Noble Drilling Purchases Two Jackups

Noble Corporation has acquired two jackup drilling units, the TRIDENT III and the DHABI II, from a subsidiary of Schlumberger Limited for an aggregate purchase price of $95.0 million in an all cash transaction. The TRIDENT III is a Marathon LeTourneau 116-C, independent leg, cantilever jackup. The unit is operating in the territorial waters of the United Arab Emirates under a long-term contract with Dubai Petroleum Company with a termination date of January 13, 2004. The DHABI II is a Baker Marine, independent leg, cantilever jackup. The unit is operating in the territorial waters of the United Arab Emirates under a long-term contract with Abu Dhabi Oil Company Ltd. (Japan) with a termination date of July 14, 2004.

James C. Day, Chairman and Chief Executive Officer, said "This purchase is part of a consistent strategy of opportunistic acquisitions that fit the Company's long term strategic goals. The units will be assimilated into our Middle East operations."

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