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Noble Corporation Reports Fourth Quarter And Full Year 2013 Results

LONDON, Jan. 22, 2014 /PRNewswire/ -- Noble Corporation (NYSE: NE) today reported fourth quarter 2013 net income of $174 million, or $0.68 per diluted share. Results for the fourth quarter included an after tax charge of $36 million, or $0.14 per diluted share, relating to an impairment taken on the FPSO Seillean.  Excluding the impairment charge, net income for the fourth quarter would have totaled $210 million, or $0.82 per diluted share. For the third quarter of 2013, the Company reported net income of $282 million, or $1.10 per diluted share, which included after tax gains totaling approximately $63 million, or $0.25 per diluted share. Excluding the gains, net income in the third quarter would have been $219 million, or $0.85 per diluted share. During the fourth quarter of 2012, net income was $128 million, or $0.50 per diluted share. Revenues for the fourth quarter of 2013 were $1.17 billion compared to $1.08 billion in the third quarter of 2013 and $966 million in the fourth quarter of 2012.

Net income for the full year 2013 totaled $783 million, or $3.05 per diluted share, on revenues of $4.2 billion, compared to net income of $522 million, or $2.05 per diluted share on revenues of $3.5 billion in 2012.

Addressing the Company's achievements in the fourth quarter of 2013, David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation stated, "Contract drilling revenues continued to grow during the fourth quarter with full or partial contributions from three new ultra-deepwater drillships and the first of our six JU3000N high-specification jackups. Building on an exceptional quarter and year of execution in the shipyard, we also saw the delivery of two more JU3000N jackups – the Noble Regina Allen in December, followed by the Noble Houston Colbert in early 2014. These fleet additions, along with the remaining six projects, of which five rigs are expected to complete construction in 2014, are redefining our Company, creating a premium fleet of offshore drilling rigs capable of addressing our clients' most demanding global well construction assignments."

Another significant achievement during the quarter was the progress made toward our planned divestiture of substantially all of the standard capability assets in our fleet.  We cleared two key hurdles that place the Company on track to complete the divestiture by the end of 2014, with receipt of the private letter ruling from the IRS and the filing last quarter of a registration statement relating to the proposed initial public offering of the new company. While there is some level of uncertainty around global offshore activity in 2014, this is not interfering with our plans for the divestiture. The divestiture has always been about the strategic importance to Noble – a step necessary to allow the two fleets to be optimally managed and operated, placing both in a stronger competitive position for future cycles."

Contract drilling services revenues for the fourth quarter of 2013 of $1.12 billion improved by $84 million, or 8 percent from the third quarter, due primarily to a 9 percent increase in average dayrates to $212,000 compared to $194,600 in the third quarter. Operating days declined slightly during the fourth quarter due in part to an increase in idle and shipyard days, particularly among rigs in the Middle East region, partially offset by the commencement of operations on the ultra-deepwater drillship Noble Bob Douglas and the high-specification jackup Noble Mick O'Brien, and a full quarter of operations from the ultra-deepwater drillships Noble Don Taylor and Noble Globetrotter II, which began operations during the third quarter. The addition of these new rigs contributed to a $74 million increase in contract drilling operating costs in the fourth quarter to $560 million, compared to $486 million in the third quarter.  Contract drilling margin for the fourth quarter was 50.2 percent, compared to 53.3 percent in the third quarter.

Net cash from operating activities was $541 million in the fourth quarter 2013 and $1.7 billion for the full year 2013.  Capital expenditures in the fourth quarter 2013 totaled $763 million, including $505 million related to the Company's fleet expansion program. In 2013, capital expenditures amounted to $2.5 billion, including $1.5 billion associated with the fleet expansion program. As of December 31, 2013, approximately $1.9 billion in capital expenditures was required to complete the remaining seven projects in the Company's newbuild program, comprising two ultra-deepwater drillships and five high-specification jackups. Six of the seven remaining newbuild projects are expected to be delivered from shipyards by the end of 2014, including the jackup Noble Houston Colbert, which was delivered in early-January.

Debt as a percentage of total capitalization at December 31, 2013 was 38.0 percent, up slightly from 37.5 percent at September 30, 2013, while liquidity, defined as cash and cash equivalents plus availability under revolving credit facilities, totaled $1.45 billion compared to $1.77 billion at September 30, 2013.

Operating Highlights
Total contract backlog at December 31, 2013 was approximately $15.4 billion compared to $16.2 billion at September 30, 2013. The decline from the third quarter was due in part to a change in the bonus realization assumptions relating to contracts with Petrobras and Shell. The new bonus assumptions reflect the Company's recent history of bonus realization, more stringent regulatory requirements, especially in the U.S. Gulf of Mexico, and changing customer expectations.

During the fourth quarter of 2013, utilization of the Company's floating rig fleet (semisubmersibles and drillships) was 84 percent compared to 79 percent in the third quarter. Excluding the impact of two cold stacked floaters, utilization in the fourth quarter would have been 91 percent compared to 86 percent in the third quarter. The increase for the quarter primarily relates to the return to service of the semisubmersible Noble Homer Ferrington, which spent the majority of the quarter operating under a short-term contract in the Eastern Mediterranean following an idle period, and the drillship Noble Roger Eason, which in December returned to work offshore Brazil following the completion of a shipyard program. Average daily revenues in the floating rig fleet were $378,400 in the fourth quarter, or an improvement of approximately 3 percent from $369,100 in the third quarter, reflecting the commencement of operations on the ultra-deepwater drillship Noble Bob Douglas and a full quarter of operations on the Noble Don Taylor and the Noble Globetrotter II.

Fourth quarter 2013 utilization of the Company's jackup rig fleet was 86 percent compared to 94 percent in the third quarter. The decrease primarily relates to fewer operating days on the Noble Roy Rhodes, the Noble Roger Lewis, the Noble David Tinsley and the Noble Gene Rosser which is expected to be sold during the first quarter of 2014. The decrease in utilization was partially offset by a 3 percent improvement in average daily revenues during the quarter to $115,700 from $112,400 during the third quarter.

At the end of the fourth quarter of 2013, approximately 73 percent of the Company's available rig operating days were committed for 2014, including 78 percent of the floating rig days and 75 percent of the jackup rig days. For 2015, an estimated 44 percent of the available rig operating days were committed, including 61 percent and 38 percent of the floating and jackup rig days, respectively. The calculations for committed operating days include available days for two floaters and one jackup, all of which are currently cold stacked.

Outlook
Williams closed by stating, "After the very robust pace of offshore activity over the past four years, our industry may be entering a short and arguably useful pause in the cycle. As was the case in 2013, we entered this year with considerable backlog.  That said, although we believe activity in the jackup sector is best defined as a steady state, the reality is that we find ourselves evaluating fewer floating rig contract opportunities today than we did a year ago. We expect to have additional contract opportunities under review as the year progresses, but it is increasingly clear that the first half of 2014 is likely to be characterized by lower rig utilization. The lower utilization is likely to be more pronounced for the floating rigs with limited technical features. Noble's exposure to a weaker floating rig sector is limited in 2014, with only 22 percent of our operating days available."

We are confident about the long-term outlook for offshore drilling and remain committed to a capital allocation strategy that promotes disciplined growth with strong returns and strategic appeal while offering the flexibility to consider other actions that promote enhanced shareholder value. In the ultra-deepwater segment, which represents a growing portion of our revenue, we continue to observe a fundamentally sound business. In the face of generally steady crude oil prices, successful exploration programs with over 240 announced deepwater discoveries since 2008, continued geographic expansion and a building backlog of field development projects, the segment is poised to provide exceptional future growth opportunities. Our transformation to a company with a predominately premium asset fleet positions Noble to successfully address the future opportunities in ultra-deepwater and high-specification jackup drilling applications."

About Noble Corporation
Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 77 offshore drilling units (including two ultra-deepwater drillships and four  high-specification jackup drilling rigs currently under construction), located worldwide, including in the U.S. Gulf of Mexico and Alaska, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India, Malaysia and Australia. Noble's shares are traded on the New York Stock Exchange under the symbol "NE." Noble Corporation plc is a public limited company registered in England and Wales with company number 08354954 and registered office at Devonshire House, 1 Mayfair Place, London, W1J 8AJ England.  Additional information on Noble Corporation is available on the Company's Web site at http://www.noblecorp.com.

Statements regarding contract backlog, earnings, costs, revenue, rig demand, fleet condition or performance, shareholder value, timing of delivery of newbuilds, contract commitments, dayrates, contract commencements, contract extensions or renewals, letters of intent or award, industry fundamentals, customer relationships and requirements, strategic initiatives, future performance, growth opportunities, market outlook, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with operations outside of the U.S., actions by regulatory authorities, customers and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, delays in the construction of newbuilds, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, the future price of oil and gas and other factors detailed in the Company's most recent Form 10-K, Form 10-Q's and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. 

Conference Call
Noble also has scheduled a conference call and webcast related to its fourth quarter and full year 2013 results on Thursday, January 23, 2014, at 8:00 a.m. U.S. Central Standard Time. Interested parties are invited to listen to the call by dialing 1-866-461-7129, or internationally 1-706-679-3084, using access code: 88221538, or by asking for the Noble Corporation conference call. Interested parties may also listen over the Internet through a link posted in the Investor Relations section of the Company's Web site. 

A replay of the conference call will be available on Thursday,  January 23, 2014, beginning at 12:00 p.m. U.S. Central Standard Time, through Thursday, February 6, 2014, ending at 11:00 p.m. U.S. Central Standard Time. The phone number for the conference call replay is 1-855-859-2056 or, for calls from outside of the U.S., 1-404-537-3406, using access code: 88221538.  The replay will also be available on the Company's Web site following the end of the live call.

 

 NOBLE CORPORATION AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF INCOME 

 (In thousands, except per share amounts) 

 (Unaudited) 














Three Months Ended


Twelve Months Ended




December 31,


December 31,




2013


2012


2013


2012

 Operating revenues 










 Contract drilling services 


$   1,124,760


$      921,603


$   4,070,070


$   3,349,362


 Reimbursables 


33,198


21,405


111,874


115,495


 Labor contract drilling services 


9,091


23,352


52,241


81,890


 Other 


-


7


105


265




1,167,049


966,367


4,234,290


3,547,012

 Operating costs and expenses 










 Contract drilling services 


560,259


478,841


2,014,217


1,769,428


 Reimbursables 


24,254


17,478


85,548


94,096


 Labor contract drilling services 


6,879


12,721


36,604


46,752


 Depreciation and amortization 


236,966


208,842


879,422


758,621


 General and administrative 


31,802


24,602


117,997


99,990


 Incremental spin-off related costs 


7,260


5,106


17,702


7,196


 Loss on impairment 


40,103


2,039


43,688


20,384


 Gain on disposal of assets, net 


-


-


(35,646)


-


 Gain on contract settlements/extinguishments, net 


-


-


(46,800)


(33,255)




907,523


749,629


3,112,732


2,763,212











 Operating income 


259,526


216,738


1,121,558


783,800











 Other income (expense) 










 Interest expense, net of amount capitalized 


(31,185)


(28,980)


(106,300)


(85,763)


 Interest income and other, net 


1,167


662


2,754


5,188

 Income before income taxes 


229,508


188,420


1,018,012


703,225


 Income tax provision 


(40,600)


(53,981)


(167,606)


(147,088)

 Net income 


188,908


134,439


850,406


556,137


 Net income attributable to noncontrolling interests 


(14,848)


(6,862)


(67,709)


(33,793)

 Net income attributable to Noble Corporation 


$      174,060


$      127,577


$      782,697


$      522,344











 Net income per share 










 Basic 


$            0.68


$            0.50


$            3.05


$            2.05


 Diluted 


$            0.68


$            0.50


$            3.05


$            2.05

 

 NOBLE CORPORATION AND SUBSIDIARIES 

 CONSOLIDATED BALANCE SHEETS 

 (In thousands) 

 (Unaudited) 










 December 31, 


 December 31, 




2013


2012

 ASSETS 





 Current assets 






 Cash and cash equivalents 


$            114,458


$            282,092


 Accounts receivable 


949,069


743,673


 Prepaid expenses and other current assets 


327,408


279,560

 Total current assets 


1,390,935


1,305,325







 Property and equipment, net 


14,558,090


13,025,972







 Other assets 


268,932


276,477


 Total assets 


$       16,217,957


$       14,607,774







 LIABILITIES AND  EQUITY 





 Current liabilities 






 Accounts payable 


$            347,214


$            350,147


 Accrued payroll and related costs 


151,161


132,728


 Dividend payable 


128,249


66,369


 Other current liabilities 


425,291


362,205

 Total current liabilities 


1,051,915


911,449







 Long-term debt 


5,556,251


4,634,375

 Deferred income taxes 


225,455


226,045

 Other liabilities 


334,308


347,615


 Total liabilities 


7,167,929


6,119,484







 Commitments and contingencies 











 Equity 






 Total shareholders' equity 


8,322,583


7,723,166


 Noncontrolling interests 


727,445


765,124


 Total equity 


9,050,028


8,488,290


 Total liabilities and equity 


$       16,217,957


$       14,607,774

 

 NOBLE CORPORATION AND SUBSIDIARIES 

 CONSOLIDATED STATEMENTS OF CASH FLOWS 

 (In thousands) 

 (Unaudited) 




Twelve Months Ended




December 31,




2013


2012

 Cash flows from operating activities 






 Net income 


$            850,406


$            556,137


 Adjustments to reconcile net income to net cash from operating activities: 





 Depreciation and amortization 


879,422


758,621


 Loss on impairment 


43,688


20,384


 Gain on disposal of assets, net 


(35,646)


-


 Other changes in operating activities 


(35,553)


46,551


 Net cash from operating activities 


1,702,317


1,381,693







 Cash flows from investing activities 






 New construction 


(1,526,523)


(586,746)


 Other capital expenditures 


(845,903)


(947,090)


 Capitalized interest 


(115,094)


(135,975)


 Proceeds from disposal of assets 


61,000


-


 Other investing activities 


(58,587)


(121,077)


 Net cash from investing activities 


(2,485,107)


(1,790,888)







 Cash flows from financing activities 






 Net change in borrowings on bank credit facilities  


1,221,333


(635,192)


 Repayment of long-term debt 


(300,000)


-


 Proceeds from issuance of senior notes, net of debt issuance costs 


-


1,186,636


 Contributions from joint venture partners 


-


40,000


 Dividends paid to joint venture partners 


(105,388)


-


 Dividends/Par value reduction payments to shareholders 


(194,913)


(138,293)


 Other financing activities 


(5,876)


(1,060)


 Net cash from financing activities 


615,156


452,091


 Net change in cash and cash equivalents 


(167,634)


42,896

 Cash and cash equivalents, beginning of period 


282,092


239,196

 Cash and cash equivalents, end of period 


$            114,458


$            282,092

 

 NOBLE CORPORATION AND SUBSIDIARIES 

 FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT 

 (In thousands, except operating statistics) 

 (Unaudited) 






















Three Months Ended December 31,


Three Months Ended September 30,



2013


2012


2013



Contract






Contract






Contract







Drilling






Drilling






Drilling







Services


Other


Total


Services


Other


Total


Services


Other


Total

 Operating revenues 



















 Contract drilling services 


$       1,124,760


$             -


$    1,124,760


$    921,603


$             -


$    921,603


$    1,041,118


$                -


$   1,041,118

 Reimbursables 


31,520


1,678


33,198


21,043


362


21,405


28,840


402


29,242

 Labor contract drilling services 


-


9,091


9,091


-


23,352


23,352


-


8,493


8,493

 Other 


-


-


-


7


-


7


28


-


28



$       1,156,280


$   10,769


$    1,167,049


$    942,653


$   23,714


$    966,367


$    1,069,986


$       8,895


$   1,078,881




















 Operating costs and expenses 



















 Contract drilling services 


$          560,259


$             -


$       560,259


$    478,841


$             -


$    478,841


$       485,861


$              -


$      485,861

 Reimbursables 


23,329


925


24,254


17,127


351


17,478


23,281


390


23,671

 Labor contract drilling services 


-


6,879


6,879


-


12,721


12,721


-


8,127


8,127

 Depreciation and amortization 


233,730


3,236


236,966


205,329


3,513


208,842


219,695


4,016


223,711

 General and administrative 


31,553


249


31,802


24,060


542


24,602


33,346


430


33,776

 Incremental spin-off related costs  


7,201


59


7,260


5,002


104


5,106


2,388


27


2,415

 Loss on impairment 


40,103


-


40,103


-


2,039


2,039


3,585


-


3,585

 Gain on disposal of assets, net 


-


-


-


-


-


-


(35,646)


-


(35,646)

 Gain on contract settlements/extinguishments, net 


-


-


-


-


-


-


(45,000)


-


(45,000)



$          896,175


$   11,348


$       907,523


$    730,359


$   19,270


$    749,629


$       687,510


$     12,990


$      700,500




















 Operating income 


$          260,105


$       (579)


$       259,526


$    212,294


$     4,444


$    216,738


$       382,476


$     (4,095)


$      378,381




















 Operating statistics 



















 Jackups: 



















 Average Rig Utilization 


86%






89%






94%





 Operating Days 


3,360






3,520






3,635





 Average Dayrate 


$          115,749






$    100,356






$       112,414
























 Semisubmersibles: 



















 Average Rig Utilization 


84%






85%






79%





 Operating Days 


1,076






1,096






1,012





 Average Dayrate 


$          402,358






$    360,226






$       380,048
























 Drillships: 



















 Average Rig Utilization 


85%






82%






79%





 Operating Days 


869






679






702





 Average Dayrate 


$          348,702






$    255,667






$       353,278
























 FPSO/Submersibles: 



















 Average Rig Utilization 


0%






0%






0%





 Operating Days 


-






-






-





 Average Dayrate 


$                      -






$               -






$                   -
























 Total: 



















 Average Rig Utilization 


82%






83%






85%





 Operating Days 


5,305






5,295






5,349





 Average Dayrate 


$          212,019






$    174,065






$       194,645





 

 NOBLE CORPORATION AND SUBSIDIARIES 

 CALCULATION OF BASIC AND DILUTED NET INCOME PER SHARE 

 (In thousands, except per share amounts) 

 (Unaudited) 










 The following table sets forth the computation of basic and diluted net income per share: 
















 Three months ended 


 Twelve months ended 



December 31,


December 31,



2013


2012


2013


2012

 Basic 









 Net income attributable to Noble Corporation 


$    174,060


$    127,577


$    782,697


$    522,344

 Earnings allocated to unvested share-based payment awards 


(2,077)


(1,301)


(9,271)


(5,309)

 Net income to common shareholders - basic 


$    171,983


$    126,276


$    773,426


$    517,035










 Diluted 









 Net income attributable to Noble Corporation 


$    174,060


$    127,577


$    782,697


$    522,344

 Earnings allocated to unvested share-based payment awards 


(2,075)


(1,300)


(9,261)


(5,302)

 Net income to common shareholders - diluted 


$    171,985


$    126,277


$    773,436


$    517,042










 Weighted average number of  shares outstanding - basic 


253,423


252,722


253,288


252,435

 Incremental shares issuable from assumed exercise of stock options 


238


253


259


356

 Weighted average number of  shares outstanding - diluted 


253,661


252,975


253,547


252,791










 Weighted average unvested share-based payment awards 


3,061


2,604


3,036


2,592










 Earnings per share 









 Basic 


$          0.68


$          0.50


$          3.05


$          2.05

 Diluted 


$          0.68


$          0.50


$          3.05


$          2.05

SOURCE Noble Corporation

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Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.