Noble Wins Four Pemex Contracts

Noble Corporation has recently entered into or are finalizing the terms of agreements with Pemex for the use of four 300' independent leg, cantilevered jackup drilling units. The Noble Gene Rosser commenced a 917-day contract on September 29, 2002. The Noble Sam Noble is anticipated to commence a 1,082-day contract by late October 2002. These commencement dates are later than previously anticipated due to recent inclement weather in the Gulf of Mexico caused by Hurricanes Isidore and Lili. Further, the Noble John Sandifer and the Noble Johnnie Hoffman have received Letters of Intent from Pemex, and the Company anticipates that contracts with Pemex will be finalized shortly. Both contracts were scheduled to commence by October 30, 2002, although such date for the Noble John Sandifer will be delayed as a result of the inclement weather. The Company is in discussions with Pemex regarding the possible effects of such a delay. The terms of the contracts are expected to be 960 and 981 days, respectively. After the commencement of these contracts, the Company will have five 300' independent leg, cantilever jackups operating for Pemex in the Bay of Campeche.

The Company also announced that the Noble Leo Segerius, a dynamically positioned drillship, which is under a three-year contract to Petrobras in Brazil, will not recommence operations under its contract until on or about October 25, 2002, rather than on or about October 1, as previously projected. This delay was precipitated by strikes of Brazilian customs personnel which impaired importation of key components. The unit has been in the shipyard for a refurbishment/upgrade and is currently undergoing commissioning and acceptance testing for Petrobras. The unit will be outfitted with Noble's proprietary aluminum alloy riser.


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