Noble Corporation Amends Shareholder Rights Plan

Noble Corporation (NYSE: NE) has amended its Shareholder Rights Plan. In accordance with the approval of the Board of Directors of the Company, the Rights Agreement governing the Plan has been amended to extend the expiration date under the Rights Agreement from July 10, 2005 to July 10, 2015, and to increase the purchase price with respect to each "right" from US$120.00 to US$220.00.

Noble Corporation is a leading provider of diversified services for the oil and gas industry. Contract drilling services are performed with the Company's premium fleet of 60 mobile offshore drilling units located in key markets worldwide. This fleet consists of 13 semisubmersibles, three dynamically positioned drillships, 41 jackups and three submersibles. Approximately 80 percent of the fleet is currently deployed in international markets, principally including the Middle East, Mexico, the North Sea, Brazil, West Africa, India, and the Mediterranean Sea. The Company provides technologically advanced drilling-related products and services designed to create value for our customers. The Company also provides labor contract drilling services, well site and project management services, and engineering services. The Company's ordinary shares are traded on the New York Stock Exchange under the symbol "NE".