8 June 2021director interest notice● Neutral
Al J. Hirshberg became a Noble Corp director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 June 2021director interest notice● Neutral
William E Turcotte became a Noble Corp Sr. VP, Gen Counsel & Corp Sec and company insider (initial ownership filing).
8 June 2021director interest notice● Neutral
Robert W. Eifler became a Noble Corp President & CEO and company insider (initial ownership filing).
8 June 2021director interest notice● Neutral
Paul Aronzon became a Noble Corp director and company insider (initial ownership filing).
8 June 2021director interest notice● Neutral
Melanie Montague Trent became a Noble Corp director and company insider (initial ownership filing).
8 June 2021director interest notice● Neutral
Charles M Sledge became a Noble Corp director and company insider (initial ownership filing).
8 June 2021director interest notice● Neutral
Pacific Investment Management CO LLC became a Noble Corp 10%+ owner and company insider (initial ownership filing).
8 June 2021director interest notice● Neutral
Ann Darlene Pickard became a Noble Corp director and company insider (initial ownership filing).
20 May 2021securities registration● Neutral
Noble Corp filed notice of an exempt private placement.
7 May 2021quarterly activities report● Neutral
Noble Corp reported quarterly revenue of $219.3 million and net income of $20.4 million for the period ended 2021-06-30.
5 May 2021quarterly activities report● Neutral
Noble Corp reported quarterly revenue of $219.3 million and net income of $20.4 million for the period ended 2021-06-30.
21 Apr 2021securities registration● Neutral
Noble Corp registered a securities offering with the SEC.
16 Apr 2021asset acquisition disposition▲ GoodMajor
On April 15, 2021 Noble completed its all-stock merger with Pacific Drilling, announced March 25. Each Pacific membership interest became 6.366 Noble shares and each Pacific warrant became 1.553 Noble shares. Noble also signed the registration rights agreement flagged at signing, letting certain holders demand resale registration and underwritten offerings of at least $20 million gross proceeds. The press release puts the fleet at 24 units (12 drillships/semisubmersibles and 12 jackups); the pro forma financial statements are to follow by amendment.
25 Mar 2021business combination▲ GoodMajor
On March 25, 2021 Noble (now a Cayman Islands company reporting from Sugar Land, Texas) agreed to acquire Pacific Drilling in an all-stock merger, expected to close in the second quarter of 2021 subject to customary conditions. Pacific Drilling's equityholders receive Noble shares based on exchange ratios built on 16,600,000 shares, and holders of about 66% of its membership interests and 64% of its warrants have signed voting agreements to support it. This is a new growth deal after emergence from bankruptcy, and a registration rights agreement will be signed at closing.
16 Feb 2021substantial holder notice● Neutral
Ryan Heslop, Ariel Warszawski, Firefly Value Partners, LP, FVP GP, LLC, Firefly Management Company GP, LLC, FVP Master Fund, L.P reported no remaining Noble Corp shareholding in its periodic institutional filing.
12 Feb 2021substantial holder notice● Neutral
CONTRARIUS INVESTMENT MANAGEMENT LIMITED reported no remaining Noble Corp shareholding in its periodic institutional filing.
5 Feb 2021material agreement● Neutral
On Feb 3, 2021 Noble, the former directors and officers, and the Paragon Litigation Trust agreed a global resolution of the Paragon lawsuit: the Debtors will pay the Trust $7.7 million and all claims against all defendants will be settled and released. This finishes the thread from the Sept 2020 settlement, in which the claims against the directors and officers were left running; it still needs Delaware Court and Bankruptcy Court approval. The filing says the plan is expected to become effective imminently and cancel Noble-U.K.'s equity, leaving at most very speculative warrants.
1 Dec 2020material agreement● Neutral
On Nov 25, 2020 Noble and the main backstop parties amended the $200 million rights offering backstop agreement. The changes drop the small nominal-value adjustment so $200 million of second lien notes are available (issued with matching original issue discount), loosen the capitalization representations so the new parent could be incorporated in the Cayman Islands, and extend the deadline for funding notices. This is a technical adjustment to the existing noteholder-funded financing; the filing repeats that shareholders expect a complete loss apart from very speculative warrants.
24 Nov 2020listing compliance notice▼ Bad
Noble Corp withdrew a registration statement, abandoning the offering it covered.
23 Nov 2020bankruptcy or receivership▼ BadMajor
On Nov 20, 2020 the Bankruptcy Court confirmed Noble's Chapter 11 plan, which takes effect once conditions including certain governmental approvals are met. Existing funded debt is discharged and Noble-U.K.'s assets move to a new parent, after which Noble-U.K. is to be wound down under English law and its shares (251,083,973 outstanding) are described as having no intrinsic value. Existing shareholders get only a pro rata share of Tranche 3 Warrants, while 63.5% of the new shares go to Group B unsecured claim holders and 4.1% to Group C holders, with 50,000,000 new shares to be issued and 10% of fully diluted new shares reserved for management incentives.
17 Nov 2020director interest notice● Neutral
Noble Corp director Roger W. Jenkins sold 41,781 shares at $0.03.
5 Nov 2020quarterly activities report▼ Bad
Noble Corp reported quarterly revenue of $241.8 million and a net loss of $50.9 million for the period ended 2020-09-30.
4 Nov 2020quarterly activities report▼ Bad
Noble Corp reported quarterly revenue of $241.8 million and a net loss of $50.9 million for the period ended 2020-09-30.
15 Oct 2020material agreement● NeutralMajor
On Oct 12, 2020 Noble signed a Backstop Commitment Agreement for a $200 million rights offering of second lien notes and new shares, fully backstopped by the ad hoc noteholder groups and approved by the Bankruptcy Court on Oct 9. The new shares offered total 15 million (30% of the post-emergence shares), plus backstop premiums, so the plan's new money goes to noteholders rather than existing shareholders; it depends on plan confirmation, and a $10 million termination payment is due in certain circumstances.
15 Oct 2020director interest notice● Neutral
Joey M Kawaja became a Noble Corp VP-Operations and company insider (initial ownership filing).
28 Sept 2020material agreement● NeutralMajor
On Sept 23, 2020 Noble settled the long-running Paragon Litigation Trust fraudulent-transfer lawsuit stemming from the 2014 Paragon spin-off, resolving the open Paragon thread subject to Bankruptcy Court approval. The Trust gets an $85 million allowed unsecured claim in the Chapter 11 cases, with a $10 million payment if a global settlement is reached by Oct 1, 2020, or otherwise $7.5 million up front plus a share of any insurance recoveries; the claims against former directors and officers continue.
26 Aug 2020material agreement▼ Bad
On Aug 20, 2020 Noble and the consenting creditors amended the July restructuring agreement, resetting the 'Support Date' to Aug 20, 2020 and deleting the clause that let the agreement be terminated 14 days after the filing if that date had not occurred. The filing also notes the shares were pulled from the NYSE on July 31 and now trade over-the-counter as NEBLQ, and repeats the company's expectation that, apart from very speculative warrants, shareholders will lose their entire investment.
25 Aug 2020director interest notice● Neutral
Noble Corp Sr. VP, Gen Counsel & Corp Sec William E Turcotte sold 182,625 shares at $0.03.
25 Aug 2020director interest notice● Neutral
Noble Corp director Gordon T Hall sold 148,190 shares at $0.02.
19 Aug 2020director interest notice● Neutral
Noble Corp director Gordon T Hall sold 37,363 shares at $0.02.