Noble Corporation (NYSE: NE) reported net income for the third quarter of 2006 of $207.2 million, or $1.51 per diluted share, on operating revenues of $562.0 million, compared to net income of $76.5 million, or $0.55 per diluted share, on operating revenues of $367.2 million for the third quarter of 2005. Net income for the nine months ended September 30, 2006 was $532.2 million, or $3.86 per diluted share, on operating revenues of $1.54 billion, compared to net income of $195.4 million, or $1.42 per diluted share, on operating revenues of $1.02 billion for the nine months ended September 30, 2005, a 172 percent increase in net income and a 51 percent increase in operating revenues.
At September 30, 2006, the Company's consolidated balance sheet reflected $3.15 billion in shareholders' equity, $169.8 million in cash and marketable securities, and $696.4 million in total debt. Net cash provided by operating activities for the nine month period ended September 30, 2006 was $695.2 million as compared to $338.0 million in the same period of 2005. Debt as a percentage of total capitalization was 18 percent at September 30, 2006, decreasing from 29 percent at December 31, 2005.
James C. Day, Chairman of the Board and Chief Executive Officer, said, "The worldwide drilling markets remained active as anticipated during the period. In addition, inquiries as to rig availability for projects starting in 2007 and beyond indicate demand for premium assets should be strong."
Net income for the third quarter of 2006 increased 15 percent from the second quarter of 2006 as average dayrates on the Company's deepwater units continued to increase. Total operating days were down slightly (22 days) from the prior quarter attributable solely to the higher number of shipyard days quarter over quarter.
Compared to the third quarter of 2005, net income for the third quarter of 2006 increased 171 percent due principally to higher dayrates and additional operating days. In August of 2005, the Company activated the Noble Mark Burns and also acquired the remaining 50 percent interest in the Noble Harvey Duhaney.
Offshore contract drilling services revenues from deepwater drilling units (capable of drilling in water depths of 4,000 feet or greater) accounted for approximately 36 percent and 33 percent of the Company's total contract drilling services revenues for the third quarter of 2006 and 2005, respectively. The Company currently operates five deepwater semisubmersibles in the Gulf of Mexico, two deepwater semisubmersibles and three deepwater drillships offshore Brazil, and one deepwater semisubmersible in Nigeria. Shipyard upgrades were completed on the Noble Therald Martin in July at which time the unit began mobilization to Brazil, and commenced operations in October. The Company recently finalized a two year extension with Shell for the semisubmersible Noble Jim Thompson, which will continue to work in the U.S. Gulf of Mexico, commencing in or about March 2007. Contract drilling services revenues from international sources accounted for approximately 73 percent and 76 percent of the Company's total contract drilling services revenues for the third quarter of 2006 and 2005, respectively.
The average dayrate on the Company's deepwater units in the U.S. Gulf of Mexico, capable of drilling in water depths of 6,000 feet or greater, increased 129 percent to $290,976 in the third quarter of 2006 compared to $127,240 in the third quarter of 2005. The deepwater market remains strong globally.
The average dayrate for the Company's international jackups was $79,485 in the third quarter of 2006 compared to $55,271 in the third quarter of 2005. Utilization on these units decreased slightly to 97 percent in the recent quarter as compared to 98 percent in the third quarter of 2005. The Noble Carl Norberg was mobilized during the second quarter of 2006 from the Mediterranean to West Africa where shipyard upgrades were completed. This unit commenced operations in Equatorial Guinea in late August.
Day said, "Key customers have expressed interest in our Noble Bingo 9000 Rig 4 semisubmersible hull. The unit could be placed in service by 2009, subject to a contract being consummated in the near term."
The Company repurchased 1,300,000 of its ordinary shares in the third quarter at an average price of $65.08 per share, excluding related transaction costs.
Noble Corporation is a leading provider of diversified services for the oil and gas industry. Contract drilling services are performed with the Company's fleet of 63 mobile offshore drilling units located in key markets worldwide. This fleet consists of 13 semisubmersibles, three dynamically positioned drillships, 44 jackups and three submersibles. The fleet count includes three F&G JU-2000E enhanced premium newbuild jackups under construction, with scheduled delivery of the first unit in the third quarter of 2007, the second unit in the first quarter of 2008 and the third unit in the first quarter of 2009. As previously reported, these units have been contracted. Approximately 86 percent of the fleet is currently deployed in international markets, principally including the Middle East, Mexico, the North Sea, Brazil, West Africa and India. The Company provides technologically advanced drilling-related products and services designed to create value for our customers. The Company also provides labor contract drilling services, well site and project management services, and engineering services. The Company's ordinary shares are traded on the New York Stock Exchange under the symbol "NE".
This news release may contain "forward-looking statements" about the business, financial performance and prospects of the Company. Statements about the Company's or management's plans, intentions, expectations, beliefs, estimates, predictions, or similar expressions for the future are forward- looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors, including risks and uncertainties, is set forth from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Additional information on Noble Corporation is available via the worldwide web at http://www.noblecorp.com .
NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
OPERATING REVENUES
Contract drilling services $513,325 $328,101 $1,407,296 $894,416
Reimbursables 24,800 18,078 68,512 61,235
Labor contract drilling
services 20,775 17,275 55,973 52,947
Engineering, consulting
and other 3,086 3,751 9,634 12,940
561,986 367,205 1,541,415 1,021,538
OPERATING COSTS AND EXPENSES
Contract drilling services 186,527 156,026 535,053 445,955
Reimbursables 21,534 15,219 59,130 54,671
Labor contract drilling
services 17,027 14,967 47,611 44,632
Engineering, consulting
and other 3,262 5,349 13,968 16,970
Depreciation
and amortization 65,560 61,276 187,466 177,182
Selling, general and
administrative 11,875 9,324 32,815 27,241
Hurricane losses and
recoveries, net --- 10,465 (4,404) 10,465
305,785 272,626 871,639 777,116
OPERATING INCOME 256,201 94,579 669,776 244,422
OTHER INCOME (EXPENSE)
Interest expense, net
of amount capitalized (882) (5,153) (15,134) (16,280)
Other, net 2,037 2,093 6,431 8,304
INCOME BEFORE INCOME TAXES 257,356 91,519 661,073 236,446
INCOME TAX PROVISION (50,184) (14,996) (128,909) (41,083)
NET INCOME $207,172 $76,523 $532,164 $195,363
NET INCOME PER SHARE:
Basic $1.53 $0.56 $3.90 $1.44
Diluted $1.51 $0.55 $3.86 $1.42
WEIGHTED AVERAGE SHARES
OUTSTANDING:
Basic 135,665 136,708 136,392 136,013
Diluted 136,997 138,113 137,913 137,347
NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, December 31,
2006 2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents $140,098 $121,845
Investments in marketable securities 29,652 44,457
Accounts receivable 390,768 276,688
Insurance receivables 50,029 51,565
Inventories 4,565 3,940
Prepaid expenses 20,143 10,064
Other current assets 31,636 13,896
Total current assets 666,891 522,455
PROPERTY AND EQUIPMENT
Drilling equipment and facilities 4,911,179 4,178,097
Other 73,875 66,698
4,985,054 4,244,795
Accumulated depreciation (1,389,370) (1,245,776)
3,595,684 2,999,019
INVESTMENTS IN MARKETABLE SECURITIES --- 673,639
OTHER ASSETS 150,497 151,254
$4,413,072 $4,346,367
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $9,460 $8,972
Accounts payable 132,990 93,914
Accrued payroll and related costs 93,273 78,558
Taxes payable 53,911 45,245
Interest payable 8,279 9,640
Other current liabilities 38,873 23,006
Total current liabilities 336,786 259,335
LONG-TERM DEBT 686,929 1,129,325
DEFERRED INCOME TAXES 237,380 227,589
OTHER LIABILITIES 5,977 6,290
1,267,072 1,622,539
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST (7,587) (7,906)
SHAREHOLDERS' EQUITY
Ordinary shares-par value $0.10
per share; 400,000 shares authorized;
135,686 shares issued and outstanding
in 2006; 137,009 shares issued and
outstanding in 2005 13,559 13,701
Capital in excess of par value 885,850 1,024,470
Retained earnings 2,251,756 1,736,015
Restricted stock (unearned compensation) --- (17,099)
Accumulated other comprehensive
income (loss) 2,422 (25,353)
3,153,587 2,731,734
$4,413,072 $4,346,367
NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $532,164 $195,363
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 187,466 177,182
Deferred income tax provision 9,791 23,745
(Gain) loss on sales
of marketable securities (84) 69
Equity in income of joint venture --- (2,790)
Distributions received from joint venture --- 2,194
Stock-based compensation expense 15,975 5,546
Hurricane losses and recoveries, net --- 10,465
Other 14,100 2,503
Other changes in current assets
and liabilities, net of acquired
working capital:
Accounts receivable (113,541) (61,194)
Other current assets (21,861) (9,466)
Accounts payable 32,614 903
Other current liabilities 38,610 (6,568)
Net cash provided by
operating activities 695,234 337,952
CASH FLOWS FROM INVESTING ACTIVITIES
New construction and major capital
upgrades (474,208) (89,497)
Other capital expenditures (266,426) (139,752)
Major maintenance expenditures (44,515) (50,140)
Proceeds from Smedvig disposition 691,261 ---
Purchase of the remaining 50%
equity interest in the Panon, net
of cash acquired --- (28,374)
Proceeds from sales of property
and equipment --- 1,035
Investments in marketable securities --- (24,149)
Proceeds from sales and maturities
of marketable securities 15,461 111,736
Net cash used for
investing activities (78,427) (219,141)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on bank credit facilities (135,000) (65,000)
Payments of other long-term debt (606,667) (6,371)
Net proceeds from employee stock
transactions 10,960 68,611
Proceeds from issuance of senior
notes, net of debt issuance costs 295,851 ---
Dividends paid (16,423) (8,168)
Repurchases of ordinary shares (147,275) ---
Net cash used for
financing activities (598,554) (10,928)
NET INCREASE IN CASH AND CASH
EQUIVALENTS 18,253 107,883
CASH AND CASH EQUIVALENTS, BEGINNING
OF PERIOD 121,845 58,790
CASH AND CASH EQUIVALENTS, END OF PERIOD $140,098 $166,673
NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average
dayrates)
(Unaudited)
Three Months Ended Sept 30, 2006
International Domestic Engineering
Contract Contract &
Drilling Drilling Consulting Other Total
OPERATING REVENUES
Contract drilling
services $372,818 $140,507 $--- $--- $513,325
Reimbursables 16,820 2,703 31 5,246 24,800
Labor contract drilling
services --- --- --- 20,776 20,776
Engineering, consulting
and other 1,119 162 1,804 --- 3,085
$390,757 $143,372 $1,835 $26,022 $561,986
OPERATING COSTS AND
EXPENSES
Contract drilling
services $152,968 $33,559 $--- $--- $186,527
Reimbursables 13,778 2,537 32 5,187 21,534
Labor contract drilling
services --- --- --- 17,027 17,027
Engineering, consulting
and other (145) 37 3,165 205 3,262
Depreciation and
amortization 52,823 12,682 15 40 65,560
Selling, general and
administrative 7,590 3,556 396 333 11,875
Hurricane losses and
recoveries, net --- --- --- --- ---
$227,014 $52,371 $3,608 $22,792 $305,785
OPERATING INCOME $163,743 $91,001 $(1,773) $3,230 $256,201
OPERATING STATISTICS
Jackups:
Average Rig Utilization 97% N/A 97%
Operating Days 3,652 N/A 3,652
Average Dayrate $79,485 N/A $79,485
Semisubmersibles -
(6,000 feet or
greater):
Average Rig Utilization 100% 100% 100%
Operating Days 184 368 552
Average Dayrate $166,951 $290,976 $249,634
Semisubmersibles -
(less than 6,000
feet):
Average Rig Utilization 83% 90% 85%
Operating Days 153 83 236
Average Dayrate $163,221 $155,307 $160,438
Drillships:
Average Rig Utilization 100% N/A 100%
Operating Days 276 N/A 276
Average Dayrate $97,242 N/A $97,242
Submersibles:
Average Rig Utilization N/A 100% 100%
Operating Days N/A 276 276
Average Dayrate N/A $74,529 $74,529
Total:
Average Rig Utilization 97% 99% 97%
Operating Days 4,265 727 4,992
Average Dayrate $87,413 $193,270 $102,821
NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average
dayrates)
(Unaudited)
Three Months Ended Sept 30, 2005
International Domestic Engineering
Contract Contract &
Drilling Drilling Consulting Other Total
OPERATING REVENUES
Contract drilling
services $248,536 $79,565 $--- $--- $328,101
Reimbursables 10,423 2,943 205 4,507 18,078
Labor contract drilling
services --- --- --- 17,275 17,275
Engineering, consulting
and other 774 228 2,749 --- 3,751
$259,733 $82,736 $2,954 $21,782 $367,205
OPERATING COSTS AND
EXPENSES
Contract drilling
services $120,700 $35,326 $--- $--- $156,026
Reimbursables 8,053 2,740 242 4,184 15,219
Labor contract drilling
services --- --- --- 14,967 14,967
Engineering, consulting
and other 35 606 4,603 105 5,349
Depreciation and
amortization 48,126 12,247 84 819 61,276
Selling, general and
administrative 6,419 2,333 233 339 9,324
Hurricane losses and
recoveries, net --- 10,465 --- --- 10,465
$183,333 $63,717 $5,162 $20,414 $272,626
OPERATING INCOME $76,400 $19,019 $(2,208) $1,368 $94,579
OPERATING STATISTICS
Jackups:
Average Rig Utilization 98% 100% 98%
Operating Days 3,440 184 3,624
Average Dayrate $55,271 $68,990 $55,968
Semisubmersibles -
(6,000 feet or greater):
Average Rig Utilization 100% 100% 100%
Operating Days 184 368 552
Average Dayrate $153,274 $127,240 $135,918
Semisubmersibles -
(less than 6,000 feet):
Average Rig Utilization 100% 96% 97%
Operating Days 92 176 268
Average Dayrate $84,315 $69,241 $74,416
Drillships:
Average Rig Utilization 100% N/A 100%
Operating Days 276 N/A 276
Average Dayrate $81,401 N/A $81,401
Submersibles:
Average Rig Utilization N/A 67% 67%
Operating Days N/A 184 184
Average Dayrate N/A $42,590 $42,590
Total:
Average Rig Utilization 99% 90% 97%
Operating Days 3,992 912 4,904
Average Dayrate $62,265 $87,209 $66,904
NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average
dayrates)
(Unaudited)
Three Months Ended June 30, 2006
International Domestic Engineering
Contract Contract &
Drilling Drilling Consulting Other Total
OPERATING REVENUES
Contract drilling
services $338,750 $137,589 $--- $--- $476,339
Reimbursables 12,517 2,704 91 5,328 20,640
Labor contract drilling
services --- --- --- 17,967 17,967
Engineering,
consulting and other 556 105 1,907 --- 2,568
$351,823 $140,398 $1,998 $23,295 $517,514
OPERATING COSTS AND
EXPENSES
Contract drilling
services $140,880 $39,741 $--- $--- $180,621
Reimbursables 10,639 2,298 79 4,528 17,544
Labor contract
drilling services --- --- --- 15,687 15,687
Engineering, consulting
and other 352 (46) 7,166 (196) 7,276
Depreciation and
amortization 49,328 12,986 190 41 62,545
Selling, general
and administrative 5,877 3,804 631 343 10,655
Hurricane losses and
recoveries, net --- --- --- --- ---
$207,076 $58,783 $8,066 $20,403 $294,328
OPERATING INCOME $144,747 $81,615 $(6,068) $2,892 $223,186
OPERATING STATISTICS
Jackups:
Average Rig Utilization 98% N/A 98%
Operating Days 3,672 N/A 3,672
Average Dayrate $72,601 N/A $72,601
Semisubmersibles
- (6,000 feet or
greater):
Average Rig Utilization 100% 100% 100%
Operating Days 182 364 546
Average Dayrate $145,698 $273,779 $231,085
Semisubmersibles
- (less than
6,000 feet):
Average Rig Utilization 100% 100% 100%
Operating Days 91 168 259
Average Dayrate $196,709 $128,147 $152,279
Drillships:
Average Rig Utilization 100% N/A 100%
Operating Days 273 N/A 273
Average Dayrate $96,313 N/A $96,313
Submersibles:
Average Rig Utilization N/A 97% 97%
Operating Days N/A 264 264
Average Dayrate N/A $61,402 $61,402
Total:
Average Rig Utilization 98% 99% 98%
Operating Days 4,218 796 5,014
Average Dayrate $80,311 $172,950 $95,011
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