Noble Schedules Previously Approved Capital Reduction Payment

Noble Corporation's Board has set the record and payment dates for a payment to shareholders in the form of a capital reduction. On May 28, 2009, the shareholders of the Company approved a return of capital to shareholders through a reduction in par value in an aggregate amount equal to 0.25 Swiss francs (CHF) per share, which dividend in the form of par value reduction is to be paid in four installments.

This installment payment is the second of these installments and will be in the amount of 0.05 CHF per share. The ex-dividend date for the payment should be November 5, 2009, with a record date of November 9, 2009 and a payment date of November 19, 2009, subject to a required filing with the Swiss Commercial Register.

The payment will be paid in U.S. dollars based on the CHF/USD exchange rate available approximately two business days prior to the payment date. The par value of the Company's shares is currently CHF 4.90 per share. In connection with the return of capital described above, the par value per share will be reduced by CHF 0.05 to CHF 4.85.