Company: NE-WTA
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001628280-25-020547
Chunk: 35

Company: Noble Corp plc
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 35
---
$433,608 Jackups74 %67 %871 794 159,527 144,187 Total74 %65 %2,671 1,895 $308,898 $312,502 

(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 rigs, including cold stacked rigs, and the number of calendar days in such period. Information reflects our policy of reporting on the basis of the number of available rigs in our fleet.

(2)An operating day is defined as a calendar day during which a rig operated under a drilling contract. We define average dayrates as revenue from contract drilling services earned per operating day. Average dayrates exclude the effect of non-cash amortization related to favorable and unfavorable off-market customer contract assets and liabilities.

Contract Drilling Services

The following table presents the operating results for our contract drilling services segment for the periods indicated (dollars in thousands):

Three Months Ended March 31,ChangeOperating revenues:20252024$%Contract drilling services$832,428 $612,425 $220,003 36 %Reimbursables and other (1)42,059 24,659 17,400 71 %874,487 637,084 237,403 37 %Operating costs and expenses:Contract drilling services$462,099 $389,867 $72,232 19 %Reimbursables (1)31,784 17,680 14,104 80 %Depreciation and amortization143,137 86,698 56,439 65 %General and administrative35,208 25,961 9,247 36 %Merger and integration costs14,920 9,331 5,589 60 %687,148 529,537 157,611 30 %Operating income (loss)$187,339 $107,547 $79,792 74 %

(1)We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations, or cash flows.

25

The following table provides information about contract drilling revenue and costs by rig types (dollars in millions except average dayrates):