revenues
Operating revenues	77,481	305,872	250,371	562,147	791,255
Operating costs and expenses
Depreciation and amortization	20,631	24,810	25,241	64,814	76,997
General and administrative	5,729	10,547	7,772	26,690	38,582
Merger and integration costs	0	0	4,149	7,099	395
(Gain) loss on sale of operating assets, net	0	0	2,230	2,230	(4,562)
Hurricane losses and (recoveries), net	0	1,896	10,441	10,441	4,701
Total operating costs and expenses	75,800	236,252	254,181	607,975	682,112
Operating income (loss)	1,681	69,620	(3,810)	(45,828)	109,143
Other income (expense)
Interest expense, net of amounts capitalized	(229)	(8,139)	(8,870)	(23,628)	(23,534)
Loss on extinguishment of debt, net	0	(196)	0	0	(196)
Interest income and other, net	400	3,641	975	7,489	5,175
Reorganization items, net	195,395			0	0
Income (loss) before income taxes	197,247	64,926	(11,705)	(61,967)	90,588
Income tax provision	(3,422)	(13,072)	(2,275)	6,631	(11,775)
Net income (loss)	193,825	51,854	(13,980)	(55,336)	78,813
Noble Finance Company \| Contract drilling services
Operating revenues
Operating revenues	74,051	289,494	231,154	515,680	746,992
Operating costs and expenses
Cost of services	46,703	185,715	187,886	455,124	528,904
Noble Finance Company \| Reimbursables and other
Operating revenues
Operating revenues	3,430	16,378	19,217	46,467	44,263
Operating costs and expenses
Cost of services	$ 2,737	$ 13,284	$ 16,462	$ 41,577	$ 37,095

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Note 2— Acquisitions and Divestitures

Business Combination with Maersk Drilling

On the Merger Effective Date, pursuant to the Business Combination Agreement, Noble Cayman merged with and into Merger Sub, with Merger Sub surviving the Merger as a wholly owned subsidiary of Noble, and (i) each ordinary share, par value $0.00001 per share, of Noble Cayman (“Noble Cayman Shares”) issued and outstanding prior to the effective time of the Merger (the “Merger Effective Time”) was converted into one newly and validly issued, fully paid and non-assessable Ordinary Share of Noble and (ii) each Noble Cayman Warrant (as defined herein) issued and outstanding immediately prior to the Merger Effective Time was converted automatically into a warrant to acquire a number of Ordinary Shares equal to the number of Noble Cayman Shares underlying such warrant, with the same terms as were in effect immediately prior to the Merger Effective Time under the terms of the applicable Noble Cayman Warrant Agreement (as defined herein) (collectively, the “Warrants”). In addition, each award of restricted share units representing the right to receive Noble Cayman Shares, or value based on the value of Noble Cayman Shares (each, a “Noble Cayman RSU Award”), outstanding immediately prior to the Merger Effective Time ceased to represent a right to acquire Noble Cayman Shares (or value equivalent to Noble Cayman Shares) and was converted into the right to acquire, on the same terms and conditions as were applicable under the Noble Cayman RSU Award (including any vesting conditions), that number of Ordinary Shares equal to the number of Noble Cayman Shares subject to such Noble Cayman RSU Award immediately prior to the Merger Effective Time. As a result of the Merger, Noble became the ultimate parent of Noble Cayman and its respective subsidiaries effective as of the Merger Effective Time.

In connection with the automatic conversion of the Noble Cayman Warrants into Warrants at the Merger Effective Time, (i) the Tranche 1 Warrant Agreement, dated as of February 5, 2021, by and among Noble Cayman, Computershare Inc. and Computershare Trust Company, N.A. (together, “Computershare”), (ii) the Tranche 2 Warrant Agreement, dated as of February 5, 2021, by and among Noble Cayman and Computershare, and (iii) the Tranche 3 Warrant Agreement, dated as of February 5, 2021, by and among Noble Cayman and Computershare (collectively, the “Noble Cayman Warrant Agreements”) were terminated, and Noble entered into (a) a new Tranche 1 Warrant Agreement, dated as of the Merger Effective Date, by and among Noble and Computershare, (b) a new Tranche 2 Warrant Agreement, dated as of the Merger Effective Date, by and among Noble and Computershare, and (c) a new Tranche 3 Warrant Agreement, dated as of the Merger Effective Date, by and among Noble and Computershare (collectively, the “Warrant Agreements”). The Warrant Agreements have substantially similar terms as were in effect immediately prior to the Merger Effective Time pursuant to the Noble Cayman Warrant Agreements. Immediately following completion of the Business Combination, there were 14.5 million Warrants outstanding.

On the Closing Date, pursuant to the Business Combination Agreement, Noble completed the Offer and because Noble acquired more than 90% of the issued and outstanding Maersk Drilling Shares, Noble will redeem all remaining Maersk Drilling Shares not exchanged in the Offer for, at the election of the holder, either Ordinary Shares or cash (or, for those holders that do not make an election, only cash), under Danish law by way of the Compulsory Purchase. Upon completion of the Compulsory Purchase, Maersk Drilling will become a wholly owned subsidiary of Noble.

In connection with the Offer and the Compulsory Purchase, each Maersk Drilling Share was (in the case of the Offer) or will be (in the case of the Compulsory Purchase) exchanged for either (i) 1.6137 newly and validly issued, fully paid and non-assessable Ordinary Shares (the “Exchange Ratio”), or (ii) cash consideration (payable in DKK). The Offer was subject to a cash consideration cap per Maersk Drilling shareholder of $1,000 and an aggregate cap on cash consideration payable to all Maersk Drilling shareholders of $50 million. Consequently, in relation to the Offer, Maersk Drilling shareholders who elected to receive cash consideration in the Offer received, as applicable, (a) $1,000 for the applicable portion of their Maersk Drilling Shares and the balance of Maersk Drilling Shares in Ordinary Shares in accordance with the Exchange Ratio, or (b) the amount corresponding to the total holding of their Maersk Drilling Shares if such holding of Maersk Drilling Shares represents a value equal to or less than $1,000 in the aggregate. The Compulsory Purchase is not subject to a cash consideration cap per holder or an aggregate cap for cash consideration.

In addition, each Maersk Drilling restricted stock unit award (a “Maersk Drilling RSU Award”) that was outstanding immediately prior to the acceptance time of the Offer (the “Acceptance Time”) was exchanged, at the Acceptance Time, with the right to receive, on the same terms and conditions as were applicable under the Maersk Drilling RSU Long-Term Incentive Programme for Executive Management 2019 and the Maersk Drilling RSU Long-Term Incentive Programme 2019 (including any vesting conditions), that number of Ordinary Shares equal to the product of (1) the number of Maersk Drilling Shares subject to such Maersk Drilling RSU Award immediately prior to the Acceptance Time and (2) the Exchange Ratio, with any fractional Maersk Drilling Shares rounded to the nearest whole share. Upon such exchange, Maersk Drilling RSU Awards ceased to represent a right to receive Maersk Drilling Shares (or value equivalent to Maersk Drilling Shares).

The Business Combination is being accounted for using the acquisition method of accounting, with Noble being treated as the accounting acquirer. Under the acquisition method of accounting, the assets, liabilities and equity of Maersk Drilling and its subsidiaries will be recorded at their respective fair values on the Closing Date. The preliminary purchase price allocation is not complete as of the filing date of this Quarterly Report on Form 10-Q.

The post-merger results of operations of Maersk Drilling for the fourth quarter of 2022 and full year 2022 pro-forma information will be included in the Company's consolidated results for the year ended December 31, 2022.

Rig Transaction

On June 23, 2022, Noble Cayman and certain of its subsidiaries entered into an Asset Purchase Agreement (as amended, the “Asset Purchase Agreement”) with Shelf Drilling (North Sea), Ltd. and Shelf Drilling, Ltd. (together, “Shelf Drilling”) relating to the sale by Noble and the purchase by Shelf Drilling (the “Rig Transaction”) of five jackup rigs known as the Noble Hans Deul, Noble Houston Colbert, Noble Lloyd Noble (the “NLN Rig”), Noble Sam Hartley and Noble Sam Turner and all related support and infrastructure (collectively, and together with the related offshore and onshore personnel and related operations, the “Divestment Business”). The Rig Transaction addressed the potential concerns identified by the UK Competition and Markets Authority of the Business Combination and was approved by them in September 2022.

As of September 30, 2022, these rigs and certain associated assets and liabilities qualify for the held for sale classification on our balance sheet. Included within “Other current assets”, “Other current liabilities” and “Other liabilities” on our condensed consolidated balance sheet as of September 30, 2022 are assets and liabilities held for sale of $3.2 million, $8.1 million, and $13.4 million, respectively.

The net income before income taxes for the rigs classified as held for sale was:

Successor

Predecessor

Period From

February 6, 2021

January 1, 2021

Three Months Ended September 30,

Nine Months Ended

through

2022

2021

September 30, 2022

September 30, 2021

2/5/2021 (1)

Net income (loss) before income taxes

(37)

(27,438)

(13,980)

(61,307)

(5,360)

(1) Excludes Reorganization items, net

On October 5, 2022, Noble and Shelf Drilling completed the Rig Transaction as part of the Business Combination. In connection with the Rig Transaction, and pursuant to the terms and conditions set forth in the Asset Purchase Agreement, the Divestment Business was transferred by Noble to Shelf Drilling for a purchase price of $375 million in cash, which was paid by Shelf Drilling to Noble at the completion of the Rig Transaction (the “Completion”).

On the Completion, Noble Drilling Norway AS (“Noble Norway”) and a member of the Shelf Drilling group (the “Shelf Group”), which is now the owner of the NLN Rig, entered into a charter agreement (the “NLN Charter Agreement”), pursuant to which Noble Norway will charter the NLN Rig from the Shelf Group during the period from the Completion until the date of the NLN Completion (as defined in the Asset Purchase Agreement) in order to allow Noble Norway to complete its current obligations under the NLN Drilling Agreement (as defined in the Asset Purchase Agreement). At the end of the charter period, Noble Norway will redeliver the NLN Rig to the Shelf Group.

Pacific Drilling Merger

On April 15, 2021, Noble Cayman purchased Pacific Drilling Company LLC (“Pacific Drilling”), an international offshore drilling contractor, in an all-stock transaction (the “Pacific Drilling Merger”). Pursuant to the terms and conditions set forth in an Agreement and Plan of Merger dated March 25, 2021 (the “Pacific Drilling Merger Agreement”), (a) each membership interest in Pacific Drilling was converted into the right to receive 6.366 Noble Cayman Shares and (b) each of Pacific Drilling’s warrants outstanding immediately prior to the effective time of the Pacific Drilling Merger was converted into the right to receive 1.553 Noble Cayman Shares. As part of the transaction, Pacific Drilling’s equity holders received 16.6 million Noble Cayman Shares, or approximately 24.9% of the outstanding Noble Cayman Shares and ordinary share purchase warrants to purchase Noble Cayman Shares (the “Noble Cayman Penny Warrants”) at closing. In connection with this acquisition, the Company acquired seven floaters and subsequently sold two floaters in June 2021 for net proceeds of $29.7 million. The results of Pacific Drilling’s operations are included in the Company’s results of operations effective April 15, 2021.

The transaction was accounted for using the acquisition method of accounting under ASC Topic 805, Business Combinations, with Noble Cayman being treated as the accounting acquirer. As of March 31, 2022, we completed our fair value assessments of assets acquired and liabilities assumed, with no changes from our preliminary allocation reported in our Annual Report on Form 10-K for the year ended December 31, 2021.

Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows (Details) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	9 Months Ended
	Feb. 05, 2021	Sep. 30, 2021	Sep. 30, 2022
Operating Capital [Line Items]
Accounts receivable	$ (41,344)	$ (20,980)	$ (73,756)
Other current assets	17,884	671	5,763
Other assets	8,521	(11,891)	(3,585)
Accounts payable	(16,819)	3,570	16,484
Other current liabilities	11,428	12,888	(4,999)
Other liabilities	(5,846)	5,569	34,240
Total net change in assets and liabilities	(26,176)	(10,173)	(25,853)
Finco
Operating Capital [Line Items]
Accounts receivable	(41,344)	(20,980)	(73,756)
Other current assets	19,398	460	5,497
Other assets	8,512	(11,874)	(3,550)
Accounts payable	(14,061)	6,584	9,771
Other current liabilities	11,623	12,751	(5,412)
Other liabilities	(5,936)	5,395	34,468
Total net change in assets and liabilities	$ (21,808)	$ (7,664)	$ (32,982)

Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Income (Loss) Per Share

The following table presents the computation of basic and diluted loss per share for Noble:




	Successor								Predecessor
							Period From		Period From
							February 6, 2021		January 1, 2021
	Three Months Ended September 30,				Nine Months Ended		through		through
	2022		2021		September 30, 2022		September 30, 2021		February 5, 2021
Numerator:
Basic


Net income (loss)	$	33,585	$	(23,665)	$	33,986	$	(21,454)	$	250,228
Diluted


Net income (loss)	$	33,585	$	(23,665)	$	33,986	$	(21,454)	$	250,228
Denominator:
Weighted average shares outstanding – basic	70,318		66,623		69,260		61,847		251,115
Dilutive effect of share-based awards	3,388		—		3,388		—		5,456
Dilutive effect of warrants	8,220		—		8,718		—		—
Weighted average shares outstanding – diluted	81,926		66,623		81,366		61,847		256,571
Per share data
Basic:


Net income (loss)	$	0.48	$	(0.36)	$	0.49	$	(0.35)	$	1.00
Diluted:


Net income (loss)	$	0.41	$	(0.36)	$	0.42	$	(0.35)	$	0.98

Schedule of Antidilutive Securities Excluded from Computation of Income (Loss) Per Share

The following table displays the share-based instruments that have been excluded from diluted income or loss per share since the effect would have been anti-dilutive:


	Successor				Predecessor
				Period From	Period From
				February 6, 2021	January 1, 2021
	Three Months Ended September 30,		Nine Months Ended	through	through
	2022	2021	September 30, 2022	September 30, 2021	February 5, 2021
Share-based awards	—	3,124	—	3,124	556
Warrants (1)	2,774	19,412	2,774	19,412	—

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended					8 Months Ended	9 Months Ended
	Feb. 05, 2021	Mar. 31, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 250,228		$ 33,585			$ (23,665)		$ (21,454)	$ 33,986
Other comprehensive loss
Foreign currency translation adjustments	(116)							0	0
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision	224		(1,230)			(435)		(267)	(2,817)
Net other comprehensive income (loss)	108	$ 0	(1,230)	$ (1,163)	$ (424)	(435)	$ 168	(267)	(2,817)
Comprehensive income (loss)	$ 250,336		$ 32,355			$ (24,100)		$ (21,721)	$ 31,169

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)


	Defined Benefit Pension Items (1)		Foreign Currency Items		Total
Balance at 12/31/2020 (Predecessor)	$	(39,737)	$	(18,275)	$	(58,012)
Activity during period:
Other comprehensive loss before reclassifications	—		(116)		(116)
Amounts reclassified from AOCI	224		—		224
Net other comprehensive income (loss)	224		(116)		108
Cancellation of Predecessor equity	39,513		18,391		57,904
Balance at 2/5/2021 (Predecessor)	$	—	$	—	$	—


Balance at 2/6/2021 (Successor)	$	—	$	—	$	—
Activity during period:
Other comprehensive income before reclassifications	—		—		—
Amounts reclassified from AOCI	—		—		—
Net other comprehensive income	—		—		—
Balance at 3/31/2021 (Successor)	$	—	$	—	$	—
Activity during period:
Other comprehensive income before reclassifications	168		—		168
Amounts reclassified from AOCI	—		—		—
Net other comprehensive income	168		—		168
Balance at 6/30/2021 (Successor)	$	168	$	—	$	168
Activity during period:
Other comprehensive loss before reclassifications	(435)		—		(435)
Amounts reclassified from AOCI	—		—		—
Net other comprehensive loss	(435)		—		(435)
Balance at 9/30/2021 (Successor)	$	(267)	$	—	$	(267)

Balance at 12/31/2021 (Successor)	$	5,389	$	—	$	5,389


Activity during period:


	Defined Benefit Pension Items (1)		Foreign Currency Items		Total
Other comprehensive loss before reclassifications	(424)		—		(424)
Amounts reclassified from AOCI	—		—		—
Net other comprehensive loss	(424)		—		(424)
Balance at 3/31/2022 (Successor)	$	4,965	$	—	$	4,965
Activity during period:
Other comprehensive loss before reclassifications	(1,163)		—		(1,163)
Amounts reclassified from AOCI	—		—		—
Net other comprehensive loss	(1,163)		—		(1,163)
Balance at 6/30/2022 (Successor)	$	3,802	$	—	$	3,802
Activity during period:
Other comprehensive loss before reclassifications	(1,230)		—		(1,230)
Amounts reclassified from AOCI	—		—		—
Net other comprehensive loss	(1,230)		—		(1,230)
Balance at 9/30/2022 (Successor)	$	2,572	$	—	$	2,572

Revenue and Customers - Remaining Performance Obligations (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 41,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 10,577
Performance obligation, expected timing of satisfaction	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 21,195
Performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 5,146
Performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 4,382
Performance obligation, expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 0
Performance obligation, expected timing of satisfaction
Floaters
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 41,143
Floaters \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 10,420
Performance obligation, expected timing of satisfaction	3 months
Floaters \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 21,195
Performance obligation, expected timing of satisfaction	1 year
Floaters \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 5,146
Performance obligation, expected timing of satisfaction	1 year
Floaters \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 4,382
Performance obligation, expected timing of satisfaction	1 year
Floaters \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 0
Performance obligation, expected timing of satisfaction
Jackups
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 157
Jackups \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 157
Performance obligation, expected timing of satisfaction	3 months
Jackups \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 0
Performance obligation, expected timing of satisfaction	1 year
Jackups \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 0
Performance obligation, expected timing of satisfaction	1 year
Jackups \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 0
Performance obligation, expected timing of satisfaction	1 year
Jackups \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 0
Performance obligation, expected timing of satisfaction