Noble Corp Settles Over $502M Mexico Tax Exposure

Reuters

Aug 5 (Reuters) - Offshore drilling contractor Noble Corp said on Monday it had reached a settlement with Mexico's tax authorities that resolves a potential tax exposure of $502 million.

In a quarterly filing, Noble disclosed that the settlement included assessments for 2002 through 2005 of about $348 million, as well as a settlement for 2006.

"The settlement of these assessments did not have a material impact on our consolidated financial statements," Noble said in the filing with the U.S. Securities and Exchange Commission, after reporting higher-than-expected second-quarter profit last month.

The Switzerland-based company has 11 shallow-water jackup rigs in the waters off Mexico.

Noble also said in the filing that audit claims of about $115 million attributable to income, customs and other business taxes had been assessed against the company in other jurisdictions. That is down from $126 million last quarter.

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Dispatcher Level 1 and Level 2
Expertise: Logistics Management
Location: Denton
 
Supply Chain Coordinator
Expertise: Supply Chain Management
Location: Houston, TX
 
United States San Antonio/Elmendorf: Procurement Specialist
Expertise: Supply Chain Management
Location: Elmendorf, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours