Company: NE-WTA
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001628280-25-020547
Chunk: 61

Company: Noble Corp plc
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 8
Chunk 61
---
 information about contract assets and contract liabilities from contracts with customers:March 31, 2025December 31, 2024Current customer contract assets$24,899 $26,049 Noncurrent customer contract assets8,940 11,042 Total customer contract assets33,839 37,091 Current deferred revenue(60,578)(61,506)Noncurrent deferred revenue(44,405)(40,439)Total deferred revenue$(104,983)$(101,945)Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the three months ended March 31, 2025 and 2024, are as follows:Contract AssetsContract LiabilitiesNet balance at December 31, 2024$37,091 $(101,945)Additions to deferred costs10,183 — Additions to deferred revenue— (59,999)Amortization of deferred costs(13,435)— Amortization of deferred revenue— 56,961 Total(3,252)(3,038)Net balance at March 31, 2025$33,839 $(104,983)Net balance at December 31, 2023$4,416 $(43,072)Additions to deferred costs3,748 — Additions to deferred revenue— (23,911)Amortization of deferred costs(2,707)— Amortization of deferred revenue— 7,208 Total1,041 (16,703)Net balance at March 31, 2024$5,457 $(59,775)Contract CostsCertain 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. Certain of our contracts include capital rig enhancements used to satisfy our performance obligations.Off-market Customer Contract Assets and LiabilitiesIn connection with the Business Combination with Maersk Drilling, the Company recognized additional fair value adjustments of $23.0 million. As of March 2025, these intangible assets were fully amortized as a reduction of contract drilling services revenue from the closing date of the Business Combination with Maersk Drilling through the remainder of the contracts.In connection with the Business Combination with Maersk Drilling and the Diamond Transaction, the Company recognized