NOBLE FINANCE CO, 10-K filed on 3/9/2023
Annual Report
v3.22.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2022
Mar. 06, 2023
Jun. 30, 2022
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 1.1
Entity Common Stock, Shares Outstanding   134,820,112  
Documents Incorporated by Reference Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K will be incorporated by reference from the proxy statement for the 2023 Annual Meeting of Stockholders of Noble Corporation plc to be filed with the Securities and Exchange Commission. This Form 10-K is a combined annual report being filed separately by two registrants: Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and its wholly-owned subsidiary, Noble Finance Company, a Cayman Islands company.    
Entity Central Index Key 0001895262    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
Noble Finance Company      
Entity Information [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status No    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   261,246,093  
Entity Central Index Key 0001169055    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Auditor [Line Items]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Houston, Texas
Auditor Firm ID 238
Noble Finance Company  
Auditor [Line Items]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Houston, Texas
Auditor Firm ID 238
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2019
Current assets          
Cash and cash equivalents $ 476,206 $ 194,138 $ 111,968    
Accounts receivable, net 468,802 200,419 189,207    
Taxes receivable 34,087 16,063 32,556    
Prepaid expenses and other current assets 72,695 45,026 32,681    
Total current assets 1,051,790 455,646 366,412    
Intangible assets 34,372 61,849 113,389    
Property and equipment, at cost 4,163,205 1,555,975 1,155,725    
Accumulated depreciation (181,904) (77,275) 0    
Property and equipment, net 3,981,301 1,478,700 1,155,725    
Other assets 141,385 77,247 70,420    
Goodwill 26,016 0      
Total assets 5,234,864 2,073,442 1,705,946    
Current liabilities          
Current maturities of long-term debt 159,715 0      
Accounts payable 290,690 120,389 81,949    
Accrued payroll and related costs 76,185 48,346 35,615    
Taxes payable 56,986 28,735 34,211    
Interest payable 9,509 9,788      
Other current liabilities 74,013 41,136 33,635    
Total current liabilities 667,098 248,394 185,410    
Long-term debt 513,055 216,000 393,500    
Deferred income taxes 9,335 13,195 21,525    
Noncurrent contract liabilities 181,883 0      
Other liabilities 256,408 95,226 86,743    
Total liabilities 1,627,779 572,815 687,178    
Commitments and contingencies (Note 18)      
Shareholders' equity          
Common stock 1 1 1    
Additional paid-in capital 3,347,507 1,393,255 1,018,767    
Retained earnings 255,930 101,982 0    
Accumulated other comprehensive income 3,647 5,389 0    
Total shareholders' equity 3,607,085 1,500,627 1,018,768 $ (311,388) $ 3,658,972
Total liabilities and equity $ 5,234,864 $ 2,073,442 $ 1,705,946    
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Dec. 31, 2022
Oct. 03, 2022
Sep. 30, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]        
Common stock, par value (usd per share) $ 0.00001 $ 0.00001   $ 0.00001
Ordinary shares, shares outstanding (in shares) 134,681   70,400 60,172
v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Operating revenues        
Operating revenues $ 77,481,000 $ 770,325,000 $ 1,413,847,000 $ 964,272,000
Operating costs and expenses        
Depreciation and amortization 20,622,000 89,535,000 146,879,000 374,129,000
General and administrative 5,727,000 62,476,000 82,177,000 121,196,000
Merger and integration costs 0 24,792,000 84,668,000 0
Gain on sale of operating assets, net 0 (185,934,000) (90,230,000) 0
Hurricane losses and (recoveries), net 0 23,350,000 60,000 0
Prepetition and restructuring costs 0 0 0 14,409,000
Loss on impairment 0 0 0 3,915,408,000
Total operating costs and expenses 76,051,000 709,493,000 1,185,077,000 5,040,817,000
Operating income (loss) 1,430,000 60,832,000 228,770,000 (4,076,545,000)
Other income (expense)        
Interest expense, net of amount capitalized (229,000) (31,735,000) (42,722,000) (164,653,000)
Gain (loss) on extinguishment of debt, net 0 0 (8,912,000) 17,254,000
Interest income and other, net 399,000 10,945,000 14,365,000 9,012,000
Bargain purchase gain 0 62,305,000 0 0
Reorganization items, net 252,051,000 0 0 (23,930,000)
Income (loss) before income taxes 253,651,000 102,347,000 191,501,000 (4,238,862,000)
Income tax benefit (provision) (3,423,000) (365,000) (22,553,000) 260,403,000
Net income (loss) $ 250,228,000 $ 101,982,000 $ 168,948,000 $ (3,978,459,000)
Basic earnings (loss) per share (usd per share) $ 1.00 $ 1.61 $ 1.99 $ (15.86)
Diluted earnings (loss) per share (usd per share) $ 0.98 $ 1.51 $ 1.73 $ (15.86)
Weighted- Average Shares Outstanding        
Basic (in shares) 251,115 63,186 85,055 250,792
Diluted (in shares) 256,571 67,628 97,607 250,792
Contract drilling services        
Operating revenues        
Operating revenues $ 74,051,000 $ 708,131,000 $ 1,332,841,000 $ 909,236,000
Operating costs and expenses        
Cost of services 46,965,000 639,442,000 897,096,000 567,487,000
Reimbursables and other        
Operating revenues        
Operating revenues 3,430,000 62,194,000 81,006,000 55,036,000
Operating costs and expenses        
Cost of services $ 2,737,000 $ 55,832,000 $ 64,427,000 $ 48,188,000
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 250,228 $ 101,982 $ 168,948 $ (3,978,459)
Other comprehensive income (loss)        
Foreign currency translation adjustments (116) 0 0 (521)
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision (benefit) of $(928), $1,476, $59, $78 for the year ended December 31, 2022, period from February 6 through December 31, 2021, period from January 1 through February 5, 2021, and the year ended December 31, 2020, respectively 224 5,389 (1,742) 898
Other comprehensive income (loss), net 108 5,389 (1,742) 377
Comprehensive income (loss) $ 250,336 $ 107,371 $ 167,206 $ (3,978,082)
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]        
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, tax provision (benefit) $ 59 $ 1,476 $ (928) $ 78
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Cash flows from operating activities        
Net income (loss) $ 250,228,000 $ 101,982,000 $ 168,948,000 $ (3,978,459,000)
Adjustments to reconcile net loss to net cash flow from operating activities:        
Depreciation and amortization 20,622,000 89,535,000 146,879,000 374,129,000
Loss on impairment 0 0 0 3,915,408,000
Amortization of intangible assets and contract liabilities, net 0 51,540,000 (5,352,000) 0
(Gain) loss on extinguishment of debt, net 0 0 8,912,000 (17,254,000)
Gain on sale of operating assets, net 0 (185,934,000) (90,230,000) 0
Gain on bargain purchase 0 (62,305,000) 0 0
Reorganization items, net (280,790,000) 0 0 (17,366,000)
Deferred income taxes 2,501,000 (34,264,000) (25,628,000) (26,325,000)
Amortization of share-based compensation 710,000 16,510,000 35,251,000 9,169,000
Other costs, net (10,754,000) 1,146,000 (323,000) (61,550,000)
Changes in components of working capital        
Change in taxes receivable (1,789,000) 27,847,000 23,344,000 29,880,000
Net changes in other operating assets and liabilities (26,176,000) 45,559,000 19,184,000 45,565,000
Net cash provided by (used in) operating activities (45,448,000) 51,616,000 280,985,000 273,197,000
Cash flows from investing activities        
Capital expenditures (14,629,000) (154,411,000) (174,319,000) (148,886,000)
Cash acquired in stock-based business combinations, net 0 54,970,000 166,607,000 0
Proceeds from disposal of assets, net 194,000 307,324,000 381,026,000 27,366,000
Other investing activities 0 0 2,458,000 0
Net cash provided by (used in) investing activities (14,435,000) 207,883,000 375,772,000 (121,520,000)
Cash flows from financing activities        
Issuance of debt 200,000,000 0 350,000,000 0
Borrowings on credit facilities 177,500,000 40,000,000 220,000,000 210,000,000
Repayments of credit facilities (545,000,000) (217,500,000) (220,000,000) 0
Repayments of debt 0 0 (627,323,000) (101,132,000)
Compulsory purchase payment 0 0 (69,924,000) 0
Debt issuance costs (23,664,000) 0 (641,000) 0
Warrants exercised 0 730,000 1,004,000 0
Share Repurchases 0 0 (15,000,000) 0
Cash paid to settle equity awards 0 0 0 (1,010,000)
Taxes withheld on employee stock transactions (1,000) 0 (5,888,000) (418,000)
Net cash provided by (used in) financing activities (191,165,000) (176,770,000) (367,772,000) 107,440,000
Net increase (decrease) in cash, cash equivalents and restricted cash (251,048,000) 82,729,000 288,985,000 259,117,000
Cash, cash equivalents and restricted cash, beginning of period 365,041,000 113,993,000 196,722,000 105,924,000
Cash, cash equivalents and restricted cash, end of period $ 113,993,000 $ 196,722,000 $ 485,707,000 $ 365,041,000
v3.22.4
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, 2019   249,200      
Beginning balance at Dec. 31, 2019 $ 3,658,972 $ 2,492 $ 807,093 $ 2,907,776 $ (58,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Amortization of share-based compensation 8,159   8,159    
Issuance of share-based compensation shares (in shares)   1,884      
Issuance of share-based compensation shares 0 $ 19 (19)    
Shares withheld for taxes on equity transactions (437)   (437)    
Net income (loss) (3,978,459)     (3,978,459)  
Other comprehensive income (loss), net 377       377
Ending balance (in shares) at Dec. 31, 2020   251,084      
Ending balance at Dec. 31, 2020 (311,388) $ 2,511 814,796 (1,070,683) (58,012)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Amortization of share-based compensation 16,096   16,096    
Exchange of common stock for penny warrants (in shares)   (6,463)      
Warrant exercises (in shares)   35      
Warrant exercises 730   730    
Issuance of common stock (in shares)   16,600      
Issuance of common stock 357,662   357,662    
Net income (loss) 101,982     101,982  
Other comprehensive income (loss), net $ 5,389       5,389
Ending balance (in shares) at Dec. 31, 2021 60,172 60,172      
Ending balance at Dec. 31, 2021 $ 1,500,627 $ 1 1,393,255 101,982 5,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Amortization of share-based compensation 35,252   35,252    
Issuance of share-based compensation shares (in shares)   834      
Shares withheld for taxes on equity transactions (5,888)   (5,888)    
Warrant exercises (in shares)   9,827      
Warrant exercises 1,004   1,004    
Share Repurchases (in shares)   (407)      
Share Repurchases (15,000)     (15,000)  
Issuance of common stock (in shares)   60,107      
Issuance of common stock 1,800,130   1,800,130    
Settlement of Compulsory Purchase Interest (in shares)   4,148      
Settlement of Compulsory Purchase Interest 123,754   123,754    
Net income (loss) 168,948     168,948  
Other comprehensive income (loss), net $ (1,742)       (1,742)
Ending balance (in shares) at Dec. 31, 2022 134,681 134,681      
Ending balance at Dec. 31, 2022 $ 3,607,085 $ 1 $ 3,347,507 $ 255,930 $ 3,647
v3.22.4
CONSOLIDATED BALANCE SHEETS - Finco - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 476,206 $ 194,138
Accounts receivable, net 468,802 200,419
Taxes receivable 34,087 16,063
Prepaid expenses and other current assets 72,695 45,026
Total current assets 1,051,790 455,646
Intangible assets 34,372 61,849
Property and equipment, at cost 4,163,205 1,555,975
Accumulated depreciation (181,904) (77,275)
Property and equipment, net 3,981,301 1,478,700
Other assets 141,385 77,247
Goodwill 26,016 0
Total assets 5,234,864 2,073,442
Current liabilities    
Current maturities of long-term debt 159,715 0
Accounts payable 290,690 120,389
Accrued payroll and related costs 76,185 48,346
Taxes payable 56,986 28,735
Interest payable 9,509 9,788
Other current liabilities 74,013 41,136
Total current liabilities 667,098 248,394
Long-term debt 513,055 216,000
Deferred income taxes 9,335 13,195
Noncurrent contract liabilities 181,883 0
Other liabilities 256,408 95,226
Total liabilities 1,627,779 572,815
Commitments and contingencies (Note 18)
Shareholders' equity    
Common stock 1 1
Additional paid-in capital 3,347,507 1,393,255
Retained earnings 255,930 101,982
Accumulated other comprehensive income 3,647 5,389
Total shareholders' equity 3,607,085 1,500,627
Total liabilities and equity 5,234,864 2,073,442
Noble Finance Company    
Current assets    
Cash and cash equivalents 467,209 192,636
Accounts receivable, net 462,126 200,419
Taxes receivable 34,087 16,063
Prepaid expenses and other current assets 65,728 36,545
Total current assets 1,029,150 445,663
Intangible assets 34,372 61,849
Property and equipment, at cost 4,163,205 1,555,975
Accumulated depreciation (181,904) (77,275)
Property and equipment, net 3,981,301 1,478,700
Other assets 141,385 77,247
Goodwill 26,016 0
Total assets 5,212,224 2,063,459
Current liabilities    
Current maturities of long-term debt 159,715 0
Accounts payable 284,710 116,030
Accrued payroll and related costs 76,185 48,346
Taxes payable 56,986 28,735
Interest payable 9,509 9,788
Other current liabilities 73,989 40,949
Total current liabilities 661,094 243,848
Long-term debt 513,055 216,000
Deferred income taxes 9,335 13,195
Noncurrent contract liabilities 181,883 0
Other liabilities 256,408 94,998
Total liabilities 1,621,775 568,041
Commitments and contingencies (Note 18)
Shareholders' equity    
Common stock 26,125 26,125
Additional paid-in capital 3,408,582 1,393,410
Retained earnings 152,095 70,494
Accumulated other comprehensive income 3,647 5,389
Total shareholders' equity 3,590,449 1,495,418
Total liabilities and equity $ 5,212,224 $ 2,063,459
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - Finco - $ / shares
shares in Thousands
Dec. 31, 2022
Oct. 03, 2022
Sep. 30, 2022
Dec. 31, 2021
Common stock, par value (usd per share) $ 0.00001 $ 0.00001   $ 0.00001
Ordinary shares, shares outstanding (in shares) 134,681   70,400 60,172
Noble Finance Company        
Common stock, par value (usd per share) $ 0.10     $ 0.10
Ordinary shares, shares outstanding (in shares) 261,246     261,246
v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - Finco - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Operating revenues        
Operating revenues $ 77,481,000 $ 770,325,000 $ 1,413,847,000 $ 964,272,000
Operating costs and expenses        
Depreciation and amortization 20,622,000 89,535,000 146,879,000 374,129,000
General and administrative 5,727,000 62,476,000 82,177,000 121,196,000
Acquisition related costs 0 24,792,000 84,668,000 0
Gain on sale of operating assets, net 0 (185,934,000) (90,230,000) 0
Hurricane losses and (recoveries), net 0 23,350,000 60,000 0
Loss on impairment 0 0 0 3,915,408,000
Total operating costs and expenses 76,051,000 709,493,000 1,185,077,000 5,040,817,000
Operating income (loss) 1,430,000 60,832,000 228,770,000 (4,076,545,000)
Other income (expense)        
Interest expense, net of amount capitalized (229,000) (31,735,000) (42,722,000) (164,653,000)
Gain (loss) on extinguishment of debt, net 0 0 (8,912,000) 17,254,000
Interest income and other, net 399,000 10,945,000 14,365,000 9,012,000
Reorganization items, net 252,051,000 0 0 (23,930,000)
Income (loss) before income taxes 253,651,000 102,347,000 191,501,000 (4,238,862,000)
Income tax benefit (provision) (3,423,000) (365,000) (22,553,000) 260,403,000
Net income (loss) 250,228,000 101,982,000 168,948,000 (3,978,459,000)
Noble Finance Company        
Operating revenues        
Operating revenues 77,481,000 770,325,000 1,407,269,000 964,272,000
Operating costs and expenses        
Depreciation and amortization 20,631,000 89,503,000 146,696,000 372,560,000
General and administrative 5,729,000 35,300,000 58,956,000 37,798,000
Acquisition related costs 0 8,289,000 34,120,000 0
Gain on sale of operating assets, net 0 (187,493,000) (90,230,000) 0
Hurricane losses and (recoveries), net 0 23,350,000 60,000 0
Loss on impairment 0 0 0 3,915,408,000
Total operating costs and expenses 75,800,000 661,785,000 1,102,894,000 4,940,185,000
Operating income (loss) 1,681,000 108,540,000 304,375,000 (3,975,913,000)
Other income (expense)        
Interest expense, net of amount capitalized (229,000) (31,735,000) (42,722,000) (164,653,000)
Gain (loss) on extinguishment of debt, net 0 0 (8,912,000) 17,254,000
Interest income and other, net 400,000 10,945,000 2,825,000 9,014,000
Other, net 0 0 10,944,000 0
Reorganization items, net 195,395,000 0 0 (50,778,000)
Income (loss) before income taxes 197,247,000 87,750,000 266,510,000 (4,165,076,000)
Income tax benefit (provision) (3,422,000) (365,000) (22,553,000) 260,403,000
Net income (loss) 193,825,000 87,385,000 243,957,000 (3,904,673,000)
Contract drilling services        
Operating revenues        
Operating revenues 74,051,000 708,131,000 1,332,841,000 909,236,000
Operating costs and expenses        
Cost of services 46,965,000 639,442,000 897,096,000 567,487,000
Contract drilling services | Noble Finance Company        
Operating revenues        
Operating revenues 74,051,000 708,131,000 1,332,841,000 909,236,000
Operating costs and expenses        
Cost of services 46,703,000 637,004,000 894,574,000 566,231,000
Reimbursables and other        
Operating revenues        
Operating revenues 3,430,000 62,194,000 81,006,000 55,036,000
Operating costs and expenses        
Cost of services 2,737,000 55,832,000 64,427,000 48,188,000
Reimbursables and other | Noble Finance Company        
Operating revenues        
Operating revenues 3,430,000 62,194,000 74,428,000 55,036,000
Operating costs and expenses        
Cost of services $ 2,737,000 $ 55,832,000 $ 58,718,000 $ 48,188,000
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - Finco - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Net income (loss) $ 250,228 $ 101,982 $ 168,948 $ (3,978,459)
Other comprehensive income (loss)        
Foreign currency translation adjustments (116) 0 0 (521)
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision (benefit) of $(928), $1,476, $59, $78 for the year ended December 31, 2022, period from February 6 through December 31, 2021, period from January 1 through February 5, 2021, and the year ended December 31, 2020, respectively 224 5,389 (1,742) 898
Other comprehensive income (loss), net 108 5,389 (1,742) 377
Comprehensive income (loss) 250,336 107,371 167,206 (3,978,082)
Noble Finance Company        
Net income (loss) 193,825 87,385 243,957 (3,904,673)
Other comprehensive income (loss)        
Foreign currency translation adjustments (116) 0 0 (521)
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of tax provision (benefit) of $(928), $1,476, $59, $78 for the year ended December 31, 2022, period from February 6 through December 31, 2021, period from January 1 through February 5, 2021, and the year ended December 31, 2020, respectively 224 5,389 (1,742) 898
Other comprehensive income (loss), net 108 5,389 (1,742) 377
Comprehensive income (loss) $ 193,933 $ 92,774 $ 242,215 $ (3,904,296)
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - Finco - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, tax provision (benefit) $ 59 $ 1,476 $ (928) $ 78
Noble Finance Company        
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, tax provision (benefit) $ 59 $ 1,476 $ (928) $ 78
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - Finco - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities          
Net income (loss) $ 250,228,000 $ 101,982,000 $ 168,948,000   $ (3,978,459,000)
Adjustments to reconcile net loss to net cash flow from operating activities:          
Depreciation and amortization 20,622,000 89,535,000 146,879,000   374,129,000
Loss on impairment 0 0 0 $ 0 3,915,408,000
(Gain) loss on extinguishment of debt, net 0 0 8,912,000   (17,254,000)
Gain on sale of operating assets, net 0 (185,934,000) (90,230,000)   0
Reorganization items, net (280,790,000) 0 0   (17,366,000)
Deferred income taxes 2,501,000 (34,264,000) (25,628,000)   (26,325,000)
Amortization of share-based compensation 710,000 16,510,000 35,251,000   9,169,000
Other costs, net (10,754,000) 1,146,000 (323,000)   (61,550,000)
Changes in components of working capital          
Change in taxes receivable (1,789,000) 27,847,000 23,344,000   29,880,000
Net changes in other operating assets and liabilities (26,176,000) 45,559,000 19,184,000   45,565,000
Net cash provided by (used in) operating activities (45,448,000) 51,616,000 280,985,000   273,197,000
Cash flows from investing activities          
Capital expenditures (14,629,000) (154,411,000) (174,319,000)   (148,886,000)
Proceeds from disposal of assets 194,000 307,324,000 381,026,000   27,366,000
Other investing activities 0 0 2,458,000   0
Net cash provided by (used in) investing activities (14,435,000) 207,883,000 375,772,000   (121,520,000)
Cash flows from financing activities          
Issuance of debt 200,000,000 0 350,000,000   0
Borrowings on credit facilities 177,500,000 40,000,000 220,000,000   210,000,000
Repayments of credit facilities (545,000,000) (217,500,000) (220,000,000)   0
Repayments of debt 0 0 (627,323,000)   (101,132,000)
Debt issuance costs (23,664,000) 0 (641,000)   0
Net cash provided by (used in) financing activities (191,165,000) (176,770,000) (367,772,000)   107,440,000
Net increase (decrease) in cash, cash equivalents and restricted cash (251,048,000) 82,729,000 288,985,000   259,117,000
Cash, cash equivalents and restricted cash, beginning of period 365,041,000 113,993,000 196,722,000 365,041,000 105,924,000
Cash, cash equivalents and restricted cash, end of period 113,993,000 196,722,000 485,707,000 196,722,000 365,041,000
Noble Finance Company          
Cash flows from operating activities          
Net income (loss) 193,825,000 87,385,000 243,957,000   (3,904,673,000)
Adjustments to reconcile net loss to net cash flow from operating activities:          
Depreciation and amortization 20,631,000 89,503,000 146,696,000   372,560,000
Loss on impairment 0 0 0   3,915,408,000
Amortization of intangible assets and contract liabilities, net 0 51,540,000 (5,352,000)   0
(Gain) loss on extinguishment of debt, net 0 0 8,912,000   (17,254,000)
Gain on sale of operating assets, net 0 (187,493,000) (90,230,000)   0
Reorganization items, net (203,490,000) 0 0   44,134,000
Deferred income taxes 2,501,000 (34,264,000) (25,628,000)   (26,325,000)
Amortization of share-based compensation 710,000 16,510,000 35,251,000   9,169,000
Other costs, net (3,054,000) 1,146,000 (323,000)   (115,550,000)
Changes in components of working capital          
Change in taxes receivable (1,789,000) 27,847,000 23,344,000   29,880,000
Net changes in other operating assets and liabilities (21,808,000) 46,680,000 23,299,000   20,714,000
Net cash provided by (used in) operating activities (12,474,000) 98,854,000 359,926,000   328,063,000
Cash flows from investing activities          
Capital expenditures (14,629,000) (154,411,000) (174,319,000)   (148,886,000)
Proceeds from disposal of assets 194,000 308,883,000 381,026,000   27,366,000
Other investing activities 2,458,000  
Net cash provided by (used in) investing activities (14,435,000) 154,472,000 209,165,000   (121,520,000)
Cash flows from financing activities          
Issuance of debt 200,000,000 0 350,000,000   0
Borrowings on credit facilities 177,500,000 40,000,000 220,000,000   210,000,000
Repayments of credit facilities (545,000,000) (217,500,000) (220,000,000)   0
Repayments of debt 0 0 (627,323,000)   (101,132,000)
Debt issuance costs (10,139,000) 0 (641,000)   0
Cash contributed by parent in connection with business combinations, net 0 54,970,000 167,493,000   0
Distributions to parent company, net (26,503,000) (49,569,000) (177,130,000)   (76,245,000)
Net cash provided by (used in) financing activities (204,142,000) (172,099,000) (287,601,000)   32,623,000
Net increase (decrease) in cash, cash equivalents and restricted cash (231,051,000) 81,227,000 281,490,000   239,166,000
Cash, cash equivalents and restricted cash, beginning of period 345,044,000 113,993,000 195,220,000 345,044,000 105,878,000
Cash, cash equivalents and restricted cash, end of period $ 113,993,000 $ 195,220,000 $ 476,710,000 $ 195,220,000 $ 345,044,000
v3.22.4
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, 2019   249,200         261,246      
Beginning balance at Dec. 31, 2019 $ 3,658,972 $ 2,492 $ 807,093 $ 2,907,776 $ (58,389) $ 3,757,980 $ 26,125 $ 757,545 $ 3,032,699 $ (58,389)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Distributions to parent company, net           (76,245)     (76,245)  
Capital contribution by parent - share-based compensation           9,169   9,169    
Net income (loss) (3,978,459)     (3,978,459)   (3,904,673)     (3,904,673)  
Other comprehensive income (loss), net 377       377 377       377
Ending balance (in shares) at Dec. 31, 2020   251,084         261,246      
Ending 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]                    
Distributions to parent company, net           (49,569)   (32,678) (16,891)  
Capital contribution by parent - share-based compensation           16,096   16,096    
Capital contribution by parent, acquisition           419,967   419,967    
Net income (loss) 101,982     101,982   87,385     87,385  
Other comprehensive income (loss), net $ 5,389       5,389 $ 5,389       5,389
Ending balance (in shares) at Dec. 31, 2021 60,172 60,172       261,246 261,246      
Ending 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           (177,130)   (14,774) (162,356)  
Capital contribution by parent - share-based compensation           35,251   35,251    
Capital contribution by parent, acquisition           1,994,695   1,994,695    
Net income (loss) 168,948     168,948   243,957     243,957  
Other comprehensive income (loss), net $ (1,742)       (1,742) $ (1,742)       (1,742)
Ending balance (in shares) at Dec. 31, 2022 134,681 134,681       261,246 261,246      
Ending balance at Dec. 31, 2022 $ 3,607,085 $ 1 $ 3,347,507 $ 255,930 $ 3,647 $ 3,590,449 $ 26,125 $ 3,408,582 $ 152,095 $ 3,647
v3.22.4
Organization and Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Significant Accounting Policies
Note 1— Organization and Significant Accounting Policies
Noble Corporation plc, (formerly known as Noble Finco Limited), a public limited company incorporated 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 December 31, 2022, our fleet of 32 drilling rigs consisted of 19 floaters and 13 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 redeemed 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 did not make an election, only cash), under Danish law by way of a compulsory purchase (the “Compulsory Purchase”), which was completed in early November 2022. Upon completion of the Compulsory Purchase Maersk Drilling became a wholly owned subsidiary of Noble. The Merger is accounted for as a business combination in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), where Noble is the accounting acquirer.
See “Note 4— 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 Annual Report on Form 10-K 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 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. See “Note 3— Fresh Start Accounting” for additional information.
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 December 31, 2022, Noble’s principal asset is all of the shares of Finco. Finco has no public equity outstanding. The consolidated financial statements of Noble include the accounts of Finco, and Noble conducts substantially all of its business through Finco and its subsidiaries. As such, the terms “Predecessor” and “Successor” also refer to Finco and, as the context requires.
Principles of Consolidation
The consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business.
Restricted Cash
We classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year. As of December 31, 2022 and 2021, our restricted cash balance consisted of $9.5 million and $2.6 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.” As of December 31, 2022, our restricted cash balance was related to cash collateral for Company rig performance guarantees and bid bonds.
Accounts Receivable
We record accounts receivable at the amount we invoice our clients, net of allowance for credit losses. We provide an allowance for uncollectible accounts, as necessary. Our allowance for doubtful accounts was zero as of both December 31, 2022 and 2021.
Property and Equipment
Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to 30 years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to 40 years. Included in accounts payable were $19.6 million and $36.5 million of capital accruals as of December 31, 2022 and 2021, respectively.
Interest is capitalized on long-term construction project using the weighted average cost of debt outstanding during the period of construction.
Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in “Note 7— Property and Equipment.”
We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. As part of this analysis, we make assumptions and estimates regarding future market conditions. When circumstances indicate that the carrying value of the assets may not be recoverable, management compares the carrying value to the expected undiscounted pre-tax future cash flows for the associated rig for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows are lower than the carrying value, the net capitalized costs are reduced to fair value. An impairment loss is recognized to the extent that an asset's carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. The expected future cash flows used for impairment assessment and related fair value measurements are typically based on judgmental assessments of, but were not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term, and considering all available information at the date of assessment. For more detailed information, see “Note 8— Loss on Impairment.”
Fair Value Measurements
We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows:
Level 1 - Valuations based on quoted prices in active markets for identical assets;
Level 2 - Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and
Level 3 - Valuations based on unobservable inputs.
Goodwill
Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at October 1, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount. Goodwill and all other assets and liabilities are allocated to reporting units, which for us, is our single reportable segment, Contract Drilling Services. To assess impairment, the carrying amount is determined and compared to the estimated fair value. Any excess of the carrying value, including goodwill, over its fair value is recognized as an impairment and charged to net earnings. The impairment charge measured is limited to the total amount of goodwill allocated to our reporting unit.
Revenue Recognition
The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation
revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services.
Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two to 60 months). The activities performed and the level of service provided can vary hour to hour. Our obligation under a standard contract is to provide whatever level of service is required by the operator, or customer, over the term of the contract. We are, therefore, under a stand-ready obligation throughout the entire contract duration. Consideration for our stand-ready obligation corresponds to distinct time increments, though the rate may be variable depending on various factors, and is recognized in the period in which the services are performed. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. See further discussion regarding the allocation of the transaction price to the remaining performance obligations below.
The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract (“constrained revenue”). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required.
Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour.
Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably over the initial term of the related drilling contract.
In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset.
Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract.
Bonuses, Penalties and Other Variable Consideration. We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and re-measure our estimates at
each reporting date. For revenue estimated, but not received, we will record to “Prepaid expenses and other current assets” on our Consolidated Balance Sheets.
Capital Modification Revenue. From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract commencing when the asset is ready for its intended use.
Revenues Related to Reimbursable Expenses. We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as “Reimbursables and other” in our Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term during which the corresponding goods and services are to be consumed.
Deferred revenues from drilling contracts totaled $59.8 million and $27.8 million at December 31, 2022 and 2021, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $11.5 million at December 31, 2022 as compared to $5.7 million at December 31, 2021 and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition.
We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses.
Income Taxes
Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly.
Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year-end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period.
We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the United States, UK and any other jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes.
Claims Reserves
We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.
Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims. At December 31, 2022, loss reserves for personal injury and protection claims totaled $35.3 million, of which $15.5 million is included in “Other current liabilities” and $19.8 million in “Other long-term liabilities” in the accompanying Consolidated Balance Sheets. At December 31, 2021, loss reserves for personal injury and protection claims totaled $14.8 million and is included in “Other current liabilities” in the accompanying Consolidated Balance Sheets.
Earnings per Share
Our unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the two-class method also includes the dilutive effect of potential shares issued in connection with stock warrants and options. The dilutive effect of stock warrants and options is determined using the treasury stock method. The diluted earnings per share calculation is adjusted for mandatory exercise, under the treasury stock method, if the condition is met at the balance sheet date. At December 31, 2022, the Mandatory Exercise Condition (as defined in the applicable warrant agreement) set forth in the warrant agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was satisfied. See “Note 6— Income (Loss) Per Share” for additional information.
Share-Based Compensation Plans
We record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. The Company classified certain awards that will be settled in cash as liability awards. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are expensed or capitalized based on the nature of the employee’s activities over the vesting period of the award.
Litigation Contingencies
We are involved in legal proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements.
We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgement is required to determine both the probability and the estimated amount.
Foreign Currency Translation
Although we are a UK company, our functional currency is the US dollar, and we define any non-US dollar denominated currency as “foreign currencies.” In non-US locations where the US Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income or loss. In non-US locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while statement of operations items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the US Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the year ended December 31, 2022.
Derivative Financial Instruments
We use foreign currency forward contracts and interest rate swaps in order to manage our exposure to fluctuations in currency exchange and interest rates, respectively. The contracts are not entered into for trading purposes. The Company has not designated these derivative instruments as hedges. We recognize the derivatives at fair value on the Consolidated Balance Sheets, and where applicable, such contracts covered by master netting agreements are reported net. Gross positive fair values are netted with gross negative fair values by counterparty. Realized gains and losses as well as changes
in the fair values of derivative financial instruments are recognized in the income statement in “Interest income and other, net.” See “Note 17— Derivative Instruments” for additional information on derivative instruments.
Accounting Pronouncements
Accounting Standards Adopted. In October 2021, the FASB issued Accounting Standards Update 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. The Company early adopted this standard on January 1, 2022 and it did not have a material impact on our financial statements.
Recently Issued Accounting Standards. There have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our consolidated financial statements.
v3.22.4
Chapter 11 Emergence
 12 Months Ended
Dec. 31, 2022
Reorganizations [Abstract]  
Chapter 11 Emergence
Note 2— Chapter 11 Emergence
On the Petition Date, Legacy Noble and certain of its subsidiaries, including Finco, filed voluntary petitions in the Bankruptcy Court seeking relief under chapter 11 of the Bankruptcy Code. The Plan was confirmed by the Bankruptcy Court on November 20, 2020, and the Debtors emerged from the bankruptcy proceedings on the Emergence Effective Date.
On the Emergence Effective Date, and pursuant to the terms of the Plan, the Company:
•Appointed five new members to the Successor’s board of directors to replace all of the directors of the Predecessor, other than the director also serving as President and Chief Executive Officer, who was re-appointed pursuant to the Plan. Subsequent to the Emergence Effective Date, an additional director was appointed.
•Terminated and cancelled all ordinary shares and equity-based awards of Legacy Noble that were outstanding immediately prior to the Emergence Effective Date;
•Transferred approximately 31.7 million Noble Cayman Shares to holders of Legacy Noble’s then outstanding Senior Notes due 2026 (the “Guaranteed Notes”) in the cancellation of the Guaranteed Notes;
•Transferred approximately 2.1 million Noble Cayman Shares, approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Noble Cayman Tranche 1 Warrants”) with an exercise price of $19.27 and approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Noble Cayman Tranche 2 Warrants”) with an exercise price of $23.13 to holders of Legacy Noble’s then outstanding senior notes (other than the Guaranteed Notes) (the “Legacy Notes”) in cancellation of the Legacy Notes;
•Issued approximately 7.7 million Noble Cayman Shares and $216.0 million principal amount of our senior secured second lien notes (the “Second Lien Notes”) to participants in a rights offering (the “Rights Offering”) at an aggregate subscription price of $200.0 million;
•Issued approximately 5.6 million Noble Cayman Shares to the backstop parties (the “Backstop Parties”) to a Backstop Commitment Agreement, dated October 12, 2020 (the “Backstop Commitment Agreement”), among the Debtors and the Backstop Parties as Holdback Securities (as defined in the Backstop Commitment Agreement);
•Issued approximately 1.7 million Noble Cayman Shares to the Backstop Parties in respect of their backstop commitment to subscribe for Unsubscribed Securities (as defined in the Backstop Commitment Agreement);
•Issued approximately 1.2 million Noble Cayman Shares to the Backstop Parties in connection with the payment of the Backstop Premiums (as defined in the Backstop Commitment Agreement);
•Issued 2.8 million five-year warrants with no Black-Scholes protection (the “Noble Cayman Tranche 3 Warrants”) with an exercise price of $124.40 to the holders of Legacy Noble’s ordinary shares outstanding prior to the Emergence Effective Date;
•Entered into the Revolving Credit Agreement (as defined herein) providing for a $675.0 million Revolving Credit Facility (as defined herein) (with a $67.5 million sublimit for the issuance of letters of credit thereunder);
•Entered into an indenture governing the Second Lien Notes;
•Entered into a registration rights agreement with certain parties who received Noble Cayman Shares under the Plan; and
•Entered into a registration rights agreement with certain parties who received Second Lien Notes under the Plan.
In addition, Noble entered into an exchange agreement with certain Backstop Parties which provided that, as soon as reasonably practicable after the Emergence Effective Date, the other parties to such agreement would deliver to the Company an aggregate of approximately 6.5 million Noble Cayman Shares issued pursuant to the Plan in exchange for the issuance of penny warrants to purchase up to approximately 6.5 million Noble Cayman Shares, with an exercise price of $0.01 per share (“Noble Cayman Penny Warrants”). This exchange was completed in late February 2021.
Management Incentive Plan
The Plan contemplated that on or after the Emergence Effective Date, the Company would adopt a long-term incentive plan and authorize and reserve 7.7 million Noble Cayman Shares for issuance pursuant to equity incentive awards to be granted under such plan. On February 18, 2021, the Company adopted the long-term incentive plan and authorized and reserved 7.7 million Noble Cayman Shares for awards to be granted under such plan.
Sources of Cash for Plan Distribution
All cash payments made by the Company under the Plan on the Emergence Effective Date were funded from cash on hand, proceeds of the Rights Offering, and proceeds of the Revolving Credit Facility.
Reorganization Items, Net
In accordance with ASC 852, any incremental expenses, gains and losses that are realized or incurred as of or subsequent to the Petition Date and before the Emergence Effective Date that are a direct result of the Chapter 11 Cases are recorded under “Reorganization items, net.” The following table summarizes the components of reorganization items included in our Consolidated Statements of Operations for the period from January 1, 2021 through February 5, 2021:
Predecessor
NobleFinco
Period FromPeriod From
January 1, 2021January 1, 2021
throughthrough
February 5, 2021February 5, 2021
Professional fees (1)
$(28,739)$(8,095)
Adjustments for estimated allowed litigation claims77,300 — 
Write-off of unrecognized share-based compensation(4,406)(4,406)
Gain on settlement of liabilities subject to compromise2,556,147 2,556,147 
Loss on fresh start adjustments(2,348,251)(2,348,251)
Total Reorganization items, net$252,051 $195,395 
(1)Payments of $44.2 million and $7.2 million related to professional fees have been presented as cash outflows from operating activities in our Consolidated Statements of Cash Flows for the period from January 1, 2021 through February 5, 2021 for Noble and Finco, respectively.
Liabilities Subject to Compromise
From the Petition Date until the Emergence Effective Date, the Company operated as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with provisions of the Bankruptcy Code. In accordance with ASC 852, on our Consolidated Balance Sheets prior to the Emergence Effective Date, the caption “Liabilities subject to compromise”
reflects the expected allowed amount of the pre-petition claims that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. The Company has considered the chapter 11 motions approved by the Bankruptcy Court with respect to the amount and classification of its pre-petition liabilities. The Company evaluated and adjusted the amount and classification of its pre-petition liabilities through the Emergence Effective Date.
Note 3— Fresh Start Accounting
In connection with our emergence from bankruptcy and in accordance with ASC 852, Noble and Finco qualified for and applied fresh start accounting on the Emergence Effective Date. Noble and Finco were required to apply fresh start accounting because (i) the holders of existing Legacy Noble voting shares received less than 50% of the voting shares of the Successor, and (ii) the reorganization value of Noble's and Finco's assets, each of which approximated $1.7 billion, immediately prior to confirmation of the Plan was less than the corresponding post-petition liabilities and allowed claims, each of which approximated $4.0 billion. Applying fresh start accounting resulted in new reporting entities with no beginning retained earnings or accumulated deficit. Accordingly, our financial statements and notes after the Emergence Effective Date are not comparable to our financial statements and notes on and to prior to that date.
With the application of fresh start accounting, we allocated the reorganization value to our individual assets and liabilities (except for deferred income taxes) based on their estimated fair values in conformity with ASC Topic 805, Business Combinations. The amount of deferred taxes was determined in accordance with ASC Topic 740, Income Taxes and ASC 852. The Emergence Effective Date fair values of our assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets.
As described in “Note 1— Organization and Significant Accounting Policies,” Noble and Finco are referred to as Successor, as the context requires, and includes the financial position and results of operations of the reorganized Noble and Finco subsequent to February 5, 2021. References to Predecessor relate to the financial position and results of operations of Legacy Noble and Finco prior to, and including, February 5, 2021.
Reorganization Value and Valuation of Assets
The reorganization value represents the fair value of the Successor’s and Finco’s total assets and was derived from the enterprise value, which represents the estimated fair value of an entity’s long-term debt and equity. As set forth in the Plan, the enterprise value of the reorganized Debtors was estimated to be in the range of $1.1 billion to $1.6 billion with a midpoint of $1.3 billion. The enterprise value range was determined by using a discounted cash flow analysis and a peer group trading analysis, excluding unrestricted cash at emergence. Based on the estimates and assumptions discussed above, we estimated the enterprise value to be the midpoint of the range of estimated enterprise value of $1.3 billion.
The following table reconciles the enterprise value to the Successor equity as of the Emergence Effective Date:
February 5, 2021
Enterprise value$1,300,300 
Plus: Cash and cash equivalents111,968 
Less: Fair value of debt(393,500)
Fair value of Successor equity$1,018,768 
The following table reconciles the enterprise value to the reorganization value as of the Emergence Effective Date:
February 5, 2021
Enterprise value$1,300,300 
Plus: Cash and cash equivalents111,968 
Plus: Non-interest bearing current liabilities185,410 
Plus: Non-interest bearing non-current liabilities108,268 
Reorganization value of Successor assets$1,705,946 
With the assistance of financial advisors, we determined the enterprise and corresponding equity value of the Successor by calculating the present value of future cash flows based on our financial projections. The enterprise value and
corresponding equity value are dependent upon achieving future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, the estimates, assumptions, valuations or financial projections may not be realized and actual results could vary materially.
Valuation Process
Under the application of fresh start accounting and with the assistance of valuation experts, we conducted an analysis of the Consolidated Balance Sheet to determine if any of the Company’s net assets would require a fair value adjustment as of the Emergence Effective Date. The results of our analysis indicated that our principal assets, which include mobile offshore drilling units, certain intangibles and debt issued at emergence would require a fair value adjustment on the Emergence Effective Date. The rest of the Company’s net assets were determined to have carrying values that approximated fair value on the Emergence Effective Date. Further details regarding the valuation process is described further below.
Property, Plant and Equipment
The valuation of the Company’s mobile offshore drilling units and other related tangible assets was determined by using a combination of (1) the discounted cash flows expected to be generated from our drilling assets over their remaining useful lives and (2) the cost to replace our drilling assets, as adjusted by the current market for similar offshore drilling assets. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, tax rates, discount rate, capital expenditures, market values, weighting of market values, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term. We included an allocation for corporate overhead when calculating the discounted cash flows expected to be generated from our drilling assets over their remaining useful lives. The cash flows were discounted at our weighted average cost of capital (“WACC”), which was derived from a blend of our after-tax cost of debt and our cost of equity, and computed using public share price information for similar offshore drilling market participants, certain US Treasury rates, and certain risk premiums specific to the Company.
The valuation of our remaining property and equipment, including owned real estate, construction in progress assets, and other equipment essential to our operations, was determined utilizing a combination of replacement cost and market valuation approaches. Specifically, the land was valued using a sales comparison method of the market approach, in which we utilized recent sales of comparable properties to estimate the fair value on a US Dollar per acre basis. The remaining property and equipment were valued using a cost approach, in which we estimated the replacement cost of the assets and applied adjustments for physical depreciation and obsolescence, where applicable, to arrive at a fair value.
Intangible Assets
At emergence, we held contracts for drilling services related to certain long-term contracts. Given the contract dayrates relative to market dayrates at the Emergence Effective Date, we determined the contracts represent favorable contract intangible assets. Based on a discounted cash flow analysis utilizing the dayrate differential between current market dayrates and the contract dayrates, and a risk-adjusted discount rate of 17%, we determined the aggregate fair value of our contracts for these certain contracts to be $113.4 million above the fair value of the contracts if they were priced at current market dayrates on the Emergence Effective Date. The dayrate differential on these contracts as compared to prior years was primarily driven by the combination of continued market oversupply of offshore drilling units, the volatility in oil and gas price and the unprecedented crude product consumption levels experienced in 2020.
Debt
The valuations of the Company’s Revolving Credit Facility and Second Lien Notes were based on relevant market data as of the Emergence Effective Date and the terms of each of the respective instruments. Considering the interest rates and implied yields for the Revolving Credit Facility and Second Lien Notes were within a range of comparable market yields (with considerations for term and seniority), fair value adjustments were recorded relating to each of the instruments.
Successor Warrants
On the Emergence Effective Date, the Company issued Noble Cayman Tranche 1 Warrants and Noble Cayman Tranche 2 Warrants to certain former bondholders as part of the settlement of their pre-petition claims. The Company also issued Noble Cayman Tranche 3 Warrants to holders of the Predecessor’s ordinary shares. The fair values of the warrants on the Emergence Effective Date were determined using an options pricing model while considering the contractual terms for each respective tranche, including the mandatory exercise provisions related to Noble Cayman Tranche 1 Warrants and Noble
Cayman Tranche 2 Warrants. The key market data assumptions for the options pricing model are the estimated volatility and the risk-free rate. The volatility assumption was estimated using market data for similar offshore drilling market participants with consideration for differences in size and leverage. The risk-free rate assumption was based on US Constant Maturity Treasury rates as of the Emergence Effective Date.
Consolidated Balance Sheet at Emergence
The adjustments set forth in the following Consolidated Balance Sheet as of February 5, 2021 reflect the consummation of the transactions contemplated by the Plan and carried out by the Company (“Reorganization Adjustments”) and the fair value adjustments as a result of the application of fresh start accounting (“Fresh Start Adjustments”). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine fair values and significant assumptions or inputs.
The following table reflects the reorganization and application of ASC 852 on our consolidated balance sheet as of February 5, 2021:
PredecessorReorganization AdjustmentsFresh Start AdjustmentsSuccessor
ASSETS 
Current assets
Cash and cash equivalents$317,962 $(205,994)(a)$— $111,968 
Accounts receivable, net189,207 — — 189,207 
Taxes receivable32,556 — — 32,556 
Prepaid expenses and other current assets63,056 (20,302)(b)(10,073)(m)32,681 
Total current assets602,781 (226,296)(10,073)366,412 
Intangible assets— — 113,389 (n)113,389 
Property and equipment, at cost4,787,661 — (3,631,936)(o)1,155,725 
Accumulated depreciation(1,221,033)— 1,221,033 (o)— 
Property and equipment, net3,566,628 — (2,410,903)1,155,725 
Other assets69,940 10,983 (c)(10,503)(m)70,420 
Total assets$4,239,349 $(215,313)$(2,318,090)$1,705,946 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$89,215 $(7,266)(d)$— $81,949 
Accrued payroll and related costs35,615 — — 35,615 
Taxes payable34,211 — — 34,211 
Other current liabilities64,943 21,305 (e)(52,613)(m)33,635 
Total current liabilities223,984 14,039 (52,613)185,410 
Long-term debt— 352,054 (f)41,446 (p)393,500 
Deferred income taxes9,303 (17,328)(g)29,550 (q)21,525 
Other liabilities108,489 4,659 (h)(26,405)(m)86,743 
Liabilities subject to compromise4,143,812 (4,143,812)(i)— — 
Total liabilities4,485,588 (3,790,388)(8,022)687,178 
Shareholders’ equity (deficit)
Common stock (Predecessor)2,511 (2,511)(j)— — 
Common stock (Successor)— 1 (k)— 1 
Additional paid-in capital (Predecessor)815,505 (815,505)(j)— — 
Additional paid-in capital (Successor)— 1,018,767 (k)— 1,018,767 
Accumulated deficit(1,006,351)3,374,323 (l)(2,367,972)(r)— 
Accumulated other comprehensive loss(57,904)— 57,904 (s)— 
Total shareholders’ equity (deficit)(246,239)3,575,075 (2,310,068)1,018,768 
Total liabilities and equity$4,239,349 $(215,313)$(2,318,090)$1,705,946 
Reorganization Adjustments
(a)Represents the reorganization adjustment to cash and cash equivalents:
Proceeds from Rights Offering$200,000 
Proceeds from the Revolving Credit Facility, net of issuance costs167,361 
Transfer of cash from restricted cash300 
Payment of professional service fees(23,261)
Payment of the pre-petition revolving credit facility principal and accrued interest(550,019)
Deconsolidation of NHUK(300)
Payment of recurring debt fees(75)
Change in cash and cash equivalents$(205,994)
(b)Represents the reorganization adjustment for the following:
Payment of professional service fees from escrow$(12,380)
Payment of Paragon litigation settlement from escrow(7,700)
Transfer of restricted cash to cash(300)
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence78 
Change in prepaid expenses and other current assets$(20,302)
(c)Adjustments to other assets relates to capitalization of long-term debt issuance costs related to the Revolving Credit Facility of $11.1 million and the impact of reorganization adjustments on deferred tax assets of $(0.1) million.
(d)Adjustments to accounts payable related to the payment of professional fees $(15.2) million and the reinstatement of trade payables from liabilities subject to compromise of $8.0 million.
(e)Adjustment of $21.3 million to other current liabilities related to the reinstatement of liabilities subject to compromise.
(f)Represents $352.1 million of outstanding borrowings, net of financing costs, under the Second Lien Notes and Revolving Credit Facility.
(g)Represents the write-off of $(17.3) million deferred income taxes as the result of the Company’s internal restructuring.
(h)Represents cancellation of $(0.1) million cash-based compensation plans and the reinstatement of $4.7 million right-of-use lease liabilities.
(i)Liabilities subject to compromise settled or reinstated in accordance with the Plan and the resulting gain were determined as follows:
4.900% senior notes due Aug. 2020
$62,535 
4.625% senior notes due Mar. 2021
79,937 
3.950% senior notes due Mar. 2022
21,213 
7.750% senior notes due Jan. 2024
397,025 
7.950% senior notes due Apr. 2025
450,000 
7.875% senior notes due Feb. 2026
750,000 
6.200% senior notes due Aug. 2040
393,597 
6.050% senior notes due Mar. 2041
395,000 
5.250% senior notes due Mar. 2042
483,619 
8.950% senior notes due Apr. 2045
400,000 
5.958% revolving credit facility maturing Jan. 2023
545,000 
Accrued and unpaid interest110,300 
Protection and indemnity insurance liabilities25,669 
Accounts payable and other payables8,163 
Estimated loss on litigation15,700 
Lease liabilities6,054 
Total consolidated liabilities subject to compromise4,143,812 
Issuance of Successor common stock(854,909)
Issuance of Successor warrants to certain Predecessor creditors(141,029)
Payment of the pre-petition revolving credit facility principal and accrued interest(550,020)
Payment of Paragon litigation settlement from escrow(7,700)
Reinstatement of Transocean litigation liability(8,000)
Reinstatement of protection and indemnity insurance liabilities(11,791)
Reinstatement of trade payables and right-of-use lease liabilities(14,216)
Gain on settlement of liabilities subject to compromise$2,556,147 
(j)Represents the cancellation of the Predecessor’s common stock of $(2.5) million and Additional paid-in capital of $(815.5) million.
(k)Represents the reorganization adjustments to common stock and additional paid in capital:
Par value of 50 million shares of new common stock issued
$1 
Capital in excess of par value of 50 million issued and authorized shares of new common stock issued
875,931 
Fair value of new warrants issued142,836 
Total Successor equity issued on the Emergence Effective Date
$1,018,768 
(l)Represents the reorganization adjustments to accumulated deficit:
Gain on settlement of liabilities subject to compromise2,556,147 
Professional fees and success fees(15,017)
Write-off of unrecognized share-based compensation(4,406)
Reorganization items, net2,536,724 
Cancellation of Predecessor common stock and additional paid-in capital820,299 
Cancellation of Predecessor cash and equity compensation plans 2,183 
Issuance of Successor warrants to Predecessor equity holders(1,807)
Deconsolidation of NHUK(222)
Recognition of recurring debt fees(75)
Tax impacts of reorganization17,221 
Net impact to Accumulated Deficit$3,374,323 
Fresh Start Adjustments
(m)Reflects adjustments to capitalized deferred costs, deferred revenue and pension balances due to the application of fresh start accounting as follows:
Prepaid expenses and other current assetsOther assetsOther current liabilitiesOther liabilities
Deferred contract assets and revenues$(10,073)$(2,616)$(52,616)$(20,320)
Write-off of certain financing costs— (6,238)— — 
Pension assets and obligations— (1,010)3 (6,085)
Fair value adjustments to other assets— (639)— — 
$(10,073)$(10,503)$(52,613)$(26,405)
(n)Reflects the fair value adjustment of $113.4 million to record an intangible asset for favorable contracts with customers.
(o)Reflects the fair value adjustment of $2.4 billion to property and equipment of the Predecessor. The following table presents a comparison of the historical and new fair values upon emergence:
Historical ValueFair Value
Drilling equipment and facilities$4,355,384 $1,070,931 
Construction in progress231,626 75,159 
Other200,651 9,635 
Less: accumulated depreciation(1,221,033)— 
Property and equipment, at cost$3,566,628 $1,155,725 
(p)Reflects a fair value adjustment of $41.4 million to the carrying value of the Second Lien Notes due to application of fresh start accounting.
(q)New deferred tax balances of $29.6 million were established for favorable contracts with customers due to application of fresh start accounting.
(r)The following table summarizes the cumulative impact of the fresh start adjustments, as discussed above, the elimination of the Predecessor’s accumulated other comprehensive loss, and the adjustments required to eliminate accumulated deficit:
Fair value adjustment to Prepaid and other current assets$(10,073)
Fair value adjustment to Intangible assets113,389 
Fair value adjustment to Property and equipment, net(2,410,903)
Fair value adjustment to Other assets(10,503)
Fair value adjustment to Other current liabilities52,613 
Fair value adjustment to Long-term debt(41,446)
Fair value adjustment to Deferred income taxes(9,829)
Fair value adjustment to Other liabilities26,405 
Derecognition of Predecessor Accumulated other comprehensive loss(57,904)
Total fresh start adjustments included in Reorganization items, net(2,348,251)
Tax impact of fresh start adjustments(19,721)
Net change in accumulated deficit$(2,367,972)
(s)Reflects $57.9 million for the derecognition of Predecessor Accumulated other comprehensive loss through Reorganization items, net.
v3.22.4
Fresh Start Accounting
 12 Months Ended
Dec. 31, 2022
Reorganizations [Abstract]  
Fresh Start Accounting
Note 2— Chapter 11 Emergence
On the Petition Date, Legacy Noble and certain of its subsidiaries, including Finco, filed voluntary petitions in the Bankruptcy Court seeking relief under chapter 11 of the Bankruptcy Code. The Plan was confirmed by the Bankruptcy Court on November 20, 2020, and the Debtors emerged from the bankruptcy proceedings on the Emergence Effective Date.
On the Emergence Effective Date, and pursuant to the terms of the Plan, the Company:
•Appointed five new members to the Successor’s board of directors to replace all of the directors of the Predecessor, other than the director also serving as President and Chief Executive Officer, who was re-appointed pursuant to the Plan. Subsequent to the Emergence Effective Date, an additional director was appointed.
•Terminated and cancelled all ordinary shares and equity-based awards of Legacy Noble that were outstanding immediately prior to the Emergence Effective Date;
•Transferred approximately 31.7 million Noble Cayman Shares to holders of Legacy Noble’s then outstanding Senior Notes due 2026 (the “Guaranteed Notes”) in the cancellation of the Guaranteed Notes;
•Transferred approximately 2.1 million Noble Cayman Shares, approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Noble Cayman Tranche 1 Warrants”) with an exercise price of $19.27 and approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Noble Cayman Tranche 2 Warrants”) with an exercise price of $23.13 to holders of Legacy Noble’s then outstanding senior notes (other than the Guaranteed Notes) (the “Legacy Notes”) in cancellation of the Legacy Notes;
•Issued approximately 7.7 million Noble Cayman Shares and $216.0 million principal amount of our senior secured second lien notes (the “Second Lien Notes”) to participants in a rights offering (the “Rights Offering”) at an aggregate subscription price of $200.0 million;
•Issued approximately 5.6 million Noble Cayman Shares to the backstop parties (the “Backstop Parties”) to a Backstop Commitment Agreement, dated October 12, 2020 (the “Backstop Commitment Agreement”), among the Debtors and the Backstop Parties as Holdback Securities (as defined in the Backstop Commitment Agreement);
•Issued approximately 1.7 million Noble Cayman Shares to the Backstop Parties in respect of their backstop commitment to subscribe for Unsubscribed Securities (as defined in the Backstop Commitment Agreement);
•Issued approximately 1.2 million Noble Cayman Shares to the Backstop Parties in connection with the payment of the Backstop Premiums (as defined in the Backstop Commitment Agreement);
•Issued 2.8 million five-year warrants with no Black-Scholes protection (the “Noble Cayman Tranche 3 Warrants”) with an exercise price of $124.40 to the holders of Legacy Noble’s ordinary shares outstanding prior to the Emergence Effective Date;
•Entered into the Revolving Credit Agreement (as defined herein) providing for a $675.0 million Revolving Credit Facility (as defined herein) (with a $67.5 million sublimit for the issuance of letters of credit thereunder);
•Entered into an indenture governing the Second Lien Notes;
•Entered into a registration rights agreement with certain parties who received Noble Cayman Shares under the Plan; and
•Entered into a registration rights agreement with certain parties who received Second Lien Notes under the Plan.
In addition, Noble entered into an exchange agreement with certain Backstop Parties which provided that, as soon as reasonably practicable after the Emergence Effective Date, the other parties to such agreement would deliver to the Company an aggregate of approximately 6.5 million Noble Cayman Shares issued pursuant to the Plan in exchange for the issuance of penny warrants to purchase up to approximately 6.5 million Noble Cayman Shares, with an exercise price of $0.01 per share (“Noble Cayman Penny Warrants”). This exchange was completed in late February 2021.
Management Incentive Plan
The Plan contemplated that on or after the Emergence Effective Date, the Company would adopt a long-term incentive plan and authorize and reserve 7.7 million Noble Cayman Shares for issuance pursuant to equity incentive awards to be granted under such plan. On February 18, 2021, the Company adopted the long-term incentive plan and authorized and reserved 7.7 million Noble Cayman Shares for awards to be granted under such plan.
Sources of Cash for Plan Distribution
All cash payments made by the Company under the Plan on the Emergence Effective Date were funded from cash on hand, proceeds of the Rights Offering, and proceeds of the Revolving Credit Facility.
Reorganization Items, Net
In accordance with ASC 852, any incremental expenses, gains and losses that are realized or incurred as of or subsequent to the Petition Date and before the Emergence Effective Date that are a direct result of the Chapter 11 Cases are recorded under “Reorganization items, net.” The following table summarizes the components of reorganization items included in our Consolidated Statements of Operations for the period from January 1, 2021 through February 5, 2021:
Predecessor
NobleFinco
Period FromPeriod From
January 1, 2021January 1, 2021
throughthrough
February 5, 2021February 5, 2021
Professional fees (1)
$(28,739)$(8,095)
Adjustments for estimated allowed litigation claims77,300 — 
Write-off of unrecognized share-based compensation(4,406)(4,406)
Gain on settlement of liabilities subject to compromise2,556,147 2,556,147 
Loss on fresh start adjustments(2,348,251)(2,348,251)
Total Reorganization items, net$252,051 $195,395 
(1)Payments of $44.2 million and $7.2 million related to professional fees have been presented as cash outflows from operating activities in our Consolidated Statements of Cash Flows for the period from January 1, 2021 through February 5, 2021 for Noble and Finco, respectively.
Liabilities Subject to Compromise
From the Petition Date until the Emergence Effective Date, the Company operated as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with provisions of the Bankruptcy Code. In accordance with ASC 852, on our Consolidated Balance Sheets prior to the Emergence Effective Date, the caption “Liabilities subject to compromise”
reflects the expected allowed amount of the pre-petition claims that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. The Company has considered the chapter 11 motions approved by the Bankruptcy Court with respect to the amount and classification of its pre-petition liabilities. The Company evaluated and adjusted the amount and classification of its pre-petition liabilities through the Emergence Effective Date.
Note 3— Fresh Start Accounting
In connection with our emergence from bankruptcy and in accordance with ASC 852, Noble and Finco qualified for and applied fresh start accounting on the Emergence Effective Date. Noble and Finco were required to apply fresh start accounting because (i) the holders of existing Legacy Noble voting shares received less than 50% of the voting shares of the Successor, and (ii) the reorganization value of Noble's and Finco's assets, each of which approximated $1.7 billion, immediately prior to confirmation of the Plan was less than the corresponding post-petition liabilities and allowed claims, each of which approximated $4.0 billion. Applying fresh start accounting resulted in new reporting entities with no beginning retained earnings or accumulated deficit. Accordingly, our financial statements and notes after the Emergence Effective Date are not comparable to our financial statements and notes on and to prior to that date.
With the application of fresh start accounting, we allocated the reorganization value to our individual assets and liabilities (except for deferred income taxes) based on their estimated fair values in conformity with ASC Topic 805, Business Combinations. The amount of deferred taxes was determined in accordance with ASC Topic 740, Income Taxes and ASC 852. The Emergence Effective Date fair values of our assets and liabilities differed materially from their recorded values as reflected on the historical balance sheets.
As described in “Note 1— Organization and Significant Accounting Policies,” Noble and Finco are referred to as Successor, as the context requires, and includes the financial position and results of operations of the reorganized Noble and Finco subsequent to February 5, 2021. References to Predecessor relate to the financial position and results of operations of Legacy Noble and Finco prior to, and including, February 5, 2021.
Reorganization Value and Valuation of Assets
The reorganization value represents the fair value of the Successor’s and Finco’s total assets and was derived from the enterprise value, which represents the estimated fair value of an entity’s long-term debt and equity. As set forth in the Plan, the enterprise value of the reorganized Debtors was estimated to be in the range of $1.1 billion to $1.6 billion with a midpoint of $1.3 billion. The enterprise value range was determined by using a discounted cash flow analysis and a peer group trading analysis, excluding unrestricted cash at emergence. Based on the estimates and assumptions discussed above, we estimated the enterprise value to be the midpoint of the range of estimated enterprise value of $1.3 billion.
The following table reconciles the enterprise value to the Successor equity as of the Emergence Effective Date:
February 5, 2021
Enterprise value$1,300,300 
Plus: Cash and cash equivalents111,968 
Less: Fair value of debt(393,500)
Fair value of Successor equity$1,018,768 
The following table reconciles the enterprise value to the reorganization value as of the Emergence Effective Date:
February 5, 2021
Enterprise value$1,300,300 
Plus: Cash and cash equivalents111,968 
Plus: Non-interest bearing current liabilities185,410 
Plus: Non-interest bearing non-current liabilities108,268 
Reorganization value of Successor assets$1,705,946 
With the assistance of financial advisors, we determined the enterprise and corresponding equity value of the Successor by calculating the present value of future cash flows based on our financial projections. The enterprise value and
corresponding equity value are dependent upon achieving future financial results set forth in our valuations, as well as the realization of certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, the estimates, assumptions, valuations or financial projections may not be realized and actual results could vary materially.
Valuation Process
Under the application of fresh start accounting and with the assistance of valuation experts, we conducted an analysis of the Consolidated Balance Sheet to determine if any of the Company’s net assets would require a fair value adjustment as of the Emergence Effective Date. The results of our analysis indicated that our principal assets, which include mobile offshore drilling units, certain intangibles and debt issued at emergence would require a fair value adjustment on the Emergence Effective Date. The rest of the Company’s net assets were determined to have carrying values that approximated fair value on the Emergence Effective Date. Further details regarding the valuation process is described further below.
Property, Plant and Equipment
The valuation of the Company’s mobile offshore drilling units and other related tangible assets was determined by using a combination of (1) the discounted cash flows expected to be generated from our drilling assets over their remaining useful lives and (2) the cost to replace our drilling assets, as adjusted by the current market for similar offshore drilling assets. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, tax rates, discount rate, capital expenditures, market values, weighting of market values, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term. We included an allocation for corporate overhead when calculating the discounted cash flows expected to be generated from our drilling assets over their remaining useful lives. The cash flows were discounted at our weighted average cost of capital (“WACC”), which was derived from a blend of our after-tax cost of debt and our cost of equity, and computed using public share price information for similar offshore drilling market participants, certain US Treasury rates, and certain risk premiums specific to the Company.
The valuation of our remaining property and equipment, including owned real estate, construction in progress assets, and other equipment essential to our operations, was determined utilizing a combination of replacement cost and market valuation approaches. Specifically, the land was valued using a sales comparison method of the market approach, in which we utilized recent sales of comparable properties to estimate the fair value on a US Dollar per acre basis. The remaining property and equipment were valued using a cost approach, in which we estimated the replacement cost of the assets and applied adjustments for physical depreciation and obsolescence, where applicable, to arrive at a fair value.
Intangible Assets
At emergence, we held contracts for drilling services related to certain long-term contracts. Given the contract dayrates relative to market dayrates at the Emergence Effective Date, we determined the contracts represent favorable contract intangible assets. Based on a discounted cash flow analysis utilizing the dayrate differential between current market dayrates and the contract dayrates, and a risk-adjusted discount rate of 17%, we determined the aggregate fair value of our contracts for these certain contracts to be $113.4 million above the fair value of the contracts if they were priced at current market dayrates on the Emergence Effective Date. The dayrate differential on these contracts as compared to prior years was primarily driven by the combination of continued market oversupply of offshore drilling units, the volatility in oil and gas price and the unprecedented crude product consumption levels experienced in 2020.
Debt
The valuations of the Company’s Revolving Credit Facility and Second Lien Notes were based on relevant market data as of the Emergence Effective Date and the terms of each of the respective instruments. Considering the interest rates and implied yields for the Revolving Credit Facility and Second Lien Notes were within a range of comparable market yields (with considerations for term and seniority), fair value adjustments were recorded relating to each of the instruments.
Successor Warrants
On the Emergence Effective Date, the Company issued Noble Cayman Tranche 1 Warrants and Noble Cayman Tranche 2 Warrants to certain former bondholders as part of the settlement of their pre-petition claims. The Company also issued Noble Cayman Tranche 3 Warrants to holders of the Predecessor’s ordinary shares. The fair values of the warrants on the Emergence Effective Date were determined using an options pricing model while considering the contractual terms for each respective tranche, including the mandatory exercise provisions related to Noble Cayman Tranche 1 Warrants and Noble
Cayman Tranche 2 Warrants. The key market data assumptions for the options pricing model are the estimated volatility and the risk-free rate. The volatility assumption was estimated using market data for similar offshore drilling market participants with consideration for differences in size and leverage. The risk-free rate assumption was based on US Constant Maturity Treasury rates as of the Emergence Effective Date.
Consolidated Balance Sheet at Emergence
The adjustments set forth in the following Consolidated Balance Sheet as of February 5, 2021 reflect the consummation of the transactions contemplated by the Plan and carried out by the Company (“Reorganization Adjustments”) and the fair value adjustments as a result of the application of fresh start accounting (“Fresh Start Adjustments”). The explanatory notes provide additional information with regard to the adjustments recorded, the methods used to determine fair values and significant assumptions or inputs.
The following table reflects the reorganization and application of ASC 852 on our consolidated balance sheet as of February 5, 2021:
PredecessorReorganization AdjustmentsFresh Start AdjustmentsSuccessor
ASSETS 
Current assets
Cash and cash equivalents$317,962 $(205,994)(a)$— $111,968 
Accounts receivable, net189,207 — — 189,207 
Taxes receivable32,556 — — 32,556 
Prepaid expenses and other current assets63,056 (20,302)(b)(10,073)(m)32,681 
Total current assets602,781 (226,296)(10,073)366,412 
Intangible assets— — 113,389 (n)113,389 
Property and equipment, at cost4,787,661 — (3,631,936)(o)1,155,725 
Accumulated depreciation(1,221,033)— 1,221,033 (o)— 
Property and equipment, net3,566,628 — (2,410,903)1,155,725 
Other assets69,940 10,983 (c)(10,503)(m)70,420 
Total assets$4,239,349 $(215,313)$(2,318,090)$1,705,946 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$89,215 $(7,266)(d)$— $81,949 
Accrued payroll and related costs35,615 — — 35,615 
Taxes payable34,211 — — 34,211 
Other current liabilities64,943 21,305 (e)(52,613)(m)33,635 
Total current liabilities223,984 14,039 (52,613)185,410 
Long-term debt— 352,054 (f)41,446 (p)393,500 
Deferred income taxes9,303 (17,328)(g)29,550 (q)21,525 
Other liabilities108,489 4,659 (h)(26,405)(m)86,743 
Liabilities subject to compromise4,143,812 (4,143,812)(i)— — 
Total liabilities4,485,588 (3,790,388)(8,022)687,178 
Shareholders’ equity (deficit)
Common stock (Predecessor)2,511 (2,511)(j)— — 
Common stock (Successor)— 1 (k)— 1 
Additional paid-in capital (Predecessor)815,505 (815,505)(j)— — 
Additional paid-in capital (Successor)— 1,018,767 (k)— 1,018,767 
Accumulated deficit(1,006,351)3,374,323 (l)(2,367,972)(r)— 
Accumulated other comprehensive loss(57,904)— 57,904 (s)— 
Total shareholders’ equity (deficit)(246,239)3,575,075 (2,310,068)1,018,768 
Total liabilities and equity$4,239,349 $(215,313)$(2,318,090)$1,705,946 
Reorganization Adjustments
(a)Represents the reorganization adjustment to cash and cash equivalents:
Proceeds from Rights Offering$200,000 
Proceeds from the Revolving Credit Facility, net of issuance costs167,361 
Transfer of cash from restricted cash300 
Payment of professional service fees(23,261)
Payment of the pre-petition revolving credit facility principal and accrued interest(550,019)
Deconsolidation of NHUK(300)
Payment of recurring debt fees(75)
Change in cash and cash equivalents$(205,994)
(b)Represents the reorganization adjustment for the following:
Payment of professional service fees from escrow$(12,380)
Payment of Paragon litigation settlement from escrow(7,700)
Transfer of restricted cash to cash(300)
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence78 
Change in prepaid expenses and other current assets$(20,302)
(c)Adjustments to other assets relates to capitalization of long-term debt issuance costs related to the Revolving Credit Facility of $11.1 million and the impact of reorganization adjustments on deferred tax assets of $(0.1) million.
(d)Adjustments to accounts payable related to the payment of professional fees $(15.2) million and the reinstatement of trade payables from liabilities subject to compromise of $8.0 million.
(e)Adjustment of $21.3 million to other current liabilities related to the reinstatement of liabilities subject to compromise.
(f)Represents $352.1 million of outstanding borrowings, net of financing costs, under the Second Lien Notes and Revolving Credit Facility.
(g)Represents the write-off of $(17.3) million deferred income taxes as the result of the Company’s internal restructuring.
(h)Represents cancellation of $(0.1) million cash-based compensation plans and the reinstatement of $4.7 million right-of-use lease liabilities.
(i)Liabilities subject to compromise settled or reinstated in accordance with the Plan and the resulting gain were determined as follows:
4.900% senior notes due Aug. 2020
$62,535 
4.625% senior notes due Mar. 2021
79,937 
3.950% senior notes due Mar. 2022
21,213 
7.750% senior notes due Jan. 2024
397,025 
7.950% senior notes due Apr. 2025
450,000 
7.875% senior notes due Feb. 2026
750,000 
6.200% senior notes due Aug. 2040
393,597 
6.050% senior notes due Mar. 2041
395,000 
5.250% senior notes due Mar. 2042
483,619 
8.950% senior notes due Apr. 2045
400,000 
5.958% revolving credit facility maturing Jan. 2023
545,000 
Accrued and unpaid interest110,300 
Protection and indemnity insurance liabilities25,669 
Accounts payable and other payables8,163 
Estimated loss on litigation15,700 
Lease liabilities6,054 
Total consolidated liabilities subject to compromise4,143,812 
Issuance of Successor common stock(854,909)
Issuance of Successor warrants to certain Predecessor creditors(141,029)
Payment of the pre-petition revolving credit facility principal and accrued interest(550,020)
Payment of Paragon litigation settlement from escrow(7,700)
Reinstatement of Transocean litigation liability(8,000)
Reinstatement of protection and indemnity insurance liabilities(11,791)
Reinstatement of trade payables and right-of-use lease liabilities(14,216)
Gain on settlement of liabilities subject to compromise$2,556,147 
(j)Represents the cancellation of the Predecessor’s common stock of $(2.5) million and Additional paid-in capital of $(815.5) million.
(k)Represents the reorganization adjustments to common stock and additional paid in capital:
Par value of 50 million shares of new common stock issued
$1 
Capital in excess of par value of 50 million issued and authorized shares of new common stock issued
875,931 
Fair value of new warrants issued142,836 
Total Successor equity issued on the Emergence Effective Date
$1,018,768 
(l)Represents the reorganization adjustments to accumulated deficit:
Gain on settlement of liabilities subject to compromise2,556,147 
Professional fees and success fees(15,017)
Write-off of unrecognized share-based compensation(4,406)
Reorganization items, net2,536,724 
Cancellation of Predecessor common stock and additional paid-in capital820,299 
Cancellation of Predecessor cash and equity compensation plans 2,183 
Issuance of Successor warrants to Predecessor equity holders(1,807)
Deconsolidation of NHUK(222)
Recognition of recurring debt fees(75)
Tax impacts of reorganization17,221 
Net impact to Accumulated Deficit$3,374,323 
Fresh Start Adjustments
(m)Reflects adjustments to capitalized deferred costs, deferred revenue and pension balances due to the application of fresh start accounting as follows:
Prepaid expenses and other current assetsOther assetsOther current liabilitiesOther liabilities
Deferred contract assets and revenues$(10,073)$(2,616)$(52,616)$(20,320)
Write-off of certain financing costs— (6,238)— — 
Pension assets and obligations— (1,010)3 (6,085)
Fair value adjustments to other assets— (639)— — 
$(10,073)$(10,503)$(52,613)$(26,405)
(n)Reflects the fair value adjustment of $113.4 million to record an intangible asset for favorable contracts with customers.
(o)Reflects the fair value adjustment of $2.4 billion to property and equipment of the Predecessor. The following table presents a comparison of the historical and new fair values upon emergence:
Historical ValueFair Value
Drilling equipment and facilities$4,355,384 $1,070,931 
Construction in progress231,626 75,159 
Other200,651 9,635 
Less: accumulated depreciation(1,221,033)— 
Property and equipment, at cost$3,566,628 $1,155,725 
(p)Reflects a fair value adjustment of $41.4 million to the carrying value of the Second Lien Notes due to application of fresh start accounting.
(q)New deferred tax balances of $29.6 million were established for favorable contracts with customers due to application of fresh start accounting.
(r)The following table summarizes the cumulative impact of the fresh start adjustments, as discussed above, the elimination of the Predecessor’s accumulated other comprehensive loss, and the adjustments required to eliminate accumulated deficit:
Fair value adjustment to Prepaid and other current assets$(10,073)
Fair value adjustment to Intangible assets113,389 
Fair value adjustment to Property and equipment, net(2,410,903)
Fair value adjustment to Other assets(10,503)
Fair value adjustment to Other current liabilities52,613 
Fair value adjustment to Long-term debt(41,446)
Fair value adjustment to Deferred income taxes(9,829)
Fair value adjustment to Other liabilities26,405 
Derecognition of Predecessor Accumulated other comprehensive loss(57,904)
Total fresh start adjustments included in Reorganization items, net(2,348,251)
Tax impact of fresh start adjustments(19,721)
Net change in accumulated deficit$(2,367,972)
(s)Reflects $57.9 million for the derecognition of Predecessor Accumulated other comprehensive loss through Reorganization items, net.
v3.22.4
Acquisitions and Divestitures
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Divestitures
Note 4— Acquisitions and Divestitures
Business Combination with Maersk Drilling
Noble’s business strategy in part includes growing by acquisition and as a result, we pursue and complete mergers, acquisitions, as well as dispositions of businesses or assets or other strategic transactions that we believe will enable us to strengthen or broaden our business and achieve various efficiencies, cost-synergies and economies of scale. This strategy is evidenced by the 2021 Pacific Drilling Merger (as defined herein) and the Business Combination with Maersk Drilling completed in the fourth quarter of 2022.
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 Noble Cayman Share issued and outstanding prior to 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.

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 redeemed 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. The Compulsory Purchase was completed in early November 2022, at which time Maersk Drilling became a wholly owned subsidiary of Noble. After the close of the Business Combination, Maersk Drilling was contributed by Noble to Finco in a common control transaction.
In connection with the Offer and the Compulsory Purchase, each Maersk Drilling Share was 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 represented a value equal to or less than $1,000 in the aggregate. The Compulsory Purchase was 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).
In September 2021, eligible Maersk Drilling employees signed an addendum to their existing service agreements that provides for enhanced severance terms in the event of termination as well as a retention bonus (“Deal Completion Bonus”) to be paid irrespective of termination if a transaction with Noble were to close (the “Retention Addendum”). The Retention Addendum was entered into on September 20, 2021. The Deal Completion Bonus was paid on October 3, 2022 for five Maersk executives terminated immediately upon close and on October 31, 2022 for all other eligible individuals.
Purchase Price Allocation
The Business Combination has been accounted for using the acquisition method of accounting under ASC Topic 805, Business Combination, with Noble being treated as the accounting acquirer. Under the acquisition method of accounting, the assets and liabilities of Maersk Drilling and its subsidiaries were recorded at their respective fair values on the Closing Date. Total consideration for the acquisition was $2.0 billion, which included $5.6 million in net cash paid and $2.0 billion in non-cash consideration, primarily related to noble shares issued to legacy Maersk shareholders and the replacement of legacy Maersk Drilling RSU Awards.
Determining the fair values of the assets and liabilities of Maersk Drilling and the consideration paid requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of Maersk Drilling’s mobile offshore drilling units and other related tangible assets and the fair value of drilling contracts and other intangibles.
Offshore Drilling Units. The valuation of Maersk Drilling’s mobile offshore drilling units was determined using either (i) the discounted cash flows expected to be generated from the drilling assets over their remaining useful lives or (ii) the cost to replace the drilling assets, as adjusted by the current market for similar offshore drilling assets. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, rig utilization rates, tax rates, discount rate, capital expenditures, synergies, market values, estimated economic useful lives of the rigs and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term.
Compulsory Purchase. Noble redeemed all of the remaining 4.1 million shares of 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 did not make an election, only cash), as required under Danish law by way of the Compulsory Purchase. The Company recognized the Compulsory Purchase as a redeemable interest at fair value upon the closing of the Business Combination. The Company determined that the fair value of the Compulsory Purchase was $193.7 million utilizing inputs which included Noble share price and cash redemption amount as of the Closing Date. The Compulsory Purchase interest was derecognized in mid-November 2022, with a portion being offset to common stock when 4.1 million Ordinary Shares were issued, additional paid in capital of $123.8 million and the remainder being the amount paid in cash of $69.9 million.
Maersk Drilling Debt. In connection with the Business Combination, the Company guaranteed the DNB Credit Facility and the DSF Credit Facility (both as defined in “Note 9— Debt”). The DSF Credit Facility had a floating interest rate that fluctuated based on market rates, thus fair value approximated the carrying amount. In November 2022, the outstanding loans under
the DNB Credit Facility were fully extinguished at par value with no pre-payment penalties, with fair value approximating the carrying amount, and was replaced with the New DNB Credit Facility (as defined in “Note 9— Debt”). On February 23, 2023 the remaining amount under the DSF Credit Facility was paid in full using cash on hand. For additional information on the credit facilities see “Note 9— Debt”.
Maersk Drilling Off-market Contracts. The Company recorded, with the assistance of external valuation specialists, intangible assets and liabilities from drilling contracts that had favorable and unfavorable terms compared to the current market which were recorded on the Closing Date. The Company recognized the fair value adjustments as off-market contract assets and liabilities, recorded in “Intangible assets” and ”Noncurrent contract liabilities,” respectively.
The following table represents the preliminary allocation of the total purchase price of Maersk Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Closing Date. In connection with this acquisition, the Company incurred $33.1 million of acquisition related costs during the year ended December 31, 2022. The results of Maersk Drilling operations are included in the Company’s results of operations effective on the Closing Date. The purchase price allocation is preliminary and subject to change. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year after the Closing Date. Any final adjustment to the valuation could change the fair values assigned to the assets and liabilities, resulting in a change to our consolidated financial statements, including a change to goodwill. Such change could be material.
Purchase price consideration:
Fair value of Noble shares transferred to legacy Maersk shareholders$1,793,351 
Cash paid to legacy Maersk shareholders887 
Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price6,780 
Deal Completion Bonus6,177 
Fair Value of Compulsory Purchase193,678 
Total purchase price consideration$2,000,873 
Assets acquired:
Cash and cash equivalents$172,205 
Accounts receivable, net250,251 
Taxes receivable20,603 
Prepaid expenses and other current assets41,068 
Total current assets484,127 
Intangible assets22,991 
Property, plant and equipment, net2,756,096 
Other assets69,713 
Total assets acquired3,332,927 
Liabilities assumed:
Current maturities of long-term debt129,130 
Accounts payable130,273 
Accrued payroll and related costs21,784 
Taxes payable38,218 
Interest payable800 
Other current liabilities41,253 
Total current liabilities361,458 
Long-term debt596,692 
Deferred income taxes4,071 
Noncurrent contract liabilities237,703 
Other liabilities158,146 
Total liabilities assumed1,358,070 
Net assets acquired1,974,857 
Goodwill acquired26,016 
Purchase price consideration$2,000,873 
The goodwill of $26.0 million represents the excess of the gross consideration transferred over the fair value of the underlying net tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill recognized is
attributable to anticipated synergies expected to arise in connection with the acquisition. All of the goodwill was assigned to our single reporting unit, Contract Drilling Services. The goodwill is not deductible for tax purposes.
Maersk Drilling Revenue and Net Income
The following table represents Maersk Drilling’s revenue and earnings included in Noble’s Consolidated Statements of Operations subsequent to the Closing Date of the Business Combination.
Period From
October 3, 2022
through
December 31, 2022
Revenue$341,490 
Net loss$21,690 
Pro Forma Financial Information
The following unaudited pro forma summary presents the results of operations as if the Business Combination had occurred on February 6, 2021. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented.
Twelve Months Ended December 31, 2022Period from February 6, 2021 through December 31, 2021
Revenue$2,218,117 $1,924,013 
Net income$(34,356)$453,231 
Net income per share
Basic$(0.26)$3.56 
Diluted$(0.26)$3.44 
The pro forma results include, among others, (i) a reduction in Maersk Drilling’s historically reported depreciation expense related to adjustments of property and equipment values (ii) adjustments to reflect certain acquisition related costs incurred directly in connection with the Business Combination as if it had occurred on February 6, 2021, (iii) an adjustment to reflect the gain on sale as if the Rig Transaction (discussed below) had occurred on February 6, 2021 and (iv) net adjustments to increase contract drilling services revenue related to off-market customer contract assets and liabilities recognized in connection with the Business Combination with Maersk Drilling on a pro forma basis.
Rig Transaction
On June 23, 2022, Noble and Shelf Drilling entered into 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, 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.
On October 5, 2022, Noble and Shelf Drilling completed the Rig Transaction as part of the Business Combination. In connection with the Rig Transaction, the Divestment Business was transferred by Noble to Shelf Drilling for a purchase price of $375 million in cash which resulted in a gain of $85.1 million. As of the date of the Rig Transaction, Shelf Drilling gained control of the Noble Lloyd Noble. For a transition period following the completion of the Rig Transaction, Noble agreed to continue to operate the Noble Lloyd Noble under operating agreements with Shelf Drilling (the “NLN Charter Agreement”) and to provide certain other transition services to Shelf Drilling. Under the operating agreements, we agreed to remit the collections from our customers under the associated drilling contracts to Shelf Drilling, and Shelf Drilling agreed to reimburse us for our direct costs and expenses incurred while operating the Noble Lloyd Noble on behalf of Shelf Drilling (with certain exceptions).
Pacific Drilling Merger
On April 15, 2021, the Company 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 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. In connection with this acquisition, the Company incurred $15.9 million of acquisition related costs during the period from February 6 through December 31, 2021. The results of Pacific Drilling’s operations are included in the Company’s results of operations effective April 15, 2021.
Purchase Price Allocation
The transaction has been 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.
Under the acquisition method of accounting, the assets and liabilities of Pacific Drilling and its subsidiaries have been recorded at their respective fair values as of the date of completion of the Pacific Drilling Merger and added to the Company’s.
Determining the fair values of the assets and liabilities of Pacific Drilling and the consideration paid requires judgment and certain assumptions to be made, the most significant of these being related to the valuation of Pacific Drilling’s mobile offshore drilling units and other related tangible assets and the fair value of the Noble Cayman Shares issued by Noble Cayman. The valuation of the Pacific Drilling’s mobile offshore drilling units was determined by using a combination of (1) the discounted cash flows expected to be generated from the drilling assets over their remaining useful lives and (2) the cost to replace the drilling assets, as adjusted by the current market for similar offshore drilling assets. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, tax rates, discount rate, capital expenditures, market values, weighting of market values, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term. We included an allocation for corporate overhead when calculating the discounted cash flows expected to be generated from our drilling assets over their remaining useful lives. The cash flows were discounted at our WACC, which was derived from a blend of our after-tax cost of debt and our cost of equity, and computed using public share price information for similar offshore drilling market participants, certain US Treasury rates, and certain risk premiums specific to the Company. The inputs and assumptions related to these assets are categorized as Level 3 in the fair value hierarchy.
As Noble Cayman was not yet trading on the New York Stock Exchange at the time of the Pacific Drilling Merger, the valuation of the Noble Cayman Shares issued by Noble Cayman as consideration required an analysis of the discounted cash flows expected to be generated by the drilling assets of the combined entity. These discounted cash flows were derived utilizing many of the same types of assumptions as were used in the valuation of the Company’s drilling assets at emergence as well the Pacific Drilling assets. In addition, the discounted cash flows of the combined entity considered annual cost saving synergies from the operation of Noble Cayman and Pacific Drilling assets as a single fleet, and were accordingly discounted at a market participant WACC for the combined entity. Lastly, the valuation of the Noble Cayman Shares considered the fair value of debt, warrants and the management incentive plan of the combined entity to arrive at the fair value of common equity. The inputs and assumptions related to the value of Noble Cayman Shares are also categorized as Level 3 in the fair value hierarchy.
The Pacific Drilling Merger resulted in a gain on bargain purchase due to the estimated fair value of the identifiable net assets acquired exceeding the purchase consideration transferred by $62.3 million and is shown as a gain on bargain purchase on the Company’s Consolidated Statements of Operations. Management reviewed the Pacific Drilling assets acquired and liabilities assumed as well as the assumptions utilized in estimating their fair values. An adjustment of $2.2 million to the valuation allowance on the deferred tax assets acquired in the Pacific Drilling Merger was recorded in the
three months ended December 31, 2021. Upon completion of our assessment, the Company concluded that recording a gain on bargain purchase was appropriate and required under US GAAP. The bargain purchase was a result of a combination of factors, including a prolonged downturn in the drilling industry which led to challenging fundamentals for many competitors in the offshore drilling sector. The Company believes the seller was motivated to complete the transaction as the emerging market dynamics do not appear to be favorable to smaller rig fleets which operate across multiple regions.
The following table represents the allocation of the total purchase price of Pacific Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
Consideration:
Pacific Drilling membership interests outstanding2,500 
Exchange Ratio6.366 15,915 
Pacific Drilling warrants outstanding441 
Exchange Ratio1.553 685 
Noble Cayman Shares issued16,600 
Fair value of Noble Cayman Shares on April 15, 2021$21.55 
Total consideration$357,662 
Assets acquired:
Cash and cash equivalents$54,970 
Accounts receivable17,457 
Taxes receivable1,585 
Prepaid expenses and other current assets14,081 
Total current assets88,093 
Property and equipment, net346,167 
Assets held for sale30,063 
Other assets457 
Total assets acquired464,780 
Liabilities assumed:
Accounts payable18,603 
Accrued payroll and related costs16,128 
Taxes payable1,951 
Other current liabilities2,900 
Total current liabilities39,582 
Deferred income taxes798 
Other liabilities4,433 
Total liabilities assumed44,813 
Net assets acquired$419,967 
Gain on bargain purchase62,305 
Purchase price consideration$357,662 
Pacific Drilling Revenue and Net Income
The following table represents Pacific Drilling’s revenue and earnings included in the Company’s Consolidated Statements of Operations subsequent to the closing of the Pacific Drilling Merger.
Successor
Period From
February 6, 2021
through
December 31, 2021
Revenue$94,506 
Net loss$(46,646)
Pro Forma Financial Information
The following unaudited pro forma summary presents the results of operations as if the Pacific Drilling Merger had occurred on February 6, 2021. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented.
Successor
Period From
February 6, 2021
through
December 31, 2021
Revenue$792,999 
Net income$69,966 
Net income per share
Basic$1.05 
Diluted$0.98 
The pro forma results include, among others, (i) a reduction in Pacific Drilling’s historically reported depreciation expense for adjustments to property and equipment and (ii) an adjustment to reflect the gain on bargain purchase as if the Pacific Drilling Merger had occurred on February 6, 2021.
Sale of Rigs in Saudi Arabia
On August 25, 2021, Finco and certain subsidiaries of the Company entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) to sell the jackup rigs operated by the Company in Saudi Arabia to ADES International Holding Limited (“ADES”) for a purchase price of $292.4 million in cash. Pursuant to the terms of the Purchase and Sale Agreement, the jackups, Noble Roger Lewis, Noble Scott Marks, Noble Joe Knight, and Noble Johnny Whitstine, together with certain related assets, were sold to ADES. The closing of the sale occurred in November 2021, and the Company recognized a gain of $185.9 million, net of transaction costs, in the fourth quarter of 2021 associated with the disposal of these assets.
The Purchase and Sale Agreement also included certain covenants that the Company has agreed to not carry on or be engaged in the operation of jackup drilling rigs in the territorial waters of the Kingdom of Saudi Arabia in the Arabian Gulf for a term after the closing date of (i) one year for purposes of drilling gas wells and (ii) two years for the purposes of drilling oil wells.
v3.22.4
Merger and Integration Costs
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Merger and Integration Costs
Note 5— Merger and Integration Costs
In connection with the Business Combination with Maersk Drilling and the Pacific Drilling Merger, the Company incurred expenses directly attributable to its merger and integration activities. During the years ended December 31, 2022 and 2021, the Company incurred $84.7 million and $24.8 million respectively of merger and integration costs primarily in connection with the Business Combination with Maersk Drilling. Merger and integration costs consisted primarily of transaction-related acquisition costs, costs related to integration activities, severance costs, retention costs, professional fees and other costs such as share-based compensation charges that are directly attributable to these activities. All merger and integration costs were expensed as incurred and recorded under “Merger and integration costs.”
Most merger and integration costs do not qualify for special accounting treatment as exit or disposal activities; however the Company incurred $0.8 million related to certain employee compensation that qualifies as exit or disposal activities. The costs were immaterial to 2022, and are expected to be immaterial in future periods.
In connection with these activities, Noble has incurred various costs associated with contractual termination benefits, including severance, accelerated vesting of share-based compensation and other expenses. These termination benefits have been accounted for under ASC 712, “Compensation - Nonretirement Postemployment Benefits” and ASC 718, “Compensation - Stock Compensation.”
v3.22.4
Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Income (Loss) Per Share
Note 6— Income (Loss) Per Share
The following table presents the computation of basic and diluted earnings per share:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Numerator:  
Basic
Net income (loss) $168,948 $101,982 $250,228 $(3,978,459)
Diluted  
Net income (loss)$168,948 $101,982 $250,228 $(3,978,459)
Denominator:  
Weighted average shares outstanding — basic85,055 63,186 251,115 250,792 
Dilutive effect of share-based awards3,334 3,180 5,456 — 
Dilutive effect of warrants8,489 1,262 — — 
Dilutive effect of compulsory purchase (1)
729 — — — 
Weighted average shares outstanding — diluted97,607 67,628 256,571 250,792 
Income (loss) per share  
Basic earnings (loss) per share$1.99 $1.61 $1.00 $(15.86)
Diluted earnings (loss) per share$1.73 $1.51 $0.98 $(15.86)
(1)    Represents the dilutive effect on outstanding shares between when the Compulsory Purchase interest was recorded on the Closing Date and when it was derecognized in mid-November 2022.
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:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Share-based awards— — 556 6,082 
Warrants (1)
2,774 11,097 — — 
(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.
v3.22.4
Property and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment
Note 7— Property and Equipment
Property and equipment, at cost, for Noble consisted of the following:
Year Ended December 31,
20222021
Drilling equipment and facilities$3,997,498 $1,467,772 
Construction in progress123,911 77,363 
Other41,796 10,840 
Property and equipment, at cost$4,163,205 $1,555,975 
Capital expenditures, including capitalized interest, during the year ended December 31, 2022, the period from February 6 through December 31, 2021, and the period from January 1 through February 5, 2021 totaled $193.6 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.
During the years ended December 31, 2022 and 2021 we recognized no impairment charges to our long-lived assets. During the year ended December 31, 2020, we recognized a non-cash loss on impairment of $3.9 billion related to our long-lived assets. See “Note 8— Loss on Impairment” for additional information.
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 minor 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 occurred 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 $21.9 million and $7.5 million of insurance proceeds during the year ended December 31, 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 Consolidated Statements of Operations. See “Note 18— Commitments and Contingencies” for additional information.
During the first quarter of 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 related to the sale of rigs in Saudi Arabia in 2021. During 2022, we sold the Divestment Business as part of the Rig Transaction for total net proceeds of $366.8 million, resulting in a gain of $85.1 million.
v3.22.4
Loss on Impairment
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Loss on Impairment
Note 8— Loss on Impairment
Asset Impairments
Consistent with our accounting policies discussed in “Note 1— Organization and Significant Accounting Policies,” we evaluate our property and equipment for impairment whenever there are changes in facts which suggest that the value of the asset is not recoverable. During 2022 and 2021, we did not identify any impairment triggers for our property and equipment.
The economic impacts of the pandemic in 2020, including the growing commitments by many of our customers to a transition to cleaner energy options, oversupply of offshore drilling units, a steep decline in demand for oil, and a substantial oil surplus, all of which we considered impairment indicators, resulted in us recognizing approximately $3.9 billion in non-cash impairment charges for seven floaters and nine jackups, and $24 million of impairment charges related to certain capital spare equipment during the year ended December 31, 2020. We estimated the fair values of these units using a weighting between an income valuation approach and a market approach, utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. Assumptions used in our assessment included, but were not limited to, future marketability of each unit in light of the current market conditions and its current technical specifications, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, market values, weighting of market values, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term.
v3.22.4
Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt
Note 9— 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 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 December 31, 2022, we had no loans outstanding and $21.1 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. None of Pacific Drilling, Maersk Drilling or any of their respective current subsidiaries is a guarantor of the Revolving Credit Facility, and none of their 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 1/2 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 credit (whether borrowings or letters of credit) under the Revolving Credit Agreement is subject to the satisfaction of certain conditions, including, after giving effect to any such credit and the application of the proceeds (if any) thereof, (i) the aggregate amount of Available Cash (as defined in the Revolving Credit Agreement) must not exceed $100.0 million, (ii) if the Consolidated First Lien Net Leverage Ratio (as defined in the Revolving Credit Agreement) would be greater than 5.50 to 1.00, then the aggregate principal amount outstanding under the Revolving Credit Facility cannot exceed $610.0 million, and (iii) the Asset Coverage Ratio (as described below) must be at least 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 (each 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 before June 30, 2024, and (ii) 2.25 to 1.00 for each four fiscal quarter period ending thereafter; and
•as of the last day of each fiscal quarter, the ratio of (i) Asset Coverage Aggregate Rig Value (as defined in the Revolving Credit Agreement) to (ii) the aggregate principal amount of loans and letters of credit outstanding under the Revolving Credit Facility (the “Asset Coverage Ratio”) 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 the Backstop Commitment Agreement, dated October 12, 2020, among the Debtors and the backstop parties thereto, Noble Cayman and Finco consummated the Rights Offering of 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. None of Pacific Drilling, Maersk Drilling or any of their respective current subsidiaries is a guarantor of the Second Lien Notes, and none of their 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 by the Company thereafter, certain assets related thereto, and substantially all other assets of Finco and such guarantors, in each case, subject to certain exceptions and limitations.
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 pays 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.
DNB Credit Facility and New DNB Credit Facility
Upon closing the Business Combination with Maersk Drilling (the “Closing Date”), Noble guaranteed the 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”).
On November 22, 2022, Maersk Drilling, as the borrower, the Company, as parent guarantor, certain subsidiaries of Maersk Drilling as guarantors, and the lenders identified therein, with DNB Bank ASA, New York Branch acting as Agent entered into a new Term Facility Agreement (the “New DNB Credit Facility”). On December 22, 2022, the Utilisation Date (as defined in the New DNB Credit Facility) occurred under the New DNB Credit Facility, at which time the loans outstanding under the DNB Credit Facility were repaid with the proceeds of the full $350.0 million available under the New DNB Credit Facility. In connection with the borrowing, Noble incurred $4.3 million of fees paid to the lenders, which are recorded as “Gain loss on extinguishment of debt, net” in our Statements of Operations as of December 31, 2022.
The term loan under the New DNB Credit Facility requires quarterly amortization payments on March 15, June 15, September 15 and December 15 of $2.5 million per quarter in the first year, $7.5 million per quarter in the second year, $12.5 million per quarter in the third year, and a balloon payment payable on the termination of the New DNB Credit Facility in an amount equal to the remaining outstanding principal amount of the loan. The loan under the New DNB Credit Facility accrues interest at an initial rate of Term SOFR + 3.50% with quarterly step-ups commencing on the first anniversary of the Utilisation Date of an additional (i) 0.15% per quarter during months 13 to 24 after the Utilisation Date (with total Margin payable during the fourth quarter of that period being Term SOFR + 4.10%) and (ii) 0.25% per quarter during months 25 to 36 after the Utilisation Date (with total Margin payable during the fourth quarter of that period being Term SOFR + 5.10%). The New DNB Credit Facility has the following financial covenants (each as defined in the New DNB Credit Facility): (i)) The Company’s liquidity shall not at any time be less than $200.0 million; (ii) Maersk Drilling’s liquidity shall not at any time be less than $50 million; (iii) Maersk Drilling’s leverage ratio shall not at any time be greater than 4.75:1.00; and (iv) Maersk Drilling’s equity ratio shall not at any time be less than 35%. The New DNB Credit Facility also contains affirmative and negative covenants, representations and warranties, and events of default that the Company considers customary for facilities of this type. The New DNB Credit Facility matures in December 2025.
DSF Credit Facility
The Company guaranteed the Term Loan Facility Agreement dated December 10, 2018 by and between Maersk Drilling and Danmarks Skibskredit A/S as lender, agent, and security agent (as amended from time to time, the “DSF Credit Facility”) in connection with the Business Combination with Maersk Drilling that closed on October 3, 2022. The DSF Credit Facility was repaid in full on February 23, 2023 using cash on hand. The loans under the DSF Credit Facility accrued interest at a rate of LIBOR + 1.8% - 2.9% based on the current leverage ratio of Maersk Drilling. Under the DSF Credit Facility, Maersk Drilling was subject to the following financial covenants (as defined in the DSF Credit Facility), (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 equity ratio shall not at any time be less than 35%. Under the DSF Credit Facility, a mandatory prepayment was required with respect to the total loss, sale or arrest of the related collateral vessels.
The DSF Credit Facility contained 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 the DSF Credit Facility may declare that all or part of the outstanding loans are immediately due and payable. As of December 31, 2022, we had outstanding principal of $149.7 million of outstanding term loans under the DSF Credit Facility, which was due in December 2023.
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.
In the fourth quarter of 2022, we purchased $40.7 million aggregate principal amount of our Second Lien Notes for approximately $45.1 million, plus accrued interest, as open market repurchases and recognized a loss of approximately $4.4 million.
Guarantees
On the Closing Date of the Business Combination with Maersk Drilling, the following guarantees (the “Guarantees”) by Noble became effective: (i) a Guarantee related 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 the DSF Credit Facility, pursuant to which Noble guaranteed all of the obligations of Maersk Drilling and its subsidiaries party thereto in relation to the DSF Credit Facility and related financing documents. On December 22, 2022, the DNB Credit Facility and related Noble guarantee were terminated and the New DNB Credit Facility was issued including the Company as parent guarantor. On February 23, 2023 the DSF Credit Facility was repaid in full and related Noble guarantee was terminated.
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 fair values of each of the Revolving Credit Facility, the New DNB Credit Facility and the DSF Credit Facility approximates its respective carrying amount as its interest rate is variable and reflective of market rates. All remaining fair value disclosures are presented in “Note 16— 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:
December 31,
20222021
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Senior secured notes
11.000% Senior Notes due February 2028
$173,695 $192,353 $216,000 $236,792 
Credit facility:
Senior Secured Revolving Credit Facility matures July 2025
— — — — 
Term Loans:
New DNB Credit Facility matures December 2025349,360 350,000 — — 
DSF Credit Facility matures December 2023149,715 149,715 — — 
Total debt672,770 692,068 216,000 236,792 
Less: Current maturities of long-term debt159,715 — — — 
Long-term debt$513,055 $692,068 $216,000 $236,792 
v3.22.4
Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity
Note 10— Equity
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 the Merger Effective Date, all Noble Cayman Penny Warrants had been exchanged for Noble Cayman Shares and there were no Noble Cayman Penny Warrants remaining outstanding. On the Merger Effective Date, 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.
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. As of December 31, 2022, there were approximately 134.7 million Ordinary Shares outstanding. With respect to the Business Combination, 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 (defined wherein). In connection with the completion of the Exchange Offer, Noble issued 60.1 million Ordinary Shares to the former holders of Maersk Drilling shares.

Additional changes to share capital occurred as a result of, among other actions, the vesting of restricted stock units and performance based restricted stock units to our employees and directors, the cancellation of Ordinary Shares denoted as excess shares in the voluntary share exchange as a result of the Exchange Offer, the issuance of Ordinary Shares pursuant to the exercise of warrants, and share repurchases under the Company’s authorized share repurchase plan.

In addition, as of December 31, 2022, 6.2 million Tranche 1 Warrants, 5.5 million Tranche 2 Warrants and 2.8 million Tranche 3 Warrants were outstanding and exercisable. We also have 2.1 million Ordinary Shares authorized and reserved for issuance pursuant to equity awards under the Noble Corporation plc 2022 Long-Term Incentive Plan

The declaration and payment of dividends require the authorization of the Board of Directors of Noble. Such may be paid only out of Noble’s “distributable reserves” on its statutory balance sheet in accordance with law. Therefore, Noble is not permitted to pay dividends out of share capital, which includes share premium. The payment of future dividends will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual and indenture restrictions and other factors deemed relevant by our Board of Directors.
Warrants
On the Merger Effective Date, immediately prior to the Merger Effective Time, we had outstanding 6.2 million Noble Cayman Tranche 1 Warrants, 5.6 million Noble Cayman Tranche 2 Warrants and 2.8 million Noble Cayman Tranche 3 Warrants (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 December 31, 2022, the Mandatory Exercise Condition set forth in the Warrant Agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was satisfied.
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.
Share Repurchases
Under law, the Company is only permitted to purchase its own Ordinary Shares by way of an “off-market purchase” in a plan approved by shareholders. Such may be paid only out of Noble’s “distributable reserves” on its statutory balance sheet in accordance with law. As of the date of this report, we have shareholder authority to repurchase up to 15% per annum of the issued share capital of the Company as of the beginning of each fiscal year for a five-year period (subject to an overall aggregate maximum of 20,601,161 Ordinary Shares). During the year ended December 31, 2022, we repurchased 407,477 of our Ordinary Shares, which were subsequently cancelled.
Noble Successor Share-Based Compensation Plans
Stock Plans. On February 18, 2021, subsequent to the Emergence Effective Date, Noble Cayman adopted the 2021 LTIP, which permitted grants of options, stock appreciation rights, stock or stock unit awards or cash awards, any of which may have been structured as a performance award, from time to time to employees and non-employee directors who were to be granted awards under the 2021 LTIP, and authorized and reserved 7.7 million Noble Cayman Shares for equity incentive awards to be granted under such plan.
In connection with the Merger, on the Merger Effective Date, the Company adopted the 2022 LTIP, which permits grants of options, stock appreciation rights, stock or stock unit awards or cash awards, any of which may be structured as a performance award, from time to time to employees and non-employee directors who are to be granted awards under the 2022 LTIP, and authorized and reserved approximately 5.9 million Ordinary Shares for equity incentive awards to be granted under such plan. The Company assumed, under the 2022 LTIP, all outstanding awards granted under the 2021 LTIP, as well as any rights and obligations of Noble Cayman thereunder. On the Merger Effective Date, each 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.
The Company also approved the adoption, effective as of October 3, 2022, of (i) the Noble Corporation plc RSU Long-Term Incentive Programme for Executive Management 2022, and (ii) the Noble Corporation plc RSU Long-Term Incentive Programme 2022, under which the Company assumed all outstanding awards of Maersk Drilling granted under the Maersk Drilling RSU Long-Term Incentive Programme for Executive Management 2019 and the Maersk Drilling RSU Long-Term Incentive Programme 2019, respectively. Each Maersk Drilling RSU Award that was outstanding immediately prior to 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).
In addition to assuming any outstanding awards granted under the plans listed in the two preceding paragraphs (including the shares underlying such awards) and the award agreements evidencing the grants of such awards, the Company assumed the remaining shares available for issuance under each applicable plan, including any awards granted to the Company’s directors or executive officers, in each case subject to adjustments to such awards in the manner set forth in the Business Combination Agreement. On December 31, 2022, we had 2,075,225 shares remaining available for grants to employees and non-employee directors under the 2022 LTIP.
Restricted Stock Units (“RSUs”). We awarded both Time Vested RSUs (“TVRSUs”) and Performance Vested RSUs (“PVRSUs”) under the 2021 LTIP, each of which were assumed by the 2022 LTIP. On the Merger Effective Date, each 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. The TVRSUs generally vest over a three-year period. The number of PVRSUs which vest will depend on the degree of achievement of specified corporate performance criteria over a three-year performance period. These criteria consist of market and performance based criteria.
The TVRSUs are valued on the date of award at our underlying share price. The total compensation for units that ultimately vest is recognized over the service period. The shares and related nominal value are recorded when the RSU vests and additional paid-in capital is adjusted as the share-based compensation cost is recognized for financial reporting purposes.
In 2022 and 2021, 40 percent of the TVRSUs granted to non-employee directors will be settled in cash and accounted for as liability awards, which were valued on the date of grant based on the estimated fair value of the Company’s share price. Under the fair value method for liability-classified awards, compensation expense is remeasured each reporting period at fair value based upon the closing price of the Company’s Ordinary Shares.
The market-based PVRSUs are valued on the date of grant based on the estimated fair value. Estimated fair value is determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance will achieve the targeted thresholds and the expected forfeiture rate. The fair value is calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSUs include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows for the respective grant dates:
Year EndedPeriod from February 6, 2021 through
December 31, 2022December 31, 2021
 February 3, 2022February 19, 2021October 1, 2021December 1, 2021
Valuation assumptions:   
Expected volatility74.8 %50.0 %92.2 %95.1 %
Expected dividend yield— %— %— %— %
Risk-free interest rate1.42 %0.19 %0.33 %0.58 %
Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model.
A summary of the RSUs awarded during the periods indicated is as follows:
Twelve Months Ended December 31, 2022Period from February 6, 2021 through December 31, 2021
Equity-classified TVRSU 
Units awarded 988,750 1,735,843 
Weighted-average share price at award date$27.85 $16.68 
Weighted-average vesting period (years)2.942.94
Liability-classified TVRSU
Units awarded20,120 52,364 
Weighted-average share price at award date$31.25 $16.76 
Weighted-average vesting period (years)1.002.81
PVRSU 
Units awarded 295,372 1,457,842 
Weighted-average share price at award date$25.57 $16.74 
Three-year performance period ended December 3120242023
Weighted-average award date fair value$35.77 $20.82 
During the year ended December 31, 2022 and the period from February 6, 2021 through December 31, 2021, we awarded 30,180 and 78,546 shares equity-classified TVRSUs and 20,120 and 52,364 shares liability-classified TVRSUs, respectively, to our non-employee directors.
A summary of the status of non-vested RSUs at December 31, 2022 and changes for the period from February 6, 2021 through December 31, 2021 is presented below:
Equity-Classified TVRSUs
Outstanding		Weighted
Average
Award-Date
Fair Value
PVRSUs
Outstanding (1)
Weighted
Average
Award-Date
Fair Value
Non-vested RSUs at February 5, 2021 (Successor)— $— — $— 
Awarded1,735,843 16.68 1,457,842 20.82 
Vested— — — — 
Forfeited(66,081)16.44 — — 
Non-vested RSUs at December 31, 20211,669,762 $16.69 1,457,842 $20.82 
Awarded (2)
988,750 27.85 295,372 35.77 
Vested (3)
(1,050,086)21.35 — — 
Forfeited(68,876)20.39 — — 
Non-vested RSUs at December 31, 20221,539,550 $20.51 1,753,214 $35.77 
(1)For awards granted during 2022 and 2021, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance is achieved. The minimum number of units is zero and the “maximum” level of performance is 200 percent of the amounts shown.
(2)Includes approximately 477,785 shares of outstanding TVRSUs that were assumed upon the acquisition of Maersk Drilling. The weighted average grant date fair value on the date of assumption was approximately $29.84 per share.
(3)Includes approximately 336,993 shares of outstanding TVRSUs that vested upon the acquisition of Maersk Drilling. The weighted average vested share price on the date of vesting was approximately $29.84 per share.
We granted 20,120 and 52,364 liability-classified TVRSUs at a weighted-average grant date fair value of $31.25 and $16.76, during the year ended December 31, 2022 and for the period from February 6, 2021 through December 31, 2021, respectively. During the year ended December 31, 2022, 60,302 units vested and no units were forfeited. During the period from February 6, 2021 through December 31, 2021, no units were vested and no units were forfeited. At December 31, 2022 and 2021, we had 2,672 and 52,364 liability-classified TVRSUs outstanding with an associated total liability of $24.6 thousand and $0.4 million, respectively.
At December 31, 2022 and 2021, there was $17.0 million and $20.1 million of total unrecognized compensation cost related to the equity-classified TVRSUs, to be recognized over a remaining weighted-average period of 1.35 and 2.09 years, respectively. At December 31, 2022 and 2021, there was $0.1 million and $0.9 million of total unrecognized compensation cost related to the liability-classified TVRSUs, to be recognized over a remaining weighted-average period of 0.10 and 1.97 years, respectively.
At December 31, 2022 and 2021, there was $18.1 million and $22.1 million of total unrecognized compensation cost related to the PVRSUs, to be recognized over a remaining weighted-average period of 2.96 and 2.00 years, respectively. The total potential compensation for PVRSUs is recognized over the service period regardless of whether the performance thresholds are ultimately achieved.
Share-based amortization recognized during the year ended December 31, 2022 and the period from February 6, 2021 through December 31, 2021 related to all restricted stock, excluding amounts included in Merger and integration costs, totaled $29.9 million ($26.4 million net of income tax) and $16.5 million ($16.4 million net of tax), respectively. During both periods, there was no capitalized share-based amortization.
Predecessor Share-Based Compensation Plans
All outstanding shares and equity awards of Legacy Noble were cancelled as a result of the Chapter 11 Cases.
Stock Plans. During 2015, Legacy Noble shareholders approved a new equity plan, the Noble Corporation plc 2015 Omnibus Incentive Plan (the “Legacy Noble Incentive Plan”), which permitted grants of options, stock appreciation rights, stock or stock unit awards or cash awards, any of which could be structured as a performance award, from time to time to employees who were to be granted awards under the Legacy Noble Incentive Plan. Neither consultants nor non-employee directors were eligible for awards under the Legacy Noble Incentive Plan. The Legacy Noble Incentive Plan replaced the Noble Corporation 1991 Stock Options and Restricted Stock Plan, as amended (the “1991 Plan”). The 1991 Plan was terminated, and equity awards were thereafter only made under the Legacy Noble Incentive Plan. Stock option awards previously granted under the 1991 Plan remained outstanding in accordance with their terms until being cancelled as a result of the Chapter 11 Cases.
During the period from January 1, 2021 through February 5, 2021 and the year ended December 31, 2020, the Legacy Noble Incentive Plan was restated and Legacy Noble shareholders approved amendments, primarily to increase the number of Legacy Noble ordinary shares available for issuance as long-term incentive compensation under the Legacy Noble Incentive Plan by 8.7 million and 5.8 million shares, respectively. The maximum aggregate number of Legacy Noble ordinary shares that could be granted for any and all awards under the Legacy Noble Incentive Plan could not exceed 40.0 million shares.
During 2017, upon Legacy Noble shareholder approval, the Noble Corporation 2017 Director Omnibus Plan (the “Legacy Noble Director Plan”) replaced the previous plans that were terminated. Legacy equity awards to our non-employee directors were thereafter only made under the Legacy Noble Director Plan. No awards made under previous plans remained outstanding.
During 2019, Legacy Noble shareholders approved amendments to increase the number of Legacy Noble ordinary shares available for issuance under the Legacy Noble Director Plan by 0.9 million shares, bringing the maximum aggregate number of Legacy Noble ordinary shares that could be granted for any and all awards under the Legacy Noble Director Plan to 1.8 million shares.
Stock Options. Options had a term of 10 years, an exercise price equal to the fair market value of a share on the date of grant and generally would vest over a three-year period. A summary of the status of stock options granted under the 1991 Plan and the changes during the period ended on February 5, 2021 and December 31, 2020 are presented below:
 February 5, 2021December 31, 2020
Number of
Shares
Underlying
Options		Weighted
Average
Exercise
Price		Number of
Shares
Underlying
Options		Weighted
Average
Exercise
Price
Outstanding at beginning of period556,155 $30.39 708,400 $30.90 
Expired or cancelled(556,155)30.39 (152,245)32.78 
Outstanding at end of period— 556,155 30.39 
Exercisable at end of period— $— 556,155 $30.39 
All outstanding options were cancelled as a result of the Chapter 11 Cases and there were no stock options outstanding as of the Emergence Effective Date.
The fair value of each option was estimated on the date of grant using a Black-Scholes pricing model. The expected term of options granted represented the period of time that the options were expected to be outstanding and was derived from historical exercise behavior, then current trends and values derived from lattice-based models. Expected volatilities were based on implied volatilities of traded options on our shares, historical volatility of our shares, and other factors. The expected dividend yield was based on historical yields on the date of grant. The risk-free rate was based on the US Treasury yield curve in effect at the time of grant.
There were no non-vested stock option balances as of the Emergence Effective Date or any changes during the period from January 1, 2021 through February 5, 2021. No new stock options were granted during the period from January 1 through February 5, 2021 and the year ended December 31, 2020. There was no compensation cost recognized during the period from January 1 through February 5, 2021 and the year ended December 31, 2020 related to stock options.
Restricted Stock Units. We awarded both TVRSUs and PVRSUs under the Legacy Noble Incentive Plan. The TVRSUs generally vested over a three-year period. The number of PVRSUs which would vest depended on the degree of achievement of specified corporate performance criteria over a three-year performance period. Depending on the date the PVRSU was awarded, these criteria consisted of market-based criteria or market and performance-based criteria.
The TVRSUs were valued on the date of award at our underlying share price. The total compensation for units that ultimately vested was recognized over the service period. The shares and related nominal value were recorded when the RSUs vested and additional paid-in capital was adjusted as the share-based compensation cost was recognized for financial reporting purposes.
The market-based PVRSUs were valued on the date of grant based on the estimated fair value. Estimated fair value was determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance would achieve the targeted thresholds and the expected forfeiture rate. The fair value was calculated using a Monte Carlo Simulation Model. The assumptions used to value the PVRSUs included historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows:
 2020
Valuation assumptions: 
Expected volatility69.8 %
Expected dividend yield— %
Risk-free interest rate1.40 %
Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model.
A summary of the RSUs awarded for the year ended December 31, 2020 is as follows:
2020
TVRSU 
Units awarded 5,559,678 
Weighted-average share price at award date$0.82 
Weighted-average vesting period (years)3.0
PVRSU 
Units awarded 2,696,774 
Weighted-average share price at award date$0.91 
Three-year performance period ended December 312022
Weighted-average award date fair value$1.14 
There were no RSUs granted during the period from January 1, 2021 through February 5, 2021.
During the period from January 1 through February 5, 2021 and the year ended December 31, 2020, we awarded zero and 280,635 shares, respectively, to our non-employee directors.
A summary of the status of non-vested RSUs at February 5, 2021 and changes during the period from January 1 through February 5, 2021 is presented below:
TVRSUs
Outstanding		Weighted
Average
Award-Date
Fair Value
PVRSUs
Outstanding (1)
Weighted
Average
Award-Date
Fair Value
Non-vested RSUs at January 1, 2021 (Predecessor)2,362,500 $3.43 3,163,113 $3.22 
Awarded— — — — 
Vested(61,050)5.46 — — 
Forfeited or cancelled(2,301,450)3.37 (3,163,113)3.22 
Non-vested RSUs at February 5, 2021 (Predecessor)— $— — $— 
(1)For awards granted during 2020, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance was achieved. The minimum number of shares was zero and the “maximum” level of performance was 200 percent of the amounts shown.
The total award-date fair value of TVRSUs vested during the period from January 1 through February 5, 2021 was $0.3 million.
Share-based amortization recognized during the period from January 1 through February 5, 2021 and the year ended December 31, 2020 related to all restricted stock totaled $0.7 million ($0.7 million net of income tax), and $9.2 million ($8.6 million net of income tax), respectively. During the period from January 1 through February 5, 2021 and the year ended December 31, 2020, capitalized share-based amortization was zero.
Liability-Classified Cash Incentive Awards. In 2020, the Company granted cash incentive awards that would vest over a three-year period and the final cash payment depended on the degree of achievement of specified corporate performance criteria over a three-year performance period. These criteria consisted of market-based criteria or market and performance-based criteria. These awards were valued on the date of grant based on the estimated fair value. Estimated fair value was determined based on numerous assumptions, including an estimate of the likelihood that our stock price performance would achieve the targeted thresholds and the expected forfeiture rate. The fair value was calculated using a Monte Carlo Simulation Model. The assumptions used to value the awards included historical volatility of 69.8% and a risk-free interest rate of 1.4% over a time period commensurate with the remaining term prior to vesting. Additionally, similar assumptions were made for each of the companies included in the defined index and the peer group of companies in order to simulate the future outcome using the Monte Carlo Simulation Model. During 2020, the remaining balance of the vested awards were cancelled and replaced as part of the 2020 Other Cash Award Plan.
v3.22.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
Note 11— Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” during the year ended December 31, 2022, the period from February 6, 2021 to December 31, 2021 and the period from January 1, 2021 to February 5, 2021. All amounts within the tables are shown net of tax.
Defined Benefit Pension Items (1)
Foreign Currency ItemsTotal
Balance at 12/31/2020 (Predecessor)$(39,737)$(18,275)$(58,012)
Activity during period:
Other comprehensive income before reclassifications— (116)(116)
Amounts reclassified from AOCI224 — 224 
Net other comprehensive income (loss)224 (116)108 
Cancellation of Predecessor equity39,513 18,391 57,904 
Balance at Balance at 2/5/2021 (Predecessor)$— $— $— 
Balance at Balance at 2/6/2021 (Successor)$— $— $— 
Activity during period:
Other comprehensive income before reclassifications— — — 
Amounts reclassified to AOCI5,389 — 5,389 
Net other comprehensive income5,389 — 5,389 
Balance at 12/31/2021 (Successor)$5,389 $— $5,389 
Activity during period:
Other comprehensive income before reclassifications— — — 
Amounts reclassified to AOCI(1,742)— (1,742)
Net other comprehensive income(1,742)— (1,742)
Balance at 12/31/2022 (Successor)$3,647 $— $3,647 
(1)Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through “Other income (expense).” See “Note 15— Employee Benefit Plans” for additional information.
v3.22.4
Revenue and Customers
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue and Customers
Note 12— Revenue and Customers
Disaggregation of Revenue
The following table provides information about contract drilling revenue by rig types:
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Floaters$997,819 $482,283 $50,057 $491,407 
Jackups335,022 225,848 23,994 417,829 
Total$1,332,841 $708,131 $74,051 $909,236 
Contract Balances
Accounts receivable are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 days. Customer contract assets and liabilities generally consist of deferred revenue and contract costs resulting from past transactions related to the provision of services under contracts with customers. 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 Consolidated Balance Sheets. Off-market customer contract assets and liabilities have been recognized in connection with our emergence from Chapter 11 and the Business Combination with Maersk Drilling and are included in “Intangible assets” and “Noncurrent contract liabilities,” respectively.
The following table provides information about contract assets and contract liabilities from contracts with customers:
Successor
December 31, 2022December 31, 2021
Current customer contract assets$11,169 $5,744 
Noncurrent customer contract assets368 — 
Total customer contract assets11,537 5,744 
Current deferred revenue(40,214)(18,403)
Noncurrent deferred revenue(19,583)(9,352)
Total deferred revenue$(59,797)$(27,755)
Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the year ended December 31, 2022, the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the year ended December 31, 2020. are as follows:
Contract AssetsContract Liabilities
Net balance at December 31, 2020 (Predecessor)$13,861 $(59,886)
Amortization of deferred costs(1,607)— 
Additions to deferred costs432 — 
Amortization of deferred revenue— 4,142 
Additions to deferred revenue— (25,479)
Fresh start accounting revaluation(12,686)72,936 
Total(13,861)51,599 
Net balance at 2/5/21 (Predecessor)$— $(8,287)
Net balance at 2/6/21 (Successor)$— $(8,287)
Amortization of deferred costs(3,908)— 
Additions to deferred costs9,652 — 
Amortization of deferred revenue— 13,729 
Additions to deferred revenue— (33,197)
Total5,744 (19,468)
Net balance at 12/31/2021 (Successor)$5,744 $(27,755)
Amortization of deferred costs(19,875)— 
Additions to deferred costs34,187 — 
Amortization of deferred revenue— 55,521 
Additions to deferred revenue— (108,971)
Reclassification to held for sale and subsequent derecognition(8,519)21,408 
Total5,793 (32,042)
Net balance at 12/31/2022 (Successor)$11,537 $(59,797)
Contract Costs
Certain direct and incremental costs incurred for upfront preparation, initial rig mobilization and modifications are costs of fulfilling a contract and are recoverable. These recoverable costs are deferred and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Certain of our contracts include capital rig enhancements used to satisfy our performance obligations. These items are capitalized and depreciated in accordance with our existing property and equipment accounting policy.
Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Costs incurred for rig modifications or upgrades required for a contract, which are considered to be capital improvements, are capitalized as drilling and other property and equipment and depreciated over the estimated useful life of the improvement.
Future Amortization of Deferred Revenue
The following table reflects revenue expected to be recognized in the future related to deferred revenue, by rig type, at the end of the reporting period:
Year Ending December 31,
20232024202520262027 and beyondTotal
Floaters$36,828 $8,280 $6,862 $— $— $51,970 
Jackups$3,047 $2,098 $2,092 $590 $— $7,827 
Total$39,875 $10,378 $8,954 $590 $— $59,797 
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 December 31, 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.
Off-market Customer Contract Assets and Liabilities
Upon emergence from the Chapter 11 Cases and in connection with the Business Combination with Maersk Drilling, the Company recognized fair value adjustments of $113.4 million and $23.0 million, respectively, related to certain favorable customer contracts. These intangible assets will be amortized as a reduction of contract drilling services revenue from the Emergence Effective Date and Closing Date, respectively, through the remainder of the contracts.
In connection with the Business Combination with Maersk Drilling, the Company also recognized a fair value adjustment of $237.7 million related to certain unfavorable customer contracts acquired. These liabilities will be amortized as an increase to contract drilling services revenue from the Closing Date through the remainder of the contracts.
Favorable and Unfavorable contracts
Unfavorable contactsFavorable contracts
Balance at February 6, 2021$— $— 
Additions— 113,389 
Amortization— (51,540)
Balance at December 31, 2021$— $61,849 
Balance at January 1, 2022$— $61,849 
Additions(237,703)22,991 
Amortization55,820 (50,468)
Balance at December 31, 2022$(181,883)$34,372 
Estimated future amortization over the expected remaining contract periods:
Year ending December 31,
202320242025Total
Unfavorable contracts$133,236 $40,439 $8,208 $181,883 
Favorable contracts$(23,746)$(10,626)$— $(34,372)
    Total$109,490 $29,813 $8,208 $147,511 
v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases
Note 13— Leases
Leases
We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for real estate, equipment, storage, dock space and automobiles and are included within “Other current liabilities,” “Other assets” and “Other liabilities,” on our Consolidated Balance Sheets.
As most of our leases do not provide an explicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise and reasonably certain not to exercise, respectively.
Supplemental balance sheet information related to leases was as follows:
Successor
December 31, 2022December 31, 2021
Operating leases
Operating lease right-of-use assets34,55117,066
Current operating lease liabilities
23,8323,923
Long-term operating lease liabilities23,85213,166
Weighted average remaining lease term for operating leases (years)4.396.25
Weighted average discounted rate for operating leases7.8 %9.5 %
The components of lease cost were as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Endedthroughthrough
December 31, 2022December 31, 2021February 5, 2021
Operating lease cost$6,095 $4,803 $365 
Short-term lease cost5,741 634 (124)
Variable lease cost948 412 (605)
    Total lease cost$12,784 $5,849 $(364)
Supplemental cash flow information related to leases was as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Endedthroughthrough
December 31, 2022December 31, 2021February 5, 2021
Operating cash flows used for operating leases$6,676 $5,568 $979 
Right-of-use assets obtained in exchange for a lease liability (1)
19,841 9,647 — 
(1)Includes right-of-use assets acquired in business combinations.
Maturities of lease liabilities as of December 31, 2022 were as follows:
Operating Leases
2023$13,005 
202411,251 
20256,234 
20264,437 
20271,468 
Thereafter4,780 
    Total lease payments41,175 
Less: Interest(7,286)
    Present value of lease liability$33,889 
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
Note 14— Income Taxes
Noble is a tax resident in the UK and, as such, is subject to UK corporation tax on its taxable profits and gains. Noble Cayman is incorporated in the Cayman Islands and therefore not subject to tax in any jurisdiction. With respect to Noble, a UK tax exemption is available in respect of qualifying dividends income and capital gains related to the sale of qualifying participations. We operate in various countries throughout the world, including the United States. The income or loss of the non-UK subsidiaries of Noble is not subject to UK corporation tax.
Consequently, we have taken account of the above exemption and provided for income taxes based on the laws and rates in effect in the countries in which operations are conducted, or in which we or our subsidiaries have a taxable presence for income tax purposes.
The components of the net deferred taxes are as follows:
Successor
 20222021
Deferred tax assets  
United States  
Net operating loss carry forwards$4,256 $3,485 
Excess of net tax basis over remaining book basis18,382 — 
Deferred pension plan amounts1,945 3,427 
Accrued expenses not currently deductible5,017 5,780 
Other135 121 
Non-United States 
Net operating loss carry forwards1,076,364 1,013,281 
Transition attribute871,773 888,962 
Tax credits carryover23,820 23,849 
Excess of net tax basis over remaining book basis61,530 — 
Disallowed interest deduction carryforwards30,225 13,625 
Unfavorable contract value27,901 — 
Accrued expenses not currently deductible17 170 
Deferred tax assets2,121,365 1,952,700 
Less: valuation allowance(1,985,843)(1,899,092)
Net deferred tax assets$135,522 $53,608 
Deferred tax liabilities  
United States  
Favorable contract value(4,954)(10,067)
Deferred revenue(6,777)(3,438)
Other(718)(1,116)
Non-United States 
Excess of net book basis over remaining tax basis(27,166)(690)
Favorable contract value(1,288)(4,173)
Other(5,191)(1,912)
Deferred tax liabilities(46,094)(21,396)
Net deferred tax assets (liabilities)$89,428 $32,212 
Income (loss) before income taxes consists of the following:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
United States$(43,381)$(47,686)$1,878,637 $(2,150,591)
Non-United States234,882 150,033 (1,624,986)(2,088,271)
Total$191,501 $102,347 $253,651 $(4,238,862)
The income tax provision (benefit) consists of the following: 
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Current- United States$1,058 $(33,323)$— $(257,552)
Current- Non-United States47,123 67,952 922 23,474 
Deferred- United States(2,886)(7,460)(4,689)(57,514)
Deferred- Non-United States(22,742)(26,804)7,190 31,189 
Total$22,553 $365 $3,423 $(260,403)
The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties.
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Gross balance at beginning of period$63,443 $37,156 $37,721 $130,837 
Additions based on tax positions related to current year1,296 26,463 1,347 20,266 
Additions for tax positions of prior years69,163 21,465 — 206 
Reductions for tax positions of prior years(687)(12,331)(5)(109,330)
Expiration of statutes(236)(9,310)(1,907)(4,258)
Tax settlements— — — — 
Gross balance at end of period132,979 63,443 37,156 37,721 
Related tax benefits(384)(384)(384)(384)
Net reserve at end of period$132,595 $63,059 $36,772 $37,337 
The liabilities related to our reserve for uncertain tax positions are comprised of the following:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Reserve for uncertain tax positions, excluding interest and penalties$132,595 $63,059 $36,772 $37,337 
Interest and penalties included in “Other liabilities”43,313 11,930 5,273 5,164 
Reserve for uncertain tax positions, including interest and penalties$175,908 $74,989 $42,045 $42,501 
At December 31, 2022, the reserves for uncertain tax positions totaled $175.9 million. If a portion or all of the December 31, 2022 reserves listed above are not realized, the provision for income taxes could be reduced by up to $154.5 million. At December 31, 2021, the reserves for uncertain tax positions totaled $75.0 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.
We include, as a component of our “Income tax benefit (provision),” potential interest and penalties related to recognized tax contingencies within our global operations. Interest and penalties resulted in an income tax expense of $2.7 million in 2022, $6.7 million and $0.1 million for the period from February 6, 2021 to December 31, 2021 and for the period from January 1 through February 5, 2021, respectively, and $24.1 million in 2020.
We recorded an income tax expense of $22.6 million, $0.4 million and $3.4 million for the year ended December 31, 2022, the period from February 6, 2021 to December 31, 2021 and the period from January 1 through February 5, 2021, respectively.
During the year ended December 31, 2022, our tax provision included tax benefits of $42.1 million related to a release of valuation allowance in Guyana and Luxembourg, $1.3 million related primarily to other deferred tax adjustments, and $6.6 million related to a reduction in legacy Maersk tax contingencies primarily due to favorable foreign exchange movements. Such tax benefits were offset by tax expenses of $2.3 million related to the sale of the Remedy Rigs, $10.8 million related to contract fair value amortization, and various recurring items comprised of Guyana excess withholding tax on gross revenue of $34.7 million and annual current and deferred tax expense accrual of $24.9 million primarily in Luxembourg, Switzerland, U.S, Norway, and Ghana.
During the period from February 6, 2021 to December 31, 2021, our tax provision included tax benefits of $24.3 million related to US and non-US reserve releases, $12.6 million related to a US tax refund, $22.8 million related to deferred tax assets previously not recognized, $1.9 million related to recognition of a non-US refund claim and $1.2 million related primarily to deferred tax adjustments. Such tax benefits were offset by tax expenses of $21.2 million related to various recurring items primarily comprised of Guyana withholding tax on gross revenue and $42.0 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 non-US reserve release and tax expense of $2.5 million related to fresh start and reorganization adjustment, and other recurring tax expenses of approximately $2.6 million.
Our gross deferred tax asset balance at year-end reflects the application of our income tax accounting policies and is based on management’s estimates, judgments and assumptions regarding realizability. If it is more likely than not that a portion of the deferred tax assets will not be realized in a future period, the deferred tax assets will be reduced by a valuation allowance based on management’s estimates.
In deriving the $42.1 million release in valuation allowance, where applicable we relied on sources of income attributable to the reversal of taxable temporary differences in the same periods as the relevant tax attributes and projected taxable income for the period covered by our 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 our assets, we are not able to reasonably forecast the jurisdiction of our taxable income from future drilling contracts. We also have limited objective positive evidence in historical periods. Accordingly, in determining the amount of deferred tax benefits to recognize, we did not consider projected book income beyond the conclusion of existing drilling contracts with the exception of interest income projected to be generated over a finite period beyond the conclusion of the relevant existing drilling contracts. As new drilling contracts are executed, 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.
Our tax benefits related to transition attributes in Switzerland are scheduled to expire by 2036. Our net operating losses in Luxembourg are scheduled to expire between 2035 and 2038; however, a portion of the tax losses has no expiration date.
We conduct business globally and, as a result, we file numerous income tax returns in the US and in non-US jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world, including, but not limited to, jurisdictions such as Australia, Denmark, Egypt, Ghana, Guyana, Mexico, Nigeria, and Saudi Arabia. We are no longer subject to US Federal income tax examinations for years before 2019 and non-US income tax examinations for years before 2007.
Noble conducted substantially all of its business through Finco and its subsidiaries in the pre-emergence period; Noble Cayman conducted substantially all of its business through Finco and its subsidiaries in the post-emergence period to
consummation of the Business Combination with Maersk Drilling; and Noble conducted substantially all of its business through Finco and Maersk Drilling, and their respective subsidiaries after the Business Combination. In the pre-emergence period, the income or loss of our non-UK subsidiaries is not subject to UK income tax. UK earnings are taxable in the United Kingdom at the UK statutory rate of 19 percent. In the post-emergence period, Noble Cayman was incorporated in the Cayman Islands and therefore not subject to tax in any jurisdiction. Following the Business Combination with Maersk Drilling, Noble is a public limited company incorporated under the laws of England and Wales. The income or loss of our non-UK subsidiaries is not subject to UK income tax. UK earnings are taxable in the United Kingdom at the UK statutory rate of 19 percent and 25 percent through March 31, 2023 and beginning on April 1, 2023, respectively. A reconciliation of tax rates outside of the United Kingdom to our Noble effective rate for 2022 is shown below:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Effect of:  
Tax rates which are different than the Cayman Islands (Successor) and UK (Predecessor) rates34.9 %22.6 %0.5 %0.4 %
Tax impact of asset impairment and disposition— %— %— %4.5 %
Tax impact of restructuring— %— %1.0 %2.1 %
Tax impact of the tax regulation change— %— %— %0.9 %
Tax impact of valuation allowance(22.0)%(25.2)%— %(4.3)%
Resolution of (reserve for) tax authority audits(1.1)%2.9 %(0.2)%2.5 %
Total11.8 %0.3 %1.3 %6.1 %
At December 31, 2022, the Company asserts that its unremitted earnings and/or book/tax outside basis differences in certain of its subsidiaries are either permanently reinvested or are not expected to result in a material taxable event in the foreseeable future. Therefore, no material deferred taxes have been recorded related to such earnings and/or investments.
Certain of the restructuring transactions effected by the Company in connection with the Plan have a material impact on the Company. For example, cancellation of indebtedness income from such restructuring transaction has significantly reduced the Company’s US tax attributes, including but not limited to NOL carryforwards. Further, the Plan was approved by the Bankruptcy Court on November 20, 2020. As a result, on the Emergence Effective Date, the Company experienced an ownership change under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), which subjects certain remaining tax attributes to an annual limitation under Section 382 of the Code.
v3.22.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans
Note 15— Employee Benefit Plans
Defined Benefit Plans
Noble Drilling (Land Support) Limited (“NDLS”), an indirect, wholly-owned subsidiary of Noble, maintains a pension plan that covers all of its salaried, non-union employees, whose most recent date of employment is prior to April 1, 2014 (referred to as our “non-US plan”). Since May 2022, the NDLS pension trustees and covenant advisors have been communicating with Noble to understand the impact of the Rig Transaction and merger with Maersk Drilling and to negotiate appropriate mitigation including buyout of the Scheme to cover the pension obligations. The Pension Regulators advised on December 15, 2022 that it did not intend to investigate the transaction unless Noble and the pension trustees were unable to agree on mitigation or there was a material change to circumstances. Noble has provided a company guarantee from Noble Corporation plc to cover the full section 75 debts of NDLS and Noble Resources Limited (“NRL”), the two sponsoring entities of the pension scheme, and believes this is an appropriate mitigation to support the pension liabilities.
In addition to the non-US plan discussed above, we have a US noncontributory defined benefit pension plan that covers certain salaried employees and a US noncontributory defined benefit pension plan that covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified US plans”). These plans are governed by the Noble Drilling Employees’ Retirement Trust (the “Trust”). The benefits from these plans are based primarily on years of service and, for the salaried plan, employees' compensation near retirement. These plans are
designed to qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credits available to us, for the qualified US plans when required. The benefit amount that can be covered by the qualified US plans is limited under ERISA and the Internal Revenue Code of 1986. Therefore, we maintain an unfunded, non-qualified excess benefit plan designed to maintain benefits for specified employees at the formula level in the qualified salaried US plan. We refer to the qualified US plans and the excess benefit plan collectively as the “US plans.”
During the fourth quarter of 2016, we approved amendments, effective as of December 31, 2016, to our non-US and US defined benefit plans. With these amendments, employees and alternate payees will accrue no future benefits under the plans after December 31, 2016. However, these amendments will not affect any benefits earned through that date.
A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US and US plans is as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Endedthroughthrough
December 31, 2022December 31, 2021February 5, 2021
Non-USUSNon-USUSNon-USUS
Benefit obligation at beginning of period$63,066 $243,538 $63,729 $256,417 $67,943 $266,090 
Interest cost1,368 6,753 1,228 5,993 97 615 
Actuarial loss (gain)(19,328)(63,739)1,548 (6,465)(4,366)(6,491)
Benefits paid(2,041)(9,772)(2,456)(7,199)(138)(1,515)
Settlements and curtailments— (342)— (5,208)— (2,282)
Foreign exchange rate changes(6,090)— (983)— 193 — 
Benefit obligation at end of period$36,975 $176,438 $63,066 $243,538 $63,729 $256,417 
A reconciliation of the changes in fair value of plan assets is as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
 Year Endedthroughthrough
 December 31, 2022December 31, 2021February 5, 2021
 Non-USUSNon-USUSNon-USUS
Fair value of plan assets at beginning of period$78,465 $226,830 $79,146 $221,743 $83,808 $222,417 
Actual return on plan assets(28,402)(43,354)2,998 12,254 (4,763)838 
Employer contributions— 376 — 5,240 — 2,285 
Benefits paid(2,041)(9,772)(2,456)(7,199)(138)(1,515)
Plan participants’ contributions— (342)— (5,208)— (2,282)
Foreign exchange rate changes(7,380)— (1,223)— 239 — 
Fair value of plan assets at end of period$40,642 $173,738 $78,465 $226,830 $79,146 $221,743 
The funded status of the plans is as follows:
Successor
 Year Ended December 31,Year Ended December 31,
 20222021
 Non-USUSNon-USUS
Funded status$3,667 $(2,700)$15,399 $(16,708)

Amounts recognized in the Consolidated Balance Sheets consist of:
Successor
 Year Ended December 31,Year Ended December 31,
 20222021
 Non-USUSNon-USUS
Other assets (noncurrent)$3,667 $2,722 $15,399 $971 
Other liabilities (current)— (205)— (67)
Other liabilities (noncurrent)— (5,217)— (17,612)
Net amount recognized$3,667 $(2,700)$15,399 $(16,708)
Amounts recognized in AOCI consist of:
Successor
 As of December 31, 2022As of December 31, 2021
 Non-USUSNon-USUS
Net actuarial (gain) loss$9,963 $(14,158)$(369)$(6,496)
Deferred income tax (asset) liability(2,425)2,973 112 1,364 
Accumulated other comprehensive (income) loss$7,538 $(11,185)$(257)$(5,132)
Pension costs include the following components:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Non-USUSNon-USUSNon-USUSNon-USUS
Interest cost1,368 6,753 1,228 5,993 97 615 1,877 7,567 
Return on plan assets(1,431)(12,581)(845)(11,648)(85)(1,239)(1,649)(11,676)
Amortization of prior service cost— — — — 1 — 10 — 
Recognized net actuarial loss— (22)— — — 281 — 2,866 
Settlement and curtailment (gain) loss— (121)— (575)— 301 9 154 
Net pension benefit cost (gain) loss$(63)$(5,971)$383 $(6,230)$13 $(42)$247 $(1,089)
There are zero estimated net actuarial losses and prior service costs for the non-US plan and the US plans that will be amortized from AOCI into net periodic pension cost in 2023.
During the years ended December 31, 2022, 2021 and 2020, we adopted the Retirement Plan (“RP”) mortality tables with the Mortality Projection (“MP”) scale as issued by the Society of Actuaries for each of the respective years. The RP 2022, 2021 and 2020 mortality tables represent the new standard for defined benefit mortality assumptions due to adjusted life expectancies. The adoption of the updated mortality tables and the mortality improvement scales increased our pension liability on our US plans by approximately $0.9 million and $0.7 million as of December 31, 2022 and 2021, respectively, and decreased our pension liability by approximately $1.7 million as of December 31, 2020.
During the fourth quarter of 2018, the UK High Court made a judgement confirming that UK pension schemes are required to equalize male and female members’ benefits for the effect of guaranteed minimum pensions (“GMP”). We have accounted for the impact of the GMP equalization as a plan amendment to our non-US plan, and the impact is included as a prior service cost as of December 31, 2020, which will be amortized over the average life expectancy of the members at that date.
Defined Benefit Plans—Disaggregated Plan Information
Disaggregated information regarding our non-US and US plans is summarized below:
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Projected benefit obligation$36,975 $176,438 $63,066 $243,538 
Accumulated benefit obligation36,975 176,438 63,066 243,538 
Fair value of plan assets40,642 173,738 78,465 226,830 
The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2022 and 2021. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2017.
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Projected benefit obligation$— $151,564 $— $207,059 
Fair value of plan assets— 146,144 — 189,382 
The PBO for the unfunded excess benefit plan was $0.9 million at December 31, 2022 as compared to $1.5 million in 2021, and is included under “US” in the above tables.
The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2022 and 2021. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016.
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Accumulated benefit obligation$— $151,564 $— $207,059 
Fair value of plan assets— 146,144 — 189,382 
The ABO for the unfunded excess benefit plan was $0.9 million at December 31, 2022 as compared to $1.5 million in 2021, and is included under “US” in the above tables.
Defined Benefit Plans—Key Assumptions
The key assumptions for the plans are summarized below:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Ended throughthrough
December 31, 2022December 31, 2021February 5, 2021
 Non-USUSNon-USUSNon-USUS
Weighted-average assumptions used to determine benefit obligations:
Discount Rate5.00%
5.17% - 5.27%
1.80%
2.63% -2.89%
1.80%
1.92% - 2.77%
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
SuccessorPredecessor
Period FromPeriod From
 February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
 Non-USNon-USNon-USNon-US
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate1.80%1.80%1.80%2.10%
Expected long-term return on assets2.00%1.20%1.20%2.90%
Rate of compensation increaseN/AN/AN/AN/A
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
 Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
 USUSUSUS
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate
2.63% - 2.89%
1.92% - 2.77%
1.82% - 2.60%
2.56% - 3.32%
Expected long-term return on assets
5.00% - 5.80%
5.00% - 5.80%
5.10% - 6.10%
5.40% -6.30%
Rate of compensation increaseN/AN/AN/AN/A
The discount rates used to calculate the net present value of future benefit obligations for our US plans is based on the average of current rates earned on long-term bonds that receive a Moody’s rating of “Aa” or better. We have determined that the timing and amount of expected cash outflows on our plans reasonably match this index. For our non-US plan, the discount rate used to calculate the net present value of future benefit obligations is determined by using a yield curve of high quality bond portfolios with an average maturity approximating that of the liabilities.
In developing the expected long-term rate of return on assets, we considered the current level of expected returns on risk free investments (primarily government bonds), the historical level of risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each
asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets for the portfolio. To assist us with this analysis, we employ third-party consultants for our US and non-US plans that use a portfolio return model.
Defined Benefit Plans—Plan Assets
Non-US Plan. As of December 31, 2022, the NDLS pension Scheme targets an asset allocation of 20.0% return-seeking securities (growth) and 80.0% in debt securities (matching) and adopts a de-risking strategy whereby the level of investment risk reduces as the Scheme’s funding level improves. The overall investment objective of the Scheme, as adopted by the Scheme’s Trustees, is to reach a fully funded position on the agreed de-risking basis of gilts - 0.20% per annum. The objectives within the Scheme’s overall investment strategy is to outperform the cash + 4% per annum long term objective for growth assets and to sufficiently hedge interest rate and inflation risk within the matching portfolio in relation to the Scheme’s liabilities. By achieving these objectives, the Trustees believe the Scheme will be able to avoid significant volatility in the contribution rate and provide sufficient assets to cover the Scheme’s benefit obligations. To achieve this the Trustees have given Mercer, the appointed investment manager, full discretion in the day-to-day management of the Scheme’s assets and implementation of the de-risking strategy, who in turn invests in multiple underlying investment managers where appropriate. The Trustees meet with Mercer periodically to review and discuss their investment performance.
The actual fair values of the non-US plan are as follows:
Successor:As of December 31, 2022
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Cash and cash equivalents$271 $271 $— $— 
Equity securities:
International companies5,421 5,421 — — 
Fixed income securities:
Corporate bonds34,950 34,950 — — 
Total$40,642 $40,642 $— $— 
Successor:As of December 31, 2021
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Cash and cash equivalents$938 $938 $— $— 
Equity securities:
International companies10,546 10,546 — — 
Fixed income securities:
Corporate bonds66,981 66,981 — — 
Total$78,465 $78,465 $— $— 
US Plans. The fundamental objective of the US plan is to provide the capital assets necessary to meet the financial obligations made to plan participants. In order to meet this objective, the Investment Policy Statement depicts how the investment assets of the plan are to be managed in accordance with the overall target asset allocation of approximately 38.9% equity securities, 59.9% fixed income securities, and 1.2% in cash and equivalents. The target asset allocation is intended to generate sufficient capital to meet plan obligations and provide a portfolio rate of return equal to or greater than the return realized using appropriate blended, market benchmark over a full market cycle (usually a five to seven year
time period). Actual allocations may deviate from the target range, however any deviation from the target range of asset allocations must be approved by the Trust’s governing committee.
For investments in mutual funds, the assets of the Trust are subject to the guidelines and limits imposed by such mutual fund’s prospectus and the other governing documentation at the fund level.
No shares of Noble were included in equity securities at either December 31, 2022 or 2021.
The actual fair values of US plan assets are as follows:
Successor:As of December 31, 2022
Estimated Fair Value Measurements
Carrying
Amount		Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$3,902 $3,902 $— $— 
Equity securities:
United States37,555 — 37,555 — 
Fixed income securities:
Corporate bonds100,513 96,962 3,551 — 
Treasury bonds31,768 31,768 — — 
Total$173,738 $132,632 $41,106 $— 
Successor:As of December 31, 2021
Estimated Fair Value Measurements
Carrying
Amount		Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$3,718 $3,718 $— $— 
Equity securities:
United States86,237 — 86,237 — 
International— — — — 
Fixed income securities:
Corporate bonds103,504 100,342 3,162 — 
Treasury bonds33,371 33,371 — — 
Total$226,830 $137,431 $89,399 $— 
Defined Benefit Plans—Cash Flows
In 2022, we made no contributions to our non-US plan and contributions of $0.4 million to our US plans. We made no contributions to our non-US plan in 2021. During the 2021 Predecessor period from January 1, 2021 to February 5, 2021 and the 2021 Successor period from February 6, 2021 to December 31, 2021, we made contributions of $2.3 million and $5.2 million, respectively, to our US plans. We expect our aggregate minimum contributions to our non-US and US plans in 2023, subject to applicable law, to be zero and $0.1 million, respectively. We continue to monitor and evaluate funding options based upon market conditions and may increase contributions at our discretion.
The following table summarizes our estimated benefit payments at December 31, 2022:
Payments by Period
Total20232024202520262027Thereafter
Estimated benefit payments
Non-US plans$23,240 $2,059 $2,129 $2,183 $2,226 $2,313 $12,330 
US plans110,564 10,036 10,214 10,612 10,887 11,093 57,722 
Total estimated benefit payments$133,804 $12,095 $12,343 $12,795 $13,113 $13,406 $70,052 
Other Benefit Plans. We sponsored a 401(k) Restoration Plan, which is a nonqualified, unfunded employee benefit plan under which specified employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. At December 31, 2021, our liability for the 401(k) Restoration Plan was $2.8 million, and is included in “Accrued payroll and related costs.” In early 2022, the Noble Cayman Board of Directors approved the termination of the 401(k) Restoration Plan, following which Noble distributed all benefits of the plan during the second quarter of 2022. No liabilities remained in the plan as of December 31, 2022. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees.
In 2005, we enacted a profit sharing plan, the Noble Services Company LLC Profit Sharing Plan, which covers eligible employees, as defined in the plan. Participants in the plan become fully vested in the plan after three years of service. On January 1, 2019, the 401(k) savings plan and the profit sharing plan were merged into the Noble Drilling Services Inc. 401(k) and Profit Sharing Plan. We sponsor other retirement, health and welfare plans and a 401(k) savings plan as well as international savings plans for the benefit of our employees. The contributions to these plans aggregated approximately $34.2 million, $29.8 million, $1.6 million and $24.9 million for the year ended December 31, 2022, the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the year ended December 31, 2020, respectively.
Profit sharing contributions are discretionary, require Board of Directors approval and are made in the form of cash. Contributions recorded related to this plan totaled zero, zero, zero and $2.4 million, respectively, for the year ended December 31, 2022, the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the year ended December 31, 2020.
v3.22.4
Derivative Instruments
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
Note 17— Derivative Instruments
Although we are a UK company, we define foreign currency as any non-US dollar denominated currency. Our functional currency is the US Dollar. We are exposed to risks on future cash flows to the extent that expenses denominated in a foreign currency are not equal to revenues denominated in the same foreign currency. The Company uses foreign currency forward contracts in order to manage our net exposure to fluctuations in currency exchange rates. Currencies of the Company’s derivative instruments include DKK, the Australian dollar (“AUD”), the British pound sterling (“GBP”), and the Norwegian krone (“NOK”). Currency derivatives are mainly realized within one year. We did not enter into any derivative contracts in 2021.
We have exposure related to changes in interest rates on borrowings under the Revolving Credit Facility and the New DNB Credit Facility and may be subject to similar exposure on future borrowing arrangements. We were subject to changes in interest rates on borrowings under the DSF Facility prior to its repayment. The Company may use interest rate swap contracts in order to manage our exposure to fluctuations in interest rates. During the year ended December 31, 2022, we acquired interest rate swaps in the Business Combination with Maersk Drilling; none were outstanding as of December 31, 2022.
Derivative financial instruments are recognized on the trading date and measured at fair value using generally accepted valuation techniques based on relevant observable inputs. The Company does not enter into derivative transactions for speculative purposes and for accounting purposes we have not elected to apply hedge accounting for these transactions. Realized gains and losses as well as changes in the fair values of derivative financial instruments are recognized in the income statement in “Interest income and other, net.”
The following table summarizes notional value of currency derivative contracts as of December 31, 2022:
December 31, 2022
Foreign CurrencyUSD Equivalent
DKK to USD484,59368,840
AUD to USD51,13935,257
GBP to USD9,08310,922
The following gains/(losses) from derivative instruments were recognized on our Consolidated Statements of Operations:
Derivative Instrument
DescriptionDecember 31, 2022
Interest rate swap contractsRealized (gain) loss$(949)
Foreign currency forward contractsRealized (gain) loss(6,169)
Foreign currency forward contractsUnrealized (gain) loss(1,229)
v3.22.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
Note 16— Fair Value of Financial Instruments
The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis:
December 31, 2022
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets -
Foreign currency forward contracts$2,422 $— $2,422 $— 
Liabilities -
Foreign currency forward contracts$1,124 $— $1,124 $— 
December 31, 2021
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets -
Marketable securities$7,645 $7,645 $— $— 
Our cash and cash equivalents, and restricted cash, accounts receivable, marketable securities and accounts payable are by their nature short-term. As a result, the carrying values included in our Consolidated Balance Sheets approximate fair value.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 18— Commitments and Contingencies
Tax matters
Audit claims of approximately $641.3 million attributable to income and other business taxes remain outstanding as of December 31, 2022, and are under continued objection by Noble. Such audit claims are attributable to Noble entities in Mexico related to tax years 2007 and 2009 and 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; to Maersk entities in Ghana related to tax years 2011 to 2017 and in Egypt related to tax years 2012 to 2016. 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 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 Hurricane Ida 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 7— 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 other claims and litigation arising out of operations in the ordinary course of business, including 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.
v3.22.4
Segment and Related Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment and Related Information
Note 19— Segment and Related Information
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. As of December 31, 2022, our contract drilling services segment conducts contract drilling operations in Africa, Far East Asia, the Middle East, the North Sea, Oceania, South America and the US Gulf of Mexico. Included in our long-lived assets balance below is our property and equipment and right-of-use assets. We used the geographic location of each drilling rig for our property and equipment or operating lease for our right-of-use assets, as of December 31, 2022 and 2021 for our long-lived asset geographic disclosure shown below.
The following table presents revenues and long lived assets by country based on the location of the service provided during the Successor period:
RevenuesLong-Lived Assets as of
Period From
February 6, 2021
Year endedthrough
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Australia$78,899 $1,954 107,246 $20,704 
Azerbaijan16 — 3,488 — 
Brazil33,208 251 92,571 1,702 
Canada— 10 — — 
Canary Islands— — 35,193 88,092 
Denmark40,806 25,119 479,390 18,407 
Ghana35,018 — 248,206 — 
Guyana469,267 244,638 702,170 678,852 
Indonesia— 23,964 — — 
Malaysia32,227 — 142,162 7,341 
Mauritania— 29,616 — — 
Mexico30,788 11,022 279,491 — 
Netherlands13,378 — 68,491 — 
Norway154,406 20,351 746,281 228,687 
Qatar33,181 23,247 25,032 20,487 
Saudi Arabia1,187 75,676 — 371 
Singapore— — 11,933 
Suriname133,680 62,090 335,208 — 
Timor-Leste— 32,257 — — 
Trinidad and Tobago35,101 35,710 125,320 19,387 
United Arab Emirates— — 1,775 607 
United Kingdom55,632 28,126 185,354 53,198 
United States266,176 156,294 412,716 360,478 
Other877 — 2,328 55 
Total$1,413,847 $770,325 $4,004,355 $1,498,368 
The following table presents revenues and identifiable assets by country based on the location of the service provided during the Predecessor period:
Revenues
Period From
January 1, 2021
throughYear Ended
February 5, 2021December 31, 2020
Australia$54 $50,434 
Canada— 28,915 
Denmark— 7,662 
Gabon— 147 
Guyana23,012 222,088 
Myanmar— 21,084 
Qatar2,263 31,024 
Saudi Arabia10,745 133,246 
Suriname6,029 61,474 
Trinidad and Tobago4,995 9,468 
United Kingdom7,142 180,610 
United States23,241 209,401 
Vietnam— 8,719 
Total$77,481 $964,272 
Significant Customers
The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Royal Dutch Shell plc (“Shell”)
12.0 %13.3 %30.0 %21.7 %
Exxon Mobil Corporation (“ExxonMobil”)32.3 %39.1 %29.8 %26.6 %
Equinor ASA (“Equinor”)6.4 %3.1 %5.2 %14.3 %
Saudi Arabian Oil Company (“Saudi Aramco”)— %9.8 %13.9 %13.8 %
No other customer accounted for more than 10 percent of our consolidated operating revenues in 2022, 2021 or 2020.
v3.22.4
Supplemental Financial Information
 12 Months Ended
Dec. 31, 2022
Supplemental Financial Information [Abstract]  
Supplemental Financial Information
Note 20— Supplemental Financial Information
Consolidated Statements of Cash Flows Information
Operating cash activities. The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:
Noble
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Accounts receivable$(18,133)$6,245 $(41,344)$50,802 
Other current assets21,271 2,295 17,884 (866)
Other assets16,861 (11,650)8,521 (2,369)
Accounts payable20,430 11,429 (16,819)357 
Other current liabilities(36,713)4,312 11,428 8,582 
Other liabilities15,468 32,928 (5,846)(10,941)
Total net change in assets and liabilities$19,184 $45,559 $(26,176)$45,565 
Finco
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Accounts receivable$(11,457)$6,245 $(41,344)$19,588 
Other current assets19,757 (594)19,398 7,830 
Other assets17,044 (11,618)8,512 (800)
Accounts payable18,809 15,822 (14,061)(11,018)
Other current liabilities(36,550)4,125 11,623 16,055 
Other liabilities15,696 32,700 (5,936)(10,941)
Total net change in assets and liabilities$23,299 $46,680 $(21,808)$20,714 
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 December 31, 2022, 2021 and 2020 were $196.4 million, $36.5 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. In addition, certain debt as described in “Note 2— Chapter 11 Emergence” was cancelled in exchange for shares on the Emergence Effective Date.
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 4— Acquisitions and Divestitures” for additional information.
On October 3, 2022, Noble completed the Business Combination with Maersk Drilling, issuing 60.1 million Noble Shares valued at $1.8 billion, in exchange for $2.0 billion net assets acquired. Also in connection with the Business Combination, in
mid-November 2022, the Compulsory Purchase interest was settled when 4.1 million Ordinary Shares were issued, resulting an increase in additional paid in capital of $123.8 million, and the remainder paid in cash of $69.9 million. See “Note 4— Acquisitions and Divestitures” for additional information.
Additional cash flow information is as follows:
Noble
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Cash paid during the period for:
Interest, net of amounts capitalized$35,543 $21,150 $— $138,040 
Income taxes paid (refunded), net (1)
58,386 (8,113)4,385 (133,708)
Finco
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Cash paid during the period for:
Interest, net of amounts capitalized$26,103 $21,150 $— $138,040 
Income taxes paid (refunded), net (1)
58,386 (8,113)4,385 (133,708)
(1) The net income tax paid for the year ended December 31, 2022 includes withholding tax in Guyana of $34.7 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax refund would be $23.7 million.
v3.22.4
Organization and Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Noble Corporation plc, (formerly known as Noble Finco Limited), a public limited company incorporated 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 December 31, 2022, our fleet of 32 drilling rigs consisted of 19 floaters and 13 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 redeemed 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 did not make an election, only cash), under Danish law by way of a compulsory purchase (the “Compulsory Purchase”), which was completed in early November 2022. Upon completion of the Compulsory Purchase Maersk Drilling became a wholly owned subsidiary of Noble. The Merger is accounted for as a business combination in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), where Noble is the accounting acquirer.
See “Note 4— 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 Annual Report on Form 10-K 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 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. See “Note 3— Fresh Start Accounting” for additional information.
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 December 31, 2022, Noble’s principal asset is all of the shares of Finco. Finco has no public equity outstanding. The consolidated financial statements of Noble include the accounts of Finco, and Noble conducts substantially all of its business through Finco and its subsidiaries. As such, the terms “Predecessor” and “Successor” also refer to Finco and, as the context requires.
Principles of Consolidation Principles of ConsolidationThe consolidated financial statements include our accounts and those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Certain accounting policies involve judgments and uncertainties to such an extent that there is reasonable likelihood that materially different amounts could have been reported under different conditions, or if different assumptions had been used. We evaluate our estimates and assumptions on a regular basis. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates and assumptions used in preparation of our consolidated financial statements.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, demand deposits with banks and all highly liquid investments with original maturities of three months or less. Our cash, cash equivalents and short-term investments are subject to potential credit risk, and certain of our cash accounts carry balances greater than the federally insured limits. Cash and cash equivalents are primarily held by major banks or investment firms. Our cash management and investment policies restrict investments to lower risk, highly liquid securities and we perform periodic evaluations of the relative credit standing of the financial institutions with which we conduct business.
Restricted Cash Restricted CashWe classify restricted cash balances in current assets if the restriction is expected to expire or otherwise be resolved within one year and in other assets if the restriction is expected to expire or otherwise be resolved in more than one year.
Accounts Receivable Accounts ReceivableWe record accounts receivable at the amount we invoice our clients, net of allowance for credit losses. We provide an allowance for uncollectible accounts, as necessary.
Property and Equipment
Property and Equipment
Property and equipment is stated at cost, reduced by provisions to recognize economic impairment. Major replacements and improvements are capitalized. When assets are sold, retired or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and the gain or loss is recognized. Drilling equipment and facilities are depreciated using the straight-line method over their estimated useful lives as of the date placed in service or date of major refurbishment. Estimated useful lives of our drilling equipment range from three to 30 years. Other property and equipment is depreciated using the straight-line method over useful lives ranging from two to 40 years. Included in accounts payable were $19.6 million and $36.5 million of capital accruals as of December 31, 2022 and 2021, respectively.
Interest is capitalized on long-term construction project using the weighted average cost of debt outstanding during the period of construction.
Scheduled maintenance of equipment is performed based on the number of hours operated in accordance with our preventative maintenance program. Routine repair and maintenance costs are charged to expense as incurred; however, the costs of the overhauls and asset replacement projects that benefit future periods and which typically occur every three to five years are capitalized when incurred and depreciated over an equivalent period. These overhauls and asset replacement projects are included in “Drilling equipment and facilities” in “Note 7— Property and Equipment.”
We evaluate our property and equipment for impairment whenever there are changes in facts that suggest that the value of the asset is not recoverable. As part of this analysis, we make assumptions and estimates regarding future market conditions. When circumstances indicate that the carrying value of the assets may not be recoverable, management compares the carrying value to the expected undiscounted pre-tax future cash flows for the associated rig for which identifiable cash flows are independent of cash flows of other assets. If the expected undiscounted pre-tax future cash flows are lower than the carrying value, the net capitalized costs are reduced to fair value. An impairment loss is recognized to the extent that an asset's carrying value exceeds its estimated fair value. Fair value is generally estimated using a discounted cash flow model. The expected future cash flows used for impairment assessment and related fair value measurements are typically based on judgmental assessments of, but were not limited to, timing of future contract awards and expected operating dayrates, operating costs, utilization rates, discount rates, capital expenditures, reactivation costs, estimated economic useful lives and, in certain cases, our belief that a drilling unit is no longer marketable and is unlikely to return to service in the near to medium term, and considering all available information at the date of assessment.
Fair Value Measurements
Fair Value Measurements
We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three-level hierarchy, from highest to lowest level of observable inputs, are as follows:
Level 1 - Valuations based on quoted prices in active markets for identical assets;
Level 2 - Valuations based on observable inputs that do not meet the criteria for Level 1, including quoted prices in inactive markets and quoted prices in active markets for similar but not identical instruments; and
Level 3 - Valuations based on unobservable inputs.
Goodwill
Goodwill
Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at October 1, or whenever events or changes in circumstances indicate that the fair value of such assets may be below their carrying amount. Goodwill and all other assets and liabilities are allocated to reporting units, which for us, is our single reportable segment, Contract Drilling Services. To assess impairment, the carrying amount is determined and compared to the estimated fair value. Any excess of the carrying value, including goodwill, over its fair value is recognized as an impairment and charged to net earnings. The impairment charge measured is limited to the total amount of goodwill allocated to our reporting unit.
Revenue Recognition
Revenue Recognition
The activities that primarily drive the revenue earned in our drilling contracts include (i) providing a drilling rig and the crew and supplies necessary to operate the rig, (ii) mobilizing and demobilizing the rig to and from the drill site, and (iii) performing rig preparation activities and/or modifications required for the contract. Consideration received for performing these activities may consist of dayrate drilling revenue, mobilization and demobilization revenue, contract preparation
revenue and reimbursement revenue. We account for these integrated services provided within our drilling contracts as a single performance obligation satisfied over time and comprised of a series of distinct time increments in which we provide drilling services.
Our standard drilling contracts require that we operate the rig at the direction of the customer throughout the contract term (which is the period we estimate to benefit from the corresponding activities and generally ranges from two to 60 months). The activities performed and the level of service provided can vary hour to hour. Our obligation under a standard contract is to provide whatever level of service is required by the operator, or customer, over the term of the contract. We are, therefore, under a stand-ready obligation throughout the entire contract duration. Consideration for our stand-ready obligation corresponds to distinct time increments, though the rate may be variable depending on various factors, and is recognized in the period in which the services are performed. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the term of the contract. We have elected to exclude from the transaction price measurement all taxes assessed by a governmental authority. See further discussion regarding the allocation of the transaction price to the remaining performance obligations below.
The amount estimated for variable consideration may be subject to interrupted or restricted rates and is only included in the transaction price to the extent that it is probable that a significant reversal of previously recognized revenue will not occur throughout the term of the contract (“constrained revenue”). When determining if variable consideration should be constrained, management considers whether there are factors outside the Company’s control that could result in a significant reversal of revenue as well as the likelihood and magnitude of a potential reversal of revenue. These estimates are re-assessed each reporting period as required.
Dayrate Drilling Revenue. Our drilling contracts generally provide for payment on a dayrate basis, with higher rates for periods when the drilling unit is operating and lower rates or zero rates for periods when drilling operations are interrupted or restricted. The dayrate invoices billed to the customer are typically determined based on the varying rates applicable to the specific activities performed on an hourly basis. Such dayrate consideration is allocated to the distinct hourly increment it relates to within the contract term, and therefore, recognized in line with the contractual rate billed for the services provided for any given hour.
Mobilization/Demobilization Revenue. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the mobilization and demobilization of our rigs. These activities are not considered to be distinct within the context of the contract and, therefore, the associated revenue is allocated to the overall performance obligation and the associated pre-operating costs are deferred. We record a contract liability for mobilization fees received and a deferred asset for costs. Both revenue and pre-operating costs are recognized ratably over the initial term of the related drilling contract.
In most contracts, there is uncertainty as to the amount of expected demobilization revenue due to contractual provisions that stipulate that certain conditions must be present at contract completion for such revenue to be received and as to the amount thereof, if any. For example, contractual provisions may require that a rig demobilize a certain distance before the demobilization revenue is payable or the amount may vary dependent upon whether or not the rig has additional contracted work within a certain distance from the wellsite. Therefore, the estimate for such revenue may be constrained, as described earlier, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. In cases where demobilization revenue is expected to be received upon contract completion, it is estimated as part of the overall transaction price at contract inception and recognized in earnings ratably over the initial term of the contract with an offset to an accretive contract asset.
Contract Preparation Revenue. Some of our drilling contracts require downtime before the start of the contract to prepare the rig to meet customer requirements. At times, we may be compensated by the customer for such work (on either a fixed lump-sum or variable dayrate basis). These activities are not considered to be distinct within the context of the contract and, therefore, the related revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract. We record a contract liability for contract preparation fees received, which is amortized ratably to contract drilling revenue over the initial term of the related drilling contract.
Bonuses, Penalties and Other Variable Consideration. We may receive bonus increases to revenue or penalty decreases to revenue. Based on historical data and ongoing communication with the operator/customer, we are able to reasonably estimate this variable consideration. We will record such estimated variable consideration and re-measure our estimates at
each reporting date. For revenue estimated, but not received, we will record to “Prepaid expenses and other current assets” on our Consolidated Balance Sheets.
Capital Modification Revenue. From time to time, we may receive fees from our customers for capital improvements to our rigs to meet contractual requirements (on either a fixed lump-sum or variable dayrate basis). Such revenue is allocated to the overall performance obligation and recognized ratably over the initial term of the related drilling contract as these activities are integral to our drilling activities and are not considered to be a stand-alone service provided to the customer within the context of our contracts. We record a contract liability for such fees and recognize them ratably as contract drilling revenue over the initial term of the related drilling contract commencing when the asset is ready for its intended use.
Revenues Related to Reimbursable Expenses. We generally receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request in accordance with a drilling contract or other agreement. Such reimbursable revenue is variable and subject to uncertainty, as the amounts received and timing thereof is highly dependent on factors outside of our influence. Accordingly, reimbursable revenue is constrained revenue and not included in the total transaction price until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of a customer. We are generally considered a principal in such transactions and record the associated revenue at the gross amount billed to the customer as “Reimbursables and other” in our Consolidated Statements of Operations. Such amounts are recognized ratably over the period within the contract term during which the corresponding goods and services are to be consumed.
Deferred revenues from drilling contracts totaled $59.8 million and $27.8 million at December 31, 2022 and 2021, respectively. Such amounts are included in either “Other current liabilities” or “Other liabilities” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition. Related expenses deferred under drilling contracts totaled $11.5 million at December 31, 2022 as compared to $5.7 million at December 31, 2021 and are included in either “Prepaid expenses and other current assets,” “Other assets” or “Property and equipment, net” in the accompanying Consolidated Balance Sheets, based upon our expected time of recognition.
We record reimbursements from customers for “out-of-pocket” expenses as revenues and the related direct cost as operating expenses.
Income Taxes
Income Taxes
Income taxes are based on the laws and rates in effect in the countries in which operations are conducted or in which we or our subsidiaries are considered resident for income tax purposes. In certain circumstances, we expect that, due to changing demands of the offshore drilling markets and the ability to redeploy our offshore drilling units, certain of such units will not reside in a location long enough to give rise to future tax consequences. As a result, no deferred tax asset or liability has been recognized in these circumstances. Should our expectations change regarding the length of time an offshore drilling unit will be used in a given location, we will adjust deferred taxes accordingly.
Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the applicable jurisdictional tax rates at year-end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the deferred tax asset will not be realized in a future period.
We operate through various subsidiaries in numerous countries throughout the world, including the United States. Consequently, we are subject to changes in tax laws, treaties or regulations or the interpretation or enforcement thereof in the United States, UK and any other jurisdictions in which we or any of our subsidiaries operate or are resident. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. If the IRS or other taxing authorities do not agree with our assessment of the effects of such laws, treaties and regulations, this could have a material adverse effect on us including the imposition of a higher effective tax rate on our worldwide earnings or a reclassification of the tax impact of our significant corporate restructuring transactions. The Company has adopted an accounting policy to look through the outside basis of partnerships and all other flow-through entities and exclude these from the computation of deferred taxes.
Claims Reserves
Claims Reserves
We maintain various levels of self-insured retention for certain losses including property damage, loss of hire, employment practices liability, employers’ liability and general liability, among others. We accrue for property damage and loss of hire charges on a per event basis.
Employment practices liability claims are accrued based on actual claims during the year. Maritime employer’s liability claims are generally estimated using actuarial determinations. General liability claims are estimated by our internal claims department by evaluating the facts and circumstances of each claim (including incurred but not reported claims) and making estimates based upon historical experience with similar claims.
Earnings per Share Earnings per ShareOur unvested share-based payment awards, which contain non-forfeitable rights to dividends, are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method allocates undistributed earnings between common shares and participating securities. The diluted earnings per share calculation under the two-class method also includes the dilutive effect of potential shares issued in connection with stock warrants and options. The dilutive effect of stock warrants and options is determined using the treasury stock method. The diluted earnings per share calculation is adjusted for mandatory exercise, under the treasury stock method, if the condition is met at the balance sheet date. At December 31, 2022, the Mandatory Exercise Condition (as defined in the applicable warrant agreement) set forth in the warrant agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was satisfied.
Share-Based Compensation Plans Share-Based Compensation PlansWe record the grant date fair value of share-based compensation arrangements as compensation cost using a straight-line method over the service period. Share-based compensation is expensed or capitalized based on the nature of the employee’s activities. The Company classified certain awards that will be settled in cash as liability awards. The fair value of a liability-classified award is determined on a quarterly basis beginning at the grant date until final vesting. Changes in the fair value of liability-classified awards are expensed or capitalized based on the nature of the employee’s activities over the vesting period of the award.
Litigation Contingencies
Litigation Contingencies
We are involved in legal proceedings, claims, and regulatory, tax or government inquiries and investigations that arise in the ordinary course of business. Certain of these matters include speculative claims for substantial or indeterminate amounts of damages. We record a liability when we believe that it is both probable that a loss has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the notes to the consolidated financial statements.
We review the developments in our contingencies that could affect the amount of the provisions that has been previously recorded, and the matters and related possible losses disclosed. We make adjustments to our provisions and changes to our disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgement is required to determine both the probability and the estimated amount.
Foreign Currency Translation
Foreign Currency Translation
Although we are a UK company, our functional currency is the US dollar, and we define any non-US dollar denominated currency as “foreign currencies.” In non-US locations where the US Dollar has been designated as the functional currency (based on an evaluation of factors including the markets in which the subsidiary operates, inflation, generation of cash flow, financing activities and intercompany arrangements), local currency transaction gains and losses are included in net income or loss. In non-US locations where the local currency is the functional currency, assets and liabilities are translated at the rates of exchange on the balance sheet date, while statement of operations items are translated at average rates of exchange during the year. The resulting gains or losses arising from the translation of accounts from the functional currency to the US Dollar are included in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. We did not recognize any material gains or losses on foreign currency transactions or translations during the year ended December 31, 2022.
Derivative Financial Instruments
Derivative Financial Instruments
We use foreign currency forward contracts and interest rate swaps in order to manage our exposure to fluctuations in currency exchange and interest rates, respectively. The contracts are not entered into for trading purposes. The Company has not designated these derivative instruments as hedges. We recognize the derivatives at fair value on the Consolidated Balance Sheets, and where applicable, such contracts covered by master netting agreements are reported net. Gross positive fair values are netted with gross negative fair values by counterparty. Realized gains and losses as well as changes
in the fair values of derivative financial instruments are recognized in the income statement in “Interest income and other, net.
Accounting Pronouncements
Accounting Pronouncements
Accounting Standards Adopted. In October 2021, the FASB issued Accounting Standards Update 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. The Company early adopted this standard on January 1, 2022 and it did not have a material impact on our financial statements.
Recently Issued Accounting Standards. There have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our consolidated financial statements.
v3.22.4
Chapter 11 Emergence (Tables)
 12 Months Ended
Dec. 31, 2022
Reorganizations [Abstract]  
Components Of Reorganization Items Net The following table summarizes the components of reorganization items included in our Consolidated Statements of Operations for the period from January 1, 2021 through February 5, 2021:
Predecessor
NobleFinco
Period FromPeriod From
January 1, 2021January 1, 2021
throughthrough
February 5, 2021February 5, 2021
Professional fees (1)
$(28,739)$(8,095)
Adjustments for estimated allowed litigation claims77,300 — 
Write-off of unrecognized share-based compensation(4,406)(4,406)
Gain on settlement of liabilities subject to compromise2,556,147 2,556,147 
Loss on fresh start adjustments(2,348,251)(2,348,251)
Total Reorganization items, net$252,051 $195,395 
(1)Payments of $44.2 million and $7.2 million related to professional fees have been presented as cash outflows from operating activities in our Consolidated Statements of Cash Flows for the period from January 1, 2021 through February 5, 2021 for Noble and Finco, respectively.
v3.22.4
Fresh Start Accounting (Tables)
 12 Months Ended
Dec. 31, 2022
Reorganizations [Abstract]  
Schedule of Reconciliation of Enterprise Value and Reorganization Value
The following table reconciles the enterprise value to the Successor equity as of the Emergence Effective Date:
February 5, 2021
Enterprise value$1,300,300 
Plus: Cash and cash equivalents111,968 
Less: Fair value of debt(393,500)
Fair value of Successor equity$1,018,768 
The following table reconciles the enterprise value to the reorganization value as of the Emergence Effective Date:
February 5, 2021
Enterprise value$1,300,300 
Plus: Cash and cash equivalents111,968 
Plus: Non-interest bearing current liabilities185,410 
Plus: Non-interest bearing non-current liabilities108,268 
Reorganization value of Successor assets$1,705,946 
Schedule of Fresh Start Balance Sheet
The following table reflects the reorganization and application of ASC 852 on our consolidated balance sheet as of February 5, 2021:
PredecessorReorganization AdjustmentsFresh Start AdjustmentsSuccessor
ASSETS 
Current assets
Cash and cash equivalents$317,962 $(205,994)(a)$— $111,968 
Accounts receivable, net189,207 — — 189,207 
Taxes receivable32,556 — — 32,556 
Prepaid expenses and other current assets63,056 (20,302)(b)(10,073)(m)32,681 
Total current assets602,781 (226,296)(10,073)366,412 
Intangible assets— — 113,389 (n)113,389 
Property and equipment, at cost4,787,661 — (3,631,936)(o)1,155,725 
Accumulated depreciation(1,221,033)— 1,221,033 (o)— 
Property and equipment, net3,566,628 — (2,410,903)1,155,725 
Other assets69,940 10,983 (c)(10,503)(m)70,420 
Total assets$4,239,349 $(215,313)$(2,318,090)$1,705,946 
LIABILITIES AND EQUITY
Current liabilities
Accounts payable$89,215 $(7,266)(d)$— $81,949 
Accrued payroll and related costs35,615 — — 35,615 
Taxes payable34,211 — — 34,211 
Other current liabilities64,943 21,305 (e)(52,613)(m)33,635 
Total current liabilities223,984 14,039 (52,613)185,410 
Long-term debt— 352,054 (f)41,446 (p)393,500 
Deferred income taxes9,303 (17,328)(g)29,550 (q)21,525 
Other liabilities108,489 4,659 (h)(26,405)(m)86,743 
Liabilities subject to compromise4,143,812 (4,143,812)(i)— — 
Total liabilities4,485,588 (3,790,388)(8,022)687,178 
Shareholders’ equity (deficit)
Common stock (Predecessor)2,511 (2,511)(j)— — 
Common stock (Successor)— 1 (k)— 1 
Additional paid-in capital (Predecessor)815,505 (815,505)(j)— — 
Additional paid-in capital (Successor)— 1,018,767 (k)— 1,018,767 
Accumulated deficit(1,006,351)3,374,323 (l)(2,367,972)(r)— 
Accumulated other comprehensive loss(57,904)— 57,904 (s)— 
Total shareholders’ equity (deficit)(246,239)3,575,075 (2,310,068)1,018,768 
Total liabilities and equity$4,239,349 $(215,313)$(2,318,090)$1,705,946 
Reorganization Adjustments
(a)Represents the reorganization adjustment to cash and cash equivalents:
Proceeds from Rights Offering$200,000 
Proceeds from the Revolving Credit Facility, net of issuance costs167,361 
Transfer of cash from restricted cash300 
Payment of professional service fees(23,261)
Payment of the pre-petition revolving credit facility principal and accrued interest(550,019)
Deconsolidation of NHUK(300)
Payment of recurring debt fees(75)
Change in cash and cash equivalents$(205,994)
(b)Represents the reorganization adjustment for the following:
Payment of professional service fees from escrow$(12,380)
Payment of Paragon litigation settlement from escrow(7,700)
Transfer of restricted cash to cash(300)
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence78 
Change in prepaid expenses and other current assets$(20,302)
(c)Adjustments to other assets relates to capitalization of long-term debt issuance costs related to the Revolving Credit Facility of $11.1 million and the impact of reorganization adjustments on deferred tax assets of $(0.1) million.
(d)Adjustments to accounts payable related to the payment of professional fees $(15.2) million and the reinstatement of trade payables from liabilities subject to compromise of $8.0 million.
(e)Adjustment of $21.3 million to other current liabilities related to the reinstatement of liabilities subject to compromise.
(f)Represents $352.1 million of outstanding borrowings, net of financing costs, under the Second Lien Notes and Revolving Credit Facility.
(g)Represents the write-off of $(17.3) million deferred income taxes as the result of the Company’s internal restructuring.
(h)Represents cancellation of $(0.1) million cash-based compensation plans and the reinstatement of $4.7 million right-of-use lease liabilities.
(i)Liabilities subject to compromise settled or reinstated in accordance with the Plan and the resulting gain were determined as follows:
4.900% senior notes due Aug. 2020
$62,535 
4.625% senior notes due Mar. 2021
79,937 
3.950% senior notes due Mar. 2022
21,213 
7.750% senior notes due Jan. 2024
397,025 
7.950% senior notes due Apr. 2025
450,000 
7.875% senior notes due Feb. 2026
750,000 
6.200% senior notes due Aug. 2040
393,597 
6.050% senior notes due Mar. 2041
395,000 
5.250% senior notes due Mar. 2042
483,619 
8.950% senior notes due Apr. 2045
400,000 
5.958% revolving credit facility maturing Jan. 2023
545,000 
Accrued and unpaid interest110,300 
Protection and indemnity insurance liabilities25,669 
Accounts payable and other payables8,163 
Estimated loss on litigation15,700 
Lease liabilities6,054 
Total consolidated liabilities subject to compromise4,143,812 
Issuance of Successor common stock(854,909)
Issuance of Successor warrants to certain Predecessor creditors(141,029)
Payment of the pre-petition revolving credit facility principal and accrued interest(550,020)
Payment of Paragon litigation settlement from escrow(7,700)
Reinstatement of Transocean litigation liability(8,000)
Reinstatement of protection and indemnity insurance liabilities(11,791)
Reinstatement of trade payables and right-of-use lease liabilities(14,216)
Gain on settlement of liabilities subject to compromise$2,556,147 
(j)Represents the cancellation of the Predecessor’s common stock of $(2.5) million and Additional paid-in capital of $(815.5) million.
(k)Represents the reorganization adjustments to common stock and additional paid in capital:
Par value of 50 million shares of new common stock issued
$1 
Capital in excess of par value of 50 million issued and authorized shares of new common stock issued
875,931 
Fair value of new warrants issued142,836 
Total Successor equity issued on the Emergence Effective Date
$1,018,768 
(l)Represents the reorganization adjustments to accumulated deficit:
Gain on settlement of liabilities subject to compromise2,556,147 
Professional fees and success fees(15,017)
Write-off of unrecognized share-based compensation(4,406)
Reorganization items, net2,536,724 
Cancellation of Predecessor common stock and additional paid-in capital820,299 
Cancellation of Predecessor cash and equity compensation plans 2,183 
Issuance of Successor warrants to Predecessor equity holders(1,807)
Deconsolidation of NHUK(222)
Recognition of recurring debt fees(75)
Tax impacts of reorganization17,221 
Net impact to Accumulated Deficit$3,374,323 
Fresh Start Adjustments
(m)Reflects adjustments to capitalized deferred costs, deferred revenue and pension balances due to the application of fresh start accounting as follows:
Prepaid expenses and other current assetsOther assetsOther current liabilitiesOther liabilities
Deferred contract assets and revenues$(10,073)$(2,616)$(52,616)$(20,320)
Write-off of certain financing costs— (6,238)— — 
Pension assets and obligations— (1,010)3 (6,085)
Fair value adjustments to other assets— (639)— — 
$(10,073)$(10,503)$(52,613)$(26,405)
(n)Reflects the fair value adjustment of $113.4 million to record an intangible asset for favorable contracts with customers.
(o)Reflects the fair value adjustment of $2.4 billion to property and equipment of the Predecessor. The following table presents a comparison of the historical and new fair values upon emergence:
Historical ValueFair Value
Drilling equipment and facilities$4,355,384 $1,070,931 
Construction in progress231,626 75,159 
Other200,651 9,635 
Less: accumulated depreciation(1,221,033)— 
Property and equipment, at cost$3,566,628 $1,155,725 
(p)Reflects a fair value adjustment of $41.4 million to the carrying value of the Second Lien Notes due to application of fresh start accounting.
(q)New deferred tax balances of $29.6 million were established for favorable contracts with customers due to application of fresh start accounting.
(r)The following table summarizes the cumulative impact of the fresh start adjustments, as discussed above, the elimination of the Predecessor’s accumulated other comprehensive loss, and the adjustments required to eliminate accumulated deficit:
Fair value adjustment to Prepaid and other current assets$(10,073)
Fair value adjustment to Intangible assets113,389 
Fair value adjustment to Property and equipment, net(2,410,903)
Fair value adjustment to Other assets(10,503)
Fair value adjustment to Other current liabilities52,613 
Fair value adjustment to Long-term debt(41,446)
Fair value adjustment to Deferred income taxes(9,829)
Fair value adjustment to Other liabilities26,405 
Derecognition of Predecessor Accumulated other comprehensive loss(57,904)
Total fresh start adjustments included in Reorganization items, net(2,348,251)
Tax impact of fresh start adjustments(19,721)
Net change in accumulated deficit$(2,367,972)
(s)Reflects $57.9 million for the derecognition of Predecessor Accumulated other comprehensive loss through Reorganization items, net.
v3.22.4
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Identifiable Assets Acquired and Liabilities Assumed Based on the Fair Values
The following table represents the preliminary allocation of the total purchase price of Maersk Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the Closing Date. In connection with this acquisition, the Company incurred $33.1 million of acquisition related costs during the year ended December 31, 2022. The results of Maersk Drilling operations are included in the Company’s results of operations effective on the Closing Date. The purchase price allocation is preliminary and subject to change. The amounts recognized will be finalized as the information necessary to complete the analysis is obtained, but no later than one year after the Closing Date. Any final adjustment to the valuation could change the fair values assigned to the assets and liabilities, resulting in a change to our consolidated financial statements, including a change to goodwill. Such change could be material.
Purchase price consideration:
Fair value of Noble shares transferred to legacy Maersk shareholders$1,793,351 
Cash paid to legacy Maersk shareholders887 
Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price6,780 
Deal Completion Bonus6,177 
Fair Value of Compulsory Purchase193,678 
Total purchase price consideration$2,000,873 
Assets acquired:
Cash and cash equivalents$172,205 
Accounts receivable, net250,251 
Taxes receivable20,603 
Prepaid expenses and other current assets41,068 
Total current assets484,127 
Intangible assets22,991 
Property, plant and equipment, net2,756,096 
Other assets69,713 
Total assets acquired3,332,927 
Liabilities assumed:
Current maturities of long-term debt129,130 
Accounts payable130,273 
Accrued payroll and related costs21,784 
Taxes payable38,218 
Interest payable800 
Other current liabilities41,253 
Total current liabilities361,458 
Long-term debt596,692 
Deferred income taxes4,071 
Noncurrent contract liabilities237,703 
Other liabilities158,146 
Total liabilities assumed1,358,070 
Net assets acquired1,974,857 
Goodwill acquired26,016 
Purchase price consideration$2,000,873 
The following table represents the allocation of the total purchase price of Pacific Drilling to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
Consideration:
Pacific Drilling membership interests outstanding2,500 
Exchange Ratio6.366 15,915 
Pacific Drilling warrants outstanding441 
Exchange Ratio1.553 685 
Noble Cayman Shares issued16,600 
Fair value of Noble Cayman Shares on April 15, 2021$21.55 
Total consideration$357,662 
Assets acquired:
Cash and cash equivalents$54,970 
Accounts receivable17,457 
Taxes receivable1,585 
Prepaid expenses and other current assets14,081 
Total current assets88,093 
Property and equipment, net346,167 
Assets held for sale30,063 
Other assets457 
Total assets acquired464,780 
Liabilities assumed:
Accounts payable18,603 
Accrued payroll and related costs16,128 
Taxes payable1,951 
Other current liabilities2,900 
Total current liabilities39,582 
Deferred income taxes798 
Other liabilities4,433 
Total liabilities assumed44,813 
Net assets acquired$419,967 
Gain on bargain purchase62,305 
Purchase price consideration$357,662 
Schedule of Revenue and Net Income of Acquiree subsequent to the Closing of Merger
The following table represents Maersk Drilling’s revenue and earnings included in Noble’s Consolidated Statements of Operations subsequent to the Closing Date of the Business Combination.
Period From
October 3, 2022
through
December 31, 2022
Revenue$341,490 
Net loss$21,690 
The following table represents Pacific Drilling’s revenue and earnings included in the Company’s Consolidated Statements of Operations subsequent to the closing of the Pacific Drilling Merger.
Successor
Period From
February 6, 2021
through
December 31, 2021
Revenue$94,506 
Net loss$(46,646)
Pro Forma Financial Information
The following unaudited pro forma summary presents the results of operations as if the Pacific Drilling Merger had occurred on February 6, 2021. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented.
Successor
Period From
February 6, 2021
through
December 31, 2021
Revenue$792,999 
Net income$69,966 
Net income per share
Basic$1.05 
Diluted$0.98 
The pro forma results include, among others, (i) a reduction in Pacific Drilling’s historically reported depreciation expense for adjustments to property and equipment and (ii) an adjustment to reflect the gain on bargain purchase as if the Pacific Drilling Merger had occurred on February 6, 2021.
Schedule of Pro Forma Financial Information
The following unaudited pro forma summary presents the results of operations as if the Business Combination had occurred on February 6, 2021. The pro forma summary uses estimates and assumptions based on information available at the time. Management believes the estimates and assumptions to be reasonable; however, actual results may have differed significantly from this pro forma financial information. The pro forma information does not reflect any synergy savings that might have been achieved from combining the operations and is not intended to reflect the actual results that would have occurred had the companies actually been combined during the periods presented.
Twelve Months Ended December 31, 2022Period from February 6, 2021 through December 31, 2021
Revenue$2,218,117 $1,924,013 
Net income$(34,356)$453,231 
Net income per share
Basic$(0.26)$3.56 
Diluted$(0.26)$3.44 
v3.22.4
Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following table presents the computation of basic and diluted earnings per share:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Numerator:  
Basic
Net income (loss) $168,948 $101,982 $250,228 $(3,978,459)
Diluted  
Net income (loss)$168,948 $101,982 $250,228 $(3,978,459)
Denominator:  
Weighted average shares outstanding — basic85,055 63,186 251,115 250,792 
Dilutive effect of share-based awards3,334 3,180 5,456 — 
Dilutive effect of warrants8,489 1,262 — — 
Dilutive effect of compulsory purchase (1)
729 — — — 
Weighted average shares outstanding — diluted97,607 67,628 256,571 250,792 
Income (loss) per share  
Basic earnings (loss) per share$1.99 $1.61 $1.00 $(15.86)
Diluted earnings (loss) per share$1.73 $1.51 $0.98 $(15.86)
(1)    Represents the dilutive effect on outstanding shares between when the Compulsory Purchase interest was recorded on the Closing Date and when it was derecognized in mid-November 2022.
Schedule of Antidilutive Securities Excluded from Computation of Income (Loss) Per Share
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:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Share-based awards— — 556 6,082 
Warrants (1)
2,774 11,097 — — 
(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.
v3.22.4
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, at Cost
Property and equipment, at cost, for Noble consisted of the following:
Year Ended December 31,
20222021
Drilling equipment and facilities$3,997,498 $1,467,772 
Construction in progress123,911 77,363 
Other41,796 10,840 
Property and equipment, at cost$4,163,205 $1,555,975 
v3.22.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
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:
December 31,
20222021
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Senior secured notes
11.000% Senior Notes due February 2028
$173,695 $192,353 $216,000 $236,792 
Credit facility:
Senior Secured Revolving Credit Facility matures July 2025
— — — — 
Term Loans:
New DNB Credit Facility matures December 2025349,360 350,000 — — 
DSF Credit Facility matures December 2023149,715 149,715 — — 
Total debt672,770 692,068 216,000 236,792 
Less: Current maturities of long-term debt159,715 — — — 
Long-term debt$513,055 $692,068 $216,000 $236,792 
v3.22.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Performance-Vested Restricted Stock Awards, Validation Assumptions The assumptions used to value the PVRSUs include historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows for the respective grant dates:
Year EndedPeriod from February 6, 2021 through
December 31, 2022December 31, 2021
 February 3, 2022February 19, 2021October 1, 2021December 1, 2021
Valuation assumptions:   
Expected volatility74.8 %50.0 %92.2 %95.1 %
Expected dividend yield— %— %— %— %
Risk-free interest rate1.42 %0.19 %0.33 %0.58 %
The assumptions used to value the PVRSUs included historical volatility and risk-free interest rates over a time period commensurate with the remaining term prior to vesting, as follows:
 2020
Valuation assumptions: 
Expected volatility69.8 %
Expected dividend yield— %
Risk-free interest rate1.40 %
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of the RSUs awarded during the periods indicated is as follows:
Twelve Months Ended December 31, 2022Period from February 6, 2021 through December 31, 2021
Equity-classified TVRSU 
Units awarded 988,750 1,735,843 
Weighted-average share price at award date$27.85 $16.68 
Weighted-average vesting period (years)2.942.94
Liability-classified TVRSU
Units awarded20,120 52,364 
Weighted-average share price at award date$31.25 $16.76 
Weighted-average vesting period (years)1.002.81
PVRSU 
Units awarded 295,372 1,457,842 
Weighted-average share price at award date$25.57 $16.74 
Three-year performance period ended December 3120242023
Weighted-average award date fair value$35.77 $20.82 
A summary of the status of non-vested RSUs at December 31, 2022 and changes for the period from February 6, 2021 through December 31, 2021 is presented below:
Equity-Classified TVRSUs
Outstanding		Weighted
Average
Award-Date
Fair Value
PVRSUs
Outstanding (1)
Weighted
Average
Award-Date
Fair Value
Non-vested RSUs at February 5, 2021 (Successor)— $— — $— 
Awarded1,735,843 16.68 1,457,842 20.82 
Vested— — — — 
Forfeited(66,081)16.44 — — 
Non-vested RSUs at December 31, 20211,669,762 $16.69 1,457,842 $20.82 
Awarded (2)
988,750 27.85 295,372 35.77 
Vested (3)
(1,050,086)21.35 — — 
Forfeited(68,876)20.39 — — 
Non-vested RSUs at December 31, 20221,539,550 $20.51 1,753,214 $35.77 
(1)For awards granted during 2022 and 2021, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance is achieved. The minimum number of units is zero and the “maximum” level of performance is 200 percent of the amounts shown.
(2)Includes approximately 477,785 shares of outstanding TVRSUs that were assumed upon the acquisition of Maersk Drilling. The weighted average grant date fair value on the date of assumption was approximately $29.84 per share.
(3)Includes approximately 336,993 shares of outstanding TVRSUs that vested upon the acquisition of Maersk Drilling. The weighted average vested share price on the date of vesting was approximately $29.84 per share.
A summary of the RSUs awarded for the year ended December 31, 2020 is as follows:
2020
TVRSU 
Units awarded 5,559,678 
Weighted-average share price at award date$0.82 
Weighted-average vesting period (years)3.0
PVRSU 
Units awarded 2,696,774 
Weighted-average share price at award date$0.91 
Three-year performance period ended December 312022
Weighted-average award date fair value$1.14 
A summary of the status of non-vested RSUs at February 5, 2021 and changes during the period from January 1 through February 5, 2021 is presented below:
TVRSUs
Outstanding		Weighted
Average
Award-Date
Fair Value
PVRSUs
Outstanding (1)
Weighted
Average
Award-Date
Fair Value
Non-vested RSUs at January 1, 2021 (Predecessor)2,362,500 $3.43 3,163,113 $3.22 
Awarded— — — — 
Vested(61,050)5.46 — — 
Forfeited or cancelled(2,301,450)3.37 (3,163,113)3.22 
Non-vested RSUs at February 5, 2021 (Predecessor)— $— — $— 
(1)For awards granted during 2020, the number of PVRSUs shown equals the shares that would vest if the “target” level of performance was achieved. The minimum number of shares was zero and the “maximum” level of performance was 200 percent of the amounts shown.
Share-based Payment Arrangement, Option, Activity A summary of the status of stock options granted under the 1991 Plan and the changes during the period ended on February 5, 2021 and December 31, 2020 are presented below:
 February 5, 2021December 31, 2020
Number of
Shares
Underlying
Options		Weighted
Average
Exercise
Price		Number of
Shares
Underlying
Options		Weighted
Average
Exercise
Price
Outstanding at beginning of period556,155 $30.39 708,400 $30.90 
Expired or cancelled(556,155)30.39 (152,245)32.78 
Outstanding at end of period— 556,155 30.39 
Exercisable at end of period— $— 556,155 $30.39 
v3.22.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” during the year ended December 31, 2022, the period from February 6, 2021 to December 31, 2021 and the period from January 1, 2021 to February 5, 2021. All amounts within the tables are shown net of tax.
Defined Benefit Pension Items (1)
Foreign Currency ItemsTotal
Balance at 12/31/2020 (Predecessor)$(39,737)$(18,275)$(58,012)
Activity during period:
Other comprehensive income before reclassifications— (116)(116)
Amounts reclassified from AOCI224 — 224 
Net other comprehensive income (loss)224 (116)108 
Cancellation of Predecessor equity39,513 18,391 57,904 
Balance at Balance at 2/5/2021 (Predecessor)$— $— $— 
Balance at Balance at 2/6/2021 (Successor)$— $— $— 
Activity during period:
Other comprehensive income before reclassifications— — — 
Amounts reclassified to AOCI5,389 — 5,389 
Net other comprehensive income5,389 — 5,389 
Balance at 12/31/2021 (Successor)$5,389 $— $5,389 
Activity during period:
Other comprehensive income before reclassifications— — — 
Amounts reclassified to AOCI(1,742)— (1,742)
Net other comprehensive income(1,742)— (1,742)
Balance at 12/31/2022 (Successor)$3,647 $— $3,647 
(1)Defined benefit pension items relate to actuarial changes and the amortization of prior service costs. Reclassifications from AOCI are recognized as expense on our Consolidated Statements of Operations through “Other income (expense).” See “Note 15— Employee Benefit Plans” for additional information.
v3.22.4
Revenue and Customers (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Rig Types
The following table provides information about contract drilling revenue by rig types:
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Floaters$997,819 $482,283 $50,057 $491,407 
Jackups335,022 225,848 23,994 417,829 
Total$1,332,841 $708,131 $74,051 $909,236 
Schedule of Contract Assets and Contract Liabilities
The following table provides information about contract assets and contract liabilities from contracts with customers:
Successor
December 31, 2022December 31, 2021
Current customer contract assets$11,169 $5,744 
Noncurrent customer contract assets368 — 
Total customer contract assets11,537 5,744 
Current deferred revenue(40,214)(18,403)
Noncurrent deferred revenue(19,583)(9,352)
Total deferred revenue$(59,797)$(27,755)
Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the year ended December 31, 2022, the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the year ended December 31, 2020. are as follows:
Contract AssetsContract Liabilities
Net balance at December 31, 2020 (Predecessor)$13,861 $(59,886)
Amortization of deferred costs(1,607)— 
Additions to deferred costs432 — 
Amortization of deferred revenue— 4,142 
Additions to deferred revenue— (25,479)
Fresh start accounting revaluation(12,686)72,936 
Total(13,861)51,599 
Net balance at 2/5/21 (Predecessor)$— $(8,287)
Net balance at 2/6/21 (Successor)$— $(8,287)
Amortization of deferred costs(3,908)— 
Additions to deferred costs9,652 — 
Amortization of deferred revenue— 13,729 
Additions to deferred revenue— (33,197)
Total5,744 (19,468)
Net balance at 12/31/2021 (Successor)$5,744 $(27,755)
Amortization of deferred costs(19,875)— 
Additions to deferred costs34,187 — 
Amortization of deferred revenue— 55,521 
Additions to deferred revenue— (108,971)
Reclassification to held for sale and subsequent derecognition(8,519)21,408 
Total5,793 (32,042)
Net balance at 12/31/2022 (Successor)$11,537 $(59,797)
Favorable and Unfavorable contracts
Unfavorable contactsFavorable contracts
Balance at February 6, 2021$— $— 
Additions— 113,389 
Amortization— (51,540)
Balance at December 31, 2021$— $61,849 
Balance at January 1, 2022$— $61,849 
Additions(237,703)22,991 
Amortization55,820 (50,468)
Balance at December 31, 2022$(181,883)$34,372 
Estimated future amortization over the expected remaining contract periods:
Year ending December 31,
202320242025Total
Unfavorable contracts$133,236 $40,439 $8,208 $181,883 
Favorable contracts$(23,746)$(10,626)$— $(34,372)
    Total$109,490 $29,813 $8,208 $147,511 
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, at the end of the reporting period:
Year Ending December 31,
20232024202520262027 and beyondTotal
Floaters$36,828 $8,280 $6,862 $— $— $51,970 
Jackups$3,047 $2,098 $2,092 $590 $— $7,827 
Total$39,875 $10,378 $8,954 $590 $— $59,797 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Supplemental Financial Information and Lease Cost
Supplemental balance sheet information related to leases was as follows:
Successor
December 31, 2022December 31, 2021
Operating leases
Operating lease right-of-use assets34,55117,066
Current operating lease liabilities
23,8323,923
Long-term operating lease liabilities23,85213,166
Weighted average remaining lease term for operating leases (years)4.396.25
Weighted average discounted rate for operating leases7.8 %9.5 %
The components of lease cost were as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Endedthroughthrough
December 31, 2022December 31, 2021February 5, 2021
Operating lease cost$6,095 $4,803 $365 
Short-term lease cost5,741 634 (124)
Variable lease cost948 412 (605)
    Total lease cost$12,784 $5,849 $(364)
Supplemental cash flow information related to leases was as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Endedthroughthrough
December 31, 2022December 31, 2021February 5, 2021
Operating cash flows used for operating leases$6,676 $5,568 $979 
Right-of-use assets obtained in exchange for a lease liability (1)
19,841 9,647 — 
(1)Includes right-of-use assets acquired in business combinations.
Maturities of Lease Liabilities
Maturities of lease liabilities as of December 31, 2022 were as follows:
Operating Leases
2023$13,005 
202411,251 
20256,234 
20264,437 
20271,468 
Thereafter4,780 
    Total lease payments41,175 
Less: Interest(7,286)
    Present value of lease liability$33,889 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Components of Net Deferred Taxes
The components of the net deferred taxes are as follows:
Successor
 20222021
Deferred tax assets  
United States  
Net operating loss carry forwards$4,256 $3,485 
Excess of net tax basis over remaining book basis18,382 — 
Deferred pension plan amounts1,945 3,427 
Accrued expenses not currently deductible5,017 5,780 
Other135 121 
Non-United States 
Net operating loss carry forwards1,076,364 1,013,281 
Transition attribute871,773 888,962 
Tax credits carryover23,820 23,849 
Excess of net tax basis over remaining book basis61,530 — 
Disallowed interest deduction carryforwards30,225 13,625 
Unfavorable contract value27,901 — 
Accrued expenses not currently deductible17 170 
Deferred tax assets2,121,365 1,952,700 
Less: valuation allowance(1,985,843)(1,899,092)
Net deferred tax assets$135,522 $53,608 
Deferred tax liabilities  
United States  
Favorable contract value(4,954)(10,067)
Deferred revenue(6,777)(3,438)
Other(718)(1,116)
Non-United States 
Excess of net book basis over remaining tax basis(27,166)(690)
Favorable contract value(1,288)(4,173)
Other(5,191)(1,912)
Deferred tax liabilities(46,094)(21,396)
Net deferred tax assets (liabilities)$89,428 $32,212 
Income (Loss) from Continuing Operations Before Income Taxes oss) before income taxes consists of the following:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
United States$(43,381)$(47,686)$1,878,637 $(2,150,591)
Non-United States234,882 150,033 (1,624,986)(2,088,271)
Total$191,501 $102,347 $253,651 $(4,238,862)
Income Tax Provision for Continuing Operations
The income tax provision (benefit) consists of the following: 
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Current- United States$1,058 $(33,323)$— $(257,552)
Current- Non-United States47,123 67,952 922 23,474 
Deferred- United States(2,886)(7,460)(4,689)(57,514)
Deferred- Non-United States(22,742)(26,804)7,190 31,189 
Total$22,553 $365 $3,423 $(260,403)
Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties
The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties.
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Gross balance at beginning of period$63,443 $37,156 $37,721 $130,837 
Additions based on tax positions related to current year1,296 26,463 1,347 20,266 
Additions for tax positions of prior years69,163 21,465 — 206 
Reductions for tax positions of prior years(687)(12,331)(5)(109,330)
Expiration of statutes(236)(9,310)(1,907)(4,258)
Tax settlements— — — — 
Gross balance at end of period132,979 63,443 37,156 37,721 
Related tax benefits(384)(384)(384)(384)
Net reserve at end of period$132,595 $63,059 $36,772 $37,337 
Summary of Liabilities Related to Reserve for Uncertain Tax Positions
The liabilities related to our reserve for uncertain tax positions are comprised of the following:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Reserve for uncertain tax positions, excluding interest and penalties$132,595 $63,059 $36,772 $37,337 
Interest and penalties included in “Other liabilities”43,313 11,930 5,273 5,164 
Reserve for uncertain tax positions, including interest and penalties$175,908 $74,989 $42,045 $42,501 
Schedule of Effective Tax Rate Reconciliation
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Effect of:  
Tax rates which are different than the Cayman Islands (Successor) and UK (Predecessor) rates34.9 %22.6 %0.5 %0.4 %
Tax impact of asset impairment and disposition— %— %— %4.5 %
Tax impact of restructuring— %— %1.0 %2.1 %
Tax impact of the tax regulation change— %— %— %0.9 %
Tax impact of valuation allowance(22.0)%(25.2)%— %(4.3)%
Resolution of (reserve for) tax authority audits(1.1)%2.9 %(0.2)%2.5 %
Total11.8 %0.3 %1.3 %6.1 %
v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans A reconciliation of the changes in projected benefit obligations (“PBO”) for our non-US and US plans is as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Endedthroughthrough
December 31, 2022December 31, 2021February 5, 2021
Non-USUSNon-USUSNon-USUS
Benefit obligation at beginning of period$63,066 $243,538 $63,729 $256,417 $67,943 $266,090 
Interest cost1,368 6,753 1,228 5,993 97 615 
Actuarial loss (gain)(19,328)(63,739)1,548 (6,465)(4,366)(6,491)
Benefits paid(2,041)(9,772)(2,456)(7,199)(138)(1,515)
Settlements and curtailments— (342)— (5,208)— (2,282)
Foreign exchange rate changes(6,090)— (983)— 193 — 
Benefit obligation at end of period$36,975 $176,438 $63,066 $243,538 $63,729 $256,417 
Reconciliation of Changes in Fair Value of Plan Assets
A reconciliation of the changes in fair value of plan assets is as follows:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
 Year Endedthroughthrough
 December 31, 2022December 31, 2021February 5, 2021
 Non-USUSNon-USUSNon-USUS
Fair value of plan assets at beginning of period$78,465 $226,830 $79,146 $221,743 $83,808 $222,417 
Actual return on plan assets(28,402)(43,354)2,998 12,254 (4,763)838 
Employer contributions— 376 — 5,240 — 2,285 
Benefits paid(2,041)(9,772)(2,456)(7,199)(138)(1,515)
Plan participants’ contributions— (342)— (5,208)— (2,282)
Foreign exchange rate changes(7,380)— (1,223)— 239 — 
Fair value of plan assets at end of period$40,642 $173,738 $78,465 $226,830 $79,146 $221,743 
Funded Status of Plans
The funded status of the plans is as follows:
Successor
 Year Ended December 31,Year Ended December 31,
 20222021
 Non-USUSNon-USUS
Funded status$3,667 $(2,700)$15,399 $(16,708)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheets consist of:
Successor
 Year Ended December 31,Year Ended December 31,
 20222021
 Non-USUSNon-USUS
Other assets (noncurrent)$3,667 $2,722 $15,399 $971 
Other liabilities (current)— (205)— (67)
Other liabilities (noncurrent)— (5,217)— (17,612)
Net amount recognized$3,667 $(2,700)$15,399 $(16,708)
Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in AOCI consist of:
Successor
 As of December 31, 2022As of December 31, 2021
 Non-USUSNon-USUS
Net actuarial (gain) loss$9,963 $(14,158)$(369)$(6,496)
Deferred income tax (asset) liability(2,425)2,973 112 1,364 
Accumulated other comprehensive (income) loss$7,538 $(11,185)$(257)$(5,132)
Pension Costs
Pension costs include the following components:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Non-USUSNon-USUSNon-USUSNon-USUS
Interest cost1,368 6,753 1,228 5,993 97 615 1,877 7,567 
Return on plan assets(1,431)(12,581)(845)(11,648)(85)(1,239)(1,649)(11,676)
Amortization of prior service cost— — — — 1 — 10 — 
Recognized net actuarial loss— (22)— — — 281 — 2,866 
Settlement and curtailment (gain) loss— (121)— (575)— 301 9 154 
Net pension benefit cost (gain) loss$(63)$(5,971)$383 $(6,230)$13 $(42)$247 $(1,089)
Disaggregated Plan Information
Disaggregated information regarding our non-US and US plans is summarized below:
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Projected benefit obligation$36,975 $176,438 $63,066 $243,538 
Accumulated benefit obligation36,975 176,438 63,066 243,538 
Fair value of plan assets40,642 173,738 78,465 226,830 
Plans in which PBO Exceeded Fair Value
The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2022 and 2021. The PBO is the actuarially computed present value of earned benefits based on service to date and includes the estimated effect of any future salary increases. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2017.
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Projected benefit obligation$— $151,564 $— $207,059 
Fair value of plan assets— 146,144 — 189,382 
Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets
The following table provides information related to those plans in which the accumulated benefit obligation (“ABO”) exceeded the fair value of plan assets at December 31, 2022 and 2021. The ABO is the actuarially computed present value of earned benefits based on service to date, but differs from the PBO in that it is based on current salary levels. Employees and alternate payees have no longer accrued future benefits under the plans since December 31, 2016.
Successor
 Year EndedYear Ended
 December 31, 2022December 31, 2021
 Non-USUSNon-USUS
Accumulated benefit obligation$— $151,564 $— $207,059 
Fair value of plan assets— 146,144 — 189,382 
Defined Benefit Plans Key Assumptions
The key assumptions for the plans are summarized below:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year Ended throughthrough
December 31, 2022December 31, 2021February 5, 2021
 Non-USUSNon-USUSNon-USUS
Weighted-average assumptions used to determine benefit obligations:
Discount Rate5.00%
5.17% - 5.27%
1.80%
2.63% -2.89%
1.80%
1.92% - 2.77%
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
SuccessorPredecessor
Period FromPeriod From
 February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
 Non-USNon-USNon-USNon-US
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate1.80%1.80%1.80%2.10%
Expected long-term return on assets2.00%1.20%1.20%2.90%
Rate of compensation increaseN/AN/AN/AN/A
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
 Year EndedthroughthroughYear Ended
 December 31, 2022December 31, 2021February 5, 2021December 31, 2020
 USUSUSUS
Weighted-average assumptions used to determine periodic benefit cost:
Discount Rate
2.63% - 2.89%
1.92% - 2.77%
1.82% - 2.60%
2.56% - 3.32%
Expected long-term return on assets
5.00% - 5.80%
5.00% - 5.80%
5.10% - 6.10%
5.40% -6.30%
Rate of compensation increaseN/AN/AN/AN/A
Actual Fair Values of Defined Benefit Plans
The actual fair values of the non-US plan are as follows:
Successor:As of December 31, 2022
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Cash and cash equivalents$271 $271 $— $— 
Equity securities:
International companies5,421 5,421 — — 
Fixed income securities:
Corporate bonds34,950 34,950 — — 
Total$40,642 $40,642 $— $— 
Successor:As of December 31, 2021
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Cash and cash equivalents$938 $938 $— $— 
Equity securities:
International companies10,546 10,546 — — 
Fixed income securities:
Corporate bonds66,981 66,981 — — 
Total$78,465 $78,465 $— $— 
The actual fair values of US plan assets are as follows:
Successor:As of December 31, 2022
Estimated Fair Value Measurements
Carrying
Amount		Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$3,902 $3,902 $— $— 
Equity securities:
United States37,555 — 37,555 — 
Fixed income securities:
Corporate bonds100,513 96,962 3,551 — 
Treasury bonds31,768 31,768 — — 
Total$173,738 $132,632 $41,106 $— 
Successor:As of December 31, 2021
Estimated Fair Value Measurements
Carrying
Amount		Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$3,718 $3,718 $— $— 
Equity securities:
United States86,237 — 86,237 — 
International— — — — 
Fixed income securities:
Corporate bonds103,504 100,342 3,162 — 
Treasury bonds33,371 33,371 — — 
Total$226,830 $137,431 $89,399 $— 
Estimated Benefit Payments
The following table summarizes our estimated benefit payments at December 31, 2022:
Payments by Period
Total20232024202520262027Thereafter
Estimated benefit payments
Non-US plans$23,240 $2,059 $2,129 $2,183 $2,226 $2,313 $12,330 
US plans110,564 10,036 10,214 10,612 10,887 11,093 57,722 
Total estimated benefit payments$133,804 $12,095 $12,343 $12,795 $13,113 $13,406 $70,052 
v3.22.4
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative
The following table summarizes notional value of currency derivative contracts as of December 31, 2022:
December 31, 2022
Foreign CurrencyUSD Equivalent
DKK to USD484,59368,840
AUD to USD51,13935,257
GBP to USD9,08310,922
Schedule of Gains/(Losses) from Derivative Instruments
The following gains/(losses) from derivative instruments were recognized on our Consolidated Statements of Operations:
Derivative Instrument
DescriptionDecember 31, 2022
Interest rate swap contractsRealized (gain) loss$(949)
Foreign currency forward contractsRealized (gain) loss(6,169)
Foreign currency forward contractsUnrealized (gain) loss(1,229)
v3.22.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Carrying Amount and Estimated Fair Value of Financial Instruments
The following tables present the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis:
December 31, 2022
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets -
Foreign currency forward contracts$2,422 $— $2,422 $— 
Liabilities -
Foreign currency forward contracts$1,124 $— $1,124 $— 
December 31, 2021
Estimated Fair Value Measurements
Carrying AmountQuoted Prices in Active Markets (Level 1)Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets -
Marketable securities$7,645 $7,645 $— $— 
v3.22.4
Segment and Related Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Revenues and Identifiable Assets by Country Based on the Location of the Service Provided
The following table presents revenues and long lived assets by country based on the location of the service provided during the Successor period:
RevenuesLong-Lived Assets as of
Period From
February 6, 2021
Year endedthrough
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Australia$78,899 $1,954 107,246 $20,704 
Azerbaijan16 — 3,488 — 
Brazil33,208 251 92,571 1,702 
Canada— 10 — — 
Canary Islands— — 35,193 88,092 
Denmark40,806 25,119 479,390 18,407 
Ghana35,018 — 248,206 — 
Guyana469,267 244,638 702,170 678,852 
Indonesia— 23,964 — — 
Malaysia32,227 — 142,162 7,341 
Mauritania— 29,616 — — 
Mexico30,788 11,022 279,491 — 
Netherlands13,378 — 68,491 — 
Norway154,406 20,351 746,281 228,687 
Qatar33,181 23,247 25,032 20,487 
Saudi Arabia1,187 75,676 — 371 
Singapore— — 11,933 
Suriname133,680 62,090 335,208 — 
Timor-Leste— 32,257 — — 
Trinidad and Tobago35,101 35,710 125,320 19,387 
United Arab Emirates— — 1,775 607 
United Kingdom55,632 28,126 185,354 53,198 
United States266,176 156,294 412,716 360,478 
Other877 — 2,328 55 
Total$1,413,847 $770,325 $4,004,355 $1,498,368 
The following table presents revenues and identifiable assets by country based on the location of the service provided during the Predecessor period:
Revenues
Period From
January 1, 2021
throughYear Ended
February 5, 2021December 31, 2020
Australia$54 $50,434 
Canada— 28,915 
Denmark— 7,662 
Gabon— 147 
Guyana23,012 222,088 
Myanmar— 21,084 
Qatar2,263 31,024 
Saudi Arabia10,745 133,246 
Suriname6,029 61,474 
Trinidad and Tobago4,995 9,468 
United Kingdom7,142 180,610 
United States23,241 209,401 
Vietnam— 8,719 
Total$77,481 $964,272 
Schedules of Significant Customers
The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues:
SuccessorPredecessor
Period FromPeriod From
February 6, 2021January 1, 2021
Year EndedthroughthroughYear Ended
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Royal Dutch Shell plc (“Shell”)
12.0 %13.3 %30.0 %21.7 %
Exxon Mobil Corporation (“ExxonMobil”)32.3 %39.1 %29.8 %26.6 %
Equinor ASA (“Equinor”)6.4 %3.1 %5.2 %14.3 %
Saudi Arabian Oil Company (“Saudi Aramco”)— %9.8 %13.9 %13.8 %
v3.22.4
Supplemental Financial Information (Tables)
 12 Months Ended
Dec. 31, 2022
Supplemental Financial Information [Abstract]  
Schedule of Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:
Noble
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Accounts receivable$(18,133)$6,245 $(41,344)$50,802 
Other current assets21,271 2,295 17,884 (866)
Other assets16,861 (11,650)8,521 (2,369)
Accounts payable20,430 11,429 (16,819)357 
Other current liabilities(36,713)4,312 11,428 8,582 
Other liabilities15,468 32,928 (5,846)(10,941)
Total net change in assets and liabilities$19,184 $45,559 $(26,176)$45,565 
Finco
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Accounts receivable$(11,457)$6,245 $(41,344)$19,588 
Other current assets19,757 (594)19,398 7,830 
Other assets17,044 (11,618)8,512 (800)
Accounts payable18,809 15,822 (14,061)(11,018)
Other current liabilities(36,550)4,125 11,623 16,055 
Other liabilities15,696 32,700 (5,936)(10,941)
Total net change in assets and liabilities$23,299 $46,680 $(21,808)$20,714 
Schedule of Additional Cash Flow Information
Additional cash flow information is as follows:
Noble
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Cash paid during the period for:
Interest, net of amounts capitalized$35,543 $21,150 $— $138,040 
Income taxes paid (refunded), net (1)
58,386 (8,113)4,385 (133,708)
Finco
SuccessorPredecessor
Period FromPeriod From
YearFebruary 6, 2021January 1, 2021Year
EndedthroughthroughEnded
December 31, 2022December 31, 2021February 5, 2021December 31, 2020
Cash paid during the period for:
Interest, net of amounts capitalized$26,103 $21,150 $— $138,040 
Income taxes paid (refunded), net (1)
58,386 (8,113)4,385 (133,708)
(1) The net income tax paid for the year ended December 31, 2022 includes withholding tax in Guyana of $34.7 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax refund would be $23.7 million.
v3.22.4
Organization and Significant Accounting Policies (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Sep. 24, 2020
subsidiary
Dec. 31, 2022
USD ($)
jackup
segment
floater
rig
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Oct. 03, 2022
$ / shares
Feb. 05, 2021
USD ($)
Dec. 31, 2020
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Number of drilling rigs (vessel) | rig   32        
Number of floaters (vessel) | floater   19        
Number of jackups (vessel) | jackup   13        
Number of reportable segments | segment   1        
Number of additional subsidiaries filed bankruptcy | subsidiary 6          
Common stock, par value (usd per share) | $ / shares   $ 0.00001 $ 0.00001 $ 0.00001    
Restricted cash   $ 9,500 $ 2,600      
Allowance for credit losses   0 0      
Capital accruals   $ 19,600 36,500      
Period for incurring maintenance costs, minimum   3 years        
Period for incurring maintenance costs, maximum   5 years        
Deferred revenues   $ 59,797 27,755   $ 8,287 $ 59,886
Deferred expenses under drilling contracts   11,500 5,700      
Loss reserves for personal injury and protection claims   35,300 $ 14,800      
Other Current Liabilities            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Loss reserves for personal injury and protection claims   15,500        
Other Noncurrent Liabilities            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Loss reserves for personal injury and protection claims   $ 19,800        
Minimum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Standard drilling contracts, term   2 months        
Maximum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Standard drilling contracts, term   60 months        
Drilling Equipment | Minimum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Maximum useful life of property plant and equipment   3 years        
Drilling Equipment | Maximum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Maximum useful life of property plant and equipment   30 years        
Other | Minimum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Maximum useful life of property plant and equipment   2 years        
Other | Maximum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Maximum useful life of property plant and equipment   40 years        
Maersk Drilling            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Common stock, par value (usd per share) | $ / shares       $ 10    
Noble Finance Company            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Common stock, par value (usd per share) | $ / shares   $ 0.10 $ 0.10      
Maersk Drilling Merger            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Business combination, percentage of issued and outstanding shares acquired (more than)       90.00%    
v3.22.4
Chapter 11 Emergence - Additional Information (Details)
$ / shares in Units, shares in Millions, $ in Millions
Feb. 05, 2021
USD ($)
member
$ / shares
shares
Dec. 31, 2022
$ / shares
shares
Oct. 03, 2022
$ / shares
Sep. 30, 2022
$ / shares
Dec. 31, 2021
$ / shares
Feb. 18, 2021
shares
Debt Instrument [Line Items]            
Plan of reorganization, number of the Successor's board of directors members | member 5          
Common stock, par value (usd per share) | $ / shares   $ 0.00001 $ 0.00001   $ 0.00001  
Plan of reorganization, Management Incentive Plan, number of shares authorized and reserved           7.7
2021 Noble Incentive Plan            
Debt Instrument [Line Items]            
Total number of shares issuable under incentive plan (in shares)   2.1       7.7
11.000% Senior Notes due February 2028 | Secured Debt            
Debt Instrument [Line Items]            
Long-term debt | $ $ 216.0          
Exit Credit Agreement | Line of Credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Debtor-in-possession financing, amount arranged | $ 675.0          
Exit Credit Agreement | Line of Credit | Letter of Credit            
Debt Instrument [Line Items]            
Debtor-in-possession financing, amount arranged | $ $ 67.5          
Tranche 1 Warrants            
Debt Instrument [Line Items]            
Exercise price of warrants (usd per share) | $ / shares       $ 19.27    
Tranche 2 Warrants            
Debt Instrument [Line Items]            
Exercise price of warrants (usd per share) | $ / shares       23.13    
Tranche 3 Warrants            
Debt Instrument [Line Items]            
Common stock, par value (usd per share) | $ / shares   $ 0.01        
Exercise price of warrants (usd per share) | $ / shares       $ 124.40    
Penny Warrants            
Debt Instrument [Line Items]            
Exercise price of warrants (usd per share) | $ / shares $ 0.01          
Number of securities called by warrants (in shares) 6.5          
Holders of Guaranteed Notes | Noble Cayman            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares transferred 31.7          
Holders of Legacy Notes | Tranche 1 Warrants            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares transferred 8.3          
Plan of reorganization, warrants term 7 years          
Exercise price of warrants (usd per share) | $ / shares $ 19.27          
Holders of Legacy Notes | Tranche 2 Warrants            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares transferred 8.3          
Plan of reorganization, warrants term 7 years          
Exercise price of warrants (usd per share) | $ / shares $ 23.13          
Holders of Legacy Notes | Noble Cayman            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares transferred 2.1          
Participants in the Rights Offering | Noble Cayman            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares issued 7.7          
Plan of reorganization, shares issued, subscription price | $ $ 200.0          
Backstop Parties as Holdback Securities | Noble Cayman            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares issued 5.6          
Backstop Parties, Unsubscribed Securities | Noble Cayman            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares issued 1.7          
Backstop Parties, Backstop Premiums Payment | Noble Cayman            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares issued 1.2          
Holders of Legacy Noble's Ordinary Shares | Tranche 3 Warrants            
Debt Instrument [Line Items]            
Plan of reorganization, warrants term 5 years          
Exercise price of warrants (usd per share) | $ / shares $ 124.40          
Plan of reorganization, number of shares issued 2.8          
Backstop Parties | Penny Warrants            
Debt Instrument [Line Items]            
Exercise price of warrants (usd per share) | $ / shares $ 0.01          
Number of securities called by warrants (in shares) 6.5          
Backstop Parties | Noble Cayman            
Debt Instrument [Line Items]            
Plan of reorganization, number of shares exchanged (in shares) 6.5          
v3.22.4
Chapter 11 Emergence - Components of Reorganization Items , Net (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Debt Instrument [Line Items]          
Professional fees   $ (28,739)      
Adjustments for estimated allowed litigation claims   77,300      
Write-off of unrecognized share-based compensation   (4,406)      
Gain on settlement of liabilities subject to compromise $ 2,556,147 2,556,147      
Loss on fresh start adjustments   (2,348,251)      
Total Reorganization items, net   252,051 $ 0 $ 0 $ (23,930)
Reorganization items, payments related to professional fees   44,200      
Noble Finance Company          
Debt Instrument [Line Items]          
Professional fees   (8,095)      
Adjustments for estimated allowed litigation claims   0      
Write-off of unrecognized share-based compensation   (4,406)      
Gain on settlement of liabilities subject to compromise   2,556,147      
Loss on fresh start adjustments   (2,348,251)      
Total Reorganization items, net   195,395 $ 0 $ 0 $ (50,778)
Reorganization items, payments related to professional fees   $ 7,200      
v3.22.4
Fresh Start Accounting - Additional Information (Details)
$ in Thousands
Feb. 05, 2021
USD ($)
Reorganization, Chapter 11 [Line Items]  
Reorganization value $ 1,705,946
Post-petition liabilities and allowed claims 4,000,000
Finco  
Reorganization, Chapter 11 [Line Items]  
Reorganization value 1,700,000
Post-petition liabilities and allowed claims $ 4,000,000
v3.22.4
Fresh Start Accounting - Reorganization Value and Valuation of Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2019
Reorganization, Chapter 11 [Line Items]          
Enterprise value     $ 1,300,300    
Plus: Cash and cash equivalents $ 476,206 $ 194,138 111,968    
Less: Fair value of debt (513,055) (216,000) (393,500)    
Fair value of Successor equity $ 3,607,085 $ 1,500,627 1,018,768 $ (311,388) $ 3,658,972
Plus: Non-interest bearing current liabilities     185,410    
Plus: Non-interest bearing non-current liabilities     108,268    
Reorganization value of Successor assets     1,705,946    
Minimum          
Reorganization, Chapter 11 [Line Items]          
Enterprise value     1,100,000    
Maximum          
Reorganization, Chapter 11 [Line Items]          
Enterprise value     $ 1,600,000    
v3.22.4
Fresh Start Accounting - Intangible Assets (Details) - Long-term drilling services contracts
$ in Millions
Feb. 05, 2021
USD ($)
Reorganization, Chapter 11 [Line Items]  
Intangible assets, amount above fair value $ 113.4
Measurement Input, Discount Rate  
Reorganization, Chapter 11 [Line Items]  
Risk-adjusted discount rate 0.17
v3.22.4
Fresh Start Accounting - Condensed Consolidated Balance Sheet at Emergence (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2019
Current assets          
Cash and cash equivalents $ (476,206) $ (194,138) $ (111,968)    
Accounts receivable, net 468,802 200,419 189,207    
Taxes receivable 34,087 16,063 32,556    
Prepaid expenses and other current assets 72,695 45,026 32,681    
Total current assets 1,051,790 455,646 366,412    
Intangible assets 34,372 61,849 113,389    
Property and equipment, at cost 4,163,205 1,555,975 1,155,725    
Accumulated depreciation (181,904) (77,275) 0    
Property and equipment, net 3,981,301 1,478,700 1,155,725    
Other assets 141,385 77,247 70,420    
Total assets 5,234,864 2,073,442 1,705,946    
Current liabilities          
Accounts payable 290,690 120,389 81,949    
Accrued payroll and related costs 76,185 48,346 35,615    
Taxes payable 56,986 28,735 34,211    
Other current liabilities 74,013 41,136 33,635    
Total current liabilities 667,098 248,394 185,410    
Long-term debt 513,055 216,000 393,500    
Deferred income taxes 9,335 13,195 21,525    
Other liabilities 256,408 95,226 86,743    
Liabilities subject to compromise     0    
Total liabilities 1,627,779 572,815 687,178    
Shareholders' equity          
Common stock 1 1 1    
Additional paid-in capital 3,347,507 1,393,255 1,018,767    
Accumulated deficit 255,930 101,982 0    
Accumulated other comprehensive loss 3,647 5,389 0    
Total shareholders' equity 3,607,085 1,500,627 1,018,768 $ (311,388) $ 3,658,972
Total liabilities and equity $ 5,234,864 $ 2,073,442 1,705,946    
Predecessor          
Current assets          
Cash and cash equivalents     (317,962)    
Accounts receivable, net     189,207    
Taxes receivable     32,556    
Prepaid expenses and other current assets     63,056    
Total current assets     602,781    
Intangible assets     0    
Property and equipment, at cost     4,787,661    
Accumulated depreciation     (1,221,033)    
Property and equipment, net     3,566,628    
Other assets     69,940    
Total assets     4,239,349    
Current liabilities          
Accounts payable     89,215    
Accrued payroll and related costs     35,615    
Taxes payable     34,211    
Other current liabilities     64,943    
Total current liabilities     223,984    
Long-term debt     0    
Deferred income taxes     9,303    
Other liabilities     108,489    
Liabilities subject to compromise     4,143,812    
Total liabilities     4,485,588    
Shareholders' equity          
Common stock     2,511    
Additional paid-in capital     815,505    
Accumulated deficit     (1,006,351)    
Accumulated other comprehensive loss     (57,904)    
Total shareholders' equity     (246,239)    
Total liabilities and equity     4,239,349    
Reorganization Adjustments          
Current assets          
Cash and cash equivalents     205,994    
Accounts receivable, net     0    
Taxes receivable     0    
Prepaid expenses and other current assets     (20,302)    
Total current assets     (226,296)    
Intangible assets     0    
Property and equipment, at cost     0    
Accumulated depreciation     0    
Property and equipment, net     0    
Other assets     10,983    
Total assets     (215,313)    
Current liabilities          
Accounts payable     (7,266)    
Accrued payroll and related costs     0    
Taxes payable     0    
Other current liabilities     21,305    
Total current liabilities     14,039    
Long-term debt     352,054    
Deferred income taxes     (17,328)    
Other liabilities     4,659    
Liabilities subject to compromise     (4,143,812)    
Total liabilities     (3,790,388)    
Shareholders' equity          
Common stock     (2,511)    
Additional paid-in capital     (815,505)    
Accumulated deficit     3,374,323    
Accumulated other comprehensive loss     0    
Total shareholders' equity     3,575,075    
Total liabilities and equity     (215,313)    
Fresh Start Adjustments          
Current assets          
Cash and cash equivalents     0    
Accounts receivable, net     0    
Taxes receivable     0    
Prepaid expenses and other current assets     (10,073)    
Total current assets     (10,073)    
Intangible assets     113,389    
Property and equipment, at cost     (3,631,936)    
Accumulated depreciation     1,221,033    
Property and equipment, net     (2,410,903)    
Other assets     (10,503)    
Total assets     (2,318,090)    
Current liabilities          
Accounts payable     0    
Accrued payroll and related costs     0    
Taxes payable     0    
Other current liabilities     (52,613)    
Total current liabilities     (52,613)    
Long-term debt     41,446    
Deferred income taxes     29,550    
Other liabilities     (26,405)    
Liabilities subject to compromise     0    
Total liabilities     (8,022)    
Shareholders' equity          
Accumulated deficit     (2,367,972)    
Accumulated other comprehensive loss     57,904    
Total shareholders' equity     (2,310,068)    
Total liabilities and equity     $ (2,318,090)    
v3.22.4
Fresh Start Accounting - Reorganization Adjustment to Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents $ 476,206 $ 194,138 $ 111,968
Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents     (205,994)
Proceeds from Rights Offering      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents     200,000
Proceeds from the Revolving Credit Facility, net of issuance costs      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents     167,361
Transfer of cash from restricted cash      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents     300
Payment of professional service fees      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents     (23,261)
Payment of the pre-petition revolving credit facility principal and accrued interest      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents     (550,019)
Deconsolidation of NHUK      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents     (300)
Payment of recurring debt fees      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents     $ (75)
v3.22.4
Fresh Start Accounting - Reorganization Adjustment to Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets $ 72,695 $ 45,026 $ 32,681
Payment of professional service fees      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     (12,380)
Payment of Paragon litigation settlement from escrow      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     (7,700)
Transfer of restricted cash to cash      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     (300)
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     78
Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     $ (20,302)
v3.22.4
Fresh Start Accounting - Reorganization Adjustments, Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Reorganization, Chapter 11 [Line Items]      
Other assets $ 141,385 $ 77,247 $ 70,420
Accounts payable 290,690 120,389 81,949
Other current liabilities 74,013 41,136 33,635
Long-term debt 513,055 216,000 393,500
Deferred income taxes 9,335 13,195 21,525
Other liabilities $ 256,408 $ 95,226 86,743
Capitalization of long-term debt issuance costs      
Reorganization, Chapter 11 [Line Items]      
Other assets     11,100
Adjustments on deferred tax assets      
Reorganization, Chapter 11 [Line Items]      
Other assets     (100)
Payment of professional service fees      
Reorganization, Chapter 11 [Line Items]      
Accounts payable     (15,200)
Reinstatement of trade payables from liabilities subject to compromise      
Reorganization, Chapter 11 [Line Items]      
Accounts payable     8,000
Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Other assets     10,983
Accounts payable     (7,266)
Other current liabilities     21,305
Long-term debt     352,054
Deferred income taxes     (17,328)
Other liabilities     4,659
Cancellation of cash-based compensation plans      
Reorganization, Chapter 11 [Line Items]      
Other liabilities     (100)
Reinstatement of right-of-use lease liabilities      
Reorganization, Chapter 11 [Line Items]      
Other liabilities     $ 4,700
v3.22.4
Fresh Start Accounting - Reorganization Adjustments, Liabilities subject to Compromise Settled or Reinstated (Details)
$ in Thousands
 1 Months Ended
Feb. 05, 2021
USD ($)
Feb. 05, 2021
USD ($)
Reorganization, Chapter 11 [Line Items]    
Total consolidated liabilities subject to compromise $ 0 $ 0
Issuance of Successor common stock   (854,909)
Issuance of Successor warrants to certain Predecessor creditors   (141,029)
Payment of the pre-petition revolving credit facility principal and accrued interest   (550,020)
Payment of Paragon litigation settlement from escrow   (7,700)
Reinstatement of Transocean litigation liability   (8,000)
Reinstatement of protection and indemnity insurance liabilities   (11,791)
Reinstatement of trade payables and right-of-use lease liabilities   (14,216)
Gain on settlement of liabilities subject to compromise 2,556,147 2,556,147
Predecessor    
Reorganization, Chapter 11 [Line Items]    
Accrued and unpaid interest 110,300 110,300
Protection and indemnity insurance liabilities 25,669 25,669
Accounts payable and other payables 8,163 8,163
Estimated loss on litigation 15,700 15,700
Lease liabilities 6,054 6,054
Total consolidated liabilities subject to compromise $ 4,143,812 $ 4,143,812
4.900% Senior Notes due August 2020 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 4.90% 4.90%
4.900% Senior Notes due August 2020 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 62,535 $ 62,535
4.625% Senior Notes due March 2021 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 4.625% 4.625%
4.625% Senior Notes due March 2021 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 79,937 $ 79,937
3.950% Senior Notes due March 2022 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 3.95% 3.95%
3.950% Senior Notes due March 2022 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 21,213 $ 21,213
7.750% senior notes due Jan. 2024 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 7.75% 7.75%
7.750% senior notes due Jan. 2024 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 397,025 $ 397,025
7.950% Senior Notes due April 2025 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 7.95% 7.95%
7.950% Senior Notes due April 2025 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 450,000 $ 450,000
7.875% Senior Notes due February 2026 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 7.875% 7.875%
7.875% Senior Notes due February 2026 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 750,000 $ 750,000
6.200% Senior Notes due August 2040 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 6.20% 6.20%
6.200% Senior Notes due August 2040 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 393,597 $ 393,597
6.050% Senior Notes due March 2041 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 6.05% 6.05%
6.050% Senior Notes due March 2041 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 395,000 $ 395,000
5.250% Senior Notes due March 2042 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 5.25% 5.25%
5.250% Senior Notes due March 2042 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 483,619 $ 483,619
8.950% Senior Notes due April 2045 | Senior Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 8.95% 8.95%
8.950% Senior Notes due April 2045 | Senior Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 400,000 $ 400,000
5.958% revolving credit facility maturing Jan. 2023 | Line of Credit | Revolving Credit Facility    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes 5.958% 5.958%
5.958% revolving credit facility maturing Jan. 2023 | Line of Credit | Revolving Credit Facility | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 545,000 $ 545,000
v3.22.4
Fresh Start Accounting - Reorganization Adjustments to Common Stock and Additional Paid in Capital (Details) - USD ($)
shares in Thousands, $ in Thousands
 1 Months Ended
Feb. 05, 2021
Feb. 05, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reorganization, Chapter 11 [Line Items]            
Common stock $ 1 $ 1 $ 1 $ 1    
Additional paid-in capital 1,018,767 1,018,767 3,347,507 1,393,255    
Total shareholders' equity $ 1,018,768 $ 1,018,768 3,607,085 1,500,627 $ (311,388) $ 3,658,972
Common Stock            
Reorganization, Chapter 11 [Line Items]            
Issuance of common stock (in shares) 50,000 50,000        
Total shareholders' equity $ 1 $ 1 $ 1 $ 1 $ 2,511 $ 2,492
Ordinary Shares            
Reorganization, Chapter 11 [Line Items]            
Additional paid-in capital 875,931 875,931        
Warrants            
Reorganization, Chapter 11 [Line Items]            
Additional paid-in capital $ 142,836 $ 142,836        
v3.22.4
Fresh Start Accounting - Reorganization Adjustments to Accumulated Deficit (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]          
Gain on settlement of liabilities subject to compromise $ 2,556,147 $ 2,556,147      
Professional fees and success fees   (15,017)      
Write-off of unrecognized share-based compensation   (4,406)      
Reorganization items, net   252,051 $ 0 $ 0 $ (23,930)
Retained earnings 0 0 $ 101,982 $ 255,930  
Reorganization Adjustments          
Reorganization, Chapter 11 [Line Items]          
Reorganization items, net 2,536,724        
Retained earnings 3,374,323 3,374,323      
Cancellation of Predecessor common stock and additional paid-in capital          
Reorganization, Chapter 11 [Line Items]          
Retained earnings 820,299 820,299      
Cancellation of Predecessor cash and equity compensation plans          
Reorganization, Chapter 11 [Line Items]          
Retained earnings 2,183 2,183      
Issuance of Successor warrants to Predecessor equity holders          
Reorganization, Chapter 11 [Line Items]          
Retained earnings (1,807) (1,807)      
Deconsolidation of NHUK          
Reorganization, Chapter 11 [Line Items]          
Retained earnings (222) (222)      
Recognition of recurring debt fees          
Reorganization, Chapter 11 [Line Items]          
Retained earnings (75) (75)      
Tax impacts of reorganization          
Reorganization, Chapter 11 [Line Items]          
Retained earnings $ 17,221 $ 17,221      
v3.22.4
Fresh Start Accounting - Fresh Start Adjustment, Capitalized Deferred Costs, Deferred Revenue and Pension Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets $ 72,695 $ 45,026 $ 32,681
Other assets 141,385 77,247 70,420
Other current liabilities 74,013 41,136 33,635
Other liabilities $ 256,408 $ 95,226 86,743
Deferred contract assets and revenues      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     (10,073)
Other assets     (2,616)
Other current liabilities     (52,616)
Other liabilities     (20,320)
Write-off of certain financing costs      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     0
Other assets     (6,238)
Other current liabilities     0
Other liabilities     0
Pension assets and obligations      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     0
Other assets     (1,010)
Other current liabilities     3
Other liabilities     (6,085)
Fair value adjustments to other assets      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     0
Other assets     (639)
Other current liabilities     0
Other liabilities     0
Fresh Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets     (10,073)
Other assets     (10,503)
Other current liabilities     (52,613)
Other liabilities     $ (26,405)
v3.22.4
Fresh Start Accounting - Fresh Start Adjustment, Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Reorganization, Chapter 11 [Line Items]      
Common stock $ 1 $ 1 $ 1
Additional paid-in capital 3,347,507 1,393,255 1,018,767
Intangible assets 34,372 61,849 113,389
Property and equipment, net 3,981,301 1,478,700 1,155,725
Long-term debt 513,055 216,000 393,500
Deferred income taxes 9,335 13,195 21,525
Accumulated other comprehensive income $ 3,647 $ 5,389 0
Fresh Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Intangible assets     113,389
Property and equipment, net     (2,410,903)
Long-term debt     41,446
Deferred income taxes     29,550
Accumulated other comprehensive income     $ 57,904
v3.22.4
Fresh Start Accounting - Fresh Start Adjustments, Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost $ 4,163,205 $ 1,555,975 $ 1,155,725
Accumulated depreciation (181,904) (77,275) 0
Property and equipment, net 3,981,301 1,478,700 1,155,725
Drilling equipment and facilities      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost     1,070,931
Construction in progress      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost $ 123,911 $ 77,363 75,159
Other      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost     9,635
Predecessor      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost     4,787,661
Accumulated depreciation     (1,221,033)
Property and equipment, net     3,566,628
Predecessor | Drilling equipment and facilities      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost     4,355,384
Predecessor | Construction in progress      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost     231,626
Predecessor | Other      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost     $ 200,651
v3.22.4
Fresh Start Accounting - Fresh Start Adjustments, Net Change in Accumulated Deficit (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]          
Prepaid expenses and other current assets $ 32,681 $ 32,681 $ 45,026 $ 72,695  
Intangible assets 113,389 113,389 61,849 34,372  
Property and equipment, net 1,155,725 1,155,725 1,478,700 3,981,301  
Other assets 70,420 70,420 77,247 141,385  
Other current liabilities (33,635) (33,635) (41,136) (74,013)  
Long-term debt (393,500) (393,500) (216,000) (513,055)  
Other liabilities (86,743) (86,743) (95,226) (256,408)  
Accumulated other comprehensive loss 0 0 (5,389) (3,647)  
Reorganization items, net   (252,051) 0 0 $ 23,930
Accumulated deficit 0 0 $ 101,982 $ 255,930  
Fresh Start Adjustments          
Reorganization, Chapter 11 [Line Items]          
Prepaid expenses and other current assets (10,073) (10,073)      
Intangible assets 113,389 113,389      
Property and equipment, net (2,410,903) (2,410,903)      
Other assets (10,503) (10,503)      
Other current liabilities 52,613 52,613      
Long-term debt (41,446) (41,446)      
Deferred income taxes (9,829) (9,829)      
Other liabilities 26,405 26,405      
Accumulated other comprehensive loss (57,904) (57,904)      
Reorganization items, net (2,348,251)        
Tax impact of fresh start adjustments (19,721)        
Accumulated deficit $ (2,367,972) $ (2,367,972)      
v3.22.4
Acquisitions and Divestitures - Business Combination with Maersk Drilling (Details)
$ / shares in Thousands, shares in Millions
 12 Months Ended
Oct. 03, 2022
USD ($)
executive
$ / shares
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]      
Settlement of Compulsory Purchase Interest   $ 123,754,000  
Goodwill acquired   26,016,000 $ 0
Additional Paid-in Capital      
Business Acquisition [Line Items]      
Settlement of Compulsory Purchase Interest   123,754,000  
Maersk Drilling Merger      
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 (usd per share) | $ / shares $ 1    
Business combination, consideration in cash election amount $ 50,000,000    
Business combination, number of executives terminated | executive 5    
Total purchase price consideration $ 2,000,873,000    
Cash paid to acquire business 5,600,000    
Non-cash consideration to acquire business $ 2,000,000,000    
Settlement of Compulsory Purchase Interest (in shares) | shares 4.1    
Fair Value of Compulsory Purchase $ 193,678,000    
Compulsory purchase, cash payment 69,900,000    
Goodwill acquired 26,016,000    
Goodwill, expected tax deductible amount $ 0    
Maersk Drilling Merger | Additional Paid-in Capital      
Business Acquisition [Line Items]      
Settlement of Compulsory Purchase Interest   $ 123,800,000  
v3.22.4
Acquisitions and Divestitures - Allocation of Purchase Price: Maersk Drilling (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Oct. 03, 2022
Apr. 15, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Liabilities assumed:            
Goodwill acquired       $ 0 $ 26,016  
Gain on bargain purchase     $ 0 62,305 $ 0 $ 0
Maersk Drilling Merger            
Business Acquisition [Line Items]            
Fair value of Noble shares transferred to legacy Maersk shareholders $ 1,793,351          
Cash paid to legacy Maersk shareholders 887          
Fair value of replacement Maersk Drilling RSU Awards attributable to the purchase price 6,780          
Deal Completion Bonus 6,177          
Fair Value of Compulsory Purchase 193,678          
Total purchase price consideration 2,000,873          
Assets acquired:            
Cash and cash equivalents 172,205          
Accounts receivable 250,251          
Taxes receivable 20,603          
Prepaid expenses and other current assets 41,068          
Total current assets 484,127          
Intangible assets 22,991          
Property and equipment, net 2,756,096          
Other assets 69,713          
Total assets acquired 3,332,927          
Liabilities assumed:            
Current maturities of long-term debt 129,130          
Accounts payable 130,273          
Accrued payroll and related costs 21,784          
Taxes payable 38,218          
Interest payable 800          
Other current liabilities 41,253          
Total current liabilities 361,458          
Long-term debt 596,692          
Deferred income taxes 4,071          
Noncurrent contract liabilities 237,703          
Other liabilities 158,146          
Total liabilities assumed 1,358,070          
Net assets acquired 1,974,857          
Goodwill acquired 26,016          
Purchase price consideration $ 2,000,873          
Pacific Drilling            
Business Acquisition [Line Items]            
Total purchase price consideration   $ 357,662        
Assets acquired:            
Cash and cash equivalents   54,970        
Accounts receivable   17,457        
Taxes receivable   1,585        
Prepaid expenses and other current assets   14,081        
Total current assets   88,093        
Property and equipment, net   346,167        
Other assets   457        
Total assets acquired   464,780        
Liabilities assumed:            
Accounts payable   18,603        
Accrued payroll and related costs   16,128        
Taxes payable   1,951        
Other current liabilities   2,900        
Total current liabilities   39,582        
Deferred income taxes   798        
Other liabilities   4,433        
Total liabilities assumed   44,813        
Net assets acquired   419,967        
Gain on bargain purchase   $ 62,305   $ 62,300    
v3.22.4
Acquisitions and Divestitures - Revenue and Earnings of Acquiree subsequent to the Closing of Merger (Details) - USD ($)
$ in Thousands
 3 Months Ended 11 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Maersk Drilling Merger    
Business Acquisition [Line Items]    
Revenue $ 341,490  
Net loss $ 21,690  
Pacific Drilling    
Business Acquisition [Line Items]    
Revenue   $ 94,506
Net loss   $ (46,646)
v3.22.4
Acquisitions and Divestitures - Pro Forma Financial Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 11 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2022
Maersk Drilling Merger    
Business Acquisition [Line Items]    
Revenue $ 1,924,013 $ 2,218,117
Net income $ 453,231 $ (34,356)
Net income per share, basic (usd per share) $ 3.56 $ (0.26)
Net income per share, diluted (usd per share) $ 3.44 $ (0.26)
Pacific Drilling    
Business Acquisition [Line Items]    
Revenue $ 792,999  
Net income $ 69,966  
Net income per share, basic (usd per share) $ 1.05  
Net income per share, diluted (usd per share) $ 0.98  
v3.22.4
Acquisitions and Divestitures - Rig Transaction (Details)
$ in Millions
Oct. 05, 2022
USD ($)
Jun. 23, 2022
jackup
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal Statement Of Income Extensible List, Not Disclosed Flag gain  
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]    
Number of jackup rigs disposed | jackup   5
Disposal group, consideration $ 375.0  
Gain on disposal $ 85.1  
v3.22.4
Acquisitions and Divestitures - Pacific Drilling Merger (Details)
shares in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended 11 Months Ended 12 Months Ended
Apr. 15, 2021
USD ($)
floater
shares
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2021
floater
Business Acquisition [Line Items]              
Number of floaters acquired | floater 7            
Number of floaters sold | floater             2
Acquisition related costs   $ 0   $ 24,792 $ 84,668 $ 0  
Gain on bargain purchase   $ 0   62,305 $ 0 $ 0  
Pacific Drilling              
Business Acquisition [Line Items]              
Business acquisition, membership interest exchange ratio 6.366            
Business acquisition, warrants exchange ratio 1.553            
Number of shares received by acquiree (in shares) | shares 16,600            
Proceeds from sale of floaters $ 29,700            
Acquisition related costs       15,900      
Gain on bargain purchase $ 62,305     $ 62,300      
Increase of deferred tax assets valuation allowance     $ 2,200        
Pacific Drilling | Noble Corp | Pacific Drilling              
Business Acquisition [Line Items]              
Ownership percentage at closing of Merger 24.90%            
v3.22.4
Acquisitions and Divestitures - Allocation of Purchase Price: Pacific Drilling Merger (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Oct. 03, 2022
USD ($)
shares
Apr. 15, 2021
USD ($)
$ / shares
shares
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Business Acquisition [Line Items]            
Acquisition related costs     $ 0 $ 24,792 $ 84,668 $ 0
Liabilities assumed:            
Gain on bargain purchase     $ 0 62,305 0 $ 0
Maersk Drilling Merger            
Business Acquisition [Line Items]            
Acquisition related costs         $ 33,100  
Number of shares received by acquiree (in shares) | shares 60,100          
Total purchase price consideration $ 2,000,873          
Assets acquired:            
Cash and cash equivalents 172,205          
Accounts receivable 250,251          
Taxes receivable 20,603          
Prepaid expenses and other current assets 41,068          
Total current assets 484,127          
Property and equipment, net 2,756,096          
Other assets 69,713          
Total assets acquired 3,332,927          
Liabilities assumed:            
Accounts payable 130,273          
Accrued payroll and related costs 21,784          
Taxes payable 38,218          
Other current liabilities 41,253          
Interest payable 800          
Total current liabilities 361,458          
Deferred income taxes 4,071          
Noncurrent contract liabilities 237,703          
Other liabilities 158,146          
Total liabilities assumed 1,358,070          
Net assets acquired 1,974,857          
Purchase price consideration $ 2,000,873          
Pacific Drilling            
Business Acquisition [Line Items]            
Acquisition related costs       15,900    
Pacific Drilling membership interests outstanding (in shares) | shares   2,500        
Business acquisition, membership interest exchange ratio   6.366        
Preliminary purchase price allocation, membership interests outstanding (in shares) | shares   15,915        
Pacific Drilling warrants outstanding (in shares) | shares   441        
Business acquisition, warrants exchange ratio   1.553        
Preliminary purchase price allocation, warrants outstanding (in shares) | shares   685        
Number of shares received by acquiree (in shares) | shares   16,600        
Fair value of Noble Ordinary Shares on April 15, 2021 (in USD per share) | $ / shares   $ 21.55        
Total purchase price consideration   $ 357,662        
Assets acquired:            
Cash and cash equivalents   54,970        
Accounts receivable   17,457        
Taxes receivable   1,585        
Prepaid expenses and other current assets   14,081        
Total current assets   88,093        
Property and equipment, net   346,167        
Assets held for sale   30,063        
Other assets   457        
Total assets acquired   464,780        
Liabilities assumed:            
Accounts payable   18,603        
Accrued payroll and related costs   16,128        
Taxes payable   1,951        
Other current liabilities   2,900        
Total current liabilities   39,582        
Deferred income taxes   798        
Other liabilities   4,433        
Total liabilities assumed   44,813        
Net assets acquired   419,967        
Gain on bargain purchase   62,305   $ 62,300    
Purchase price consideration   $ 357,662        
v3.22.4
Acquisitions and Divestitures - Sale of Rigs in Saudi Arabia (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Aug. 25, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Gain on sale of operating assets, net $ 0   $ 185,934 $ 90,230 $ 0  
Held-for-sale, Not Discontinued Operations | Jackup Rigs In Saudi Arabia            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Purchase and sale agreement, consideration           $ 292,400
Gain on sale of operating assets, net   $ 185,900        
Purchase and sale agreement covenant, period for purposes of drilling gas wells       1 year    
Purchase and sale agreement covenant, period for purposes of drilling oil wells       2 years    
v3.22.4
Merger and Integration Costs (Details) - Maersk Drilling - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]    
Employee compensation that qualifies exit or disposal activities $ 0.8  
Merger and integration costs $ 84.7 $ 24.8
v3.22.4
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 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Basic        
Net income (loss), Basic $ 250,228 $ 101,982 $ 168,948 $ (3,978,459)
Diluted        
Net income (loss), Diluted $ 250,228 $ 101,982 $ 168,948 $ (3,978,459)
Denominator:        
Weighted average shares outstanding — basic (in shares) 251,115 63,186 85,055 250,792
Dilutive effect of share-based awards (in shares) 5,456 3,180 3,334 0
Dilutive effect of warrants (in shares) 0 1,262 8,489 0
Dilutive effect of compulsory purchase 0 0 729 0
Weighted average shares outstanding — diluted (in shares) 256,571 67,628 97,607 250,792
Income (loss) per share        
Basic earnings (loss) per share (usd per share) $ 1.00 $ 1.61 $ 1.99 $ (15.86)
Diluted earnings (loss) per share (usd per share) $ 0.98 $ 1.51 $ 1.73 $ (15.86)
v3.22.4
Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
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 0 6,082
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 11,097 2,774 0
v3.22.4
Property and Equipment - Schedule of Property and Equipment, at Cost (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost $ 4,163,205 $ 1,555,975 $ 1,155,725
Drilling equipment and facilities      
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost 3,997,498 1,467,772  
Construction in progress      
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost 123,911 77,363 $ 75,159
Other      
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost $ 41,796 $ 10,840  
v3.22.4
Property and Equipment - Additional Information (Details) - USD ($)
 1 Months Ended 3 Months Ended 11 Months Ended 12 Months Ended 23 Months Ended
Oct. 05, 2022
Feb. 05, 2021
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2022
Property, Plant and Equipment [Line Items]                    
Capital expenditures, including capitalized interest   $ 10,300,000       $ 159,900,000 $ 193,600,000      
Capitalized interest on construction-in-progress           2,000,000        
Asset impairment charges   0       0 0 $ 0 $ 3,915,408,000  
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       $ 23,350,000 60,000   $ 0  
Proceeds from sale of property, plant, and equipment     $ 14,200,000              
Gain on disposition of property plant equipment     $ 6,800,000              
Held-for-sale, Not Discontinued Operations | October 2022 Divestment Business                    
Property, Plant and Equipment [Line Items]                    
Proceeds from divestiture of businesses $ 366,800,000                  
Gain on disposal $ 85,100,000                  
Rig Noble Globetrotter II                    
Property, Plant and Equipment [Line Items]                    
Hurricane losses and (recoveries), net       $ 7,500,000 $ 5,400,000   $ 21,900,000      
v3.22.4
Loss on Impairment (Details)
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
floater
Dec. 31, 2020
jackup
Property, Plant and Equipment [Line Items]              
Loss on impairment $ 0 $ 0 $ 0 $ 0 $ 3,915,408,000    
Number of impairment oil and gas properties           7 9
Nobel Series              
Property, Plant and Equipment [Line Items]              
Loss on impairment         3,900,000,000    
Capital Spare Equipment              
Property, Plant and Equipment [Line Items]              
Loss on impairment         $ 24,000,000    
v3.22.4
Debt - Senior Secured Revolving Credit Facility (Details) - USD ($)
Feb. 05, 2021
Dec. 31, 2022
Revolving Credit Facility | Letter of Credit    
Debt Instrument [Line Items]    
Debtor-in-possession financing, letters of credit outstanding   $ 21,100,000
Revolving Credit Facility | Unsecured Debt    
Debt Instrument [Line Items]    
Debtor-in-possession financing, letters of credit outstanding   8,700,000
Revolving Credit Facility | Exit Credit Agreement | 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 $ 0
Debtor-in-possession financing, increase of basis spread on variable rate 0.50%  
Debtor-in-possession financing, basis spread on variable rate, additional increase under conditions 0.50%  
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  
Revolving Credit Facility | Exit Credit Agreement | 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  
Revolving Credit Facility | Exit Credit Agreement | 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  
Revolving Credit Facility | Exit Credit Agreement | Line of Credit | LIBOR    
Debt Instrument [Line Items]    
Debtor-in-possession financing, increase of basis spread on variable rate 1.00%  
Debt, basis spread on variable rate 4.75%  
Revolving Credit Facility | Exit Credit Agreement | Line of Credit | Base Rate    
Debt Instrument [Line Items]    
Debt, basis spread on variable rate 3.75%  
Revolving Credit Facility | Exit Credit Agreement | Line of Credit | Fed Funds Effective Rate    
Debt Instrument [Line Items]    
Debtor-in-possession financing, increase of basis spread on variable rate 0.50%  
Revolving Credit Facility | Exit Credit Agreement | Letter of Credit    
Debt Instrument [Line Items]    
Debtor-in-possession financing, letters of credit outstanding $ 8,800,000  
Letter of Credit | Exit Credit Agreement | Line of Credit    
Debt Instrument [Line Items]    
Debtor-in-possession financing, amount arranged $ 67,500,000  
v3.22.4
Debt - Second Lien Notes Indenture (Details) - Second Lien Notes Indenture
$ in Millions
Feb. 05, 2021
USD ($)
Interest Payable in Cash  
Debt Instrument [Line Items]  
Debtor-in-possession financing, Interest rate on borrowings 11.00%
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%
Interest Payable by Issuing PIK Notes  
Debt Instrument [Line Items]  
Debtor-in-possession financing, Interest rate on borrowings 15.00%
Secured Debt  
Debt Instrument [Line Items]  
Debtor-in-possession financing, amount arranged $ 216.0
Debtor-in-possession financing, backstop fee $ 16.0
Debt redemption rice, percentage of principal amount redeemed 106.00%
Debt redemption, change of control period 120 days
Participants in the Rights Offering | Ordinary Shares Of Noble (New Shares)  
Debt Instrument [Line Items]  
Plan of reorganization, shares issued, subscription price $ 200.0
v3.22.4
Debt - DNB Credit Facility and New DNB Credit Facility (Details)
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 22, 2022
USD ($)
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Oct. 03, 2022
USD ($)
Debt Instrument [Line Items]            
Borrowings on credit facilities   $ 177,500,000 $ 40,000,000 $ 220,000,000 $ 210,000,000  
Gain (loss) on extinguishment of debt, net   $ 0 $ 0 8,912,000 $ (17,254,000)  
Maersk Drilling            
Debt Instrument [Line Items]            
Debt covenant, liquidity amount (no less than)           $ 200,000,000
Debt covenant, leverage ratio (no greater than)           4.75
New DNB Credit Facility matures December 2025 | Line of Credit            
Debt Instrument [Line Items]            
Borrowings on credit facilities $ 350,000,000          
Gain (loss) on extinguishment of debt, net       $ 4,300,000    
Debt covenant, liquidity amount (no less than) 200,000,000          
New DNB Credit Facility matures December 2025 | Line of Credit | Maersk Drilling            
Debt Instrument [Line Items]            
Debt covenant, liquidity amount (no less than) $ 50,000,000          
Debt covenant, leverage ratio (no greater than) 4.75          
Debt covenant, equity ratio 35.00%          
New DNB Credit Facility matures December 2025 | Line of Credit | Debt Instrument, Payment Period One            
Debt Instrument [Line Items]            
Debt, periodic payment $ 2,500,000          
New DNB Credit Facility matures December 2025 | Line of Credit | Second Year            
Debt Instrument [Line Items]            
Debt, periodic payment 7,500,000          
New DNB Credit Facility matures December 2025 | Line of Credit | Third Year            
Debt Instrument [Line Items]            
Debt, periodic payment $ 12,500,000          
New DNB Credit Facility matures December 2025 | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate            
Debt Instrument [Line Items]            
Debt, basis spread on variable rate 3.50%          
New DNB Credit Facility matures December 2025 | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Months 13 to 24 after the Utilization Date            
Debt Instrument [Line Items]            
Debt, basis spread on variable rate 4.10%          
Debt quarterly margin 0.15%          
New DNB Credit Facility matures December 2025 | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Months 25 to 36 after the Utilization Date            
Debt Instrument [Line Items]            
Debt, basis spread on variable rate 5.10%          
Debt quarterly margin 0.25%          
v3.22.4
Debt - DSF Credit Facility (Details)
$ in Millions
Oct. 03, 2022
USD ($)
Dec. 31, 2022
USD ($)
Maersk Drilling    
Debt Instrument [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  
DSF Credit Facility matures December 2023 | Term Loans    
Debt Instrument [Line Items]    
Long-term debt   $ 149.7
Minimum | DSF Credit Facility matures December 2023 | Term Loans | LIBOR    
Debt Instrument [Line Items]    
Debt, basis spread on variable rate 1.80%  
Maximum | DSF Credit Facility matures December 2023 | Term Loans | LIBOR    
Debt Instrument [Line Items]    
Debt, basis spread on variable rate 2.90%  
v3.22.4
Debt - Debt Open Market Repurchases (Details) - Second Lien Notes Indenture - Secured Debt - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Aug. 31, 2022
Dec. 31, 2022
Aug. 30, 2022
Debt Instrument [Line Items]      
Aggregate principal amount of debt repurchased   $ 40.7 $ 1.6
Debt repurchase amount   45.1 $ 1.8
Gain (loss) on repurchase of debt instrument $ (0.2) $ (4.4)  
v3.22.4
Debt - Schedule of Long-Term Debt, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Debt Instrument [Line Items]      
Less: Current maturities of long-term debt $ 159,715 $ 0  
Long-term debt 513,055 216,000 $ 393,500
Carrying Value      
Debt Instrument [Line Items]      
Total debt 672,770 216,000  
Less: Current maturities of long-term debt 159,715 0  
Long-term debt 513,055 216,000  
Estimated Fair Value      
Debt Instrument [Line Items]      
Total debt 692,068 236,792  
Less: Current maturities of long-term debt 0 0  
Long-term debt 692,068 236,792  
Line of Credit | Carrying Value | Revolving Credit Facility      
Debt Instrument [Line Items]      
Total debt 0 0  
Line of Credit | Estimated Fair Value | Revolving Credit Facility      
Debt Instrument [Line Items]      
Total debt $ 0 0  
11.000% Senior Notes due February 2028 | Secured Debt      
Debt Instrument [Line Items]      
Debt, stated interest rate 11.00%    
Total debt     $ 216,000
11.000% Senior Notes due February 2028 | Secured Debt | Carrying Value      
Debt Instrument [Line Items]      
Total debt $ 173,695 216,000  
11.000% Senior Notes due February 2028 | Secured Debt | Estimated Fair Value      
Debt Instrument [Line Items]      
Total debt 192,353 236,792  
New DNB Credit Facility matures December 2025 | Term Loans | Carrying Value      
Debt Instrument [Line Items]      
Total debt 349,360 0  
New DNB Credit Facility matures December 2025 | Term Loans | Estimated Fair Value      
Debt Instrument [Line Items]      
Total debt 350,000 0  
DSF Credit Facility matures December 2023 | Term Loans      
Debt Instrument [Line Items]      
Total debt 149,700    
DSF Credit Facility matures December 2023 | Term Loans | Carrying Value      
Debt Instrument [Line Items]      
Total debt 149,715 0  
DSF Credit Facility matures December 2023 | Term Loans | Estimated Fair Value      
Debt Instrument [Line Items]      
Total debt $ 149,715 $ 0  
v3.22.4
Equity - Narrative (Details) - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Oct. 03, 2022
Feb. 03, 2022
Dec. 01, 2021
Oct. 01, 2021
Feb. 19, 2021
Feb. 05, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Sep. 30, 2022
Feb. 18, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Ordinary shares, shares outstanding (in shares)               60,172,000 134,681,000 60,172,000     70,400,000  
Share capital           $ 6,000 $ 6,000              
Common stock, par value (usd per share) $ 0.00001             $ 0.00001 $ 0.00001 $ 0.00001        
Shareholder authority to repurchase, percentage of issued share capital                 15.00%          
Shareholder authority to repurchase, period                 5 years          
Share repurchase authorized (in shares)                 20,601,161          
Stock repurchased and cancelled during period (in shares)                 407,477          
Non-vested stock options (in shares)                 0          
Stock options granted (in shares)             0       0      
Non-employee directors                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Units awarded (in shares)             0       280,635      
TVRSUs                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award vesting period                     3 years      
Units awarded (in shares)             0   477,785   5,559,678      
Weighted-average award-date fair value (usd per share)             $ 0   $ 29.84          
Vested (in shares)             (61,050)   (336,993)          
Forfeited (in shares)             (2,301,450)              
Nonvested (in shares)           0 0       2,362,500      
Incremental fair value awarded as a result of the issuance of awards             $ 300,000              
PVRSUs                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Units awarded (in shares)             0 1,457,842 295,372   2,696,774      
Weighted-average award-date fair value (usd per share)             $ 0 $ 20.82 $ 35.77   $ 1.14      
Vested (in shares)             0 0 0          
Forfeited (in shares)             (3,163,113) 0 0          
Nonvested (in shares)           0 0 1,457,842 1,753,214 1,457,842 3,163,113      
Total unrecognized compensation cost               $ 22,100,000 $ 18,100,000 $ 22,100,000        
Period for recognizing unrecognized compensation cost                 2 years 11 months 15 days 2 years        
Expected volatility   74.80% 95.10% 92.20% 50.00%           69.80%      
Risk-free interest rate   1.42% 0.58% 0.33% 0.19%           1.40%      
Equity-classified TVRSU                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award vesting period               2 years 11 months 8 days 2 years 11 months 8 days          
Units awarded (in shares)               1,735,843 988,750          
Weighted-average award-date fair value (usd per share)               $ 16.68 $ 27.85          
Vested (in shares)               0 (1,050,086)          
Forfeited (in shares)               (66,081) (68,876)          
Nonvested (in shares)           0 0 1,669,762 1,539,550 1,669,762        
Total unrecognized compensation cost               $ 20,100,000 $ 17,000,000 $ 20,100,000        
Period for recognizing unrecognized compensation cost                 1 year 4 months 6 days 2 years 1 month 2 days        
Equity-classified TVRSU | Non-employee directors                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Units awarded (in shares)               78,546 30,180          
Liability-classified TVRSU                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award vesting period               2 years 9 months 21 days 1 year          
Units awarded (in shares)               52,364 20,120          
Weighted-average award-date fair value (usd per share)               $ 16.76 $ 31.25          
Vested (in shares)               0 (60,302)          
Forfeited (in shares)               0 0          
Nonvested (in shares)               52,364 2,672 52,364        
Liability-classified awards outstanding amount               $ 400,000 $ 24,600 $ 400,000        
Total unrecognized compensation cost               $ 900,000 $ 100,000 $ 900,000        
Period for recognizing unrecognized compensation cost                 1 month 6 days 1 year 11 months 19 days        
Liability-classified TVRSU | Non-employee directors                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Units awarded (in shares)               52,364 20,120          
Restricted Stock                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Compensation cost recognized             $ 700,000 $ 16,500,000 $ 29,900,000   $ 9,200,000      
Compensation cost recognized net of tax             700,000 16,400,000 26,400,000   8,600,000      
Capitalized compensation costs             0 $ 0 $ 0   0      
Stock option                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Compensation cost recognized             $ 0       $ 0      
Restricted Stock Units (RSUs)                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Units awarded (in shares)             0              
Liability-Classified Cash Incentive Awards                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award vesting period                     3 years      
Award performance period                     3 years      
Expected volatility                     69.80%      
Risk-free interest rate                     1.40%      
2021 Noble Incentive Plan                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Total number of shares issuable under incentive plan (in shares)                 2,100,000         7,700,000
2021 Noble Incentive Plan | TVRSUs                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award vesting period                 3 years          
Percentage of awards accounted for as liability awards                 40.00%          
2021 Noble Incentive Plan | PVRSUs                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award performance period                 3 years          
Noble Incentive Plan 2022                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Total number of shares issuable under incentive plan (in shares)                         5,900,000  
Remaining number of shares available for grants (in shares)                 2,075,225          
2015 Omnibus Incentive Plan                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Total number of shares issuable under incentive plan (in shares)                 40,000,000          
Additional shares authorized under plan (in shares)             8,700,000       5,800,000      
2015 Omnibus Incentive Plan | TVRSUs                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award vesting period                 3 years          
2015 Omnibus Incentive Plan | PVRSUs                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award performance period                 3 years          
2015 Omnibus Incentive Plan | Stock option                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Award vesting period                 3 years          
Stock option exercisable term                 10 years          
2017 Director Omnibus Plan                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Total number of shares issuable under incentive plan (in shares)                       1,800,000    
Additional shares authorized under plan (in shares)                       900,000    
Maersk Drilling                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Number of shares received by acquiree (in shares) 60,100,000                          
Noble Cayman                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Issuance of Successor common stock and warrants (in shares)           50,000,000                
Noble Corp                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Warrants outstanding (in shares) 14,500,000                       14,500,000  
Maersk Drilling                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Common stock, par value (usd per share) $ 10                          
Penny Warrants                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Number of securities called by warrants (in shares)           6,500,000 6,500,000              
Exercise price of warrants (usd per share)           $ 0.01 $ 0.01              
Tranche 3 Warrants                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Exercise price of warrants (usd per share)                         $ 124.40  
Common stock, par value (usd per share)                 $ 0.01          
Warrants outstanding (in shares)                 2,800,000       2,800,000  
Tranche 1 Warrants                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Exercise price of warrants (usd per share)                         $ 19.27  
Warrants outstanding (in shares)                 6,200,000       6,200,000  
Warrants converted into rights (in shares)                         1  
Tranche 2 Warrants                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Exercise price of warrants (usd per share)                         $ 23.13  
Warrants outstanding (in shares)                 5,500,000       5,600,000  
Warrants converted into rights (in shares)                         1  
Ordinary Shares                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Plan of reorganization, number of shares exchanged (in shares)           6,500,000 6,500,000              
Class of Stock, To Be Determined One                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Ordinary shares, shares outstanding (in shares)           500,000,000 500,000,000              
Common stock, par value (usd per share)           $ 0.00001 $ 0.00001              
Class of Stock, To Be Determined Two                            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Ordinary shares, shares outstanding (in shares)           100,000,000 100,000,000              
Common stock, par value (usd per share)           $ 0.00001 $ 0.00001              
v3.22.4
Equity - Assumptions used to Value the Performance-Vested Restricted Stock Units (Details) - PVRSUs
 12 Months Ended
Feb. 03, 2022
Dec. 01, 2021
Oct. 01, 2021
Feb. 19, 2021
Dec. 31, 2020
Valuation assumptions:          
Expected volatility 74.80% 95.10% 92.20% 50.00% 69.80%
Expected dividend yield 0.00% 0.00% 0.00% 0.00% 0.00%
Risk-free interest rate 1.42% 0.58% 0.33% 0.19% 1.40%
v3.22.4
Equity - Summary of RSUs Awarded During Period (Details) - $ / shares
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Equity-classified TVRSU        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Units awarded (in shares) 0   477,785 5,559,678
Weighted-average share price at award date (usd per share)       $ 0.82
Weighted-average vesting period (years)       3 years
Weighted-average award-date fair value (usd per share) $ 0   $ 29.84  
PVRSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Units awarded (in shares) 0 1,457,842 295,372 2,696,774
Weighted-average share price at award date (usd per share)   $ 16.74 $ 25.57 $ 0.91
Weighted-average award-date fair value (usd per share) $ 0 $ 20.82 $ 35.77 $ 1.14
Equity-classified TVRSU        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Units awarded (in shares)   1,735,843 988,750  
Weighted-average share price at award date (usd per share)   $ 16.68 $ 27.85  
Weighted-average vesting period (years)   2 years 11 months 8 days 2 years 11 months 8 days  
Weighted-average award-date fair value (usd per share)   $ 16.68 $ 27.85  
Liability-classified TVRSU        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Units awarded (in shares)   52,364 20,120  
Weighted-average share price at award date (usd per share)   $ 16.76 $ 31.25  
Weighted-average vesting period (years)   2 years 9 months 21 days 1 year  
Weighted-average award-date fair value (usd per share)   $ 16.76 $ 31.25  
v3.22.4
Equity - Summary of Status of Non-Vested Restricted Stock Units (Details) - $ / shares
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity-classified TVRSU          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Non-vested Liability-Classified Award, beginning balance (in shares)   0 1,669,762    
Awarded (in shares)   1,735,843 988,750    
Vested (in shares)   0 (1,050,086)    
Forfeited (in shares)   (66,081) (68,876)    
Non-vested Liability-Classified Award (in shares) 0 1,669,762 1,539,550 1,669,762  
Weighted Average Award-Date Fair Value          
Non-vested Liability-Classified Award, beginning balance (usd per share)   $ 0 $ 16.69    
Awarded (usd per share)   16.68 27.85    
Vested (usd per share)   0 21.35    
Forfeited (usd per share)   16.44 20.39    
Non-vested Liability-Classified Award, ending balance (usd per share) $ 0 $ 16.69 $ 20.51 $ 16.69  
PVRSUs          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Non-vested Liability-Classified Award, beginning balance (in shares) 3,163,113 0 1,457,842 3,163,113  
Awarded (in shares) 0 1,457,842 295,372   2,696,774
Vested (in shares) 0 0 0    
Forfeited (in shares) (3,163,113) 0 0    
Non-vested Liability-Classified Award (in shares) 0 1,457,842 1,753,214 1,457,842 3,163,113
Weighted Average Award-Date Fair Value          
Non-vested Liability-Classified Award, beginning balance (usd per share) $ 3.22 $ 0 $ 20.82 $ 3.22  
Awarded (usd per share) 0 20.82 35.77   $ 1.14
Vested (usd per share) 0 0 0    
Forfeited (usd per share) 3.22 0 0    
Non-vested Liability-Classified Award, ending balance (usd per share) $ 0 $ 20.82 $ 35.77 $ 20.82 $ 3.22
Minimum number of performance vested shares     0 0 0
Maximum level of performance, percent     200.00% 200.00%  
TVRSUs          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Non-vested Liability-Classified Award, beginning balance (in shares) 2,362,500 0   2,362,500  
Awarded (in shares) 0   477,785   5,559,678
Vested (in shares) (61,050)   (336,993)    
Forfeited (in shares) (2,301,450)        
Non-vested Liability-Classified Award (in shares) 0       2,362,500
Weighted Average Award-Date Fair Value          
Non-vested Liability-Classified Award, beginning balance (usd per share) $ 3.43     $ 3.43  
Awarded (usd per share) 0   $ 29.84    
Vested (usd per share) 5.46   $ 29.84    
Forfeited (usd per share) $ 3.37        
Non-vested Liability-Classified Award, ending balance (usd per share)         $ 3.43
v3.22.4
Equity - Summary of Stock Options Granted (Details) - $ / shares
 1 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]    
Outstanding at beginning of year (in shares) 556,155 708,400
Expired or cancelled (in shares) (556,155) (152,245)
Outstanding at end of year (in shares) 0 556,155
Exercisable at end of year (in shares) 0 556,155
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Outstanding at beginning of year (usd per share) $ 30.39 $ 30.90
Expired or cancelled (usd per share) 30.39 32.78
Outstanding at end of year (usd per share) 30.39
Exercisable at end of year (usd per share) $ 0 $ 30.39
v3.22.4
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance $ (311,388) $ 1,018,768 $ 1,500,627 $ 3,658,972
Other comprehensive income before reclassifications (116) 0 0  
Amounts reclassified from AOCI 224 5,389 (1,742)  
Other comprehensive income (loss), net 108 5,389 (1,742) 377
Cancellation of Predecessor equity 60,343      
Ending balance 1,018,768 1,500,627 3,607,085 (311,388)
Defined Benefit Pension Items        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (39,737) 0 5,389  
Other comprehensive income before reclassifications 0 0 0  
Amounts reclassified from AOCI 224 5,389 (1,742)  
Other comprehensive income (loss), net 224 5,389 (1,742)  
Cancellation of Predecessor equity 39,513      
Ending balance 0 5,389 3,647 (39,737)
Foreign Currency Items        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (18,275) 0 0  
Other comprehensive income before reclassifications (116) 0 0  
Amounts reclassified from AOCI 0 0 0  
Other comprehensive income (loss), net (116) 0 0  
Cancellation of Predecessor equity 18,391      
Ending balance 0 0 0 (18,275)
Accumulated Other Comprehensive income (Loss)        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (58,012) 0 5,389 (58,389)
Other comprehensive income (loss), net 108 5,389 (1,742) 377
Cancellation of Predecessor equity 57,904      
Ending balance $ 0 $ 5,389 $ 3,647 $ (58,012)
v3.22.4
Revenue and Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Disaggregation of Revenue [Line Items]        
Operating revenues $ 77,481 $ 770,325 $ 1,413,847 $ 964,272
Contract drilling services        
Disaggregation of Revenue [Line Items]        
Operating revenues 74,051 708,131 1,332,841 909,236
Floaters        
Disaggregation of Revenue [Line Items]        
Operating revenues 50,057 482,283 997,819 491,407
Jackups        
Disaggregation of Revenue [Line Items]        
Operating revenues $ 23,994 $ 225,848 $ 335,022 $ 417,829
v3.22.4
Revenue and Customers - Contract Assets, and Contract Liabilities with Customers (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]        
Current customer contract assets $ 11,169 $ 5,744    
Noncurrent customer contract assets 368 0    
Total customer contract assets 11,537 5,744 $ 0 $ 13,861
Current deferred revenue (40,214) (18,403)    
Noncurrent deferred revenue (19,583) (9,352)    
Total deferred revenue $ (59,797) $ (27,755) $ (8,287) $ (59,886)
v3.22.4
Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Contract Assets      
Contract assets, beginning balance $ 13,861 $ 0 $ 5,744
Amortization of deferred costs (1,607) (3,908) (19,875)
Additions to deferred costs 432 9,652 34,187
Fresh start accounting revaluation (12,686)    
Reclassification to held for sale and subsequent derecognition     (8,519)
Total (13,861) 5,744 5,793
Contract assets, ending balance 0 5,744 11,537
Contract Liabilities      
Contract liabilities, beginning balance (59,886) (8,287) (27,755)
Amortization of deferred revenue 4,142 13,729 55,521
Additions to deferred revenue (25,479) (33,197) (108,971)
Fresh start accounting revaluation 72,936    
Reclassification to held for sale and subsequent derecognition     21,408
Total 51,599 (19,468) (32,042)
Contract liabilities, ending balance $ (8,287) $ (27,755) $ (59,797)
v3.22.4
Revenue and Customers - Remaining Performance Obligations (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 59,797
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 $ 39,875
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 $ 10,378
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 $ 8,954
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 $ 590
Performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
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 $ 51,970
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 $ 36,828
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 $ 8,280
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 $ 6,862
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 1 year
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
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 $ 7,827
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 $ 3,047
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 $ 2,098
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 $ 2,092
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 $ 590
Performance obligation, expected timing of satisfaction 1 year
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 0
Performance obligation, expected timing of satisfaction
v3.22.4
Revenue and Customers - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 03, 2022
Feb. 05, 2021
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Favorable customer contracts, fair value adjustments $ 23.0 $ 113.4  
Unfavorable customer contracts, fair value adjustment $ 237.7    
Payment term     30 days
v3.22.4
Revenue and Customers - Favorable and Unfavorable contracts (Details) - USD ($)
$ in Thousands
 11 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2022
Unfavorable contacts    
Beginning balance   $ 0
Ending balance $ 0 (181,883)
Maersk Drilling    
Unfavorable contacts    
Beginning balance 0 0
Additions 0 (237,703)
Amortization 0 55,820
Ending balance 0 (181,883)
Maersk Drilling | Favorable contracts    
Favorable contracts    
Beginning balance 0 61,849
Additions 113,389 22,991
Amortization (51,540) (50,468)
Ending balance $ 61,849 $ 34,372
v3.22.4
Revenue and Customers - Estimated Future Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Unfavorable contracts      
Noncurrent contract liabilities $ 181,883 $ 0  
Maersk Drilling      
Unfavorable contracts      
2023 133,236    
2024 40,439    
2025 8,208    
Noncurrent contract liabilities 181,883 0 $ 0
Total      
2023 109,490    
2024 29,813    
2025 8,208    
Total 147,511    
Maersk Drilling | Favorable contracts      
Favorable contracts      
2023 (23,746)    
2024 (10,626)    
2025 0    
Favorable contracts $ (34,372) $ (61,849) $ 0
v3.22.4
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Operating lease right-of-use assets $ 34,551 $ 17,066
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Current operating lease liabilities $ 23,832 $ 3,923
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Long-term operating lease liabilities $ 23,852 $ 13,166
Weighted average remaining lease term for operating leases (years) 4 years 4 months 20 days 6 years 3 months
Weighted average discounted rate for operating leases 7.80% 9.50%
v3.22.4
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 365 $ 4,803 $ 6,095
Short-term lease cost (124) 634 5,741
Variable lease cost (605) 412 948
Total lease cost $ (364) $ 5,849 $ 12,784
v3.22.4
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Leases [Abstract]      
Operating cash flows used for operating leases $ 979 $ 5,568 $ 6,676
Right-of-use assets obtained in exchange for a lease liability $ 0 $ 9,647 $ 19,841
v3.22.4
Leases - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Variable lease cost $ (605) $ 412 $ 948
v3.22.4
Leases - Maturities of Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Leases [Abstract]  
2023 $ 13,005
2024 11,251
2025 6,234
2026 4,437
2027 1,468
Thereafter 4,780
Total lease payments 41,175
Less: Interest (7,286)
Present value of lease liability $ 33,889
v3.22.4
Income Taxes - Components of Net Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets    
Deferred tax assets $ 2,121,365 $ 1,952,700
Less: valuation allowance (1,985,843) (1,899,092)
Net deferred tax assets 135,522 53,608
Deferred tax liabilities    
Deferred tax liabilities (46,094) (21,396)
Net deferred tax assets (liabilities) 89,428 32,212
United States    
Deferred tax assets    
Net operating loss carry forwards 4,256 3,485
Excess of net tax basis over remaining book basis 18,382 0
Deferred pension plan amounts 1,945 3,427
Accrued expenses not currently deductible 5,017 5,780
Other 135 121
Deferred tax liabilities    
Favorable contract value (4,954) (10,067)
Deferred revenue (6,777) (3,438)
Other (718) (1,116)
Non-United States    
Deferred tax assets    
Net operating loss carry forwards 1,076,364 1,013,281
Transition attribute 871,773 888,962
Tax credits carryover 23,820 23,849
Excess of net tax basis over remaining book basis 61,530 0
Disallowed interest deduction carryforwards 30,225 13,625
Unfavorable contract value 27,901 0
Accrued expenses not currently deductible 17 170
Deferred tax liabilities    
Excess of net book basis over remaining tax basis (27,166) (690)
Favorable contract value (1,288) (4,173)
Other $ (5,191) $ (1,912)
v3.22.4
Income Taxes - Loss Before Income Taxes (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Income Tax Disclosure [Abstract]        
United States $ 1,878,637 $ (47,686) $ (43,381) $ (2,150,591)
Non-United States (1,624,986) 150,033 234,882 (2,088,271)
Income (loss) before income taxes $ 253,651 $ 102,347 $ 191,501 $ (4,238,862)
v3.22.4
Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Income Tax Disclosure [Abstract]        
Current- United States $ 0 $ (33,323) $ 1,058 $ (257,552)
Current- Non-United States 922 67,952 47,123 23,474
Deferred- United States (4,689) (7,460) (2,886) (57,514)
Deferred- Non-United States 7,190 (26,804) (22,742) 31,189
Total $ 3,423 $ 365 $ 22,553 $ (260,403)
v3.22.4
Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]        
Gross balance at beginning of period $ 37,721 $ 37,156 $ 63,443 $ 130,837
Additions based on tax positions related to current year 1,347 26,463 1,296 20,266
Additions for tax positions of prior years 0 21,465 69,163 206
Reductions for tax positions of prior years (5) (12,331) (687) (109,330)
Expiration of statutes (1,907) (9,310) (236) (4,258)
Tax settlements 0 0 0 0
Gross balance at end of period 37,156 63,443 132,979 37,721
Related tax benefits (384) (384) (384) (384)
Net reserve at end of period $ 36,772 $ 63,059 $ 132,595 $ 37,337
v3.22.4
Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]        
Reserve for uncertain tax positions, excluding interest and penalties $ 132,595 $ 63,059 $ 36,772 $ 37,337
Interest and penalties included in “Other liabilities” 43,313 11,930 5,273 5,164
Reserve for uncertain tax positions, including interest and penalties $ 175,908 $ 74,989 $ 42,045 $ 42,501
v3.22.4
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Components Of Deferred Tax Assets And Liabilities [Line Items]        
Reserves for uncertain tax positions $ 42,045 $ 74,989 $ 175,908 $ 42,501
Amount provision for income taxes reduced if reserves not realized     154,500  
Interest and penalties resulted in an income tax expense 100 6,700 2,700 (24,100)
Income tax expense (benefit) 3,423 365 22,553 $ (260,403)
Tax benefits related to release of valuation allowance     42,100  
Tax benefit related to deferred tax adjustments     1,300  
Tax benefits related to reduction of tax contingencies     6,600  
Tax expenses (benefits) related to sale of remedy rigs     2,300  
Tax expenses (benefits) related to contract fair value amortization     10,800  
Tax expenses related to various recurring items, excess withholding tax on gross revenue     34,700  
Tax expenses related to various recurring items, annual current and deferred tax expense accrual     $ 24,900  
Tax benefits related to US and Non-US reserve release   24,300    
Tax benefits related to US tax refund   12,600    
Tax benefits related to deferred tax assets previously not recognized   22,800    
Tax benefits related to non-US refund claim   1,900    
Tax benefits related to deferred tax adjustments   1,200    
Tax expense (benefit) related to non-US reserve (1,700) 42,000    
Tax expenses related to various recurring items   $ 21,200    
Income tax expense related to reorganization and fresh start adjustments 2,500      
Tax expenses related to various recurring items $ 2,600      
v3.22.4
Income Taxes - Effective Tax Reconciliation (Details) - Foreign Tax Authority
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Income Tax Contingency [Line Items]        
Tax rates which are different than the Cayman Islands (Successor) and UK (Predecessor) rates 0.50% 22.60% 34.90% 0.40%
Tax impact of asset impairment and disposition 0.00% 0.00% 0.00% 4.50%
Tax impact of restructuring 1.00% 0.00% 0.00% 2.10%
Tax impact of the tax regulation change 0.00% 0.00% 0.00% 0.90%
Tax impact of valuation allowance 0.00% (25.20%) (22.00%) (4.30%)
Resolution of (reserve for) tax authority audits (0.20%) 2.90% (1.10%) 2.50%
Total 1.30% 0.30% 11.80% 6.10%
v3.22.4
Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Non-US        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit obligation at beginning of period $ 67,943 $ 63,729 $ 63,066  
Interest cost 97 1,228 1,368 $ 1,877
Actuarial loss (gain) (4,366) 1,548 (19,328)  
Benefits paid (138) (2,456) (2,041)  
Settlements and curtailments 0 0 0  
Foreign exchange rate changes 193 (983) (6,090)  
Benefit obligation at end of period 63,729 63,066 36,975 67,943
US plans        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit obligation at beginning of period 266,090 256,417 243,538  
Interest cost 615 5,993 6,753 7,567
Actuarial loss (gain) (6,491) (6,465) (63,739)  
Benefits paid (1,515) (7,199) (9,772)  
Settlements and curtailments (2,282) (5,208) (342)  
Foreign exchange rate changes 0 0 0  
Benefit obligation at end of period $ 256,417 $ 243,538 $ 176,438 $ 266,090
v3.22.4
Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Details) - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of period     $ 226,830,000
Fair value of plan assets at end of period   $ 226,830,000 173,738,000
Non-US      
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of period $ 83,808,000 79,146,000 78,465,000
Actual return on plan assets (4,763,000) 2,998,000 (28,402,000)
Employer contributions 0 0 0
Benefits paid (138,000) (2,456,000) (2,041,000)
Plan participants’ contributions 0 0 0
Foreign exchange rate changes 239,000 (1,223,000) (7,380,000)
Fair value of plan assets at end of period 79,146,000 78,465,000 40,642,000
US plans      
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of period 222,417,000 221,743,000 226,830,000
Actual return on plan assets 838,000 12,254,000 (43,354,000)
Employer contributions 2,285,000 5,240,000 376,000
Benefits paid (1,515,000) (7,199,000) (9,772,000)
Plan participants’ contributions (2,282,000) (5,208,000) (342,000)
Foreign exchange rate changes 0 0 0
Fair value of plan assets at end of period $ 221,743,000 $ 226,830,000 $ 173,738,000
v3.22.4
Employee Benefit Plans - Funded Status of Plans (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Non-US    
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ 3,667 $ 15,399
US plans    
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ (2,700) $ (16,708)
v3.22.4
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Non-US    
Defined Benefit Plan Disclosure [Line Items]    
Other assets (noncurrent) $ 3,667 $ 15,399
Other liabilities (current) 0 0
Other liabilities (noncurrent) 0 0
Net amount recognized 3,667 15,399
US plans    
Defined Benefit Plan Disclosure [Line Items]    
Other assets (noncurrent) 2,722 971
Other liabilities (current) (205) (67)
Other liabilities (noncurrent) (5,217) (17,612)
Net amount recognized $ (2,700) $ (16,708)
v3.22.4
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Non-US    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial (gain) loss $ 9,963 $ (369)
Deferred income tax (asset) liability (2,425) 112
Accumulated other comprehensive (income) loss 7,538 (257)
US plans    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial (gain) loss (14,158) (6,496)
Deferred income tax (asset) liability 2,973 1,364
Accumulated other comprehensive (income) loss $ (11,185) $ (5,132)
v3.22.4
Employee Benefit Plans - Pension Costs (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Non-US        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost $ 97 $ 1,228 $ 1,368 $ 1,877
Return on plan assets (85) (845) (1,431) (1,649)
Amortization of prior service cost 1 0 0 10
Recognized net actuarial loss 0 0 0 0
Settlement and curtailment (gain) loss 0 0 0 9
Net pension benefit cost (gain) loss 13 383 (63) 247
US plans        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 615 5,993 6,753 7,567
Return on plan assets (1,239) (11,648) (12,581) (11,676)
Amortization of prior service cost 0 0 0 0
Recognized net actuarial loss 281 0 (22) 2,866
Settlement and curtailment (gain) loss 301 (575) (121) 154
Net pension benefit cost (gain) loss $ (42) $ (6,230) $ (5,971) $ (1,089)
v3.22.4
Employee Benefit Plans - Additional Information (Details) - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Feb. 20, 2020
Defined Benefit Plan Disclosure [Line Items]            
Market cycle minimum period in which objective should be met over     5 years      
Market cycle maximum period in which objective should be met over     7 years      
Number of shares included in equity securities   0 0 0    
Costs for maintaining contribution plans $ 1,600,000 $ 29,800,000 $ 34,200,000   $ 24,900,000  
Restoration Plan            
Defined Benefit Plan Disclosure [Line Items]            
Liability under the restoration plan   2,800,000   $ 2,800,000    
Noble Drilling Corporation Profit Sharing Plan            
Defined Benefit Plan Disclosure [Line Items]            
Number of years of service for the participants in the plan to become fully vested     3 years      
Plan participants’ contributions 0 0 $ 0   2,400,000  
Equity securities            
Defined Benefit Plan Disclosure [Line Items]            
Percentage of company's overall investments     38.90%      
Debt security            
Defined Benefit Plan Disclosure [Line Items]            
Percentage of company's overall investments     59.90%      
Cash holdings            
Defined Benefit Plan Disclosure [Line Items]            
Percentage of company's overall investments     1.20%      
Non-US            
Defined Benefit Plan Disclosure [Line Items]            
Net actuarial losses and prior service costs (less than)     $ 0      
Projected benefit obligation   0 0 0    
Accumulated benefit obligation   0 $ 0 0    
Defined benefit plan, investment within plan asset category, de-risking basis of gilts, percentage     0.20%      
Defined benefit plan, investment within plan asset category, minimum outperformance versus cash, percentage     4.00%      
Employer contributions 0 0 $ 0      
Expected contribution to non-U.S. and U.S pension plans     0      
Non-US | Equity securities            
Defined Benefit Plan Disclosure [Line Items]            
Percentage of company's overall investments           20.00%
Non-US | Debt security            
Defined Benefit Plan Disclosure [Line Items]            
Percentage of company's overall investments           80.00%
US plans            
Defined Benefit Plan Disclosure [Line Items]            
Net actuarial losses and prior service costs (less than)     0      
Increase (decrease) in pension liability     900,000 700,000 $ (1,700,000)  
Projected benefit obligation   207,059,000 151,564,000 207,059,000    
Accumulated benefit obligation   207,059,000 151,564,000 207,059,000    
Employer contributions $ 2,285,000 5,240,000 376,000      
Expected contribution to non-U.S. and U.S pension plans     100,000      
US plans | Unfunded excess benefit plan            
Defined Benefit Plan Disclosure [Line Items]            
Projected benefit obligation   1,500,000 900,000 1,500,000    
Accumulated benefit obligation   $ 1,500,000 $ 900,000 $ 1,500,000    
v3.22.4
Employee Benefit Plans - Disaggregated Plan Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets $ 173,738 $ 226,830    
Non-US        
Defined Benefit Plan Disclosure [Line Items]        
Projected benefit obligation 36,975 63,066 $ 63,729 $ 67,943
Accumulated benefit obligation 36,975 63,066    
Fair value of plan assets 40,642 78,465 79,146 83,808
US plans        
Defined Benefit Plan Disclosure [Line Items]        
Projected benefit obligation 176,438 243,538 256,417 266,090
Accumulated benefit obligation 176,438 243,538    
Fair value of plan assets $ 173,738 $ 226,830 $ 221,743 $ 222,417
v3.22.4
Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Non-US    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation $ 0 $ 0
Fair value of plan assets 0 0
US plans    
Defined Benefit Plan Disclosure [Line Items]    
Projected benefit obligation 151,564 207,059
Fair value of plan assets $ 146,144 $ 189,382
v3.22.4
Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Non-US    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation $ 0 $ 0
Fair value of plan assets 0 0
US plans    
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation 151,564 207,059
Fair value of plan assets $ 146,144 $ 189,382
v3.22.4
Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Details)
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Non-US        
Weighted-average assumptions used to determine benefit obligations:        
Discount Rate 1.80% 1.80% 5.00%  
Weighted-average assumptions used to determine periodic benefit cost:        
Discount Rate 1.80% 1.80% 1.80% 2.10%
Expected long-term return on assets 1.20% 1.20% 2.00% 2.90%
US plans | Minimum        
Weighted-average assumptions used to determine benefit obligations:        
Discount Rate 1.92% 2.63% 5.17%  
Weighted-average assumptions used to determine periodic benefit cost:        
Discount Rate 1.82% 1.92% 2.63% 2.56%
Expected long-term return on assets 5.10% 5.00% 5.00% 5.40%
US plans | Maximum        
Weighted-average assumptions used to determine benefit obligations:        
Discount Rate 2.77% 2.89% 5.27%  
Weighted-average assumptions used to determine periodic benefit cost:        
Discount Rate 2.60% 2.77% 2.89% 3.32%
Expected long-term return on assets 6.10% 5.80% 5.80% 6.30%
v3.22.4
Employee Benefit Plans - Actual Fair Values of Pension Plans (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets $ 173,738 $ 226,830    
Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 132,632 137,431    
Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 41,106 89,399    
Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Cash and cash equivalents        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 3,902 3,718    
Cash and cash equivalents | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 3,902 3,718    
Cash and cash equivalents | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Cash and cash equivalents | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Corporate bonds        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 100,513 103,504    
Corporate bonds | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 96,962 100,342    
Corporate bonds | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 3,551 3,162    
Corporate bonds | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
United States        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 37,555 86,237    
United States | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
United States | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 37,555 86,237    
United States | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
International        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets   0    
International | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets   0    
International | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets   0    
International | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets   0    
Treasury bonds        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 31,768 33,371    
Treasury bonds | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 31,768 33,371    
Treasury bonds | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Treasury bonds | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Non-US        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 40,642 78,465 $ 79,146 $ 83,808
Non-US | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 40,642 78,465    
Non-US | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Non-US | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Non-US | Cash and cash equivalents        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 271 938    
Non-US | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 271 938    
Non-US | Cash and cash equivalents | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Non-US | Cash and cash equivalents | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Non-US | Equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 5,421 10,546    
Non-US | Equity securities | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 5,421 10,546    
Non-US | Equity securities | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Non-US | Equity securities | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Non-US | Corporate bonds        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 34,950 66,981    
Non-US | Corporate bonds | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 34,950 66,981    
Non-US | Corporate bonds | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
Non-US | Corporate bonds | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0 0    
US plans        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets $ 173,738 $ 226,830 $ 221,743 $ 222,417
v3.22.4
Employee Benefit Plans - Estimated Benefit Payments (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Total $ 133,804
2023 12,095
2024 12,343
2025 12,795
2026 13,113
2027 13,406
Thereafter 70,052
Non-US plans  
Defined Benefit Plan Disclosure [Line Items]  
Total 23,240
2023 2,059
2024 2,129
2025 2,183
2026 2,226
2027 2,313
Thereafter 12,330
US plans  
Defined Benefit Plan Disclosure [Line Items]  
Total 110,564
2023 10,036
2024 10,214
2025 10,612
2026 10,887
2027 11,093
Thereafter $ 57,722
v3.22.4
Derivative Instruments - Notional Amounts of Outstanding Derivative (Details) - Dec. 31, 2022 - Foreign currency forward contracts
£ in Thousands, kr in Thousands, $ in Thousands, $ in Thousands
DKK (kr)
USD ($)
AUD ($)
GBP (£)
DKK to USD        
Derivative [Line Items]        
Notional amount kr 484,593 $ 68,840    
AUD to USD        
Derivative [Line Items]        
Notional amount   35,257 $ 51,139  
GBP to USD        
Derivative [Line Items]        
Notional amount   $ 10,922   £ 9,083
v3.22.4
Derivative Instruments - Gains/(Losses) from Derivative Instrument (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Interest rate swap contracts  
Derivative Instruments, Gain (Loss) [Line Items]  
Realized (gain) loss $ (949)
Foreign currency forward contracts  
Derivative Instruments, Gain (Loss) [Line Items]  
Realized (gain) loss (6,169)
Unrealized (gain) loss $ (1,229)
v3.22.4
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - Recurring - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Quoted Prices in Active Markets (Level 1)    
Assets -    
Marketable securities   $ 7,645
Quoted Prices in Active Markets (Level 1) | Foreign currency forward contracts    
Assets -    
Foreign currency forward contracts $ 0  
Liabilities -    
Foreign currency forward contracts 0  
Significant Other Observable Inputs (Level 2)    
Assets -    
Marketable securities   0
Significant Other Observable Inputs (Level 2) | Foreign currency forward contracts    
Assets -    
Foreign currency forward contracts 2,422  
Liabilities -    
Foreign currency forward contracts 1,124  
Significant Unobservable Inputs (Level 3)    
Assets -    
Marketable securities   0
Significant Unobservable Inputs (Level 3) | Foreign currency forward contracts    
Assets -    
Foreign currency forward contracts 0  
Liabilities -    
Foreign currency forward contracts 0  
Carrying Value    
Assets -    
Marketable securities   $ 7,645
Carrying Value | Foreign currency forward contracts    
Assets -    
Foreign currency forward contracts 2,422  
Liabilities -    
Foreign currency forward contracts $ 1,124  
v3.22.4
Commitments and Contingencies (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
Hurricane Ida Personal Injury Claims  
Other Commitments [Line Items]  
Claim insurance deductible amount $ 5,000,000
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 $ 641,300,000
v3.22.4
Segment and Related Information - Revenues And Identifiable Assets By Country (Details)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
segment
Dec. 31, 2020
USD ($)
Revenues From External Customers And Long Lived Assets [Line Items]        
Number of reportable segments | segment     1  
Revenues $ 77,481 $ 770,325 $ 1,413,847 $ 964,272
Long-Lived Assets   1,498,368 4,004,355  
Australia        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 54 1,954 78,899 50,434
Long-Lived Assets   20,704 107,246  
Azerbaijan        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   0 16  
Long-Lived Assets   0 3,488  
Brazil        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   251 33,208  
Long-Lived Assets   1,702 92,571  
Canada        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 0 10 0 28,915
Long-Lived Assets   0 0  
Canary Islands        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   0 0  
Long-Lived Assets   88,092 35,193  
Denmark        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 0 25,119 40,806 7,662
Long-Lived Assets   18,407 479,390  
Gabon        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 0     147
Ghana        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   0 35,018  
Long-Lived Assets   0 248,206  
Guyana        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 23,012 244,638 469,267 222,088
Long-Lived Assets   678,852 702,170  
Indonesia        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   23,964 0  
Long-Lived Assets   0 0  
Malaysia        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   0 32,227  
Long-Lived Assets   7,341 142,162  
Mauritania        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   29,616 0  
Long-Lived Assets   0 0  
Mexico        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   11,022 30,788  
Long-Lived Assets   0 279,491  
Netherlands        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   0 13,378  
Long-Lived Assets   0 68,491  
Norway        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   20,351 154,406  
Long-Lived Assets   228,687 746,281  
Myanmar        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 0     21,084
Qatar        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 2,263 23,247 33,181 31,024
Long-Lived Assets   20,487 25,032  
Saudi Arabia        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 10,745 75,676 1,187 133,246
Long-Lived Assets   371 0  
Singapore        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   0 0  
Long-Lived Assets   11,933  
Suriname        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 6,029 62,090 133,680 61,474
Long-Lived Assets   0 335,208  
Timor-Leste        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   32,257 0  
Long-Lived Assets   0 0  
Trinidad and Tobago        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 4,995 35,710 35,101 9,468
Long-Lived Assets   19,387 125,320  
United Arab Emirates        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   0 0  
Long-Lived Assets   607 1,775  
United Kingdom        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 7,142 28,126 55,632 180,610
Long-Lived Assets   53,198 185,354  
United States        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues 23,241 156,294 266,176 209,401
Long-Lived Assets   360,478 412,716  
Vietnam        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues $ 0     $ 8,719
Other        
Revenues From External Customers And Long Lived Assets [Line Items]        
Revenues   0 877  
Long-Lived Assets   $ 55 $ 2,328  
v3.22.4
Segment and Related Information - Significant Customers (Details) - Revenue Benchmark - Customer Concentration Risk
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Royal Dutch Shell plc (“Shell”)        
Segment Reporting Information [Line Items]        
Concentration risk, percentage 30.00% 13.30% 12.00% 21.70%
Exxon Mobil Corporation (“ExxonMobil”)        
Segment Reporting Information [Line Items]        
Concentration risk, percentage 29.80% 39.10% 32.30% 26.60%
Equinor ASA (“Equinor”)        
Segment Reporting Information [Line Items]        
Concentration risk, percentage 5.20% 3.10% 6.40% 14.30%
Saudi Arabian Oil Company (“Saudi Aramco”)        
Segment Reporting Information [Line Items]        
Concentration risk, percentage 13.90% 9.80% 0.00% 13.80%
v3.22.4
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Cash paid during the period for:        
Accounts receivable $ (41,344) $ 6,245 $ (18,133) $ 50,802
Other current assets 17,884 2,295 21,271 (866)
Other assets 8,521 (11,650) 16,861 (2,369)
Accounts payable (16,819) 11,429 20,430 357
Other current liabilities 11,428 4,312 (36,713) 8,582
Other liabilities (5,846) 32,928 15,468 (10,941)
Total net change in assets and liabilities (26,176) 45,559 19,184 45,565
Noble Finance Company        
Cash paid during the period for:        
Accounts receivable (41,344) 6,245 (11,457) 19,588
Other current assets 19,398 (594) 19,757 7,830
Other assets 8,512 (11,618) 17,044 (800)
Accounts payable (14,061) 15,822 18,809 (11,018)
Other current liabilities 11,623 4,125 (36,550) 16,055
Other liabilities (5,936) 32,700 15,696 (10,941)
Total net change in assets and liabilities $ (21,808) $ 46,680 $ 23,299 $ 20,714
v3.22.4
Supplemental Financial Information - Additional Information (Details) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Oct. 03, 2022
Apr. 15, 2021
Feb. 05, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Schedule Of Supplemental Financial Information [Line Items]            
Capital expenditures incurred but not yet paid       $ 196,400 $ 36,500 $ 35,300
Settlement of Compulsory Purchase Interest       123,754    
Additional Paid-in Capital            
Schedule Of Supplemental Financial Information [Line Items]            
Settlement of Compulsory Purchase Interest       123,754    
Pacific Drilling            
Schedule Of Supplemental Financial Information [Line Items]            
Number of shares received by acquiree (in shares)   16,600        
Total purchase price consideration   $ 357,662        
Net assets acquired   $ 419,967        
Maersk Drilling Merger            
Schedule Of Supplemental Financial Information [Line Items]            
Number of shares received by acquiree (in shares) 60,100          
Total purchase price consideration $ 2,000,873          
Net assets acquired 1,974,857          
Fair value of Noble shares transferred to legacy Maersk shareholders $ 1,793,351          
Settlement of Compulsory Purchase Interest (in shares) 4,100          
Compulsory purchase, cash payment $ 69,900          
Maersk Drilling Merger | Additional Paid-in Capital            
Schedule Of Supplemental Financial Information [Line Items]            
Settlement of Compulsory Purchase Interest       $ 123,800    
Second Lien Notes Indenture | Participants in the Rights Offering | Ordinary Shares Of Noble (New Shares)            
Schedule Of Supplemental Financial Information [Line Items]            
Plan of reorganization, shares issued, subscription price     $ 200,000      
Second Lien Notes Indenture | Secured Debt            
Schedule Of Supplemental Financial Information [Line Items]            
Debtor-in-possession financing, amount arranged     216,000      
Debtor-in-possession financing, backstop fee     $ 16,000      
v3.22.4
Supplemental Financial Information - Additional Cash Flow Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2020
Cash paid during the period for:        
Interest, net of amounts capitalized $ 0 $ 21,150 $ 35,543 $ 138,040
Income taxes paid (refunded), net 4,385 (8,113) 58,386 (133,708)
Income taxes refund, excluding tax withholding     23,700  
Guyana        
Cash paid during the period for:        
Income tax paid, tax withholding     34,700  
Noble Finance Company        
Cash paid during the period for:        
Interest, net of amounts capitalized 0 21,150 26,103 138,040
Income taxes paid (refunded), net $ 4,385 $ (8,113) $ 58,386 $ (133,708)