Noble Corp settles over $502 million Mexico tax exposure

Mon Aug 5, 2013 5:33pm EDT

(Reuters) - Offshore drilling contractor Noble Corp (NE.N) 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.

(Reporting by Braden Reddall in San Francisco; editing by Matthew Lewis)

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