Noble Offers Two for One Stock Split

Noble Corporation has approved a two-for-one split of the Company's ordinary shares effected in the form of a 100 percent stock dividend to members (shareholders) of record on August 7, 2007. Distribution will occur on August 28, when shareholders of record will be issued one additional ordinary share for each share they owned.

The Board of Directors also declared a quarterly cash dividend of 4 cents per ordinary share payable to shareholders of record on September 7, 2007, with a distribution date of September 21. Shareholders of record on the stock split record date (August 7) who retain their shares through the cash dividend record date (September 7) will receive the cash dividend payment on twice the number of pre-split shares they owned.

"Both the stock split and the effective doubling of the cash dividend reflect the Board of Directors' continuing confidence in the Company's positive business momentum, combined with significant long-term opportunities that lie ahead," said Mark A. Jackson, Chairman, President and Chief Executive Officer.

The par value of the shares will remain 10 cents per share after the stock split.

Noble currently has approximately 134 million ordinary shares issued and outstanding. Year to date, Noble has repurchased approximately 1.4 million shares under a previously announced repurchase authorization of up to approximately 15.3 million (pre-split) shares. On a post-split basis, the amount remaining available for repurchase will be approximately 27.7 million shares.