Noble Finance layoffs, on the record
Every job cut, severance charge and restructuring Noble Finance reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 1,500 to approximately 3,800.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 1,500 | At December 31, 2020 |
| 10-K for 2021 | approximately 1,800 | December 31, 2021 |
| 10-K for 2022 | approximately 3,800 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryNoble emerged from its Chapter 11 proceedings and restructured through the Plan, with Noble becoming the new parent company; the filing does not describe any layoffs or workforce reduction.
Word for word“On February 5, 2021 (the “Effective Date”), the Plan became effective in accordance with its terms, the Debtors emerged from the Chapter 11 Cases and Noble became the new parent company.” 10-K for 2021
Our summaryAfter completing the Business Combination with Maersk Drilling, the company reduced the size of its combined workforce.
Word for word“In addition, in connection with the completion of the Business Combination with Maersk Drilling in October 2022, we reduced the size of our combined workforce.” 10-K for 2022
Our summaryThe company recorded merger and integration costs, including severance, mostly from the Maersk Drilling combination, and a small part qualified as exit or disposal costs for employee compensation.
Word for word“During the years ended December 31, 2022 and 2021, the Company incurred $ 84.7 million and $ 24.8 million respectively of merger and integration costs primarily in connection with the Business Combination with Maersk Drilling.” 10-K for 2022
Our summaryOnly a small amount of the merger-related employee compensation costs qualified as exit or disposal activities, and it was immaterial.
Word for word“Most merger and integration costs do not qualify for special accounting treatment as exit or disposal activities; however the Company incurred $ 0.8 million related to certain employee compensation that qualifies as exit or disposal activities.” 10-K for 2022
Our summaryMaersk Drilling employees signed an addendum giving them enhanced severance terms if terminated, plus a retention bonus, if the deal with Noble closed.
Word for word“In September 2021, eligible Maersk Drilling employees signed an addendum to their existing service agreements that provides for enhanced severance terms in the event of termination as well as a retention bonus (“Deal Completion Bonus”) to be paid irrespective of termination if a transaction with Noble were to close (the “Retention Addendum”).” 10-K for 2022
Noble Finance has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Noble Finance’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-03-09. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.