Noble Corporation Reports Strong Revenue Growth, Increased Assets, and Significant Acquisition Impact in Latest 10-Q Filing

Noble Corporation plc reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in total current assets, which rose to $1,410.7 million from $1,061.7 million at the end of 2023. Cash and cash equivalents also increased to $391.9 million, up from $360.8 million. Total assets surged to $8,035.1 million, compared to $5,507.4 million at the end of the previous fiscal year.

Operating revenues for the third quarter of 2024 reached $763.5 million, a 14% increase from $671.0 million in the same period of 2023. For the nine months ended September 30, 2024, operating revenues totaled $2,036.7 million, compared to $1,852.5 million for the same period in 2023. However, operating income for the third quarter decreased to $115.5 million from $200.8 million year-over-year, while net income fell to $61.2 million from $158.3 million. Despite this decline, net income for the nine months increased to $351.7 million from $332.2 million in the prior year.

The company’s recent acquisition of Diamond Offshore Drilling, completed on September 4, 2024, for a total consideration of $1.5 billion, significantly impacted its financials. This acquisition included $610.3 million in cash and $879.9 million in non-cash consideration, primarily in the form of Noble shares. The integration of Diamond's operations contributed $94.4 million in revenue and $2.7 million in net income for the period from the acquisition date to September 30, 2024.

Noble's total debt increased dramatically to $1,981.2 million as of September 30, 2024, from $586.2 million at the end of 2023, largely due to the debt assumed from the Diamond acquisition. Shareholders' equity rose to $4,684.9 million, up from $3,921.2 million at the end of 2023.

The company also reported a total contract drilling services backlog of approximately $6.5 billion, with a commitment of about 70% of available days for the remainder of 2024. Average rig utilization improved for jackups to 83% from 64% in the previous year, while floaters saw a decline to 72% from 77%.

Noble declared a quarterly dividend of $0.50 per share, totaling approximately $81.6 million, which was paid on September 26, 2024. The company also initiated a new share repurchase program of up to $400 million following the completion of a prior program.