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

Company: Noble Corp plc
Filing Date: 2025-10-28
Form: 10-Q
Item: Item 1
Chunk 25
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 2025$— $— Balance at December 31, 2023$(50,863)$10,128 Additions(27,663)— Amortization55,129 (8,549)Balance at September 30, 2024$(23,397)$1,579 

Note 8 — Income TaxesAt September 30, 2025, the Company had deferred tax assets of $272.2 million, net of valuation allowance. Additionally, the Company also had deferred tax liabilities of $5.5 million, inclusive of a valuation allowance of $16.9 million.During the three months ended September 30, 2025, the Company recognized additional discrete deferred tax benefits of $6.1 million related to releases and adjustments of valuation allowance for deferred tax benefits primarily in Luxembourg.During the nine months ended September 30, 2025, the Company recognized additional discrete deferred tax benefits of $85.1 million related to releases and adjustments of valuation allowance for deferred tax benefits primarily in Luxembourg.At September 30, 2024, the Company had deferred tax assets of $340.9 million, net of valuation allowance. Additionally, the Company also had deferred tax liabilities of $8.9 million, inclusive of a valuation allowance of $18.2 million.During the three months ended September 30, 2024, the Company recognized additional discrete deferred tax benefits of $36.2 million related to releases and adjustments of valuation allowance for deferred tax benefits in Guyana and Luxembourg.During the nine months ended September 30, 2024, the Company recognized additional discrete deferred tax benefits of $117.8 million related to releases and adjustments of valuation allowance for deferred tax benefits in Guyana, Nigeria, Switzerland, and Luxembourg.In deriving the above net deferred tax benefits, the Company relied on sources of income attributable to the projected taxable income for the period covered by the Company’s relevant existing drilling contracts based on the assumption that the relevant rigs will be owned by the relevant rig owners during the relevant existing drilling contract periods. Given the mobile nature of the Company’s assets, we are not able to reasonably forecast the jurisdictions in which taxable income from future drilling contracts may arise. We also have limited objective positive evidence in historical periods. Accordingly, in determining the amount of additional deferred tax assets to recognize, we did not consider projected book income beyond the conclusion of existing drilling contracts. As new drilling contracts are executed or as current contracts are extended,