Company: NE-WTA
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001895262-25-000016
Chunk: 71

Company: Noble Corp plc
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 8
Chunk 71
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7 — Revenue and CustomersDisaggregation of RevenueThe following table provides information about contract drilling services revenue by rig types:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Floaters$630,154 $605,327 2,007,925 1,617,538 Jackups127,251 158,216 393,985 419,140 Total$757,405 $763,543 $2,401,910 $2,036,678 Contract BalancesAccounts receivable are recognized when the right to the consideration becomes unconditional based upon contractual billing schedules. Payment terms on invoiced amounts are typically 30 to 60 days. Customer contract assets and liabilities generally consist of contract costs and deferred revenue resulting from past transactions related to the provision of services under contracts with customers. Current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Other current liabilities,” respectively, and noncurrent contract assets and liabilities are included in “Other assets” and “Other liabilities,” respectively, on our Condensed Consolidated Balance Sheets.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. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process.Certain of our contracts also include capital rig enhancements used to satisfy our performance obligations. Payments for these modifications are initially recognized as a contract liability and ratably as contract drilling revenue over the initial term of the related drilling contract. The costs are capitalized in accordance with our existing property and equipment accounting policy and depreciated over the estimated useful life of the improvement.

14

NOBLE CORPORATION plc AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unless otherwise indicated, dollar and share amounts in tables are in thousands, except per share data)

The following table provides information about contract assets and contract liabilities from contracts with customers:September 30, 2025December 31, 2024Current customer contract assets$26,280 $26,049 Noncurrent customer contract assets3,907 11,042 Total customer contract assets30,187 37,091 Current deferred revenue(47,053)(61