Company: NE-WTA
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001628280-25-020547
Chunk: 77

Company: Noble Corp plc
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 77
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 in connection with the Diamond Transaction, $7.9 million in mobilization, and $4.0 million in non-labor crew costs and operations support costs across the fleet. These increases were partially offset by decreases of $9.2 million in labor, $12.4 million in repairs and maintenance, and $3.0 million in transportation.

Jackups. During the first quarter of 2025, total contract drilling services cost related to jackups was $70.5 million, as compared to $98.8 million in the first quarter 2024. The primary drivers of this decrease were $3.1 million and $4.7 million related to repairs and maintenance and operations support, respectively, as well as insurance proceeds received for a certain rig totaling $20.0 million. These decreases were partially offset by increases in labor, mobilization and transportation, and other costs across the fleet. Further, there was a decrease of $6.3 million after the completion of disposal activities regarding certain rigs.

Depreciation and amortization. Depreciation and amortization totaled $143.1 million and $86.7 million during the first quarter of 2025 and 2024, respectively. Depreciation and amortization increased by $56.4 million in the current quarter primarily due to the Diamond Transaction.

General and administrative. General and administrative expenses totaled $35.2 million and $26.0 million during the first quarter of 2025 and 2024, respectively. The increase was primarily a result of the Diamond Transaction and other individually insignificant items within certain corporate charges such as professional fees, corporate leases, and employee related costs.

Merger and integration costs. Noble incurred $14.9 million and $9.3 million of merger and integration costs during the first quarter of 2025 and 2024, respectively. In the first quarter of 2025, costs incurred related primarily to the Diamond 

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Transaction. In the first quarter of 2024, costs incurred related directly to the Business Combination with Maersk Drilling. In both periods, costs related primarily to professional fees and certain integration-related activities.

Other Income and Expenses

Interest expense, net of amounts capitalized. Interest expense totaled $40.5 million and $17.5 million during the first quarter of 2025 and 2024, respectively. Interest expense increased as a result of the Diamond Transaction and primarily relates to our 2030 Notes as well as the Diamond Second Lien Notes. For additional information, see