Noble to Build Two F&G JU-2000E Jackups

Noble Corporation has received of a letter of intent from Shell E and P Offshore Services B.V. to enter into contracts with the Company for two new F&G JU-2000E enhanced premium jackup drilling rigs to be constructed by China Shipbuilding & Offshore International Co., Ltd./Dalian New Shipbuilding Heavy Industry Co., Ltd in Dalian, China.

The Shell commitment includes the finalization and signature of definitive drilling contracts by the parties by September 1, 2005, with a primary term of two years for each rig and with Shell having five one-year contract extension options for each rig at rates to be mutually agreed for each rig upon expiration of its then existing contract term. The Company estimates that the aggregate gross revenues for each rig commitment over the initial two-year primary term will range between $74-79 million (not including reimbursement of costs of mobilization and demobilization, which will be borne by Shell).

The F&G JU-2000E is a high specification Friede & Goldman designed jackup rig with a 75 foot cantilever reach, rated water depth of 400 feet, and rated drilling depth of 30,000 feet. The F&G JU-2000E is also a harsh environment design rig capable of operating in the North Sea. An indirect subsidiary of the company, Noble Drilling Holding LLC, has entered into contracts with DNS for the construction of the two F&G JU-2000E jackups. Based on its contracts with DNS, the Company expects delivery of the first rig in the third quarter of 2007 at an estimated total delivered price of approximately US$153.4 million and delivery of the second rig in the first quarter of 2008 at an estimated total delivered price of approximately US$156.4 million.

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