Company: NE-WTA
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0001628280-25-020547
Chunk: 100

Company: Noble Corp plc
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 2
Chunk 100
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-term debt securities to fund our cash flow needs and for other purposes. We have been incurring expenses and capital costs related to incidents regarding one floater and one jackup. These incurred costs related to each rig each exceeded the applicable deductible. We have received partial insurance recoveries for each of these claims and we continue to seek insurance recoveries for the remainder of the incurred and anticipated costs.

Net cash provided by operating activities was $271.1 million and $128.7 million for the three months ended March 31, 2025 and 2024, respectively. The increase in net cash provided by operating activities for the three months ended March 31, 2025, was primarily attributable to improvements in cash flows from operating assets and liabilities, with key drivers being an increase in payments from customers partially offset by an increase in payments to vendors, as well as the Diamond Transaction. We had working capital of $523.2 million at March 31, 2025, and $448.5 million at December 31, 2024.

Net cash used in investing activities was $98.1 million and $166.6 million for the three months ended March 31, 2025 and 2024, respectively, and primarily consisted of capital expenditures on routine projects associated with overhauls and upgrades on various rigs.

27

Net cash used in financing activities was $116.5 million for the three months ended March 31, 2025, and net cash used in financing activities was $112.8 million for the three months ended March 31, 2024. During the three months ended March 31, 2025, we repurchased 0.7 million of our Ordinary Shares for total of $20.0 million, made dividend payments to our shareholders of $81.4 million, and paid $9.1 million in taxes withheld on vested employee share-based compensation awards. The three months ended March 31, 2024, included dividend payments to our shareholders of $59.4 million as well as $53.4 million in taxes withheld on vested employee share-based compensation.

At March 31, 2025, we had a total contract drilling services backlog of approximately $5.4 billion, which includes a commitment of 54% of available days for the remainder of 2025. For additional information regarding our backlog, see “Contract Drilling Services Backlog.”

Capital Additions

Capital additions totaled $