Company: NE-WTA
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038188
Chunk: 111

Company: Noble Corp plc
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 111
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 operating assets, net. During the second quarter of 2025, we sold the Pacific Scirocco, resulting in a pre-tax gain of $4.8 million. During the second quarter of 2024, we sold the Noble Explorer, resulting in a pre-tax gain of $17.4 million.

Other Income and Expenses

Interest expense, net of amounts capitalized. Interest expense totaled $40.0 million and $12.0 million during the second quarter of 2025 and 2024, respectively. Interest expense increased as a result of the Diamond Transaction and primarily relates to our 2030 Notes as well as the Diamond Second Lien Notes. For additional information, see “Note 6 — Debt” to our unaudited condensed consolidated financial statements.

Interest income and other, net. Noble recognized interest and other income of $4.7 million and interest income and other losses of $8.2 million during the second quarter of 2025 and 2024, respectively.

Income tax benefit (provision). Noble recorded an income tax provision of $57.1 million and an income tax benefit of $5.2 million during the second quarter 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