Noble Offers Senior Notes Due 2014

Noble Corporation's indirect wholly-owned subsidiary, Noble Holding International Limited ("NHIL"), has commenced an offering of Senior Notes due 2014. Noble will fully and unconditionally guarantee the notes on a senior unsecured basis.

The net proceeds are expected to be used to repay $150 million of long-term debt of a subsidiary of Noble that matures in March 2009, $23 million of project financing debt of a subsidiary of Noble that matures in January 2009 and outstanding balances under Noble's unsecured revolving bank credit facility, in each case plus accrued interest. The remaining proceeds are expected to be used for general corporate purposes.
 

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