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

Company: Noble Corp plc
Filing Date: 2025-04-29
Form: 10-Q
Item: Item 1
Chunk 25
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 respect to certain blowout preventer and related well control equipment on our drillships. Such services include management of maintenance, certification, and reliability with respect to such equipment. Future commitments under the contractual services agreements are estimated to be approximately $24.7 million annually. Total future commitments are projected to be $61.4 million in the aggregate over the remaining term of the agreement, including a $37.0 million commitment for the purchase of consumables and capital spare parts owned and controlled by the vendor at the end of the service arrangement.

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

Letters of Credit and Surety BondsAs of March 31, 2025, we had $19.8 million of letters of credit issued under the 2023 Revolving Credit Facility and an additional $141.3 million in letters of credit and surety bonds issued under bilateral arrangements which guarantee our performance as it relates to our drilling contracts, contract bidding, tax appeals, customs duties, and other obligations in various jurisdictions. We expect to comply with the underlying performance requirements and we expect obligations under these letters of credit and surety bonds will not be called.Other ContingenciesWe are a defendant in certain other claims and litigation arising out of operations in the ordinary course of business, including personal injury claims, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations, or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims.

Note 11 — Supplemental Financial InformationCondensed Consolidated Balance Sheets InformationRestricted cashNoble’s restricted cash balance was $5.0 million as of March 31, 2025, and December 31, 2024. All restricted cash is recorded in “Prepaid expenses and other current assets.”Condensed Consolidated Statements of Cash Flows InformationOperating cash activitiesThe net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:Three Months Ended March 31,20252024Accounts receivable$40,658 $(41,382)Other current assets(20,885)14,102 Other assets22,120 17,848 Accounts payable(66,570)19,918 Other current liabilities52