Ladies and gentlemen, thank you for standing by, and welcome to the Noble Corporation plc Third Quarter 2020 Results Conference Call. [Operator Instructions]. I would now like to turn the call over to Craig Muirhead, VP of Investor Relations and Treasurer. Please go ahead.

Thank you, and welcome, everyone, to Noble Corporation's Third 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. Joining today are Robert Eifler, President and Chief Executive Officer; and Richard Barker, Senior Vice President and Chief Financial Officer. For today's call, we will not be hosting a question-and-answer session at the end of the prepared remarks. Before I turn the call over to Robert, 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 facts 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 the 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 disclosures for these measures, including the most directly comparable GAAP measures and an associated reconciliation on our website. And with that, I'll now turn the call over to Robert Eifler, President and Chief Executive Officer of Noble.

Thanks, Craig. Following our July 31 filing for protection under Chapter 11 of the U.S. Bankruptcy Code, We've made steady progress towards finalizing our process and emergence. As a reminder, we filed with a prearranged agreement with our largest creditors for a comprehensive restructuring that would convert all of our outstanding bond debt to equity, provide for $200 million of new capital from our existing bondholders and provide a new $675 million credit facility from our existing bank group. In addition to the great progress with our creditors, we've cleared a critical element of uncertainty by reaching a settlement with the Paragon Litigation Trust. While the timing of several regulatory approvals remains unknown and outside of our control, and could be affected by COVID shutdowns in certain jurisdictions, we maintain our target of emerging prior to year-end or soon thereafter. Our decision to pursue a comprehensive restructuring was reached after a thorough review of several potential alternatives. We believe that this path will best position Noble to navigate what remains a very challenging environment, and we are grateful for the broad support we have received from our creditors, customers, vendors and employees. Due to the ongoing court process and related activities, we will not be holding a question-and-answer session on today's call. Richard will give some more details on our restructuring in a moment. But first, I would like to give an operational update. Our industry continues to endure one of the most difficult environments we have seen in decades. Timing of any industry recovery remains entirely uncertain. Our crews and operation support teams still face significant quarantine and travel restrictions that have become an unfortunate part of our business in the time of COVID-19. Despite the challenges, the Noble team continues to deliver safe and efficient operations to our…

Thank you, Robert. Good morning, everyone. I would also like to welcome each of you on today's call. I will start my comments with some brief highlights of our third quarter results and then give an overview of where we are with our restructuring process. As announced yesterday, Noble generated total revenue of $242 million in the third quarter, which translated into a net loss to the company of $51 million or $0.20 per diluted share. Adjusted EBITDA in the third quarter was $76 million after adjusting for various restructuring items related to our Chapter 11 filing. This compares to adjusted EBITDA of $58 million in the second quarter. Our Contract Drilling Services revenues were up slightly to $227 million in the third quarter versus $220 million in the second quarter. We continue to remain highly focused on managing our cost structure. Our third quarter Contract Drilling Services costs were $137 million, a 5% reduction from the second quarter. In the third quarter, we fully realized on a run rate basis our previously announced shore-based and G&A cost savings. Additionally, as Robert discussed, we have decided to dispose of our five cold-stacked floaters. This is the right economic decision given the carrying costs and reactivation costs, coupled with the current market outlook for these assets. While significant market uncertainty exists, we are committed to maintaining an industry-leading cost structure and minimizing any free cash flow burn. Our cash balance at the end of September was $325 million. This increase over the prior quarter is primarily related to the receipt of cash tax refunds of $153 million we received in July as a result of the CARES Act provisions as well as the closures of certain prior year tax audits. We still anticipate collecting approximately $18 million in additional CARES Act…

Thanks, Richard. We face a number of challenges in our industry today. Some are familiar like the depressed market outlook, and others have gained more attention recently, like the effects of COVID and investor sentiment turning away from fossil fuels. Regardless, we will continue to maintain our focus on delivering operational excellence and world-class safety performance for our customers as we have done as a company for almost 100 years. We will also continue our efforts to address environmental, social and governance issues and manage the company effectively for cash flows. We are pleased to have received the support of our noteholders and lenders in a consensual restructuring. 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 will now turn it back to the operator to close the call.

This concludes today's conference call. You may now disconnect. End of Q&A: