EX-99.1 2 d254584dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

CAPITALISATION AND INDEBTEDNESS

 

     As of 31 May 2022
(in thousands)		  
     Unaudited  

Capitalization

    Noble
Successor
Historical(1)		     Maersk
Drilling
Historical
Adjusted(2)		     Pro forma
adjustments(3)		     Topco
Pro Forma
Combined		  

Current debt (including current portion of non-current debt)

         

Guaranteed/secured

    $ —       $ 130,175 (5)    $ —       $ 130,175  

Unguaranteed/unsecured

      —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Total current debt

      —         130,175       —         130,175  

Non-current debt (excluding current portion of non-current debt)

         

Guaranteed/secured

      216,000 (4)      650,835 (5)      9,980       876,815  

Unguaranteed/unsecured

      —         —         —         —    
  

 

 

    

 

 

    

 

 

    

 

 

  

Total non-current debt

      216,000       650,835       9,980       876,815  

Shareholders’ equity

         

Common stock

      1       62,520       (62,519 )      2  

Additional paid-in-capital

      1,400,157       —         2,080,031       3,480,188  

Retained earnings (accumulated deficit)

      88,584       4,720,013       (4,696,587 )      112,010  

Accumulated other comprehensive income (loss)

      4,349       (6,387 )      6,387       4,349  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total shareholders’ equity

      1,493,091       4,776,146       (2,672,688 )      3,596,549  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 1,709,091     $ 5,557,156     $ (2,662,708 )    $ 4,603,539  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

This column presents selected historical information derived from the unaudited consolidated balance sheet of Noble as of 31 May 2022 prepared on a U.S. GAAP basis.

(2)

This column presents selected historical information derived from the unaudited consolidated balance sheet of Maersk Drilling as of 31 May 2022 converted from IFRS to a U.S. GAAP basis. The unaudited consolidated balance sheet of Maersk Drilling as of 31 May 2022 was prepared in accordance with IFRS as issued by the IASB. The amounts presented in this column include material adjustments identified by management necessary to convert the unaudited consolidated balance sheet of Maersk Drilling as of 31 May 2022 to U.S. GAAP and conform to Noble’s accounting policies based on an initial policy conversion assessment. These IFRS to U.S. GAAP adjustments are of the same nature as the IFRS to U.S. GAAP adjustments included in Note 6, Maersk Drilling IFRS to U.S. GAAP Conversion, of the 18 “Unaudited Pro Forma Financial Information” section herein.

 

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(3)

The pro forma adjustments include transaction accounting adjustments, which reflect the application of required accounting for the Business Combination under U.S. GAAP. These adjustments are of the same nature as the pro forma adjustments included in Note 3, Business Combination Transaction Accounting Adjustments, of the 18 “Unaudited Pro Forma Financial Information” section in this Exemption Document. Neither PricewaterhouseCoopers LLP (Houston, Texas), Noble’s independent registered public accounting firm, PricewaterhouseCoopers LLP (London), Topco’s independent auditor, nor any other independent accountant, have audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect of these adjustments.

(4)

Noble’s outstanding guaranteed / secured debt as of 31 May 2022 consists entirely of its Second Lien Notes. Refer to the section 1.3.21 “Noble conducts substantially all of its business through Finco and its subsidiaries, and the indenture governing the Second Lien Notes contains operating and financial restrictions that may restrict Finco’s business and financing activities” of this Exemption Document.

(5)

Maersk Drilling’s outstanding guaranteed / secured debt as of 31 May 2022 consists of borrowings under its Syndicated Facilities Agreement and its DSF Facility Agreement. Refer to the section 13.6.1 “Liabilities and Indebtedness” of this Exemption Document.

 

     As of 31 May 2022
(in thousands)		  
     Unaudited  

Indebtedness

    Noble Successor
Historical(1)		     Maersk
Drilling
Historical
Adjusted(2)		     Pro forma
adjustments(3)		     Topco Pro
Forma
Combined		  

Cash and cash equivalents(4)

    $ 81,925     $ 185,768     $ 316,961     $ 584,654  

Other current financial assets(5)

      8,192       4,774       —         12,966  
  

 

 

    

 

 

    

 

 

    

 

 

  

Liquidity

      90,117       190,542       316,961       597,620  

Current financial debt (including debt instruments, but excluding current portion of non-current financial debt)

      —         —         —         —    

Current portion of non-current financial debt

      —         130,175       —         130,175  
  

 

 

    

 

 

    

 

 

    

 

 

  

Current financial indebtedness

      —         130,175       —         130,175  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net current financial indebtedness

      (90,117 )      (60,367 )      (316,961 )      (467,445 ) 

Non-current financial debt (excluding current portion and debt instruments)

      —         —         —         —    

Debt instruments

      216,000       650,835       9,980       876,815  

Non-current trade and other payables

      —         9,508       —         9,508  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total non-current financial indebtedness

      216,000       660,343       9,980       886,323  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total financial indebtedness(6)

    $ 125,883     $ 599,976     $ (306,981 )    $ 418,878  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

This column presents selected historical information derived from the unaudited consolidated balance sheet of Noble as of 31 May 2022 prepared on a U.S. GAAP basis.

(2)

This column presents selected historical information derived from the unaudited consolidated balance sheet of Maersk Drilling as of 31 May 2022 converted from IFRS to a U.S. GAAP basis. The unaudited consolidated balance sheet of Maersk Drilling as of 31 May 2022 was prepared in accordance with IFRS as issued by the IASB. The amounts presented in this column include material adjustments identified by management necessary to convert the unaudited consolidated balance sheet of Maersk Drilling as of 31 May 2022 to U.S. GAAP and conform to Noble’s accounting policies based on an initial policy conversion assessment. These IFRS to U.S. GAAP adjustments are of the same nature as the IFRS to U.S. GAAP adjustments included in Note 6, Maersk Drilling IFRS to U.S. GAAP Conversion, of the 18 “Unaudited Pro Forma Financial Information” section herein.

 

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(3)

The pro forma adjustments include transaction accounting adjustments, which reflect the application of required accounting for the Business Combination under U.S. GAAP. The adjustments to debt instruments are of the same nature as the pro forma adjustments included in Note 3, Business Combination Transaction Accounting Adjustments of the 18 “Unaudited Pro Forma Financial Information” section in this Exemption Document. The adjustment to cash and cash equivalents consists of a USD 364.3 million pro forma increase related to the expected net cash proceeds to be obtained by Noble in connection with the 2022 Rig Disposal (refer to Note 8, Noble Pro Forma Financial Position, of the 18 “Unaudited Pro Forma Financial Information” section in this Exemption Document for additional information). This increase to cash and cash equivalents is offset by a USD 47.3 million pro forma decrease for adjustments of the same nature as the pro forma adjustments included in Note 3, Business Combination Transaction Accounting Adjustments of the 18 “Unaudited Pro Forma Financial Information” section in this Exemption Document.

(4)

Noble’s cash equivalents as of 31 May 2022 consists of USD 2.0 million of investments in money market funds. Maersk Drilling had no material cash equivalents as of 31 May 2022.

(5)

Noble’s other current financial assets balance as of 31 May 2022 contains USD 3.2 million (unaudited) of cash restricted as collateral on purchase card arrangements and performance guarantees as well as investments in marketable securities. Maersk Drilling’s other current financial assets balance as of 31 May 2022 consists entirely of cash restricted as collateral on performance guarantees.

(6)

Noble and Maersk Drilling do not have any material finance lease liabilities under U.S. GAAP as of 31 May 2022.

As of 31 May 2022, Noble’s indirect and contingent indebtedness not reflected in the statement of indebtedness was approximately USD 35.0 million (unaudited). Noble’s indirect and contingent indebtedness consists of i) letters of credit that guarantee Noble’s performance as it relates to Noble’s drilling contracts, tax and other obligations in various jurisdictions of approximately USD 19.3 million and ii) pension obligations related to Noble’s defined benefit plans of approximately USD 15.4 million. As of 31 May 2022, Maersk Drilling’s indirect and contingent indebtedness not reflected in the statement of indebtedness was approximately USD 5.1 million (unaudited), consisting entirely of bank guarantees.

 

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