##### 



Exhibit 99.1
 
 Noble Corporation Reports Record Earnings of $1.86 Per Share
For the First Quarter 2007 on Revenues of $646 Million




---



##### 



Operations Review
  Noble Kenneth Delaney Noble Dick Favor
 Noble Lynda Bossler Noble George Sauvageau
 Noble Don Walker Noble Earl Frederickson Noble Don Walker Noble Earl Frederickson,
 Noble
Jim Day
 2




---



##### 



Noble Clyde Boudreaux
 Shipyard Projects Update
 Noble Roger Lewis Noble Hans Deul Noble Scott Marks
 Noble Dave Beard
 Noble Danny Adkins Noble Jim Day Noble Danny Adkins Noble Jim Day Noble Clyde Boudreaux
  3




---



##### 



Conference Call
   4




---



##### 



http://www.noblecorp.com
    For Investors:
    
    Lee M. Ahlstrom, Vice President  Investor Relations and Planning,Noble Drilling Services Inc., 281-276-6440For Media:
    
    John S. Breed, Director of Corporate Communications,Noble Drilling Services Inc., 281-276-6729
 5




---



##### 



NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended March 31,2007
    
    
    2006OPERATING REVENUESContract drilling services
    
    $
    576,915
    
    
    $
    408,347Reimbursables
    
    
    31,143
    
    
    
    23,072Labor contract drilling services
    
    
    36,555
    
    
    
    26,516Engineering, consulting and other
    
    
    1,811
    
    
    
    3,980646,424
    
    
    
    461,915OPERATING COSTS AND EXPENSESContract drilling services
    
    
    196,842
    
    
    
    160,864Reimbursables
    
    
    27,546
    
    
    
    20,052Labor contract drilling services
    
    
    28,403
    
    
    
    21,938Engineering, consulting and other
    
    
    3,641
    
    
    
    3,271Depreciation and amortization
    
    
    64,465
    
    
    
    59,361Selling, general and administrative
    
    
    14,226
    
    
    
    10,285Hurricane losses and (recoveries), net
    
    
    
    
    
    
    (4,404
    )335,123
    
    
    
    271,367OPERATING INCOME
    
    
    311,301
    
    
    
    190,548OTHER INCOME (EXPENSE)Interest expense, net of amount capitalized
    
    
    (1,504
    )
    
    
    (12,479
    )Other, net
    
    
    1,158
    
    
    
    2,342INCOME BEFORE INCOME TAXES
    
    
    310,955
    
    
    
    180,411INCOME TAX PROVISION
    
    
    (60,635
    )
    
    
    (35,180
    )NET INCOME
    
    $
    250,320
    
    
    $
    145,231NET INCOME PER SHARE:Basic
    
    $
    1.87
    
    
    $
    1.06Diluted
    
    $
    1.86
    
    
    $
    1.05WEIGHTED AVERAGE SHARES OUTSTANDING:Basic
    
    
    133,561
    
    
    
    136,721Diluted
    
    
    134,800
    
    
    
    138,455
 6




---



##### 



NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 March 31,
    
    
    December 31,2007
    
    
    2006ASSETSCURRENT
ASSETSCash and cash equivalents
    
    $
    77,113
    
    
    $
    61,710Accounts receivable
    
    
    461,547
    
    
    
    408,241Insurance receivables
    
    
    39,717
    
    
    
    54,191Inventories
    
    
    4,642
    
    
    
    4,461Prepaid expenses
    
    
    22,941
    
    
    
    20,491Other current assets
    
    
    26,106
    
    
    
    20,886Total current assets
    
    
    632,066
    
    
    
    569,980PROPERTY AND EQUIPMENTDrilling equipment and facilities
    
    
    5,428,410
    
    
    
    5,215,477Other
    
    
    76,690
    
    
    
    71,8705,505,100
    
    
    
    5,287,347Accumulated depreciation
    
    
    (1,476,242
    )
    
    
    (1,428,954
    )4,028,858
    
    
    
    3,858,393OTHER ASSETS
    
    
    159,704
    
    
    
    157,541$
    4,820,628
    
    
    $
    4,585,914LIABILITIES AND SHAREHOLDERS EQUITYCURRENT LIABILITIESCurrent maturities of long-term debt
    
    $
    9,800
    
    
    $
    9,629Accounts payable
    
    
    138,897
    
    
    
    196,111Accrued payroll and related costs
    
    
    88,225
    
    
    
    93,251Taxes payable
    
    
    95,666
    
    
    
    52,793Interest payable
    
    
    7,883
    
    
    
    9,683Other current liabilities
    
    
    68,217
    
    
    
    64,793Total current liabilities
    
    
    408,688
    
    
    
    426,260LONG-TERM DEBT
    
    
    766,965
    
    
    
    684,469DEFERRED INCOME TAXES
    
    
    222,315
    
    
    
    219,521OTHER LIABILITIES
    
    
    51,585
    
    
    
    34,0191,449,553
    
    
    
    1,364,269COMMITMENTS AND CONTINGENCIESMINORITY INTEREST
    
    
    (7,439
    )
    
    
    (7,348
    )SHAREHOLDERS EQUITYOrdinary shares-par value $0.10 per share; 400,000 shares authorized;
133,749 shares issued and outstanding in 2007; 134,592 shares issued
and outstanding in 2006
    
    
    13,375
    
    
    
    13,459Capital in excess of par value
    
    
    710,728
    
    
    
    789,354Retained earnings
    
    
    2,673,967
    
    
    
    2,446,056Accumulated other comprehensive income (loss)
    
    
    (19,556
    )
    
    
    (19,876
    )3,378,514
    
    
    
    3,228,993$
    4,820,628
    
    
    $
    4,585,914
 7




---



##### 



NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Three Months Ended March 31,2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIESNet income
    
    $
    250,320
    
    
    $
    145,231Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    64,465
    
    
    
    59,361Deferred income tax provision
    
    
    2,794
    
    
    
    Share-based compensation expense
    
    
    7,340
    
    
    
    5,395Hurricane losses and recoveries, net
    
    
    
    
    
    
    (4,404
    )Other
    
    
    2,903
    
    
    
    (2,284
    )Other
changes in current assets and liabilities:Accounts receivable
    
    
    (53,306
    )
    
    
    (55,277
    )Other current assets
    
    
    5,795
    
    
    
    (15,680
    )Accounts payable
    
    
    (49,536
    )
    
    
    (3,424
    )Other current liabilities
    
    
    39,471
    
    
    
    22,185Net cash provided by operating activities
    
    
    270,246
    
    
    
    151,103CASH FLOWS FROM INVESTING ACTIVITIESNew construction
    
    
    (115,049
    )
    
    
    (114,092
    )Other capital expenditures
    
    
    (103,216
    )
    
    
    (76,704
    )Major maintenance expenditures
    
    
    (18,413
    )
    
    
    (24,426
    )Accrued capital expenditures
    
    
    9,627
    
    
    
    Proceeds from sales and maturities of marketable securities
    
    
    
    
    
    
    6,582Net cash used for investing activities
    
    
    (227,051
    )
    
    
    (208,640
    )CASH FLOWS FROM FINANCING ACTIVITIESBorrowings on credit facilities
    
    
    170,000
    
    
    
    Payments on bank credit facilities
    
    
    (85,000
    )
    
    
    Payments of other long-term debt
    
    
    (2,345
    )
    
    
    (4,408
    )Net proceeds from employee stock transactions
    
    
    (481
    )
    
    
    6,529Dividends paid
    
    
    (5,409
    )
    
    
    (5,486
    )Repurchases of ordinary shares
    
    
    (104,557
    )
    
    
    Net cash used for financing activities
    
    
    (27,792
    )
    
    
    (3,365
    )NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
    
    
    15,403
    
    
    
    (60,902
    )CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
    
    61,710
    
    
    
    121,845CASH AND CASH EQUIVALENTS, END OF PERIOD
    
    $
    77,113
    
    
    $
    60,943
 8




---



##### 



NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
 Three Months Ended March 31,
    
    
    Three Months Ended December 31,2007
    
    
    2006
    
    
    2006International
    
    
    Domestic
    
    
    
    
    
    
    
    
    
    
    International
    
    
    Domestic
    
    
    
    
    
    
    
    
    
    
    International
    
    
    DomesticContract
    
    
    Contract
    
    
    
    
    
    
    
    
    
    
    Contract
    
    
    Contract
    
    
    
    
    
    
    
    
    
    
    Contract
    
    
    ContractDrilling
    
    
    Drilling
    
    
    Other
    
    
    Total
    
    
    Drilling
    
    
    Drilling
    
    
    Other
    
    
    Total
    
    
    Drilling
    
    
    Drilling
    
    
    Other
    
    
    TotalOPERATING REVENUESContract drilling services
    
    $
    429,478
    
    
    $
    147,437
    
    
    $
    
    
    
    $
    576,915
    
    
    $
    272,871
    
    
    $
    135,476
    
    
    $
    
    
    
    $
    408,347
    
    
    $
    386,260
    
    
    $
    121,586
    
    
    $
    
    
    
    $
    507,846Reimbursables
    
    
    15,989
    
    
    
    3,780
    
    
    
    11,374
    
    
    
    31,143
    
    
    
    11,490
    
    
    
    6,229
    
    
    
    5,353
    
    
    
    23,072
    
    
    
    14,553
    
    
    
    2,021
    
    
    
    7,268
    
    
    
    23,842Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    36,555
    
    
    
    36,555
    
    
    
    
    
    
    
    
    
    
    
    26,516
    
    
    
    26,516
    
    
    
    
    
    
    
    
    
    
    
    27,073
    
    
    
    27,073Engineering, consulting and other
    
    
    92
    
    
    
    138
    
    
    
    1,581
    
    
    
    1,811
    
    
    
    449
    
    
    
    163
    
    
    
    3,368
    
    
    
    3,980
    
    
    
    (1,298
    )
    
    
    124
    
    
    
    1,237
    
    
    
    63$
    445,559
    
    
    $
    151,355
    
    
    $
    49,510
    
    
    $
    646,424
    
    
    $
    284,810
    
    
    $
    141,868
    
    
    $
    35,237
    
    
    $
    461,915
    
    
    $
    399,515
    
    
    $
    123,731
    
    
    $
    35,578
    
    
    $
    558,824OPERATING COSTS AND EXPENSESContract drilling services
    
    $
    160,124
    
    
    $
    36,718
    
    
    $
    
    
    
    $
    196,842
    
    
    $
    122,887
    
    
    $
    37,977
    
    
    $
    
    
    
    $
    160,864
    
    
    $
    151,921
    
    
    $
    31,250
    
    
    $
    
    
    
    $
    183,171Reimbursables
    
    
    13,284
    
    
    
    3,655
    
    
    
    10,607
    
    
    
    27,546
    
    
    
    8,792
    
    
    
    6,073
    
    
    
    5,187
    
    
    
    20,052
    
    
    
    12,166
    
    
    
    1,764
    
    
    
    6,460
    
    
    
    20,390Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    28,403
    
    
    
    28,403
    
    
    
    
    
    
    
    
    
    
    
    21,938
    
    
    
    21,938
    
    
    
    
    
    
    
    
    
    
    
    21,782
    
    
    
    21,782Engineering, consulting and other
    
    
    161
    
    
    
    (20
    )
    
    
    3,500
    
    
    
    3,641
    
    
    
    (35
    )
    
    
    (110
    )
    
    
    3,416
    
    
    
    3,271
    
    
    
    (181
    )
    
    
    2
    
    
    
    3,149
    
    
    
    2,970Depreciation and amortization
    
    
    48,071
    
    
    
    13,738
    
    
    
    2,656
    
    
    
    64,465
    
    
    
    45,768
    
    
    
    12,540
    
    
    
    1,053
    
    
    
    59,361
    
    
    
    50,790
    
    
    
    13,810
    
    
    
    1,259
    
    
    
    65,859Selling, general and administrative
    
    
    10,390
    
    
    
    3,270
    
    
    
    566
    
    
    
    14,226
    
    
    
    5,463
    
    
    
    3,306
    
    
    
    1,516
    
    
    
    10,285
    
    
    
    10,128
    
    
    
    2,482
    
    
    
    847
    
    
    
    13,457Hurricane losses and (recoveries), net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,404
    )
    
    
    
    
    
    
    (4,404
    )
    
    
    
    
    
    
    (6,300
    )
    
    
    
    
    
    
    (6,300
    )$
    232,030
    
    
    $
    57,361
    
    
    $
    45,732
    
    
    $
    335,123
    
    
    $
    182,875
    
    
    $
    55,382
    
    
    $
    33,110
    
    
    $
    271,367
    
    
    $
    224,824
    
    
    $
    43,008
    
    
    $
    33,497
    
    
    $
    301,329OPERATING INCOME
    
    $
    213,529
    
    
    $
    93,994
    
    
    $
    3,778
    
    
    $
    311,301
    
    
    $
    101,935
    
    
    $
    86,486
    
    
    $
    2,127
    
    
    $
    190,548
    
    
    $
    174,691
    
    
    $
    80,723
    
    
    $
    2,081
    
    
    $
    257,495OPERATING STATISTICSJackups:Average Rig Utilization
    
    
    98
    %
    
    
    N/A
    
    
    
    
    
    
    
    98
    %
    
    
    100
    %
    
    
    86
    %
    
    
    
    
    
    
    99
    %
    
    
    93
    %
    
    
    N/A
    
    
    
    
    
    
    
    93
    %Operating Days
    
    
    3,512
    
    
    
    N/A
    
    
    
    
    
    
    
    3,512
    
    
    
    3,420
    
    
    
    155
    
    
    
    
    
    
    
    3,575
    
    
    
    3,431
    
    
    
    N/A
    
    
    
    
    
    
    
    3,431Average Dayrate
    
    $
    102,112
    
    
    
    N/A
    
    
    
    
    
    
    $
    102,112
    
    
    $
    63,880
    
    
    $
    101,112
    
    
    
    
    
    
    $
    65,482
    
    
    $
    89,769
    
    
    
    N/A
    
    
    
    
    
    
    $
    89,769Semisubmersibles  (6,000 feet or greater):Average Rig Utilization
    
    
    100
    %
    
    
    100
    %
    
    
    
    
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    
    
    
    
    100
    %
    
    
    100
    %
    
    
    100
    %
    
    
    
    
    
    
    100
    %Operating Days
    
    
    180
    
    
    
    360
    
    
    
    
    
    
    
    540
    
    
    
    180
    
    
    
    360
    
    
    
    
    
    
    
    540
    
    
    
    184
    
    
    
    368
    
    
    
    
    
    
    
    552Average Dayrate
    
    $
    153,023
    
    
    $
    313,256
    
    
    
    
    
    
    $
    259,837
    
    
    $
    89,261
    
    
    $
    241,562
    
    
    
    
    
    
    $
    190,795
    
    
    $
    164,081
    
    
    $
    281,654
    
    
    
    
    
    
    $
    242,468Semisubmersibles  (less than 6,000 feet):Average Rig Utilization
    
    
    50
    %
    
    
    100
    %
    
    
    
    
    
    
    67
    %
    
    
    100
    %
    
    
    100
    %
    
    
    
    
    
    
    100
    %
    
    
    77
    %
    
    
    27
    %
    
    
    
    
    
    
    60
    %Operating Days
    
    
    90
    
    
    
    90
    
    
    
    
    
    
    
    180
    
    
    
    90
    
    
    
    180
    
    
    
    
    
    
    
    270
    
    
    
    141
    
    
    
    25
    
    
    
    
    
    
    
    166Average Dayrate
    
    $
    199,055
    
    
    $
    154,390
    
    
    
    
    
    
    $
    176,722
    
    
    $
    113,430
    
    
    $
    124,183
    
    
    
    
    
    
    $
    120,599
    
    
    $
    141,996
    
    
    $
    111,777
    
    
    
    
    
    
    $
    138,141Drillships:Average Rig Utilization
    
    
    93
    %
    
    
    N/A
    
    
    
    
    
    
    
    93
    %
    
    
    100
    %
    
    
    N/A
    
    
    
    
    
    
    
    100
    %
    
    
    100
    %
    
    
    N/A
    
    
    
    
    
    
    
    100
    %Operating Days
    
    
    252
    
    
    
    N/A
    
    
    
    
    
    
    
    252
    
    
    
    270
    
    
    
    N/A
    
    
    
    
    
    
    
    270
    
    
    
    276
    
    
    
    N/A
    
    
    
    
    
    
    
    276Average Dayrate
    
    $
    100,740
    
    
    
    N/A
    
    
    
    
    
    
    $
    100,740
    
    
    $
    104,189
    
    
    
    N/A
    
    
    
    
    
    
    $
    104,189
    
    
    $
    101,491
    
    
    
    N/A
    
    
    
    
    
    
    $
    101,491Submersibles:Average Rig Utilization
    
    
    N/A
    
    
    
    95
    %
    
    
    
    
    
    
    95
    %
    
    
    N/A
    
    
    
    67
    %
    
    
    
    
    
    
    67
    %
    
    
    N/A
    
    
    
    74
    %
    
    
    
    
    
    
    74
    %Operating Days
    
    
    N/A
    
    
    
    256
    
    
    
    
    
    
    
    256
    
    
    
    N/A
    
    
    
    180
    
    
    
    
    
    
    
    180
    
    
    
    N/A
    
    
    
    205
    
    
    
    
    
    
    
    205Average Dayrate
    
    
    N/A
    
    
    $
    81,047
    
    
    
    
    
    
    $
    81,047
    
    
    
    N/A
    
    
    $
    58,506
    
    
    
    
    
    
    $
    58,506
    
    
    
    N/A
    
    
    $
    73,607
    
    
    
    
    
    
    $
    73,607Total:Average Rig Utilization
    
    
    95
    %
    
    
    98
    %
    
    
    
    
    
    
    96
    %
    
    
    100
    %
    
    
    88
    %
    
    
    
    
    
    
    98
    %
    
    
    93
    %
    
    
    81
    %
    
    
    
    
    
    
    92
    %Operating Days
    
    
    4,034
    
    
    
    706
    
    
    
    
    
    
    
    4,740
    
    
    
    3,960
    
    
    
    875
    
    
    
    
    
    
    
    4,835
    
    
    
    4,032
    
    
    
    598
    
    
    
    
    
    
    
    4,630Average Dayrate
    
    $
    106,461
    
    
    $
    208,755
    
    
    
    
    
    
    $
    121,705
    
    
    $
    68,909
    
    
    $
    154,830
    
    
    
    
    
    
    $
    84,465
    
    
    $
    95,791
    
    
    $
    203,293
    
    
    
    
    
    
    $
    109,666
 
 (1)
    
    Effective January 1, 2007, the Companys 30 percent net profit interest in theNoble Kolskayais reported in labor contract drilling services. For the quarters
ended March 31, 2007, 2006 and December 31, 2006, Noble
Kolskaya labor contract drilling margin was $3.6 million, $2.3 million and $2.0 million, respectively. 9