Noble Gets Go-Ahead to Change Place of Incorporation

Noble Corporation received approval today from the Grand Court of the Cayman Islands of the previously announced merger, reorganization and consolidation transaction by way of schemes of arrangement under Cayman Islands law. The transaction, if completed, will effectively change the place of incorporation of the parent holding company of the Noble group of companies from the Cayman Islands to Switzerland.

Noble estimates that all of the conditions to the closing of the transaction will be met and that it will complete the transaction prior to the open of business on March 27, 2009.

Upon completion of the transaction, the Noble group holding company will continue to be subject to SEC reporting requirements, and its shares will be listed on the New York Stock Exchange under the symbol "NE," Noble's current trading symbol.