NOBLE FINANCE CO, S-1/A filed on 3/18/2022
Securities Registration Statement
v3.22.0.1
Cover Page
 11 Months Ended
Dec. 31, 2021
Entity Information [Line Items]  
Document Type S-1/A
Entity Registrant Name Noble Finance Co
Entity Filer Category Non-accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Central Index Key 0001169055
Amendment Flag true
Amendment Description AMENDMENT NO. 3
v3.22.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 194,138 $ 343,332
Accounts receivable, net of allowance for credit losses 200,419 147,863
Taxes receivable 16,063 30,767
Prepaid expenses and other current assets 45,026 80,322
Total current assets 455,646 602,284
Intangible assets 61,849  
Property and equipment, at cost 1,555,975 4,777,697
Accumulated depreciation (77,275) (1,200,628)
Property and equipment, net 1,478,700 3,577,069
Other assets 77,247 84,584
Total assets 2,073,442 4,263,937
Current liabilities    
Accounts payable 120,389 95,159
Accrued payroll and related costs 48,346 36,553
Taxes payable 28,735 36,819
Interest payable 9,788  
Other current liabilities 41,136 49,820
Total current liabilities 248,394 218,351
Long-term debt 216,000  
Deferred income taxes 13,195 9,292
Other liabilities 95,226 108,039
Liabilities subject to compromise   4,239,643
Total liabilities 572,815 4,575,325
Commitments and contingencies
Shareholders' equity    
Common stock 1 2,511
Additional paid-in capital 1,393,255 814,796
Retained earnings (accumulated deficit) 101,982 (1,070,683)
Accumulated other comprehensive income (loss) 5,389 (58,012)
Total shareholders' equity (deficit) 1,500,627 (311,388)
Total liabilities and equity 2,073,442 4,263,937
Noble Finance Company    
Current assets    
Cash and cash equivalents 192,636 343,332
Accounts receivable, net of allowance for credit losses 200,419 147,863
Accounts receivable from affiliates   31,214
Taxes receivable 16,063 30,767
Prepaid expenses and other current assets 36,545 50,469
Total current assets 445,663 603,645
Intangible assets 61,849  
Property and equipment, at cost 1,555,975 4,777,697
Accumulated depreciation (77,275) (1,200,628)
Property and equipment, net 1,478,700 3,577,069
Other assets 77,247 84,584
Total assets 2,063,459 4,265,298
Current liabilities    
Accounts payable 116,030 83,649
Accrued payroll and related costs 48,346 36,516
Taxes payable 28,735 36,819
Interest payable 9,788  
Other current liabilities 40,949 49,820
Total current liabilities 243,848 206,804
Long-term debt 216,000  
Deferred income taxes 13,195 9,292
Other liabilities 94,998 108,039
Liabilities subject to compromise   4,154,555
Total liabilities 568,041 4,478,690
Commitments and contingencies
Shareholders' equity    
Common stock 26,125 26,125
Additional paid-in capital 1,393,410 766,714
Retained earnings (accumulated deficit) 70,494 (948,219)
Accumulated other comprehensive income (loss) 5,389 (58,012)
Total shareholders' equity (deficit) 1,495,418 (213,392)
Total liabilities and equity $ 2,063,459 $ 4,265,298
v3.22.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Dec. 31, 2021
Dec. 31, 2020
Common stock, par value (in usd per share) $ 0.00001 $ 0.01
Ordinary shares, shares outstanding (in shares) 60,172 251,084
Noble Finance Company    
Common stock, par value (in usd per share) $ 0.10 $ 0.10
Ordinary shares, shares outstanding (in shares) 261,246 261,246
v3.22.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating revenues        
Operating revenues $ 77,481 $ 770,325 $ 964,272 $ 1,305,438
Operating costs and expenses        
Depreciation and amortization 20,622 89,535 374,129 440,221
General and administrative 5,727 62,476 121,196 168,792
Merger and integration costs   24,792    
Gain on sale of operating assets, net 0 (185,934)    
Hurricane losses and (recoveries), net   23,350    
Prepetition and Restructuring Costs     14,409  
Loss on impairment 0 0 3,915,408 615,294
Total operating costs and expenses 76,051 709,493 5,040,817 1,971,711
Operating income (loss) 1,430 60,832 (4,076,545) (666,273)
Other income (expense)        
Interest expense, net of amounts capitalized (229) (31,735) (164,653) (279,435)
Bargain purchase gain 0 62,305    
Gain on extinguishment of debt, net 0 0 17,254 30,616
Interest income and other, net 399 10,945 9,012 6,007
Reorganization items, net 252,051   23,930  
Income (loss) before income taxes 253,651 102,347 (4,238,862) (909,085)
Income tax benefit (provision) (3,423) (365) 260,403 38,540
Net income (loss) from continuing operations 250,228 101,982 (3,978,459) (870,545)
Net loss from discontinued operations, net of tax       (3,821)
Net income (loss) 250,228 101,982 (3,978,459) (874,366)
Net loss attributable to noncontrolling interests       173,776
Loss from continuing operations 250,228 101,982 (3,978,459) (696,769)
Net loss from discontinued operations, net of tax       (3,821)
Net income (loss) attributable to Noble Finance Company $ 250,228 $ 101,982 $ (3,978,459) $ (700,590)
Basic:        
Income (loss) from continuing operations (usd per share) $ 1.00 $ 1.61 $ (15.86) $ (2.79)
Loss from discontinued operations (usd per share)       (0.02)
Net income (loss) (in usd per share) 1.00 1.61 (15.86) (2.81)
Diluted:        
Income (loss) from continuing operations (usd per share) 0.98 1.51 (15.86) (2.79)
Loss from discontinued operations (usd per share)       (0.02)
Net income (loss) (in usd per share) $ 0.98 $ 1.51 $ (15.86) $ (2.81)
Weighted- Average Shares Outstanding        
Basic (in shares) 251,115 63,186 250,792 248,949
Diluted (in shares) 256,571 67,628 250,792 248,949
Contract drilling services        
Operating revenues        
Operating revenues $ 74,051 $ 708,131 $ 909,236 $ 1,246,058
Operating costs and expenses        
Cost of services 46,965 639,442 567,487 698,343
Reimbursables and other        
Operating revenues        
Operating revenues 3,430 62,194 55,036 59,380
Operating costs and expenses        
Cost of services 2,737 55,832 48,188 49,061
Noble Finance Company        
Operating revenues        
Operating revenues 77,481 770,325 964,272 1,305,438
Operating costs and expenses        
Depreciation and amortization 20,631 89,503 372,560 437,690
General and administrative 5,729 35,300 37,798 34,602
Merger and integration costs   8,289    
Gain on sale of operating assets, net   (187,493)    
Hurricane losses and (recoveries), net   23,350    
Loss on impairment 0 0 3,915,408 615,294
Total operating costs and expenses 75,800 661,785 4,940,185 1,832,912
Operating income (loss) 1,681 108,540 (3,975,913) (527,474)
Other income (expense)        
Interest expense, net of amounts capitalized (229) (31,735) (164,653) (279,435)
Gain on extinguishment of debt, net 0 0 17,254 30,616
Interest income and other, net 400 10,945 9,014 6,670
Reorganization items, net 195,395   50,778  
Income (loss) before income taxes 197,247 87,750 (4,165,076) (769,623)
Income tax benefit (provision) (3,422) (365) 260,403 38,540
Net income (loss) from continuing operations 193,825 87,385 (3,904,673) (731,083)
Net loss from discontinued operations, net of tax 0 0 0 (3,821)
Net income (loss) 193,825 87,385 (3,904,673) (734,904)
Net loss attributable to noncontrolling interests       173,776
Loss from continuing operations 250,228 101,982 (3,978,459) (696,769)
Net income (loss) attributable to Noble Finance Company $ 193,825 $ 87,385 $ (3,904,673) $ (561,128)
Basic:        
Income (loss) from continuing operations (usd per share) $ 1.00 $ 1.61 $ (15.86) $ (2.79)
Loss from discontinued operations (usd per share) 0 0 0 (0.02)
Net income (loss) (in usd per share) 1.00 1.61 (15.86) (2.81)
Diluted:        
Income (loss) from continuing operations (usd per share) 0.98 1.51 (15.86) (2.79)
Loss from discontinued operations (usd per share) 0 0 0 (0.02)
Net income (loss) (in usd per share) $ 0.98 $ 1.51 $ (15.86) $ (2.81)
Weighted- Average Shares Outstanding        
Basic (in shares) 251,115 63,186 250,792 248,949
Diluted (in shares) 256,571 67,628 250,792 248,949
Noble Finance Company | Contract drilling services        
Operating revenues        
Operating revenues $ 74,051 $ 708,131 $ 909,236 $ 1,246,058
Operating costs and expenses        
Cost of services 46,703 637,004 566,231 696,265
Noble Finance Company | Reimbursables and other        
Operating revenues        
Operating revenues 3,430 62,194 55,036 59,380
Operating costs and expenses        
Cost of services $ 2,737 $ 55,832 $ 48,188 $ 49,061
v3.22.0.1
CONDENSED 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, 2020
Dec. 31, 2019
Net income (loss) $ 250,228 $ 101,982 $ (3,978,459) $ (874,366)
Other comprehensive income (loss)        
Foreign currency translation adjustments (116)   (521) 260
Net pension plan gain (loss) (net of tax provision (benefit) of $1,597, $59, $(537) and $(924) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) 224 5,844 (1,407) (3,744)
Amortization of deferred pension plan amounts (net of tax provision of zero, zero, $583 and $584 for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively)     2,183 2,197
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $(121), zero, $32 and $(8) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively)   (455) 122 (30)
Other comprehensive income (loss), net 108 5,389 377 (1,317)
Net comprehensive loss attributable to noncontrolling interests       173,776
Comprehensive income (loss) attributable to Noble Corporation 250,336 107,371 (3,978,082) (701,907)
Noble Finance Company        
Net income (loss) 193,825 87,385 (3,904,673) (734,904)
Other comprehensive income (loss)        
Foreign currency translation adjustments (116)   (521) 260
Net pension plan gain (loss) (net of tax provision (benefit) of $1,597, $59, $(537) and $(924) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively) 224 5,844 (1,407) (3,744)
Amortization of deferred pension plan amounts (net of tax provision of zero, zero, $583 and $584 for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively)     2,183 2,197
Net pension plan curtailment and settlement gain (loss) (net of tax provision (benefit) of $(121), zero, $32 and $(8) for the period from February 6 through December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively)   (455) 122 (30)
Other comprehensive income (loss), net 108 5,389 377 (1,317)
Net comprehensive loss attributable to noncontrolling interests       173,776
Comprehensive income (loss) attributable to Noble Corporation $ 193,933 $ 92,774 $ (3,904,296) $ (562,445)
v3.22.0.1
CONDENSED 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, 2020
Dec. 31, 2019
Net pension gain (loss), tax provision (benefit) $ 59 $ 1,597 $ (537) $ (924)
Amortization of deferred pension plan amounts, tax provision 0 0 583 584
Net pension plans curtailment and settlement gain (loss), tax provision (benefit) 0 (121) 32 (8)
Noble Finance Company        
Net pension gain (loss), tax provision (benefit) 59 1,597 (537) (924)
Amortization of deferred pension plan amounts, tax provision 0 0 583 584
Net pension plans curtailment and settlement gain (loss), tax provision (benefit) $ 0 $ (121) $ 32 $ (8)
v3.22.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities          
Net income (loss) $ 250,228 $ 101,982   $ (3,978,459) $ (874,366)
Adjustments to reconcile net loss to net cash flow from operating activities:          
Depreciation and amortization 20,622 89,535   374,129 440,221
Loss on impairment 0 0   3,915,408 615,294
Amortization of intangible asset 0 51,540   0 0
Gain on extinguishment of debt, net 0 0   (17,254) (30,616)
Gain on sale of operating assets, net 0 (185,934)      
Gain on bargain purchase 0 (62,305)      
Reorganization items, net (280,790) 0   (17,366)  
Deferred income taxes 2,501 (34,264)   (26,325) (17,825)
Amortization of share-based compensation 710 16,510   9,169 14,737
Other costs, net (10,754) 1,146   (61,550) 60,259
Changes in components of working capital          
Change in taxes receivable (1,789) 27,847   29,880 (11,225)
Net changes in other operating assets and liabilities (26,176) 45,559   45,565 (9,708)
Net cash provided by (used in) operating activities (45,448) 51,616   273,197 186,771
Cash flows from investing activities          
Capital expenditures (14,629) (154,411)   (148,886) (268,783)
Cash acquired in stock-based business combination 0 54,970   0 0
Proceeds from disposal of assets, net 194 307,324   27,366 12,753
Net cash provided by (used in) investing activities (14,435) 207,883   (121,520) (256,030)
Cash flows from financing activities          
Issuance of second lien notes 200,000 0   0 0
Borrowings on credit facilities 177,500 40,000   210,000 755,000
Repayments of credit facilities (545,000) (217,500)   0 (420,000)
Repayments of debt 0 0   (101,132) (400,000)
Debt issuance costs (23,664) 0   0 (1,092)
Warrants exercised 0 730   0 0
Purchase of noncontrolling interests 0 0   0 (106,744)
Dividends paid to noncontrolling interests 0 0   0 (25,109)
Cash paid to settle equity compensation awards 0 0   (1,010) 0
Taxes withheld on employee stock transactions (1) 0   (418) (2,779)
Net cash provided by (used in) financing activities (191,165) (176,770)   107,440 (200,724)
Net increase (decrease) in cash, cash equivalents and restricted cash (251,048) 82,729   259,117 (269,983)
Cash, cash equivalents and restricted cash, beginning of period 365,041 113,993 $ 365,041 105,924 375,907
Cash, cash equivalents and restricted cash, end of period 113,993 196,722 196,722 365,041 105,924
Noble Finance Company          
Cash flows from operating activities          
Net income (loss) 193,825 87,385   (3,904,673) (734,904)
Adjustments to reconcile net loss to net cash flow from operating activities:          
Depreciation and amortization 20,631 89,503   372,560 437,690
Loss on impairment 0 0   3,915,408 615,294
Amortization of intangible asset 0 51,540   0 0
Gain on extinguishment of debt, net 0 0   (17,254) (30,616)
Gain on sale of operating assets, net   (187,493)      
Reorganization items, net (203,490) 0   44,134 0
Deferred income taxes 2,501 (34,264)   (26,325) (17,825)
Amortization of share-based compensation 710 16,510   9,169 14,689
Other costs, net (3,054) 1,146   (115,550) (39,741)
Changes in components of working capital          
Change in taxes receivable (1,789) 27,847   29,880 (11,225)
Net changes in other operating assets and liabilities (21,808) 46,680   20,714 (6,456)
Net cash provided by (used in) operating activities (12,474) 98,854   328,063 226,906
Cash flows from investing activities          
Capital expenditures (14,629) (154,411)   (148,886) (268,783)
Proceeds from disposal of assets, net 194 308,883   27,366 12,753
Net cash provided by (used in) investing activities (14,435) 154,472   (121,520) (256,030)
Cash flows from financing activities          
Issuance of second lien notes 200,000 0   0 0
Borrowings on credit facilities 177,500 40,000   210,000 755,000
Repayments of credit facilities (545,000) (217,500)     (420,000)
Repayments of debt 0 0   (101,132) (400,000)
Debt issuance costs (10,139) 0   0 (1,092)
Purchase of noncontrolling interests         (106,744)
Dividends paid to noncontrolling interests         (25,109)
Cash contributed by parent in connection with Pacific Drilling merger 0 54,970      
Distributions to parent company, net (26,503) (49,569)   (76,245) (42,103)
Net cash provided by (used in) financing activities (204,142) (172,099)   32,623 (240,048)
Net increase (decrease) in cash, cash equivalents and restricted cash (231,051) 81,227   239,166 (269,172)
Cash, cash equivalents and restricted cash, beginning of period 345,044 113,993 345,044 105,878 375,050
Cash, cash equivalents and restricted cash, end of period $ 113,993 $ 195,220 $ 195,220 $ 345,044 $ 105,878
v3.22.0.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
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)
Noble Finance Company
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018   246,794,000           261,246,000        
Beginning balance at Dec. 31, 2018 $ 4,654,574 $ 2,468 $ 699,409 $ 3,608,366 $ (57,072) $ 401,403 $ 4,653,468 $ 26,125 $ 647,082 $ 3,635,930 $ (57,072) $ 401,403
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Distributions to parent company, net             (42,103)     (42,103)    
Capital contribution by parent - share-based compensation             14,689   14,689      
Employee related equity activity                        
Amortization of share-based compensation 14,737   14,737                  
Issuance of share-based compensation shares (in shares)   2,406,000                    
Issuance of share-based compensation shares   $ 24 (24)                  
Tax benefit of equity transactions (2,803)   (2,803)                  
Purchase of noncontrolling interests (106,744)   95,774     (202,518) (106,744)   95,774     (202,518)
Net income (loss) (874,366)     (700,590)   (173,776) (734,904)     (561,128)   (173,776)
Net loss (700,590)           (561,128)          
Dividends paid to noncontrolling interests (25,109)         (25,109) (25,109)         (25,109)
Other comprehensive income, net (1,317)       (1,317)   (1,317)       (1,317)  
Ending balance (in shares) at Dec. 31, 2019   249,200,000           261,246,000        
Ending balance at Dec. 31, 2019 3,658,972 $ 2,492 807,093 2,907,776 (58,389) $ 0 3,757,980 $ 26,125 757,545 3,032,699 (58,389) $ 0
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      
Employee related equity activity                        
Amortization of share-based compensation 8,159   8,159                  
Issuance of share-based compensation shares (in shares)   1,884,000                    
Issuance of share-based compensation shares   $ 19 (19)                  
Tax benefit of equity transactions (437)   (437)                  
Net income (loss) (3,978,459)           (3,904,673)          
Net loss (3,978,459)     (3,978,459)     (3,904,673)     (3,904,673)    
Other comprehensive income, net $ 377       377   $ 377       377  
Ending balance (in shares) at Dec. 31, 2020 251,084,000 251,084,000         261,246,000 261,246,000        
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      
Employee related equity activity                        
Amortization of share-based compensation 710   710                  
Issuance of share-based compensation shares (in shares)   43,000                    
Tax benefit of equity transactions (1)   (1)                  
Net income (loss) 250,228     250,228     193,825     193,825    
Net loss 250,228           193,825          
Other comprehensive income, net 108       108   108       108  
Issuance of Successor common stock and warrants (in shares)   50,000,000                    
Issuance of Successor common stock and warrants 1,018,768 $ 1 1,018,767                  
Cancellation of Predecessor equity (in shares)   (251,127,000)                    
Cancellation 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   50,000,000           261,246,000        
Ending balance at Feb. 05, 2021 1,018,768 $ 1 1,018,767       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      
Employee related equity activity                        
Amortization of share-based compensation 16,096   16,096                  
Exchange of common stock for penny warrants (in shares)   (6,463,000)                    
Net income (loss) 101,982     101,982     87,385     87,385    
Net loss 101,982           87,385          
Other comprehensive income, net 5,389       5,389   5,389       5,389  
Exercise of common stock warrants (in shares)   35,000                    
Exercise of common stock warrants 730   730                  
Issuance of common stock for Pacific Drilling merger (in shares)   16,600,000                    
Issuance of common stock for Pacific Drilling merger $ 357,662   357,662       $ 419,967          
Capital contribution by parent - Pacific Drilling merger                 419,967      
Ending balance (in shares) at Dec. 31, 2021 60,172,000 60,172,000         261,246,000 261,246,000        
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  
v3.22.0.1
Organization and Basis of Presentation
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Organization and Basis of Presentation
Note 1—Organization and Significant Accounting Policies
Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (“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, 2021, our fleet of 20 drilling rigs consisted of 12 floaters and eight jackups.
We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world.
On July 31, 2020 (the “Petition Date”), our former parent company, Noble Holding Corporation plc (formerly known as Noble 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 (formerly known as Noble Corporation), a Cayman Islands company (“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 Effective Date (as defined herein), Legacy Noble and certain of its subsidiaries effectuated certain restructuring transactions pursuant to which Legacy Noble formed Noble as an indirect wholly-owned subsidiary of Legacy Noble and transferred to Noble substantially all of the subsidiaries and other assets of Legacy Noble. On February 5, 2021 (the “Effective Date”), the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 Cases and Noble 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.
Noble is the successor issuer to Legacy Noble for purposes of and pursuant to Rule
15d-5
of the Exchange Act. References to the “Company,” “we,” “us” or “our” in this Annual Report are to Noble, together with its consolidated subsidiaries, when referring to periods following the Effective Date, and to Legacy Noble, together with its consolidated subsidiaries, when referring to periods prior to the Effective Date.
Upon emergence, the Company applied fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 – Reorganizations (“ASC 852”). The application of fresh start accounting resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. Accordingly, our financial statements and notes after the 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 Effective Date and has been a direct, wholly-owned subsidiary of Noble, our parent company, since the Effective Date. 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 refers to Finco, 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, 2021 and 2020, our Noble restricted cash balance consisted of $2.6 million and $21.7 million, respectively. As of December 31, 2021 and 2020, our Finco restricted cash balance consisted of $2.6 million and $1.7 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.” As of December 31, 2021, our restricted cash balance was associated cash collateral on the Company’s purchase cards and a performance guarantee on the
Noble Faye Kozack
. As of December 31, 2020, our restricted cash balance is to comply with restrictions from a Bankruptcy Court order to settle certain professional fees incurred upon or prior to our emergence from bankruptcy.
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 as of December 31, 2021 and 2020 was zero and $1.1 million, respectively.
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 $36.5 million and $35.3 million of capital accruals as of December 31, 2021 and 2020, 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 6—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 7—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.
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 $27.8 million and $59.9 million at December 31, 2021 and 2020, 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 $5.7 million at December 31, 2021 as compared to $13.9 million at December 31, 2020 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.
Insurance 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, 2021 and 2020, loss reserves for personal injury and protection claims totaled $14.8 million and $30.9 million, respectively, and such amounts are included in “Other current liabilities” and “Other current liabilities” or “Liabilities subject to compromise,” respectively, 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, 2021, 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 not satisfied.
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.
Liability-Classified Awards
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 Cayman Islands 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 three years ended December 31, 2021.
Discontinued Operations
On August 1, 2014, Legacy Noble completed the separation and
spin-off
of a majority of its standard specification offshore drilling business (the
“Spin-off”)
through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore plc (“Paragon Offshore”), to the holders of Noble’s ordinary shares. Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the
Spin-off,
meets the criteria for being reported as discontinued operations and has been reclassified as such in our results of operations.
Prior to the completion of the
Spin-off,
Legacy Noble and Paragon Offshore entered into a series of agreements to effect the separation and
Spin-off
and govern the relationship between the parties after the
Spin-off
(the “Separation Agreements”), including the Master Separation Agreement and the Tax Sharing Agreement. During the year ended December 31, 2019, we recognized charges of $3.8 million recorded in “Net loss from discontinued operations, net of tax” on our Consolidated Statement of Operations relating to settlement of Mexico customs audits from rigs included in the
Spin-off.
For additional information related to the
Spin-off,
refer to “Note 16—Commitments and Contingencies.”
Accounting Pronouncements
Accounting Standards Adopted
In December 2019, the FASB issued Accounting Standards Update (“ASU”)
No. 2019-12,
which amends ASC Topic 740, Income Taxes. This update simplifies the accounting for income taxes by removing certain exceptions to general principles. The amendment is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, and is required to be adopted on a retrospective basis for all periods presented.
We adopted ASU
No. 2019-12,
effective January 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards
In October 2021, the FASB issued ASU
No. 2021-08,
Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, in order to provide clarity on how to account for acquired revenue contracts with customers in a business combination. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date. Early adoption is permitted. The Company is planning on early adopting this standard on January 1, 2022 and we do not anticipate this will have a material impact on our financial statements.
 
With the exception of the updated standards discussed above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to our consolidated financial statements.
v3.22.0.1
Chapter 11 Emergence
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
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 Effective Date.
On the 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 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 Effective Date;
 
  •  
Transferred approximately 31.7 million ordinary shares of Noble with a nominal value of $0.00001 per share (“Ordinary 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 Ordinary Shares, approximately 8.3 million seven-year warrants with Black-Scholes protection (the “Tranche 1 Warrants”) with an exercise price of $19.27 and approximately 8.3 million seven-year warrants with Black-Scholes protection (the “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 Ordinary 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 Ordinary 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 Ordinary 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 Ordinary 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 “Tranche 3 Warrants”) with an exercise price of $124.40 to the holders of Legacy Noble’s ordinary shares outstanding prior to the Effective Date;
 
  •  
Entered into a senior secured revolving credit agreement (the “Revolving Credit Agreement”) that provides for a $675.0 million senior secured revolving credit facility (with a $67.5 million sublimit for the issuance of letters of credit thereunder) (the “Revolving Credit Facility”);
 
  •  
Entered into an indenture governing the Second Lien Notes;
 
  •  
Entered into a registration rights agreement with certain parties who received Ordinary Shares under the Plan (the “Equity Registration Rights Agreement”); 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 Effective Date, the other parties to such agreement would deliver to the Company an aggregate of approximately 6.5 million Ordinary Shares issued pursuant to the Plan in exchange for the issuance of penny warrants to purchase up to approximately 6.5 million Ordinary Shares, with an exercise price of $0.01 per share (“Penny Warrants”). This exchange was completed in late February 2021.
Management Incentive Plan.
The Plan contemplated that on or after the Effective Date, the Company would adopt a long-term incentive plan and authorize and reserve 7.7 million Ordinary 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 Ordinary 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 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 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  
    Noble      Finco  
    Period From      Period From  
    January 1, 2021      January 1, 2021  
    through      through  
    February 5, 2021      February 5, 2021  
Professional fees
(1)
   $ (28,739 )     $ (8,095 ) 
Adjustments for estimated allowed litigation claims
     77,300        —    
Write-off
of unrecognized share-based compensation
     (4,406 )       (4,406 ) 
     
Gain on settlement of liabilities subject to compromise
     2,556,147        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 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 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 Effective Date.
v3.22.0.1
Fresh Start Accounting
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Fresh Start Accounting
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 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 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 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 Effective Date:
 
     February 5, 2021  
Enterprise Value
    $ 1,300,300  
Plus: Cash and cash equivalents
      111,968  
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 Effective Date:
 
     February 5, 2021  
Enterprise Value
    $ 1,300,300  
Plus: Cash and cash equivalents
      111,968  
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  
    
 
 
  
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 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 Effective Date. The rest of the Company’s net assets were determined to have carrying values that approximated fair value on the 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 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 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 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 Effective Date, the Company issued Tranche 1 Warrants and Tranche 2 Warrants to certain former bondholders as part of the settlement of their
pre-petition
claims. The Company also issued Tranche 3 Warrants to holders of the Predecessor’s ordinary shares. The fair values of the warrants on the 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 Tranche 1 Warrants and 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 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:
 
     Predecessor     Reorganization
Adjustments		           Fresh Start
Adjustments		           Successor  
ASSETS                                                 
Current assets
                                                 
Cash and cash equivalents
    $ 317,962     $ (205,994 )      (a )    $ —               $ 111,968  
Accounts receivable, net
      189,207       —                 —                 189,207  
Taxes receivable
      32,556       —                 —                 32,556  
Prepaid expenses and other current assets
      63,056       (20,302 )      (b )      (10,073 )      (m )      32,681  
    
 
 
    
 
 
            
 
 
            
 
 
  
Total current assets
      602,781       (226,296 )              (10,073 )              366,412  
    
 
 
    
 
 
            
 
 
            
 
 
  
Intangible assets
      —         —                 113,389       (n )      113,389  
Property and equipment, at cost
      4,787,661       —                 (3,631,936 )      (o )      1,155,725  
Accumulated depreciation
      (1,221,033 )      —                 1,221,033       (o )      —    
    
 
 
    
 
 
            
 
 
            
 
 
  
Property and equipment, net
      3,566,628       —                 (2,410,903 )              1,155,725  
    
 
 
    
 
 
            
 
 
            
 
 
  
Other assets
      69,940       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 costs
      35,615       —                 —                 35,615  
Taxes payable
      34,211       —                 —                 34,211  
Other current liabilities
      64,943       21,305       (e )      (52,613 )      (m )      33,635  
    
 
 
    
 
 
            
 
 
            
 
 
  
Total current liabilities
      223,984       14,039               (52,613 )              185,410  
    
 
 
    
 
 
            
 
 
            
 
 
  
Long-term debt
      —         352,054       (f )      41,446       (p )      393,500  
Deferred income taxes
      9,303       (17,328 )      (g )      29,550       (q )      21,525  
Other liabilities
      108,489       4,659       (h )      (26,405 )      (m )      86,743  
Liabilities subject to compromise
      4,143,812       (4,143,812 )      (i )      —                 —    
    
 
 
    
 
 
            
 
 
            
 
 
  
Total liabilities
      4,485,588       (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  
     Predecessor     Reorganization
Adjustments		           Fresh Start
Adjustments		           Successor  
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 costs
      167,361  
Transfer of cash from restricted cash
      300  
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 form escrow
      (7,700 ) 
Transfer of restricted cash to cash
      (300 ) 
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence
      78  
    
 
 
  
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 interest
      110,300  
Protection and indemnity insurance liabilities
      25,669  
Accounts payable and other payables
      8,163  
Estimated loss on litigation
      15,700  
Lease liabilities
      6,054  
    
 
 
  
Total consolidated liabilities subject to compromise
      4,143,812  
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 issued
      142,836  
    
 
 
  
Total Successor equity issued on the Effective Date
    $ 1,018,768  
    
 
 
  
 
 
(l)
Represents the reorganization adjustments to accumulated deficit:
 
Gain on settlement of liabilities subject to compromise
    $ 2,556,147  
Professional fees and success fees
      (15,017 ) 
Write-off
of unrecognized share-based compensation
      (4,406 ) 
    
 
 
  
Reorganization items, net
      2,536,724  
Cancellation of Predecessor common stock and additional
paid-in
capital
      820,299  
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 reorganization
      17,221  
    
 
 
  
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 assets		     Other assets     Other current liabilities     Other 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 Value      Fair Value  
Drilling equipment and facilities
    $ 4,355,384      $ 1,070,931  
Construction in progress
      231,626        75,159  
Other
      200,651        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 assets
      113,389  
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 liabilities
      52,613  
Fair value adjustment to Long-term debt
      (41,446 ) 
Fair value adjustment to Deferred income taxes
      (9,829 ) 
Fair value adjustment to Other liabilities
      26,405  
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.
v3.22.0.1
Acquisitions and Divestitures
 11 Months Ended
Dec. 31, 2021
Noble Finance Company  
Acquisitions and Divestitures
Note 4—Acquisitions and Divestitures
Proposed Business Combination with Maersk Drilling
On November 10, 2021, Noble entered into a Business Combination Agreement (the “Business Combination Agreement”) with Noble Finco Limited, a private limited company formed under the laws of England and Wales and an indirect, wholly owned subsidiary of Noble (“Topco”), Noble Newco Sub Limited, a Cayman Islands exempted company and a direct, wholly owned subsidiary of Topco (“Merger Sub”), and The Drilling Company of 1972 A/S, a Danish public limited liability company (“Maersk Drilling”), pursuant to which, among other things, (i) (x) Noble will merge with and into Merger Sub (the “Maersk Drilling Merger”), with Merger Sub surviving the Maersk Drilling Merger as a wholly owned subsidiary of Topco, and (y) the Ordinary Shares will convert into an equivalent number of class A ordinary shares, par value $0.00001 per share, of Topco (the “Topco Shares”), and (ii) (x) Topco will make a voluntary tender exchange offer to Maersk Drilling’s shareholders as described below (the “Offer” and, together with the Maersk Drilling Merger and the other transactions contemplated by the Business Combination Agreement, the “Business Combination”) and (y) upon the consummation of the Offer, if more than 90% of the issued and outstanding shares of Maersk Drilling, nominal value Danish krone (“DKK”) 10 per share (“Maersk Drilling Shares”), are acquired by Topco, Topco will redeem any Maersk Drilling Shares not exchanged in the Offer by Topco for Topco Shares or cash, at the election of the holder (cash for holders that do not make an election), under Danish law by way of a compulsory purchase. The board of directors of Noble (the “Board”) and the board of directors of Maersk Drilling have unanimously approved and adopted the Business Combination Agreement. The Business Combination is subject to Noble shareholder approval, acceptance of the Offer by holders of at least 80% of Maersk Drilling Shares, merger clearance and other regulatory approvals, listing on the NYSE and Nasdaq Copenhagen and other customary conditions.
Following the closing of the Business Combination, assuming all of the Maersk Drilling Shares are acquired by Topco through the Offer and no cash is paid by Topco in the Offer, Topco will own all of Noble’s and Maersk
 
Drilling’s respective businesses and the former shareholders of Noble and former shareholders of Maersk Drilling will each own approximately 50% of the outstanding Topco Shares (or 50.8% and 49.2%, respectively, if Topco pays $50.0 million in the Offer). Topco will be renamed Noble Corporation Plc, will be a public limited company domiciled (tax resident) in the United Kingdom and will be headquartered in Houston, Texas. Topco is expected to have certain management functions relating to the holding of shares, financing, cash management, incentive compensation and other relevant holding company functions. In addition, the board of directors of the combined company (the “Topco Board”) will be comprised of seven individuals, including three individuals designated by Noble, three individuals designated by Maersk Drilling, and Robert W. Eifler, who will serve as the President and Chief Executive Officer of the combined company. Charles M. (Chuck) Sledge, the current Chairman of the Board, will become chairman of the Topco Board, and Claus V. Hemmingsen, the current Chairman of Maersk Drilling’s board of directors, will be one of the three directors designated by Maersk Drilling.
Topco will apply to have Topco Shares listed on the New York Stock Exchange and on Nasdaq Copenhagen A/S.
At the effective time of the Maersk Drilling Merger (the “Maersk Drilling Merger Effective Time”), subject to the terms and conditions set forth in the Business Combination Agreement, (i) each Ordinary Share of Noble issued and outstanding immediately prior to the Maersk Drilling Merger Effective Time will be converted into one newly and validly issued, fully paid and
non-assessable
Topco Share, (ii) each Penny Warrant outstanding immediately prior to the Maersk Drilling Merger Effective Time will cease to represent the right to acquire Ordinary Shares and will be automatically cancelled, converted into and exchanged for a number of Topco Shares equal to the number of Ordinary Shares underlying such Penny Warrant, rounded to the nearest whole share, and (iii) each Emergence Warrant (as defined herein) outstanding immediately prior to the Maersk Drilling Merger Effective Time will be converted automatically into a warrant to acquire a number of Topco Shares equal to the number of Ordinary Shares underlying such Emergence Warrant, with the same terms as were in effect immediately prior to the Maersk Drilling Merger Effective Time under the terms of the applicable warrant agreement. In addition, each award of restricted share units representing the right to receive Ordinary Shares, or value based on the value of Ordinary Shares (each, a “Noble RSU Award”) that is outstanding immediately prior to the Maersk Drilling Merger Effective Time will cease to represent a right to acquire Ordinary Shares (or value equivalent to Ordinary Shares) and will be converted into the right to acquire, on the same terms and conditions as were applicable under the Noble RSU Award (including any vesting conditions), that number of Topco Shares equal to the number of Ordinary Shares subject to such Noble RSU Award immediately prior to the Maersk Drilling Merger Effective Time.
Subject to the terms and conditions set forth in the Business Combination Agreement, following the approval of certain regulatory filings with the Danish Financial Supervisory Authority, Topco has agreed to commence the Offer to acquire up to 100% of the then outstanding Maersk Drilling Shares and voting rights of Maersk Drilling, not including any treasury shares held by Maersk Drilling. The Offer is conditioned upon, among other things, holders of at least 80% of the then outstanding Maersk Drilling Shares and voting rights of Maersk Drilling tendering their shares in the Offer (which percentage may be lowered by Topco in its sole discretion to not less than 70%) (the “Minimum Acceptance Condition”). In the Offer, Maersk Drilling shareholders may exchange each Maersk Drilling Share for 1.6137 newly and validly issued, fully paid and
non-assessable
Topco Shares (the “Exchange Ratio”), and will have the ability to elect cash consideration for up to $1,000 of their Maersk Drilling Shares (payable in DKK), subject to an aggregate cash consideration cap of $50 million. Each of Maersk Drilling and Topco will take steps to procure that each Maersk Drilling restricted stock unit award (a “Maersk Drilling RSU Award”) that is outstanding immediately prior to the acceptance time
 
of the Offer (the “Acceptance Time”) is converted, at the Acceptance Time, into 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 Topco 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 conversion such Maersk Drilling RSU Awards will cease to represent a right to receive Maersk Drilling Shares (or value equivalent to Maersk Drilling Shares).
The Business Combination Agreement contains customary warranties and covenants by Noble, Topco, Merger Sub and Maersk Drilling. The Business Combination Agreement also contains customary
pre-closing
covenants.
Topco’s obligation to accept for payment or, subject to any applicable rules and regulations of Denmark, pay for any Maersk Drilling Shares that are validly tendered in the Offer and not validly withdrawn prior to the expiration of the Offer is subject to certain customary conditions, including, among others, that the Minimum Acceptance Condition shall have been satisfied. Maersk Drilling may require that Topco does not accept for payment or, subject to any applicable rules and regulations of Denmark, pay for the Maersk Drilling Shares that are validly tendered in the Offer and not validly withdrawn prior to the expiration of the Offer if certain customary conditions are not met. Subject to the satisfaction or waiver of the conditions set forth in the Business Combination Agreement, the Business Combination is expected to close in
mid-2022.
The Business Combination Agreement contains certain termination rights for both Noble and Maersk Drilling.
Pacific Drilling Merger
On April 15, 2021, Noble 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, (a) each membership interest in Pacific Drilling was converted into the right to receive 6.366 Ordinary 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 Ordinary Shares. As part of the transaction, Pacific Drilling’s equity holders received 16.6 million Ordinary Shares, or approximately 24.9% of the outstanding Ordinary Shares and Penny Warrants at closing. The results of Pacific Drilling’s operations are included in the Company’s results of operations effective April 15, 2021. 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.
Purchase Price Allocation
The transaction has been accounted for using the acquisition method of accounting under ASC Topic 805, Business Combinations, with Noble being treated as the accounting acquirer. 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 Noble’s.
The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing date of the Pacific Drilling Merger.
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 Ordinary Shares issued by Noble. 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 was not yet trading on the New York Stock Exchange at the time of the Pacific Drilling Merger, the valuation of our Ordinary Shares issued by Noble 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 Noble 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 the Noble 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 Ordinary 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’s Ordinary 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 Noble’s consolidated statement 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 preliminary 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 outstanding
      2,500           
Exchange Ratio
      6.366        15,915  
    
 
 
           
Pacific Drilling warrants outstanding
      441           
Exchange Ratio
      1.553        685  
    
 
 
     
 
 
  
Noble Ordinary Shares issued
               16,600  
Fair value of Noble Ordinary Shares on April 15, 2021
             $ 21.55  
             
 
 
  
Total 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  
Other current liabilities
               2,900  
Accrued payroll and related costs
               16,128  
Taxes payable
               1,951  
             
 
 
  
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  
             
 
 
  
Purchase price consideration
             $ 357,662  
             
 
 
  
Pacific Drilling Revenue and Net Income
The following table represents Pacific Drilling’s revenue and earnings included in Noble’s consolidated statement 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.
v3.22.0.1
Earnings Per Share
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Earnings Per Share
Note 5— Earnings Per Share
The following table presents the computation of basic and diluted earnings per share:
 
    Successor     Predecessor  
    Period From     Period From              
    February 6, 2021     January 1, 2021              
    through     through     Year Ended     Year Ended  
    December 31, 2021     February 5, 2021     December 31, 2020     December 31, 2019  
Numerator:
      
 
                        
Basic
      
 
                        
Net income (loss) from continuing operations
   $ 101,982     $ 250,228     $ (3,978,459 )    $ (696,769 ) 
Net loss from discontinued operations, net of tax
     —         —         —         (3,821 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to Noble Corporation
   $ 101,982     $ 250,228     $ (3,978,459 )    $ (700,590 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Diluted
                                
Net income (loss) from continuing operations
   $ 101,982     $ 250,228     $ (3,978,459 )    $ (696,769 ) 
Net loss from discontinued operations, net of tax
     —         —         —         (3,821 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to Noble Corporation
   $ 101,982     $ 250,228     $ (3,978,459 )    $ (700,590 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Denominator:
                                
Weighted average shares outstanding — basic
     63,186       251,115       250,792       248,949  
Dilutive effect of share-based awards
     3,180       5,456       —         —    
Dilutive effect of warrants
     1,262       —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
Weighted average shares outstanding — diluted
     67,628       256,571       250,792       248,949  
   
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) per share
                                
Basic:
                                
Income (loss) from continuing operations
   $ 1.61     $ 1.00     $ (15.86 )    $ (2.79 ) 
Loss from discontinued operations
     —         —         —         (0.02 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to Noble Corporation
   $ 1.61     $ 1.00     $ (15.86 )    $ (2.81 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Diluted:
                                
Income (loss) from continuing operations
   $ 1.51     $ 0.98     $ (15.86 )    $ (2.79 ) 
Loss from discontinued operations
     —         —         —         (0.02 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to Noble Corporation
   $ 1.51     $ 0.98     $ (15.86 )    $ (2.81 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
 
Only those items having a dilutive impact on our basic loss per share are included in diluted loss per share. The following table displays the share-based instruments that have been excluded from diluted income or loss per share since the effect would have been anti-dilutive:​​​​​​​
 
     Successor     Predecessor  
     Period From     Period From              
     February 6, 2021     January 1, 2021              
     through     through     Year Ended     Year Ended  
     December 31, 2021     February 5, 2021     December 31, 2020     December 31, 2019  
Share-based awards
      —         556       6,082       11,892  
Warrants
(1)
      11,097       —         —         —    
 
(1)
Represents the total number of warrants outstanding which did not have a dilutive effect.
v3.22.0.1
Property, Plant and Equipment
 11 Months Ended
Dec. 31, 2021
Noble Finance Company  
Property Plant and Equipment
Note 6— Property and Equipment
Property and equipment, at cost, for Noble consisted of the following:
 
     Successor     Predecessor  
     Year Ended
December 31,		     Year Ended
December 31,		  
     2021     2020  
Drilling equipment and facilities
    $ 1,467,772     $ 4,476,960  
Construction in progress
      77,363       99,812  
Other
      10,840       200,925  
    
 
 
    
 
 
  
Property and equipment, at cost
    $ 1,555,975     $ 4,777,697  
    
 
 
    
 
 
  
Capital expenditures, including capitalized interest, during the period from February 6 through December 31, 2021 and the period from January 1 through February 5, 2021 totaled $159.9 million and $10.3 million, respectively. During the years ended 2020 and 2019, capital expenditures, including capitalized interest, totaled $148.2 million and $306.4 million, respectively. During the period from February 6 through December 31, 2021 and the period from January 1 through February 5, 2021, capitalized interest was $2.0 million and zero, respectively. During the years ended 2020 and 2019, capitalized interest was zero and $9.6 million, respectively.
During the period from February 6 through December 31, 2021 and the period from January 1 through February 5, 2021, we recognized no impairment charges to our long-lived assets. During the years ended 2020 and 2019, we recognized a
non-cash
loss on impairment of $3.9 billion and $615.3 million, respectively, related to our long-lived assets. See “Note 7— Loss on Impairment” for additional information.
In preparation for Hurricane Ida in the US Gulf of Mexico, 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 has given force majeure notice to the customer of the
Noble Globetrotter II
in accordance with the governing drilling services contract. The Company has insurance coverage for property damage to rigs due to named storms in the US Gulf of Mexico with a $10.0 million deductible per
occurrence and a $50.0 million annual limit; however, our insurance policies may not adequately cover our losses and related claims, which could adversely affect our business. Timing differences are likely to exist between the damage costs, capital expenditures made to repair or restore properties and recognition and receipt of insurance proceeds reflected in the Company’s financial statements. The Company assessed the damage sustained on the
Noble Globetrotter II
, which resulted in $5.4 million of assets written off during the period from February 6 through December 31, 2021. We have received $7.5 million of insurance proceeds during the period from February 6 through December 31, 2021. The majority of the remaining charges are costs related to the equipment recovery efforts, inspection and repairs of the
Noble Globetrotter II
and are presented in “Hurricane losses and (recoveries), net” on the Consolidated Statement of Operations.
For the year ended December 31, 2020, we sold six rigs, which had a net book value of $17.1 million for total proceeds of $26.7 million, resulting in a gain of $8.9 million.
v3.22.0.1
Loss on Impairment
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Loss on Impairment
Note 7— 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. For the period from January 1, 2021 through February 5, 2021 and the period from February 6, 2021 through December 31, 2021, we did not identify any impairment triggers for our property and equipment.
During the first quarter of 2020, the pandemic and OPEC+ production level disagreements resulted in an unprecedented steep decline in the demand for oil and a substantial surplus of oil. We considered these events to be an impairment indicator and based on our assumptions and analysis, we impaired the carrying value of four floaters. For our impaired units, the carrying values were written down to scrap value and subsequently sold in late 2020.
During the fourth quarter of 2020, the combination of the growing commitments by many of our customers to a transition to cleaner energy options, and the prolonged impacts of the pandemic, the continued oversupply of offshore drilling units placed further downward pressure on global oil demand and on our industry, potentially lengthening what was already expected to be a slow recovery. We considered these events to be an impairment indicator and based on our assumptions and analysis, we impaired the carrying value of three floaters and nine jackups. 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.
During the quarters ended March 31, 2020 and December 31, 2020, we recognized
non-cash
losses on impairment of $1.1 billion and $2.8 billion, respectively, related to certain rigs and related capital spares. If we experience prolonged unfavorable changes to current market conditions, reactivation costs or dayrates or if we are unable to secure new or extended contracts for our rigs, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term, resulting in the need to write down the affected assets to
their corresponding estimated fair values. The impact of the current global economic turmoil on our customers’ and our business continues to be uncertain. During the year ended December 31, 2020, we recognized approximately $3.9 billion in impairment charges for seven floaters and nine jackups, and $24.0 million of impairment charges related to certain capital spare equipment.
Based upon our impairment analysis, we impaired the carrying values to their corresponding estimated fair values for
two
floaters
,
and certain capital spare equipment, which resulted in an impairment charge of approximately $615.3 million for the year ended December 31, 2019. During the year ended December 31, 2019, we recognized a $595.5 million impairment on the
Noble Bully II
, of which $265.0 million was attributable to our joint venture partner at the time of impairment. For our impaired units, we estimated the fair value of these units by applying the income valuation approach utilizing significant unobservable inputs, representative of a Level 3 fair value measurement. If we experience unfavorable changes to current market conditions, reactivation costs or dayrates, or we are unable to return cold stacked rigs to service in the anticipated time frame or if we are unable to secure new or extended contracts for our active rigs, it is reasonably possible that the estimate of undiscounted cash flows may change in the near term, resulting in the need to write down the affected assets to their corresponding estimated fair values.
v3.22.0.1
Debt
 11 Months Ended
Dec. 31, 2021
Noble Finance Company  
Debt
Note 8— Debt
Post-emergence Debt
Senior Secured Revolving Credit Facility
On the Effective Date, Finco and Noble International Finance Company (“NIFCO”) entered into the Revolving Credit Agreement providing for the $675.0 million Revolving Credit Facility and cancelled all debt that existed immediately prior to the 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 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, 2021, we had no loans outstanding and $8.8 million of letters of credit issued under the Revolving Credit Facility and an additional $6.3 million in letters of credit and surety bonds issued under bilateral arrangements.
All obligations of the Borrowers under the Revolving Credit Agreement, certain cash management obligations and certain swap obligations are unconditionally guaranteed, on a joint and several basis, by Finco and certain of its direct and indirect subsidiaries (collectively with the Borrowers, the “Credit Parties”), including a guarantee by each Borrower of the obligations of each other Borrower under the Revolving Credit Agreement. All such obligations, including the guarantees of the Revolving Credit Facility, are secured by senior priority liens on substantially all assets of, and the equity interests in, each Credit Party, subject to certain exceptions and limitations described in the Revolving Credit Agreement. Neither Pacific Drilling Company LLC nor any of its current subsidiaries is a subsidiary guarantor of the Revolving Credit Facility, and none of their assets secure the Revolving Credit Facility. In addition, none of the Maersk Drilling assets will secure the Revolving Credit Facility upon the closing of the Business Combination.
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 borrowings under the Revolving Credit Agreement is subject to the satisfaction of certain conditions, including restrictions on borrowings if, after giving effect to any such borrowings and the application of the proceeds thereof, (i) the aggregate amount of Available Cash (as defined in the Revolving Credit Agreement) would exceed $100.0 million, (ii) the Consolidated First Lien Net Leverage Ratio (as defined in the Revolving Credit Agreement) would be greater than 5.50 to 1.00 and the aggregate principal amount outstanding under the Revolving Credit Facility would exceed $610.0 million, or (iii) the Asset Coverage Ratio (as described below) would be less than 2.00 to 1.00.
Mandatory prepayments and, under certain circumstances, commitment reductions are required under the Revolving Credit Facility in connection with (i) certain asset sales, asset swaps and events of loss (subject to reinvestment rights if no event of default exists) and (ii) certain debt issuances. Available Cash in excess of $150.0 million is also required to be applied periodically to prepay loans (without a commitment reduction). The loans under the Revolving Credit Facility may be voluntarily prepaid, and the commitments thereunder voluntarily terminated or reduced, by the Borrowers at any time without premium or penalty, other than customary breakage costs.
The Revolving Credit Agreement obligates Finco and its restricted subsidiaries to comply with the following financial maintenance covenants:
 
  •  
as of December 31, 2021, Adjusted EBITDA (as defined in the Revolving Credit Agreement) is not permitted to be lower than $25.0 million for the four fiscal quarter periods ending on December 31, 2021;
 
  •  
as of the last day of each fiscal quarter ending on or after March 31, 2022, the ratio of Adjusted EBITDA to Cash Interest Expense (as defined in the Revolving Credit Agreement) is not permitted to be less than (i) 2.00 to 1.00 for each four fiscal quarter period ending on or after March 31, 2022 until June 30, 2024, and (ii) 2.25 to 1.00 for each four fiscal quarter period ending thereafter; and
 
  •  
for each fiscal quarter ending on or after June 30, 2021, 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”) as of the last day of any such fiscal quarter is not permitted to be less than 2.00 to 1.00.
The Revolving Credit Facility contains affirmative and negative covenants, representations and warranties and events of default that the Company considers customary for facilities of this type.
Second Lien Notes Indenture
On the Effective Date, pursuant to the Backstop Commitment Agreement and in accordance with the Plan, Noble and Finco consummated the Rights Offering of Second Lien Notes and associated Ordinary Shares at an aggregate subscription price of $200.0 million.
 
An aggregate principal amount of $216.0 million of Second Lien Notes was issued in the Rights Offering, which includes the aggregate subscription price of $200.0 million plus a backstop fee of $16.0 million which was paid in kind. The Second Lien Notes mature on February 15, 2028. The Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured second-priority basis, by the direct and indirect subsidiaries of Finco that are Credit Parties under the Revolving Credit Facility. Neither Pacific Drilling Company LLC nor any of its current subsidiaries is a subsidiary guarantor of the Second Lien Notes, and none of their assets secure the Second Lien Notes. In addition, none of the Maersk Drilling assets will secure the Second Lien Notes upon the closing of the Business Combination.
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 Effective Date or acquired thereafter, certain assets related thereto, and substantially all other assets of Finco and such guarantors, in each case, subject to certain exceptions and limitations. Such collateral does not include any assets of, or equity interests in, Pacific Drilling or any of its current subsidiaries.
Interest on the Second Lien Notes accrues, at Finco’s option, at a rate of: (i) 11% per annum, payable in cash; (ii) 13% per annum, with 50% of such interest to be payable in cash and 50% of such interest to be payable by issuing additional Second Lien Notes (“PIK Notes”); or (iii) 15% per annum, with the entirety of such interest to be payable by issuing PIK Notes. Finco shall pay interest semi-annually in arrears on February 15 and August 15 of each year, commencing August 15, 2021. For accrual purposes, we have assumed we will make the next interest payment in cash and have accrued at a rate of 11%; however, the actual interest election will be made no later than the record date for such interest payment.
On or after February 15, 2024, Finco may redeem all or part of the Second Lien Notes at fixed redemption prices (expressed as percentages of the principal amount), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Finco may also redeem the Second Lien Notes, in whole or in part, at any time and from time to time on or before February 14, 2024 at a redemption price equal to 106% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, plus a “make-whole” premium. Notwithstanding the foregoing, if a Change of Control (as defined in the Second Lien Notes Indenture) occurs prior to (but not including) February 15, 2024, then, within 120 days of such Change of Control, Finco may elect to purchase all remaining outstanding Second Lien Notes at a redemption price equal to 106% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.
The Second Lien Notes contain covenants and events of default that the Company considers customary for notes of this type.
Pre-emergence
Debt
2017 Credit Facility
In December 2017, Noble Cayman Limited, a Cayman Islands company and a wholly-owned indirect subsidiary of Finco; Noble International Finance Company, a Cayman Islands company and a wholly-owned indirect subsidiary of Finco; and Noble Holding UK Limited, a company incorporated under the laws of England and Wales and a wholly-owned direct subsidiary of Legacy Noble (“NHUK”), as parent guarantor, entered into a senior unsecured credit agreement (as amended, the “2017 Credit Facility”). In July 2019, we executed a first amendment to our 2017 Credit Facility, which, among other things, reduced the maximum aggregate amount of commitments thereunder from $1.5 billion to $1.3 billion.
 
Prior to the filing of the Chapter 11 Cases, the 2017 Credit Facility was scheduled to mature in January 2023. Borrowings were available for working capital and other general corporate purposes. The 2017 Credit Facility provided for a letter of credit
sub-facility
in the amount of $15.0 million, with the ability to increase such amount up to $500.0 million with the approval of the lenders. The 2017 Credit Facility had provisions that varied the applicable interest rates for borrowings based upon our debt ratings. Borrowings under the 2017 Credit Facility bore interest at LIBOR plus an applicable margin. NHUK guaranteed the obligations of the borrowers under the 2017 Credit Facility. In addition, certain indirect subsidiaries of Legacy Noble that owned rigs were guarantors under the 2017 Credit Facility.
In April 2020, we borrowed $100.0 million under the 2017 Credit Facility to pay down our indebtedness under the Seller Loans (as defined herein) as further described below. At December 31, 2020, we had $545.0 million of borrowings outstanding under the 2017 Credit Facility. At December 31, 2020, we had $8.8 million of letters of credit issued under the 2017 Credit Facility and an additional $6.0 million in letters of credit and surety bonds issued under unsecured or cash collateralized bilateral arrangements.
The filing of the Chapter 11 Cases constituted events of default that accelerated the Company’s obligations under the indentures governing our outstanding senior notes and under our 2017 Credit Facility. In addition, the unpaid principal and interest due under our indentures and the 2017 Credit Facility became immediately due and payable. However, any efforts to enforce such payment obligations with respect to our senior notes and 2017 Credit Facility were automatically stayed as a result of the filing of the Chapter 11 Cases, and the creditors’ rights of enforcement were subject to the applicable provisions of the Bankruptcy Code. See “Note 1— Organization and Basis of Presentation” for additional information.
The Company had $545.0 million outstanding under the 2017 Credit Facility prior to the Effective Date. On the Effective Date, all outstanding obligations under the 2017 Credit Facility were terminated and the holders of claims under the 2017 Credit Facility had such obligations repaid using cash on hand, repaid using proceeds from the Rights Offering, or refinanced through the Revolving Credit Facility. On the Effective Date, all liens and security interests granted to secure such obligations were terminated and are of no further force and effect.
2015 Credit Facility
Effective January 2018, in connection with entering into the 2017 Credit Facility, we amended our $300.0 million senior unsecured credit facility that would have matured in January 2020 and was guaranteed by our indirect, wholly-owned subsidiaries, Noble Holding (US) LLC and Noble Holding International Limited (“NHIL”), a finance subsidiary of Finco, (as amended, the “2015 Credit Facility”). As a result of the 2015 Credit Facility’s reduction in the aggregate principal amount of commitments, we recognized a net loss of approximately $2.3 million in the year ended December 31, 2018. On December 20, 2019, we repaid $300.0 million of outstanding borrowings and terminated the 2015 Credit Facility.
Seller Loans
In February 2019, we purchased the
Noble Joe Knight
for $83.8 million with a $53.6 million seller-financed secured loan (the “2019 Seller Loan”). The 2019 Seller Loan had a term of four years and required a 5% principal payment at the end of the third year with the remaining 95% of the principal due at the end of the term. The 2019 Seller Loan bore a cash interest rate of 4.25% and the equivalent of a 1.25% interest rate
paid-in-kind
over the four-year term of the 2019 Seller Loan. Based on the terms of the 2019 Seller Loan, the 1.25% paid-
in-kind
interest rate was accelerated into the first year, resulting in an overall first year interest rate of 8.91%, of which only 4.25% was payable in cash. Thereafter, the
paid-in-kind
interest ended and the cash interest rate of 4.25% was payable for the remainder of the term.
 
In September 2018, we purchased the
Noble Johnny Whitstine
for $93.8 million with a $60.0 million seller-financed secured loan (the “2018 Seller Loan” and, together with the 2019 Seller Loan, the “Seller Loans”). The 2018 Seller Loan had a term of four years and required a 5% principal payment at the end of the third year with the remaining 95% of the principal due at the end of the term. The 2018 Seller Loan bore a cash interest rate of 4.25% and the equivalent of a 1.25% interest rate
paid-in-kind
over the four-year term of the 2018 Seller Loan. Based on the terms of the 2018 Seller Loan, the 1.25%
paid-in-kind
interest rate was accelerated into the first year, resulting in an overall first year interest rate of 8.91%, of which only 4.25% was payable in cash. Thereafter, the
paid-in-kind
interest ended and the cash interest rate of 4.25% was payable for the remainder of the term.
Both of the Seller Loans were guaranteed by Finco and each was secured by a mortgage on the applicable rig and by the pledge of the shares of the applicable single-purpose entity that owned the relevant rig. Each Seller Loan contained a debt to total capitalization ratio requirement that such ratio not exceed 0.55 at the end of each fiscal quarter, a $300.0 million minimum liquidity financial covenant and an asset and revenue covenant substantially similar to the Guaranteed Notes, as well as other covenants and provisions customarily found in secured transactions, including a cross-default provision. Each Seller Loan required immediate repayment on the occurrence of certain events, including the termination of the drilling contract associated with the relevant rig or circumstances in connection with a material adverse effect.
In April 2020, the Company agreed with the lender under the Seller Loans to pay off 85% of the outstanding principal amount of the Seller Loans in exchange for a discount to the outstanding loan balance. On April 20, 2020, the Company made a payment of $48.1 million under the 2019 Seller Loan and $53.6 million under the 2018 Seller Loan, and, upon the lender’s receipt of such payment, interest ceased accruing, and the financial covenants set forth in the agreements relating to the Seller Loans ceased to apply. On July 20, 2020, at the conclusion of the
90-day
period following the payment date, all outstanding amounts were reduced to zero, all security was released, and the Seller Loans were terminated.
As a result of the early repayment of the Seller Loans and the conclusion of the
90-day
period following the payment date, we recognized gains of approximately and $17.3 million in the year ended December 31, 2020.
Senior Notes
In March 2019, we completed cash tender offers for our Senior Notes due 2020, Senior Notes due 2021, Senior Notes due 2022 and Senior Notes due 2024. Pursuant to such tender offers, we purchased $440.9 million aggregate principal amount of these senior notes for $400.0 million, plus accrued interest, using cash on hand and borrowings under the 2015 Credit Facility. As a result of these transactions, we recognized a net gain of approximately $31.3 million.
On the Effective Date, in accordance with the Plan, all outstanding obligations under our senior notes were cancelled and the indentures governing such obligations were cancelled, except to the limited extent expressly set forth in the Plan. See “Note 2— Chapter 11 Emergence” for additional information.
Fair Value of Debt
Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our debt instruments was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities (Level 2
measurement). The carrying amount of the Revolving Credit Facility approximates fair value as the interest rate is variable and reflective of market rates. All remaining fair value disclosures are presented in “Note 15— Fair Value of Financial Instruments.”
The following table presents the carrying value, net of unamortized debt issuance costs and discounts or premiums, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively:
 
    Successor
December 31, 2021		     Predecessor
December 31, 2020
(1)
  
    Carrying Value     Estimated Fair
Value		     Carrying Value     Estimated Fair
Value		  
Senior secured notes
                                
11.000% Senior Notes due February 2028
   $ 216,000     $ 236,792     $ —       $ —    
Senior unsecured notes
                                
4.900% Senior Notes due August 2020
   $ —       $ —       $ 62,535     $ 1,366  
4.625% Senior Notes due March 2021
     —         —         79,936       1,596  
3.950% Senior Notes due March 2022
     —         —         21,213       354  
7.750% Senior Notes due January 2024
     —         —         397,025       7,925  
7.950% Senior Notes due April 2025
     —         —         450,000       8,348  
7.875% Senior Notes due February 2026
     —         —         750,000       301,935  
6.200% Senior Notes due August 2040
     —         —         393,596       7,966  
6.050% Senior Notes due March 2041
     —         —         395,002       7,327  
5.250% Senior Notes due March 2042
     —         —         483,619       9,701  
8.950% Senior Notes due April 2045
     —         —         400,000       7,420  
Credit facility:
                                 
Senior Secured Revolving Credit Facility matures July 2025
     —         —         —         —    
2017 Credit Facility due to mature January 2023
     —         —         545,000       545,000  
   
 
 
    
 
 
    
 
 
    
 
 
  
Total debt
     216,000       236,792       3,977,926       898,938  
   
 
 
    
 
 
    
 
 
    
 
 
  
Less: Current maturities of long-term debt
     —         —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
Long-term debt
   $ 216,000     $ 236,792     $ —       $ —    
   
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Includes
write-off
of applicable deferred financing cost and discounts of $45.5 million. See “Note 2— Chapter 11 Emergence” for additional information.
As discussed in “Note 1— Organization and Basis of Presentation,” from the Petition Date until the 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. Accordingly, all of our long-term debt obligations were presented as “Liabilities subject to compromise” on our Consolidated Balance Sheet at December 31, 2020.
On the Effective Date, in accordance with the Plan, all outstanding obligations under our senior notes were cancelled and the indentures governing such obligations were cancelled, except to the limited extent expressly set forth in the Plan. See “Note 2— Chapter 11 Emergence” for additional information.
v3.22.0.1
Equity
 11 Months Ended
Dec. 31, 2021
Noble Finance Company  
Equity
Note 9— Equity
Share Capital
As of December 31, 2021, Noble had approximately 60.2 million shares outstanding and trading. As of December 31, 2020, Legacy Noble had approximately 251.1 million shares outstanding and trading. At Legacy Noble’s 2020 Annual General Meeting, Legacy Noble’s shareholders authorized its Board of Directors to increase share capital through the issuance of up to approximately 8.7 million ordinary shares (at then current nominal value of $0.01 per share). That authority to allot shares has expired on the Effective Date. Other than shares issued to Legacy Noble’s directors under the Noble Corporation 2017 Director Omnibus Plan, the authority was not used to allot shares during the period from January 1, 2021 through February 5, 2021 or the period from February 6, 2021 through December 31, 2021. Pursuant to the Memorandum of Association of Noble Corporation, the share capital of Noble is $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 may determine from time to time.
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 current Board of Directors.
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 Effective Date, including all equity-based awards, were cancelled and all such equity interests have no further force or effect after the Effective Date. Pursuant to the Plan, the holders of Legacy Noble’s ordinary shares, par value $0.01 per share, outstanding prior to the Effective Date received their pro rata share of the Tranche 3 Warrants to acquire Ordinary Shares.
Warrants
At December 31, 2021, we had outstanding 8.3 million Tranche 1 Warrants, 8.3 million Tranche 2 Warrants and 2.8 million Tranche 3 Warrants. 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 are exercisable for one Ordinary Share per warrant at an exercise price of $23.13 per warrant and 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 holders of Tranche 1 Warrants or Tranche 2 Warrants representing at least 20% of such tranche (the “Required Mandatory Exercise Warrantholders”) 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, 2021, the Mandatory Exercise Condition set forth in the warrant agreements for the Tranche 1 Warrants and the Tranche 2 Warrants was not satisfied.
Successor Share-Based Compensation Plans
Stock Plans
On February 18, 2021, the Company adopted the long-term incentive plan (the “Noble Incentive Plan”), 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 Noble Incentive Plan and authorized and reserved 7.7 million Ordinary Shares for equity incentive awards to be granted under such plan. At December 31, 2021, we had 7.7 million shares remaining available for grants to employees and
non-employee
directors.
Restricted Stock Units (“RSUs”)
We have awarded both Time Vested RSUs (“TVRSUs”) and Performance Vested RSUs (“PVRSUs”) under the Noble Incentive Plan. 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 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:
 
     February 19, 2021     October 1, 2021     December 1, 2021  
Valuation assumptions:
       
Expected volatility
      50.0 %      92.2 %      95.1 % 
Expected dividend yield
      —   %      —   %      —   % 
Risk-free interest rate
      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 for the period from February 6, 2021 through December 31, 2021 is as follows:
 
     2021  
Equity-classified TVRSU
   
Units awarded
      1,735,843
Weighted-average share price at award date
    $ 16.68
Weighted-average vesting period (years)
      2.94  
Liability-classified TVRSU
   
Units awarded
      52,364
Weighted-average share price at award date
    $ 16.76
Weighted-average vesting period (years)
      2.81  
PVRSU
   
Units awarded
      1,457,842
Weighted-average share price at award date
    $ 16.74
Three-year performance period ended December 31
      2023  
Weighted-average award date fair value
    $ 20.82
During the period from February 6, 2021 through December 31, 2021, we awarded 78,546 shares equity-classified TVRSUs and 52,364 shares liability-classified TVRSUs to our
non-employee
directors.
A summary of the status of
non-vested
RSUs at December 31, 2021 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)
      —       $ —        —        $ —  
Awarded
      1,735,843     16.68      1,457,842      20.82
Vested
      —         —          —          —    
Forfeited
      (66,081 )      16.44      —          —    
  
 
 
       
 
 
     
Non-vested
RSUs at December 31, 2021 (Successor)
      1,669,762   $ 16.69      1,457,842    $ 20.82
  
 
 
       
 
 
     
 
(1)
For awards granted during 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.
During the period from February 6, 2021 through December 31, 2021, we granted 52,364 liability-classified TVRSUs at a weighted-average grant date fair value of $16.76, no units were vested during the period and no units were forfeited during the period. At December 31, 2021, we had 52,364 liability-classified TVRSUs outstanding with an associated total liability of $414.4 thousand.
At December 31, 2021, there was $20.1 million of total unrecognized compensation cost related to the equity-classified TVRSUs, to be recognized over a remaining weighted-average period of 2.09 years. At December 31, 2021, there was $0.9 million of total unrecognized compensation cost related to the liability-classified TVRSUs, to be recognized over a remaining weighted-average period of 1.97 years.
At December 31, 2021, there was $22.1 million of total unrecognized compensation cost related to the PVRSUs, to be recognized over a remaining weighted-average period of 2.00 years. 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 for the period from February 6, 2021 through December 31, 2021 related to all restricted stock totaled $16.5 million ($16.4 million net of income tax). During the period from February 6, 2021 through December 31, 2021, 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 2020 and 2019, 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, 5.8 million and 5.0 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, December 31, 2020 and December 31, 2019 are presented below:
 
     February 5, 2021      December 31, 2020      December 31, 2019  
     Number of
Shares
Underlying
Options		     Weighted
Average
Exercise
Price		      Number of
Shares
Underlying
Options		     Weighted
Average
Exercise
Price		      Number of
Shares
Underlying
Options		     Weighted
Average
Exercise
Price		  
Outstanding at beginning of period
      556,155   $ 30.39      708,400   $ 30.90      1,103,242   $ 28.74
Expired or cancelled
      (556,155 )      30.39      (152,245 )      32.78      (394,842 )      24.85
  
 
 
       
 
 
       
 
 
    
Outstanding at end of period
      —         —          556,155     30.39      708,400     30.90
  
 
 
       
 
 
       
 
 
    
Exercisable at end of period
      —       $ —        556,155   $ 30.39      708,400   $ 30.90
  
 
 
       
 
 
       
 
 
    
All outstanding options were cancelled as a result of the Chapter 11 Cases and there were no stock options outstanding at December 31, 2021.
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 at December 31, 2021 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 years ended December 31, 2020 and 2019. There was no compensation cost recognized during the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019 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     2019  
Valuation assumptions:
     
Expected volatility
      69.8 %      59.6 % 
Expected dividend yield
      —   %      —   % 
Risk-free interest rate
      1.40 %      2.50 % 
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 each of the years ended 2020 and 2019 is as follows:
 
     2020      2019  
TVRSU
      
Units awarded
      5,559,678      4,639,119
Weighted-average share price at award date
    $ 0.82    $ 3.02
Weighted-average vesting period (years)
      3.0        3.0  
PVRSU
      
Units awarded
      2,696,774      1,623,399
Weighted-average share price at award date
    $ 0.91    $ 3.13
Three-year performance period ended December 31
      2022        2021  
Weighted-average award date fair value
    $ 1.14    $ 3.61
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 years ended December 31, 2020 and 2019, we awarded
zero
,
280,635
and
267,204
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 prior to 2019, the number of PVRSUs shown equals the shares that would vest if the “maximum” level of performance was achieved. The minimum number of shares was zero and the “target” level of performance was
50
 
percent of the amounts shown. For awards granted during 2020 and 2019, 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 years ended December 31, 2020 and 2019 related to all restricted stock totaled $0.7 million ($0.7 million net of income tax), $9.2 million ($8.6 million net of income tax) and $14.7 million ($14.1 million net of income tax), respectively. During the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, 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.
v3.22.0.1
Accumulated Other Comprehensive Income (Loss)
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Accumulated Other Comprehensive Income (Loss)
Note 10— 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 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. All amounts within the tables are shown net of tax.
 
     Defined Benefit
Pension Items 
(1)
     Foreign Currency
Items		     Total  
Balance at 12/31/2019 (Predecessor)
    $ (40,635 )    $ (17,754 )    $ (58,389 ) 
    
 
 
    
 
 
    
 
 
  
Activity during period:
                         
Other comprehensive loss before reclassifications
      —         (521 )      (521 ) 
Amounts reclassified from AOCI
      898       —         898  
    
 
 
    
 
 
    
 
 
  
Net other comprehensive loss
      898       (521 )      377  
    
 
 
    
 
 
    
 
 
  
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 AOCI
      224       —         224  
    
 
 
    
 
 
    
 
 
  
Net other comprehensive income (loss)
      224       (116 )      108  
    
 
 
    
 
 
    
 
 
  
Cancellation of Predecessor equity
      39,513       18,391       57,904  
    
 
 
    
 
 
    
 
 
  
Balance at Balance at 2/5/2021 (Predecessor)
    $ —       $ —       $ —    
    
 
 
    
 
 
    
 
 
  
     Defined Benefit
Pension Items 
(1)
      Foreign Currency
Items		      Total  
                          
Balance at Balance at 2/6/2021 (Successor)
    $ —        $ —        $ —    
    
 
 
     
 
 
     
 
 
  
Activity during period:
                           
Other comprehensive income before reclassifications
      —          —          —    
Amounts reclassified to AOCI
      5,389        —          5,389  
    
 
 
     
 
 
     
 
 
  
Net other comprehensive income
      5,389        —          5,389  
    
 
 
     
 
 
     
 
 
  
Balance at December 31, 2021
    $ 5,389      $ —        $ 5,389  
    
 
 
     
 
 
     
 
 
  
 
(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 14— Employee Benefit Plans” for additional information.
v3.22.0.1
Revenue and Customers
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Revenue and Customers
Note 11— Revenue and Customers
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. 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.
The following table provides information about contract assets and contract liabilities from contracts with customers:
 
     Successor
December 31, 2021		     Predecessor
December 31, 2020		  
Current contract assets
    $ 5,744     $ 10,687  
Noncurrent contract assets
      —         3,174  
    
 
 
    
 
 
  
Total contract assets
      5,744       13,861  
    
 
 
    
 
 
  
Current contract liabilities (deferred revenue)
      (18,403 )      (34,990 ) 
Noncurrent contract liabilities (deferred revenue)
      (9,352 )      (24,896 ) 
    
 
 
    
 
 
  
Total contract liabilities
    $ (27,755 )    $ (59,886 ) 
    
 
 
    
 
 
  
 
Significant changes in the remaining performance obligation contract assets and the contract liabilities balances during 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
Assets		      Contract
Liabilities		  
Net balance at December 31, 2019 (Predecessor)
    $ 30,800      $ (65,055 ) 
Amortization of deferred costs
      (27,043 )       —    
Additions to deferred costs
      10,104        —    
Amortization of deferred revenue
      —          57,915  
Additions to deferred revenue
      —          (52,746 ) 
    
 
 
     
 
 
  
Total
      (16,939 )       5,169  
    
 
 
     
 
 
  
Net balance at December 31, 2020 (Predecessor)
    $ 13,861      $ (59,886 ) 
    
 
 
     
 
 
  
Amortization of deferred costs
      (1,607 )       —    
Additions to deferred costs
      432        —    
Amortization of deferred revenue
      —          4,142  
Additions to deferred revenue
      —          (25,479 ) 
Fresh start accounting revaluation
      (12,686 )       72,936  
    
 
 
     
 
 
  
Total
      (13,861 )       51,599  
    
 
 
     
 
 
  
Net balance at 2/5/21 (Predecessor)
    $ —        $ (8,287 ) 
    
 
 
     
 
 
  
                   
Net balance at 2/6/21 (Successor)
    $ —        $ (8,287 ) 
Amortization of deferred costs
      (3,908 )       —    
Additions to deferred costs
      9,652        —    
Amortization of deferred revenue
      —          13,729  
Additions to deferred revenue
      —          (33,197 ) 
    
 
 
     
 
 
  
Total
      5,744        (19,468 ) 
    
 
 
     
 
 
  
Net balance at 12/31/2021 (Successor)
    $ 5,744      $ (27,755 ) 
    
 
 
     
 
 
  
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 capital 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.
Customer Contract Intangible Assets
Upon emergence from the Chapter 11 Cases, the Company recognized a fair value adjustment of $113.4 million related to intangible assets for certain favorable customer contracts. These intangible assets will be amortized as a reduction of contract drilling services revenue from the Effective Date through the remainder of the contracts, approximately 18 months and 32 months, respectively. As of December 31, 2021, the net carrying amount was $61.8 million, $113.4 million gross less $51.5 million accumulated amortization. The expected remaining amortization is as follows: $43.5 million and $18.4 million for the years ending December 31, 2022 and 2023, respectively. We assess the recoverability of the unamortized balance when indicators of impairment are present. Should the review indicate that the carrying value is not fully recoverable, the portion not fully recoverable would be recognized as an impairment loss.
We considered the events surrounding Hurricane Ida and the
Noble Globetrotter II
, including the associated force majeure notice and the need for the rig to go into the shipyard, to be a triggering event. After the Company’s review, we determined the carrying value of the related customer contract intangible was recoverable and no impairment loss was recognized.
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,  
     2022      2023      2024      2025      2026 and
beyond		      Total  
Floaters
    $ 11,930      $ 9,323      $ 29      $ —        $ —        $ 21,282  
Jackups
      6,473        —          —          —          —          6,473  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 18,403      $ 9,323      $ 29      $ —        $ —        $ 27,755  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
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, 2021. The actual timing of recognition of such amounts may vary due to factors outside of our control. We have taken the optional exemption, permitted by accounting standards, to exclude disclosure of the estimated transaction price related to the variable portion of unsatisfied performance obligations at the end of the reporting period, as our transaction price is based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services.
 
Disaggregation of Revenue
The following table provides information about contract drilling revenue by rig types:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Floaters
    $ 482,283     $ 50,057     $ 491,407     $ 727,177  
Jackups
      225,848       23,994       417,829       518,881  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 708,131     $ 74,051     $ 909,236     $ 1,246,058  
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.22.0.1
Leases
 11 Months Ended
Dec. 31, 2021
Noble Finance Company  
Leases
Note 12— 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 discussed in “Note 1— Organization and Basis of Presentation,” in the 2020 Predecessor period, the Company operated as a
debtor-in-possession
under the jurisdiction of the Bankruptcy Court and in accordance with provisions of the Bankruptcy Code. Accordingly, all of the leases liabilities on the Debtor companies have been presented as “Liabilities subject to compromise” on our Consolidated Balance Sheet at December 31, 2020.
As most of our leases do not provide an implicit 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     Predecessor  
     December 31, 2021     December 31, 2020  
Operating Leases
       
 
        
Operating lease right-of-use assets
   $ 17,066     $ 26,648  
Current operating lease liabilities
      3,923       1,942  
Long-term operating lease liabilities
(1)
      13,166       4,969  
Weighted average remaining lease term for operating leases (years)
      6.25       7.8  
Weighted average discounted rate for operating leases
      9.5 %      11.1 % 
 
(1)
 
$21.0 million of lease liabilities were classified as “Liabilities subject to compromise” on our Consolidated Balance Sheet at December 31, 2020.
 
 
The components of lease cost were as follows:
 
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		  
Operating lease cost
    $ 4,803      $ 365      $ 9,065  
Short-term lease cost
      634        (124 )       2,893  
Variable lease cost
      412        (605 )       1,265  
    
 
 
     
 
 
     
 
 
  
Total lease cost
    $ 5,849      $ (364 )     $ 13,223  
    
 
 
     
 
 
     
 
 
  
Supplemental cash flow information related to leases was as follows:
 
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		  
Operating cash flows used for operating leases
    $ 5,568      $ 979      $ 9,614  
Right-of-use
assets obtained in exchange for a lease liability
      9,647        —          1,217  
Maturities of lease liabilities as of December 31, 2021 were as follows:
 
     Operating Leases  
2022
    $ 5,245  
2023
      4,375  
2024
      4,252  
2025
      2,881  
2026
      2,523  
Thereafter
      4,332  
    
 
 
  
Total lease payments
      23,608  
Less: Interest
      (6,372 ) 
    
 
 
  
Present value of lease liability
    $ 17,236  
    
 
 
  
v3.22.0.1
Income Taxes
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Income Taxes
Note 13— Income Taxes
Legacy Noble is a tax resident in the UK and, as such, is subject to UK corporation tax on its taxable profits and gains. Noble is incorporated in the Cayman Islands and therefore not subject to tax in any jurisdiction. With respect to Legacy 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 Legacy 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
2021		      Predecessor
2020		  
Deferred tax assets
      
United States
      
Net operating loss carry forwards
    $ 3,485    $ 79,047
Disallowed interest deduction carryforwards
      —          62,337
Deferred pension plan amounts
      3,427      10,568
Accrued expenses not currently deductible
      5,780      5,625
Other
      121      3,178
Non-United
States
      
Net operating loss carry forwards
      1,013,281      47,187
Transition attribute
      888,962      —    
Tax credits carryover
      23,849      —    
Disallowed interest deduction carryforwards
      13,625      13,625
Deferred pension plan amounts
      —          558
Accrued expenses not currently deductible
      170      —    
  
 
 
     
 
 
  
Deferred tax assets
      1,952,700      222,125
Less: valuation allowance
      (1,899,092 )       (191,835 ) 
  
 
 
     
 
 
  
Net deferred tax assets
    $ 53,608    $ 30,290
  
 
 
     
 
 
  
Deferred tax liabilities
      
United States
      
Excess of net book basis over remaining tax basis
    $ —      $ (30,349 ) 
Contract asset
      (10,067 )       —    
Deferred revenue
      (3,438 )       —    
Other
      (1,116 )       (1,796 ) 
Non-United
States
      
Excess of net book basis over remaining tax basis
      (690 )       (5,474 ) 
Contract asset
      (4,173 )       —    
Other
      (1,912 )       (1,272 ) 
  
 
 
     
 
 
  
Deferred tax liabilities
      (21,396 )       (38,891 ) 
  
 
 
     
 
 
  
Net deferred tax assets (liabilities)
    $ 32,212    $ (8,601 ) 
  
 
 
     
 
 
  
Loss from continuing operations before income taxes consists of the following:
 
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		      Year Ended
December 31, 2019		  
United States
    $ (47,686 )     $ 1,878,637    $ (2,150,591 )     $ (65,062 ) 
Non-United
States
      150,033      (1,624,986 )       (2,088,271 )       (844,022 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 102,347    $ 253,651    $ (4,238,862 )     $ (909,084 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
The income tax provision (benefit) for continuing operations consists of the following:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through

December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Current- United States
    $ (33,323 )    $ —     $ (257,552 )    $ (34,726 ) 
Current-
Non-United
States
      67,952     922     23,474     14,011
Deferred- United States
      (7,460 )      (4,689 )      (57,514 )      (5,307 ) 
Deferred-
Non-United
States
      (26,804 )      7,190     31,189     (12,518 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 365   $ 3,423   $ (260,403 )    $ (38,540 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
The following is a reconciliation of our reserve for uncertain tax positions, excluding interest and penalties.
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Gross balance at beginning of period
    $ 37,156   $ 37,721   $ 130,837   $ 161,256
Additions based on tax positions related to current year
      26,463     1,347     20,266     934
Additions for tax positions of prior years
      21,465     —         206     224
Reductions for tax positions of prior years
      (12,331 )      (5 )      (109,330 )      (28,542 ) 
Expiration of statutes
      (9,310 )      (1,907 )      (4,258 )      (1,629 ) 
Tax settlements
      —         —         —         (1,406 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Gross balance at end of period
      63,443     37,156     37,721     130,837
Related tax benefits
      (384 )      (384 )      (384 )      (400 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net reserve at end of period
    $ 63,059   $ 36,772   $ 37,337   $ 130,437
  
 
 
    
 
 
    
 
 
    
 
 
  
The liabilities related to our reserve for uncertain tax positions are comprised of the following:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		  
Reserve for uncertain tax positions, excluding interest and penalties
    $ 63,059   $ 36,772   $ 37,337
Interest and penalties included in “Other liabilities”
      11,930     5,273     5,164
  
 
 
    
 
 
    
 
 
  
Reserve for uncertain tax positions, including interest and penalties
    $ 74,989   $ 42,045   $ 42,501
  
 
 
    
 
 
    
 
 
  
 
At December 31, 2021, the reserves for uncertain tax positions totaled $75.0 million. If a portion or all of the December 31, 2021 reserves are not realized, the provision for income taxes could be reduced by up to $53.6 million. At December 31, 2020, the reserves for uncertain tax positions totaled $42.5 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 $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. Interest and penalties resulted in an income tax benefit of $24.1 million in 2020 and $3.0 million in 2019.
We recorded an income tax expense of $0.4 million and $3.4 million and income tax benefit $260.4 million during 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.
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.
During the year ended December 31, 2020, our tax benefit included the tax effect from asset impairments of $99.7 million, the tax impact of the application of the CARES Act of $39.0 million, a
non-US
reserve release due to a statute expiration of $4.6 million, a reduction of US tax reserves of $111.9 million, and the tax benefits of an internal restructuring net of resulting adjustment to the valuation allowance of $17.9 million and other recurring tax benefits of approximately $47.3 million. These tax benefits were partially offset by a 2019 US
return-to-provision
adjustment and resulting adjustment to the valuation allowance of $21.2 million, an increase in UK valuation allowance of $31.1 million, and an increase in
non-US
tax reserves of $7.8 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. During 2021, our deferred tax asset balance after consideration of valuation allowances increased $23.3 million due primarily to increases related to new realizable deferred tax assets in Switzerland and Luxembourg, additional deferred tax assets in Nigeria as a result of the Pacific Drilling acquisition, and additional deferred taxes in the US as a result of fresh start adjustments. Such increases were partially offset by decreases related to the
write-off
of deferred tax assets in the US as a result of an internal restructuring effected by the Company at Emergence.
 
During the period ending December 31, 2021, we recognized deferred tax benefits of $22.8 million out of the total available tax benefits of $1.8 billion related to tax attributes available in Switzerland and Luxembourg. The available tax benefits in Switzerland are related to transition attributes created by a tax ruling we obtained in December 2021. These tax benefits are scheduled to expire by 2036. The available tax benefits in Luxembourg are related to net operating losses generated in years prior to 2021 by Pacific Drilling. Most of these tax losses are scheduled to expire between 2035 and 2038; however, a portion of the tax losses has no expiration date.
In deriving the $22.8 million in tax benefits being recognized, 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. 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 for Switzerland and Luxembourg. Accordingly, in determining the amount of deferred tax benefits to recognize related to our Switzerland and Luxembourg
rig-owning
entities, 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 in Switzerland and Luxembourg that are realizable. Finally, once we have established sufficient objective positive evidence in Switzerland and Luxembourg for historical periods, we may consider reliance on forecasted taxable income from future drilling contracts.
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 in jurisdictions such as Brazil, Brunei, Bulgaria, Canada, Cyprus, Egypt, Ghana, Guyana, Hungary, Malta, Mexico, Nigeria, Norway, Saudi Arabia, Argentina, Australia, Denmark, Gabon, Luxembourg, Malaysia, Morocco, Myanmar, the Netherlands, Oman, Qatar, Tanzania, Timor-Leste, Singapore, Suriname, Switzerland, the United Kingdom and the United States. We are no longer subject to US Federal income tax examinations for years before 2018 and
non-US
income tax examinations for years before 2007.
 
Legacy Noble conducted substantially all of its business through Finco and its subsidiaries in the
pre-emergence
period and Noble conducted substantially all of its business through Finco and its subsidiaries in the post-emergence period. In the
pre-emergence
period, the income or loss of our
non-UK
subsidiaries is not subject to UK income tax. Earnings are taxable in the United Kingdom at the UK statutory rate of 19 percent. In the post-emergence period, Noble is incorporated in the Cayman Islands and therefore not subject to tax in any jurisdiction. A reconciliation of tax rates outside of the United Kingdom for the
pre-emergence
period and the Cayman Islands for the post-emergence period to our Noble effective rate for continuing operations is shown below:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Effect of:
   
 
      
Tax rates which are different than the Cayman Islands (Successor) and UK (Predecessor) rates
      22.6 %      0.5 %      0.4 %      4.3 % 
Tax impact of asset impairment and disposition
      — %      — %      4.5 %      0.3 % 
Tax impact of restructuring
      — %      1.0 %      2.1 %      (4.1 )% 
Tax impact of the tax regulation change
      — %      — %      0.9 %      — % 
Tax impact of valuation allowance
      (25.2 )%      — %      (4.3 )%      0.5 % 
Resolution of (reserve for) tax authority audits
      2.9 %      (0.2 )%      2.5 %      3.2 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
      0.3 %      1.3 %      6.1 %      4.2 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
At December 31, 2021, 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 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.
v3.22.0.1
Employee Benefit Plans
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Employee Benefit Plans
Note 14— Employee Benefit Plans
Defined Benefit Plans
Noble Drilling (Land Support) Limited, an indirect, wholly-owned subsidiary of Noble (“NDLS”), 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”).
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, nonqualified 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:
 
     Successor      Predecessor  
     Period From February 6,
2021 through
December 31, 2021		      Period From January 1,
2021 through
February 5, 2021		     Year Ended December 31,
2020		  
    
Non-US
     US     
Non-US
     US    
Non-US
     US  
Benefit obligation at beginning of period
    $ 63,729   $ 256,417    $ 67,943   $ 266,090   $ 62,485   $ 240,249
Interest cost
      1,228     5,993      97     615     1,877     7,567
Actuarial loss (gain)
      1,548     (6,465 )       (4,366 )      (6,491 )      7,190     28,266
Plan amendments
      —         —          —         —         104     —    
Benefits paid
      (2,456 )      (7,199 )       (138 )      (1,515 )      (2,261 )      (8,024 ) 
Settlements and curtailments
      —         (5,208 )       —         (2,282 )      (3,751 )      (1,968 ) 
Foreign exchange rate changes
      (983 )      —          193     —         2,299     —    
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Benefit obligation at end of period
    $ 63,066   $ 243,538    $ 63,729   $ 256,417   $ 67,943   $ 266,090
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
A reconciliation of the changes in fair value of plan assets is as follows:
 
     Successor      Predecessor  
     Period From February 6,
2021 through
December 31, 2021		      Period From January 1,
2021 through
February 5, 2021		     Year Ended December 31,
2020		  
    
Non-US
     US     
Non-US
     US    
Non-US
     US  
Fair value of plan assets at beginning of period
    $ 79,146     $ 221,743      $ 83,808     $ 222,417     $ 76,429     $ 194,160  
Actual return on plan assets
      2,998       12,254        (4,763 )      838       8,741       36,247  
Employer contributions
      —         5,240        —         2,285       —         2,002  
Benefits paid
      (2,456 )      (7,199 )       (138 )      (1,515 )      (2,261 )      (8,024 ) 
Settlement and curtailment
      —         (5,208 )       —         (2,282 )      (3,751 )      (1,968 ) 
Foreign exchange rate changes
      (1,223 )      —          239       —         4,650       —    
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets at end of period
    $ 78,465     $ 226,830      $ 79,146     $ 221,743     $ 83,808     $ 222,417  
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
The funded status of the plans is as follows:
 
     Successor
Year Ended December 31,		      Predecessor
Year Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Funded status
    $ 15,399      $ (16,708 )     $ 15,865      $ (43,673 ) 
Amounts recognized in the Consolidated Balance Sheets consist of:
 
     Successor
Year Ended December 31,		      Predecessor
Year Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Other assets (noncurrent)
    $ 15,399      $ 971      $ 15,865      $ —    
Other liabilities (current)
      —          (67 )       —          (8,169 ) 
Other liabilities (noncurrent)
      —          (17,612 )       —          (35,504 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Net amount recognized
    $ 15,399      $ (16,708 )     $ 15,865      $ (43,673 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Amounts recognized in AOCI consist of:
 
     Successor      Predecessor  
     As of December 31, 2021      As of December 31, 2020  
    
Non-US
      US     
Non-US
      US  
Net actuarial (gain) loss
    $ (369 )     $ (6,496 )     $ 3,108      $ 47,094  
Deferred income tax asset (liability)
      112        1,364        (558 )       (9,890 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Accumulated other comprehensive income (loss)
    $ (257 )     $ (5,132 )     $ 2,550      $ 37,204  
    
 
 
     
 
 
     
 
 
     
 
 
  
Pension costs include the following components:
 
    Successor     Predecessor  
    Period From
February 6, 2021
through December 31,
2021		     Period From
January 1, 2021
through February 5,
2021		     Year Ended December 31,  
    2020     2019  
   
Non-US
     US    
Non-US
     US    
Non-US
     US    
Non-US
     US  
Service cost
   $ —       $ —       $ —       $ —       $ —       $ —       $ —       $ —    
Interest cost
     1,228       5,993       97       615       1,877       7,567       1,814       8,711  
Return on plan assets
     (845 )      (11,648 )      (85 )      (1,239 )      (1,649 )      (11,676 )      (2,471 )      (10,313 ) 
Amortization of prior service cost
     —         —         1       —         10       —         10       —    
Recognized net actuarial loss
     —         —         —         281       —         2,866       —         2,771  
Settlement and curtailment gains
     —         (575 )      —         301       9       154       —         (37 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net pension benefit cost (gain)
   $ 383     $ (6,230 )    $ 13     $ (42 )    $ 247     $ (1,089 )    $ (647 )    $ 1,132  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
There is zero and zero estimated net actuarial losses and prior service costs for the
non-US
plan and the US plans, respectively, that will be amortized from AOCI into net periodic pension cost in 2022.
During the years ended December 31, 2021, 2020 and 2019, 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 2021, 2020 and 2019 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 $0.7 million as of December 31, 2021 and decreased our pension liability by approximately $1.7 million and $2.1 million as of December 31, 2020 and 2019.
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
Years Ended December 31,		      Predecessor
Years Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Projected benefit obligation
    $ 63,066      $ 243,538      $ 67,943      $ 266,090  
Accumulated benefit obligation
      63,066        243,538        67,943        266,090  
Fair value of plan assets
      78,465        226,830        83,808        222,417  
The following table provides information related to those plans in which the PBO exceeded the fair value of the plan assets at December 31, 2021 and 2020. 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
Years Ended December 31,		      Predecessor
Years Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Projected benefit obligation
    $ —      $ 207,059    $ —      $ 266,090
Fair value of plan assets
      —          189,382      —          222,417
The PBO for the unfunded excess benefit plan was $1.5 million at December 31, 2021 as compared to $9.7 million in 2020, 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, 2021 and 2020. 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 Years
Ended December 31,		      Predecessor Years
Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Accumulated benefit obligation
    $ —      $ 207,059    $ —      $ 266,090
Fair value of plan assets
      —          189,382      —          222,417
The ABO for the unfunded excess benefit plan was $1.5 million at December 31, 2021 as compared to $9.7 million in 2020, and is included under “US” in the above tables.
Defined Benefit Plans—Key Assumptions
The key assumptions for the plans are summarized below:
 
    Successor      Predecessor  
    Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		     Year Ended December 31, 2020  
   
    Non-US    
         US         
    Non-US    
         US        
    Non-US    
         US      
Weighted-average assumptions used to determine benefit obligations:
    
 
         
Discount Rate
     1.80%      
2.63% - 2.89%
        1.80%      
1.92% - 2.77%
       1.40%      
1.82% - 2.60%
  
Rate of compensation increase
     N/A       N/A        N/A       N/A       N/A       N/A  
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Years Ended December 31,  
  2020     2019  
    
Non-US
    
Non-US
    
Non-US
    
Non-US
  
Weighted-average assumptions used to determine periodic benefit cost:
   
 
      
Discount Rate
      1.80 %      1.80 %      2.10 %      2.90 % 
Expected long-term return on assets
      1.20 %      1.20 %      2.90 %      3.70 % 
Rate of compensation increase
      N/A       N/A       N/A       N/A  
 
    Successor      Predecessor  
    Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		     Years Ended December 31,  
  2020      2019  
    US      US     US      US  
Weighted-average assumptions used to determine periodic benefit cost:
  
 
        
Discount Rate
    
1.92% - 2.77%
       
1.82% - 2.60%
       2.56% - 3.32%        3.65% - 4.29%  
Expected long-term return on assets
     5.00% - 5.80%        5.10% - 6.10%      
5.40% - 6.30%
       
5.40% - 6.50%
  
Rate of compensation increase
     N/A        N/A       N/A        N/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, 2021, 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, 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
    $ 938    $ 938    $ —      $ —  
Equity securities:
            
International companies
      10,546      10,546      —          —    
Fixed income securities:
            
Corporate bonds
      66,981      66,981      —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 78,465    $ 78,465    $ —      $ —  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
Predecessor:
    As of December 31, 2020  
            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
    $ 5,405    $ 5,405    $ —      $ —  
Equity securities:
            
International companies
      4,179      4,179      —          —    
Fixed income securities:
            
Corporate bonds
      72,407      72,407      —          —    
Other
      1,817      1,817      —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 83,808    $ 83,808    $ —      $ —  
  
 
 
     
 
 
     
 
 
     
 
 
  
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, 2021 or 2020.
The actual fair values of US plan assets are as follows:
 
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 States
      86,237      —        86,237      —  
Fixed income securities:
            
Corporate bonds
      103,504      100,342      3,162      —  
Treasury bonds
      33,371      33,371      —        —  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 226,830    $ 137,431    $ 89,399    $ —
  
 
 
     
 
 
     
 
 
     
 
 
  
 
Predecessor:
   
As of December 31, 2020
  
           
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
    $ 1,727    $ 1,727    $ —    $ —
Equity securities:
            
United States
      78,019      32,387      45,632      —  
International
      32,310      32,310      —        —  
Fixed income securities:
            
Corporate bonds
      83,645      82,669      976      —  
Treasury bonds
      26,716      26,716      —        —  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 222,417    $ 175,809    $ 46,608    $ —
  
 
 
     
 
 
     
 
 
     
 
 
  
Defined Benefit Plans—Cash Flows
During the period from January 1, 2021 to February 5, 20201 and the period from February 6, 2021 to December 31, 2021, we made no contributions to our
non-US
plan. During the period from January 1, 2021 to February 5, 20201 and the 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. In 2020, we made no contributions to our
non-US
plan and contributions of $2.0 million to our US plans. In 2019, we made no contributions to our
non-US
plan and contributions of $1.3 million to our US plans. We expect our aggregate minimum contributions to our
non-US
and US plans in 2022, 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, 2021:
 
    
 
     
Payments by Period
  
    
Total
     
2022
     
2023
     
2024
     
2025
     
2026
     
Thereafter
  
Estimated benefit payments
                                                               
Non-US
plans
    $ 30,302      $ 2,514      $ 2,616      $ 2,723      $ 2,835      $ 2,951      $ 16,663  
US plans
      110,107        9,710        10,190        10,397        10,844        11,059        57,907  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total estimated benefit payments
    $ 140,409      $ 12,224      $ 12,806      $ 13,120      $ 13,679      $ 14,010      $ 74,570  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Other Benefit Plans
We sponsor 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. The 401(k) Restoration Plan has no assets, and amounts withheld for the 401(k) Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and associated returns are tracked on a phantom basis. Accordingly, we have a liability to the employee for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, benefit should phantom investment losses occur. At December 31, 2021 and 2020, our liability for the 401(k) Restoration Plan was $2.8 million and $7.8 million, respectively, and is included in “Accrued payroll and related costs.” The primary reason for the decrease is due to benefits paid during the calendar year 2021. Subsequent to December 31, 2021, the board has approved the termination of the 401(k) Restoration Plan and distribution of benefits is expected to occur within the next 12 months.
In 2005, we enacted a profit sharing plan, the Noble Drilling Services Inc. 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. We sponsor other retirement, health and welfare plans and a 401(k) savings plan for the benefit of our employees. 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.
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, $2.4 million and $2.4 million, respectively, for the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the years end December 31, 2020 and 2019. The cost of maintaining these plans for continuing operations aggregated approximately $29.8 million, $1.6 million, $24.9 million and $28.1 million for the period from February 6, 2021 to December 31, 2021, the period from January 1 through February 5, 2021 and the years ended December 31, 2020 and 2019, respectively. We do not provide post-retirement benefits (other than pensions) or any post-employment benefits to our employees.
v3.22.0.1
Fair Value of Financial Instruments
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Fair Value of Financial Instruments
Note 15— 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:
 
    
12/31/2021 (Successor)
  
           
Estimated Fair Value Measurements
  
    
Carrying Amount
     
Quoted Prices in
Active Markets
(Level 1)
     
Significant Other
Observable Inputs
(Level 2)
     
Significant Unobservable
Inputs
(Level 3)
  
Assets -
                                    
Marketable securities
    $ 7,645      $ 7,645      $ —        $ —    
 
    
12/31/2020 (Predecessor)
  
           
Estimated Fair Value Measurements
  
    
Carrying Amount
     
Quoted Prices in
Active Markets
(Level 1)
     
Significant Other
Observable Inputs
(Level 2)
     
Significant Unobservable
Inputs
(Level 3)
  
Assets -
                                    
Marketable securities
    $ 12,326      $ 12,326      $ —      $ —  
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.
v3.22.0.1
Commitments and Contingencies
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Commitments and Contingencies
Note 16— Commitments and Contingencies
Tax matters
In June 2021, the IRS completed its limited scope examination in relation to our CARES Act refund claim and did not propose any adjustments to the taxable years ended December 31, 2012, 2013, 2014, 2018 and 2019. In June 2021, the IRS completed its audit of taxable year 2009 in relation to our foreign tax credit refund claim. No other taxable years are currently under audit in the US. We believe that we have accurately reported all amounts in our returns.
Audit claims of approximately $618.0 million attributable to income and other business taxes were assessed against Noble entities in Mexico related to tax years 2007, 2009 and 2010, in Australia related to tax years 2013 to 2016, in Guyana related to tax years 2019 and 2020 in Saudi Arabia related to tax years 2015 to 2019 and against Pacific Drilling entities in Nigeria related to tax years 2010 to 2018. 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 14 employees and third parties that were onboard the
Noble Globetrotter II
during Hurricane Ida file suit in Texas and Louisiana state district courts against certain of our subsidiaries seeking damages
 
related to physical and emotional harm suffered as a result of the incident. See “Note 6— Property and Equipment” for additional information regarding the incident. We have received letters of representation from a number of other potential plaintiffs, and more suits may be brought with respect to the incident. We are in the early stages of litigation. We intend to defend ourselves vigorously against these claims although there is inherent risk in litigation, and we cannot provide assurance as to the outcome of this lawsuit. We have insurance for such claims with a deductible of $5.0 million.
Other contingencies
Legacy Noble had entered into agreements with certain of our executive officers, as well as certain other employees. These agreements were effective upon a change of control of Noble (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control and remained effective for three years thereafter. These agreements provided for compensation and certain other benefits under such circumstances. On the Effective Date of our emergence from the Chapter 11 Cases, the Legacy Noble agreements were superseded by new employment agreements.
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.
v3.22.0.1
Segment and Related Information
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Segment Reporting Disclosure
Note 17—  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, 2021, our contract drilling services segment conducts contract drilling operations in 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, 2021 and 2020 for our long-lived asset geographic disclosure shown below. The December 31, 2020 asset amounts shown below have been revised from previously presented amounts, which displayed total assets, to conform to the new presentation.
 
The following table presents revenues and long lived assets by country based on the location of the service provided during the Successor period:
 
     Revenues     
Long-Lived Assets as of
  
     Period From
February 6, 2021
through
December 31, 2021		      December 31, 2021  
Australia
    $ 1,954    $ 20,704
Brazil
      251      1,702
Canada
      10      —    
Canary Islands
      —          88,092
Denmark
      25,119      18,407
Guyana
      244,638      678,852
Indonesia
      23,964      —    
Malaysia
      —          7,341
Mauritania
      29,616      —    
Mexico
      11,022      —    
Norway
      20,351      228,687
Qatar
      23,247      20,487
Saudi Arabia
      75,676      371
Suriname
      62,090      —    
Timor-Leste
      32,257      —    
Trinidad and Tobago
      35,710      19,387
United Arab Emirates
      —          607
United Kingdom
      28,126      53,198
United States
      156,294      360,478
Other
      —          55
  
 
 
     
 
 
  
Total
    $ 770,325    $ 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     
Long-Lived Assets as of
  
     Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		      Year Ended
December 31, 2019		      December 31, 2020  
Australia
    $ 54    $ 50,434    $ 33,623    $ 20,886
Brazil
      —          —          —          4,794
Bulgaria
      —          —          61,525      —    
Canada
      —          28,915      46,147      —    
Denmark
      —          7,662      31,076      —    
Egypt
      —          —          49,209      —    
Gabon
      —          147      —          —    
Guyana
      23,012      222,088      132,414      1,753,914
Malaysia
      —          —          251,497      6,310
Myanmar
      —          21,084      56,207      —    
 
     Revenues     
Long-Lived Assets as of
  
     Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		      Year Ended
December 31, 2019		      December 31, 2020  
Qatar
    $ 2,263      $ 31,024      $ 36,948      $ 18,582  
Saudi Arabia
      10,745        133,246        154,807        301,121  
Suriname
      6,029        61,474        17,374        565,327  
Trinidad and Tobago
      4,995        9,468        —          18,355  
United Arab Emirates
      —          —          —          18,134  
United Kingdom
      7,142        180,610        243,063        674,704  
United States
      23,241        209,401        191,548        223,653  
Vietnam
      —          8,719        —          —    
Other
      —          —          —          130  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 77,481      $ 964,272      $ 1,305,438      $ 3,605,910  
    
 
 
     
 
 
     
 
 
     
 
 
  
Significant Customers
The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019
 (1)
  
Royal Dutch Shell plc (“Shell”)
      13.3 %      30 %      21.7 %      36.5 % 
Exxon Mobil Corporation (“ExxonMobil”)
      39.1 %      29.8 %      26.6 %      13.7 % 
Equinor ASA (“Equinor”)
      3.1 %      5.2 %      14.3 %      13.1 % 
Saudi Arabian Oil Company (“Saudi Aramco”)
      9.8 %      13.9 %      13.8 %      11.9 % 
 
(1)
 
Excluding the
Noble Bully II
contract buyout, revenues from Shell, ExxonMobil, Equinor and Saudi Aramco accounted for approximately 27.1 percent, 15.7 percent, 15.1 percent and 13.6 percent, respectively, of our consolidated operating revenues for the year ended December 31, 2019.
No other customer accounted for more than 10 percent of our consolidated operating revenues in 2021, 2020 or 2019.
 
v3.22.0.1
Supplemental Financial Information
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Supplemental Financial Information
Note 18— 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  
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Accounts receivable
    $ 6,245      $ (41,344 )    $ 50,802     $ 2,057  
Other current assets
      2,295        17,884       (866 )      3,573  
Other assets
      (11,650 )       8,521       (2,369 )      16,218  
Accounts payable
      11,429        (16,819 )      357       (2,279 ) 
Other current liabilities
      4,312        11,428       8,582       (4,700 ) 
Other liabilities
      32,928        (5,846 )      (10,941 )      (24,577 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
Total net change in assets and liabilities
    $ 45,559      $ (26,176 )    $ 45,565     $ (9,708 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
 
     Finco  
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Accounts receivable
    $ 6,245      $ (41,344 )    $ 19,588     $ 2,057  
Other current assets
      (594 )       19,398       7,830       4,046  
Other assets
      (11,618 )       8,512       (800 )      18,749  
Accounts payable
      15,822        (14,061 )      (11,018 )      (2,182 ) 
Other current liabilities
      4,125        11,623       16,055       (4,549 ) 
Other liabilities
      32,700        (5,936 )      (10,941 )      (24,577 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
Total net change in assets and liabilities
    $ 46,680      $ (21,808 )    $ 20,714     $ (6,456 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
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, 2021, 2020 and 2019 were $36.5 million, $35.3 million and $36.0 million, respectively.
We entered into the $53.6 million 2019 Seller Loan to finance a portion of the purchase price for the
Noble Joe Knight
in February 2019. See “Note 8— Debt” for additional information.
 
Additional cash flow information is as follows:
 
     Noble  
     Successor      Predecessor  
     Period From
February 6,
2021 through
December 31,
2021		      Period From
January 1,
2021
through
February 5,
2021		      Year Ended
December 31,
2020		     Year Ended
December 31,
2019		  
Cash paid during the period for:
           
Interest, net of amounts capitalized
    $ 21,150    $ —    $ 138,040   $ 289,457
Income taxes paid (refunded), net (1)
      (8,113 )       4,385      (133,708 )      8,181
 
     Finco  
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Cash paid during the period for:
           
Interest, net of amounts capitalized
    $ 21,150    $ —    $ 138,040   $ 289,457
Income taxes paid (refunded), net (1)
      (8,113 )       4,385      (133,708 )      8,181
 
  (1)
The net tax refund for the period from February 6, 2021 to December 31, 2021 excludes withholding tax in Guyana of $15.1 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax refund would be $23.3 million. The net tax refund for the period from January 1, 2021 to February 5, 2021 excludes withholding tax in Guyana of $1.4 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax payment would be $3.0 million.
v3.22.0.1
Subsequent Events
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Subsequent Events
Note 19— Subsequent Events
Potential Litigation Matters related to the Business Combination
Following our announcement of the Business Combination, in the first quarter of 2022, we received one demand letter, and two complaints were filed against us, all challenging the Business Combination. The outcome of these complaints and the demand letter, as well as those that may in the future be received or filed with respect to the Business Combination, is uncertain. We believe that we and our directors and officers acted appropriately in connection with the Business Combination and have valid defenses to the allegations and we intend to defend the lawsuits vigorously. While we do not anticipate a negative outcome with respect to such litigation, we cannot assure you as to the outcome or any material negative effect thereof.
v3.22.0.1
Organization and Basis of Presentation (Policies) - Noble Finance Company [Member]
 11 Months Ended
Dec. 31, 2021
Basis of Presentation
Noble Corporation, an exempted company incorporated in the Cayman Islands with limited liability (“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, 2021, our fleet of 20 drilling rigs consisted of 12 floaters and eight jackups.
We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business. The mobile offshore drilling units comprising our offshore rig fleet operate in a global market for contract drilling services and are often redeployed to different regions due to changing demands of our customers, which consist primarily of large, integrated, independent and government-owned or controlled oil and gas companies throughout the world.
On July 31, 2020 (the “Petition Date”), our former parent company, Noble Holding Corporation plc (formerly known as Noble 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 (formerly known as Noble Corporation), a Cayman Islands company (“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 Effective Date (as defined herein), Legacy Noble and certain of its subsidiaries effectuated certain restructuring transactions pursuant to which Legacy Noble formed Noble as an indirect wholly-owned subsidiary of Legacy Noble and transferred to Noble substantially all of the subsidiaries and other assets of Legacy Noble. On February 5, 2021 (the “Effective Date”), the Plan became effective in accordance with its terms and the Debtors emerged from the Chapter 11 Cases and Noble 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.
Noble is the successor issuer to Legacy Noble for purposes of and pursuant to Rule
15d-5
of the Exchange Act. References to the “Company,” “we,” “us” or “our” in this Annual Report are to Noble, together with its consolidated subsidiaries, when referring to periods following the Effective Date, and to Legacy Noble, together with its consolidated subsidiaries, when referring to periods prior to the Effective Date.
Upon emergence, the Company applied fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 852 – Reorganizations (“ASC 852”). The application of fresh start accounting resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. Accordingly, our financial statements and notes after the 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 Effective Date and has been a direct, wholly-owned subsidiary of Noble, our parent company, since the Effective Date. 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 refers to Finco, as the context requires.
Consolidation
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
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 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, 2021 and 2020, our Noble restricted cash balance consisted of $2.6 million and $21.7 million, respectively. As of December 31, 2021 and 2020, our Finco restricted cash balance consisted of $2.6 million and $1.7 million, respectively. All restricted cash is recorded in “Prepaid expenses and other current assets.” As of December 31, 2021, our restricted cash balance was associated cash collateral on the Company’s purchase cards and a performance guarantee on the
Noble Faye Kozack
. As of December 31, 2020, our restricted cash balance is to comply with restrictions from a Bankruptcy Court order to settle certain professional fees incurred upon or prior to our emergence from bankruptcy.
Accounts Receivable and Accounts Receivable from Affiliates
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 as of December 31, 2021 and 2020 was zero and $1.1 million, respectively.
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 $36.5 million and $35.3 million of capital accruals as of December 31, 2021 and 2020, 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 6—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 7—Loss on Impairment.”
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.
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 $27.8 million and $59.9 million at December 31, 2021 and 2020, 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 $5.7 million at December 31, 2021 as compared to $13.9 million at December 31, 2020 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.
Insurance Reserves
Insurance 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, 2021 and 2020, loss reserves for personal injury and protection claims totaled $14.8 million and $30.9 million, respectively, and such amounts are included in “Other current liabilities” and “Other current liabilities” or “Liabilities subject to compromise,” respectively, in the accompanying Consolidated Balance Sheets.
Earnings per Share
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, 2021, 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 not satisfied.
Share-Based Compensation Plans and Liability-Classified Awards
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.
Liability-Classified Awards
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 Cayman Islands 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 three years ended December 31, 2021.
Discontinued Operations
Discontinued Operations
On August 1, 2014, Legacy Noble completed the separation and
spin-off
of a majority of its standard specification offshore drilling business (the
“Spin-off”)
through a pro rata distribution of all of the ordinary shares of its wholly-owned subsidiary, Paragon Offshore plc (“Paragon Offshore”), to the holders of Noble’s ordinary shares. Paragon Offshore, which had been reflected as continuing operations in our consolidated financial statements prior to the
Spin-off,
meets the criteria for being reported as discontinued operations and has been reclassified as such in our results of operations.
Prior to the completion of the
Spin-off,
Legacy Noble and Paragon Offshore entered into a series of agreements to effect the separation and
Spin-off
and govern the relationship between the parties after the
Spin-off
(the “Separation Agreements”), including the Master Separation Agreement and the Tax Sharing Agreement. During the year ended December 31, 2019, we recognized charges of $3.8 million recorded in “Net loss from discontinued operations, net of tax” on our Consolidated Statement of Operations relating to settlement of Mexico customs audits from rigs included in the
Spin-off.
For additional information related to the
Spin-off,
refer to “Note 16—Commitments and Contingencies.”
Accounting Standards Adopted and Recently Issued Accounting Standards
Accounting Pronouncements
Accounting Standards Adopted
In December 2019, the FASB issued Accounting Standards Update (“ASU”)
No. 2019-12,
which amends ASC Topic 740, Income Taxes. This update simplifies the accounting for income taxes by removing certain exceptions to general principles. The amendment is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years, and is required to be adopted on a retrospective basis for all periods presented.
We adopted ASU
No. 2019-12,
effective January 1, 2021. The adoption of this guidance did not have a material impact on our consolidated financial statements.
Recently Issued Accounting Standards
In October 2021, the FASB issued ASU
No. 2021-08,
Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, in order to provide clarity on how to account for acquired revenue contracts with customers in a business combination. This guidance is effective for public business entities for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date. Early adoption is permitted. The Company is planning on early adopting this standard on January 1, 2022 and we do not anticipate this will have a material impact on our financial statements.
v3.22.0.1
Chapter 11 Emergence (Tables)
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Schedule of Investments [Line Items]  
Schedule of 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  
    Noble      Finco  
    Period From      Period From  
    January 1, 2021      January 1, 2021  
    through      through  
    February 5, 2021      February 5, 2021  
Professional fees
(1)
   $ (28,739 )     $ (8,095 ) 
Adjustments for estimated allowed litigation claims
     77,300        —    
Write-off
of unrecognized share-based compensation
     (4,406 )       (4,406 ) 
     
Gain on settlement of liabilities subject to compromise
     2,556,147        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.
v3.22.0.1
Fresh Start Accounting (Tables) - Noble Finance Company [Member]
 11 Months Ended
Dec. 31, 2021
Schedule of Reconciliation of Enterprise Value and Reorganization Value
The following table reconciles the enterprise value to the Successor equity as of the Effective Date:
 
     February 5, 2021  
Enterprise Value
    $ 1,300,300  
Plus: Cash and cash equivalents
      111,968  
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 Effective Date:
 
     February 5, 2021  
Enterprise Value
    $ 1,300,300  
Plus: Cash and cash equivalents
      111,968  
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  
    
 
 
  
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:
 
     Predecessor     Reorganization
Adjustments		           Fresh Start
Adjustments		           Successor  
ASSETS                                                 
Current assets
                                                 
Cash and cash equivalents
    $ 317,962     $ (205,994 )      (a )    $ —               $ 111,968  
Accounts receivable, net
      189,207       —                 —                 189,207  
Taxes receivable
      32,556       —                 —                 32,556  
Prepaid expenses and other current assets
      63,056       (20,302 )      (b )      (10,073 )      (m )      32,681  
    
 
 
    
 
 
            
 
 
            
 
 
  
Total current assets
      602,781       (226,296 )              (10,073 )              366,412  
    
 
 
    
 
 
            
 
 
            
 
 
  
Intangible assets
      —         —                 113,389       (n )      113,389  
Property and equipment, at cost
      4,787,661       —                 (3,631,936 )      (o )      1,155,725  
Accumulated depreciation
      (1,221,033 )      —                 1,221,033       (o )      —    
    
 
 
    
 
 
            
 
 
            
 
 
  
Property and equipment, net
      3,566,628       —                 (2,410,903 )              1,155,725  
    
 
 
    
 
 
            
 
 
            
 
 
  
Other assets
      69,940       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 costs
      35,615       —                 —                 35,615  
Taxes payable
      34,211       —                 —                 34,211  
Other current liabilities
      64,943       21,305       (e )      (52,613 )      (m )      33,635  
    
 
 
    
 
 
            
 
 
            
 
 
  
Total current liabilities
      223,984       14,039               (52,613 )              185,410  
    
 
 
    
 
 
            
 
 
            
 
 
  
Long-term debt
      —         352,054       (f )      41,446       (p )      393,500  
Deferred income taxes
      9,303       (17,328 )      (g )      29,550       (q )      21,525  
Other liabilities
      108,489       4,659       (h )      (26,405 )      (m )      86,743  
Liabilities subject to compromise
      4,143,812       (4,143,812 )      (i )      —                 —    
    
 
 
    
 
 
            
 
 
            
 
 
  
Total liabilities
      4,485,588       (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  
     Predecessor     Reorganization
Adjustments		           Fresh Start
Adjustments		           Successor  
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 costs
      167,361  
Transfer of cash from restricted cash
      300  
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 form escrow
      (7,700 ) 
Transfer of restricted cash to cash
      (300 ) 
Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence
      78  
    
 
 
  
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 interest
      110,300  
Protection and indemnity insurance liabilities
      25,669  
Accounts payable and other payables
      8,163  
Estimated loss on litigation
      15,700  
Lease liabilities
      6,054  
    
 
 
  
Total consolidated liabilities subject to compromise
      4,143,812  
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 issued
      142,836  
    
 
 
  
Total Successor equity issued on the Effective Date
    $ 1,018,768  
    
 
 
  
 
(l)
Represents the reorganization adjustments to accumulated deficit:
 
Gain on settlement of liabilities subject to compromise
    $ 2,556,147  
Professional fees and success fees
      (15,017 ) 
Write-off
of unrecognized share-based compensation
      (4,406 ) 
    
 
 
  
Reorganization items, net
      2,536,724  
Cancellation of Predecessor common stock and additional
paid-in
capital
      820,299  
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 reorganization
      17,221  
    
 
 
  
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 assets		     Other assets     Other current liabilities     Other 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 Value      Fair Value  
Drilling equipment and facilities
    $ 4,355,384      $ 1,070,931  
Construction in progress
      231,626        75,159  
Other
      200,651        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 assets
      113,389  
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 liabilities
      52,613  
Fair value adjustment to Long-term debt
      (41,446 ) 
Fair value adjustment to Deferred income taxes
      (9,829 ) 
Fair value adjustment to Other liabilities
      26,405  
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.
v3.22.0.1
Acquisitions and Divestitures (Tables) - Noble Finance Company
 11 Months Ended
Dec. 31, 2021
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 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 outstanding
      2,500           
Exchange Ratio
      6.366        15,915  
    
 
 
           
Pacific Drilling warrants outstanding
      441           
Exchange Ratio
      1.553        685  
    
 
 
     
 
 
  
Noble Ordinary Shares issued
               16,600  
Fair value of Noble Ordinary Shares on April 15, 2021
             $ 21.55  
             
 
 
  
Total 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  
Other current liabilities
               2,900  
Accrued payroll and related costs
               16,128  
Taxes payable
               1,951  
             
 
 
  
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  
             
 
 
  
Purchase price consideration
             $ 357,662  
             
 
 
  
Schedule of Revenue and Net Income of Acquiree subsequent to the Closing of Merger
The following table represents Pacific Drilling’s revenue and earnings included in Noble’s consolidated statement 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 ) 
Schedule of 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  
v3.22.0.1
Earnings Per Share (Tables) - Noble Finance Company [Member]
 11 Months Ended
Dec. 31, 2021
Schedule of Computation of Basic and Diluted Earnings Per Share for Noble-UK
The following table presents the computation of basic and diluted earnings per share:
 
    Successor     Predecessor  
    Period From     Period From              
    February 6, 2021     January 1, 2021              
    through     through     Year Ended     Year Ended  
    December 31, 2021     February 5, 2021     December 31, 2020     December 31, 2019  
Numerator:
      
 
                        
Basic
      
 
                        
Net income (loss) from continuing operations
   $ 101,982     $ 250,228     $ (3,978,459 )    $ (696,769 ) 
Net loss from discontinued operations, net of tax
     —         —         —         (3,821 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to Noble Corporation
   $ 101,982     $ 250,228     $ (3,978,459 )    $ (700,590 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Diluted
                                
Net income (loss) from continuing operations
   $ 101,982     $ 250,228     $ (3,978,459 )    $ (696,769 ) 
Net loss from discontinued operations, net of tax
     —         —         —         (3,821 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to Noble Corporation
   $ 101,982     $ 250,228     $ (3,978,459 )    $ (700,590 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Denominator:
                                
Weighted average shares outstanding — basic
     63,186       251,115       250,792       248,949  
Dilutive effect of share-based awards
     3,180       5,456       —         —    
Dilutive effect of warrants
     1,262       —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
Weighted average shares outstanding — diluted
     67,628       256,571       250,792       248,949  
   
 
 
    
 
 
    
 
 
    
 
 
  
Income (loss) per share
                                
Basic:
                                
Income (loss) from continuing operations
   $ 1.61     $ 1.00     $ (15.86 )    $ (2.79 ) 
Loss from discontinued operations
     —         —         —         (0.02 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to Noble Corporation
   $ 1.61     $ 1.00     $ (15.86 )    $ (2.81 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Diluted:
                                
Income (loss) from continuing operations
   $ 1.51     $ 0.98     $ (15.86 )    $ (2.79 ) 
Loss from discontinued operations
     —         —         —         (0.02 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss) attributable to Noble Corporation
   $ 1.51     $ 0.98     $ (15.86 )    $ (2.81 ) 
   
 
 
    
 
 
    
 
 
    
 
 
  
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share The following table displays the share-based instruments that have been excluded from diluted income or loss per share since the effect would have been anti-dilutive:
 
     Successor     Predecessor  
     Period From     Period From              
     February 6, 2021     January 1, 2021              
     through     through     Year Ended     Year Ended  
     December 31, 2021     February 5, 2021     December 31, 2020     December 31, 2019  
Share-based awards
      —         556       6,082       11,892  
Warrants
(1)
      11,097       —         —         —    
 
(1)
Represents the total number of warrants outstanding which did not have a dilutive effect.
v3.22.0.1
Property and Equipment (Tables)
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Schedule of Property and Equipment, at Cost
Property and equipment, at cost, for Noble consisted of the following:
 
     Successor     Predecessor  
     Year Ended
December 31,		     Year Ended
December 31,		  
     2021     2020  
Drilling equipment and facilities
    $ 1,467,772     $ 4,476,960  
Construction in progress
      77,363       99,812  
Other
      10,840       200,925  
    
 
 
    
 
 
  
Property and equipment, at cost
    $ 1,555,975     $ 4,777,697  
    
 
 
    
 
 
  
v3.22.0.1
Debt (Tables)
 11 Months Ended
Dec. 31, 2021
Schedule of Fair Value, by Balance Sheet Grouping
The following table presents the carrying value, net of unamortized debt issuance costs and discounts or premiums, and the estimated fair value of our total debt, not including the effect of unamortized debt issuance costs, respectively:
 
    Successor
December 31, 2021		     Predecessor
December 31, 2020
(1)
  
    Carrying Value     Estimated Fair
Value		     Carrying Value     Estimated Fair
Value		  
Senior secured notes
                                
11.000% Senior Notes due February 2028
   $ 216,000     $ 236,792     $ —       $ —    
Senior unsecured notes
                                
4.900% Senior Notes due August 2020
   $ —       $ —       $ 62,535     $ 1,366  
4.625% Senior Notes due March 2021
     —         —         79,936       1,596  
3.950% Senior Notes due March 2022
     —         —         21,213       354  
7.750% Senior Notes due January 2024
     —         —         397,025       7,925  
7.950% Senior Notes due April 2025
     —         —         450,000       8,348  
7.875% Senior Notes due February 2026
     —         —         750,000       301,935  
6.200% Senior Notes due August 2040
     —         —         393,596       7,966  
6.050% Senior Notes due March 2041
     —         —         395,002       7,327  
5.250% Senior Notes due March 2042
     —         —         483,619       9,701  
8.950% Senior Notes due April 2045
     —         —         400,000       7,420  
Credit facility:
                                 
Senior Secured Revolving Credit Facility matures July 2025
     —         —         —         —    
2017 Credit Facility due to mature January 2023
     —         —         545,000       545,000  
   
 
 
    
 
 
    
 
 
    
 
 
  
Total debt
     216,000       236,792       3,977,926       898,938  
   
 
 
    
 
 
    
 
 
    
 
 
  
Less: Current maturities of long-term debt
     —         —         —         —    
   
 
 
    
 
 
    
 
 
    
 
 
  
Long-term debt
   $ 216,000     $ 236,792     $ —       $ —    
   
 
 
    
 
 
    
 
 
    
 
 
  
 
v3.22.0.1
Equity (Tables) - Noble Finance Company
 11 Months Ended
Dec. 31, 2021
Class of Stock [Line Items]  
Summary of Stock Options Granted A summary of the status of stock options granted under the 1991 Plan and the changes during the period ended on February 5, 2021, December 31, 2020 and December 31, 2019 are presented below:
 
     February 5, 2021      December 31, 2020      December 31, 2019  
     Number of
Shares
Underlying
Options		     Weighted
Average
Exercise
Price		      Number of
Shares
Underlying
Options		     Weighted
Average
Exercise
Price		      Number of
Shares
Underlying
Options		     Weighted
Average
Exercise
Price		  
Outstanding at beginning of period
      556,155   $ 30.39      708,400   $ 30.90      1,103,242   $ 28.74
Expired or cancelled
      (556,155 )      30.39      (152,245 )      32.78      (394,842 )      24.85
  
 
 
       
 
 
       
 
 
    
Outstanding at end of period
      —         —          556,155     30.39      708,400     30.90
  
 
 
       
 
 
       
 
 
    
Exercisable at end of period
      —       $ —        556,155   $ 30.39      708,400   $ 30.90
  
 
 
       
 
 
       
 
 
    
Assumptions used to Value Performance-Vested Restricted Stock Awards 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     2019  
Valuation assumptions:
     
Expected volatility
      69.8 %      59.6 % 
Expected dividend yield
      —   %      —   % 
Risk-free interest rate
      1.40 %      2.50 % 
Summary of Restricted Share Awards
A summary of the RSUs awarded for each of the years ended 2020 and 2019 is as follows:
 
     2020      2019  
TVRSU
      
Units awarded
      5,559,678      4,639,119
Weighted-average share price at award date
    $ 0.82    $ 3.02
Weighted-average vesting period (years)
      3.0        3.0  
PVRSU
      
Units awarded
      2,696,774      1,623,399
Weighted-average share price at award date
    $ 0.91    $ 3.13
Three-year performance period ended December 31
      2022        2021  
Weighted-average award date fair value
    $ 1.14    $ 3.61
Summary of Status of Non-Vested Restricted Shares
A summary of the status of
non-vested
RSUs at December 31, 2021 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)
      —       $ —        —        $ —  
Awarded
      1,735,843     16.68      1,457,842      20.82
Vested
      —         —          —          —    
Forfeited
      (66,081 )      16.44      —          —    
  
 
 
       
 
 
     
Non-vested
RSUs at December 31, 2021 (Successor)
      1,669,762   $ 16.69      1,457,842    $ 20.82
  
 
 
       
 
 
     
 
(1)
For awards granted during 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.
Noble Incentive Plan  
Class of Stock [Line Items]  
Assumptions used to Value Performance-Vested Restricted Stock Awards 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:
     February 19, 2021     October 1, 2021     December 1, 2021  
Valuation assumptions:
       
Expected volatility
      50.0 %      92.2 %      95.1 % 
Expected dividend yield
      —   %      —   %      —   % 
Risk-free interest rate
      0.19 %      0.33 %      0.58 % 
Summary of Restricted Share Awards
A summary of the RSUs awarded for the period from February 6, 2021 through December 31, 2021 is as follows:
 
     2021  
Equity-classified TVRSU
   
Units awarded
      1,735,843
Weighted-average share price at award date
    $ 16.68
Weighted-average vesting period (years)
      2.94  
Liability-classified TVRSU
   
Units awarded
      52,364
Weighted-average share price at award date
    $ 16.76
Weighted-average vesting period (years)
      2.81  
PVRSU
   
Units awarded
      1,457,842
Weighted-average share price at award date
    $ 16.74
Three-year performance period ended December 31
      2023  
Weighted-average award date fair value
    $ 20.82
Summary of Status of Non-Vested Restricted Shares
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 prior to 2019, the number of PVRSUs shown equals the shares that would vest if the “maximum” level of performance was achieved. The minimum number of shares was zero and the “target” level of performance was
50
 
percent of the amounts shown. For awards granted during 2020 and 2019, 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.
v3.22.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Schedule of Changes in Accumulated Balances for Components of AOCI
The following table presents the changes in the accumulated balances for each component of “Accumulated other comprehensive income (loss)” during 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. All amounts within the tables are shown net of tax.
 
     Defined Benefit
Pension Items 
(1)
     Foreign Currency
Items		     Total  
Balance at 12/31/2019 (Predecessor)
    $ (40,635 )    $ (17,754 )    $ (58,389 ) 
    
 
 
    
 
 
    
 
 
  
Activity during period:
                         
Other comprehensive loss before reclassifications
      —         (521 )      (521 ) 
Amounts reclassified from AOCI
      898       —         898  
    
 
 
    
 
 
    
 
 
  
Net other comprehensive loss
      898       (521 )      377  
    
 
 
    
 
 
    
 
 
  
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 AOCI
      224       —         224  
    
 
 
    
 
 
    
 
 
  
Net other comprehensive income (loss)
      224       (116 )      108  
    
 
 
    
 
 
    
 
 
  
Cancellation of Predecessor equity
      39,513       18,391       57,904  
    
 
 
    
 
 
    
 
 
  
Balance at Balance at 2/5/2021 (Predecessor)
    $ —       $ —       $ —    
    
 
 
    
 
 
    
 
 
  
     Defined Benefit
Pension Items 
(1)
      Foreign Currency
Items		      Total  
                          
Balance at Balance at 2/6/2021 (Successor)
    $ —        $ —        $ —    
    
 
 
     
 
 
     
 
 
  
Activity during period:
                           
Other comprehensive income before reclassifications
      —          —          —    
Amounts reclassified to AOCI
      5,389        —          5,389  
    
 
 
     
 
 
     
 
 
  
Net other comprehensive income
      5,389        —          5,389  
    
 
 
     
 
 
     
 
 
  
Balance at December 31, 2021
    $ 5,389      $ —        $ 5,389  
    
 
 
     
 
 
     
 
 
  
 
(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 14— Employee Benefit Plans” for additional information.
v3.22.0.1
Revenue and Customers (Tables) - Noble Finance Company [Member]
 11 Months Ended
Dec. 31, 2021
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, 2021		     Predecessor
December 31, 2020		  
Current contract assets
    $ 5,744     $ 10,687  
Noncurrent contract assets
      —         3,174  
    
 
 
    
 
 
  
Total contract assets
      5,744       13,861  
    
 
 
    
 
 
  
Current contract liabilities (deferred revenue)
      (18,403 )      (34,990 ) 
Noncurrent contract liabilities (deferred revenue)
      (9,352 )      (24,896 ) 
    
 
 
    
 
 
  
Total contract liabilities
    $ (27,755 )    $ (59,886 ) 
    
 
 
    
 
 
  
     Contract
Assets		      Contract
Liabilities		  
Net balance at December 31, 2019 (Predecessor)
    $ 30,800      $ (65,055 ) 
Amortization of deferred costs
      (27,043 )       —    
Additions to deferred costs
      10,104        —    
Amortization of deferred revenue
      —          57,915  
Additions to deferred revenue
      —          (52,746 ) 
    
 
 
     
 
 
  
Total
      (16,939 )       5,169  
    
 
 
     
 
 
  
Net balance at December 31, 2020 (Predecessor)
    $ 13,861      $ (59,886 ) 
    
 
 
     
 
 
  
Amortization of deferred costs
      (1,607 )       —    
Additions to deferred costs
      432        —    
Amortization of deferred revenue
      —          4,142  
Additions to deferred revenue
      —          (25,479 ) 
Fresh start accounting revaluation
      (12,686 )       72,936  
    
 
 
     
 
 
  
Total
      (13,861 )       51,599  
    
 
 
     
 
 
  
Net balance at 2/5/21 (Predecessor)
    $ —        $ (8,287 ) 
    
 
 
     
 
 
  
                   
Net balance at 2/6/21 (Successor)
    $ —        $ (8,287 ) 
Amortization of deferred costs
      (3,908 )       —    
Additions to deferred costs
      9,652        —    
Amortization of deferred revenue
      —          13,729  
Additions to deferred revenue
      —          (33,197 ) 
    
 
 
     
 
 
  
Total
      5,744        (19,468 ) 
    
 
 
     
 
 
  
Net balance at 12/31/2021 (Successor)
    $ 5,744      $ (27,755 ) 
    
 
 
     
 
 
  
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,  
     2022      2023      2024      2025      2026 and
beyond		      Total  
Floaters
    $ 11,930      $ 9,323      $ 29      $ —        $ —        $ 21,282  
Jackups
      6,473        —          —          —          —          6,473  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 18,403      $ 9,323      $ 29      $ —        $ —        $ 27,755  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Schedule of Disaggregation of Revenue by Rig Types
The following table provides information about contract drilling revenue by rig types:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Floaters
    $ 482,283     $ 50,057     $ 491,407     $ 727,177  
Jackups
      225,848       23,994       417,829       518,881  
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 708,131     $ 74,051     $ 909,236     $ 1,246,058  
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.22.0.1
Leases (Tables) - Noble Finance Company
 11 Months Ended
Dec. 31, 2021
Supplemental Financial Information and Lease Cost
Supplemental balance sheet information related to
leases
was as follows:
 
     Successor     Predecessor  
     December 31, 2021     December 31, 2020  
Operating Leases
       
 
        
Operating lease right-of-use assets
   $ 17,066     $ 26,648  
Current operating lease liabilities
      3,923       1,942  
Long-term operating lease liabilities
(1)
      13,166       4,969  
Weighted average remaining lease term for operating leases (years)
      6.25       7.8  
Weighted average discounted rate for operating leases
      9.5 %      11.1 % 
 
(1)
 
$21.0 million of lease liabilities were classified as “Liabilities subject to compromise” on our Consolidated Balance Sheet at December 31, 2020.
 
The components of lease cost were as follows:
 
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		  
Operating lease cost
    $ 4,803      $ 365      $ 9,065  
Short-term lease cost
      634        (124 )       2,893  
Variable lease cost
      412        (605 )       1,265  
    
 
 
     
 
 
     
 
 
  
Total lease cost
    $ 5,849      $ (364 )     $ 13,223  
    
 
 
     
 
 
     
 
 
  
Supplemental cash flow information related to leases was as follows:
 
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		  
Operating cash flows used for operating leases
    $ 5,568      $ 979      $ 9,614  
Right-of-use
assets obtained in exchange for a lease liability
      9,647        —          1,217  
Maturities of Lease Liabilities
Maturities of lease liabilities as of December 31, 2021 were as follows:
 
     Operating Leases  
2022
    $ 5,245  
2023
      4,375  
2024
      4,252  
2025
      2,881  
2026
      2,523  
Thereafter
      4,332  
    
 
 
  
Total lease payments
      23,608  
Less: Interest
      (6,372 ) 
    
 
 
  
Present value of lease liability
    $ 17,236  
    
 
 
  
v3.22.0.1
Income Taxes (Tables) - Noble Finance Company [Member]
 11 Months Ended
Dec. 31, 2021
Components of Net Deferred Taxes
The components of the net deferred taxes are as follows:
 
     Successor
2021		      Predecessor
2020		  
Deferred tax assets
      
United States
      
Net operating loss carry forwards
    $ 3,485    $ 79,047
Disallowed interest deduction carryforwards
      —          62,337
Deferred pension plan amounts
      3,427      10,568
Accrued expenses not currently deductible
      5,780      5,625
Other
      121      3,178
Non-United
States
      
Net operating loss carry forwards
      1,013,281      47,187
Transition attribute
      888,962      —    
Tax credits carryover
      23,849      —    
Disallowed interest deduction carryforwards
      13,625      13,625
Deferred pension plan amounts
      —          558
Accrued expenses not currently deductible
      170      —    
  
 
 
     
 
 
  
Deferred tax assets
      1,952,700      222,125
Less: valuation allowance
      (1,899,092 )       (191,835 ) 
  
 
 
     
 
 
  
Net deferred tax assets
    $ 53,608    $ 30,290
  
 
 
     
 
 
  
Deferred tax liabilities
      
United States
      
Excess of net book basis over remaining tax basis
    $ —      $ (30,349 ) 
Contract asset
      (10,067 )       —    
Deferred revenue
      (3,438 )       —    
Other
      (1,116 )       (1,796 ) 
Non-United
States
      
Excess of net book basis over remaining tax basis
      (690 )       (5,474 ) 
Contract asset
      (4,173 )       —    
Other
      (1,912 )       (1,272 ) 
  
 
 
     
 
 
  
Deferred tax liabilities
      (21,396 )       (38,891 ) 
  
 
 
     
 
 
  
Net deferred tax assets (liabilities)
    $ 32,212    $ (8,601 ) 
  
 
 
     
 
 
  
Income (Loss) from Continuing Operations Before Income Taxes
Loss from continuing operations before income taxes consists of the following:
 
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		      Year Ended
December 31, 2019		  
United States
    $ (47,686 )     $ 1,878,637    $ (2,150,591 )     $ (65,062 ) 
Non-United
States
      150,033      (1,624,986 )       (2,088,271 )       (844,022 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 102,347    $ 253,651    $ (4,238,862 )     $ (909,084 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Income Tax Provision for Continuing Operations
The income tax provision (benefit) for continuing operations consists of the following:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through

December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Current- United States
    $ (33,323 )    $ —     $ (257,552 )    $ (34,726 ) 
Current-
Non-United
States
      67,952     922     23,474     14,011
Deferred- United States
      (7,460 )      (4,689 )      (57,514 )      (5,307 ) 
Deferred-
Non-United
States
      (26,804 )      7,190     31,189     (12,518 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 365   $ 3,423   $ (260,403 )    $ (38,540 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
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.
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Gross balance at beginning of period
    $ 37,156   $ 37,721   $ 130,837   $ 161,256
Additions based on tax positions related to current year
      26,463     1,347     20,266     934
Additions for tax positions of prior years
      21,465     —         206     224
Reductions for tax positions of prior years
      (12,331 )      (5 )      (109,330 )      (28,542 ) 
Expiration of statutes
      (9,310 )      (1,907 )      (4,258 )      (1,629 ) 
Tax settlements
      —         —         —         (1,406 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Gross balance at end of period
      63,443     37,156     37,721     130,837
Related tax benefits
      (384 )      (384 )      (384 )      (400 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net reserve at end of period
    $ 63,059   $ 36,772   $ 37,337   $ 130,437
  
 
 
    
 
 
    
 
 
    
 
 
  
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:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		  
Reserve for uncertain tax positions, excluding interest and penalties
    $ 63,059   $ 36,772   $ 37,337
Interest and penalties included in “Other liabilities”
      11,930     5,273     5,164
  
 
 
    
 
 
    
 
 
  
Reserve for uncertain tax positions, including interest and penalties
    $ 74,989   $ 42,045   $ 42,501
  
 
 
    
 
 
    
 
 
  
Schedule of Effective Tax Rate Reconciliation
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Effect of:
   
 
      
Tax rates which are different than the Cayman Islands (Successor) and UK (Predecessor) rates
      22.6 %      0.5 %      0.4 %      4.3 % 
Tax impact of asset impairment and disposition
      — %      — %      4.5 %      0.3 % 
Tax impact of restructuring
      — %      1.0 %      2.1 %      (4.1 )% 
Tax impact of the tax regulation change
      — %      — %      0.9 %      — % 
Tax impact of valuation allowance
      (25.2 )%      — %      (4.3 )%      0.5 % 
Resolution of (reserve for) tax authority audits
      2.9 %      (0.2 )%      2.5 %      3.2 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
      0.3 %      1.3 %      6.1 %      4.2 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
v3.22.0.1
Employee Benefit Plans (Tables) - Noble Finance Company [Member]
 11 Months Ended
Dec. 31, 2021
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:
 
     Successor      Predecessor  
     Period From February 6,
2021 through
December 31, 2021		      Period From January 1,
2021 through
February 5, 2021		     Year Ended December 31,
2020		  
    
Non-US
     US     
Non-US
     US    
Non-US
     US  
Benefit obligation at beginning of period
    $ 63,729   $ 256,417    $ 67,943   $ 266,090   $ 62,485   $ 240,249
Interest cost
      1,228     5,993      97     615     1,877     7,567
Actuarial loss (gain)
      1,548     (6,465 )       (4,366 )      (6,491 )      7,190     28,266
Plan amendments
      —         —          —         —         104     —    
Benefits paid
      (2,456 )      (7,199 )       (138 )      (1,515 )      (2,261 )      (8,024 ) 
Settlements and curtailments
      —         (5,208 )       —         (2,282 )      (3,751 )      (1,968 ) 
Foreign exchange rate changes
      (983 )      —          193     —         2,299     —    
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Benefit obligation at end of period
    $ 63,066   $ 243,538    $ 63,729   $ 256,417   $ 67,943   $ 266,090
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Reconciliation of Changes in Fair Value of Plan Assets
A reconciliation of the changes in fair value of plan assets is as follows:
 
     Successor      Predecessor  
     Period From February 6,
2021 through
December 31, 2021		      Period From January 1,
2021 through
February 5, 2021		     Year Ended December 31,
2020		  
    
Non-US
     US     
Non-US
     US    
Non-US
     US  
Fair value of plan assets at beginning of period
    $ 79,146     $ 221,743      $ 83,808     $ 222,417     $ 76,429     $ 194,160  
Actual return on plan assets
      2,998       12,254        (4,763 )      838       8,741       36,247  
Employer contributions
      —         5,240        —         2,285       —         2,002  
Benefits paid
      (2,456 )      (7,199 )       (138 )      (1,515 )      (2,261 )      (8,024 ) 
Settlement and curtailment
      —         (5,208 )       —         (2,282 )      (3,751 )      (1,968 ) 
Foreign exchange rate changes
      (1,223 )      —          239       —         4,650       —    
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Fair value of plan assets at end of period
    $ 78,465     $ 226,830      $ 79,146     $ 221,743     $ 83,808     $ 222,417  
    
 
 
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Funded Status of Plans
The funded status of the plans is as follows:
 
     Successor
Year Ended December 31,		      Predecessor
Year Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Funded status
    $ 15,399      $ (16,708 )     $ 15,865      $ (43,673 ) 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the Consolidated Balance Sheets consist of:
 
     Successor
Year Ended December 31,		      Predecessor
Year Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Other assets (noncurrent)
    $ 15,399      $ 971      $ 15,865      $ —    
Other liabilities (current)
      —          (67 )       —          (8,169 ) 
Other liabilities (noncurrent)
      —          (17,612 )       —          (35,504 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Net amount recognized
    $ 15,399      $ (16,708 )     $ 15,865      $ (43,673 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in AOCI consist of:
 
     Successor      Predecessor  
     As of December 31, 2021      As of December 31, 2020  
    
Non-US
      US     
Non-US
      US  
Net actuarial (gain) loss
    $ (369 )     $ (6,496 )     $ 3,108      $ 47,094  
Deferred income tax asset (liability)
      112        1,364        (558 )       (9,890 ) 
    
 
 
     
 
 
     
 
 
     
 
 
  
Accumulated other comprehensive income (loss)
    $ (257 )     $ (5,132 )     $ 2,550      $ 37,204  
    
 
 
     
 
 
     
 
 
     
 
 
  
Schedule of Pension Costs
Pension costs include the following components:
 
    Successor     Predecessor  
    Period From
February 6, 2021
through December 31,
2021		     Period From
January 1, 2021
through February 5,
2021		     Year Ended December 31,  
    2020     2019  
   
Non-US
     US    
Non-US
     US    
Non-US
     US    
Non-US
     US  
Service cost
   $ —       $ —       $ —       $ —       $ —       $ —       $ —       $ —    
Interest cost
     1,228       5,993       97       615       1,877       7,567       1,814       8,711  
Return on plan assets
     (845 )      (11,648 )      (85 )      (1,239 )      (1,649 )      (11,676 )      (2,471 )      (10,313 ) 
Amortization of prior service cost
     —         —         1       —         10       —         10       —    
Recognized net actuarial loss
     —         —         —         281       —         2,866       —         2,771  
Settlement and curtailment gains
     —         (575 )      —         301       9       154       —         (37 ) 
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net pension benefit cost (gain)
   $ 383     $ (6,230 )    $ 13     $ (42 )    $ 247     $ (1,089 )    $ (647 )    $ 1,132  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Disaggregated Plan Information
Disaggregated information regarding our
non-US
and US plans is summarized below:
 
     Successor
Years Ended December 31,		      Predecessor
Years Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Projected benefit obligation
    $ 63,066      $ 243,538      $ 67,943      $ 266,090  
Accumulated benefit obligation
      63,066        243,538        67,943        266,090  
Fair value of plan assets
      78,465        226,830        83,808        222,417  
Plans in which PBO Exceeded Fair Value
     Successor
Years Ended December 31,		      Predecessor
Years Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Projected benefit obligation
    $ —      $ 207,059    $ —      $ 266,090
Fair value of plan assets
      —          189,382      —          222,417
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, 2021 and 2020. 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 Years
Ended December 31,		      Predecessor Years
Ended December 31,		  
     2021      2020  
    
Non-US
      US     
Non-US
      US  
Accumulated benefit obligation
    $ —      $ 207,059    $ —      $ 266,090
Fair value of plan assets
      —          189,382      —          222,417
Defined Benefit Plans Key Assumptions
The key assumptions for the plans are summarized below:
 
    Successor      Predecessor  
    Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		     Year Ended December 31, 2020  
   
    Non-US    
         US         
    Non-US    
         US        
    Non-US    
         US      
Weighted-average assumptions used to determine benefit obligations:
    
 
         
Discount Rate
     1.80%      
2.63% - 2.89%
        1.80%      
1.92% - 2.77%
       1.40%      
1.82% - 2.60%
  
Rate of compensation increase
     N/A       N/A        N/A       N/A       N/A       N/A  
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Years Ended December 31,  
  2020     2019  
    
Non-US
    
Non-US
    
Non-US
    
Non-US
  
Weighted-average assumptions used to determine periodic benefit cost:
   
 
      
Discount Rate
      1.80 %      1.80 %      2.10 %      2.90 % 
Expected long-term return on assets
      1.20 %      1.20 %      2.90 %      3.70 % 
Rate of compensation increase
      N/A       N/A       N/A       N/A  
    Successor      Predecessor  
    Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		     Years Ended December 31,  
  2020      2019  
    US      US     US      US  
Weighted-average assumptions used to determine periodic benefit cost:
  
 
        
Discount Rate
    
1.92% - 2.77%
       
1.82% - 2.60%
       2.56% - 3.32%        3.65% - 4.29%  
Expected long-term return on assets
     5.00% - 5.80%        5.10% - 6.10%      
5.40% - 6.30%
       
5.40% - 6.50%
  
Rate of compensation increase
     N/A        N/A       N/A        N/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, 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
    $ 938    $ 938    $ —      $ —  
Equity securities:
            
International companies
      10,546      10,546      —          —    
Fixed income securities:
            
Corporate bonds
      66,981      66,981      —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 78,465    $ 78,465    $ —      $ —  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
Predecessor:
    As of December 31, 2020  
            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
    $ 5,405    $ 5,405    $ —      $ —  
Equity securities:
            
International companies
      4,179      4,179      —          —    
Fixed income securities:
            
Corporate bonds
      72,407      72,407      —          —    
Other
      1,817      1,817      —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 83,808    $ 83,808    $ —      $ —  
  
 
 
     
 
 
     
 
 
     
 
 
  
The actual fair values of US plan assets are as follows:
 
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 States
      86,237      —        86,237      —  
Fixed income securities:
            
Corporate bonds
      103,504      100,342      3,162      —  
Treasury bonds
      33,371      33,371      —        —  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 226,830    $ 137,431    $ 89,399    $ —
  
 
 
     
 
 
     
 
 
     
 
 
  
 
Predecessor:
   
As of December 31, 2020
  
           
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
    $ 1,727    $ 1,727    $ —    $ —
Equity securities:
            
United States
      78,019      32,387      45,632      —  
International
      32,310      32,310      —        —  
Fixed income securities:
            
Corporate bonds
      83,645      82,669      976      —  
Treasury bonds
      26,716      26,716      —        —  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 222,417    $ 175,809    $ 46,608    $ —
  
 
 
     
 
 
     
 
 
     
 
 
  
Estimated Benefit Payments
The following table summarizes our estimated benefit payments at December 31, 2021:
 
    
 
     
Payments by Period
  
    
Total
     
2022
     
2023
     
2024
     
2025
     
2026
     
Thereafter
  
Estimated benefit payments
                                                               
Non-US
plans
    $ 30,302      $ 2,514      $ 2,616      $ 2,723      $ 2,835      $ 2,951      $ 16,663  
US plans
      110,107        9,710        10,190        10,397        10,844        11,059        57,907  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total estimated benefit payments
    $ 140,409      $ 12,224      $ 12,806      $ 13,120      $ 13,679      $ 14,010      $ 74,570  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
v3.22.0.1
Fair Value of Financial Instruments (Tables)
 11 Months Ended
Dec. 31, 2021
Noble Finance Company [Member]  
Schedule of 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:
 
    
12/31/2021 (Successor)
  
           
Estimated Fair Value Measurements
  
    
Carrying Amount
     
Quoted Prices in
Active Markets
(Level 1)
     
Significant Other
Observable Inputs
(Level 2)
     
Significant Unobservable
Inputs
(Level 3)
  
Assets -
                                    
Marketable securities
    $ 7,645      $ 7,645      $ —        $ —    
 
    
12/31/2020 (Predecessor)
  
           
Estimated Fair Value Measurements
  
    
Carrying Amount
     
Quoted Prices in
Active Markets
(Level 1)
     
Significant Other
Observable Inputs
(Level 2)
     
Significant Unobservable
Inputs
(Level 3)
  
Assets -
                                    
Marketable securities
    $ 12,326      $ 12,326      $ —      $ —  
v3.22.0.1
Segment and Related Information (Tables) - Noble Finance Company [Member]
 11 Months Ended
Dec. 31, 2021
Summary of Revenue from External Customers and Long-Lived Assets, by Geographical Areas
The following table presents revenues and long lived assets by country based on the location of the service provided during the Successor period:
 
     Revenues     
Long-Lived Assets as of
  
     Period From
February 6, 2021
through
December 31, 2021		      December 31, 2021  
Australia
    $ 1,954    $ 20,704
Brazil
      251      1,702
Canada
      10      —    
Canary Islands
      —          88,092
Denmark
      25,119      18,407
Guyana
      244,638      678,852
Indonesia
      23,964      —    
Malaysia
      —          7,341
Mauritania
      29,616      —    
Mexico
      11,022      —    
Norway
      20,351      228,687
Qatar
      23,247      20,487
Saudi Arabia
      75,676      371
Suriname
      62,090      —    
Timor-Leste
      32,257      —    
Trinidad and Tobago
      35,710      19,387
United Arab Emirates
      —          607
United Kingdom
      28,126      53,198
United States
      156,294      360,478
Other
      —          55
  
 
 
     
 
 
  
Total
    $ 770,325    $ 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     
Long-Lived Assets as of
  
     Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		      Year Ended
December 31, 2019		      December 31, 2020  
Australia
    $ 54    $ 50,434    $ 33,623    $ 20,886
Brazil
      —          —          —          4,794
Bulgaria
      —          —          61,525      —    
Canada
      —          28,915      46,147      —    
Denmark
      —          7,662      31,076      —    
Egypt
      —          —          49,209      —    
Gabon
      —          147      —          —    
Guyana
      23,012      222,088      132,414      1,753,914
Malaysia
      —          —          251,497      6,310
Myanmar
      —          21,084      56,207      —    
     Revenues     
Long-Lived Assets as of
  
     Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		      Year Ended
December 31, 2019		      December 31, 2020  
Qatar
    $ 2,263      $ 31,024      $ 36,948      $ 18,582  
Saudi Arabia
      10,745        133,246        154,807        301,121  
Suriname
      6,029        61,474        17,374        565,327  
Trinidad and Tobago
      4,995        9,468        —          18,355  
United Arab Emirates
      —          —          —          18,134  
United Kingdom
      7,142        180,610        243,063        674,704  
United States
      23,241        209,401        191,548        223,653  
Vietnam
      —          8,719        —          —    
Other
      —          —          —          130  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 77,481      $ 964,272      $ 1,305,438      $ 3,605,910  
    
 
 
     
 
 
     
 
 
     
 
 
  
Schedules of Significant Customers
The following table sets forth revenues from our customers as a percentage of our consolidated operating revenues:
 
     Successor     Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		     Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019
 (1)
  
Royal Dutch Shell plc (“Shell”)
      13.3 %      30 %      21.7 %      36.5 % 
Exxon Mobil Corporation (“ExxonMobil”)
      39.1 %      29.8 %      26.6 %      13.7 % 
Equinor ASA (“Equinor”)
      3.1 %      5.2 %      14.3 %      13.1 % 
Saudi Arabian Oil Company (“Saudi Aramco”)
      9.8 %      13.9 %      13.8 %      11.9 % 
 
(1)
 
Excluding the
Noble Bully II
contract buyout, revenues from Shell, ExxonMobil, Equinor and Saudi Aramco accounted for approximately 27.1 percent, 15.7 percent, 15.1 percent and 13.6 percent, respectively, of our consolidated operating revenues for the year ended December 31, 2019.
v3.22.0.1
Supplemental Financial Information (Tables) - Noble Finance Company [Member]
 11 Months Ended
Dec. 31, 2021
Schedule of Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities
The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:
 
     Noble  
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Accounts receivable
    $ 6,245      $ (41,344 )    $ 50,802     $ 2,057  
Other current assets
      2,295        17,884       (866 )      3,573  
Other assets
      (11,650 )       8,521       (2,369 )      16,218  
Accounts payable
      11,429        (16,819 )      357       (2,279 ) 
Other current liabilities
      4,312        11,428       8,582       (4,700 ) 
Other liabilities
      32,928        (5,846 )      (10,941 )      (24,577 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
Total net change in assets and liabilities
    $ 45,559      $ (26,176 )    $ 45,565     $ (9,708 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
 
     Finco  
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		     Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Accounts receivable
    $ 6,245      $ (41,344 )    $ 19,588     $ 2,057  
Other current assets
      (594 )       19,398       7,830       4,046  
Other assets
      (11,618 )       8,512       (800 )      18,749  
Accounts payable
      15,822        (14,061 )      (11,018 )      (2,182 ) 
Other current liabilities
      4,125        11,623       16,055       (4,549 ) 
Other liabilities
      32,700        (5,936 )      (10,941 )      (24,577 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
Total net change in assets and liabilities
    $ 46,680      $ (21,808 )    $ 20,714     $ (6,456 ) 
    
 
 
     
 
 
    
 
 
    
 
 
  
Additional Cash Flow Information
 
Additional cash flow information is as follows:
 
     Noble  
     Successor      Predecessor  
     Period From
February 6,
2021 through
December 31,
2021		      Period From
January 1,
2021
through
February 5,
2021		      Year Ended
December 31,
2020		     Year Ended
December 31,
2019		  
Cash paid during the period for:
           
Interest, net of amounts capitalized
    $ 21,150    $ —    $ 138,040   $ 289,457
Income taxes paid (refunded), net (1)
      (8,113 )       4,385      (133,708 )      8,181
 
     Finco  
     Successor      Predecessor  
     Period From
February 6, 2021
through
December 31, 2021		      Period From
January 1, 2021
through
February 5, 2021		      Year Ended
December 31, 2020		     Year Ended
December 31, 2019		  
Cash paid during the period for:
           
Interest, net of amounts capitalized
    $ 21,150    $ —    $ 138,040   $ 289,457
Income taxes paid (refunded), net (1)
      (8,113 )       4,385      (133,708 )      8,181
 
  (1)
The net tax refund for the period from February 6, 2021 to December 31, 2021 excludes withholding tax in Guyana of $15.1 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax refund would be $23.3 million. The net tax refund for the period from January 1, 2021 to February 5, 2021 excludes withholding tax in Guyana of $1.4 million on gross revenue reimbursed by Exxon. Excluding such withholding tax, the net tax payment would be $3.0 million.
v3.22.0.1
Organization and Basis of Presentation (Details)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Sep. 24, 2020
Subsidiary
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
JACKUP
RIG
FLOATER
Dec. 31, 2021
USD ($)
JACKUP
RIG
FLOATER
segment
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Number of jackups (vessel) | JACKUP     8 8    
Number of reportable segments | segment       1    
Number of additional subsidiaries filed bankruptcy | Subsidiary 6          
Restricted cash     $ 2,600 $ 2,600 $ 21,700  
Period for incurring maintenance costs, minimum       3 years    
Period for incurring maintenance costs, maximum       5 years    
Standard drilling contracts, term       2 days    
Net loss from discontinued operations, net of tax           $ (3,821)
Drilling Equipment | Minimum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Maximum useful life of property plant and equipment       3 years    
Other | Minimum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Maximum useful life of property plant and equipment       2 years    
Noble Finance Company            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Number of drilling rigs (vessel) | RIG     20 20    
Number of floaters (vessel) | FLOATER     12 12    
Restricted cash     $ 2,600 $ 2,600 1,700  
Accounts receivable, allowance for credit loss     0 0 1,100  
Capital accruals       36,500 35,300  
Deferred revenues   $ 8,287 27,755 27,755 59,886 65,055
Deferred expenses under drilling contracts     5,700 5,700 13,900  
Loss reserves for personal injury and protection claims     14,800 $ 14,800 30,900  
Net loss from discontinued operations, net of tax   $ 0 $ 0   $ 0 $ (3,821)
Noble Finance Company | Maximum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Standard drilling contracts, term       60 months    
Noble Finance Company | Drilling Equipment | Maximum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Maximum useful life of property plant and equipment       30 years    
Noble Finance Company | Other | Maximum            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Maximum useful life of property plant and equipment       40 years    
v3.22.0.1
Chapter 11 Emergence - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions
Feb. 05, 2021
USD ($)
MEMBER
$ / shares
shares
Dec. 31, 2021
$ / shares
Feb. 18, 2021
shares
Dec. 31, 2020
$ / shares
Debt Instrument [Line Items]        
Common stock, par value (in usd per share) | $ / shares   $ 0.00001   $ 0.01
Noble Finance Company [Member]        
Debt Instrument [Line Items]        
Plan of reorganization, number of the Successor's board of directors members | MEMBER 5      
Common stock, par value (in usd per share) | $ / shares   0.10   $ 0.10
Plan of reorganization, Management Incentive Plan, number of shares authorized and reserved     7.7  
Noble Finance Company [Member] | Secured notes | 11.000% Second Lien Notes due February 2028        
Debt Instrument [Line Items]        
Long-term debt | $ $ 216.0      
Noble Finance Company [Member] | Line of Credit | Exit Credit Agreement | Revolving Credit Facility        
Debt Instrument [Line Items]        
Debtor-in-possession financing, amount arranged | $ 675.0      
Noble Finance Company [Member] | Line of Credit | Exit Credit Agreement | Letters of credit        
Debt Instrument [Line Items]        
Debtor-in-possession financing, amount arranged | $ $ 67.5      
Noble Finance Company [Member] | Holders Of Guaranteed Notes | Ordinary Shares        
Debt Instrument [Line Items]        
Plan of reorganization, number of shares transferred 31.7      
Common stock, par value (in usd per share) | $ / shares $ 0.00001      
Noble Finance Company [Member] | 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 (in usd per share) | $ / shares $ 19.27 19.27    
Noble Finance Company [Member] | 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 (in usd per share) | $ / shares $ 23.13 23.13    
Noble Finance Company [Member] | Holders Of Legacy Notes | Ordinary Shares        
Debt Instrument [Line Items]        
Plan of reorganization, number of shares transferred 2.1      
Noble Finance Company [Member] | Participants In The Rights Offering | Ordinary Shares        
Debt Instrument [Line Items]        
Plan of reorganization, number of shares issued 7.7      
Plan of reorganization, shares issued, subscription price | $ $ 200.0      
Noble Finance Company [Member] | Backstop Parties As Holdback Securities | Ordinary Shares        
Debt Instrument [Line Items]        
Plan of reorganization, number of shares issued 5.6      
Noble Finance Company [Member] | Backstop Parties Unsubscribed Securities | Ordinary Shares        
Debt Instrument [Line Items]        
Plan of reorganization, number of shares issued 1.7      
Noble Finance Company [Member] | Backstop Parties Backstop Premiums Payment | Ordinary Shares        
Debt Instrument [Line Items]        
Plan of reorganization, number of shares issued 1.2      
Noble Finance Company [Member] | Holders Of Legacy Nobles Ordinary Shares | Tranche 3 Warrants        
Debt Instrument [Line Items]        
Plan of reorganization, warrants term 5 years      
Exercise price of warrants (in usd per share) | $ / shares $ 124.40 $ 124.40    
Plan of reorganization, number of shares issued 2.8      
Noble Finance Company [Member] | Backstop Parties | Penny Warrants        
Debt Instrument [Line Items]        
Exercise price of warrants (in usd per share) | $ / shares $ 0.01      
Number of securities called by warrants (in shares) 6.5      
Noble Finance Company [Member] | Backstop Parties | Ordinary Shares        
Debt Instrument [Line Items]        
Plan of reorganization, number of shares exchanged 6.5      
v3.22.0.1
Chapter 11 Emergence - Schedule of Components of Reorganization Items, Net (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Professional fees [1] $ (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    
Loss on fresh start adjustments (2,348,251)    
Total Reorganization items, net 252,051   $ 23,930
Payments related to professional fees 44,200    
Noble Finance Company      
Debt Instrument [Line Items]      
Professional fees [1] (8,095)    
Write-off of unrecognized share-based compensation (4,406) $ (45,500)  
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   $ 50,778
Payments related to professional fees $ 7,200    
[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.
v3.22.0.1
Fresh Start Accounting - Additional Information (Details) - Noble Finance Company
$ 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
v3.22.0.1
Fresh Start Accounting - Reorganization Value and Valuation of Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reorganization, Chapter 11 [Line Items]          
Plus: Cash and cash equivalents $ 194,138   $ 343,332    
Less: Fair value of debt (216,000)        
Fair Value of Successor Equity 1,500,627 $ 1,018,768 (311,388) $ 3,658,972 $ 4,654,574
Plus: Cash and cash equivalents 194,138   343,332    
Noble Finance Company [Member]          
Reorganization, Chapter 11 [Line Items]          
Enterprise Value   1,300,300      
Plus: Cash and cash equivalents 192,636 111,968 343,332    
Less: Fair value of debt (216,000) (393,500)      
Fair Value of Successor Equity 1,495,418 1,016,150 (213,392) $ 3,757,980 $ 4,653,468
Enterprise value   1,300,300      
Plus: Cash and cash equivalents $ 192,636 111,968 $ 343,332    
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      
Noble Finance Company [Member] | Minimum          
Reorganization, Chapter 11 [Line Items]          
Enterprise Value   1,100,000      
Enterprise value   1,100,000      
Noble Finance Company [Member] | Maximum          
Reorganization, Chapter 11 [Line Items]          
Enterprise Value   1,600,000      
Enterprise value   $ 1,600,000      
v3.22.0.1
Fresh Start Accounting - Valuation Process (Details) - Noble Finance Company [Member] - 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]  
Intangible Assets, Measurement Input 0.17
v3.22.0.1
Fresh Start Accounting - Condensed Consolidated Balance Sheet at Emergence (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current assets          
Cash and cash equivalents $ 194,138   $ 343,332    
Accounts receivable, net 200,419   147,863    
Taxes receivable 16,063   30,767    
Prepaid expenses and other current assets 45,026   80,322    
Total current assets 455,646   602,284    
Intangible assets 61,849        
Property and equipment, at cost 1,555,975   4,777,697    
Accumulated depreciation (77,275)   (1,200,628)    
Property and equipment, net 1,478,700   3,577,069    
Other assets 77,247   84,584    
Total assets 2,073,442   4,263,937    
Current liabilities          
Accounts payable 120,389   95,159    
Accrued payroll and related costs 48,346   36,553    
Taxes payable 28,735   36,819    
Other current liabilities 41,136   49,820    
Total current liabilities 248,394   218,351    
Long-term debt 216,000        
Deferred income taxes 13,195   9,292    
Other liabilities 95,226   108,039    
Liabilities subject to compromise     4,239,643    
Total liabilities 572,815   4,575,325    
Shareholders' equity          
Common stock 1   2,511    
Additional paid-in capital 1,393,255   814,796    
Accumulated deficit 101,982   (1,070,683)    
Accumulated other comprehensive income (loss) 5,389   (58,012)    
Total shareholders' equity (deficit) 1,500,627 $ 1,018,768 (311,388) $ 3,658,972 $ 4,654,574
Total liabilities and equity 2,073,442   4,263,937    
Noble Finance Company [Member]          
Current assets          
Cash and cash equivalents 192,636 111,968 343,332    
Accounts receivable, net 200,419 189,207 147,863    
Taxes receivable 16,063 32,556 30,767    
Prepaid expenses and other current assets 36,545 32,681 50,469    
Total current assets 445,663 366,412 603,645    
Intangible assets 61,849 113,389      
Property and equipment, at cost 1,555,975 1,155,725 4,777,697    
Accumulated depreciation (77,275) 0 (1,200,628)    
Property and equipment, net 1,478,700 1,155,725 3,577,069    
Other assets 77,247 70,420 84,584    
Total assets 2,063,459 1,705,946 4,265,298    
Current liabilities          
Accounts payable 116,030 81,949 83,649    
Accrued payroll and related costs 48,346 35,615 36,516    
Taxes payable 28,735 34,211 36,819    
Other current liabilities 40,949 33,635 49,820    
Total current liabilities 243,848 185,410 206,804    
Long-term debt 216,000 393,500      
Deferred income taxes 13,195 21,525 9,292    
Other liabilities 94,998 86,743 108,039    
Liabilities subject to compromise   0 4,154,555    
Total liabilities 568,041 687,178 4,478,690    
Shareholders' equity          
Common stock 26,125 1 26,125    
Additional paid-in capital 1,393,410 1,018,767 766,714    
Accumulated deficit 70,494 0 (948,219)    
Accumulated other comprehensive income (loss) 5,389 0 (58,012)    
Total shareholders' equity (deficit) 1,495,418 1,016,150 (213,392) $ 3,757,980 $ 4,653,468
Total liabilities and equity $ 2,063,459 1,705,946 $ 4,265,298    
Noble Finance Company [Member] | 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 income (loss)   (57,904)      
Total shareholders' equity (deficit)   (246,239)      
Total liabilities and equity   4,239,349      
Noble Finance Company [Member] | 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 income (loss)   0      
Total shareholders' equity (deficit)   3,575,075      
Total liabilities and equity   (215,313)      
Noble Finance Company [Member] | Fresh Start Adjustments          
Current assets          
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          
Common stock   2,500      
Additional paid-in capital   815,500      
Accumulated deficit   (2,367,972)      
Accumulated other comprehensive income (loss)   57,904      
Total shareholders' equity (deficit)   (2,310,068)      
Total liabilities and equity   $ (2,318,090)      
v3.22.0.1
Fresh Start Accounting - Reorganization Adjustment to Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents $ 194,138   $ 343,332
Noble Finance Company [Member]      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents $ 192,636 $ 111,968 $ 343,332
Noble Finance Company [Member] | Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents   (205,994)  
Noble Finance Company [Member] | Proceeds from Rights Offering      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents   200,000  
Noble Finance Company [Member] | Proceeds from the Revolving Credit Facility, net of issuance costs      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents   167,361  
Noble Finance Company [Member] | Transfer of cash from restricted cash      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents   300  
Noble Finance Company [Member] | Payment of professional service fees      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents   (23,261)  
Noble Finance Company [Member] | Payment of the pre-petition revolving credit facility principal and accrued interest      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents   (550,019)  
Noble Finance Company [Member] | Deconsolidation of NHUK      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents   (300)  
Noble Finance Company [Member] | Payment of recurring debt fees      
Reorganization, Chapter 11 [Line Items]      
Cash and cash equivalents   $ (75)  
v3.22.0.1
Fresh Start Accounting - Reorganization Adjustment to Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets $ 45,026   $ 80,322
Noble Finance Company [Member]      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets $ 36,545 $ 32,681 $ 50,469
Noble Finance Company [Member] | Payment of professional service fees      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets   (12,380)  
Noble Finance Company [Member] | Payment of Paragon litigation settlement form escrow      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets   (7,700)  
Noble Finance Company [Member] | Transfer of restricted cash to cash      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets   (300)  
Noble Finance Company [Member] | Adjustment to miscellaneous receivables related to the deconsolidation of NHUK upon emergence      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets   78  
Noble Finance Company [Member] | Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets   $ (20,302)  
v3.22.0.1
Fresh Start Accounting - Reorganization Adjustments, Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]      
Other assets $ 77,247   $ 84,584
Accounts payable 120,389   95,159
Other current liabilities 41,136   49,820
Long-term debt 216,000    
Deferred income taxes 13,195   9,292
Other liabilities 95,226   108,039
Noble Finance Company [Member]      
Reorganization, Chapter 11 [Line Items]      
Other assets 77,247 $ 70,420 84,584
Accounts payable 116,030 81,949 83,649
Other current liabilities 40,949 33,635 49,820
Long-term debt 216,000 393,500  
Deferred income taxes 13,195 21,525 9,292
Other liabilities $ 94,998 86,743 $ 108,039
Noble Finance Company [Member] | Capitalization of long-term debt issuance costs      
Reorganization, Chapter 11 [Line Items]      
Other assets   11,100  
Noble Finance Company [Member] | Adjustments on deferred tax assets      
Reorganization, Chapter 11 [Line Items]      
Other assets   (100)  
Noble Finance Company [Member] | Payment of professional service fees      
Reorganization, Chapter 11 [Line Items]      
Accounts payable   (15,200)  
Noble Finance Company [Member] | Reinstatement of trade payables from liabilities subject to compromise      
Reorganization, Chapter 11 [Line Items]      
Accounts payable   8,000  
Noble Finance Company [Member] | 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  
Noble Finance Company [Member] | Cancellation of cash-based compensation plans      
Reorganization, Chapter 11 [Line Items]      
Other liabilities   (100)  
Noble Finance Company [Member] | Reinstatement of right-of-use lease liabilities      
Reorganization, Chapter 11 [Line Items]      
Other liabilities   $ 4,700  
v3.22.0.1
Fresh Start Accounting - Reorganization Adjustments, Liabilities subject to Compromise Settled or Reinstated (Details) - USD ($)
$ in Thousands
 1 Months Ended
Feb. 05, 2021
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]    
Total consolidated liabilities subject to compromise   $ 4,239,643
Gain on settlement of liabilities subject to compromise $ 2,556,147  
Noble Finance Company [Member]    
Reorganization, Chapter 11 [Line Items]    
Total consolidated liabilities subject to compromise 0 $ 4,154,555
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  
Noble Finance Company [Member] | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Accrued and unpaid interest 110,300  
Protection and indemnity insurance liabilities 25,669  
Accounts payable and other payables 8,163  
Estimated loss on litigation 15,700  
Lease liabilities 6,054  
Total consolidated liabilities subject to compromise 4,143,812  
Noble Finance Company [Member] | 4.900% Senior Notes due August 2020 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   4.90%
Noble Finance Company [Member] | 4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 62,535  
Noble Finance Company [Member] | 4.625% Senior Notes due March 2021 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   4.625%
Noble Finance Company [Member] | 4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 79,937  
Noble Finance Company [Member] | 3.950% Senior Notes due March 2022 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   3.95%
Noble Finance Company [Member] | 3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 21,213  
Noble Finance Company [Member] | 7.750% Senior Notes due January 2024 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   7.75%
Noble Finance Company [Member] | 7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 397,025  
Noble Finance Company [Member] | 7.950% Senior Notes due April 2025 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   7.95%
Noble Finance Company [Member] | 7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 450,000  
Noble Finance Company [Member] | 7.875% Senior Notes due February 2026 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   7.875%
Noble Finance Company [Member] | 7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 750,000  
Noble Finance Company [Member] | 6.200% Senior Notes due August 2040 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   6.20%
Noble Finance Company [Member] | 6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 393,597  
Noble Finance Company [Member] | 6.050% Senior Notes due March 2041 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   6.05%
Noble Finance Company [Member] | 6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 395,000  
Noble Finance Company [Member] | 5.250% Senior Notes due March 2042 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   5.25%
Noble Finance Company [Member] | 5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 483,619  
Noble Finance Company [Member] | 8.950% Senior Notes due April 2045 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   8.95%
Noble Finance Company [Member] | 8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise 400,000  
Noble Finance Company [Member] | 5.958% Revolving Credit Facility Due January 2023 | Senior Unsecured Notes    
Reorganization, Chapter 11 [Line Items]    
Interest rate on senior notes   5.958%
Noble Finance Company [Member] | 5.958% Revolving Credit Facility Due January 2023 | Senior Unsecured Notes | Predecessor    
Reorganization, Chapter 11 [Line Items]    
Debt subject to compromise $ 545,000  
v3.22.0.1
Fresh Start Accounting - Reorganization Adjustments to Common Stock and Additional Paid in Capital (Details) - USD ($)
$ in Thousands
 1 Months Ended
Feb. 05, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reorganization, Chapter 11 [Line Items]            
Ordinary Shares     $ 1 $ 2,511    
Additional paid-in capital     1,393,255 814,796    
Total shareholders' equity (deficit) $ 1,018,768 $ 1,018,768 1,500,627 (311,388) $ 3,658,972 $ 4,654,574
Common Stock            
Reorganization, Chapter 11 [Line Items]            
Issuance of common stock (in shares)   50,000,000        
Total shareholders' equity (deficit) 1 $ 1 1 2,511 2,492 2,468
Noble Finance Company [Member]            
Reorganization, Chapter 11 [Line Items]            
Ordinary Shares 1 1 26,125 26,125    
Additional paid-in capital 1,018,767 1,018,767 1,393,410 766,714    
Total shareholders' equity (deficit) $ 1,016,150 1,016,150 1,495,418 (213,392) 3,757,980 4,653,468
Noble Finance Company [Member] | Common Stock            
Reorganization, Chapter 11 [Line Items]            
Issuance of common stock (in shares) 50,000,000          
Total shareholders' equity (deficit) $ 26,125 26,125 $ 26,125 $ 26,125 $ 26,125 $ 26,125
Noble Finance Company [Member] | Ordinary Shares            
Reorganization, Chapter 11 [Line Items]            
Additional paid-in capital 875,931 875,931        
Noble Finance Company [Member] | Warrant            
Reorganization, Chapter 11 [Line Items]            
Additional paid-in capital $ 142,836 $ 142,836        
v3.22.0.1
Fresh Start Accounting - Reorganization Adjustments to Accumulated Deficit (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2021
Reorganization, Chapter 11 [Line Items]      
Gain on settlement of liabilities subject to compromise $ 2,556,147    
Reorganization items, net (252,051) $ (23,930)  
Retained earnings (accumulated deficit)   (1,070,683) $ 101,982
Noble Finance Company [Member]      
Reorganization, Chapter 11 [Line Items]      
Gain on settlement of liabilities subject to compromise 2,556,147    
Professional fees and success fees (15,017)    
Write-off of unrecognized share-based compensation (4,406)    
Reorganization items, net (195,395) (50,778)  
Retained earnings (accumulated deficit) 0 $ (948,219) $ 70,494
Noble Finance Company [Member] | Reorganization Adjustments      
Reorganization, Chapter 11 [Line Items]      
Reorganization items, net 2,536,724    
Retained earnings (accumulated deficit) 3,374,323    
Noble Finance Company [Member] | Cancellation of Predecessor common stock and additional paid-in capital      
Reorganization, Chapter 11 [Line Items]      
Retained earnings (accumulated deficit) 820,299    
Noble Finance Company [Member] | Cancellation of Predecessor cash and equity compensation plans      
Reorganization, Chapter 11 [Line Items]      
Retained earnings (accumulated deficit) 2,183    
Noble Finance Company [Member] | Issuance of Successor warrants to Predecessor equity holders      
Reorganization, Chapter 11 [Line Items]      
Retained earnings (accumulated deficit) (1,807)    
Noble Finance Company [Member] | Deconsolidation of NHUK      
Reorganization, Chapter 11 [Line Items]      
Retained earnings (accumulated deficit) (222)    
Noble Finance Company [Member] | Recognition of recurring debt fees      
Reorganization, Chapter 11 [Line Items]      
Retained earnings (accumulated deficit) (75)    
Noble Finance Company [Member] | Tax impacts of reorganization      
Reorganization, Chapter 11 [Line Items]      
Retained earnings (accumulated deficit) $ 17,221    
v3.22.0.1
Fresh Start Accounting - Fresh Start Adjustment, Capitalized Deferred Costs, Deferred Revenue and Pension Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets $ 45,026   $ 80,322
Other assets 77,247   84,584
Other current liabilities 41,136   49,820
Other liabilities 95,226   108,039
Noble Finance Company [Member]      
Reorganization, Chapter 11 [Line Items]      
Prepaid expenses and other current assets 36,545 $ 32,681 50,469
Other assets 77,247 70,420 84,584
Other current liabilities 40,949 33,635 49,820
Other liabilities $ 94,998 86,743 $ 108,039
Noble Finance Company [Member] | 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)  
Noble Finance Company [Member] | 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  
Noble Finance Company [Member] | 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)  
Noble Finance Company [Member] | 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  
Noble Finance Company [Member] | 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)  
v3.22.0.1
Fresh Start Accounting - Fresh Start Adjustment, Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]      
Common stock $ 1   $ 2,511
Additional paid-in capital 1,393,255   814,796
Intangible assets 61,849    
Long-term debt 216,000    
Deferred income taxes 13,195   9,292
Accumulated other comprehensive income (loss) 5,389   (58,012)
Noble Finance Company [Member]      
Reorganization, Chapter 11 [Line Items]      
Common stock 26,125 $ 1 26,125
Additional paid-in capital 1,393,410 1,018,767 766,714
Intangible assets 61,849 113,389  
Long-term debt 216,000 393,500  
Deferred income taxes 13,195 21,525 9,292
Accumulated other comprehensive income (loss) $ 5,389 0 $ (58,012)
Noble Finance Company [Member] | Fresh Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Common stock   2,500  
Additional paid-in capital   815,500  
Intangible assets   113,389  
Long-term debt   41,446  
Deferred income taxes   29,550  
Accumulated other comprehensive income (loss)   $ 57,904  
v3.22.0.1
Fresh Start Accounting - Fresh Start Adjustments, Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost $ 1,555,975   $ 4,777,697
Accumulated depreciation (77,275)   (1,200,628)
Property and equipment, net 1,478,700   3,577,069
Noble Finance Company [Member]      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost 1,555,975 $ 1,155,725 4,777,697
Accumulated depreciation (77,275) 0 (1,200,628)
Property and equipment, net 1,478,700 1,155,725 3,577,069
Noble Finance Company [Member] | Drilling equipment and facilities      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost   1,070,931  
Noble Finance Company [Member] | Construction in progress      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost $ 77,363 75,159 $ 99,812
Noble Finance Company [Member] | Other      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost   9,635  
Noble Finance Company [Member] | 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  
Noble Finance Company [Member] | Predecessor | Drilling equipment and facilities      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost   4,355,384  
Noble Finance Company [Member] | Predecessor | Construction in progress      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost   231,626  
Noble Finance Company [Member] | Predecessor | Other      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost   200,651  
Noble Finance Company [Member] | Fresh Start Adjustments      
Reorganization, Chapter 11 [Line Items]      
Property and equipment, at cost   (3,631,936)  
Accumulated depreciation   1,221,033  
Property and equipment, net   $ (2,410,903)  
v3.22.0.1
Fresh Start Accounting - Fresh Start Adjustments, Net Change in Accumulated Deficit (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 05, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2021
Reorganization, Chapter 11 [Line Items]        
Prepaid expenses and other current assets     $ 80,322 $ 45,026
Intangible assets       61,849
Property and equipment, net     3,577,069 1,478,700
Other assets     84,584 77,247
Other current liabilities     (49,820) (41,136)
Less: Fair value of debt       (216,000)
Other liabilities     (108,039) (95,226)
Accumulated other comprehensive income (loss)     58,012 (5,389)
Reorganization items, net   $ 252,051 23,930  
Retained earnings (accumulated deficit)     (1,070,683) 101,982
Noble Finance Company [Member]        
Reorganization, Chapter 11 [Line Items]        
Prepaid expenses and other current assets $ 32,681 32,681 50,469 36,545
Intangible assets 113,389 113,389   61,849
Property and equipment, net 1,155,725 1,155,725 3,577,069 1,478,700
Other assets 70,420 70,420 84,584 77,247
Other current liabilities (33,635) (33,635) (49,820) (40,949)
Less: Fair value of debt (393,500) (393,500)   (216,000)
Other liabilities (86,743) (86,743) (108,039) (94,998)
Accumulated other comprehensive income (loss) 0 0 58,012 (5,389)
Reorganization items, net   195,395 50,778  
Retained earnings (accumulated deficit) 0 0 $ (948,219) $ 70,494
Noble Finance Company [Member] | 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    
Less: Fair value of debt (41,446) (41,446)    
Deferred income taxes (9,829) (9,829)    
Other liabilities 26,405 26,405    
Accumulated other comprehensive income (loss) (57,904) (57,904)    
Reorganization items, net (2,348,251)      
Tax impact of fresh start adjustments (19,721)      
Retained earnings (accumulated deficit) $ (2,367,972) $ (2,367,972)    
v3.22.0.1
Acquisitions and Divestitures - Additional Information (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended 11 Months Ended
Nov. 10, 2021
USD ($)
Director
$ / shares
Aug. 25, 2021
USD ($)
Apr. 15, 2021
USD ($)
shares
Jun. 30, 2021
USD ($)
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
floater
$ / shares
Dec. 31, 2021
USD ($)
floater
$ / shares
Nov. 10, 2021
kr / shares
Dec. 31, 2020
$ / shares
Business Acquisition [Line Items]                  
Merger and integration costs             $ 24,792    
Gain on bargain purchase         $ 0   $ 62,305    
Common stock, par value (in usd per share) | $ / shares           $ 0.00001 $ 0.00001   $ 0.01
Noble [Member] | Topco [Member]                  
Business Acquisition [Line Items]                  
Number of board directors | Director 3                
Noble Finance Company [Member]                  
Business Acquisition [Line Items]                  
Number of floaters acquired | floater           7 7    
Number of floaters sold | floater           2 2    
Merger and integration costs             $ 8,289    
Common stock, par value (in usd per share) | $ / shares           $ 0.10 $ 0.10   $ 0.10
Noble Finance Company [Member] | Business Combination Agreement [Member]                  
Business Acquisition [Line Items]                  
Business combination percentage of shareholder approval 80.00%                
Noble Finance Company [Member] | Purchase and Sale Agreement [Member]                  
Business Acquisition [Line Items]                  
Proceeds from sale of floaters   $ 292,400              
Gain (loss) on disposition jack rigs   $ 185,900              
Purchase and sale agreement covenants terms   (i) one year for purposes of drilling gas wells and (ii) two years for the purposes of drilling oil wells.              
Noble Finance Company [Member] | Topco Class A Shares [Member] | Business Combination Agreement [Member]                  
Business Acquisition [Line Items]                  
Common stock, par value (in usd per share) | $ / shares $ 0.00001                
Noble Finance Company [Member] | Topco [Member]                  
Business Acquisition [Line Items]                  
Number of board directors | Director 7                
Noble Finance Company [Member] | Topco [Member] | Business Combination Agreement [Member]                  
Business Acquisition [Line Items]                  
Ownership percentage at closing of Merger 50.00%                
Noble Finance Company [Member] | Topco [Member] | Business Combination Agreement [Member] | Maximum [Member]                  
Business Acquisition [Line Items]                  
Ownership percentage at closing of Merger 50.80%                
Noble Finance Company [Member] | Topco [Member] | Business Combination Agreement [Member] | Minimum [Member]                  
Business Acquisition [Line Items]                  
Ownership percentage at closing of Merger 49.20%                
Pacific Drilling | Noble Corp                  
Business Acquisition [Line Items]                  
Ownership percentage at closing of Merger     24.90%            
Pacific Drilling | Noble Finance Company [Member]                  
Business Acquisition [Line Items]                  
Business acquisition, membership interest conversion ratio     6.366            
Business acquisition, warrants conversion ratio     1.553            
Number of shares received by acquiree (in shares) | shares     16,600            
Proceeds from sale of floaters       $ 29,700          
Merger and integration costs             $ 15,900    
Gain on bargain purchase     $ 62,305            
Business combination provisional information accounting incomplete adjustment valuation allowance on the deferred tax assets           $ 2,200      
Maersk Drilling [Member] | Noble Finance Company [Member] | Business Combination Agreement [Member]                  
Business Acquisition [Line Items]                  
Interest acquired 90.00%                
Business acquisition, share price | kr / shares               kr 10  
Business combination percentage of shareholder approval 80.00%                
Payments to acquire businesses, gross $ 50,000                
Business combination maximum percentage of voting rights and shares agreed to acquire 100.00%                
Business combination percentage of shareholder approval minimum 70.00%                
Business combination exchange ratio 1.6137                
Business combination aggregate cash consideration cap $ 1,000                
Maersk Drilling [Member] | Noble Finance Company [Member] | Topco [Member]                  
Business Acquisition [Line Items]                  
Number of board directors | Director 3                
v3.22.0.1
Acquisitions and Divestitures - Allocation of Purchase Price (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 11 Months Ended
Apr. 15, 2021
USD ($)
$ / shares
shares
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
Liabilities assumed:      
Gain on bargain purchase   $ 0 $ 62,305
Noble Finance Company [Member] | Pacific Drilling      
Business Acquisition [Line Items]      
Pacific Drilling membership interests outstanding (in shares) | shares 2,500    
Business acquisition, membership interest conversion ratio 6.366    
Preliminary purchase price allocation, membership interests (in shares) | shares 15,915    
Pacific Drilling warrants outstanding (in shares) | shares 441    
Business acquisition, warrants conversion ratio 1.553    
Preliminary purchase price allocation, warrants (in shares) | shares 685    
Number of shares received by acquiree (in shares) | shares 16,600    
Noble common stock price on April 15, 2021 (in USD per share) | $ / shares $ 21.55    
Total 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    
Other current liabilities 2,900    
Accrued payroll and related costs 16,128    
Taxes payable 1,951    
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    
Purchase price consideration $ 357,662    
v3.22.0.1
Acquisitions and Divestitures - Revenue and Net Income of Acquiree subsequent to the Closing of Merger (Details) - Pacific Drilling - Noble Finance Company [Member]
$ in Thousands
 11 Months Ended
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]  
Revenue $ 94,506
Net loss $ (46,646)
v3.22.0.1
Acquisitions and Divestitures - Pro Forma Financial Information (Details) - Pacific Drilling - Noble Finance Company [Member]
$ / shares in Units, $ in Thousands
 11 Months Ended
Dec. 31, 2021
USD ($)
$ / shares
Business Acquisition [Line Items]  
Revenue | $ $ 792,999
Net income | $ $ 69,966
Net income per share, Basic (in USD per share) | $ / shares $ 1.05
Net income per share, Diluted (in USD per share) | $ / shares $ 0.98
v3.22.0.1
Earnings 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, 2020
Dec. 31, 2019
Basic        
Net income (loss) from continuing operations $ 250,228 $ 101,982 $ (3,978,459) $ (696,769)
Net loss from discontinued operations, net of tax       (3,821)
Diluted        
Net income (loss) from continuing operations $ 250,228 $ 101,982 $ (3,978,459) (696,769)
Net loss from discontinued operations, net of tax       $ (3,821)
Denominator:        
Weighted average shares outstanding — basic (in shares) 251,115 63,186 250,792 248,949
Weighted average shares outstanding — diluted (in shares) 256,571 67,628 250,792 248,949
Basic:        
Income (loss) from continuing operations (usd per share) $ 1.00 $ 1.61 $ (15.86) $ (2.79)
Loss from discontinued operations (usd per share)       (0.02)
Net income (loss) attributable to Noble Corporation 1.00 1.61 (15.86) (2.81)
Diluted:        
Income (loss) from continuing operations (usd per share) 0.98 1.51 (15.86) (2.79)
Loss from discontinued operations (usd per share)       (0.02)
Net income (loss) attributable to Noble Corporation $ 0.98 $ 1.51 $ (15.86) $ (2.81)
Noble Finance Company        
Basic        
Net income (loss) from continuing operations $ 250,228 $ 101,982 $ (3,978,459) $ (696,769)
Net loss from discontinued operations, net of tax 0 0 0 (3,821)
Net income (loss) attributable to Noble Corporation 250,228 101,982 (3,978,459) (700,590)
Diluted        
Net income (loss) from continuing operations 250,228 101,982 (3,978,459) (696,769)
Net loss from discontinued operations, net of tax 0 0 0 (3,821)
Net income (loss) attributable to Noble Corporation $ 250,228 $ 101,982 $ (3,978,459) $ (700,590)
Denominator:        
Weighted average shares outstanding — basic (in shares) 251,115 63,186 250,792 248,949
Dilutive effect of share-based awards (in shares) 5,456 3,180 0 0
Dilutive effect of warrants (in shares) 0 1,262 0 0
Weighted average shares outstanding — diluted (in shares) 256,571 67,628 250,792 248,949
Basic:        
Income (loss) from continuing operations (usd per share) $ 1.00 $ 1.61 $ (15.86) $ (2.79)
Loss from discontinued operations (usd per share) 0 0 0 (0.02)
Net income (loss) attributable to Noble Corporation 1.00 1.61 (15.86) (2.81)
Diluted:        
Income (loss) from continuing operations (usd per share) 0.98 1.51 (15.86) (2.79)
Loss from discontinued operations (usd per share) 0 0 0 (0.02)
Net income (loss) attributable to Noble Corporation $ 0.98 $ 1.51 $ (15.86) $ (2.81)
v3.22.0.1
Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - Noble Finance Company - shares
shares in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement        
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 6,082 11,892
Warrant        
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 0 0
v3.22.0.1
Property and Equipment - Additional Information (Details)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
rig
Dec. 31, 2019
USD ($)
Property, Plant and Equipment [Line Items]        
Loss on impairment $ 0 $ 0 $ 3,915,408 $ 615,294
Noble Finance Company        
Property, Plant and Equipment [Line Items]        
Loss on impairment 0 0 3,915,408 615,294
Capital expenditures 10,300 159,900 148,200 306,400
Capitalized interest on construction-in-progress 0 2,000 $ 0 9,600
Number of rigs sold | rig     6  
Rigs sold, net book value     $ 17,100  
Total proceeds     26,700  
Gain on sale of rigs     8,900  
Property Damage Insurance Coverage Deductible Amount   10,000    
Property Damage Insurance Coverage Limit Amount Per Claim   50,000    
Noble Finance Company | Drilling equipment and facilities        
Property, Plant and Equipment [Line Items]        
Loss on impairment $ 0 0   $ 615,300
Noble Finance Company | Drillships        
Property, Plant and Equipment [Line Items]        
Loss on impairment     $ 3,900,000  
Noble Finance Company | Rig Noble Globetrotter II        
Property, Plant and Equipment [Line Items]        
Unusual or infrequent item, or both, loss assets written off   5,400    
Unusual or Infrequent Item, or Both, Insurance Proceeds   $ 7,500    
v3.22.0.1
Property and Equipment - Schedule of Property and Equipment, at Cost (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost $ 1,555,975   $ 4,777,697
Noble Finance Company      
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost 1,555,975 $ 1,155,725 4,777,697
Noble Finance Company | Drilling Equipment And Facilities [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost 1,467,772   4,476,960
Noble Finance Company | Construction in Progress [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost 77,363 $ 75,159 99,812
Noble Finance Company | Other Capitalized Property Plant and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property and equipment, at cost $ 10,840   $ 200,925
v3.22.0.1
Loss on Impairment - Additional Information (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
FLOATER
Dec. 31, 2020
JACKUP
Mar. 31, 2020
USD ($)
FLOATER
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
FLOATER
Dec. 31, 2019
USD ($)
FLOATER
Property, Plant and Equipment [Line Items]                
Loss on impairment $ 0         $ 0 $ 3,915,408 $ 615,294
Noble Finance Company                
Property, Plant and Equipment [Line Items]                
Loss on impairment $ 0         $ 0 $ 3,915,408 $ 615,294
Number of impairment oil and gas properties     3 9 4   7 2
Noble Finance Company | Capital Spare Equipment                
Property, Plant and Equipment [Line Items]                
Loss on impairment             $ 3,900,000  
Noble Finance Company | Nobel Series [Member]                
Property, Plant and Equipment [Line Items]                
Loss on impairment   $ 2,800,000     $ 1,100,000   $ 24,000  
Noble Finance Company | Noble Bully II Noble Paul Romano And Certain Capital Spare Equipment [Member]                
Property, Plant and Equipment [Line Items]                
Loss on impairment               $ 615,300
Noble Finance Company | Noble Bully II                
Property, Plant and Equipment [Line Items]                
Loss on impairment               595,500
Noble Finance Company | Noble Bully II Attributable To Joint Venture Partner [Member]                
Property, Plant and Equipment [Line Items]                
Loss on impairment               $ 265,000
v3.22.0.1
Debt - Additional Information (Details) - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Jul. 20, 2020
Apr. 20, 2020
Feb. 05, 2021
Apr. 30, 2020
Mar. 31, 2019
Feb. 28, 2019
Sep. 30, 2018
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Apr. 02, 2021
Jul. 31, 2019
Jan. 31, 2018
Dec. 21, 2017
Debt Instrument [Line Items]                                
Repayments of debt       $ 0         $ 0 $ 101,132,000 $ 400,000,000          
Borrowings on credit facilities       177,500,000         40,000,000 210,000,000 755,000,000          
Gain (loss) on extinguishment of debt, net       0         0 17,254,000 30,616,000          
Noble Finance Company                                
Debt Instrument [Line Items]                                
Repayments of debt       0         0 101,132,000 400,000,000          
Borrowings on credit facilities       177,500,000         40,000,000 210,000,000 755,000,000          
Gain (loss) on extinguishment of debt, net       $ 0         0 17,254,000 30,616,000          
Rig, Noble Joe Knight | Noble Finance Company                                
Debt Instrument [Line Items]                                
Purchase price of asset acquired             $ 83,800,000                  
Rig, Noble Johnny Whitstine | Noble Finance Company                                
Debt Instrument [Line Items]                                
Purchase price of asset acquired               $ 93,800,000                
Interest Payable In Cash | Second Lien Notes Indenture | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, Interest rate on borrowings 11.00%     11.00%                        
Interest Payable Half In Cash And Half By Issuing P I K Notes | Second Lien Notes Indenture | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, Interest rate on borrowings 13.00%     13.00%                        
Interest Payable By Issuing P I K Notes | Second Lien Notes Indenture | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, Interest rate on borrowings 15.00%     15.00%                        
Participants In The Rights Offering | Ordinary Shares | Noble Finance Company                                
Debt Instrument [Line Items]                                
Plan of reorganization, shares issued, subscription price $ 200,000,000.0     $ 200,000,000.0                        
Participants In The Rights Offering | Ordinary Shares | Second Lien Notes Indenture | Noble Finance Company                                
Debt Instrument [Line Items]                                
Plan of reorganization, shares issued, subscription price 200,000,000.0     200,000,000.0                        
Line of Credit | The 2017 Credit Facility | Noble Finance Company                                
Debt Instrument [Line Items]                                
Maximum borrowing capacity under credit facilities                           $ 1,300,000,000   $ 1,500,000,000
Outstanding borrowings                   545,000,000.0            
Borrowings on credit facilities         $ 100,000,000.0                      
Line of Credit | 2015 Credit Facility | Noble Finance Company                                
Debt Instrument [Line Items]                                
Loss on extinguishment of debt                       $ 2,300,000        
Secured Debt | Second Lien Notes Indenture | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, amount arranged $ 216,000,000.0     216,000,000.0                        
Debtor-in-possession financing, backstop fee       $ 16,000,000.0                        
Debt redemption rice, percentage of principal amount redeemed 106.00%                              
Debt redemption, change of control period 120 days                              
Secured Debt | Seller Loan Due February 2023 [Member] | Noble Finance Company                                
Debt Instrument [Line Items]                                
Financed value             $ 53,600,000 $ 60,000,000.0                
Principal payment due at the end of the term, percentage             95.00% 95.00%                
Repayments of debt     $ 48,100,000                          
Period following payment date for debt termination   90 days                            
Long-term debt   $ 0                            
Senior unsecured revolving credit facility maturity period             4 years 4 years                
Principal payment due at the end of the third year, percentage             5.00% 5.00%                
Interest rate, paid in cash             4.25% 4.25%                
Paid-in-kind interest rate             1.25% 1.25%                
Paid in cash and paid-in-kind interest rate             8.91% 8.91%                
Secured Debt | 2018 Seller Loan | Noble Finance Company                                
Debt Instrument [Line Items]                                
Repayments of debt     $ 53,600,000                          
Period following payment date for debt termination   90 days                            
Secured Debt | Seller loans | Noble Finance Company                                
Debt Instrument [Line Items]                                
Minimum liquidity               $ 300,000,000.0                
Principal payment due at the end of the term, percentage         85.00%                      
Debt to total capitalization ratio requirement               0.55                
Gain (loss) on extinguishment of debt, net                   17,300,000            
Senior Notes | Noble Finance Company                                
Debt Instrument [Line Items]                                
Gain (loss) on extinguishment of debt, net           $ 31,300,000                    
Aggregate principal amount of senior notes repurchased           440,900,000                    
Debt repurchase amount           $ 400,000,000.0                    
Credit facility | Noble Finance Company                                
Debt Instrument [Line Items]                                
Maximum borrowing capacity under credit facilities                             $ 300,000,000.0  
Credit facility | 2015 Credit Facility | Noble Finance Company                                
Debt Instrument [Line Items]                                
Extinguishment of debt                     $ 300,000,000.0          
Credit facility | Line of Credit | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, letters of credit outstanding                 8,800,000              
Credit facility | Line of Credit | Exit Credit Agreement                                
Debt Instrument [Line Items]                                
Debt financial maintenance covenant, ratio of asset coverage aggregate rig value to aggregate principal amount of loans and letters of credit outstanding 2.00     2.00                        
Credit facility | Line of Credit | Exit Credit Agreement | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, amount arranged $ 675,000,000.0     $ 675,000,000.0                        
Debtor-in-possession financing, borrowings outstanding                 177,500,000              
Debtor-in-possession financing, increase of basis spread on variable rate 50.00%     50.00%                        
Debtor-in-possession financing, basis spread on variable rate, additional increase under conditions 50.00%     50.00%                        
Debt restrictive covenants, maximum available cash after borrowings $ 100,000,000.0     $ 100,000,000.0                        
Debt covenant, consolidated leverage ratio (maximum) 5.50     5.50                        
Debt restrictive covenants, outstanding borrowing $ 610,000,000.0     $ 610,000,000.0                        
Debt restrictive covenants, asset coverage ratio 2.00     2.00                        
Debt mandatory prepayments term, available cash benchmark $ 150,000,000.0     $ 150,000,000.0                        
Minimum liquidity $ 25,000,000.0     $ 25,000,000.0                        
Credit facility | Line of Credit | The 2017 Credit Facility | Noble Finance Company                                
Debt Instrument [Line Items]                                
Credit facility, ability to increase (up to)                   500,000,000.0            
Credit facility | Line of Credit | Debt Covenant Period One | Exit Credit Agreement | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debt financial maintenance covenant, ratio of adjusted EBITDA to cash interest expense 2.00     2.00                        
Credit facility | Line of Credit | Debt Covenant Period Two | Exit Credit Agreement | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debt financial maintenance covenant, ratio of adjusted EBITDA to cash interest expense 2.25     2.25                        
Credit facility | Line of Credit | LIBOR | Exit Credit Agreement | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, increase of basis spread on variable rate 4.75%     4.75%                        
Credit facility | Line of Credit | Base Rate | Exit Credit Agreement | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, increase of basis spread on variable rate 3.75%     3.75%                        
Credit facility | Line of Credit | Base Rate | Exit Credit Agreement | Reserve-Adjusted One-Month LIBOR | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, increase of basis spread on variable rate 1.00%     1.00%                        
Credit facility | Letters of credit | Exit Credit Agreement | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, borrowings outstanding                 0              
Debtor-in-possession financing, letters of credit outstanding $ 8,800,000     $ 8,800,000                        
Credit facility | Unsecured Debt | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, letters of credit outstanding                 $ 6,300,000              
Letters Of Credit and Surety Bonds | Line of Credit | Noble Finance Company                                
Debt Instrument [Line Items]                                
Outstanding borrowings                   6,000,000.0            
Letters of credit | The 2017 Credit Facility | Noble Finance Company                                
Debt Instrument [Line Items]                                
Outstanding borrowings                         $ 545,000,000.0      
Letters of credit | Line of Credit | Exit Credit Agreement | Noble Finance Company                                
Debt Instrument [Line Items]                                
Debtor-in-possession financing, amount arranged $ 67,500,000     $ 67,500,000                        
Letter of Credit | Line of Credit | The 2017 Credit Facility | Noble Finance Company                                
Debt Instrument [Line Items]                                
Current borrowing capacity                   15,000,000.0            
Outstanding borrowings                   $ 8,800,000            
v3.22.0.1
Debt - Estimated Fair Value of Long-Term Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]      
Long-term debt   $ 216,000  
Write-off of debt financing costs and discount $ 4,406    
Noble Finance Company      
Debt Instrument [Line Items]      
Long-term debt 393,500 216,000  
Write-off of debt financing costs and discount 4,406 45,500  
Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   216,000 $ 3,977,926
Current maturities of long-term debt   0 0
Long-term debt   216,000 0
Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   236,792 898,938
Current maturities of long-term debt   0 0
Long-term debt   236,792 0
Line of Credit | Carrying Value | Revolving Credit Facility | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 0
Line of Credit | Estimated Fair Value | Revolving Credit Facility | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 0
11.000% Second Lien Notes due February 2028 | Secured notes | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt $ 216,000    
11.000% Second Lien Notes due February 2028 | Secured notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   216,000 0
11.000% Second Lien Notes due February 2028 | Secured notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   236,792 0
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 62,535
4.900% Senior Notes due August 2020 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 1,366
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 79,936
4.625% Senior Notes due March 2021 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 1,596
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 21,213
3.950% Senior Notes due March 2022 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 354
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 397,025
7.750% Senior Notes due January 2024 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 7,925
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 450,000
7.950% Senior Notes due April 2025 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 8,348
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 750,000
7.875% Senior Notes due February 2026 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 301,935
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 393,596
6.200% Senior Notes due August 2040 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 7,966
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 395,002
6.050% Senior Notes due March 2041 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 7,327
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 483,619
5.250% Senior Notes due March 2042 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 9,701
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 400,000
8.950% Senior Notes due April 2045 | Senior Unsecured Notes | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 7,420
The 2017 Credit Facility | Line of Credit | Carrying Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   0 545,000
The 2017 Credit Facility | Line of Credit | Estimated Fair Value | Noble Finance Company      
Debt Instrument [Line Items]      
Total debt   $ 0 $ 545,000
v3.22.0.1
Equity - Narrative (Details) - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 01, 2021
Oct. 01, 2021
Feb. 19, 2021
Feb. 18, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares outstanding and trading (in shares)           60,172,000 60,172,000 251,084,000    
Common stock, par value (usd per share)           $ 0.00001 $ 0.00001 $ 0.01    
Common stock           $ 1,000 $ 1,000 $ 2,511,000    
TVRSUs                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Incremental fair value awarded as a result of the issuance of awards             $ 300,000      
Noble Finance Company                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares outstanding and trading (in shares)           261,246,000 261,246,000 261,246,000    
Additional conditionally authorized shares without additional shareholder approval (in shares)           8,700,000 8,700,000      
Common stock, par value (usd per share)           $ 0.10 $ 0.10 $ 0.10    
Common stock         $ 1,000 $ 26,125,000 $ 26,125,000 $ 26,125,000    
Percentage of warrant holders for cashless exercise of warrants           20.00% 20.00%      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 0          
Noble Finance Company | Tranche 1 Warrants                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of warrants or rights outstanding           8,300,000 8,300,000      
Number of ordinary shares into which each warrant or right may be converted           1 1      
Warrants and Rights Outstanding, Maturity Date           Feb. 04, 2028 Feb. 04, 2028      
Noble Finance Company | Tranche 1 Warrants | Holders of Legacy Notes                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Exercise price per share or per unit of warrants or rights outstanding         19.27 $ 19.27 $ 19.27      
Noble Finance Company | Tranche 2 Warrants                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of warrants or rights outstanding           8,300,000 8,300,000      
Number of ordinary shares into which each warrant or right may be converted           1 1      
Warrants and Rights Outstanding, Maturity Date           Feb. 04, 2028 Feb. 04, 2028      
Noble Finance Company | Tranche 2 Warrants | Holders of Legacy Notes                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Exercise price per share or per unit of warrants or rights outstanding         23.13 $ 23.13 $ 23.13      
Noble Finance Company | Tranche 3 Warrants                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Number of warrants or rights outstanding           2,800,000 2,800,000      
Number of ordinary shares into which each warrant or right may be converted           1 1      
Warrants and Rights Outstanding, Maturity Date           Feb. 04, 2026 Feb. 04, 2026      
Noble Finance Company | Tranche 3 Warrants | Holders of Legacy Noble's Ordinary Shares                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Exercise price per share or per unit of warrants or rights outstanding         $ 124.40 $ 124.40 $ 124.40      
Noble Finance Company | Class of Stock, To Be Determined One [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares outstanding and trading (in shares)         500,000,000          
Common stock, par value (usd per share)         $ 0.00001          
Noble Finance Company | Class of Stock, To Be Determined Two [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Shares outstanding and trading (in shares)         100,000,000          
Common stock, par value (usd per share)         $ 0.00001          
Noble Finance Company | Subsequent Event [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Common stock         $ 6,000          
Noble Finance Company | 2015 Omnibus Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Additional shares authorized under plan (in shares)               8,700,000 5,800,000 5,000,000.0
Remaining number of shares available for grants (in shares)               40.0    
Noble Finance Company | Director Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Additional shares authorized under plan (in shares)                 900,000  
Total number of shares issuable under stock option plan (in shares)                 1,800,000  
Noble Finance Company | Noble Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Remaining number of shares available for grants (in shares)           7,700,000 7,700,000      
Compensation cost recognized           $ 16,500,000        
Compensation cost recognized net of tax           16,400,000        
Capitalized compensation costs           $ 0        
Aggregate number of common shares reserved for future issuance           7.7 7.7      
Units awarded (in shares)           78,546        
Noble Finance Company | PVRSUs                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Expected volatility               69.80% 59.60%  
Risk-free interest rate               1.40% 2.50%  
Units awarded (in shares)           1,457,842   2,696,774 1,623,399  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value           $ 20.82   $ 1.14 $ 3.61  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period           0        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period           0        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number         0 1,457,842 1,457,842      
Noble Finance Company | PVRSUs | Noble Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Total unrecognized compensation cost           $ 22,100,000 $ 22,100,000      
Period for recognizing unrecognized compensation cost             2 years      
Expected volatility 95.10% 92.20% 50.00%              
Risk-free interest rate 0.58% 0.33% 0.19%              
Units awarded (in shares)         0   1,457,842      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 0   $ 20.82      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period         0          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period         3,163,113          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number         0     3,163,113    
Noble Finance Company | TVRSUs                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Award vesting period               3 years 3 years  
Units awarded (in shares)           1,735,843   5,559,678 4,639,119  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value           $ 16.68        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period           0        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period           66,081        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number         0 1,669,762 1,669,762      
Noble Finance Company | TVRSUs | Noble Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Award vesting period       3 years            
Units awarded (in shares)         0          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 0          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period         61,050          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period         2,301,450          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number         0     2,362,500    
Noble Finance Company | Restricted Stock [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Compensation cost recognized         $ 700,000     $ 9,200,000 $ 14,700,000  
Compensation cost recognized net of tax         $ 700,000     $ 8,600,000 $ 14,100,000  
Noble Finance Company | Liability Classified Cash Incentive Awards [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Award performance period             3 years      
Expected volatility               69.80%    
Risk-free interest rate               1.40%    
Noble Finance Company | Liability Classified Time Vested Restricted Stock Units [Member]                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Total unrecognized compensation cost           $ 900 $ 900      
Units awarded (in shares)           52,364        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value           $ 16.76        
Noble Finance Company | Liability Classified Time Vested Restricted Stock Units [Member] | Noble Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Award vesting period             2 years 9 months 21 days      
Period for recognizing unrecognized compensation cost             1 year 11 months 19 days      
Units awarded (in shares)             52,364      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period           0        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period           0        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number           52,364 52,364      
Deferred Compensation Liability           $ 414,400 $ 414,400      
Noble Finance Company | Equity Classified Time Vested Restricted Stock Units [Member] | Noble Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Award vesting period             2 years 11 months 8 days      
Total unrecognized compensation cost           $ 20,100 $ 20,100      
Period for recognizing unrecognized compensation cost             2 years 1 month 2 days      
Units awarded (in shares)             1,735,843      
Noble Finance Company | Non-employee directors | Noble Incentive Plan                    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Units awarded (in shares)           52,364        
v3.22.0.1
Equity - Summary of Stock Options Granted (Details) - Noble Finance Company [Member] - $ / shares
 11 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Feb. 05, 2021
Numbers of Shares Underlying Options        
Outstanding at beginning of year (in shares) 556,155 708,400 1,103,242  
Expired (in shares) (556,155) (152,245) (394,842)  
Outstanding at end of year (in shares) 0 556,155 708,400  
Exercisable at end of year (in shares)   556,155 708,400 0
Weighted Average Exercise Price        
Outstanding at beginning of year (usd per share) $ 30.39 $ 30.90 $ 28.74  
Expired (usd per share) 30.39 32.78 24.85  
Outstanding at end of year (usd per share) $ 0 30.39 30.90  
Exercisable at end of year (usd per share)   $ 30.39 $ 30.90 $ 0
v3.22.0.1
Equity - Assumptions used to Value the Performance-Vested Restricted Stock Units (Details) - Noble Finance Company - PVRSUs
 12 Months Ended
Dec. 01, 2021
Oct. 01, 2021
Feb. 19, 2021
Dec. 31, 2020
Dec. 31, 2019
Valuation assumptions:          
Expected volatility       69.80% 59.60%
Expected dividend yield       0.00% 0.00%
Risk-free interest rate       1.40% 2.50%
Noble Incentive Plan          
Valuation assumptions:          
Expected volatility 95.10% 92.20% 50.00%    
Expected dividend yield 0.00% 0.00% 0.00%    
Risk-free interest rate 0.58% 0.33% 0.19%    
v3.22.0.1
Equity - Summary of Restricted Share Awards (Details) - Noble Finance Company - $ / shares
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 18, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Weighted-average award-date fair value (usd per share)   $ 0        
TVRSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Units awarded (in shares)     1,735,843   5,559,678 4,639,119
Weighted-average share price at award date (usd per share)         $ 0.82 $ 3.02
Weighted-average vesting period (years)         3 years 3 years
Weighted-average award-date fair value (usd per share)     $ 16.68      
PVRSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Units awarded (in shares)     1,457,842   2,696,774 1,623,399
Weighted-average share price at award date (usd per share)         $ 0.91 $ 3.13
Weighted-average award-date fair value (usd per share)     $ 20.82   $ 1.14 $ 3.61
Liability Classified Time Vested Restricted Stock Units [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Units awarded (in shares)     52,364      
Weighted-average award-date fair value (usd per share)     $ 16.76      
Noble Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Units awarded (in shares)     78,546      
Noble Incentive Plan | TVRSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Units awarded (in shares)   0        
Weighted-average vesting period (years) 3 years          
Weighted-average award-date fair value (usd per share)   $ 0        
Noble Incentive Plan | PVRSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Units awarded (in shares)   0   1,457,842    
Weighted-average share price at award date (usd per share)       $ 16.74    
Weighted-average award-date fair value (usd per share)   $ 0   $ 20.82    
Noble Incentive Plan | Equity Classified Time Vested Restricted Stock Units [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Units awarded (in shares)       1,735,843    
Weighted-average share price at award date (usd per share)       $ 16.68    
Weighted-average vesting period (years)       2 years 11 months 8 days    
Noble Incentive Plan | Liability Classified Time Vested Restricted Stock Units [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Units awarded (in shares)       52,364    
Weighted-average share price at award date (usd per share)       $ 16.76    
Weighted-average vesting period (years)       2 years 9 months 21 days    
v3.22.0.1
Equity - Summary of Status of Non-Vested Restricted Stock Units (Details) - Noble Finance Company [Member] - $ / shares
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Awarded (usd per share) $ 0        
Noble Incentive Plan [Member]          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Awarded (in shares)   78,546      
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)   0      
Awarded (in shares)   1,457,842   2,696,774 1,623,399
Vested (in shares)   0      
Forfeited (in shares)   0      
Non-vested Liability-Classified Award (in shares) 0 1,457,842 1,457,842    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Non-vested Liability-Classified Award, beginning balance (usd per shares)   $ 0      
Awarded (usd per share)   20.82   $ 1.14 $ 3.61
Vested (usd per share)   0      
Forfeited (usd per share)   0      
Non-vested Liability-Classified Award, ending balance (usd per share) $ 0 $ 20.82 $ 20.82    
PVRSUs | Noble Incentive Plan [Member]          
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 3,163,113    
Awarded (in shares) 0   1,457,842    
Vested (in shares) 0        
Forfeited (in shares) (3,163,113)        
Non-vested Liability-Classified Award (in shares) 0     3,163,113  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Non-vested Liability-Classified Award, beginning balance (usd per shares) $ 3.22 $ 0 $ 3.22    
Awarded (usd per share) 0   $ 20.82    
Vested (usd per share) 0        
Forfeited (usd per share) 3.22        
Non-vested Liability-Classified Award, ending balance (usd per share) $ 0     $ 3.22  
Minimum number of performance vested shares     0    
Target level of performance, percent     50.00%    
Maximum level of performance, percent     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)   0      
Awarded (in shares)   1,735,843   5,559,678 4,639,119
Vested (in shares)   0      
Forfeited (in shares)   (66,081)      
Non-vested Liability-Classified Award (in shares) 0 1,669,762 1,669,762    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Non-vested Liability-Classified Award, beginning balance (usd per shares)   $ 0      
Awarded (usd per share)   16.68      
Vested (usd per share)   0      
Forfeited (usd per share)   16.44      
Non-vested Liability-Classified Award, ending balance (usd per share) $ 0 $ 16.69 $ 16.69    
TVRSUs | Noble Incentive Plan [Member]          
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        
Vested (in shares) (61,050)        
Forfeited (in shares) (2,301,450)        
Non-vested Liability-Classified Award (in shares) 0     2,362,500  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]          
Non-vested Liability-Classified Award, beginning balance (usd per shares) $ 3.43 $ 0 $ 3.43    
Awarded (usd per share) 0        
Vested (usd per share) 5.46        
Forfeited (usd per share) 3.37        
Non-vested Liability-Classified Award, ending balance (usd per share) $ 0     $ 3.43  
v3.22.0.1
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, 2020
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance $ (311,388) $ 1,018,768 $ 3,658,972 $ 4,654,574
Other comprehensive income (loss), net 108 5,389 377 (1,317)
Cancellation of Predecessor equity 60,343      
Ending balance 1,018,768 1,500,627 (311,388) 3,658,972
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (58,012)   (58,389) (57,072)
Other comprehensive income (loss), net 108 5,389 377 (1,317)
Cancellation of Predecessor equity 57,904      
Ending balance   5,389 (58,012) (58,389)
Noble Finance Company [Member]        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (213,392) 1,016,150 3,757,980 4,653,468
Other comprehensive loss before reclassifications (116) 0 (521)  
Amounts reclassified from AOCI 224 5,389 898  
Other comprehensive income (loss), net 108 5,389 377 (1,317)
Cancellation of Predecessor equity 1,061,402      
Ending balance 1,016,150 1,495,418 (213,392) 3,757,980
Noble Finance Company [Member] | Defined Benefit Pension Items        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (39,737) 0 (40,635)  
Other comprehensive loss before reclassifications 0 0 0  
Amounts reclassified from AOCI 224 5,389 898  
Other comprehensive income (loss), net 224 5,389 898  
Cancellation of Predecessor equity 39,513      
Ending balance 0 5,389 (39,737) (40,635)
Noble Finance Company [Member] | Foreign Currency Items        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (18,275) 0 (17,754)  
Other comprehensive loss before reclassifications (116) 0 (521)  
Amounts reclassified from AOCI 0 0 0  
Other comprehensive income (loss), net (116) 0 (521)  
Cancellation of Predecessor equity 18,391      
Ending balance 0 0 (18,275) (17,754)
Noble Finance Company [Member] | Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Beginning balance (58,012) 0 (58,389) (57,072)
Other comprehensive income (loss), net 108 5,389 377 (1,317)
Cancellation of Predecessor equity 57,904      
Ending balance $ 0 $ 5,389 $ (58,012) $ (58,389)
v3.22.0.1
Revenue and Customers - Additional Information (Details) - USD ($)
$ in Thousands
 11 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Feb. 05, 2021
Disaggregation of Revenue [Line Items]      
Payment term 30 days    
Intangible assets $ 61,849    
Noble Finance Company [Member]      
Disaggregation of Revenue [Line Items]      
Intangible assets, gross 113,400    
Intangible assets 61,849   $ 113,389
Intangible assets, accumulated amortization   $ 51,500  
Expected amortization, 2022 43,500    
Expected amortization, 2023 $ 18,400    
Noble Finance Company [Member] | Minimum      
Disaggregation of Revenue [Line Items]      
Remaining amortization period 18 months    
Noble Finance Company [Member] | Maximum      
Disaggregation of Revenue [Line Items]      
Remaining amortization period 32 months    
v3.22.0.1
Revenue and Customers - Schedule of Contract Assets, and Contract Liabilities from Contract with Customers (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2019
Current contract assets $ 5,744   $ 10,687  
Noncurrent contract assets 0   3,174  
Total contract assets 5,744 $ 5,744 13,861 $ 30,800
Current contract liabilities (deferred revenue) (18,403)   (34,990)  
Noncurrent contract liabilities (deferred revenue) (9,352)   (24,896)  
Total contract liabilities $ (27,755) $ (8,287) $ (59,886) $ (65,055)
v3.22.0.1
Revenue and Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Contract Assets      
Contract assets, beginning balance $ 13,861 $ 5,744 $ 30,800
Amortization of deferred costs (1,607) (3,908) (27,043)
Additions to deferred costs 432 9,652 10,104
Fresh start accounting revaluation (12,686)    
Total (13,861) 5,744 (16,939)
Contract assets, ending balance 5,744 5,744 13,861
Contract Liabilities      
Contract liabilities, beginning balance (59,886) (8,287) (65,055)
Amortization of deferred revenue 4,142 (13,729) 57,915
Additions to deferred revenue (25,479) (33,197) (52,746)
Fresh start accounting revaluation 72,936    
Total 51,599 (19,468) 5,169
Contract liabilities, ending balance $ (8,287) $ (27,755) $ (59,886)
v3.22.0.1
Revenue and Customers - Remaining Performance Obligations (Details) - Noble Finance Company [Member]
$ in Thousands
Dec. 31, 2021
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 27,755
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 18,403
Performance obligation, expected timing of satisfaction 1 year
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 $ 9,323
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 $ 29
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 $ 0
Performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 0
Performance obligation, expected timing of satisfaction 1 year
Floaters  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 21,282
Floaters | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 11,930
Performance obligation, expected timing of satisfaction 1 year
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 $ 9,323
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 $ 29
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 $ 0
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
Jackups  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 6,473
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 6,473
Performance obligation, expected timing of satisfaction 1 year
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 0
Performance obligation, expected timing of satisfaction 1 year
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 0
Performance obligation, expected timing of satisfaction 1 year
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 0
Performance obligation, expected timing of satisfaction 1 year
Jackups | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Unsatisfied performance obligations $ 0
Performance obligation, expected timing of satisfaction 1 year
v3.22.0.1
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, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]        
Operating revenues $ 77,481 $ 770,325 $ 964,272 $ 1,305,438
Contract drilling services        
Disaggregation of Revenue [Line Items]        
Operating revenues 74,051 708,131 909,236 1,246,058
Noble Finance Company [Member]        
Disaggregation of Revenue [Line Items]        
Operating revenues 77,481 770,325 964,272 1,305,438
Noble Finance Company [Member] | Floaters        
Disaggregation of Revenue [Line Items]        
Operating revenues 50,057 482,283 491,407 727,177
Noble Finance Company [Member] | Jackups        
Disaggregation of Revenue [Line Items]        
Operating revenues 23,994 225,848 417,829 518,881
Noble Finance Company [Member] | Contract drilling services        
Disaggregation of Revenue [Line Items]        
Operating revenues $ 74,051 $ 708,131 $ 909,236 $ 1,246,058
v3.22.0.1
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Noble Finance Company    
Operating lease right-of-use assets $ 17,066 $ 26,648
Current operating lease liabilities 3,923 1,942
Long-term operating lease liabilities $ 13,166 $ 4,969
Weighted average remaining lease term for operating leases (years) 6 years 3 months 7 years 9 months 18 days
Weighted average discounted rate for operating leases 9.50% 11.10%
Lease liabilities classified as liabilities subject to compromise   $ 21,000
v3.22.0.1
Leases - Components of Lease Cost (Details) - Noble Finance Company - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Operating lease cost $ 365 $ 4,803 $ 9,065
Short-term lease cost 124 634 2,893
Variable lease cost 605 412 1,265
Total lease cost $ (364) $ 5,849 $ 13,223
v3.22.0.1
Leases - Supplemental Cash Flow Information (Details) - Noble Finance Company - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Operating cash flows used for operating leases $ 979 $ 5,568 $ 9,614
Right-of-use assets obtained in exchange for a lease liability $ 0 $ 9,647 $ 1,217
v3.22.0.1
Leases - Maturities of Lease Liabilities (Details) - Noble Finance Company
$ in Thousands
Dec. 31, 2021
USD ($)
2022 $ 5,245
2023 4,375
2024 4,252
2025 2,881
2026 2,523
Thereafter 4,332
Total lease payments 23,608
Less: Interest (6,372)
Present value of lease liability $ 17,236
v3.22.0.1
Income Taxes - Components of Net Deferred Taxes (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred Tax Assets, Net [Abstract]    
Deferred tax assets $ 1,952,700 $ 222,125
Less: valuation allowance (1,899,092) (191,835)
Net deferred tax assets 53,608 30,290
Deferred tax liabilities    
Deferred tax liabilities (21,396) (38,891)
Net deferred tax assets (liabilities) (32,212) (8,601)
United States    
Deferred Tax Assets, Net [Abstract]    
Net operating loss carry forwards 3,485 79,047
Disallowed interest deduction carryforwards 0 62,337
Deferred pension plan amounts 3,427 10,568
Accrued expenses not currently deductible 5,780 5,625
Other 121 3,178
Deferred tax liabilities    
Excess of net book basis over remaining tax basis 0 (30,349)
Contract asset (10,067) 0
Deferred revenue (3,438) 0
Other (1,116) (1,796)
Non-United States    
Deferred Tax Assets, Net [Abstract]    
Net operating loss carry forwards 1,013,281 47,187
Transition attribute 888,962 0
Tax credits carryover 23,849 0
Disallowed interest deduction carryforwards 13,625 13,625
Deferred pension plan amounts 0 558
Accrued expenses not currently deductible 170 0
Deferred tax liabilities    
Excess of net book basis over remaining tax basis (690) (5,474)
Contract asset (4,173) 0
Other $ (1,912) $ (1,272)
v3.22.0.1
Income Taxes - Income (Loss) from Continuing Operations Before Income Taxes (Details) - Noble Finance Company - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
United States $ 1,878,637 $ (47,686) $ (2,150,591) $ (65,062)
Non-United States (1,624,986) 150,033 (2,088,271) (844,022)
Total $ 253,651 $ 102,347 $ (4,238,862) $ (909,084)
v3.22.0.1
Income Taxes - Income Tax Provision for Continuing Operations (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current- United States $ 0 $ (33,323) $ (257,552) $ (34,726)
Current- Non-United States 922 67,952 23,474 14,011
Deferred- United States (4,689) (7,460) (57,514) (5,307)
Deferred- Non-United States 7,190 (26,804) 31,189 (12,518)
Total $ 3,423 $ 365 $ (260,403) $ (38,540)
v3.22.0.1
Income Taxes - Reconciliation of Reserve for Uncertain Tax Positions, Excluding Interest and Penalties (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]        
Gross balance at January 1, $ 37,721 $ 37,156 $ 130,837 $ 161,256
Additions based on tax positions related to current year 1,347 26,463 20,266 934
Additions for tax positions of prior years 0 21,465 206 224
Reductions for tax positions of prior years (5) (12,331) (109,330) (28,542)
Expiration of statutes (1,907) (9,310) (4,258) (1,629)
Tax settlements 0 0 0 (1,406)
Gross balance at December 31, 37,156 63,443 37,721 130,837
Related tax benefits (384) (384) (384) (400)
Net reserve at December 31, $ 36,772 $ 63,059 $ 37,337 $ 130,437
v3.22.0.1
Income Taxes - Summary of Liabilities Related to Reserve for Uncertain Tax Positions (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reserve for uncertain tax positions, excluding interest and penalties $ 36,772 $ 63,059 $ 37,337 $ 130,437
Interest and penalties included in "Other liabilities" 5,273 11,930 5,164  
Reserve for uncertain tax positions, including interest and penalties $ 42,045 $ 74,989 $ 42,501  
v3.22.0.1
Income Taxes - Effective Tax Reconciliation (Details) - Noble Finance Company [Member] - Foreign Tax Authority [Member]
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Contingency [Line Items]        
Tax rates which are different than the UK and Cayman Island rates 0.50% 22.60% 0.40% 4.30%
Tax impact of asset impairment and disposition 0.00% 0.00% 4.50% 0.30%
Tax impact of restructuring 1.00% 0.00% 2.10% (4.10%)
Tax impact of the tax regulation change 0.00% 0.00% 0.90% 0.00%
Tax impact of valuation allowance 0.00% (25.20%) (4.30%) 0.50%
Resolution of (reserve for) tax authority audits (0.20%) 2.90% 2.50% 3.20%
Total 1.30% 0.30% 6.10% 4.20%
v3.22.0.1
Income Taxes (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Deferred income taxes   $ 2,501 $ (34,264)   $ (26,325) $ (17,825)
Noble Finance Company [Member]            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Tax expense (benefit) related to Non-US reserve   1,700 42,000   7,800  
Income tax expense related to reorganization and fresh start adjustments   2,500        
Tax benefits related to US tax refund     12,600      
Reserves for uncertain tax positions $ 74,989 42,045 74,989 $ 74,989 42,501  
Amount provision for income taxes reduced if reserves not realized 53,600   53,600 53,600    
Income tax benefit from CARES Act         39,000  
Interest and penalties resulted in an income tax expense   100 6,700   24,100 3,000
Tax expense related to a change in valuation allowance         31,100  
Income Tax Expense (Benefit)   (3,400) (400)   (260,400)  
Tax benefit related to US reserve     24,300   111,900  
Tax benefits related to non-US refund claim     1,900      
Tax benefits related to deferred tax adjustments     1,200      
Tax expenses (benefits) related to various recurring items   2,600 21,200   47,300  
Tax benefits related to tax effect from asset impairments         99,700  
Tax benefit related to non-US reserve due to statute expiration         4,600  
Tax benefit related to internal restructuring, net of valuation allowance adjustment         17,900  
Tax expenses related to a return-to-provision adjustment and valuation allowance adjustment         21,200  
Deferred income taxes   $ 2,501 $ (34,264)   $ (26,325) $ (17,825)
Available deferred tax benefit       1,800,000    
Deferred tax Assets net of valuation allowance increase during period       23,300    
Noble Finance Company [Member] | UK Tax Authority            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Tax benefits related to deferred tax assets previously not recognized $ 22,800          
Noble Finance Company [Member] | Foreign tax authority            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Deferred income taxes       $ 22,800    
v3.22.0.1
Employee Benefit Plans - Reconciliation of Changes in Projected Benefit Obligations for our Non - U.S. and U.S. Plans (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-US        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit obligation at beginning of year $ 67,943 $ 63,729 $ 62,485  
Interest cost 97 1,228 1,877 $ 1,814
Actuarial loss (gain) (4,366) 1,548 7,190  
Plan amendments 0 0 104  
Benefits paid (138) (2,456) (2,261)  
Settlements and curtailments 0 0 (3,751)  
Foreign exchange rate changes 193 (983) 2,299  
Benefit obligation at end of year 63,729 63,066 67,943 62,485
US plans        
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]        
Benefit obligation at beginning of year 266,090 256,417 240,249  
Interest cost 615 5,993 7,567 8,711
Actuarial loss (gain) (6,491) (6,465) 28,266  
Plan amendments 0 0 0  
Benefits paid (1,515) (7,199) (8,024)  
Settlements and curtailments (2,282) (5,208) (1,968)  
Foreign exchange rate changes 0 0 0  
Benefit obligation at end of year $ 256,417 $ 243,538 $ 266,090 $ 240,249
v3.22.0.1
Employee Benefit Plans - Reconciliation of Changes in Fair Value of Plan Assets (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-US        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets at beginning of year $ 83,808 $ 79,146 $ 76,429  
Actual return on plan assets (4,763) 2,998 8,741  
Employer contributions 0 0 0 $ 0
Benefits paid (138) (2,456) (2,261)  
Settlement and curtailment 0 0 (3,751)  
Foreign exchange rate changes 239 (1,223) 4,650  
Fair value of plan assets at end of year 79,146 78,465 83,808 76,429
US plans        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets at beginning of year 222,417 221,743 194,160  
Actual return on plan assets 838 12,254 36,247  
Employer contributions 2,285 5,240 2,002 1,300
Benefits paid (1,515) (7,199) (8,024)  
Settlement and curtailment (2,282) (5,208) (1,968)  
Foreign exchange rate changes 0 0 0  
Fair value of plan assets at end of year $ 221,743 $ 226,830 $ 222,417 $ 194,160
v3.22.0.1
Employee Benefit Plans - Funded Status of Plans (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Non-US    
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ 15,399 $ 15,865
US plans    
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ (16,708) $ (43,673)
v3.22.0.1
Employee Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Non-US    
Defined Benefit Plan Disclosure [Line Items]    
Other assets (noncurrent) $ 15,399 $ 15,865
Other liabilities (current) 0 0
Other liabilities (noncurrent) 0 0
Net amount recognized 15,399 15,865
US plans    
Defined Benefit Plan Disclosure [Line Items]    
Other assets (noncurrent) 971 0
Other liabilities (current) (67) (8,169)
Other liabilities (noncurrent) (17,612) (35,504)
Net amount recognized $ (16,708) $ (43,673)
v3.22.0.1
Employee Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Non-US    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial (gain) loss $ (369) $ 3,108
Deferred income tax asset (liability) 112 (558)
Accumulated other comprehensive income (loss) (257) 2,550
US plans    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial (gain) loss (6,496) 47,094
Deferred income tax asset (liability) 1,364 (9,890)
Accumulated other comprehensive income (loss) $ (5,132) $ 37,204
v3.22.0.1
Employee Benefit Plans - Pension Costs (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-US        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost 97 1,228 1,877 1,814
Return on plan assets (85) (845) (1,649) (2,471)
Amortization of prior service cost 1 0 10 10
Recognized net actuarial loss 0 0 0 0
Settlement and curtailment gains 0 0 9 0
Net pension benefit cost (gain) 13 383 247 (647)
US        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0 0 0 0
Interest cost 615 5,993 7,567 8,711
Return on plan assets (1,239) (11,648) (11,676) (10,313)
Amortization of prior service cost 0 0 0 0
Recognized net actuarial loss 281 0 2,866 2,771
Settlement and curtailment gains 301 (575) 154 (37)
Net pension benefit cost (gain) $ (42) $ (6,230) $ (1,089) $ 1,132
v3.22.0.1
Employee Benefit Plans - Disaggregated Plan Information (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-US        
Defined Benefit Plan Disclosure [Line Items]        
Projected benefit obligation $ 63,066 $ 63,729 $ 67,943 $ 62,485
Accumulated benefit obligation 63,066   67,943  
Fair value of plan assets 78,465 79,146 83,808 76,429
US plans        
Defined Benefit Plan Disclosure [Line Items]        
Projected benefit obligation 243,538 256,417 266,090 240,249
Accumulated benefit obligation 243,538   266,090  
Fair value of plan assets $ 226,830 $ 221,743 $ 222,417 $ 194,160
v3.22.0.1
Employee Benefit Plans - Plans in which PBO Exceeded Fair Value (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
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 207,059 266,090
Fair value of plan assets $ 189,382 $ 222,417
v3.22.0.1
Employee Benefit Plans - Plans in which Accumulated Benefit Obligation Exceeded Fair Value of Plan Assets (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
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 207,059 266,090
Fair value of plan assets $ 189,382 $ 222,417
v3.22.0.1
Employee Benefit Plans - Defined Benefit Plans Key Assumptions (Details) - Noble Finance Company [Member]
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-US        
Weighted-average assumptions used to determine benefit obligations:        
Discount Rate 1.80% 1.80% 1.40%  
Weighted-average assumptions used to determine periodic benefit cost:        
Discount Rate 1.80% 1.80% 2.10% 2.90%
Expected long-term return on assets 1.20% 1.20% 2.90% 3.70%
US plans | Minimum        
Weighted-average assumptions used to determine benefit obligations:        
Discount Rate 1.92% 2.63% 1.82%  
Weighted-average assumptions used to determine periodic benefit cost:        
Discount Rate 1.82% 1.92% 2.56% 3.65%
Expected long-term return on assets 5.10% 5.00% 5.40% 5.40%
US plans | Maximum        
Weighted-average assumptions used to determine benefit obligations:        
Discount Rate 2.77% 2.89% 2.60%  
Weighted-average assumptions used to determine periodic benefit cost:        
Discount Rate 2.60% 2.77% 3.32% 4.29%
Expected long-term return on assets 6.10% 5.80% 6.30% 6.50%
v3.22.0.1
Employee Benefit Plans - Actual Fair Values of Pension Plans (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Feb. 05, 2021
Dec. 31, 2020
Dec. 31, 2019
Non-US        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets $ 78,465 $ 79,146 $ 83,808 $ 76,429
Non-US | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 78,465   83,808  
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 938   5,405  
Non-US | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 938   5,405  
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 10,546   4,179  
Non-US | Equity securities | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 10,546   4,179  
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 66,981   72,407  
Non-US | Corporate bonds | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 66,981   72,407  
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  
Non-US | Other        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets     1,817  
Non-US | Other | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets     1,817  
Non-US | Other | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets     0  
Non-US | Other | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets     0  
US plans        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 226,830 $ 221,743 222,417 $ 194,160
US plans | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 137,431   175,809  
US plans | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 89,399   46,608  
US plans | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0   0  
US plans | Cash and cash equivalents        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 3,718   1,727  
US plans | Cash and cash equivalents | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 3,718   1,727  
US plans | Cash and cash equivalents | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0   0  
US plans | Cash and cash equivalents | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0   0  
US plans | Corporate bonds        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 103,504   83,645  
US plans | Corporate bonds | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 100,342   82,669  
US plans | Corporate bonds | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 3,162   976  
US plans | Corporate bonds | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0   0  
US plans | United States        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 86,237   78,019  
US plans | United States | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0   32,387  
US plans | United States | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 86,237   45,632  
US plans | United States | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0   0  
US plans | International, equity securities        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets     32,310  
US plans | International, equity securities | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets     32,310  
US plans | International, equity securities | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets     0  
US plans | International, equity securities | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets     0  
US plans | Treasury bonds        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 33,371   26,716  
US plans | Treasury bonds | Quoted Prices in Active Markets (Level 1)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 33,371   26,716  
US plans | Treasury bonds | Significant Other Observable Inputs (Level 2)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets 0   0  
US plans | Treasury bonds | Significant Unobservable Inputs (Level 3)        
Defined Benefit Plan Disclosure [Line Items]        
Fair value of plan assets $ 0   $ 0  
v3.22.0.1
Employee Benefit Plans - Estimated Benefit Payments (Details)
$ in Thousands
Dec. 31, 2021
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
2022 $ 12,224
2023 12,806
2024 13,120
2025 13,679
2026 14,010
Thereafter 74,570
Non-US  
Defined Benefit Plan Disclosure [Line Items]  
2022 2,514
2023 2,616
2024 2,723
2025 2,835
2026 2,951
Thereafter 16,663
US  
Defined Benefit Plan Disclosure [Line Items]  
2022 9,710
2023 10,190
2024 10,397
2025 10,844
2026 11,059
Thereafter 57,907
Noble Finance Company [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Total 140,409
Noble Finance Company [Member] | Non-US  
Defined Benefit Plan Disclosure [Line Items]  
Total 30,302
Noble Finance Company [Member] | US  
Defined Benefit Plan Disclosure [Line Items]  
Total $ 110,107
v3.22.0.1
Employee Benefit Plans - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]              
Market cycle minimum period in which objective should be met over           5 years  
Noble Finance Company [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Net actuarial losses and prior service costs (less than)         $ 0    
Market cycle maximum period in which objective should be met over           7 years  
Number of shares included in equity securities   0 0   0 0  
Costs for maintaining contribution plans $ 1,600 $ 29,800 $ 24,900 $ 28,100      
Noble Finance Company [Member] | Restoration Plan              
Defined Benefit Plan Disclosure [Line Items]              
Liability under the restoration plan   2,800 7,800   $ 2,800 $ 7,800  
Noble Finance Company [Member] | 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   2,400 $ 2,400        
Noble Finance Company [Member] | Equity securities              
Defined Benefit Plan Disclosure [Line Items]              
Percentage of company's overall investments     38.90%     38.90%  
Noble Finance Company [Member] | Debt security              
Defined Benefit Plan Disclosure [Line Items]              
Percentage of company's overall investments     59.90%     59.90%  
Noble Finance Company [Member] | Cash and cash equivalents              
Defined Benefit Plan Disclosure [Line Items]              
Percentage of company's overall investments     1.20%     1.20%  
Noble Finance Company [Member] | Non-US              
Defined Benefit Plan Disclosure [Line Items]              
Projected benefit obligation   0 $ 0   $ 0 $ 0  
Accumulated benefit obligation   0 0   $ 0 0  
Employer contributions 0 $ 0       0 $ 0
Expected contribution to non-U.S. and U.S pension plans     $ 0     $ 0  
Noble Finance Company [Member] | Non-US | Equity securities              
Defined Benefit Plan Disclosure [Line Items]              
Percentage of company's overall investments   20.00% 0.20%   20.00% 0.20%  
Noble Finance Company [Member] | Non-US | Debt security              
Defined Benefit Plan Disclosure [Line Items]              
Percentage of company's overall investments   80.00%     80.00%    
Noble Finance Company [Member] | US plans              
Defined Benefit Plan Disclosure [Line Items]              
Decrease in pension liability         $ 700 $ 1,700 2,100
Projected benefit obligation   $ 207,059 $ 266,090   207,059 266,090  
Accumulated benefit obligation   207,059 266,090   207,059 266,090  
Employer contributions $ 2,285 5,240       2,002 $ 1,300
Expected contribution to non-U.S. and U.S pension plans     100     100  
Noble Finance Company [Member] | US plans | Unfunded excess benefit plan              
Defined Benefit Plan Disclosure [Line Items]              
Projected benefit obligation   1,500 9,700   1,500 9,700  
Accumulated benefit obligation   $ 1,500 $ 9,700   $ 1,500 $ 9,700  
v3.22.0.1
Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - Noble Finance Company [Member] - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Quoted Prices in Active Markets (Level 1)    
Assets    
Marketable securities $ 7,645 $ 12,326
Significant Other Observable Inputs (Level 2)    
Assets    
Marketable securities 0 0
Significant Unobservable Inputs (Level 3)    
Assets    
Marketable securities 0 0
Carrying Value    
Assets    
Marketable securities $ 7,645 $ 12,326
v3.22.0.1
Commitments and Contingencies (Details) - Noble Finance Company [Member]
$ in Millions
 11 Months Ended
Dec. 31, 2021
USD ($)
numberOfEmployee
Other Commitments [Line Items]  
Years of effectiveness of employment agreements after the termination of employment 3 years
Insurance for litigation claims deductible amount $ 5.0
Hurricane Ida Personal Injury Claims [Member]  
Other Commitments [Line Items]  
Number of employees impacted | numberOfEmployee 14
Minimum  
Other Commitments [Line Items]  
Percentage of uncertain tax positions likelihood of being sustained 50.00%
Mexico | Income and other business taxes | Foreign tax authority  
Other Commitments [Line Items]  
Approximate audit claims assessed $ 618.0
v3.22.0.1
Segment and Related Information - Revenues And Identifiable Assets By Country (Details) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue $ 77,481 $ 770,325 $ 964,272 $ 1,305,438
Noble Finance Company [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 77,481 770,325 964,272 1,305,438
Long-Lived Assets   1,498,368 3,605,910  
Noble Finance Company [Member] | Australia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 54 1,954 50,434 33,623
Long-Lived Assets   20,704 20,886  
Noble Finance Company [Member] | Brazil        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0 251 0 0
Long-Lived Assets   1,702 4,794  
Noble Finance Company [Member] | Bulgaria        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0   0 61,525
Long-Lived Assets     0  
Noble Finance Company [Member] | Canada        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0 10 28,915 46,147
Long-Lived Assets   0 0  
Noble Finance Company [Member] | Denmark        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0 25,119 7,662 31,076
Long-Lived Assets   18,407 0  
Noble Finance Company [Member] | Egypt        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0   0 49,209
Long-Lived Assets     0  
Noble Finance Company [Member] | Gabon        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0   147 0
Long-Lived Assets     0  
Noble Finance Company [Member] | Guyana        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 23,012 244,638 222,088 132,414
Long-Lived Assets   678,852 1,753,914  
Noble Finance Company [Member] | Malaysia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0 0 0 251,497
Long-Lived Assets   7,341 6,310  
Noble Finance Company [Member] | Mexico        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue   11,022    
Long-Lived Assets   0    
Noble Finance Company [Member] | Myanmar        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0 23,247 21,084 56,207
Long-Lived Assets   20,487 0  
Noble Finance Company [Member] | Qatar        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 2,263   31,024 36,948
Long-Lived Assets     18,582  
Noble Finance Company [Member] | Saudi Arabia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 10,745 75,676 133,246 154,807
Long-Lived Assets   371 301,121  
Noble Finance Company [Member] | Suriname        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 6,029 62,090 61,474 17,374
Long-Lived Assets   0 565,327  
Noble Finance Company [Member] | Trinidad and Tobago        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 4,995 35,710 9,468 0
Long-Lived Assets   19,387 18,355  
Noble Finance Company [Member] | United Arab Emirates        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0 0 0 0
Long-Lived Assets   607 18,134  
Noble Finance Company [Member] | United Kingdom        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 7,142 28,126 180,610 243,063
Long-Lived Assets   53,198 674,704  
Noble Finance Company [Member] | Vietnam        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 0   8,719 0
Long-Lived Assets     0  
Noble Finance Company [Member] | N O [Member]        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue   20,351    
Long-Lived Assets   228,687    
Noble Finance Company [Member] | Canary Islands        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue   0    
Long-Lived Assets   88,092    
Noble Finance Company [Member] | Indonesia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue   23,964    
Long-Lived Assets   0    
Noble Finance Company [Member] | Mauritania        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue   29,616    
Long-Lived Assets   0    
Noble Finance Company [Member] | Timor-Leste        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue   32,257    
Long-Lived Assets   0    
Noble Finance Company [Member] | United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 23,241 156,294 209,401 191,548
Long-Lived Assets   360,478 223,653  
Noble Finance Company [Member] | Other Countries        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue $ 0 0 0 $ 0
Long-Lived Assets   $ 55 $ 130  
v3.22.0.1
Segment and Related Information - Significant Customers (Details) - Noble Finance Company [Member] - Sales Revenue Net [Member] - Customer Concentration Risk Member
 1 Months Ended 11 Months Ended 12 Months Ended
May 02, 2021
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Royal Dutch Shell Plc Shell [Member]          
Segment Reporting Information [Line Items]          
Concentration Risk Percentage   30.00% 13.30% 21.70% 36.50%
Royal Dutch Shell Plc Shell [Member] | Noble Bully II          
Segment Reporting Information [Line Items]          
Concentration Risk Percentage     27.10%    
Exxon Mobil Corporation Exxon Mobil          
Segment Reporting Information [Line Items]          
Concentration Risk Percentage   29.80% 39.10% 26.60% 13.70%
Exxon Mobil Corporation Exxon Mobil | Noble Bully II          
Segment Reporting Information [Line Items]          
Concentration Risk Percentage 15.70%        
Equinor A S A Equinor          
Segment Reporting Information [Line Items]          
Concentration Risk Percentage   5.20% 3.10% 14.30% 13.10%
Equinor A S A Equinor | Noble Bully II          
Segment Reporting Information [Line Items]          
Concentration Risk Percentage       15.10%  
Saudi Arabian Oil Company Saudi Aramco          
Segment Reporting Information [Line Items]          
Concentration Risk Percentage   13.90% 9.80% 13.80% 11.90%
Saudi Arabian Oil Company Saudi Aramco | Noble Bully II          
Segment Reporting Information [Line Items]          
Concentration Risk Percentage         13.60%
v3.22.0.1
Supplemental Financial Information - Additional Information (Details) - Noble Finance Company [Member] - USD ($)
$ in Millions
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Feb. 28, 2019
Sep. 30, 2018
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]              
Capital expenditures incurred but not yet paid       $ 36.5 $ 36.5 $ 35.3 $ 36.0
Withheld taxes for tax obligation       $ 15.1 $ 1.4    
Foreign tax credit refund received $ 23.3            
Income Taxes Paid $ 3.0            
Seller Loan Due February 2023 [Member] | Secured Debt [Member]              
Condensed Balance Sheet Statements, Captions [Line Items]              
Financed value   $ 53.6 $ 60.0        
v3.22.0.1
Supplemental Financial Information - Effect of Changes in Other Assets and Liabilities on Cash Flows (Detail) - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Capital [Line Items]        
Accounts receivable $ (41,344) $ 6,245 $ 50,802 $ 2,057
Other current assets 17,884 2,295 (866) 3,573
Other assets 8,521 (11,650) (2,369) 16,218
Accounts payable (16,819) 11,429 357 (2,279)
Other current liabilities 11,428 4,312 8,582 (4,700)
Other liabilities (5,846) 32,928 (10,941) (24,577)
Total net change in assets and liabilities (26,176) 45,559 45,565 (9,708)
Noble Finance Company [Member]        
Operating Capital [Line Items]        
Accounts receivable (41,344) 6,245 19,588 2,057
Other current assets 19,398 (594) 7,830 4,046
Other assets 8,512 (11,618) (800) 18,749
Accounts payable (14,061) 15,822 (11,018) (2,182)
Other current liabilities 11,623 4,125 16,055 (4,549)
Other liabilities (5,936) 32,700 (10,941) (24,577)
Total net change in assets and liabilities $ (21,808) $ 46,680 $ 20,714 $ (6,456)
v3.22.0.1
Supplemental Financial Information - Additional Cash Flow Information (Details) - Noble Finance Company - USD ($)
$ in Thousands
 1 Months Ended 11 Months Ended 12 Months Ended
Feb. 05, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash paid during the period for:        
Interest, net of amounts capitalized $ 0 $ 21,150 $ 138,040 $ 289,457
Income taxes paid (refunded), net $ 4,385 $ (8,113) $ (133,708) $ 8,181