Company: NE-WTA
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006184
Chunk: 184

Company: Noble Corp plc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 184
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83

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

Note 8 — Revenue and CustomersDisaggregation of RevenueThe following table provides information about contract drilling revenue by rig types:Year EndedYear EndedYear EndedDecember 31, 2024December 31, 2023December 31, 2022Floaters$2,349,644 $2,010,113 $997,819 Jackups569,123 451,602 335,022 Total$2,918,767 $2,461,715 $1,332,841 Contract BalancesAccounts receivable are recognized when the right to 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 deferred revenue and contract costs 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 Consolidated Balance Sheets. Off-market customer contract assets and liabilities have been recognized in connection with our emergence from Chapter 11 and the Business Combination with Maersk Drilling and are included in “Intangible assets” and “Noncurrent contract liabilities”, respectively.The following table provides information about contract assets and contract liabilities from contracts with customers:December 31, 2024December 31, 2023Current customer contract assets$26,049 $4,208 Noncurrent customer contract assets11,042 208 Total customer contract assets37,091 4,416 Current deferred revenue(61,506)(19,679)Noncurrent deferred revenue(40,439)(23,393)Total deferred revenue$(101,945)$(43,072)

84

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

Significant changes in the remaining performance obligation contract assets and the contract liabilities balances for the year ended December 31, 2024 and 2023, are as follows:Contract AssetsContract LiabilitiesNet balance at December 31, 2021$5,744 $(