NOBLE NET LOSS $628 MLN

NOBLE - Noble Corporation plc (NYSE: NE, the Company) today reported a net loss attributable to the Company for the three months ended June 30, 2018 of $628 million, or $2.55 per diluted share, on revenues of $258 million. The results included a non-cash charge totaling $793 million, or $2.06 per diluted share, ($507 million, net of tax and noncontrolling interests) relating to the impairment of three rigs and certain capital spares. Excluding the non-cash charge, the Company's net loss attributable to Noble Corporation for the three months ended June 30, 2018 would have been $121 million, or $0.49 per diluted share.

During the second quarter, the Company conducted a review of its fleet. The review included an assessment of certain assumptions, including future marketability of each unit in light of its current technical specifications. Following this review, the Company recognized partial impairments on the drillship Noble Bully I and semisubmersible Noble Paul Romano, while the semisubmersible Noble Dave Beard was fully impaired. The Noble Dave Beard has been retired from service, along with the semisubmersible Noble Amos Runner and the standard duty jackup Noble Alan Hay, which were previously fully impaired. Following these three retirements and the divestiture in May of the standard duty jackup Noble David Tinsley, the Company's fleet is now comprised of 24 rigs, including 12 floating and 12 jackup units.

Julie J. Robertson, Chairman, President and Chief Executive Officer of Noble Corporation plc, stated, "Jackup fleet utilization grew to 70 percent in the quarter, well above the cyclical low experienced in the first quarter. We have seen a noticeable increase in jackup demand, particularly among customers in the North Sea and Middle East regions. Following several recent awards, all 10 of our high-specification jackups are now contracted, with no availability before late-2018."

Contract drilling services revenues improved eight percent in the second quarter of 2018 to $248 million compared to revenues of $229 million in the first quarter of the year. The improvement was due largely to a 17 percent increase in total fleet operating days. The growth in fleet operating days improved total utilization in the second quarter to 54 percent, up from a cyclical low of 47 percent in the preceding quarter.

Contract drilling services costs in the second quarter were $151 million compared to $137 million in the preceding quarter, with the increase due primarily to the growth in fleet operating days and costs associated with rig reactivation projects, specifically the Noble Clyde Boudreaux and Noble Tom Madden. These items were partially offset by lower costs resulting from fleet retirements.

Fleet Overview

Utilization of the Company's floating rigs in the second quarter was 39 percent compared to 37 percent in the preceding quarter of the year. The improvement was due largely to modestly better utilization in the Company's drillship fleet, aided by a full quarter of operations for the Noble Bob Douglas offshore Guyana and partially offset by fewer operating days for the semisubmersible Noble Paul Romano following the completion of a contract in mid-May in the U.S. Gulf of Mexico. Average daily revenues improved to $268,600 in the second quarter compared to $259,300 in the previous quarter, due largely to increased revenues for the Noble Globetrotter I following the relocation of the rig to Egypt, and a dayrate adjustment on the Noble Bully II. Following the close of the second quarter, the drillship Noble Tom Madden was awarded a contract for work offshore Guyana, which includes two firm wells, plus three optional wells. Reactivation of the rig from its warm stacked status has begun, with the contract expected to commence in October 2018.

Utilization of the Company's jackup fleet improved to 70 percent in the second quarter compared to 56 percent in the preceding quarter of the year. A 23 percent rise in operating days was driven primarily by higher activity for the Noble Hans Deul, Noble Houston Colbert, Noble Tom Prosser and Noble Mick O'Brien. Also, utilization was further aided by the divestiture in May of the Noble David Tinsley. Average daily revenues were $130,300 in the second quarter compared to $153,700 in the preceding quarter. The decline was due in part to a reduction in demobilization revenues on the Noble Sam Hartley and downtime on the Noble Joe Beall, partially offset by the commencement of operations on the Noble Tom Prosser. Since the close of the second quarter, the Company secured a nine-month contract for the Noble Sam Hartley and an 18-month extension for the Noble Sam Turner. The contract and extension cover drilling assignments offshore the UK-sector of the North Sea.

At June 30, 2018, the Company's contract backlog totaled $2.6 billion, including $1.6 billion attributable to the floating fleet and $1.0 billion to the jackup fleet. Approximately 58 percent of the available rig operating days remaining in 2018 were committed to contracts, including 42 percent of the floating fleet and 76 percent of the jackup fleet. The total backlog and estimate of committed days exclude the previously noted contracts and extension that occurred after the close of the second quarter.

Liquidity Position

Noble concluded the second quarter of 2018 with a total liquidity position of $2.2 billion, comprised of cash and equivalents of $411 million and availability under revolving credit facilities of $1.8 billion.

Capital expenditures for the second quarter totaled $47 million, of which $20 million was devoted to fleet maintenance and $27 million to projects and other expenditures. The projects included further progress on the Noble Clyde Boudreaux reactivation and upgrade program, which was completed in late-July. The rig is now expected to commence an estimated 220-day primary term contract offshore Myanmar by the end of August 2018. For the six months ended June 30, 2018, capital expenditures were $84 million, and the Company's expectation for full-year 2018 total capital expenditures of $150 million is unchanged.

Outlook

In closing, Ms. Robertson noted, "The offshore drilling industry is benefitting from certain dynamics that have traditionally supported an increase in customer spending. These include higher, sustained crude oil prices which lead to increased project sanctioning, geologic success, and greater access to promising basins. With these dynamics in place, expanding contract opportunities should be increasingly evident in our industry."

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Earlier:

2018, January, 31, 10:35:00 NOBLE SELLS TAMAR REUTERS -The deal follows an initial sale by Noble of 3.5 percent of the Tamar field in mid-2016. Combined proceeds from both deals amount to nearly $1.25 billion, of which almost $1 billion will be in cash, Noble said.

2016, May, 5, 18:20:00 NOBLE NET LOSS $287 MLN David L. Stover, Noble Energy's Chairman, President and CEO, commented, "We are off to a solid start this year and have made substantial progress on our goals for 2016. Our high-quality and diverse portfolio is delivering strong results, giving us the confidence to lower our full year capital and cost outlook while raising volumes substantially. We have aligned our business within cash flows and are continuing to protect our investment-grade balance sheet. Significant capital efficiency gains and outstanding operating performance, combined with robust liquidity, position us well in any price scenario."

2015, August, 4, 18:35:00 NOBLE ENERGY LOSS $ 131 MLN Noble Energy, Inc. (NYSE:NBL) announced today a second quarter 2015 net loss of $109 million, or $0.28 per diluted share. Excluding the impact of certain items which would typically not be considered by analysts in published earnings estimates, second quarter 2015 adjusted income was $101 million, or $0.26 per diluted share. Discretionary cash flow was $461 million and net cash provided by operating activities was $424 million. Capital expenditures for the second quarter of 2015 totaled $799 million.

2014, August, 7, 17:45:00 NOBLE GROUP: 2Q REVENUE: + $935 MLN Noble Says Second-Quarter Profit Gains 5% on Bigger Volumes

2014, May, 16, 19:30:00 LIFT NOBLE Soaring gas and power prices lift Noble