Exhibit 99.1
 Noble Corporation
    
    (NOBLE LOGO)Dorfstrasse 19a6340 BaarSwitzerland
  Noble Corporation Reports Second Quarter 2011 Earnings of $0.21 per Diluted Share
 Noble
Phoenix Noble Muravlenko
    MORE




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Operations Highlights
 Noble Sam Noble Noble Roy Butler
 Noble Byron Welliver Noble Lynda Bossler
 Noble Gene House Noble Joe Beall
 Noble Jim Day Noble Driller
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About Noble Corporation
 http://www.noblecorp.com
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Conference Call
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NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Operating revenuesContract drilling services
    
    $
    589,550
    
    
    $
    687,510
    
    
    $
    1,132,155
    
    
    $
    1,496,156Reimbursables
    
    
    24,122
    
    
    
    13,753
    
    
    
    46,413
    
    
    
    37,986Labor contract drilling services
    
    
    14,012
    
    
    
    8,056
    
    
    
    27,559
    
    
    
    15,817Other
    
    
    313
    
    
    
    603
    
    
    
    758
    
    
    
    814627,997
    
    
    
    709,922
    
    
    
    1,206,885
    
    
    
    1,550,773Operating costs and expensesContract drilling services
    
    
    336,728
    
    
    
    275,595
    
    
    
    643,091
    
    
    
    530,026Reimbursables
    
    
    18,723
    
    
    
    10,365
    
    
    
    35,826
    
    
    
    30,108Labor contract drilling services
    
    
    8,750
    
    
    
    5,380
    
    
    
    17,273
    
    
    
    11,268Depreciation and amortization
    
    
    163,119
    
    
    
    126,227
    
    
    
    321,241
    
    
    
    242,084Selling, general and administrative
    
    
    21,632
    
    
    
    23,808
    
    
    
    45,347
    
    
    
    45,779Gain on contract extinguishments, net
    
    
    
    
    
    
    
    
    
    
    (21,202
    )
    
    
    548,952
    
    
    
    441,375
    
    
    
    1,041,576
    
    
    
    859,265Operating income
    
    
    79,045
    
    
    
    268,547
    
    
    
    165,309
    
    
    
    691,508Other income (expense)Interest expense, net of amount capitalized
    
    
    (14,829
    )
    
    
    (510
    )
    
    
    (33,870
    )
    
    
    (975
    )Interest income and other, net
    
    
    (534
    )
    
    
    1,006
    
    
    
    2,058
    
    
    
    4,632Income before income taxes
    
    
    63,682
    
    
    
    269,043
    
    
    
    133,497
    
    
    
    695,165Income tax provision
    
    
    (9,508
    )
    
    
    (51,118
    )
    
    
    (24,867
    )
    
    
    (106,514
    )Net income
    
    
    54,174
    
    
    
    217,925
    
    
    
    108,630
    
    
    
    588,651Net income attributable to noncontrolling interests
    
    
    (91
    )
    
    
    
    
    
    
    (52
    )
    
    
    Net income attributable to Noble Corporation
    
    $
    54,083
    
    
    $
    217,925
    
    
    $
    108,578
    
    
    $
    588,651Net income per shareBasic
    
    $
    0.21
    
    
    $
    0.85
    
    
    $
    0.43
    
    
    $
    2.29Diluted
    
    $
    0.21
    
    
    $
    0.85
    
    
    $
    0.43
    
    
    $
    2.28
  5




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NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 June 30,
    
    
    December 31,2011
    
    
    2010ASSETSCurrent assetsCash and cash equivalents
    
    $
    230,877
    
    
    $
    337,871Accounts receivable
    
    
    510,019
    
    
    
    387,414Prepaid expenses and other current assets
    
    
    236,600
    
    
    
    186,509Total current assets
    
    
    977,496
    
    
    
    911,794Property and equipment
    
    
    13,926,052
    
    
    
    12,643,866Accumulated depreciation
    
    
    (2,863,482
    )
    
    
    (2,595,779
    )Property and equipment, net
    
    
    11,062,570
    
    
    
    10,048,087Other assets
    
    
    398,172
    
    
    
    342,506Total assets
    
    $
    12,438,238
    
    
    $
    11,302,387LIABILITIES AND EQUITYCurrent liabilitiesCurrent maturities of long-term debt
    
    $
    
    
    
    $
    80,213Accounts payable
    
    
    303,902
    
    
    
    374,814Accrued payroll and related costs
    
    
    114,736
    
    
    
    125,663Interest payable
    
    
    58,328
    
    
    
    40,260Other current liabilities
    
    
    149,590
    
    
    
    180,497Total current liabilities
    
    
    626,556
    
    
    
    801,447Long-term debt
    
    
    3,521,770
    
    
    
    2,686,484Deferred income taxes
    
    
    257,069
    
    
    
    258,822Other liabilities
    
    
    212,475
    
    
    
    268,000Total liabilities
    
    
    4,617,870
    
    
    
    4,014,753Commitments and contingenciesShareholders equityShares
    
    
    857,795
    
    
    
    917,684Additional paid-in capital
    
    
    50,499
    
    
    
    39,006Retained earnings
    
    
    6,739,078
    
    
    
    6,630,500Treasury shares
    
    
    (383,344
    )
    
    
    (373,967
    )Accumulated other comprehensive loss
    
    
    (42,316
    )
    
    
    (50,220
    )Total shareholders equity
    
    
    7,221,712
    
    
    
    7,163,003Noncontrolling interests
    
    
    598,656
    
    
    
    124,631Total equity
    
    
    7,820,368
    
    
    
    7,287,634Total liabilities and equity
    
    $
    12,438,238
    
    
    $
    11,302,387
  6




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NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Six Months EndedJune 30,2011
    
    
    2010Cash flows from operating activitiesNet income
    
    $
    108,630
    
    
    $
    588,651Adjustments to reconcile net income to net cash from operating activities:Depreciation and amortization
    
    
    321,241
    
    
    
    242,084Gain on contract extinguishments, net
    
    
    (21,202
    )
    
    
    Deferred income taxes
    
    
    (1,753
    )
    
    
    (11,842
    )Share-based compensation expense
    
    
    16,388
    
    
    
    16,285Net change in other assets and liabilities
    
    
    (177,968
    )
    
    
    179,246Net cash from operating activities
    
    
    245,336
    
    
    
    1,014,424Cash flows from investing activitiesNew construction
    
    
    (1,017,190
    )
    
    
    (184,963
    )Other capital expenditures
    
    
    (316,245
    )
    
    
    (305,751
    )Major maintenance expenditures
    
    
    (95,348
    )
    
    
    (40,687
    )Refund from contract extinguishments
    
    
    18,642
    
    
    
    Change in accrued capital expenditures
    
    
    (51,500
    )
    
    
    (17,848
    )Net cash from investing activities
    
    
    (1,461,641
    )
    
    
    (549,249
    )Cash flows from financing activitiesBorrowings on bank credit facilities
    
    
    625,000
    
    
    
    Payments on bank credit facilities
    
    
    (240,000
    )
    
    
    Payments of other long-term debt
    
    
    (693,494
    )
    
    
    Proceeds from issuance of senior notes, net of debt
issuance costs
    
    
    1,087,833
    
    
    
    Contributions from joint venture partners
    
    
    436,000
    
    
    
    Settlements of interest rate swaps
    
    
    (29,032
    )
    
    
    Par value reduction payments
    
    
    (72,141
    )
    
    
    (23,306
    )Repurchases of shares
    
    
    
    
    
    
    (88,652
    )Financing costs on credit facilities
    
    
    (2,835
    )
    
    
    Proceeds from employee stock transactions
    
    
    7,357
    
    
    
    3,711Repurchases of employee shares surrendered for taxes
    
    
    (9,377
    )
    
    
    (9,309
    )Net cash from financing activities
    
    
    1,109,311
    
    
    
    (117,556
    )Net change in cash and cash equivalents
    
    
    (106,994
    )
    
    
    347,619Cash and cash equivalents, beginning of period
    
    
    337,871
    
    
    
    735,493Cash and cash equivalents, end of period
    
    $
    230,877
    
    
    $
    1,083,112
  7




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NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
 Three Months Ended June 30,
    
    
    Three Months Ended March 31,2011
    
    
    2010
    
    
    2011Contract
    
    
    
    
    
    
    
    
    
    
    Contract
    
    
    
    
    
    
    
    
    
    
    ContractDrilling
    
    
    
    
    
    
    
    
    
    
    Drilling
    
    
    
    
    
    
    
    
    
    
    DrillingServices
    
    
    Other
    
    
    Total
    
    
    Services
    
    
    Other
    
    
    Total
    
    
    Services
    
    
    Other
    
    
    TotalOperating revenuesContract drilling services
    
    $
    589,550
    
    
    $
    
    
    
    $
    589,550
    
    
    $
    687,510
    
    
    $
    
    
    
    $
    687,510
    
    
    $
    542,605
    
    
    $
    
    
    
    $
    542,605Reimbursables
    
    
    22,982
    
    
    
    1,140
    
    
    
    24,122
    
    
    
    12,989
    
    
    
    764
    
    
    
    13,753
    
    
    
    21,604
    
    
    
    687
    
    
    
    22,291Labor contract drilling services
    
    
    
    
    
    
    14,012
    
    
    
    14,012
    
    
    
    
    
    
    
    8,056
    
    
    
    8,056
    
    
    
    
    
    
    
    13,547
    
    
    
    13,547Other
    
    
    313
    
    
    
    
    
    
    
    313
    
    
    
    603
    
    
    
    
    
    
    
    603
    
    
    
    445
    
    
    
    
    
    
    
    445$
    612,845
    
    
    $
    15,152
    
    
    $
    627,997
    
    
    $
    701,102
    
    
    $
    8,820
    
    
    $
    709,922
    
    
    $
    564,654
    
    
    $
    14,234
    
    
    $
    578,888Operating costs and expensesContract drilling services
    
    $
    336,728
    
    
    $
    
    
    
    $
    336,728
    
    
    $
    275,595
    
    
    $
    
    
    
    $
    275,595
    
    
    $
    306,363
    
    
    $
    
    
    
    $
    306,363Reimbursables
    
    
    17,606
    
    
    
    1,117
    
    
    
    18,723
    
    
    
    9,626
    
    
    
    739
    
    
    
    10,365
    
    
    
    16,440
    
    
    
    663
    
    
    
    17,103Labor contract drilling services
    
    
    
    
    
    
    8,750
    
    
    
    8,750
    
    
    
    
    
    
    
    5,380
    
    
    
    5,380
    
    
    
    
    
    
    
    8,523
    
    
    
    8,523Depreciation and amortization
    
    
    159,843
    
    
    
    3,276
    
    
    
    163,119
    
    
    
    123,379
    
    
    
    2,848
    
    
    
    126,227
    
    
    
    154,888
    
    
    
    3,234
    
    
    
    158,122Selling, general and administrative
    
    
    21,359
    
    
    
    273
    
    
    
    21,632
    
    
    
    23,561
    
    
    
    247
    
    
    
    23,808
    
    
    
    23,449
    
    
    
    266
    
    
    
    23,715Gain on contract extinguishments, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,202
    )
    
    
    
    
    
    
    (21,202
    )$
    535,536
    
    
    $
    13,416
    
    
    $
    548,952
    
    
    $
    432,161
    
    
    $
    9,214
    
    
    $
    441,375
    
    
    $
    479,938
    
    
    $
    12,686
    
    
    $
    492,624Operating income
    
    $
    77,309
    
    
    $
    1,736
    
    
    $
    79,045
    
    
    $
    268,941
    
    
    $
    (394
    )
    
    $
    268,547
    
    
    $
    84,716
    
    
    $
    1,548
    
    
    $
    86,264Operating statisticsJackups:Average Rig Utilization
    
    
    71
    %
    
    
    
    
    
    
    
    
    
    
    81
    %
    
    
    
    
    
    
    
    
    
    
    62
    %Operating Days
    
    
    2,797
    
    
    
    
    
    
    
    
    
    
    
    3,183
    
    
    
    
    
    
    
    
    
    
    
    2,381Average Dayrate
    
    $
    80,742
    
    
    
    
    
    
    
    
    
    
    $
    96,677
    
    
    
    
    
    
    
    
    
    
    $
    80,866Semisubmersibles:Average Rig Utilization
    
    
    85
    %
    
    
    
    
    
    
    
    
    
    
    94
    %
    
    
    
    
    
    
    
    
    
    
    69
    %Operating Days
    
    
    1,088
    
    
    
    
    
    
    
    
    
    
    
    1,023
    
    
    
    
    
    
    
    
    
    
    
    868Average Dayrate
    
    $
    269,798
    
    
    
    
    
    
    
    
    
    
    $
    328,286
    
    
    
    
    
    
    
    
    
    
    $
    277,859Drillships:Average Rig Utilization
    
    
    58
    %
    
    
    
    
    
    
    
    
    
    
    67
    %
    
    
    
    
    
    
    
    
    
    
    70
    %Operating Days
    
    
    317
    
    
    
    
    
    
    
    
    
    
    
    182
    
    
    
    
    
    
    
    
    
    
    
    361Average Dayrate
    
    $
    220,953
    
    
    
    
    
    
    
    
    
    
    $
    242,045
    
    
    
    
    
    
    
    
    
    
    $
    301,647FPSO/Submersibles:Average Rig Utilization
    
    
    0
    %
    
    
    
    
    
    
    
    
    
    
    0
    %
    
    
    
    
    
    
    
    
    
    
    0
    %Operating Days
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Average Dayrate
    
    $
    
    
    
    
    
    
    
    
    
    
    
    $
    
    
    
    
    
    
    
    
    
    
    
    $
    Total:Average Rig Utilization
    
    
    70
    %
    
    
    
    
    
    
    
    
    
    
    80
    %
    
    
    
    
    
    
    
    
    
    
    61
    %Operating Days
    
    
    4,202
    
    
    
    
    
    
    
    
    
    
    
    4,388
    
    
    
    
    
    
    
    
    
    
    
    3,610Average Dayrate
    
    $
    140,296
    
    
    
    
    
    
    
    
    
    
    $
    156,683
    
    
    
    
    
    
    
    
    
    
    $
    150,294
  8




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NOBLE CORPORATION AND SUBSIDIARIES
CALCULATION OF BASIC AND DILUTED NET INCOME
  Three months ended
    
    
    Six months endedJune 30,
    
    
    June 30,2011
    
    
    2010
    
    
    2011
    
    
    2010Allocation of net incomeBasicNet income attributable to Noble Corporation
    
    $
    54,083
    
    
    $
    217,925
    
    
    $
    108,578
    
    
    $
    588,651Earnings allocated to unvested share-based payment awards
    
    
    (572
    )
    
    
    (2,143
    )
    
    
    (1,083
    )
    
    
    (5,652
    )Net income to common shareholders  basic
    
    $
    53,511
    
    
    $
    215,782
    
    
    $
    107,495
    
    
    $
    582,999DilutedNet income attributable to Noble Corporation
    
    $
    54,083
    
    
    $
    217,925
    
    
    $
    108,578
    
    
    $
    588,651Earnings allocated to unvested share-based payment awards
    
    
    (572
    )
    
    
    (2,137
    )
    
    
    (1,082
    )
    
    
    (5,632
    )Net income to common shareholders  diluted
    
    $
    53,511
    
    
    $
    215,788
    
    
    $
    107,496
    
    
    $
    583,019Weighted average number of shares outstanding  basic
    
    
    251,368
    
    
    
    254,224
    
    
    
    251,198
    
    
    
    254,671Incremental shares issuable from assumed exercise of stock options
    
    
    700
    
    
    
    800
    
    
    
    737
    
    
    
    949Weighted average number of shares outstanding  diluted
    
    
    252,068
    
    
    
    255,024
    
    
    
    251,935
    
    
    
    255,620Weighted average unvested share-based payment awards
    
    
    2,688
    
    
    
    2,480
    
    
    
    2,554
    
    
    
    2,431Earnings per shareBasic
    
    $
    0.21
    
    
    $
    0.85
    
    
    $
    0.43
    
    
    $
    2.29Diluted
    
    $
    0.21
    
    
    $
    0.85
    
    
    $
    0.43
    
    
    $
    2.28
  9