Ladies and gentlemen, thank you for standing by. And welcome to the Noble Corporation plc Second Quarter 2020 Results. At this time all participants are in a listen-only mode. [Operator Instructions] I will now like to turn the conference over to your speaker for today Mr. Craig Muirhead, Vice President of Investor Relations and Treasurer.

Thank you and welcome, everyone, to Noble Corporation's second quarter 2020 earnings conference call. We appreciate your continued interest in the company. You can find a copy of Noble's earnings report issued yesterday evening, along with the supporting statements and schedules on our website at noblecorp.com. For today's call, we will not have a question-and-answer session at the end of the prepared remarks. Before I turn the call over to Robert Eifler, I'd like to remind everyone that we may make statements about our Chapter 11 filing restructuring, activities or plans, operations, opportunities, plans, operational or financial performance, the drilling business or other matters that are not historical fact and are forward looking statements that are subject to certain risks and uncertainties. Our filings with the U.S. Securities and Exchange Commission, which are posted on our website, discuss the risks and uncertainties in our business and industry, and the various factors that could keep outcomes of any forward-looking statements from being realized including resolution of our Chapter 11 Cases, our ability to consummate our restructuring as contemplated, the impact of COVID-19 pandemic on Noble’s operations, the price of oil and gas, customer demand, operational and other risks. Our actual results could differ materially from these forward looking statements and Noble does not assume any obligation to update these statements. Also note, we are referencing non-GAAP financial measures in our call today. You will find the required supplemental disclosure for these measures, including the most directly comparable GAAP measure and an associated reconciliation on our website. And with that, I'll now turn the call over to Robert Eifler, President and Chief Executive of Noble.

Thank you, Craig. As previously announced on July 31, Noble filed for Chapter 11 protection under the U.S. Bankruptcy Code. This was not a decision we made lightly or without evaluating a number of potential alternatives. We ultimately determined that a comprehensive restructuring path best position at Noble to meet the challenges we face in the current environment and to create a strong and appropriate financial foundation to support our industry leading operations. We've signed a restructuring support agreement with several of our largest bondholders that plans to convert our bonds into equity in the reorganized company. And those bondholders have committed to invest an additional $200 million in the company. Additionally, a steering committee of our existing bank lenders has agreed in principal to a new $675 million revolving credit facility with our existing Bank Group. We also have had discussions with the Paragon Litigation Trust, which we think is the right path to get to a resolution of this case, hopefully soon. While there is clearly work that remains to be completed before we emerge, we are very pleased to have obtained this consensual deal and are optimistic we will navigate through the court process in a relatively expeditious manner. Given the status of our having filed for Chapter 11 and the related activities, we will not be holding a question-and-answer session on today's call. And I hope you understand our position there. It is important to stress that we remain absolutely committed to delivering operational excellence for our customers. It is our balance sheet that needs to be fixed, not the company. We plan to pay all of our employees and vendors in full for our day-to-day operations continue uninterrupted. Our legacy was built through operational excellence and customer satisfaction. While this is a significant event in…

Thank you, Robert. Good morning, everyone. I would also like to welcome each of you on today's call, and thank you for joining us. I will start my comments with some highlights of our second quarter results and then give an overview of our restructuring support agreement, and what we are trying to achieve through this process. As announced yesterday, Noble concluded the second quarter 2020 with a net loss attributable to the company of $42 million, or $0.17 per diluted share on total revenue of $238 million. Our EBITDA in the second quarter was $58 million after adjusting for pre-petition charges for professional fees related to our Chapter 11 filing and an increase in legal contingencies related to ongoing litigation. This compares to EBITDA of $91 million in the first quarter. Our contract drilling services revenues were down $47 million from the first quarter to $220 million in the second quarter. This is due to a number of rigs rolling off contract in late first quarter and early second quarter. However, we have focused hard on managing costs closely with contract drilling costs being reduced $17 million quarter-over-quarter to total of $144 million in the second quarter, which includes approximately $3 million of costs in the quarter related to our COVID-19 response efforts. On our last earnings call, we discussed our move to improve efficiency and reduce our shore base and G&A spending by $25 million on an annualized basis, excluding restructuring related costs. We're continuing to work diligently to find additional areas of efficiency without sacrificing our operational excellence. Our capital expenditure estimate for the full-year 2020 is in line with that estimate at the end of the first quarter, and is expected to range between $165 million and $175 million, of which we anticipate reimbursement for our…

Thanks Richard. We're facing many challenges as an industry, and have had to make a lot of hard choices. Restructuring is clearly a major event for our company but it does not deter our focus to maintain our reputation and our brand. We will continue to deliver operational excellence for our customers, we will work safely and we will be good stewards of the environment. These are things that we do well and that people have come to expect from Noble, which is why we are fortunate enough to have many great relationships with discerning customers. We are pleased to have received this support of our lenders and noteholders in a consensual deal. I am especially proud of the men and women at Noble who continue to deliver operational excellence for our customers every day. And I'm confident that on emergence from Chapter 11, the strength of our operations combined with a solid financial platform will position Noble to lead the industry. That concludes our prepared remarks. Thank you for your participation in our call today. And I'll now turn it back to the operator to close the call.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.