Noble Completes Smedvig Share Purchase

Noble Corporation (NYSE: NE) has completed the purchase of 21,095,600 Class A shares and 2,501,374 Class B shares of Smedvig ASA for an aggregate purchase price of NOK 4,594,326,100. The Company previously reported that it had entered into a share purchase agreement to acquire such shares.

The Company funded the aggregate purchase price for the Class A shares and Class B shares of Smedvig ASA by means of a short-term US$600,000,000 credit agreement dated December 22, 2005 with Goldman Sachs Credit Partners L.P. and a borrowing under the Company's existing bank credit agreement.

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 62 mobile offshore drilling units located in key markets worldwide. This fleet consists of 13 semisubmersibles, three dynamically positioned drillships, 43 jackups and three submersibles. The fleet count includes two new F&G JU-2000E enhanced premium jackups, with scheduled delivery of the first unit in the third quarter of 2007 and the second unit in the first quarter of 2008. As previously announced, these units have been contracted. 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".