Company: NE-WTA
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038188
Chunk: 86

Company: Noble Corp plc
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 86
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 of 2025 and 2024, respectively.

During the second quarter of 2025, our tax provision included tax benefits of $22.3 million related to releases of valuation allowance for deferred tax benefits primarily in Luxembourg. Such tax benefits are offset by tax expenses of $10.3 million related to uncertain tax position movements and recurring quarterly accruals of $69.1 million mostly in Guyana, Luxembourg, Switzerland, and the United States.

During the second quarter of 2024, our tax provision included tax benefits of $63.1 million mainly related to releases of valuation allowance for deferred tax benefits in Luxembourg. Such tax benefits were offset by tax expenses related to recurring quarterly accruals of $57.8 million mostly in Guyana, Luxembourg, Switzerland, and Nigeria.

Results for the Six Months Ended June 30, 2025 and 2024

Net income for the six months ended June 30, 2025, was $151.2 million, or $0.93 per diluted share, on operating revenues of $1.7 billion compared to net income for the six months ended June 30, 2024, of $290.5 million, or $1.99 per diluted share, on operating revenues of $1.3 billion.

Key Operating Metrics

Operating results for our contract drilling services segment are dependent on three primary metrics: operating days, dayrates, and operating costs. We also track rig utilization, which is a function of operating days and the number of rigs in our fleet. For more information on operating costs, see “Contract Drilling Services” below.

The following table presents the average rig utilization, operating days and average dayrates for our rig fleet for the periods indicated:

Average Rig Utilization (1)Operating Days (2)Average Dayrates (2)Six Months EndedJune 30,Six Months EndedJune 30,Six Months EndedJune 30,202520242025202420252024Floaters72 %67 %3,505 2,240 $390,716 $434,660 Jackups68 %72 %1,595 1,709 167,233 150,286 Total71 %69 %5,100 3,949 $320,835 $311,567 

(1)We define utilization for a specific period as the total number of days our rigs are operating under contract divided by the product of the total number of our