Document:

EX-10.11

 Exhibit 10.11 

INDEMNIFICATION AGREEMENT 

This INDEMNIFICATION AGREEMENT (this “Agreement”) is made and effective as of [FULL DATE], by and between Noble Corporation,
a Cayman Islands exempted company (the “Company”), and [NAME OF INDEMNITEE] (“Indemnitee”). 
 WHEREAS, it
is essential to the Company to retain and attract as directors and officers the most capable persons available; 
 WHEREAS, Indemnitee is or
has been asked to serve as [a director / an officer] of the Company; 
 WHEREAS, both the Company and Indemnitee recognize the increased
risk of litigation and other claims being asserted against directors and officers of public companies; 
 WHEREAS, the Company’s
Amended and Restated Articles of Association (the “Charter”) require the Company to indemnify and advance expenses to its directors and officers to the extent provided therein, and Indemnitee serves or will serve as [a director / an
officer] of the Company, in part, in reliance on such provisions in the Company’s Charter; 
 WHEREAS, the Company has determined that
its inability to retain and attract as directors and officers the most capable persons would be detrimental to the interests of the Company and that Company therefore should seek to assure such persons that indemnification and insurance coverage
will be available in the future; and 
 WHEREAS, in recognition of Indemnitee’s need for substantial protection against personal
liability in order to enhance Indemnitee’s service or continued service to the Company in an effective manner and Indemnitee’s reliance on the Charter, and in part to provide Indemnitee with specific contractual assurance that the
protection promised by the Company’s Charter will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of the applicable provisions of the Charter, any change in the composition of the governing bodies
of the Board of Directors (as defined below), or any acquisition transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent
(whether partial or complete) permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of Indemnitee under any directors’ and officers’ liability insurance policy of the
Company. 

 NOW, THEREFORE, in consideration of the premises and of Indemnitee’s serving or
continuing to serve the Company directly on its behalf or at its request as an officer, director, manager, member, partner, tax matters partner, fiduciary, or trustee of, or in any other capacity with, another Person (as defined below) or any
employee benefit plan, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Certain Definitions: 

(a) Change in Control: shall be deemed to have occurred if (i) after the date of this Agreement, any “person” (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing twenty percent (20%) or more of the total voting power represented by the Company’s then outstanding Voting Securities, (ii) any person other than a trustee or other fiduciary holding securities under
an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the beneficial owner, directly
or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding Voting Securities, or (iii) during any period of two (2) consecutive years,
individuals who at the beginning of such period constitute the Board of Directors and any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to
constitute a majority thereof, or (iv) the stockholders of the Company approve a merger or consolidation of the Company with any other entity, other than a merger or consolidation that would result in the Voting Securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the Voting
Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by
the Company of (in one transaction or a series of transactions) all or substantially all of the Company’s assets. 
 (b) Board of
Directors: means the Board of Directors of the Company. 
 (c) Claim: means any threatened, asserted, pending, or completed civil,
criminal, administrative, investigative, or other action, suit, or proceeding of any kind whatsoever, including any arbitration or other alternative dispute resolution mechanism, or any appeal of any kind thereof, or any inquiry or investigation,
whether instituted by the Company, any governmental agency, or any other party, that Indemnitee in good faith believes might lead to the institution of any such action, suit, or proceeding, whether civil, criminal, administrative, investigative, or
other, including any arbitration or other alternative dispute resolution mechanism. 
 (d) Companies Act: means the Companies Act
(2020 Revision) of the Cayman Islands. 

  
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 (e) Determination: means a determination by the Reviewing Party that either
(x) there is a reasonable basis for the conclusion that indemnification of Indemnitee is proper in the circumstances under any applicable standard of conduct (a “Favorable Determination”) or (y) there is no reasonable
basis for the conclusion that indemnification of Indemnitee is proper in the circumstances pursuant under any applicable standard of conduct (an “Adverse Determination”). 

(f) Exchange Act: means the Securities Exchange Act of 1934, as amended. 

(g) ERISA: means the Employee Retirement Income Security Act of 1974, as amended. 

(h) Expenses: means all direct or indirect costs, expenses, and obligations, including attorneys’ fees, judgments, fines,
penalties, interest, appeal bonds, amounts paid in settlement with the approval of the Board of Directors, and counsel fees and disbursements (including without limitation experts’ fees, court costs, retainers, appeal bond premiums, transcript
fees, duplicating, printing, and binding costs, as well as telecommunications, postage, and courier charges), paid or incurred in connection with investigating, prosecuting, defending, being a witness in, or participating in (including on appeal),
or preparing to investigate, prosecute, defend, be a witness in, or participate in, any Claim relating to any Indemnifiable Event, and shall include (without limitation) all attorneys’ fees and all other expenses incurred by or on behalf of
Indemnitee in connection with preparing and submitting any requests or statements for indemnification, advancement, or any other right provided by this Agreement (including without limitation such fees or expenses incurred in connection with legal
proceedings contemplated by Section 2(d) hereof). 
 (i) Indemnifiable Amounts: means (i) any and all liabilities, Expenses,
damages, judgments, fines, penalties, ERISA excise taxes, and amounts paid in settlement (including without limitation all interest, assessments, and other charges paid or payable in connection with or in respect of such liabilities, Expenses,
damages, judgments, fines, penalties, ERISA excise taxes, or amounts paid in settlement) arising out of or resulting from any Claim relating to an Indemnifiable Event, (ii) any liability pursuant to a loan, guaranty or otherwise, for any
indebtedness of the Company or any subsidiary of the Company, including without limitation any indebtedness that the Company or any subsidiary of the Company has assumed or taken subject to, and (iii) any liability that an Indemnitee incurs as
a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration, or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liability is in
the form of an excise tax assessed by the United States Internal Revenue Service, a penalty assessed by the Department of Labor, restitution to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust,
or other funding mechanism, or otherwise). 

  
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 (j) Indemnifiable Event: means any actual or alleged event or occurrence, whether
actually or allegedly occurring before, on, or after the date of this Agreement, related to the fact that Indemnitee is or was a director or officer, employee, agent or fiduciary of the Company, or is or was serving on behalf of the Company at the
request of the Company as a director, officer, employee, manager, member, partner, tax matter partner, trustee, agent, fiduciary, or similar capacity, of another corporation, limited liability company, partnership, joint venture, employee benefit
plan, trust, or other entity or enterprise, or by reason of act or omission by Indemnitee in any such capacity (in all cases whether or not Indemnitee is acting or serving in any such capacity or has such status at the time any Indemnifiable Amount
is incurred for which indemnification, advancement or any other right can be provided by this Agreement). The term “Company,” where the context requires when used in this Agreement, shall be construed to include such other corporation,
limited liability company, partnership, joint venture, employee benefit plan, trust, or other entity or enterprise. 
 (k) Independent
Legal Counsel: means an attorney or firm of attorneys, selected pursuant to and in accordance with the provisions of Section 3, who is experienced in matters of corporate law and who shall not have otherwise performed services for the
Company or Indemnitee within the last three (3) years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements). 

(l) Person: means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business
association, organization, governmental entity, or other entity. 
 (m) Reviewing Party: means any appropriate person or body
consisting of a member or members of the Board of Directors or any other person or body appointed by the Board of Directors who is not a party to the particular Claim for which Indemnitee is seeking indemnification, or Independent Legal Counsel.

 (n) Voting Securities: means any securities of the Company that vote generally in the election of directors. 

2. Indemnification; Advancement of Expenses; Request for Indemnification. 

(a) In the event that Indemnitee was, is, or becomes subject to, a party to, or witness or other participant in, or is threatened to be made
subject to, a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee, or cause Indemnitee to be indemnified, to the fullest extent permitted by
Cayman Islands law in effect on the date hereof and as amended from time to time; provided, however, that no change in Cayman Islands law shall have the effect of reducing the benefits available to Indemnitee hereunder based on

  
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Cayman Islands law as in effect on the date hereof or as such benefits may improve as a result of amendments to Cayman Islands law that become effective after the date hereof. The rights of
Indemnitee provided in this Section 2 shall include, without limitation, the rights set forth in the other sections of this Agreement. Payments of Indemnifiable Amounts shall be made as soon as practicable but in any event no later than thirty
(30) days after written demand is presented to the Company. 
 (b) If so requested by Indemnitee, the Company shall advance, or cause to
be advanced, within five (5) business days of such request, any and all Expenses incurred by Indemnitee (an “Expense Advance”). The Company shall, in accordance with such request (but without duplication), pay, or caused to be
paid, such Expenses on behalf of Indemnitee, unless Indemnitee shall have elected to pay such Expenses and have such Expenses reimbursed, in which case the Company shall reimburse, or cause to be reimbursed, Indemnitee for such Expenses within five
(5) business days of such request. To the fullest extent permitted by Cayman Islands law, Indemnitee’s right to an Expense Advance is absolute and shall not be subject to any prior determination by the Reviewing Party that Indemnitee has
satisfied any applicable standard of conduct for indemnification. Indemnitee hereby undertakes, to the extent required by law, to repay any amounts advanced (without interest) to the extent it is ultimately determined that Indemnitee is not entitled
under this Agreement to be indemnified by the Company in respect thereof. No other form of undertaking shall be required of Indemnitee other than execution of this Agreement. If Indemnitee commences legal proceedings in a court of competent
jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, then Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect
thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). 
 (c) Notwithstanding anything in this Agreement to the
contrary, Indemnitee shall not be entitled to indemnification or advancement of Expenses pursuant to this Agreement in connection with any Claim initiated by Indemnitee unless (i) the Company has joined in, or the Board of Directors has
authorized or consented to, the initiation of such Claim, or (ii) the Claim is one to enforce Indemnitee’s rights under this Agreement (including without limitation an action pursued by Indemnitee to secure a determination that Indemnitee
should be indemnified under applicable law). 
 (d) Notwithstanding the foregoing, (i) the obligations of the Company under
Section 2(a) shall be subject to the condition that the Reviewing Party shall not have determined (in a written opinion, in any case in which the Independent Legal Counsel referred to in Section 3 is involved) that Indemnitee would not be
permitted to be indemnified under applicable law, and (ii) the obligation of the Company to make an Expense Advance pursuant to Section 2(b) shall be subject to the condition that, if, when, and to the extent that the Reviewing Party
determines that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all such amounts theretofore paid; provided, however, that, if Indemnitee has
commenced or thereafter commences legal proceedings in a court of 

  
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competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted
to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal
therefrom have been exhausted or lapsed). 
 (e) To obtain indemnification under this Agreement, Indemnitee may submit a written request for
indemnification hereunder. The time at which Indemnitee submits a written request for indemnification shall be determined by the Indemnitee in the Indemnitee’s sole discretion. Once Indemnitee submits such a written request for
indemnification (and only at such time that Indemnitee submits such a written request for indemnification), a Determination shall thereafter be made in accordance with the provisions of Section 2(f). In no event shall a Determination be
made, or required to be made, as a condition to or otherwise in connection with any advancement of Expenses pursuant to this Agreement. If, at the time of receipt of any such request for indemnification, the Company has director and officer
insurance policies in effect, the Company will promptly notify the relevant insurers and take such other actions as necessary or appropriate to secure coverage of Indemnitee for such claim in accordance with the procedures and requirements of such
policies. 
 (f) If there has not been a Change in Control, the Reviewing Party shall be selected by the Board of Directors, and if there has
been such a Change in Control (other than a Change in Control that has been approved by a majority of the members of the Board of Directors who were directors immediately prior to such Change in Control), the Reviewing Party shall be the Independent
Legal Counsel referred to in Section 3. If there has been no determination by the Reviewing Party, or if the Reviewing Party determines that Indemnitee would not be permitted to be indemnified in whole or in part under applicable law,
Indemnitee shall have the right to commence litigation in any court in the State of Delaware having subject matter jurisdiction thereof and in which venue is proper seeking an initial determination by the court or challenging any such determination
by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be
conclusive and binding on the Company and Indemnitee. 
 3. Change in Control. The Company agrees that, if there is a Change in
Control of the Company (other than a Change in Control which has been approved by a majority of the Board of Directors who were directors immediately prior to such Change in Control), then with respect to all matters thereafter arising concerning
the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or under any provision of the Charter now or hereafter in effect relating to Claims for Indemnifiable Events, the Company shall seek legal advice only from
Independent Legal Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to
what 

  
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extent the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to indemnify
fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities, and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

4. Indemnification for Additional Expenses. The Company shall indemnify, or cause the indemnification of, Indemnitee against any and
all Expenses and, if requested by Indemnitee, shall advance such Expenses to Indemnitee, subject to and in accordance with Section 2, which are incurred by Indemnitee in connection with any action brought by Indemnitee for
(a) indemnification or an Expense Advance by the Company under this Agreement or any other agreement or provision of the Charter now or hereafter in effect relating to Claims for Indemnifiable Events, and (b) recovery under any
directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, Expense Advance, or insurance recovery, as the case may be.

 5. Partial Indemnity, Etc. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for
some or a portion of the Expenses or other Indemnifiable Amounts in respect of a Claim but not, however, for the entire amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.
Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any
issue or matter therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith. 

6. Burden of Proof. In connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be
indemnified hereunder, the Reviewing Party, court, or other finder of fact or appropriate Person shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification; the burden of proof shall be on the
Company (or its representative) to establish by clear and convincing evidence that Indemnitee is not so entitled. 
 7. Reliance as Safe
Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company if Indemnitee’s actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information,
opinions, reports, or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board of Directors, or by any other Person (including legal
counsel, accountants, and financial advisors) as to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In
addition, the knowledge and actions, or failures to act, of any director, officer, agent, or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder. 

  
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 8. No Other Presumptions. For purposes of this Agreement, the termination of any
Claim by judgment, order, settlement (whether with or without court approval), or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have
any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular
standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by Indemnitee to
secure a judicial determination that Indemnitee should be indemnified under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any
particular belief. 
 9. Nonexclusivity, etc. The rights of the Indemnitee hereunder shall be in addition to any other rights
Indemnitee may have under the Charter, the Companies Act or otherwise. To the extent that a change in the Companies Act (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the
Charter or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. To the extent that there is a conflict or inconsistency between the terms of this
Agreement and the Charter, it is the intent of the parties hereto that Indemnitee shall enjoy the greater benefits regardless of whether contained herein or in the Charter. No amendment or alteration of the Charter or any other agreement shall
adversely affect the rights provided to Indemnitee under this Agreement. 
 10. Liability Insurance. To the extent the Company
maintains an insurance policy or policies providing directors’ and officers’ liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage
available for any Company director or officer. If the Company has such insurance in effect at the time the Company receives from Indemnitee any notice of the commencement of an action, suit, or proceeding, the Company shall give prompt notice of the
commencement of such action, suit, or proceeding to the insurers in accordance with the procedures set forth in the applicable policy. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy. 
 11. Primacy of
Indemnification. The Company acknowledges that certain directors and officers affiliated with Company investors may have certain rights to indemnification, advancement of expenses and/or insurance provided by such investors or certain of their
affiliates (collectively, the “Investor Indemnitors”). Notwithstanding anything to the contrary in this Agreement or otherwise, the Company agrees that regardless of Indemnitee’s rights (or claim thereto) to indemnification,
advancement of Expenses and/or insurance provided by the Investor Indemnitors, (a) the Company is the indemnitor of first resort (i.e., its obligations to 

  
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Indemnitee are primary and any obligation of the Investor Indemnitors to advance Expenses or to provide indemnification and/or insure for the same Expenses or Indemnifiable Amounts incurred by
Indemnitee are secondary), (b) the Company shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses and Indemnifiable Amounts as required by the terms of this Agreement
or any other agreement between the Company and Indemnitee, without regard to any rights such Indemnitee may have against the Investor Indemnitors, and (c) the Company irrevocably waives, relinquishes and releases the Investor Indemnitors from
any and all claims against the Investor Indemnitors for contribution, subrogation or any other recovery of any kind under any theory in respect thereof. The Company further agrees that no advancement or payment by the Investor Indemnitors on behalf
of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Investor Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of
recovery of Indemnitee against the Company or, to the extent such subrogation is unavailable, shall have a right of contribution with respect to the amounts paid. The Company and Indemnitee agree that the Investor Indemnitors are express third party
beneficiaries of the terms of this Section 11. 
 12. Amendments, etc. No supplement, modification, or
amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party granting such waiver, and no
such waiver shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. 

13. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights. The Company shall pay or reimburse all Expenses actually and reasonably incurred by Indemnitee in connection with such subrogation. 

14. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim
made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy or any provision of the Charter or otherwise) of the amounts otherwise indemnifiable hereunder. 

15. Notification and Defense of Claims. 

(a) Indemnitee shall notify the Company in writing as soon as practicable of any Claim that could relate to an Indemnifiable Event or for which
Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder
shall not relieve the Company from any liability hereunder except to the extent that the Company’s ability to participate in the defense of such claim was materially and adversely affected by such failure. 

  
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 (b) The Company shall be entitled to participate in the defense of any Claim relating to an
Indemnifiable Event or to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided that, if Indemnitee believes, after consultation with counsel selected by Indemnitee, that (a) the use of counsel chosen
by the Company to represent Indemnitee would present such counsel with an actual or potential conflict of interest, (b) the named parties in any such Claim (including any impleaded parties) include the Company or any subsidiary of the Company,
on the one hand, and Indemnitee, on the other hand, and Indemnitee concludes, after consultation with counsel selected by Indemnitee, that there may be one or more legal defenses available to him or her that are different from or in addition to
those available to the Company or any subsidiary of the Company, or (c) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then Indemnitee shall be entitled to
retain separate counsel (but not more than one law firm, plus, if applicable, local counsel in respect of any particular Claim) at the Company’s expense. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in
settlement of any Claim relating to an Indemnifiable Event effected without the Company’s prior written consent. The Company shall not, without the prior written consent of Indemnitee, effect any settlement of any Claim relating to an
Indemnifiable Event to which Indemnitee is or could have been a party unless such settlement involves solely the payment of money and includes a complete and unconditional release of Indemnitee from all liability on all claims that are the subject
matter of such Claim. Neither the Company nor Indemnitee shall unreasonably withhold, condition, or delay its or his or her consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that does not
provide a complete and unconditional release of Indemnitee. 
 16. Binding Effect, etc. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business or
assets of the Company), spouses, heirs, executors, and personal and legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer or director of the Company or of any other
enterprise at the Company’s request. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company and its
subsidiaries (on a consolidated basis), by written agreement in form and substance satisfactory to Indemnitee and Indemnitee’s counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place. 
 17. Severability. The provisions of this Agreement
shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, illegal, void, or otherwise unenforceable in any
respect, and the validity and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law. 

  
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 18. Notices. All notices, requests, consents, and other communications hereunder to
any party shall be deemed to be sufficient if contained in a written document delivered in person or sent by e-mail or other electronic transmission, nationally recognized overnight courier, or personal
delivery, addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by such party to the other party: 
  

	 	(a)	 If to the Company, to: 

Noble Corporation 

13135 Dairy Ashford, Suite 800 

Sugar Land, Texas 77478 

Attention: Corporate Secretary 

E-mail: legal@noblecorp.com 

 

	 	(b)	 If to Indemnitee, to the address of Indemnitee in the Company’s records. 

All such notices, requests, consents, and other communications shall be deemed to have been given or made if and when received (including by overnight
courier) by the parties at the above addresses, or sent by electronic transmission (including e-mail) to the e-mail addresses specified above (or at such other address
or e-mail address for a party as shall be specified by like notice). Any notice delivered by any party hereto to any other party hereto shall also be delivered to each other party hereto simultaneously with
delivery to the first party receiving such notice. 
 19. Headings. The headings of the sections and paragraphs of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. 

20. Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought need be produced to evidence the existence of this Agreement. 

21. Specific Performance. The parties recognize that if any provision of this Agreement is violated by the parties hereto, Indemnitee
may be without an adequate remedy at law. Accordingly, in the event of any such violation, Indemnitee shall be entitled, if Indemnitee so elects, to institute proceedings, either at law or in equity, to obtain damages, to enforce specific
performance, to enjoin such violation, or to obtain any relief or any combination of the foregoing as Indemnitee may elect to pursue. 
 22.
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in such state without giving effect to the principles of
conflicts of laws. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement this [Date] day of
[Month], [Year]. 
  

			
	NOBLE CORPORATION

 
			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	  

	[INDEMNITEE]

  
 12EX-10.12

 Exhibit 10.12 

Execution version 
 DATED
5 February 2021 
  

 
 RELATIONSHIP
AGREEMENT 
 between 

NOBLE CORPORATION 
 and

 THE INVESTORS SET FORTH ON SCHEDULE 1 HERETO 

and  
 THE LEGACY
NOTEHOLDERS ON SCHEDULE 2 HERETO 

 CONTENTS 
  

 
 CLAUSE 

 

							
	 1.
	 	 Interpretation
	  	 	3	 
			
	 2.
	 	 Entry into force
	  	 	5	 
			
	 3.
	 	 Commencement and duration
	  	 	5	 
			
	 4.
	 	 Undertakings
	  	 	5	 
			
	 5.
	 	 Termination
	  	 	6	 
			
	 6.
	 	 Status of this Agreement
	  	 	6	 
			
	 7.
	 	 Assignment
	  	 	7	 
			
	 8.
	 	 Entire agreement
	  	 	7	 
			
	 9.
	 	 Counterparts
	  	 	7	 
			
	 10.
	 	 Variation and waiver
	  	 	7	 
			
	 11.
	 	 No partnership or agency
	  	 	8	 
			
	 12.
	 	 Notices and consents
	  	 	8	 
			
	 13.
	 	 Severance
	  	 	10	 
			
	 14.
	 	 No third-party beneficiaries
	  	 	10	 
			
	 15.
	 	 Inadequacy of damages
	  	 	10	 
			
	 16.
	 	 Rights and remedies
	  	 	11	 
			
	 17.
	 	 Governing law
	  	 	11	 
			
	 18.
	 	 Jurisdiction
	  	 	11	 
		
	 Schedule 1
	  	 	12	 
		
	 Schedule 2
	  	 	14	 

  
 2 

 THIS AGREEMENT is dated 5 February 2021 

BETWEEN: 
  

	(1)	 NOBLE CORPORATION, a company incorporated under the laws of the Cayman Islands (registered number
368504) whose registered office is at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Company”); 

 

	(2)	 each of the entities listed in Schedule 1 (the “Investors”); and 

 

	(3)	 each of the entities listed in the first column of the table in Schedule 2 (the “Legacy
Noteholders”), 

 each, a “Party” and together, the “Parties”. 

WHEREAS: 
  

	(A)	 Noble Holding Corporation plc, a public company with limited liability incorporated under the laws of England
and Wales (company number 08354954), whose registered office address is at 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT, United Kingdom (“NCP”) will complete a restructuring of the NCP group’s financial indebtedness
and corporate structure on the Restructuring Effective Date pursuant to the Chapter 11 Cases and the Chapter 11 Plan (the “Restructuring”). 

  

	(B)	 In connection with the Restructuring, the Investors and the Legacy Noteholders agreed, among other things, to
release certain debts owed to them in consideration for an issue of Ordinary Shares in the Company. 

  

	(C)	 On the Restructuring Effective Date, the share capital of the Company will be US$6,000 divided into 500,000,000
fully paid Ordinary Shares and 100,000,000 shares of a par value of US$0.00001 each of such class or classes having the rights as the Board may determine from time to time and the Investors will in the aggregate hold approximately 35% of the
Outstanding Ordinary Shares of the Company. 

  

	(D)	 On the Restructuring Effective Date, each Legacy Noteholder will hold, or will act as an investment advisor or
manager to an entity that holds, Ordinary Shares in the amounts set out in Schedule 2. 

  

	(E)	 The Parties are entering into this Agreement for the purposes of the Company providing to the Investors, and
the Investors providing to the Legacy Noteholders (as applicable), and each Party complying with, the respective undertakings set out in clause 4 hereof. 

THIS AGREEMENT WITNESSES as follows: 
  

	1.	 Interpretation 

 

	1.1	 The definitions and rules of interpretation in this clause 1 apply in this Agreement. 

  
 3 

 Articles: the articles and memorandum of association of the Company, as amended from
time to time. 
 Board: the board of directors of the Company from time to time. 

Business Day: a day other than a Saturday, Sunday or a day on which commercial banks located in New York or the Cayman Islands are
required or authorized by law or executive order to be closed. 
 CEO: the chief executive officer of the Company from time to time.

 CEO Change: has the meaning given in clause 4.1. 

Chapter 11 Cases: the jointly administered cases filed under title 11 of the United States Code, 11 U.S.C. §§ 101-1532, of the Company and certain of its subsidiaries and affiliates, captioned as In re Noble Corporation PLC, et al., Case No. 20-33826 (Bankr. S.D. Tex.).

 Chapter 11 Plan: that certain modified Second Amended Joint Plan of Reorganization of Noble Corporation PLC and its Debtor
Affiliates, dated 11 November 2020 and filed in connection with the Chapter 11 Cases. 
 Investor Manager: the person who serves
as the investment manager, adviser or sub-adviser (as applicable) to the Investors. 
 NCP:
has the meaning given in Recital (A). 
 Ordinary Shares: the ordinary shares of nominal value US$0.00001 each in the issued
capital of the Company from time to time on or after the Restructuring Effective Date. 
 Outstanding Ordinary Shares: at any given
time, the aggregate number of Ordinary Shares outstanding at such time (which, for the avoidance of doubt, does not include treasury shares), plus the aggregate number of Ordinary Shares issuable under any then outstanding option, warrant,
convertible or exchangeable security, in each case with a nominal exercise or conversion price and without regard to any limitations on the exercisability, convertibility or exchangeability of any such security, including any beneficial ownership
limitation. 
 Restructuring: has the meaning given in Recital (A). 

Restructuring Effective Date: the date on which all conditions precedent to the Restructuring under the Chapter 11 Plan have been
satisfied or waived. 
 Termination Date: has the meaning given in clause 4.1. 

 

	1.2	 Clause and paragraph headings shall not affect the interpretation of this Agreement. 

 

	1.3	 References to clauses are to the clauses of this Agreement. 

  
 4 

	1.4	 A reference to this Agreement or to any other agreement or document referred to in this Agreement is a
reference to this Agreement or such other agreement or document as varied or novated in accordance with its terms from time to time. 

  

	1.5	 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall
include the singular. 

  

	1.6	 Unless the context otherwise requires, a reference to one gender shall include a reference to the other
genders. 

  

	1.7	 A person includes a natural person, corporate or unincorporated body (whether or not having separate
legal personality). 

  

	1.8	 A reference to any Party shall include that Party’s successors. 

 

	1.9	 A reference to a company shall include any company, corporation or other body corporate, wherever and
however incorporated or established. 

  

	1.10	 A reference to writing or written includes email. 

 

	1.11	 Any words following the terms including, include, in particular, for example or any
similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms. 

 

	1.12	 A reference to a statute, statutory provision, code, regulation or rule is a reference to it as amended,
extended, consolidated, replaced or re-enacted from time to time. 

  

	1.13	 A reference to a legislative or regulatory provision, rule or code shall include all subordinate legislation,
regulations, rules and codes made from time to time under that provision, rule or code. 

  

	1.14	 Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.

  

	2.	 Entry into force 

This Agreement is conditional on the Restructuring Effective Date having occurred. 

 

	3.	 Commencement and duration 

Subject to clause 2, this Agreement shall come into force on the Restructuring Effective Date and shall continue in full force and effect until
the earlier of the Termination Date or this Agreement is otherwise terminated in accordance with clause 5. 
  

	4.	 Undertakings 

  

	4.1	 The Company undertakes to the Investors that until the earlier of (i) such time as the Investors cease to
hold in the aggregate 35% or more of the Outstanding Ordinary Shares in the Company and (ii) the fourth anniversary of the Restructuring Effective Date (the 

  
 5 

	 	
earlier of such dates the “Termination Date”), the Company shall not remove the CEO and/or appoint a replacement CEO (the “CEO Change”) unless it obtains the
prior written consent of the Investors (such consent to be communicated by the Investor Manager acting on behalf of the Investors) (such consent not to be unreasonably withheld, conditioned, or delayed). 

 

	4.2	 The Investors (acting by the Investor Manager on their behalf) undertake to each Legacy Noteholder which:
(i) at the time of a proposed CEO Change holds, or advises or manages entities that hold, not less than 50% of the Ordinary Shares set forth beside such Legacy Noteholder’s name in Schedule 2 hereto; and, (ii) has entered into a
customary non-disclosure agreement with the Company in the form as reasonably agreed between the parties thereto, that the Investors (acting by the Investor Manager on their behalf) will use commercially
reasonably efforts to give notice to such Legacy Noteholders as soon as practical prior to making a decision to consent to or not consent to any proposed CEO Change pursuant to clause 4.1. 

 

	5.	 Termination 

  

	5.1	 Without affecting any other right or remedy available to it, the Investors (acting by the Investor Manager on
their behalf) may terminate this Agreement on giving not less than five (5) days’ written notice to the Company and the Legacy Noteholders. 

  

	5.2	 Without affecting any other right or remedy available to them, any Legacy Noteholder may terminate this
Agreement on giving not less than five (5) days’ written notice to the Company, the Investor Manager, and the other Legacy Noteholders, provided that such termination shall only be effective as to such terminating Legacy Noteholder.

  

	5.3	 Termination of this Agreement shall not affect any rights, remedies, obligations or liabilities of the Parties
that have accrued up to the date of termination, including the right to claim damages in respect of any breach of the Agreement which existed at or before the date of termination. 

 

	5.4	 On termination of this Agreement, clause 1 and clause 6 to clause 18 (inclusive) shall continue in force.

  

	5.5	 This Agreement will terminate automatically (i) on the Termination Date and (ii) with regard to a
Legacy Noteholder, the date on which it, or the entities that it advises or manages, ceases to hold Ordinary Shares representing at least 50% of the Ordinary Shares set forth beside such Legacy Noteholder’s name on Schedule 2 hereto.

  

	5.6	 This Agreement may be terminated upon the mutual written consent of the Company and the Investors.

  

	6.	 Status of this Agreement 

 

	6.1	 If there is any inconsistency between any of the provisions of this Agreement and the Articles, the provisions
of this Agreement shall prevail as between the Parties to the extent permitted by law and regulation. 

  
 6 

	6.2	 For the avoidance of doubt, the obligations of each of the Parties under this Agreement shall be subject to all
applicable legal and regulatory requirements and no Party shall be required to breach any such law, regulation, rule or code. 

  

	7.	 Assignment 

This Agreement is personal to the Parties and no Party shall assign, transfer, mortgage, charge, subcontract, declare a trust over or deal in
any other manner with any of its rights and obligations under this Agreement. 
  

	8.	 Entire agreement 

This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes all previous agreements, promises,
assurances, warranties, representations and understandings between them, whether written or oral, relating to their subject matter. 
  

	9.	 Counterparts 

  

	9.1	 This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall
constitute a duplicate original, but all the counterparts shall together constitute the one Agreement. 

  

	9.2	 Transmission of an executed counterpart of this Agreement (but for the avoidance of doubt not just a signature
page) by e-mail (in PDF, JPEG or other agreed format) shall take effect as delivery of an executed counterpart of this Agreement. If either method of delivery is adopted, without prejudice to the validity of
the Agreement thus made, each Party shall provide the other Parties with the original of such counterpart as soon as reasonably possible thereafter. 

  

	9.3	 No counterpart shall be effective until each Party has executed and delivered at least one counterpart.

  

	10.	 Variation and waiver 

 

	10.1	 No variation of this Agreement shall be effective unless it is made in writing and signed and delivered by the
Parties (or their authorized representatives). 

  

	10.2	 A waiver of any right or remedy under this Agreement or by law is only effective if it is given in writing and
shall not be deemed a waiver of any subsequent right or remedy. 

  

	10.3	 A failure or delay by a Party to exercise any right or remedy provided under this Agreement or by law shall not
constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy. 

  

	10.4	 No single or partial exercise of such right or remedy provided under this Agreement or by law shall prevent or
restrict any further exercise of that or any other right or remedy. 

  
 7 

	10.5	 The rights and remedies provided in this Agreement are cumulative and do not exclude any rights or remedies
provided by law except as otherwise expressly provided. 

  

	11.	 No partnership or agency 

 

	11.1	 Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership between the Parties
or constitute any Party the agent of another Party. 

  

	11.2	 Each Party confirms it is acting on its own behalf and not for the benefit of any other person, provided that
each Legacy Noteholder is also acting on behalf of the entities that it advises or manages that will hold Ordinary Shares, if any. 

  

	12.	 Notices and consents 

 

	12.1	 For the purposes of this clause 12, but subject to clause 12.7, notice includes any other communication and
consent made or given by or to a Party under or in connection with this Agreement. 

  

	12.2	 A notice given to a Party under or in connection with this Agreement: 

 

	 	(a)	 shall be in writing and in English; 

 

	 	(b)	 shall be sent to the relevant Party for the attention of the contact and to the address or email address
specified in clause 12.3, or such other address as that Party may notify to the other Parties in accordance with the provisions of this clause 12; 

  

	 	(c)	 shall be: 

  

	 	(i)	 delivered by hand; 

  

	 	(ii)	 sent by email; 

  

	 	(iii)	 sent by pre-paid first class post or special delivery; or

  

	 	(iv)	 sent by pre-paid airmail or by reputable international overnight
courier (if the notice is to be served by post to an address outside the country from which it is sent); and 

  

	 	(d)	 is deemed received as set out in clause 12.5. 

 

	12.3	 The addresses and email addresses for services of notices are: 

 

	 	(a)	 Company 

  

	 	(i)	 Address: Noble Corporation, 13135 Dairy Ashford, Suite 800, Sugar Land, Texas 

 

	 	(ii)	 For the attention of: William Turcotte 

 

	 	(iii)	 Email Address: wturcotte@noblecorp.com 

  
 8 

	 	(b)	 the Investors 

Akin Gump LLP: 
  

	 	(i)	 Address: Ten Bishops Square, London E1 6EG, United Kingdom 

 

	 	(ii)	 For the attention of: Vance Chapman 

 

	 	(iii)	 Email Address: vance.chapman@akingump.com 

and Kramer Levin Naftalis & Frankel LLP: 
  

	 	(i)	 Address: 1177 Avenue of the Americas, New York, New York 10036 USA 

 

	 	(ii)	 For the attention of: Stephen Zide 

 

	 	(iii)	 Email Address: szide@kramerlevin.com 

 

	 	(c)	 the Legacy Noteholders 

 

	 	(i)	 Address: 55 Hudson Yards, New York, NY 10001 

 

	 	(ii)	 For the attention of: Evan Fleck and Matthew Brod 

 

	 	(iii)	 Email Address: efleck@milbank.com, mbrod@milbank.com 

 

	12.4	 A Party may change its details for service of notices as specified in clause 12.3 by giving notice to the other
Parties. Any change notified under this clause 12.4 shall take effect at 9.00 a.m. on the later of: 

  

	 	(a)	 the date (if any) specified in the notice as the effective date for the change; or 

 

	 	(b)	 five Business Days after deemed receipt of the notice of change. 

 

	12.5	 This clause 12.5 sets out the delivery methods for sending a notice to a Party under this Agreement and, for
each delivery method, the date and time when the notice is deemed to have been received (provided that all other requirements of this clause have been satisfied and subject to the provisions in clause 12.6): 

 

	 	(a)	 if delivered by hand, on signature of a delivery receipt or at a time the notice is left at the address;

  
 9 

	 	(b)	 if sent by pre-paid first class post or other next working day delivery
services providing proof of postage at 9.00 a.m. on the second Business Day after posting or at the time recorded by the delivery services; 

  

	 	(c)	 if sent by pre-paid airmail providing proof of postage, at 9.00 a.m. on
the fifth Business Day after posting; or 

  

	 	(d)	 if sent by email, at the time of transmission. 

 

	12.6	 If deemed receipt under clause 12.5 would occur outside business hours in the place of receipt, it shall be
deferred until business hours resume. In this clause 12.6, business hours means 9.00 a.m. to 5.00 p.m. Monday to Friday on a day that is not a public holiday in the place of receipt. 

 

	12.7	 This clause 12 does not apply to the service of any proceedings or other documents in any legal action.

  

	13.	 Severance 

  

	13.1	 If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall
be deemed deleted, but that shall not affect the validity and enforceability of the rest of this Agreement. 

  

	13.2	 If any provision or part-provision of this Agreement is deemed deleted under clause 13.1, the Parties shall
negotiate in good faith to agree a replacement provision that, to the greatest extent possible, achieves the intended commercial result of the original provision. Any such amendment will be made in accordance with clause 10. 

 

	14.	 No third-party beneficiaries 

This Agreement is for the sole benefit of the Parties hereto and their respective successors and permitted assigns and nothing herein, express
or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 

 

	15.	 Inadequacy of damages 

Without prejudice to any other rights or remedies that the Investors or the Legacy Noteholders may have, the Company, the Investors and the
Legacy Noteholders acknowledge and agree that damages alone would not be an adequate remedy for any breach of the terms of clause 4 by the Company or the Investors. Accordingly, the Investors and the Legacy Noteholders shall be entitled to the
remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms of clause 4 of this Agreement. 

  
 10 

 16.    Rights and remedies 

Except as expressly provided in this Agreement, the rights and remedies provided under this Agreement are in addition to, and not exclusive of,
any rights or remedies provided by law. 
 17.    Governing law 

This Agreement and any dispute or claim (including non-contractual disputes or claims) arising out of
or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of the State of Delaware. 

18.    Jurisdiction 

Each Party irrevocably agrees that the courts of the State of Delaware shall have exclusive jurisdiction to settle any dispute or claim
(including non-contractual disputes or claims) arising out of or in connection with this Agreement or its subject matter or formation. 

This Agreement has been entered into and delivered on the date stated at the beginning of it. 

  
 11 

 Schedule 1     

Investor 
 Bakery and Confectionery Union and
Industry International Pension Fund 
 Bridge Builder Trust: Bridge Builder Core Plus Bond Fund 

Lehigh Valley Hospital, Inc. 
 Obligations à Haut
Rendement a sub-fund of RP – Fonds institutionnel 
 PIMCO Bermuda Trust II: PIMCO Bermuda Income Fund (M) 

PIMCO Bermuda Trust II: PIMCO Bermuda Low Duration Income Fund 

BMO Global Strategic Bond Fund 
 Northwestern Mutual Series Fund
Inc. Multi-Sector Bond Portfolio 
 Public Service Company of New Mexico 

State Universities Retirement System 
 Texas Children’s
Hospital Foundation 
 The Curators of the University of Missouri 

PIMCO Variable Insurance Trust: PIMCO Income Portfolio 
 PIMCO
Strategic Income Fund, Inc. 
 PIMCO Funds: PIMCO High Yield Fund 

PCM Fund, Inc. 
 PIMCO Corporate & Income Strategy Fund

 PIMCO Corporate & Income Opportunity Fund 
 PIMCO
High Income Fund 
 PIMCO Income Strategy Fund II 
 PIMCO
Income Strategy Fund 
 PIMCO Funds: PIMCO High Yield Spectrum Fund 

PIMCO Flexible Credit Income Fund 

  
 12 

 PIMCO Equity Series: PIMCO Dividend and Income Fund 

PIMCO Funds: PIMCO Low Duration Income Fund 
 PIMCO Funds: PIMCO
Diversified Income Fund 
 PIMCO Funds: PIMCO Income Fund 

PIMCO Dynamic Credit and Mortgage Income Fund 
 PIMCO Global
StocksPLUS & Income Fund 
 PIMCO Income Opportunity Fund 

PIMCO Dynamic Income Fund 
 PIMCO Monthly Income Fund (Canada)

 PIMCO Low Duration Monthly Income Fund (Canada) 
 PIMCO
Global Income Opportunities Fund 
 PIMCO Funds: Global Investors Series plc, US High Yield Bond Fund 

PIMCO Funds: Global Investors Series plc, Income Fund 
 PIMCO
Funds: Global Investors Series plc, Global High Yield Bond Fund 
 PIMCO Funds: Global Investors Series plc, Diversified Income Fund 

PIMCO Funds: Global Investors Series plc, Diversified Income Duration Hedged Fund 

PIMCO Funds: Global Investors Series plc, Strategic Income Fund 

PIMCO Funds: Global Investors Series plc, Low Duration Income Fund 

EP Tactical Portfolios, L.P. 
 PIMCO Horseshoe Fund, LP 

PIMCO Tactical Opportunities Master Fund Ltd. 
 OC II LVS I LP

 PIMCO Global Credit Opportunity Master Fund LDC 

  
 13 

 Schedule 2     

 

					
	 Legacy
Noteholder1
	  	Ordinary
Shares2	 
	 Canyon Capital Advisors LLC
	  	  	4,706,761	3 
	 King Street Capital Management, L.P.
	  	 	2,764,314	 
	 Brigade Capital Management, LP
	  	 	975,578	 
	 Citadel Advisors LLC
	  	 	290,133	 

  

	1 	 On the Restructuring Effective Date, each Legacy Noteholder will hold, or will act as an investment advisor or
manager to an entity that holds, Ordinary Shares set forth in this Schedule 2. 

	2 	 Unless otherwise stated, Ordinary Share amounts are pre-Warrants (as
defined in the Chapter 11 Plan). 

	3 	 Includes Ordinary Shares issuable upon exercise of the warrants pursuant to that certain Ordinary Share
Purchase Warrant Agreement, dated as of February 5, 2021. 

  
 14 

			
	 Executed by NOBLE CORPORATION
 acting by
Richard B. Barker,
	 	
		
		 	 /s/ Richard Barker

		 	Senior Vice President and Chief Financial Officer

  
 [Signature Page to
Relationship Agreement] 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date first
written above. 
  

			
	PACIFIC INVESTMENT MANAGEMENT COMPANY LLC, as investment manager, adviser or sub-adviser on behalf of each Investor identified on Schedule 1 hereto
		
	By:	 	 /s/ Jonathan Horne

	Name:	 	Jonathan Horne
	Title:	 	Managing Director

  
 [Signature Page to
Relationship Agreement] 

 
			
	KING STREET CAPITAL MANAGEMENT, L.P.,
	on behalf of certain funds and accounts for which it serves as investment advisor
		
	By:	 	 /s/ Howard Baum

	Name:	 	Howard Baum
	Title:	 	Authorized Signatory

  
 [Signature Page to
Relationship Agreement] 

 
			
	CITADEL ADVISORS LLC,
	
	as portfolio manager of certain funds and accounts
		
	By:	 	 /s/ Noah Goldberg

	Name:	 	Noah Goldberg
	Title:	 	Authorized Signatory

  
 [Signature Page to
Relationship Agreement] 

 
			
	CANYON CAPITAL ADVISORS LLC,
	
	on behalf of certain funds and accounts for which it serves as investment advisor
		
	By:	 	 /s/ Jonathan M. Kaplan

	Name:	 	Jonathan M. Kaplan
	Title:	 	Authorized Signatory

  
 [Signature Page to
Relationship Agreement] 

 
			
	BRIGADE CAPITAL MANAGEMENT, LP,
	
	as Investment Manager on Behalf of its Various Funds and Accounts
		
	By:	 	 /s/ Patrick Criscillo

	Name:	 	Patrick Criscillo
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Relationship Agreement]

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