Noble Corporation

Noble Corporation plc is an offshore drilling contractor organized in London, United Kingdom. Its affiliate, Noble Corporation, is organized in the Cayman Islands. It is the corporate successor of Noble Drilling Corporation.

For the exploration and production company, see Noble Energy. For the chivalric order, see Noble Company.
Noble Corporation plc
TypePublic limited company
NEBLQ
IndustryPetroleum industry
PredecessorNoble Drilling Corporation
Founded1985 (1985)
HeadquartersOrganized in London
Main office in Sugar Land, Texas, United States
Key people
Julie J. Robertson, Chairman, President & CEO
Stephen M. Butz, CFO
ServicesOffshore Drilling
Revenue $1.305 billion (2019)
-$561 million (2019)
Total assets $8.284 billion (2019)
Total equity $3.658 billion (2019)
Number of employees
2,000 (2020)
Websitewww.noblecorp.com
Footnotes / references
[1]

The company operates 25 drilling rigs including 8 drillships, 4 semi-submersible platforms, and 13 jackup rigs.[1]

In 2019, the company's revenues were primarily from Royal Dutch Shell (36.5% of revenues), Exxon Mobil (13.7% of revenues), Equinor (13.1% of revenues), and Saudi Aramco (11.9% of revenues).[1]

History

In 1985, Noble Affiliates, Inc. (now Noble Energy), distributed its shares in Noble Drilling Corporation to its shareholders via a corporate spin-off and Noble Affiliates began publicly trading on the NASDAQ.

In 2002, the company underwent a restructuring whereby it moved its domicile to the Cayman Islands and established Noble Corporation as the parent holding company.[2]

In early 2009, the company moved its domicile from the Cayman Islands to Switzerland due to the potential for more U.S. taxes on Caribbean tax havens. In 2013, the company moved to the United Kingdom.[3]

In 2010, the company acquired Frontier Drilling in a $2.16 billion cash transaction.[4]

The company was added to the S&P 500 Index in 2011[5] but was removed from the index in 2015.[6]

In 2014, the company distributed its interests in Paragon Offshore plc to its shareholders.[7]

In July 2020, the company filed for bankruptcy with $3.4 billion in debt.[8]

Accidents and incidents

In 2012, the Noble Discoverer drillship, operating under contract for Royal Dutch Shell lost its mooring and drifted close to shore. There were no injuries or environmental damage reported as a result of the accident.[9]

In 2017, an employee went missing on the Noble Lloyd Noble drilling rig.[10]

References
  1. "Noble Corporation plc 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Noble Drilling Corporation 2004 Annual Report" (PDF). Noble Drilling Corporation.
  3. Reddall, Braden (July 1, 2013). "Noble Corp changing countries again, this time to UK". Reuters.
  4. "Noble Corporation Enters Into Agreement to Acquire Frontier Drilling and Strengthens Key Strategic Relationship". PR Newswire. June 28, 2010.
  5. "S&P 500 Reshuffling To Include Noble Corp". Forbes. January 12, 2011.
  6. "PayPal Holdings Set to Join S&P 100 & 500; Others to Join S&P MidCap 400 and S&P SmallCap 600". PR Newswire. July 14, 2015.
  7. "Noble Corporation Completes Spin-Off Of Paragon Offshore". PR Newswire. August 4, 2014.
  8. Mann, Joshua (July 31, 2020). "Noble Corp. files massive bankruptcy in Houston". American City Business Journals.
  9. D'ORO, RACHEL (July 17, 2012). "Shell Oil ship mishap in Alaska fuels concerns". Stuff.co.nz.
  10. "Search for man missing from Noble Lloyd Noble drilling rig scaled back". BBC News. May 10, 2017.
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