Company: NE-WTA
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006184
Chunk: 187

Company: Noble Corp plc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 187
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$8,580 $8,580 Favorable contracts(214)(214)Total$8,366 $8,366 

Note 9 — LeasesLeasesWe determine if an arrangement is a lease at inception. Our lease agreements are primarily for real estate, equipment, storage, dock space, and automobiles and are included within “Other assets”, “Other current liabilities”, and “Other liabilities” on our Consolidated Balance Sheets. In connection with the Diamond Transaction, the Company assumed several leases entered into by Diamond consisting of operating leases for corporate and shorebases offices, office and information technology equipment, employee housing, onshore storage yards, and certain rig equipment and tools as well as finance 

86

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

leases for well control equipment used on the drillships. The finance leases commenced in 2016 and also include an option to purchase the leased equipment at the end of the respective lease term.As most of our leases do not provide an explicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Certain of our lease agreements include options to extend or terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise.Supplemental balance sheet information related to leases was as follows:December 31, 2024December 31, 2023Operating leasesRight-of-use assets$78,993 $24,528 Current lease liabilities $14,844 $10,581 Long-term lease liabilities$65,981 $15,082 Weighted average remaining lease term (years)7.494.34Weighted average discount rate6.6 %7.6 %Finance leases (1)Right-of-use assets$34,346 $— Current lease liabilities $22,722 $— Long-term lease liabilities$11,270 $— Weighted average remaining lease term (years)1.47— Weighted average discount rate5.8 %— %(1)Includes finance leases acquired in the Diamond Transaction.The components of lease cost were as follows:Year EndedYear EndedYear EndedDecember 31, 2024December 31, 2023December 31, 2022Operating lease cost$31,162 $12,615