##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2007
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number: 001-31306
 NOBLE CORPORATION
  Cayman Islands
    
    98-0366361(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. employer identification number)
 13135 South Dairy Ashford, Suite 800
    
    77478Sugar Land, Texas
    
    (Zip code)(Address of principal executive offices)
 Registrants telephone number, including area code: (281) 276-6100
 þ o
  þ o o
 o þ




---



##### 



TABLE OF CONTENTS
 PAGEPART IITEM 1. FINANCIAL STATEMENTS
    
    
    3ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    
    
    29Forward-Looking Statements
    
    
    29Executive Overview
    
    
    29Internal Investigation
    
    
    30Results of Operations
    
    
    31Liquidity and Capital Resources
    
    
    43ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
    
    
    45ITEM 4. CONTROLS AND PROCEDURES
    
    
    46PART IIITEM 1. LEGAL PROCEEDINGS
    
    
    47ITEM 1A. RISK FACTORS
    
    
    47ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
    
    
    48ITEM 6. EXHIBITS
    
    
    48SIGNATURES
    
    
    49INDEX TO EXHIBITS
    
    
    50Second Amended and Restated 1992 Nonqualified Stock Option and Share Plan for Non-Employee DirectorsCertification of William A. SearsCertification of Thomas L. MitchellCertification of William A. SearsCertification of Thomas L. Mitchell
  2




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL STATEMENTS
 NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 September 30,
    
    
    December 31,2007
    
    
    2006ASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    150,579
    
    
    $
    61,710Accounts receivable
    
    
    519,604
    
    
    
    408,241Insurance receivables
    
    
    27,037
    
    
    
    54,191Inventories
    
    
    4,430
    
    
    
    4,461Prepaid expenses
    
    
    24,850
    
    
    
    20,491Other current assets
    
    
    25,543
    
    
    
    20,886Total current assets
    
    
    752,043
    
    
    
    569,980PROPERTY AND EQUIPMENTDrilling equipment and facilities
    
    
    6,072,695
    
    
    
    5,215,477Other
    
    
    86,875
    
    
    
    71,8706,159,570
    
    
    
    5,287,347Accumulated depreciation
    
    
    (1,584,461
    )
    
    
    (1,428,954
    )4,575,109
    
    
    
    3,858,393OTHER ASSETS
    
    
    181,761
    
    
    
    157,541$
    5,508,913
    
    
    $
    4,585,914LIABILITIES AND SHAREHOLDERS EQUITYCURRENT LIABILITIESCurrent maturities of long-term debt
    
    $
    10,148
    
    
    $
    9,629Accounts payable
    
    
    197,832
    
    
    
    196,111Accrued payroll and related costs
    
    
    110,557
    
    
    
    93,251Taxes payable
    
    
    60,020
    
    
    
    52,793Interest payable
    
    
    8,285
    
    
    
    9,683Other current liabilities
    
    
    60,990
    
    
    
    64,793Total current liabilities
    
    
    447,832
    
    
    
    426,260LONG-TERM DEBT
    
    
    776,823
    
    
    
    684,469DEFERRED INCOME TAXES
    
    
    232,718
    
    
    
    219,521OTHER LIABILITIES
    
    
    56,555
    
    
    
    34,0191,513,928
    
    
    
    1,364,269COMMITMENTS AND CONTINGENCIESMINORITY INTEREST
    
    
    (6,097
    )
    
    
    (7,348
    )SHAREHOLDERS EQUITYOrdinary shares-par value $0.10 per share; 400,000 shares authorized;
268,639 shares issued and outstanding in 2007; 134,592 shares
(pre-stock split) issued and outstanding in 2006
    
    
    26,864
    
    
    
    13,459Capital in excess of par value
    
    
    727,087
    
    
    
    789,354Retained earnings
    
    
    3,266,159
    
    
    
    2,446,056Accumulated other comprehensive loss
    
    
    (19,028
    )
    
    
    (19,876
    )4,001,082
    
    
    
    3,228,993$
    5,508,913
    
    
    $
    4,585,914
  3




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 Three Months Ended September 30,2007
    
    
    2006OPERATING REVENUESContract drilling services
    
    $
    718,756
    
    
    $
    503,837Reimbursables
    
    
    31,478
    
    
    
    24,800Labor contract drilling services
    
    
    40,622
    
    
    
    30,263Engineering, consulting and other
    
    
    420
    
    
    
    3,086791,276
    
    
    
    561,986OPERATING COSTS AND EXPENSESContract drilling services
    
    
    227,276
    
    
    
    179,001Reimbursables
    
    
    27,675
    
    
    
    21,534Labor contract drilling services
    
    
    32,324
    
    
    
    24,553Engineering, consulting and other
    
    
    6,073
    
    
    
    3,262Depreciation and amortization
    
    
    77,992
    
    
    
    65,560Selling, general and administrative
    
    
    24,617
    
    
    
    11,875Hurricane losses and recoveries, net
    
    
    1,600
    
    
    
    397,557
    
    
    
    305,785OPERATING INCOME
    
    
    393,719
    
    
    
    256,201OTHER INCOME (EXPENSE)Interest expense, net of amount capitalized
    
    
    (9,146
    )
    
    
    (882
    )Other, net
    
    
    6,954
    
    
    
    2,037INCOME BEFORE INCOME TAXES
    
    
    391,527
    
    
    
    257,356INCOME TAX PROVISION
    
    
    (73,247
    )
    
    
    (50,184
    )NET INCOME
    
    $
    318,280
    
    
    $
    207,172NET INCOME PER SHARE:Basic
    
    $
    1.19
    
    
    $
    0.77Diluted
    
    $
    1.18
    
    
    $
    0.76
 .
 4




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 Nine Months Ended September 30,2007
    
    
    2006OPERATING REVENUESContract drilling services
    
    $
    1,953,175
    
    
    $
    1,379,141Reimbursables
    
    
    91,229
    
    
    
    68,512Labor contract drilling services
    
    
    116,342
    
    
    
    84,128Engineering, consulting and other
    
    
    2,953
    
    
    
    9,6342,163,699
    
    
    
    1,541,415OPERATING COSTS AND EXPENSESContract drilling services
    
    
    636,167
    
    
    
    513,092Reimbursables
    
    
    79,829
    
    
    
    59,130Labor contract drilling services
    
    
    93,181
    
    
    
    69,572Engineering, consulting and other
    
    
    17,370
    
    
    
    13,809Depreciation and amortization
    
    
    210,380
    
    
    
    187,466Selling, general and administrative
    
    
    59,145
    
    
    
    32,815Hurricane losses and recoveries, net
    
    
    1,600
    
    
    
    (4,404
    )1,097,672
    
    
    
    871,480OPERATING INCOME
    
    
    1,066,027
    
    
    
    669,935OTHER INCOME (EXPENSE)Interest expense, net of amount capitalized
    
    
    (11,881
    )
    
    
    (15,134
    )Other, net
    
    
    8,624
    
    
    
    6,272INCOME BEFORE INCOME TAXES
    
    
    1,062,770
    
    
    
    661,073INCOME TAX PROVISION
    
    
    (204,139
    )
    
    
    (128,909
    )NET INCOME
    
    $
    858,631
    
    
    $
    532,164NET INCOME PER SHARE:Basic
    
    $
    3.22
    
    
    $
    1.95Diluted
    
    $
    3.19
    
    
    $
    1.93
 .
 5




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Nine Months Ended September 30,2007
    
    
    2006CASH FLOWS FROM OPERATING ACTIVITIESNet income
    
    $
    858,631
    
    
    $
    532,164Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation and amortization
    
    
    210,380
    
    
    
    187,466Impairment loss on assets
    
    
    10,189
    
    
    
    4,849Deferred income tax provision
    
    
    13,197
    
    
    
    9,791Share-based compensation expense
    
    
    25,951
    
    
    
    15,830Pension contribution
    
    
    (37,615
    )
    
    
    (4,300
    )Other
    
    
    24,027
    
    
    
    13,640Other changes in current assets and liabilities:Accounts receivable
    
    
    (111,363
    )
    
    
    (113,541
    )Other current assets
    
    
    18,535
    
    
    
    (21,861
    )Accounts payable
    
    
    (36,914
    )
    
    
    32,614Other current liabilities
    
    
    20,367
    
    
    
    38,610Net cash provided by operating activities
    
    
    995,385
    
    
    
    695,262CASH FLOWS FROM INVESTING ACTIVITIESNew construction
    
    
    (541,976
    )
    
    
    (474,208
    )Other capital expenditures
    
    
    (330,707
    )
    
    
    (266,426
    )Major maintenance expenditures
    
    
    (69,756
    )
    
    
    (44,515
    )Accrued capital expenditures
    
    
    55,940
    
    
    
    Proceeds from sales of property and equipment
    
    
    4,643
    
    
    
    Proceeds from Smedvig disposition
    
    
    
    
    
    
    691,261Proceeds from sales and maturities of marketable securities
    
    
    
    
    
    
    15,461Net cash used for investing activities
    
    
    (881,856
    )
    
    
    (78,427
    )CASH FLOWS FROM FINANCING ACTIVITIESShort-term debt borrowing
    
    
    685,000
    
    
    
    Short-term debt payment
    
    
    (685,000
    )
    
    
    Borrowings on bank credit facilities
    
    
    220,000
    
    
    
    Payments on bank credit facilities
    
    
    (120,000
    )
    
    
    (135,000
    )Payments of other long-term debt
    
    
    (7,158
    )
    
    
    (606,667
    )Proceeds from issuance of senior notes, net of debt issuance costs
    
    
    
    
    
    
    295,851Net proceeds from employee stock transactions, including tax benefit
    
    
    24,713
    
    
    
    10,932Dividends paid
    
    
    (21,528
    )
    
    
    (16,423
    )Repurchases of ordinary shares
    
    
    (120,687
    )
    
    
    (147,275
    )Net cash used for financing activities
    
    
    (24,660
    )
    
    
    (598,582
    )NET INCREASE IN CASH AND CASH EQUIVALENTS
    
    
    88,869
    
    
    
    18,253CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
    
    61,710
    
    
    
    121,845CASH AND CASH EQUIVALENTS, END OF PERIOD
    
    $
    150,579
    
    
    $
    140,098
  6




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY
 AccumulatedCapital in
    
    
    
    
    
    
    Other
    
    
    TotalOrdinary Shares
    
    
    Excess of
    
    
    Retained
    
    
    Comprehensive
    
    
    ShareholdersShares
    
    
    Par Value
    
    
    Par Value
    
    
    Earnings
    
    
    Income (Loss)
    
    
    EquityBalance at December 31, 2006
(pre-stock split)
    
    
    134,592
    
    
    $
    13,459
    
    
    $
    789,354
    
    
    $
    2,446,056
    
    
    $
    (19,876
    )
    
    $
    3,228,993Stock split (two-for-one)
    
    
    134,592
    
    
    
    13,459
    
    
    
    (13,459
    )
    
    
    
    
    
    
    
    
    
    
    Share-based compensation:Share-based compensation
    
    
    1,233
    
    
    
    124
    
    
    
    26,746
    
    
    
    
    
    
    
    
    
    
    
    26,870Contribution to employee
benefit plans
    
    
    72
    
    
    
    7
    
    
    
    2,930
    
    
    
    
    
    
    
    
    
    
    
    2,937Exercise of stock options
    
    
    1,635
    
    
    
    164
    
    
    
    30,054
    
    
    
    
    
    
    
    
    
    
    
    30,218Tax benefit of stock options
exercised
    
    
    
    
    
    
    
    
    
    
    2,271
    
    
    
    
    
    
    
    
    
    
    
    2,271Restricted shares surrendered for
withholding taxes or
forfeited
    
    
    (709
    )
    
    
    (71
    )
    
    
    (7,705
    )
    
    
    
    
    
    
    
    
    
    
    (7,776
    )Repurchases of ordinary shares
    
    
    (2,776
    )
    
    
    (278
    )
    
    
    (103,104
    )
    
    
    
    
    
    
    
    
    
    
    (103,382
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    858,631
    
    
    
    
    
    
    
    858,631Dividends paid ($0.12 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,528
    )
    
    
    
    
    
    
    (21,528
    )Adoption of FIN 48
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (17,000
    )
    
    
    
    
    
    
    (17,000
    )Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    848
    
    
    
    848Balance at September 30, 2007
    
    
    268,639
    
    
    $
    26,864
    
    
    $
    727,087
    
    
    $
    3,266,159
    
    
    $
    (19,028
    )
    
    $
    4,001,082
  7




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 Three Months Ended September 30,2007
    
    
    2006NET INCOME
    
    $
    318,280
    
    
    $
    207,172OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:Foreign currency translation adjustments
    
    
    2,225
    
    
    
    760Unrealized holding gain on securities
    
    
    
    
    
    
    213Forward currency contract activity
    
    
    1,414
    
    
    
    (1,180
    )Amortization of deferred pension plan amounts
    
    
    504
    
    
    
    Other comprehensive income (loss)
    
    
    4,143
    
    
    
    (207
    )COMPREHENSIVE INCOME
    
    $
    322,423
    
    
    $
    206,965
 Nine Months Ended September 30,2007
    
    
    2006NET INCOME
    
    $
    858,631
    
    
    $
    532,164OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:Foreign currency translation adjustments
    
    
    4,777
    
    
    
    3,516Unrealized holding gain on securities
    
    
    
    
    
    
    19,736Forward currency contract activity
    
    
    363
    
    
    
    2,014Settlement of interest rate swaps
    
    
    
    
    
    
    2,509Pension plan actuarial loss
    
    
    (5,580
    )
    
    
    Amortization of deferred pension plan amounts
    
    
    1,288
    
    
    
    Other comprehensive income
    
    
    848
    
    
    
    27,775COMPREHENSIVE INCOME
    
    $
    859,479
    
    
    $
    559,939
 .
 8




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share amounts.)
 NOTE 1  BASIS OF PRESENTATION
   NOTE 2  NET INCOME PER SHARE
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Weighted-average shares outstanding  basic
    
    
    266,684
    
    
    
    271,330
    
    
    
    266,575
    
    
    
    272,784Effect of potentially dilutive shares:Stock options
    
    
    2,461
    
    
    
    2,509
    
    
    
    2,441
    
    
    
    2,758Time-vested restricted stock
    
    
    197
    
    
    
    24
    
    
    
    128
    
    
    
    162Performance-vested restricted stock
    
    
    134
    
    
    
    132
    
    
    
    126
    
    
    
    122Weighted-average shares outstanding  diluted
    
    
    269,476
    
    
    
    273,995
    
    
    
    269,270
    
    
    
    275,826Net income  basic and diluted
    
    $
    318,280
    
    
    $
    207,172
    
    
    $
    858,631
    
    
    $
    532,164Net income per share:Basic
    
    $
    1.19
    
    
    $
    0.77
    
    
    $
    3.22
    
    
    $
    1.95Diluted
    
    $
    1.18
    
    
    $
    0.76
    
    
    $
    3.19
    
    
    $
    1.93
  9




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share amounts.)
 NOTE 3  PROPERTY AND EQUIPMENT
  NOTE 4  DEBT
   NOTE 5  SHAREHOLDERS EQUITY
 Stock Split
    10




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
 Share Repurchases
  NOTE 6  INCOME TAXES
 Accounting for Uncertainty in Income Taxes
    11




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
 NOTE 7  EMPLOYEE BENEFIT PLANS
  Three Months Ended September 30,2007
    
    
    2006International
    
    
    Domestic
    
    
    International
    
    
    DomesticService cost
    
    $
    910
    
    
    $
    1,665
    
    
    $
    776
    
    
    $
    1,357Interest cost
    
    
    959
    
    
    
    1,495
    
    
    
    792
    
    
    
    1,236Return on plan assets
    
    
    (1,348
    )
    
    
    (1,650
    )
    
    
    (899
    )
    
    
    (1,449
    )Amortization of prior service cost
    
    
    
    
    
    
    99
    
    
    
    
    
    
    
    84Amortization of transition obligation
    
    
    18
    
    
    
    
    
    
    
    39
    
    
    
    Recognized net actuarial loss
    
    
    251
    
    
    
    380
    
    
    
    88
    
    
    
    344Net pension expense
    
    $
    790
    
    
    $
    1,989
    
    
    $
    796
    
    
    $
    1,572
 Nine Months Ended September 30,2007
    
    
    2006International
    
    
    Domestic
    
    
    International
    
    
    DomesticService cost
    
    $
    3,845
    
    
    $
    4,995
    
    
    $
    2,328
    
    
    $
    4,071Interest cost
    
    
    3,131
    
    
    
    4,485
    
    
    
    2,376
    
    
    
    3,708Return on plan assets
    
    
    (3,610
    )
    
    
    (4,950
    )
    
    
    (2,697
    )
    
    
    (4,347
    )Amortization of prior service cost
    
    
    
    
    
    
    297
    
    
    
    
    
    
    
    252Amortization of transition obligation
    
    
    139
    
    
    
    
    
    
    
    117
    
    
    
    Recognized net actuarial loss
    
    
    359
    
    
    
    1,140
    
    
    
    264
    
    
    
    1,032Net pension expense
    
    $
    3,864
    
    
    $
    5,967
    
    
    $
    2,388
    
    
    $
    4,716
     12




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
 NOTE 8  DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
   Accounting for Derivative Instruments and Hedging Activities
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006Net unrealized gain (loss) at beginning of period
    
    $
    2,166
    
    
    $
    1,797
    
    
    $
    3,217
    
    
    $
    (3,906
    )Activity during period:Settlement of forward contracts outstanding at
beginning of period
    
    
    (939
    )
    
    
    (942
    )
    
    
    (2,450
    )
    
    
    1,431Net unrealized gain (loss) on outstanding
forward currency contracts
    
    
    2,353
    
    
    
    (238
    )
    
    
    2,813
    
    
    
    583Settlement of interest rate swaps
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,509Net unrealized gain at September 30
    
    $
    3,580
    
    
    $
    617
    
    
    $
    3,580
    
    
    $
    617
 13




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
 NOTE 9  COMMITMENTS AND CONTINGENCIES
     Noble Clyde Boudreaux
 14




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
 Noble Clyde Boudreaux
    Internal Investigation
     15




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
    NOTE 10  SEGMENT AND RELATED INFORMATION
  Noble Kolskaya
  16




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
 Contract Drilling ServicesInternational
    
    Domestic
    
    Other (1)
    
    TotalThree Months Ended September 30, 2007Revenues from external customers
    
    $
    562,785
    
    
    $
    180,606
    
    
    $
    47,885
    
    
    $
    791,276Depreciation and amortization
    
    
    54,136
    
    
    
    21,491
    
    
    
    2,365
    
    
    
    77,992Segment operating income (loss)
    
    
    294,105
    
    
    
    99,844
    
    
    
    (230
    )
    
    
    393,719Interest expense, net of amount
capitalized
    
    
    241
    
    
    
    815
    
    
    
    8,090
    
    
    
    9,146Income tax provision (benefit)
    
    
    36,898
    
    
    
    36,565
    
    
    
    (216
    )
    
    
    73,247Segment profit (loss)
    
    
    256,155
    
    
    
    62,440
    
    
    
    (315
    )
    
    
    318,280Total assets (at end of period)
    
    
    3,259,033
    
    
    
    1,863,933
    
    
    
    385,947
    
    
    
    5,508,913Capital expenditures
    
    
    215,090
    
    
    
    123,412
    
    
    
    24,777
    
    
    
    363,279Three Months Ended September 30, 2006Revenues from external customers
    
    $
    380,664
    
    
    $
    143,372
    
    
    $
    37,950
    
    
    $
    561,986Depreciation and amortization
    
    
    52,486
    
    
    
    12,052
    
    
    
    1,022
    
    
    
    65,560Segment operating income
    
    
    162,188
    
    
    
    91,631
    
    
    
    2,382
    
    
    
    256,201Interest expense, net of amount
capitalized
    
    
    438
    
    
    
    1,009
    
    
    
    (565
    )
    
    
    882Income tax provision
    
    
    21,047
    
    
    
    29,131
    
    
    
    6
    
    
    
    50,184Segment profit
    
    
    137,120
    
    
    
    61,812
    
    
    
    8,240
    
    
    
    207,172Total assets (at end of period)
    
    
    2,699,707
    
    
    
    1,368,673
    
    
    
    344,692
    
    
    
    4,413,072Capital expenditures
    
    
    199,240
    
    
    
    91,208
    
    
    
    25,816
    
    
    
    316,264
 
 (1)
    
    Effective January 1, 2007, the Companys 30 percent effective net profit interest in the
Noble Kolskayais reported in labor contract drilling services. For the three months ended
September 30, 2007 and 2006, Noble Kolskayasegment operating income was $2.8 million and $1.6
million, respectively. 17




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share amounts.)
 Contract Drilling ServicesInternational
    
    Domestic
    
    Other (1)
    
    TotalNine Months Ended September 30, 2007Revenues from external customers
    
    $
    1,516,340
    
    
    $
    501,701
    
    
    $
    145,658
    
    
    $
    2,163,699Depreciation and amortization
    
    
    152,031
    
    
    
    51,513
    
    
    
    6,836
    
    
    
    210,380Segment operating income
    
    
    765,567
    
    
    
    299,020
    
    
    
    1,440
    
    
    
    1,066,027Interest expense, net of amount
capitalized
    
    
    888
    
    
    
    2,510
    
    
    
    8,483
    
    
    
    11,881Income tax provision (benefit)
    
    
    105,243
    
    
    
    105,650
    
    
    
    (6,754
    )
    
    
    204,139Segment profit
    
    
    659,028
    
    
    
    190,860
    
    
    
    8,743
    
    
    
    858,631Total assets (at end of period)
    
    
    3,259,033
    
    
    
    1,863,933
    
    
    
    385,947
    
    
    
    5,508,913Capital expenditures
    
    
    442,815
    
    
    
    397,353
    
    
    
    102,271
    
    
    
    942,439Nine Months Ended September 30, 2006Revenues from external customers
    
    $
    1,007,623
    
    
    $
    425,638
    
    
    $
    108,154
    
    
    $
    1,541,415Depreciation and amortization
    
    
    147,239
    
    
    
    36,961
    
    
    
    3,266
    
    
    
    187,466Segment operating income
    
    
    407,239
    
    
    
    260,349
    
    
    
    2,347
    
    
    
    669,935Interest expense, net of amount
capitalized
    
    
    573
    
    
    
    2,653
    
    
    
    11,908
    
    
    
    15,134Income tax provision (benefit)
    
    
    47,010
    
    
    
    82,144
    
    
    
    (245
    )
    
    
    128,909Segment profit (loss)
    
    
    355,504
    
    
    
    180,235
    
    
    
    (3,575
    )
    
    
    532,164Total assets (at end of period)
    
    
    2,699,707
    
    
    
    1,368,673
    
    
    
    344,692
    
    
    
    4,413,072Capital expenditures
    
    
    434,528
    
    
    
    281,104
    
    
    
    69,517
    
    
    
    785,149
 
 (1)
    
    Effective January 1, 2007, the Companys 30 percent effective net profit interest in the
Noble Kolskayais reported in labor contract drilling services. For the three months ended
September 30, 2007 and 2006, Noble Kolskayasegment operating income was $7.5 million and $5.0
million, respectively. NOTE 11  OPERATING COSTS AND EXPENSES
 Engineering and Consulting Services
    18




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
 Selling, General and Administrative
       NOTE 12  ACCOUNTING PRONOUNCEMENTS
 Fair Value Measurements
 The Fair Value Option for Financial Assets and
Financial Liabilities
 19




---



##### Table of Contents



NOBLE CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in
thousands, except per share amounts.)
 NOTE 13  SUBSEQUENT EVENTS
    NOTE 14  GUARANTEES OF REGISTERED SECURITIES
    20




---



##### Table of Contents



NOBLE CORPORATION AND OTHER SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
September 30, 2007
 NHC and NDH
    
    
    Noble
    
    
    Other
    
    
    ConsolidatingNoble
    
    
    Combined
    
    
    Drilling
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    1,404
    
    
    $
    122
    
    
    $
    47
    
    
    $
    149,006
    
    
    $
    
    
    
    $
    150,579Accounts receivable
    
    
    
    
    
    
    11,914
    
    
    
    9,993
    
    
    
    497,697
    
    
    
    
    
    
    
    519,604Insurance receivables
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,037
    
    
    
    
    
    
    
    27,037Inventories
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,430
    
    
    
    
    
    
    
    4,430Prepaid expenses
    
    
    
    
    
    
    163
    
    
    
    274
    
    
    
    24,413
    
    
    
    
    
    
    
    24,850Accounts receivable from affiliates
    
    
    571,186
    
    
    
    
    
    
    
    481,511
    
    
    
    
    
    
    
    (1,052,697
    )
    
    
    Other current assets
    
    
    
    
    
    
    10
    
    
    
    99
    
    
    
    70,306
    
    
    
    (44,872
    )
    
    
    25,543Total current assets
    
    
    572,590
    
    
    
    12,209
    
    
    
    491,924
    
    
    
    772,889
    
    
    
    (1,097,569
    )
    
    
    752,043PROPERTY AND EQUIPMENTDrilling equipment and facilities
    
    
    
    
    
    
    1,473,841
    
    
    
    110,574
    
    
    
    4,488,280
    
    
    
    
    
    
    
    6,072,695Other
    
    
    
    
    
    
    52
    
    
    
    
    
    
    
    86,823
    
    
    
    
    
    
    
    86,875
    
    
    
    1,473,893
    
    
    
    110,574
    
    
    
    4,575,103
    
    
    
    
    
    
    
    6,159,570Accumulated depreciation
    
    
    
    
    
    
    (77,132
    )
    
    
    (63,698
    )
    
    
    (1,443,631
    )
    
    
    
    
    
    
    (1,584,461
    )
    
    
    
    1,396,761
    
    
    
    46,876
    
    
    
    3,131,472
    
    
    
    
    
    
    
    4,575,109NOTES RECEIVABLE FROM AFFILIATES
    
    
    546,835
    
    
    
    20,963
    
    
    
    44,159
    
    
    
    780,528
    
    
    
    (1,392,485
    )
    
    
    INVESTMENTS IN AFFILIATES
    
    
    3,397,333
    
    
    
    3,875,502
    
    
    
    2,848,884
    
    
    
    
    
    
    
    (10,121,719
    )
    
    
    OTHER ASSETS
    
    
    3,843
    
    
    
    4,961
    
    
    
    3,901
    
    
    
    169,056
    
    
    
    
    
    
    
    181,761$
    4,520,601
    
    
    $
    5,310,396
    
    
    $
    3,435,744
    
    
    $
    4,853,945
    
    
    $
    (12,611,773
    )
    
    $
    5,508,913LIABILITIES AND SHAREHOLDERS EQUITYCURRENT LIABILITIESCurrent maturities of long-term debt
    
    $
    
    
    
    $
    25,294
    
    
    $
    
    
    
    $
    10,148
    
    
    $
    (25,294
    )
    
    $
    10,148Accounts payable
    
    
    
    
    
    
    3,669
    
    
    
    3,432
    
    
    
    190,731
    
    
    
    
    
    
    
    197,832Accrued payroll and related costs
    
    
    
    
    
    
    301
    
    
    
    14,252
    
    
    
    96,004
    
    
    
    
    
    
    
    110,557Taxes payable
    
    
    
    
    
    
    (4,562
    )
    
    
    
    
    
    
    64,582
    
    
    
    
    
    
    
    60,020Interest payable
    
    
    9,378
    
    
    
    15,731
    
    
    
    2,123
    
    
    
    631
    
    
    
    (19,578
    )
    
    
    8,285Accounts payable to affiliates
    
    
    
    
    
    
    1,027,074
    
    
    
    
    
    
    
    25,623
    
    
    
    (1,052,697
    )
    
    
    Other current liabilities
    
    
    
    
    
    
    3
    
    
    
    526
    
    
    
    60,461
    
    
    
    
    
    
    
    60,990Total current liabilities
    
    
    9,378
    
    
    
    1,067,510
    
    
    
    20,333
    
    
    
    448,180
    
    
    
    (1,097,569
    )
    
    
    447,832LONG-TERM DEBT
    
    
    399,791
    
    
    
    
    
    
    
    351,680
    
    
    
    25,352
    
    
    
    
    
    
    
    776,823NOTES PAYABLE TO AFFILIATES
    
    
    110,350
    
    
    
    635,178
    
    
    
    35,000
    
    
    
    611,957
    
    
    
    (1,392,485
    )
    
    
    DEFERRED INCOME TAXES
    
    
    
    
    
    
    4,794
    
    
    
    12,522
    
    
    
    215,402
    
    
    
    
    
    
    
    232,718OTHER LIABILITIES
    
    
    
    
    
    
    2,840
    
    
    
    1,791
    
    
    
    51,924
    
    
    
    
    
    
    
    56,555519,519
    
    
    
    1,710,322
    
    
    
    421,326
    
    
    
    1,352,815
    
    
    
    (2,490,054
    )
    
    
    1,513,928COMMITMENTS AND CONTINGENCIESMINORITY INTEREST
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (6,097
    )
    
    
    
    
    
    
    (6,097
    )SHAREHOLDERS EQUITYOrdinary shares-par value $0.10 per share
    
    
    26,864
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26,864Capital in excess of par value
    
    
    727,087
    
    
    
    1,149,965
    
    
    
    870,744
    
    
    
    70,615
    
    
    
    (2,091,324
    )
    
    
    727,087Retained earnings
    
    
    3,266,159
    
    
    
    2,450,109
    
    
    
    2,144,100
    
    
    
    3,455,640
    
    
    
    (8,049,849
    )
    
    
    3,266,159Accumulated other comprehensive loss
    
    
    (19,028
    )
    
    
    
    
    
    
    (426
    )
    
    
    (19,028
    )
    
    
    19,454
    
    
    
    (19,028
    )4,001,082
    
    
    
    3,600,074
    
    
    
    3,014,418
    
    
    
    3,507,227
    
    
    
    (10,121,719
    )
    
    
    4,001,082$
    4,520,601
    
    
    $
    5,310,396
    
    
    $
    3,435,744
    
    
    $
    4,853,945
    
    
    $
    (12,611,773
    )
    
    $
    5,508,913
 21




---



##### Table of Contents



NOBLE CORPORATION AND OTHER SUBSIDIARIES
CONSOLIDATING BALANCE SHEET
December 31, 2006
 NHC and NDH
    
    
    Noble
    
    
    Other
    
    
    ConsolidatingNoble
    
    
    Combined
    
    
    Drilling
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalASSETSCURRENT ASSETSCash and cash equivalents
    
    $
    2,458
    
    
    $
    36
    
    
    $
    
    
    
    $
    59,216
    
    
    $
    
    
    
    $
    61,710Accounts receivable
    
    
    
    
    
    
    4,032
    
    
    
    6,613
    
    
    
    397,596
    
    
    
    
    
    
    
    408,241Insurance receivables
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    54,191
    
    
    
    
    
    
    
    54,191Inventories
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,461
    
    
    
    
    
    
    
    4,461Prepaid expenses
    
    
    
    
    
    
    827
    
    
    
    709
    
    
    
    18,955
    
    
    
    
    
    
    
    20,491Accounts receivable from affiliates
    
    
    582,991
    
    
    
    
    
    
    
    514,851
    
    
    
    
    
    
    
    (1,097,842
    )
    
    
    Other current assets
    
    
    1
    
    
    
    
    
    
    
    311
    
    
    
    44,200
    
    
    
    (23,626
    )
    
    
    20,886Total current assets
    
    
    585,450
    
    
    
    4,895
    
    
    
    522,484
    
    
    
    578,619
    
    
    
    (1,121,468
    )
    
    
    569,980PROPERTY AND EQUIPMENTDrilling equipment and facilities
    
    
    
    
    
    
    1,045,324
    
    
    
    103,625
    
    
    
    4,066,528
    
    
    
    
    
    
    
    5,215,477Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    71,870
    
    
    
    
    
    
    
    71,870
    
    
    
    1,045,324
    
    
    
    103,625
    
    
    
    4,138,398
    
    
    
    
    
    
    
    5,287,347Accumulated depreciation
    
    
    
    
    
    
    (60,265
    )
    
    
    (60,307
    )
    
    
    (1,308,382
    )
    
    
    
    
    
    
    (1,428,954
    )
    
    
    
    985,059
    
    
    
    43,318
    
    
    
    2,830,016
    
    
    
    
    
    
    
    3,858,393NOTES RECEIVABLE FROM AFFILIATES
    
    
    501,835
    
    
    
    
    
    
    
    9,159
    
    
    
    657,035
    
    
    
    (1,168,029
    )
    
    
    INVESTMENTS IN AFFILIATES
    
    
    2,456,632
    
    
    
    2,991,648
    
    
    
    2,420,467
    
    
    
    
    
    
    
    (7,868,747
    )
    
    
    OTHER ASSETS
    
    
    3,613
    
    
    
    4,963
    
    
    
    3,507
    
    
    
    145,458
    
    
    
    
    
    
    
    157,541$
    3,547,530
    
    
    $
    3,986,565
    
    
    $
    2,998,935
    
    
    $
    4,211,128
    
    
    $
    (10,158,244
    )
    
    $
    4,585,914LIABILITIES AND SHAREHOLDERS EQUITYCURRENT LIABILITIESCurrent maturities of long-term debt
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    33,255
    
    
    $
    (23,626
    )
    
    $
    9,629Accounts payable
    
    
    17,305
    
    
    
    11,513
    
    
    
    1,628
    
    
    
    165,665
    
    
    
    
    
    
    
    196,111Accrued payroll and related costs
    
    
    
    
    
    
    45
    
    
    
    16,909
    
    
    
    76,297
    
    
    
    
    
    
    
    93,251Taxes payable
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    52,793
    
    
    
    
    
    
    
    52,793Interest payable
    
    
    1,469
    
    
    
    
    
    
    
    7,453
    
    
    
    761
    
    
    
    
    
    
    
    9,683Accounts payable to affiliates
    
    
    
    
    
    
    638,638
    
    
    
    
    
    
    
    459,204
    
    
    
    (1,097,842
    )
    
    
    Other current liabilities
    
    
    
    
    
    
    3
    
    
    
    1,140
    
    
    
    63,650
    
    
    
    
    
    
    
    64,793Total current liabilities
    
    
    18,774
    
    
    
    650,199
    
    
    
    27,130
    
    
    
    851,625
    
    
    
    (1,121,468
    )
    
    
    426,260LONG-TERM DEBT
    
    
    299,763
    
    
    
    
    
    
    
    351,672
    
    
    
    33,034
    
    
    
    
    
    
    
    684,469NOTES PAYABLE TO AFFILIATES
    
    
    
    
    
    
    657,035
    
    
    
    
    
    
    
    510,994
    
    
    
    (1,168,029
    )
    
    
    DEFERRED INCOME TAXES
    
    
    
    
    
    
    
    
    
    
    12,140
    
    
    
    207,381
    
    
    
    
    
    
    
    219,521OTHER LIABILITIES
    
    
    
    
    
    
    1,043
    
    
    
    2,099
    
    
    
    30,877
    
    
    
    
    
    
    
    34,019318,537
    
    
    
    1,308,277
    
    
    
    393,041
    
    
    
    1,633,911
    
    
    
    (2,289,497
    )
    
    
    1,364,269COMMITMENTS AND CONTINGENCIESMINORITY INTEREST
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,348
    )
    
    
    
    
    
    
    (7,348
    )SHAREHOLDERS EQUITYOrdinary shares-par value $0.10 per share
    
    
    13,459
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,459Capital in excess of par value
    
    
    789,354
    
    
    
    1,149,965
    
    
    
    870,744
    
    
    
    98,562
    
    
    
    (2,119,271
    )
    
    
    789,354Retained earnings
    
    
    2,446,056
    
    
    
    1,528,323
    
    
    
    1,735,314
    
    
    
    2,505,879
    
    
    
    (5,769,516
    )
    
    
    2,446,056Accumulated other comprehensive loss
    
    
    (19,876
    )
    
    
    
    
    
    
    (164
    )
    
    
    (19,876
    )
    
    
    20,040
    
    
    
    (19,876
    )3,228,993
    
    
    
    2,678,288
    
    
    
    2,605,894
    
    
    
    2,584,565
    
    
    
    (7,868,747
    )
    
    
    3,228,993$
    3,547,530
    
    
    $
    3,986,565
    
    
    $
    2,998,935
    
    
    $
    4,211,128
    
    
    $
    (10,158,244
    )
    
    $
    4,585,914
 22




---



##### Table of Contents



NOBLE CORPORATION AND OTHER SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
Three Months Ended September 30, 2007
 NHC and NDH
    
    
    Noble
    
    
    Other
    
    
    ConsolidatingNoble
    
    
    Combined
    
    
    Drilling
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalOPERATING REVENUESContract drilling services
    
    $
    
    
    
    $
    20,803
    
    
    $
    15,448
    
    
    $
    682,505
    
    
    $
    
    
    
    $
    718,756Reimbursables
    
    
    
    
    
    
    83
    
    
    
    267
    
    
    
    31,128
    
    
    
    
    
    
    
    31,478Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,622
    
    
    
    
    
    
    
    40,622Engineering, consulting and other
    
    
    
    
    
    
    15,548
    
    
    
    
    
    
    
    420
    
    
    
    (15,548
    )
    
    
    420
    
    
    
    36,434
    
    
    
    15,715
    
    
    
    754,675
    
    
    
    (15,548
    )
    
    
    791,276OPERATING COSTS AND EXPENSESContract drilling services
    
    
    5,320
    
    
    
    8,546
    
    
    
    6,113
    
    
    
    222,845
    
    
    
    (15,548
    )
    
    
    227,276Reimbursables
    
    
    
    
    
    
    62
    
    
    
    266
    
    
    
    27,347
    
    
    
    
    
    
    
    27,675Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    32,324
    
    
    
    
    
    
    
    32,324Engineering, consulting and other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,073
    
    
    
    
    
    
    
    6,073Depreciation and amortization
    
    
    
    
    
    
    6,539
    
    
    
    1,515
    
    
    
    69,938
    
    
    
    
    
    
    
    77,992Selling, general and administrative
    
    
    3,676
    
    
    
    1,010
    
    
    
    327
    
    
    
    19,604
    
    
    
    
    
    
    
    24,617Hurricane losses and recoveries, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,600
    
    
    
    
    
    
    
    1,6008,996
    
    
    
    16,157
    
    
    
    8,221
    
    
    
    379,731
    
    
    
    (15,548
    )
    
    
    397,557OPERATING INCOME (LOSS)
    
    
    (8,996
    )
    
    
    20,277
    
    
    
    7,494
    
    
    
    374,944
    
    
    
    
    
    
    
    393,719OTHER INCOME (EXPENSE)Equity earnings in affiliates (net of tax)
    
    
    387,937
    
    
    
    365,727
    
    
    
    202,504
    
    
    
    
    
    
    
    (956,168
    )
    
    
    Interest expense, net of amount
capitalized
    
    
    (61,970
    )
    
    
    (11,213
    )
    
    
    (6,448
    )
    
    
    11,734
    
    
    
    58,751
    
    
    
    (9,146
    )Other, net
    
    
    920
    
    
    
    1
    
    
    
    
    
    
    
    64,784
    
    
    
    (58,751
    )
    
    
    6,954INCOME BEFORE INCOME TAXES
    
    
    317,891
    
    
    
    374,792
    
    
    
    203,550
    
    
    
    451,462
    
    
    
    (956,168
    )
    
    
    391,527INCOME TAX (PROVISION) BENEFIT
    
    
    389
    
    
    
    1,426
    
    
    
    (21,862
    )
    
    
    (53,200
    )
    
    
    
    
    
    
    (73,247
    )NET INCOME
    
    $
    318,280
    
    
    $
    376,218
    
    
    $
    181,688
    
    
    $
    398,262
    
    
    $
    (956,168
    )
    
    $
    318,280
 23




---



##### Table of Contents



NOBLE CORPORATION AND OTHER SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
Three Months Ended September 30, 2006
 NHC and NDH
    
    
    Noble
    
    
    Other
    
    
    ConsolidatingNoble
    
    
    Combined
    
    
    Drilling
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalOPERATING REVENUESContract drilling services
    
    $
    
    
    
    $
    11,371
    
    
    $
    11,824
    
    
    $
    480,642
    
    
    $
    
    
    
    $
    503,837Reimbursables
    
    
    
    
    
    
    169
    
    
    
    106
    
    
    
    24,525
    
    
    
    
    
    
    
    24,800Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30,263
    
    
    
    
    
    
    
    30,263Engineering, consulting and other
    
    
    
    
    
    
    12,949
    
    
    
    
    
    
    
    3,086
    
    
    
    (12,949
    )
    
    
    3,086
    
    
    
    24,489
    
    
    
    11,930
    
    
    
    538,516
    
    
    
    (12,949
    )
    
    
    561,986OPERATING COSTS AND EXPENSESContract drilling services
    
    
    6,131
    
    
    
    6,062
    
    
    
    3,062
    
    
    
    176,695
    
    
    
    (12,949
    )
    
    
    179,001Reimbursables
    
    
    
    
    
    
    143
    
    
    
    106
    
    
    
    21,285
    
    
    
    
    
    
    
    21,534Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,553
    
    
    
    
    
    
    
    24,553Engineering, consulting and other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,262
    
    
    
    
    
    
    
    3,262Depreciation and amortization
    
    
    
    
    
    
    6,393
    
    
    
    1,235
    
    
    
    57,932
    
    
    
    
    
    
    
    65,560Selling, general and administrative
    
    
    2,249
    
    
    
    488
    
    
    
    161
    
    
    
    8,977
    
    
    
    
    
    
    
    11,8758,380
    
    
    
    13,086
    
    
    
    4,564
    
    
    
    292,704
    
    
    
    (12,949
    )
    
    
    305,785OPERATING INCOME (LOSS)
    
    
    (8,380
    )
    
    
    11,403
    
    
    
    7,366
    
    
    
    245,812
    
    
    
    
    
    
    
    256,201OTHER INCOME (EXPENSE)Equity earnings in affiliates (net of tax)
    
    
    219,389
    
    
    
    208,677
    
    
    
    104,429
    
    
    
    
    
    
    
    (532,495
    )
    
    
    Interest expense, net of amount
capitalized
    
    
    (4,611
    )
    
    
    (13,526
    )
    
    
    (6,565
    )
    
    
    12,538
    
    
    
    11,282
    
    
    
    (882
    )Other, net
    
    
    774
    
    
    
    (3,364
    )
    
    
    2,500
    
    
    
    13,409
    
    
    
    (11,282
    )
    
    
    2,037INCOME BEFORE INCOME TAXES
    
    
    207,172
    
    
    
    203,190
    
    
    
    107,730
    
    
    
    271,759
    
    
    
    (532,495
    )
    
    
    257,356INCOME TAX (PROVISION) BENEFIT
    
    
    
    
    
    
    3,834
    
    
    
    (1,156
    )
    
    
    (52,862
    )
    
    
    
    
    
    
    (50,184
    )NET INCOME
    
    $
    207,172
    
    
    $
    207,024
    
    
    $
    106,574
    
    
    $
    218,897
    
    
    $
    (532,495
    )
    
    $
    207,172
 24




---



##### Table of Contents



NOBLE CORPORATION AND OTHER SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
Nine Months Ended September 30, 2007
 NHC and NDH
    
    
    Noble
    
    
    Other
    
    
    ConsolidatingNoble
    
    
    Combined
    
    
    Drilling
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalOPERATING REVENUESContract drilling services
    
    $
    
    
    
    $
    57,840
    
    
    $
    43,922
    
    
    $
    1,851,413
    
    
    $
    
    
    
    $
    1,953,175Reimbursables
    
    
    
    
    
    
    439
    
    
    
    722
    
    
    
    90,068
    
    
    
    
    
    
    
    91,229Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    116,342
    
    
    
    
    
    
    
    116,342Engineering, consulting and other
    
    
    
    
    
    
    46,143
    
    
    
    
    
    
    
    2,947
    
    
    
    (46,137
    )
    
    
    2,953
    
    
    
    104,422
    
    
    
    44,644
    
    
    
    2,060,770
    
    
    
    (46,137
    )
    
    
    2,163,699OPERATING COSTS AND EXPENSESContract drilling services
    
    
    16,030
    
    
    
    21,554
    
    
    
    20,767
    
    
    
    623,953
    
    
    
    (46,137
    )
    
    
    636,167Reimbursables
    
    
    
    
    
    
    369
    
    
    
    716
    
    
    
    78,744
    
    
    
    
    
    
    
    79,829Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    93,181
    
    
    
    
    
    
    
    93,181Engineering, consulting and other
    
    
    
    
    
    
    
    
    
    
    400
    
    
    
    16,970
    
    
    
    
    
    
    
    17,370Depreciation and amortization
    
    
    
    
    
    
    19,311
    
    
    
    4,048
    
    
    
    187,021
    
    
    
    
    
    
    
    210,380Selling, general and administrative
    
    
    9,912
    
    
    
    2,967
    
    
    
    973
    
    
    
    45,293
    
    
    
    
    
    
    
    59,145Hurricane losses and recoveries, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,600
    
    
    
    
    
    
    
    1,60025,942
    
    
    
    44,201
    
    
    
    26,904
    
    
    
    1,046,762
    
    
    
    (46,137
    )
    
    
    1,097,672OPERATING INCOME (LOSS)
    
    
    (25,942
    )
    
    
    60,221
    
    
    
    17,740
    
    
    
    1,014,008
    
    
    
    
    
    
    
    1,066,027OTHER INCOME (EXPENSE)Equity earnings in affiliates (net of tax)
    
    
    957,702
    
    
    
    892,272
    
    
    
    448,099
    
    
    
    
    
    
    
    (2,298,073
    )
    
    
    Interest expense, net of amount
capitalized
    
    
    (75,105
    )
    
    
    (34,885
    )
    
    
    (20,496
    )
    
    
    34,312
    
    
    
    84,293
    
    
    
    (11,881
    )Other, net
    
    
    1,007
    
    
    
    3
    
    
    
    
    
    
    
    91,907
    
    
    
    (84,293
    )
    
    
    8,624INCOME BEFORE INCOME TAXES
    
    
    857,662
    
    
    
    917,611
    
    
    
    445,343
    
    
    
    1,140,227
    
    
    
    (2,298,073
    )
    
    
    1,062,770INCOME TAX (PROVISION) BENEFIT
    
    
    969
    
    
    
    9,516
    
    
    
    (24,158
    )
    
    
    (190,466
    )
    
    
    
    
    
    
    (204,139
    )NET INCOME
    
    $
    858,631
    
    
    $
    927,127
    
    
    $
    421,185
    
    
    $
    949,761
    
    
    $
    (2,298,073
    )
    
    $
    858,631
 25




---



##### Table of Contents



NOBLE CORPORATION AND OTHER SUBSIDIARIES
CONSOLIDATING STATEMENT OF INCOME
Nine Months Ended September 30, 2006
 NHC and NDH
    
    
    Noble
    
    
    Other
    
    
    ConsolidatingNoble
    
    
    Combined
    
    
    Drilling
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalOPERATING REVENUESContract drilling services
    
    $
    
    
    
    $
    30,355
    
    
    $
    33,258
    
    
    $
    1,315,528
    
    
    $
    
    
    
    $
    1,379,141Reimbursables
    
    
    
    
    
    
    374
    
    
    
    173
    
    
    
    67,965
    
    
    
    
    
    
    
    68,512Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    84,128
    
    
    
    
    
    
    
    84,128Engineering, consulting and other
    
    
    
    
    
    
    38,289
    
    
    
    
    
    
    
    9,634
    
    
    
    (38,289
    )
    
    
    9,634
    
    
    
    69,018
    
    
    
    33,431
    
    
    
    1,477,255
    
    
    
    (38,289
    )
    
    
    1,541,415OPERATING COSTS AND EXPENSESContract drilling services
    
    
    14,658
    
    
    
    15,968
    
    
    
    6,092
    
    
    
    514,663
    
    
    
    (38,289
    )
    
    
    513,092Reimbursables
    
    
    
    
    
    
    286
    
    
    
    173
    
    
    
    58,671
    
    
    
    
    
    
    
    59,130Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    69,572
    
    
    
    
    
    
    
    69,572Engineering, consulting and other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,809
    
    
    
    
    
    
    
    13,809Depreciation and amortization
    
    
    
    
    
    
    18,821
    
    
    
    3,782
    
    
    
    164,863
    
    
    
    
    
    
    
    187,466Selling, general and administrative
    
    
    3,635
    
    
    
    1,555
    
    
    
    499
    
    
    
    27,126
    
    
    
    
    
    
    
    32,815Hurricane losses and recoveries, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,404
    )
    
    
    
    
    
    
    (4,404
    )18,293
    
    
    
    36,630
    
    
    
    10,546
    
    
    
    844,300
    
    
    
    (38,289
    )
    
    
    871,480OPERATING INCOME (LOSS)
    
    
    (18,293
    )
    
    
    32,388
    
    
    
    22,885
    
    
    
    632,955
    
    
    
    
    
    
    
    669,935OTHER INCOME (EXPENSE)Equity earnings in affiliates (net of tax)
    
    
    555,125
    
    
    
    508,702
    
    
    
    266,080
    
    
    
    
    
    
    
    (1,329,907
    )
    
    
    Interest expense, net of amount
capitalized
    
    
    (6,500
    )
    
    
    (40,301
    )
    
    
    (32,460
    )
    
    
    31,250
    
    
    
    32,877
    
    
    
    (15,134
    )Other, net
    
    
    1,832
    
    
    
    (3,253
    )
    
    
    (14,278
    )
    
    
    54,848
    
    
    
    (32,877
    )
    
    
    6,272INCOME BEFORE INCOME TAXES
    
    
    532,164
    
    
    
    497,536
    
    
    
    242,227
    
    
    
    719,053
    
    
    
    (1,329,907
    )
    
    
    661,073INCOME TAX (PROVISION) BENEFIT
    
    
    
    
    
    
    11,507
    
    
    
    8,348
    
    
    
    (148,764
    )
    
    
    
    
    
    
    (128,909
    )NET INCOME
    
    $
    532,164
    
    
    $
    509,043
    
    
    $
    250,575
    
    
    $
    570,289
    
    
    $
    (1,329,907
    )
    
    $
    532,164
 26




---



##### Table of Contents



NOBLE CORPORATION AND OTHER SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Nine Months Ended September 30, 2007
 NHC and NDH
    
    
    Noble
    
    
    Other
    
    
    ConsolidatingNoble
    
    
    Combined
    
    
    Drilling
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalCASH FLOWS FROM OPERATING ACTIVITIESNet income
    
    $
    858,631
    
    
    $
    927,127
    
    
    $
    421,185
    
    
    $
    949,761
    
    
    $
    (2,298,073
    )
    
    $
    858,631Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation and amortization
    
    
    
    
    
    
    19,311
    
    
    
    4,048
    
    
    
    187,021
    
    
    
    
    
    
    
    210,380Impairment loss on assets
    
    
    
    
    
    
    
    
    
    
    400
    
    
    
    9,789
    
    
    
    
    
    
    
    10,189Deferred income tax provision
    
    
    
    
    
    
    4,794
    
    
    
    382
    
    
    
    8,021
    
    
    
    
    
    
    
    13,197Share-based compensation expense
    
    
    25,951
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25,951Equity earnings in affiliates
    
    
    (957,702
    )
    
    
    (892,272
    )
    
    
    (448,099
    )
    
    
    
    
    
    
    2,298,073
    
    
    
    Pension contribution
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (37,615
    )
    
    
    
    
    
    
    (37,615
    )Other
    
    
    618
    
    
    
    67
    
    
    
    (743
    )
    
    
    24,085
    
    
    
    
    
    
    
    24,027Other changes in current assets and liabilities:Accounts receivable
    
    
    
    
    
    
    (7,882
    )
    
    
    (3,380
    )
    
    
    (100,101
    )
    
    
    
    
    
    
    (111,363
    )Other current assets
    
    
    1
    
    
    
    654
    
    
    
    647
    
    
    
    17,233
    
    
    
    
    
    
    
    18,535Accounts payable
    
    
    (17,305
    )
    
    
    (1,510
    )
    
    
    1,804
    
    
    
    (19,903
    )
    
    
    
    
    
    
    (36,914
    )Other current liabilities
    
    
    7,909
    
    
    
    (4,306
    )
    
    
    (7,987
    )
    
    
    24,751
    
    
    
    
    
    
    
    20,367Net cash provided by (used for) operating
activities
    
    
    (81,897
    )
    
    
    45,983
    
    
    
    (31,743
    )
    
    
    1,063,042
    
    
    
    
    
    
    
    995,385CASH FLOWS FROM INVESTING ACTIVITIESNew construction
    
    
    
    
    
    
    (428,517
    )
    
    
    
    
    
    
    (113,459
    )
    
    
    
    
    
    
    (541,976
    )Other capital expenditures
    
    
    
    
    
    
    (52
    )
    
    
    (7,927
    )
    
    
    (322,728
    )
    
    
    
    
    
    
    (330,707
    )Major maintenance expenditures
    
    
    
    
    
    
    (2,407
    )
    
    
    (914
    )
    
    
    (66,435
    )
    
    
    
    
    
    
    (69,756
    )Accrued capital expenditures
    
    
    
    
    
    
    (6,334
    )
    
    
    
    
    
    
    62,274
    
    
    
    
    
    
    
    55,940Proceeds from sales of property and equipment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,643
    
    
    
    
    
    
    
    4,643Repayments of notes from affiliates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    702,526
    
    
    
    (702,526
    )
    
    
    Notes receivable from affiliates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (750,350
    )
    
    
    750,350
    
    
    
    Net cash used for investing activities
    
    
    
    
    
    
    (437,310
    )
    
    
    (8,841
    )
    
    
    (483,529
    )
    
    
    47,824
    
    
    
    (881,856
    )CASH FLOWS FROM FINANCING ACTIVITIESShort-term debt borrowing
    
    
    685,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    685,000Short-term debt payment
    
    
    (685,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (685,000
    )Borrowings on bank credit facilities
    
    
    135,000
    
    
    
    
    
    
    
    85,000
    
    
    
    
    
    
    
    
    
    
    
    220,000Payments on bank credit facilities
    
    
    (35,000
    )
    
    
    
    
    
    
    (85,000
    )
    
    
    
    
    
    
    
    
    
    
    (120,000
    )Payments of other long-term debt
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,158
    )
    
    
    
    
    
    
    (7,158
    )Advances (to)/from affiliates
    
    
    32,995
    
    
    
    408,939
    
    
    
    40,631
    
    
    
    (482,565
    )
    
    
    
    
    
    
    Repayments of notes to affiliates
    
    
    (685,000
    )
    
    
    (17,526
    )
    
    
    
    
    
    
    
    
    
    
    702,526
    
    
    
    Notes payable to affiliates
    
    
    750,350
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (750,350
    )
    
    
    Net proceeds from employee stock transactions,
including tax benefit
    
    
    24,713
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24,713Dividends paid
    
    
    (21,528
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (21,528
    )Repurchases of ordinary shares
    
    
    (120,687
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (120,687
    )Net cash provided by (used for) financing
activities
    
    
    80,843
    
    
    
    391,413
    
    
    
    40,631
    
    
    
    (489,723
    )
    
    
    (47,824
    )
    
    
    (24,660
    )NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
    
    
    (1,054
    )
    
    
    86
    
    
    
    47
    
    
    
    89,790
    
    
    
    
    
    
    
    88,869CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD
    
    
    2,458
    
    
    
    36
    
    
    
    
    
    
    
    59,216
    
    
    
    
    
    
    
    61,710CASH AND CASH EQUIVALENTS,
END OF PERIOD
    
    $
    1,404
    
    
    $
    122
    
    
    $
    47
    
    
    $
    149,006
    
    
    $
    
    
    
    $
    150,579
 27




---



##### Table of Contents



NOBLE CORPORATION AND OTHER SUBSIDIARIES
CONSOLIDATING STATEMENT OF CASH FLOWS
Nine Months Ended September 30, 2006
 NHC and NDH
    
    
    Noble
    
    
    Other
    
    
    ConsolidatingNoble
    
    
    Combined
    
    
    Drilling
    
    
    Subsidiaries
    
    
    Adjustments
    
    
    TotalCASH FLOWS FROM OPERATING ACTIVITIESNet income
    
    $
    532,164
    
    
    $
    509,043
    
    
    $
    250,575
    
    
    $
    570,289
    
    
    $
    (1,329,907
    )
    
    $
    532,164Adjustments
to reconcile net income to net cashprovided by operating activities:Depreciation and amortization
    
    
    
    
    
    
    18,821
    
    
    
    3,782
    
    
    
    164,863
    
    
    
    
    
    
    
    187,466Impairment loss on assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,849
    
    
    
    
    
    
    
    4,849Deferred income tax provision
    
    
    
    
    
    
    
    
    
    
    184
    
    
    
    9,607
    
    
    
    
    
    
    
    9,791Share-based compensation expense
    
    
    15,830
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,830Equity earnings in affiliates
    
    
    (555,125
    )
    
    
    (508,702
    )
    
    
    (266,080
    )
    
    
    
    
    
    
    1,329,907
    
    
    
    Pension contribution
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,300
    )
    
    
    
    
    
    
    (4,300
    )Other
    
    
    31,668
    
    
    
    322
    
    
    
    (1,072
    )
    
    
    (17,278
    )
    
    
    
    
    
    
    13,640Other changes in current assets and liabilities:Accounts receivable
    
    
    
    
    
    
    (265
    )
    
    
    6,309
    
    
    
    (119,585
    )
    
    
    
    
    
    
    (113,541
    )Other current assets
    
    
    2
    
    
    
    (64
    )
    
    
    (22
    )
    
    
    (21,777
    )
    
    
    
    
    
    
    (21,861
    )Accounts payable
    
    
    6,597
    
    
    
    4,313
    
    
    
    (492
    )
    
    
    22,196
    
    
    
    
    
    
    
    32,614Other current liabilities
    
    
    8,788
    
    
    
    19,187
    
    
    
    (6,168
    )
    
    
    16,803
    
    
    
    
    
    
    
    38,610Net cash provided by (used for) operating
activities
    
    
    39,924
    
    
    
    42,655
    
    
    
    (12,984
    )
    
    
    625,667
    
    
    
    
    
    
    
    695,262CASH FLOWS FROM INVESTING ACTIVITIESNew construction
    
    
    
    
    
    
    (354,349
    )
    
    
    
    
    
    
    (119,859
    )
    
    
    
    
    
    
    (474,208
    )Other capital expenditures
    
    
    
    
    
    
    
    
    
    
    (3,289
    )
    
    
    (263,137
    )
    
    
    
    
    
    
    (266,426
    )Major maintenance expenditures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (44,515
    )
    
    
    
    
    
    
    (44,515
    )Repayments from affiliates
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,388
    
    
    
    (17,388
    )
    
    
    Notes receivable from affiliates
    
    
    
    
    
    
    
    
    
    
    27,896
    
    
    
    
    
    
    
    (27,896
    )
    
    
    Proceeds from Smedvig disposition
    
    
    691,261
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    691,261Proceeds from sales and maturities of
marketable securities
    
    
    
    
    
    
    8,933
    
    
    
    
    
    
    
    6,528
    
    
    
    
    
    
    
    15,461Net cash provided by (used for) investing
activities
    
    
    691,261
    
    
    
    (345,416
    )
    
    
    24,607
    
    
    
    (403,595
    )
    
    
    (45,284
    )
    
    
    (78,427
    )CASH FLOWS FROM FINANCING ACTIVITIESPayments on bank credit facilities
    
    
    
    
    
    
    
    
    
    
    (135,000
    )
    
    
    
    
    
    
    
    
    
    
    (135,000
    )Payments of other long-term debt
    
    
    
    
    
    
    
    
    
    
    (600,000
    )
    
    
    (6,667
    )
    
    
    
    
    
    
    (606,667
    )Accounts receivable from affiliates
    
    
    (853,721
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    853,721
    
    
    
    Accounts payable to affiliates
    
    
    
    
    
    
    324,027
    
    
    
    723,377
    
    
    
    (193,683
    )
    
    
    (853,721
    )
    
    
    Notes payable to affiliates
    
    
    (27,896
    )
    
    
    (17,388
    )
    
    
    
    
    
    
    
    
    
    
    45,284
    
    
    
    Proceeds from issuance of senior notes, net of
debt issuance costs
    
    
    295,851
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    295,851Net proceeds from employee stock transactions,
including tax benefit
    
    
    10,932
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,932Dividends paid
    
    
    (16,423
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (16,423
    )Repurchases of ordinary shares
    
    
    (147,275
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (147,275
    )Net cash provided by (used for) financing
activities
    
    
    (738,532
    )
    
    
    306,639
    
    
    
    (11,623
    )
    
    
    (200,350
    )
    
    
    45,284
    
    
    
    (598,582
    )NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
    
    
    (7,347
    )
    
    
    3,878
    
    
    
    
    
    
    
    21,722
    
    
    
    
    
    
    
    18,253CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD
    
    
    13,957
    
    
    
    3,119
    
    
    
    
    
    
    
    104,769
    
    
    
    
    
    
    
    121,845CASH AND CASH EQUIVALENTS,
END OF PERIOD
    
    $
    6,610
    
    
    $
    6,997
    
    
    $
    
    
    
    $
    126,491
    
    
    $
    
    
    
    $
    140,098
 
 28




---



##### Table of Contents



ITEM 2.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
   
 FORWARD-LOOKING STATEMENTS
  
 EXECUTIVE OVERVIEW
 Noble Clyde Boudreaux
   
    
    On July 27, 2007, Nobles board of directors approved what is commonly referred to
in the United States as a two-for-one stock split of Nobles ordinary shares effected
in the form of a 100 percent stock dividend to members (shareholders) of record on
August 7, 2007. The stock dividend was distributed on August 28, 2007.
    
    On August 29, 2007, Noble announced a new contract for the Noble George McLeodfor a
minimum of four months at a dayrate of $160,000. The primary role of the rig will be
as an accommodation and workover unit during this contract.
 29




---



##### Table of Contents




    
    On September 4, 2007, Noble announced that the Company took delivery of the Noble Roger
Lewis,a new high-specification jackup drilling rig constructed by Dalian Shipbuilding
Industry Co. Ltd. in Dalian, Peoples Republic of China. The rig is undergoing final
commissioning and provisioning in Sharjah, United Arab Emirates and is expected to
commence operations in December 2007.
    
    On September 20, 2007, the Company reported that Mark A. Jackson resigned from the
positions of Chairman of the Board, President and Chief Executive Officer, effective
immediately. The Board appointed William A. Sears, a director of the Company since
January 1998, to serve as Chairman of the Board, President and Chief Executive Officer
on an interim basis. The Board of Directors formed a search committee to review
internal and external candidates to fill the President and Chief Executive Officer
position on a permanent basis.
   Noble Clyde Boudreaux Noble Roger Lewis
 
 INTERNAL INVESTIGATION
    30




---



##### Table of Contents



RESULTS OF OPERATIONS
 For the Three Months Ended September 30, 2007 and 2006
 General
   31




---



##### Table of Contents



Contract Drilling ServicesInternational
    
    
    Domestic
    
    
    Other
    
    
    Total(In thousands)Three Months Ended September 30, 2007Operating Revenues:Contract drilling services
    
    $
    541,347
    
    
    $
    177,409
    
    
    $
    
    
    
    $
    718,756Reimbursables
    
    
    21,179
    
    
    
    3,055
    
    
    
    7,244
    
    
    
    31,478Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    40,622
    
    
    
    40,622Engineering, consulting and other
    
    
    259
    
    
    
    142
    
    
    
    19
    
    
    
    420562,785
    
    
    
    180,606
    
    
    
    47,885
    
    
    
    791,276Operating Costs and Expenses:Contract drilling services
    
    
    177,062
    
    
    
    50,214
    
    
    
    
    
    
    
    227,276Reimbursables
    
    
    18,382
    
    
    
    2,438
    
    
    
    6,855
    
    
    
    27,675Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    32,324
    
    
    
    32,324Engineering, consulting and other
    
    
    (44
    )
    
    
    51
    
    
    
    6,066
    
    
    
    6,073Depreciation and amortization
    
    
    54,136
    
    
    
    21,491
    
    
    
    2,365
    
    
    
    77,992Selling, general and administrative
    
    
    19,144
    
    
    
    4,968
    
    
    
    505
    
    
    
    24,617Hurricane losses and recoveries, net
    
    
    
    
    
    
    1,600
    
    
    
    
    
    
    
    1,600268,680
    
    
    
    80,762
    
    
    
    48,115
    
    
    
    397,557Operating Income (Loss)
    
    $
    294,105
    
    
    $
    99,844
    
    
    $
    (230
    )
    
    $
    393,719
 Contract Drilling ServicesInternational
    
    
    Domestic
    
    
    Other
    
    
    Total(In thousands)Three Months Ended September 30, 2006Operating Revenues:Contract drilling services
    
    $
    363,330
    
    
    $
    140,507
    
    
    $
    
    
    
    $
    503,837Reimbursables
    
    
    16,215
    
    
    
    2,703
    
    
    
    5,882
    
    
    
    24,800Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    30,263
    
    
    
    30,263Engineering, consulting and other
    
    
    1,119
    
    
    
    162
    
    
    
    1,805
    
    
    
    3,086380,664
    
    
    
    143,372
    
    
    
    37,950
    
    
    
    561,986Operating Costs and Expenses:Contract drilling services
    
    
    145,442
    
    
    
    33,559
    
    
    
    
    
    
    
    179,001Reimbursables
    
    
    13,211
    
    
    
    2,537
    
    
    
    5,786
    
    
    
    21,534Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    24,553
    
    
    
    24,553Engineering, consulting and other
    
    
    (145
    )
    
    
    37
    
    
    
    3,370
    
    
    
    3,262Depreciation and amortization
    
    
    52,486
    
    
    
    12,052
    
    
    
    1,022
    
    
    
    65,560Selling, general and administrative
    
    
    7,482
    
    
    
    3,556
    
    
    
    837
    
    
    
    11,875218,476
    
    
    
    51,741
    
    
    
    35,568
    
    
    
    305,785Operating Income
    
    $
    162,188
    
    
    $
    91,631
    
    
    $
    2,382
    
    
    $
    256,201
 32




---



##### Table of Contents



Rig Utilization, Operating Days and Average Dayrates
  Average RigUtilization (1)
    
    Operating Days (2)
    
    Average DayrateThree Months Ended
    
    Three Months Ended
    
    Three Months EndedSeptember 30,
    
    September 30,
    
    September 30,2007
    
    2006
    
    2007
    
    2006
    
    2007
    
    2006International (3):Jackups
    
    
    95
    %
    
    
    97
    %
    
    
    3,532
    
    
    
    3,560
    
    
    $
    126,342
    
    
    $
    78,860Semisubmersibles - >6,000(4)
    
    
    100
    %
    
    
    100
    %
    
    
    184
    
    
    
    184
    
    
    
    165,565
    
    
    
    166,951Semisubmersibles - <6,000(5)
    
    
    100
    %
    
    
    83
    %
    
    
    184
    
    
    
    153
    
    
    
    181,073
    
    
    
    163,221Drillships
    
    
    87
    %
    
    
    100
    %
    
    
    241
    
    
    
    276
    
    
    
    130,019
    
    
    
    97,242Total International
    
    
    95
    %
    
    
    97
    %
    
    
    4,141
    
    
    
    4,173
    
    
    $
    130,731
    
    
    $
    87,067Domestic (6):Semisubmersibles - >6,000(4)
    
    
    98
    %
    
    
    100
    %
    
    
    452
    
    
    
    368
    
    
    $
    330,490
    
    
    $
    290,976Semisubmersibles - <6,000(5)
    
    
    100
    %
    
    
    90
    %
    
    
    92
    
    
    
    83
    
    
    
    173,063
    
    
    
    155,307Submersibles
    
    
    68
    %
    
    
    100
    %
    
    
    188
    
    
    
    276
    
    
    
    63,812
    
    
    
    74,529Total Domestic
    
    
    88
    %
    
    
    99
    %
    
    
    732
    
    
    
    727
    
    
    $
    242,376
    
    
    $
    193,270Total Company
    
    
    94
    %
    
    
    97
    %
    
    
    4,873
    
    
    
    4,900
    
    
    $
    147,501
    
    
    $
    102,824
 
 (1)
    
    Information reflects our policy of reporting on the basis of the number of actively marketed
rigs in our fleet. Percentages reflect the results of rigs only during the period in which
they are owned by us.(2)
    
    Information reflects the number of days that our rigs were operating under contractual
terms.(3)
    
    International encompasses contract drilling services conducted in the Middle East, India,
Mexico, the North Sea, Brazil and West Africa.(4)
    
    These units have water depth ratings of 6,000 feet or greater depending on the unit.(5)
    
    These units have water depth ratings of less than 6,000 feet.(6)
    
    Domestic encompasses contract drilling services conducted in the U.S. Gulf of Mexico. 
 33




---



##### Table of Contents



International Contract Drilling Services
  Operating CostsOperating Revenues
    
    
    and ExpensesThree Months Ended
    
    
    Three Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(In thousands)Contract drilling services
    
    $
    541,347
    
    
    $
    363,330
    
    
    $
    177,062
    
    
    $
    145,442Reimbursables (1)
    
    
    21,179
    
    
    
    16,215
    
    
    
    18,382
    
    
    
    13,211Other
    
    
    259
    
    
    
    1,119
    
    
    
    (44
    )
    
    
    (145
    )Depreciation and amortization
    
    
    N/A
    
    
    
    N/A
    
    
    
    54,136
    
    
    
    52,486Selling, general and administrative
    
    
    N/A
    
    
    
    N/A
    
    
    
    19,144
    
    
    
    7,482Total
    
    $
    562,785
    
    
    $
    380,664
    
    
    $
    268,680
    
    
    $
    218,476
 
 (1)
    
    We record reimbursements from customers for out-of-pocket expenses as revenues and the
related direct costs as operating expenses. Changes in the amount of these reimbursables do
not have a material effect on our financial position, results of operations or cash flows. Operating Revenues. Noble Homer Ferrington Noble Roger Lewis
 Operating Costs and Expenses.
 34




---



##### Table of Contents



Domestic Contract Drilling Services
  Operating CostsOperating Revenues
    
    
    and ExpensesThree Months Ended
    
    
    Three Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(In thousands)Contract drilling services
    
    $
    177,409
    
    
    $
    140,507
    
    
    $
    50,214
    
    
    $
    33,559Reimbursables (1)
    
    
    3,055
    
    
    
    2,703
    
    
    
    2,438
    
    
    
    2,537Other
    
    
    142
    
    
    
    162
    
    
    
    51
    
    
    
    37Depreciation and amortization
    
    
    N/A
    
    
    
    N/A
    
    
    
    21,491
    
    
    
    12,052Selling, general and administrative
    
    
    N/A
    
    
    
    N/A
    
    
    
    4,968
    
    
    
    3,556Hurricane losses and recoveries, net
    
    
    N/A
    
    
    
    N/A
    
    
    
    1,600
    
    
    
    Total
    
    $
    180,606
    
    
    $
    143,372
    
    
    $
    80,762
    
    
    $
    51,741
 
 (1)
    
    We record reimbursements from customers for out-of-pocket expenses as revenues and the
related direct costs as operating expenses. Changes in the amount of these reimbursables do
not have a material effect on our financial position, results of operations or cash flows. Operating Revenues. Noble Clyde Boudreaux
 Operating Costs and Expenses . Noble Clyde Boudreaux Noble Clyde
Boudreaux Noble Clyde Boudreaux
 35




---



##### Table of Contents



Noble Therald Martin
  Other
  Operating CostsOperating Revenues
    
    
    and ExpensesThree Months Ended
    
    
    Three Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(In thousands)Labor contract drilling services
    
    $
    40,622
    
    
    $
    30,263
    
    
    $
    32,324
    
    
    $
    24,553Engineering, consulting and other
    
    
    19
    
    
    
    1,805
    
    
    
    6,066
    
    
    
    3,370Reimbursables (1)
    
    
    7,244
    
    
    
    5,882
    
    
    
    6,855
    
    
    
    5,786Depreciation and amortization
    
    
    N/A
    
    
    
    N/A
    
    
    
    2,365
    
    
    
    1,022Selling, general and administrative
    
    
    N/A
    
    
    
    N/A
    
    
    
    505
    
    
    
    837Total
    
    $
    47,885
    
    
    $
    37,950
    
    
    $
    48,115
    
    
    $
    35,568
 
 (1)
    
    We record reimbursements from customers for out-of-pocket expenses as revenues and the
related direct costs as operating expenses. Changes in the amount of these reimbursables do
not have a material effect on our financial position, results of operations or cash flows. Operating Revenues . Noble Kolskaya
  Operating Costs and Expenses . Noble Kolskaya
  Noble Kolskaya Noble Kolskaya
 36




---



##### Table of Contents



Other Items
 Selling, General and Administrative Expenses .
 Interest Expense .
 Other, net.
 Income Tax Provision .
 For the Nine Months Ended September 30, 2007 and 2006
 General
   37




---



##### Table of Contents



Contract Drilling ServicesInternational
    
    
    Domestic
    
    
    Other
    
    
    Total(In thousands)Nine Months Ended September 30, 2007Operating Revenues:Contract drilling services
    
    $
    1,461,787
    
    
    $
    491,388
    
    
    $
    
    
    
    $
    1,953,175Reimbursables
    
    
    53,934
    
    
    
    9,925
    
    
    
    27,370
    
    
    
    91,229Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    116,342
    
    
    
    116,342Engineering, consulting and other
    
    
    619
    
    
    
    388
    
    
    
    1,946
    
    
    
    2,9531,516,340
    
    
    
    501,701
    
    
    
    145,658
    
    
    
    2,163,699Operating Costs and Expenses:Contract drilling services
    
    
    507,876
    
    
    
    128,291
    
    
    
    
    
    
    
    636,167Reimbursables
    
    
    45,612
    
    
    
    8,853
    
    
    
    25,364
    
    
    
    79,829Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    93,181
    
    
    
    93,181Engineering, consulting and other
    
    
    129
    
    
    
    34
    
    
    
    17,207
    
    
    
    17,370Depreciation and amortization
    
    
    152,031
    
    
    
    51,513
    
    
    
    6,836
    
    
    
    210,380Selling, general and administrative
    
    
    45,125
    
    
    
    12,390
    
    
    
    1,630
    
    
    
    59,145Hurricane losses and recoveries, net
    
    
    
    
    
    
    1,600
    
    
    
    
    
    
    
    1,600750,773
    
    
    
    202,681
    
    
    
    144,218
    
    
    
    1,097,672Operating Income
    
    $
    765,567
    
    
    $
    299,020
    
    
    $
    1,440
    
    
    $
    1,066,027
 Contract Drilling ServicesInternational
    
    
    Domestic
    
    
    Other
    
    
    Total(In thousands)Nine Months Ended September 30, 2006Operating Revenues:Contract drilling services
    
    $
    965,569
    
    
    $
    413,572
    
    
    $
    
    
    
    $
    1,379,141Reimbursables
    
    
    39,930
    
    
    
    11,636
    
    
    
    16,946
    
    
    
    68,512Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    84,128
    
    
    
    84,128Engineering, consulting and other
    
    
    2,124
    
    
    
    430
    
    
    
    7,080
    
    
    
    9,6341,007,623
    
    
    
    425,638
    
    
    
    108,154
    
    
    
    1,541,415Operating Costs and Expenses:Contract drilling services
    
    
    401,815
    
    
    
    111,277
    
    
    
    
    
    
    
    513,092Reimbursables
    
    
    32,447
    
    
    
    10,908
    
    
    
    15,775
    
    
    
    59,130Labor contract drilling services
    
    
    
    
    
    
    
    
    
    
    69,572
    
    
    
    69,572Engineering, consulting and other
    
    
    172
    
    
    
    (119
    )
    
    
    13,756
    
    
    
    13,809Depreciation and amortization
    
    
    147,239
    
    
    
    36,961
    
    
    
    3,266
    
    
    
    187,466Selling, general and administrative
    
    
    18,711
    
    
    
    10,666
    
    
    
    3,438
    
    
    
    32,815Hurricane losses and recoveries, net
    
    
    
    
    
    
    (4,404
    )
    
    
    
    
    
    
    (4,404
    )600,384
    
    
    
    165,289
    
    
    
    105,807
    
    
    
    871,480Operating Income
    
    $
    407,239
    
    
    $
    260,349
    
    
    $
    2,347
    
    
    $
    669,935
 38




---



##### Table of Contents



Rig Utilization, Operating Days and Average Dayrates
  Average RigUtilization (1)
    
    Operating Days (2)
    
    Average DayrateNine Months Ended
    
    Nine Months Ended
    
    Nine Months EndedSeptember 30,
    
    September 30,
    
    September 30,2007
    
    2006
    
    2007
    
    2006
    
    2007
    
    2006International (3):Jackups
    
    
    97
    %
    
    
    98
    %
    
    
    10,598
    
    
    
    10,561
    
    
    $
    113,770
    
    
    $
    71,696Semisubmersibles - >6,000(4)
    
    
    100
    %
    
    
    100
    %
    
    
    546
    
    
    
    546
    
    
    
    161,840
    
    
    
    135,579Semisubmersibles - <6,000(5)
    
    
    77
    %
    
    
    92
    %
    
    
    421
    
    
    
    334
    
    
    
    179,883
    
    
    
    158,928Drillships
    
    
    94
    %
    
    
    100
    %
    
    
    766
    
    
    
    819
    
    
    
    119,959
    
    
    
    99,238Total International
    
    
    96
    %
    
    
    98
    %
    
    
    12,331
    
    
    
    12,260
    
    
    $
    118,544
    
    
    $
    78,758Domestic (6):Jackups
    
    
   N/A
    
    
    86
    %
    
    
    N/A
    
    
    
    155
    
    
    $
    N/A
    
    
    $
    101,112Semisubmersibles - >6,000(4)
    
    
    99
    %
    
    
    100
    %
    
    
    1,186
    
    
    
    1,092
    
    
    
    329,434
    
    
    
    268,954Semisubmersibles - <6,000(5)
    
    
    100
    %
    
    
    98
    %
    
    
    273
    
    
    
    431
    
    
    
    167,040
    
    
    
    131,714Submersibles
    
    
    88
    %
    
    
    88
    %
    
    
    717
    
    
    
    720
    
    
    
    76,953
    
    
    
    65,710Total Domestic
    
    
    95
    %
    
    
    95
    %
    
    
    2,176
    
    
    
    2,398
    
    
    $
    225,868
    
    
    $
    172,465Total Company
    
    
    96
    %
    
    
    98
    %
    
    
    14,507
    
    
    
    14,658
    
    
    $
    134,639
    
    
    $
    94,088
 
 (1)
    
    Information reflects our policy of reporting on the basis of the number of actively marketed
rigs in our fleet. Percentages reflect the results of rigs only during the period in which
they are owned by us.(2)
    
    Information reflects the number of days that our rigs were operating under contractual
terms.(3)
    
    International encompasses contract drilling services conducted in the Middle East, India,
Mexico, the North Sea, Brazil and West Africa.(4)
    
    These units have water depth ratings of 6,000 feet or greater depending on the unit.(5)
    
    These units have water depth ratings of less than 6,000 feet.(6)
    
    Domestic encompasses contract drilling services conducted in the U.S. Gulf of Mexico. 
 39




---



##### Table of Contents



International Contract Drilling Services
  Operating CostsOperating Revenues
    
    
    and ExpensesNine Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(In thousands)Contract drilling services
    
    $
    1,461,787
    
    
    $
    965,569
    
    
    $
    507,876
    
    
    $
    401,815Reimbursables (1)
    
    
    53,934
    
    
    
    39,930
    
    
    
    45,612
    
    
    
    32,447Other
    
    
    619
    
    
    
    2,124
    
    
    
    129
    
    
    
    172Depreciation and amortization
    
    
    N/A
    
    
    
    N/A
    
    
    
    152,031
    
    
    
    147,239Selling, general and administrative
    
    
    N/A
    
    
    
    N/A
    
    
    
    45,125
    
    
    
    18,711Total
    
    $
    1,516,340
    
    
    $
    1,007,623
    
    
    $
    750,773
    
    
    $
    600,384
 
 (1)
    
    We record reimbursements from customers for out-of-pocket expenses as revenues and the
related direct costs as operating expenses. Changes in the amount of these reimbursables do
not have a material effect on our financial position, results of operations or cash flows. Operating Revenues. Noble Tom Jobe Noble Eddie Paul Noble Therald Martin Noble Roger Lewis
 Operating Costs and Expenses.
 40




---



##### Table of Contents



Domestic Contract Drilling Services
  Operating CostsOperating Revenues
    
    
    and ExpensesNine Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(In thousands)Contract drilling services
    
    $
    491,388
    
    
    $
    413,572
    
    
    $
    128,291
    
    
    $
    111,277Reimbursables (1)
    
    
    9,925
    
    
    
    11,636
    
    
    
    8,853
    
    
    
    10,908Other
    
    
    388
    
    
    
    430
    
    
    
    34
    
    
    
    (119
    )Depreciation and amortization
    
    
    N/A
    
    
    
    N/A
    
    
    
    51,513
    
    
    
    36,961Selling, general and administrative
    
    
    N/A
    
    
    
    N/A
    
    
    
    12,390
    
    
    
    10,666Hurricane losses and recoveries, net
    
    
    N/A
    
    
    
    
    
    
    
    1,600
    
    
    
    (4,404
    )Total
    
    $
    501,701
    
    
    $
    425,638
    
    
    $
    202,681
    
    
    $
    165,289
 
 (1)
    
    We record reimbursements from customers for out-of-pocket expenses as revenues and the
related direct costs as operating expenses. Changes in the amount of these reimbursables do
not have a material effect on our financial position, results of operations or cash flows. Operating Revenues. Noble Tom Jobe Noble Eddie Paul Noble Therald Martin Noble Clyde Boudreaux
 Operating Costs and Expenses . Noble Clyde Boudreaux Noble Clyde Boudreaux
 41




---



##### Table of Contents



Noble Clyde Boudreaux
  Other
  Operating CostsOperating Revenues
    
    
    and ExpensesNine Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(In thousands)Labor contract drilling services
    
    $
    116,342
    
    
    $
    84,128
    
    
    $
    93,181
    
    
    $
    69,572Engineering, consulting and other
    
    
    1,946
    
    
    
    7,080
    
    
    
    17,207
    
    
    
    13,756Reimbursables (1)
    
    
    27,370
    
    
    
    16,946
    
    
    
    25,364
    
    
    
    15,775Depreciation and amortization
    
    
    N/A
    
    
    
    N/A
    
    
    
    6,836
    
    
    
    3,266Selling, general and administrative
    
    
    N/A
    
    
    
    N/A
    
    
    
    1,630
    
    
    
    3,438Total
    
    $
    145,658
    
    
    $
    108,154
    
    
    $
    144,218
    
    
    $
    105,807
 
 (1)
    
    We record reimbursements from customers for out-of-pocket expenses as revenues and the
related direct costs as operating expenses. Changes in the amount of these reimbursables do
not have a material effect on our financial position, results of operations or cash flows. Operating Revenues . Noble Kolskaya
  Operating Costs and Expenses . Noble Kolskaya
  42




---



##### Table of Contents



Noble Kolskaya Noble Kolskaya
 Other Items
 Selling, General and Administrative Expenses .
 Interest Expense .
 Other, net.
 Income Tax Provision .
 
 LIQUIDITY AND CAPITAL RESOURCES
 Overview
   43




---



##### Table of Contents



Capital Expenditures
  Noble
Clyde Boudreaux Noble Roger Lewis Noble Clyde Boudreaux Noble Dave Beard Noble Danny Adkins Noble Jim
Day Noble Roger Lewis Noble Hans Deul Noble Scott Marks
    44




---



##### Table of Contents



Credit Facilities, Long-Term Debt and Other Commercial Commitments
     
 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  Interest Rate Risk
  Foreign Currency Risk
   45




---



##### Table of Contents



Market Risk
  
 ITEM 4. CONTROLS AND PROCEDURES
   46




---



##### Table of Contents



PART II. OTHER INFORMATION
 
 ITEM 1. LEGAL PROCEEDINGS
  
 ITEM 1A. RISK FACTORS
  Our international operations involve additional risks not associated with domestic operations.
  
    
    terrorist acts, war and civil disturbances;
    
    expropriation of property or equipment;
    
    foreign and domestic monetary policy;
    
    the inability to repatriate income or capital;
    
    regulatory or financial requirements to comply with foreign bureaucratic
actions; and
    
    changing taxation policies.
  
    
    the importing, exporting, equipping and operation of drilling units;
    
    repatriation of foreign earnings;
    
    currency exchange controls;
    
    oil and gas exploration and development;
    
    taxation of offshore earnings and earnings of expatriate personnel; and
    
    use and compensation of local employees and suppliers by foreign contractors.
   47




---



##### Table of Contents



ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
  Total Number of Shares
    
    Maximum Number ofTotal Number
    
    
    
    
    
    Purchased as Part of
    
    Shares that May Yet Beof Shares
    
    Average Price
    
    Publicly Announced
    
    Purchased Under thePeriod
    
    Purchased
    
    Paid per Share
    
    Plans or Programs(1)
    
    Plans or Programs(1)July 2007
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    27,748,000August 2007
    
    
    1,534
    (2)
    
    $
    41.37
    (2)
    
    
    
    
    
    
    27,748,000September 2007
    
    
    34,528
    (3)
    
    $
    48.85
    (3)
    
    
    
    
    
    
    27,748,000
 
 (1)
    
    No share repurchases were made in the quarter ended September 30, 2007 pursuant to the share
repurchase program, which Nobles board of directors authorized and adopted and which we
announced on January 31, 2002. On February 2, 2007, Noble announced that its board of
directors increased the share repurchase authorization by 10,000,000 shares (20,000,000 shares
stock-split adjusted), resulting in 15,262,000 shares (30,524,000 shares stock-split adjusted)
authorized for repurchase. Our share repurchase program has no date of expiration.(2)
    
    Consists of 1,534 ordinary shares at an average price of $41.37 acquired by surrender of
ordinary shares to the Company by employees for withholding taxes upon the vesting of
restricted stock.(3)
    
    Consists of 34,528 ordinary shares at an average price of $48.85 acquired by surrender of
ordinary shares to the Company by employees for withholding taxes upon the vesting of
restricted stock. 
 ITEM 6. EXHIBITS
  48




---



##### Table of Contents



SIGNATURES
   DATE:  November 9, 2007
    By:
    /s/ WILLIAM A. SEARSWilliam A. SearsChairman of the Board, President and
Chief Executive Officer
(Duly Authorized Officer)/s/ THOMAS L. MITCHELLThomas L. MitchellSenior Vice President and Chief Financial Officer
(Principal Financial Officer) 49




---



##### Table of Contents



INDEX TO EXHIBITS
 EXHIBITNUMBER
    
    EXHIBIT4.1
    
    Short-Term Loan Agreement dated as of July 24, 2007 among Noble Corporation, as
Borrower, the Lenders from time to time parties thereto and Goldman Sachs Credit
Partners L.P., as Administrative Agent (filed as Exhibit 4.1 to Noble Corporations
Current Report on Form 8-K filed on July 26, 2007 and incorporated herein by
reference).10.1*
    
    Separation Agreement and Release dated as of September 20, 2007 between Noble
Corporation and Mark A. Jackson (filed as Exhibit 10.1 to Noble Corporations Current
Report on Form 8-K filed on September 25, 2007 and incorporated herein by reference).10.2*
    
    Second Amended and Restated Noble Corporation 1992 Nonqualified Stock Option
and Share Plan for Non-Employee Directors.31.1
    
    Certification of William A. Sears Pursuant to the U.S. Securities Exchange Act
of 1934, as amended, Rule 13a-14(a) or Rule 15d-14(a).31.2
    
    Certification of Thomas L. Mitchell Pursuant to the U.S. Securities Exchange
Act of 1934, as amended, Rule 13a-14(a) or Rule 15d-14(a).32.1+
    
    Certification of William A. Sears Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.32.2+
    
    Certification of Thomas L. Mitchell Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 *
    
    Management contract or compensatory plan or arrangement required to be filed as an
exhibit hereto.+
    
    Furnished in accordance with Item 601(b)(32)(ii) of Regulation S-K. 50