Noble Corporation Reports Fourth Quarter And Full Year 2020 Results
- Completed financial restructuring on February 5, 2021
- Achieved zero lost-time incidents during 2020 and set several company safety records during the year
- Contract backlog over $1.6 billion at the end of 2020
- Fourth quarter results include a non-cash, before-tax charge of $2.8 billion relating to the impairment of certain rigs and related capital spares
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SUGAR LAND, Texas, March 11, 2021 /PRNewswire/ Noble Corporation ( Noble or the Company ), as the successor entity for Noble Holding Corporation plc ( Legacy Noble ), today reported fourth quarter and full year 2020 results.
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Failing power plants, rolling blackouts and a spike in demand as Texas is hijacked by a harsh February winter snowstorm this was the scenario exactly a decade ago as blackouts rolled through Texas.
A post-mortem at the time including a key finding that state officials recommended but did not mandate winter protections for generating facilities has renewed relevance as Texas is roiled by a record storm that has left millions without power for at least three days amid plunging temperatures.
Those 2011 findings, as well as reports from the state grid operators that generators and natural gas pipelines froze during the current calamity and American-Statesman interviews with current and former utility executives and energy experts, suggest a light regulatory touch and cavalier operator approach involving winter protections of key industrial assets.
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