Document:

EX-4.2

 Exhibit 4.2 
 GUARANTY AGREEMENT 
 THIS GUARANTY AGREEMENT (as amended, restated,
supplemented or otherwise modified from time to time, this “Guaranty”), dated as of August 22, 2013 is made by Noble Drilling Corporation, a Delaware corporation (the “Guarantor”), in favor of (i) the
Lenders (as defined in the Credit Agreement) (as hereinafter defined), (ii) JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent (as defined in the Credit Agreement), (iii) JPMorgan Chase Bank, N.A., in its capacity as the
Swingline Lender (as defined in the Credit Agreement) and (iv) the Other Agents (as defined in the Credit Agreement) (the Lenders, the Administrative Agent, the Other Agents and the Swingline Lender are each individually referred to herein as a
“Guaranteed Party”, and collectively, as the “Guaranteed Parties”). 
 W I
T N E S S E T H: 
 WHEREAS, Noble Corporation, a Cayman
Islands exempted company limited by shares (the “Company”), the Lenders, the Administrative Agent and the Swingline Lender are parties to a certain 364-Day Revolving Credit Agreement dated as of August 22, 2013 (as amended,
restated, supplemented or otherwise modified from time to time, and including all schedules, riders, and supplements thereto, the “Credit Agreement”; capitalized terms defined therein and not otherwise defined herein being used
herein as therein defined); 
 WHEREAS, the Company owns, directly or indirectly, all or a majority of all outstanding
capital stock or other equity interests of the Guarantor; 
 WHEREAS, consummation of the transactions pursuant to the
Credit Agreement have facilitated expansion and enhanced the overall financial strength and stability of the Company’s entire corporate group, including the Guarantor; and 

WHEREAS, it is a requirement under Section 4.1(a) of the Credit Agreement, as a condition to the making of Loans, that the
Guarantor execute and deliver this Guaranty, and the Guarantor desires to execute and deliver this Guaranty to satisfy such requirement; 
 NOW, THEREFORE, in consideration of the premises and in order to satisfy the requirements of the Credit Agreement, and for other good and valuable consideration, the Guarantor hereby agrees as
follows: 
 SECTION 1. Guaranty. The Guarantor hereby, irrevocably and unconditionally, guarantees the punctual
payment when due, in lawful money of the United States of America, whether at stated maturity, by acceleration or otherwise, of the Loans and all other Obligations owing by the Company to the Lenders, the Administrative Agent, the Swingline Lender
and Other Agents, or any of them, under the Credit Agreement, the Notes, and the other Credit Documents, including all renewals, extensions, modifications and refinancings thereof, now or hereafter owing, whether for principal, interest, fees,
expenses, indemnities, reimbursement obligations or otherwise, and any and all reasonable out-of-pocket expenses (including reasonable attorneys’ fees and expenses) incurred by the Lenders or the

  
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Administrative Agent in enforcing any rights under this Guaranty (collectively, the “Guaranteed Obligations”), including without limitation, all interest which, but for the
filing of a petition in bankruptcy, would accrue on any principal portion of the Guaranteed Obligations. Any and all payments by the Guarantor hereunder shall be made in U.S. Dollars free and clear of and without deduction for any set-off,
counterclaim, or withholding so that, in each case, each Guaranteed Party will receive, after giving effect to any Indemnified Taxes (as such term is defined in the Credit Agreement), the full amount, in U.S. Dollars, that it would otherwise be
entitled to receive with respect to the Guaranteed Obligations (but without duplication of amounts for Indemnified Taxes already included in the Guaranteed Obligations). The Guarantor acknowledges and agrees that this is a guarantee of payment when
due, and not of collection, and that this Guaranty may be enforced up to the full amount of the Guaranteed Obligations without proceeding against the Company, against any security for the Guaranteed Obligations, against any other Person or under any
other guaranty covering any portion of the Guaranteed Obligations. 
 SECTION 2. Guaranty Absolute. The Guarantor
guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Credit Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the
rights of any Guaranteed Party with respect thereto. The liability of the Guarantor under this Guaranty shall be absolute and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be
released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including, without limitation, the following (whether or not the Guarantor consents thereto or has notice thereof): 

(a) any change in the time, place or manner of payment of, or in any other term of, all or any of the Guaranteed
Obligations, any waiver, indulgence, renewal, extension, amendment or modification of or addition, consent or supplement to or deletion from or any other action or inaction under or in respect of the Credit Agreement or the other Credit Documents,
or any other documents, instruments or agreements relating to the Guaranteed Obligations or any other instrument or agreement referred to therein or any assignment or transfer of any thereof; 

(b) any lack of validity or enforceability of the Credit Agreement or the other Credit Documents, or any other document,
instrument or agreement referred to therein or any assignment or transfer of any thereof; 
 (c) any furnishing
to the Guaranteed Parties of any additional security or additional guaranty for the Guaranteed Obligations, or any sale, exchange, release or surrender of, or realization on, any security or guaranty for the Guaranteed Obligations; 

(d) any settlement or compromise of any of the Guaranteed Obligations, any security therefor, or any liability of any
other party with respect to the Guaranteed Obligations, or any subordination of the payment of the Guaranteed Obligations to the payment of any other liability of the Company; 

  
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 (e) any bankruptcy, insolvency, reorganization, composition, adjustment,
dissolution, liquidation or other like proceeding relating to the Guarantor, the Company or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any nonperfection of any security interest or lien on any collateral, or any amendment or waiver of or consent to
departure from any guaranty or security, for all or any of the Guaranteed Obligations; 
 (g) any application of
sums paid by the Company or any other Person with respect to the liabilities of the Company to the Guaranteed Parties, regardless of what liabilities of the Company remain unpaid; 

(h) any act or failure to act by any Guaranteed Party which may adversely affect the Guarantor’s subrogation rights,
if any, against the Company to recover payments made under this Guaranty; and 
 (i) any other circumstance which
might otherwise constitute a defense available to, or a discharge of, the Guarantor. 
 If claim is ever made upon any Guaranteed Party for
repayment or recovery of any amount or amounts received in payment or on account of any of the Guaranteed Obligations, and any Guaranteed Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or
administrative body having jurisdiction over the Guaranteed Party or any of its property, or (b) any settlement or compromise of any such claim effected by the Guaranteed Party with any such claimant (including, without limitation, the Company
or a trustee in bankruptcy for the Company), then and in such event the Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of the Credit
Agreement, the other Credit Documents, or any other instrument evidencing any liability of the Company, and the Guarantor shall be and remain liable to the Guaranteed Party for the amounts so repaid or recovered to the same extent as if such amount
had never originally been paid to the Guaranteed Party. 
 SECTION 3. Waiver. The Guarantor hereby waives
(a) notice of acceptance of this Guaranty, (b) notice of the incurrence of any Guaranteed Obligation, (c) notice of acceleration, (d) notice of intent to accelerate, (e) any requirement that any of the Guaranteed Parties
institute suit, collection proceedings or take any other action to collect any of the Guaranteed Obligations, (f) diligence and promptness, (g) notice of presentment, demand of payment or protest, (h) notice of dishonor or nonpayment,
(i) notice of suit or taking of other action by the Guaranteed Parties against the Company and (j) any other notice to the Company or any other party liable with respect to the Guaranteed Obligations (including, without limitation, any
other Person executing a guaranty of the obligations of the Company). 
 SECTION 4. Waiver of Subrogation and Contribution
Rights Until Facility Termination. The Guarantor will not exercise any rights against the Company which it may acquire by way of subrogation or contribution, by any payment made hereunder or otherwise,

  
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until such time as all of the outstanding Guaranteed Obligations (other than indemnities and other contingent obligations not then due and payable and as to which no claim has been made as of the
time of determination) shall have been paid in full in cash and the Commitments shall have been irrevocably terminated (such time, “Facility Termination”). If any amount shall be paid to the Guarantor on account of such subrogation
or contribution rights at any time before Facility Termination, such amount shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent to be credited and applied to the Guaranteed
Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement. If (i) the Guarantor shall have made any payment to the Guaranteed Parties of all or any part of the Guaranteed Obligations and (ii) Facility
Termination shall have occurred, the Guaranteed Parties will, at the Guarantor’s request, execute and deliver to Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by
subrogation to the Guarantor of an interest in the Guaranteed Obligations resulting from such payment by the Guarantor. 

SECTION 5. Severability. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 SECTION 6. Amendments, Etc. No amendment or waiver of
any provision of this Guaranty nor consent to any departure by the Guarantor therefrom shall in any event be effective unless the same shall be in writing executed by the Guarantor, the Administrative Agent and the Required Lenders. 

SECTION 7. Notices. All notices and other communications provided for hereunder shall be given in the manner
specified in the Credit Agreement (i) in the case of the Administrative Agent, at the address specified for the Administrative Agent in the Credit Agreement, and (ii) in the case of the Guarantor, at the address specified for the Guarantor
on the signature page to this Guaranty. 
 SECTION 8. No Waiver; Remedies. No failure on the part of the
Administrative Agent or other Guaranteed Parties to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right. No notice to or demand on the Guarantor in any case shall entitle the Guarantor to any other further notice or demand in any similar or other circumstances or constitute a waiver of the rights of the
Administrative Agent or other Guaranteed Parties to any other or further action in any circumstances without notice or demand. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

SECTION 9. Right Of Set Off. In addition to and not in limitation of all rights of offset that the Administrative
Agent or other Guaranteed Party may have under applicable law, the Administrative Agent or other Guaranteed Parties shall, upon the occurrence of any Event of Default and whether or not the Administrative Agent or other Guaranteed Party has

  
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made any demand or the Guaranteed Obligations are matured, have the right to appropriate and apply to the payment of the Guaranteed Obligations, all deposits of the Guarantor (general or special,
time or demand, provisional or final) then or thereafter held by and other indebtedness or property then or thereafter owing by the Administrative Agent or other Guaranteed Party to the Guarantor, whether or not related to this Guaranty or any
transaction hereunder. 
 SECTION 10. Continuing Guaranty; Transfer Of Obligations. This Guaranty is a
continuing guaranty and shall (i) remain in full force and effect until termination in accordance with Section 21 hereof, (ii) be binding upon the Guarantor, its successors and assigns, and (iii) inure to the benefit of and be
enforceable by the Administrative Agent, for the benefit of the Guaranteed Parties. 
 SECTION 11. Governing Law;
Appointment Of Agent For Service Of Process; Submission To Jurisdiction; Waiver of Jury Trial. 
 (a) THIS GUARANTY
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF). 

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR OTHERWISE RELATED HERETO MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS GUARANTY, THE GUARANTOR HEREBY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO
THE JURISDICTION OF THE AFORESAID COURTS SOLELY FOR THE PURPOSE OF ADJUDICATING ITS RIGHTS OR THE RIGHTS OF THE ADMINISTRATIVE AGENT AND OTHER GUARANTEED PARTIES WITH RESPECT TO THIS GUARANTY OR ANY DOCUMENT RELATED HERETO. THE GUARANTOR HEREBY
IRREVOCABLY DESIGNATES CT CORPORATION SYSTEM, 111 8TH AVENUE, NEW YORK, NEW YORK 10011, AS THE DESIGNEE, APPOINTEE AND AGENT OF THE GUARANTOR TO RECEIVE, FOR AND ON BEHALF OF THE GUARANTOR, SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION
OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY DOCUMENT RELATED HERETO AND SUCH SERVICE SHALL BE DEEMED COMPLETED 30 DAYS AFTER MAILING THEREOF TO SAID AGENT. IT IS UNDERSTOOD THAT A COPY OF SUCH PROCESS SERVED ON SUCH AGENT WILL BE PROMPTLY
FORWARDED BY MAIL TO THE GUARANTOR AT ITS ADDRESS SET FORTH HEREIN, BUT THE FAILURE OF THE GUARANTOR TO RECEIVE SUCH COPY SHALL NOT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, AFFECT IN ANY WAY THE SERVICE OF SUCH PROCESS. IF FOR ANY REASON SERVICE
OF PROCESS CANNOT PROMPTLY BE MADE ON EITHER SUCH LOCAL AGENT, THE GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING

  
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BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE COMPANY AT ITS SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. THE GUARANTOR
HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS IN RESPECT OF THIS GUARANTY OR ANY DOCUMENT RELATED THERETO. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE GUARANTOR IN ANY OTHER JURISDICTION. 
 (c) TO THE EXTENT PERMITTED BY
APPLICABLE LAW, THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTY OR ANY OTHER CREDIT DOCUMENT OR ANY MATTER ARISING IN CONNECTION
HEREUNDER OR THEREUNDER. 
 (d) EACH OF THE GUARANTOR AND THE GUARANTEED PARTIES IRREVOCABLY CONSENTS TO SERVICE OF
PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.7 OF THE CREDIT AGREEMENT. NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY SUCH PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. 

(e) EACH OF THE GUARANTOR AND THE GUARANTEED PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY
EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO IN THIS SECTION 11 OR OTHERWISE RELATING TO THE CREDIT DOCUMENTS ANY PUNITIVE DAMAGES. 

SECTION 12. Reserved. 
 SECTION 13. Reserved. 
 SECTION 14. Automatic Acceleration in
Certain Events. Upon the occurrence of an Event of Default specified in Section 7.1(f) or (g) of the Credit Agreement, all Guaranteed Obligations shall automatically become immediately due and payable by the Guarantor without
notice or other action on the part of the Administrative Agent or other Guaranteed Parties, and regardless of whether payment of the Guaranteed Obligations by the Company has then been accelerated. In addition, if any event of the types described in
Section 7.1(f) or (g) of the Credit Agreement should occur with respect to the Guarantor, then the Guaranteed Obligations shall automatically become immediately due and payable by the Guarantor, without notice or other action on the part
of the Administrative Agent or other Guaranteed Parties, and regardless of whether payment of the Guaranteed Obligations by the Company has then been accelerated. 

  
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 SECTION 15. Maximum Obligations. (a) It is the intent of the Guarantor
and the Guaranteed Parties that the Guarantor’s maximum obligations hereunder shall not be in excess of: 

(i) in a case or proceeding commenced by or against the Guarantor under the Bankruptcy Code on or within one year from the
date on which any of the Guaranteed Obligations are incurred, the maximum amount which would not otherwise cause the Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties) to be avoidable or unenforceable
against the Guarantor under (A) Section 548 of the Bankruptcy Code or (B) any state fraudulent transfer or fraudulent conveyance act or statute applied in such case or proceeding by virtue of Section 544 of the Bankruptcy Code;
or 
 (ii) in a case or proceeding commenced by or against the Guarantor under the Bankruptcy Code subsequent to
one year from the date on which any of the Guaranteed Obligations are incurred, the maximum amount which would not otherwise cause the Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties) to be avoidable or
unenforceable against the Guarantor under any state fraudulent transfer or fraudulent conveyance act or statute applied in any such case or proceeding by virtue of Section 544 of the Bankruptcy Code; or 

(iii) in a case or proceeding commenced by or against the Guarantor under any law, statute or regulation other than the
Bankruptcy Code (including, without limitation, any other bankruptcy, reorganization, arrangement, moratorium, readjustment of debt, dissolution, liquidation or similar debtor relief laws), the maximum amount which would not otherwise cause the
Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties) to be avoidable or unenforceable against the Guarantor under such law, statute or regulation including, without limitation, any state fraudulent transfer or
fraudulent conveyance act or statute applied in any such case or proceeding. 
 (The substantive laws under which the possible avoidance or
unenforceability of the Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties) shall be determined in any such case or proceeding shall hereinafter be referred to as the “Avoidance Provisions”).

 (b) To the extent set forth in Section 15(a), but only to the extent that the Guaranteed Obligations
would otherwise be subject to avoidance under the Avoidance Provisions if the Guarantor is not deemed to have received valuable consideration, fair value or reasonably equivalent value for the Guaranteed Obligations, or if the Guaranteed Obligations
would render the Guarantor insolvent, or leave the Guarantor with an unreasonably small capital to conduct its business, or cause the Guarantor to have 

  
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incurred debts (or to have intended to have incurred debts) beyond its ability to pay such debts as they mature, in each case as of the time any of the Guaranteed Obligations are deemed to have
been incurred under the Avoidance Provisions and after giving effect to rights of contribution, indemnity and subrogation as between the Guarantor and the Company, the maximum Guaranteed Obligations for which the Guarantor shall be liable hereunder
shall be reduced to that amount which, after giving effect thereto, would not cause the Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties), as so reduced, to be subject to avoidance under the Avoidance
Provisions. This Section 15(b) is intended solely to preserve the rights of the Guaranteed Parties hereunder to the maximum extent that would not cause the Guaranteed Obligations of the Guarantor to be subject to avoidance under the Avoidance
Provisions, and neither the Guarantor nor any other Person shall have any right or claim under this Section 15 as against the Guaranteed Parties that would not otherwise be available to such Person under the Avoidance Provisions. 

SECTION 16. Indemnity. 
 (a) In addition to all such rights of indemnity, contribution and subrogation as the Guarantor may have under applicable law or otherwise (but subject to Section 4 hereof), the Company agrees that
(i) in the event a payment shall be made on behalf of the Company by the Guarantor hereunder, the Company shall indemnify the Guarantor for the full amount of such payment and the Guarantor shall be subrogated to the rights of the person to
whom such payment shall have been made to the extent of such payment, and (ii) in the event any assets of the Guarantor shall be sold to satisfy a claim of any Guaranteed Party hereunder, the Company shall indemnify the Guarantor in an amount
equal to the greater of the book value or the fair market value of the assets so sold. 
 (b) The Guarantor agrees (subject to
Section 4 hereof) that, in the event a payment shall be made by any other Guarantor (as defined in the Credit Agreement and referred to herein as a “Claiming Guarantor”) covering all or any portion of the Guaranteed Obligations in
excess of the amount such Claiming Guarantor would have otherwise paid had such Claiming Guarantor paid such Guaranteed Obligations in accordance with its Proportionate Share (as defined below), the Guarantor shall indemnify such Claiming Guarantor
in an amount equal to the Guarantor’s Proportionate Share of the payment made by such Claiming Guarantor (to the extent such Claiming Guarantor has not been indemnified by the Company pursuant to Section 16(a) of its Subsidiary Guaranty).
As used herein, “Proportionate Share”, at any time a payment is made on the Guaranteed Obligations and with respect to any Guarantor (as defined in the Credit Agreement), shall mean a fraction of which the numerator is the net worth of
such Guarantor (as defined in the Credit Agreement) as of such time and the denominator is the aggregate net worth of the Company and all of the Guarantors (as defined in the Credit Agreement) as of such time. The Guarantor, to the extent it makes
any payment to a Claiming Guarantor pursuant to this paragraph (b), shall be subrogated to the rights of such Claiming Guarantor Section 16(a) of its Subsidiary Guaranty to the extent of such payment. As used herein, the term “net
worth” shall mean, as at any date of determination, the consolidated shareholders’ equity of the Company and the Guarantors (as defined in the Credit Agreement), as determined in each case on a consolidated basis in accordance with GAAP.

  
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 SECTION 17. Information. The Guarantor assumes all responsibility for being
and keeping itself informed of the Company’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that the Guarantor
assumes and incurs hereunder, and agrees that none of the Guaranteed Parties will have any duty to advise the Guarantor of information known to it or any of them regarding such circumstances or risks. 

SECTION 18. Representations and Warranties. The Guarantor represents and warrants to each Guaranteed Party that all
representations and warranties relating to it or any of its Subsidiaries contained in Article 5 of the Credit Agreement are true and correct in all material respects (a) on and as of the date hereof, except to the extent that any such
representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier date, and (b) as of the time of any Borrowing or Loan that increases the aggregate
amount of Loans outstanding after giving effect to such Borrowing or Loan (other than those that relate to the representations and warranties set forth in Sections 5.4, 5.11, 5.17 and 5.18 of the Credit Agreement), except as a result of the
transactions expressly permitted hereunder or under the Credit Agreement, and except to the extent that any such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects
as of such earlier date. 
 SECTION 19. Survival of Agreement. All agreements, representations and warranties made
herein shall survive the execution and delivery of this Guaranty, the Credit Agreement, the Notes and the other Credit Documents and the making of the Loans. 
 SECTION 20. Counterparts. This Guaranty and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. 
 SECTION 21. Termination of Guaranty. This Guaranty and all obligations of the Guarantor to the Guaranteed Parties hereunder shall terminate (i) automatically upon Facility Termination,
subject to the last sentence of Section 2 hereof, or (ii) as provided in Section 6.11(k) of the Credit Agreement. Upon any such termination, the Administrative Agent shall provide written confirmation of such termination as may be
reasonably requested by the Guarantor. 
 [Signatures begin on the next page] 

  
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 IN WITNESS WHEREOF, the Guarantor and the Administrative Agent have caused this
Guaranty to be duly executed and delivered by their respective duly authorized officers as of the date first above written. 
  

							
	Address for Notices:	 		 	NOBLE DRILLING CORPORATION,
		 		 	as the Guarantor
				
	Noble Drilling Corporation	 		 	By:	 	/s/ Dennis J. Lubojacky
		 		 		 	  

	13135 South Dairy Ashford, Suite 800	 		 	Name:	 	Dennis J. Lubojacky
	Sugar Land, Texas 77478	 		 	Title:	 	President
	Attention: Legal Department	 		 		 	
	Facsimile: 281-491-2092	 		 		 	
	  
 with a copy to:

 
 Noble Corporation
 c/o Maples Corporate Services Limited
 P.O. Box 309, Ugland House

S. Church Street
 Grand Cayman

KY1-1104
 Cayman Islands

Attention: Alan Hay
  
	 		 		 	
		 		 	JPMORGAN CHASE BANK, N.A.,
		 		 	as the Administrative Agent
				
		 		 	By:	 	/s/ Robert Traband
		 		 		 	  

		 		 	Name:	 	Robert Traband
		 		 	Title:	 	Managing Director

  

			
	SECTION 16(a) OF THE
	FOREGOING GUARANTY
	ACKNOWLEDGED AND
	AGREED TO:
	
	 NOBLE CORPORATION, a Cayman Islands
 exempted company limited by shares

		
	By:	 	/s/ David M.J. Dujacquier
		 	  

	Name:	 	David M.J. Dujacquier
	Title:	 	Director

  
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Guaranty]EX-4.3

 Exhibit 4.3 
 GUARANTY AGREEMENT 
 THIS GUARANTY AGREEMENT (as amended, restated,
supplemented or otherwise modified from time to time, this “Guaranty”), dated as of August 22, 2013 is made by Noble Holding International Limited, a Cayman Islands exempted company limited by shares (the
“Guarantor”), in favor of (i) the Lenders (as defined in the Credit Agreement) (as hereinafter defined), (ii) JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent (as defined in the Credit Agreement),
(iii) JPMorgan Chase Bank, N.A., in its capacity as the Swingline Lender (as defined in the Credit Agreement) and (iv) the Other Agents (as defined in the Credit Agreement) (the Lenders, the Administrative Agent, the Other Agents and the
Swingline Lender are each individually referred to herein as a “Guaranteed Party”, and collectively, as the “Guaranteed Parties”). 
 W I T N E S S E T H: 
 WHEREAS, Noble Corporation, a Cayman Islands exempted company limited by shares (the “Company”), the Lenders, the Administrative Agent and the Swingline Lender are parties to a
certain 364-Day Revolving Credit Agreement dated as of August 22, 2013 (as amended, restated, supplemented or otherwise modified from time to time and including all schedules, riders, and supplements thereto, the “Credit
Agreement”; capitalized terms defined therein and not otherwise defined herein being used herein as therein defined); 

WHEREAS, the Company owns, directly or indirectly, all or a majority of all outstanding shares of the Guarantor; 

WHEREAS, consummation of the transactions pursuant to the Credit Agreement have facilitated expansion and enhanced the overall
financial strength and stability of the Company’s entire corporate group, including the Guarantor; and 
 WHEREAS,
it is a requirement under Section 4.1(a) of the Credit Agreement, as a condition to the making of Loans, that the Guarantor execute and deliver this Guaranty, and the Guarantor desires to execute and deliver this Guaranty to satisfy such
requirement; 
 NOW, THEREFORE, in consideration of the premises and in order to satisfy the requirements of the Credit
Agreement, and for other good and valuable consideration, the Guarantor hereby agrees as follows: 
 SECTION 1.
Guaranty. The Guarantor hereby, irrevocably and unconditionally, guarantees the punctual payment when due, in lawful money of the United States of America, whether at stated maturity, by acceleration or otherwise, of the Loans and all
other Obligations owing by the Company to the Lenders, the Administrative Agent, the Swingline Lender and Other Agents, or any of them, under the Credit Agreement, the Notes, and the other Credit Documents, including all renewals, extensions,
modifications and refinancings thereof, now or hereafter owing, whether for principal, interest, fees, expenses, indemnities, reimbursement obligations or otherwise, and any and all reasonable out-of-pocket expenses

  
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(including reasonable attorneys’ fees and expenses) incurred by the Lenders or the Administrative Agent in enforcing any rights under this Guaranty (collectively, the “Guaranteed
Obligations”), including without limitation, all interest which, but for the filing of a petition in bankruptcy, would accrue on any principal portion of the Guaranteed Obligations. Any and all payments by the Guarantor hereunder shall be
made in U.S. Dollars free and clear of and without deduction for any set-off, counterclaim, or withholding so that, in each case, each Guaranteed Party will receive, after giving effect to any Indemnified Taxes (as such term is defined in the Credit
Agreement), the full amount, in U.S. Dollars, that it would otherwise be entitled to receive with respect to the Guaranteed Obligations (but without duplication of amounts for Indemnified Taxes already included in the Guaranteed Obligations). The
Guarantor acknowledges and agrees that this is a guarantee of payment when due, and not of collection, and that this Guaranty may be enforced up to the full amount of the Guaranteed Obligations without proceeding against the Company, against any
security for the Guaranteed Obligations, against any other Person or under any other guaranty covering any portion of the Guaranteed Obligations. 
 SECTION 2. Guaranty Absolute. The Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Credit Documents, regardless of any
law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any Guaranteed Party with respect thereto. The liability of the Guarantor under this Guaranty shall be absolute and unconditional in
accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including, without limitation,
the following (whether or not the Guarantor consents thereto or has notice thereof): 
 (a) any change in the
time, place or manner of payment of, or in any other term of, all or any of the Guaranteed Obligations, any waiver, indulgence, renewal, extension, amendment or modification of or addition, consent or supplement to or deletion from or any other
action or inaction under or in respect of the Credit Agreement or the other Credit Documents, or any other documents, instruments or agreements relating to the Guaranteed Obligations or any other instrument or agreement referred to therein or any
assignment or transfer of any thereof; 
 (b) any lack of validity or enforceability of the Credit Agreement or
the other Credit Documents, or any other document, instrument or agreement referred to therein or any assignment or transfer of any thereof; 
 (c) any furnishing to the Guaranteed Parties of any additional security or additional guaranty for the Guaranteed Obligations, or any sale, exchange, release or surrender of, or realization on, any
security or guaranty for the Guaranteed Obligations; 
 (d) any settlement or compromise of any of the Guaranteed
Obligations, any security therefor, or any liability of any other party with respect to the Guaranteed Obligations, or any subordination of the payment of the Guaranteed Obligations to the payment of any other liability of the Company; 

  
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 (e) any bankruptcy, insolvency, reorganization, composition, adjustment,
dissolution, liquidation or other like proceeding relating to the Guarantor, the Company or any other Person, or any action taken with respect to this Guaranty by any trustee or receiver, or by any court, in any such proceeding; 

(f) any nonperfection of any security interest or lien on any collateral, or any amendment or waiver of or consent to
departure from any guaranty or security, for all or any of the Guaranteed Obligations; 
 (g) any application of
sums paid by the Company or any other Person with respect to the liabilities of the Company to the Guaranteed Parties, regardless of what liabilities of the Company remain unpaid; 

(h) any act or failure to act by any Guaranteed Party which may adversely affect the Guarantor’s subrogation rights,
if any, against the Company to recover payments made under this Guaranty; and 
 (i) any other circumstance which
might otherwise constitute a defense available to, or a discharge of, the Guarantor. 
 If claim is ever made upon any Guaranteed Party for
repayment or recovery of any amount or amounts received in payment or on account of any of the Guaranteed Obligations, and any Guaranteed Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or
administrative body having jurisdiction over the Guaranteed Party or any of its property, or (b) any settlement or compromise of any such claim effected by the Guaranteed Party with any such claimant (including, without limitation, the Company
or a trustee in bankruptcy for the Company), then and in such event the Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof or the cancellation of the Credit
Agreement, the other Credit Documents, or any other instrument evidencing any liability of the Company, and the Guarantor shall be and remain liable to the Guaranteed Party for the amounts so repaid or recovered to the same extent as if such amount
had never originally been paid to the Guaranteed Party. 
 SECTION 3. Waiver. The Guarantor hereby waives
(a) notice of acceptance of this Guaranty, (b) notice of the incurrence of any Guaranteed Obligation, (c) notice of acceleration, (d) notice of intent to accelerate, (e) any requirement that any of the Guaranteed Parties
institute suit, collection proceedings or take any other action to collect any of the Guaranteed Obligations, (f) diligence and promptness, (g) notice of presentment, demand of payment or protest, (h) notice of dishonor or nonpayment,
(i) notice of suit or taking of other action by the Guaranteed Parties against the Company and (j) any other notice to the Company or any other party liable with respect to the Guaranteed Obligations (including, without limitation, any
other Person executing a guaranty of the obligations of the Company). 
 SECTION 4. Waiver of Subrogation and
Contribution Rights Until Facility Termination. The Guarantor will not exercise any rights against the Company which it may acquire by way of subrogation or contribution, by any payment made hereunder or otherwise,

  
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until such time as all of the outstanding Guaranteed Obligations (other than indemnities and other contingent obligations not then due and payable and as to which no claim has been made as of the
time of determination) shall have been paid in full in cash and the Commitments shall have been irrevocably terminated (such time, “Facility Termination”). If any amount shall be paid to the Guarantor on account of such subrogation
or contribution rights at any time before Facility Termination, such amount shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent to be credited and applied to the Guaranteed
Obligations, whether matured or unmatured, in accordance with the terms of the Credit Agreement. If (i) the Guarantor shall have made any payment to the Guaranteed Parties of all or any part of the Guaranteed Obligations and (ii) Facility
Termination shall have occurred, the Guaranteed Parties will, at the Guarantor’s request, execute and deliver to Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by
subrogation to the Guarantor of an interest in the Guaranteed Obligations resulting from such payment by the Guarantor. 

SECTION 5. Severability. Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 SECTION 6. Amendments, Etc. No amendment or waiver of
any provision of this Guaranty nor consent to any departure by the Guarantor therefrom shall in any event be effective unless the same shall be in writing executed by the Guarantor, the Administrative Agent and the Required Lenders. 

SECTION 7. Notices. All notices and other communications provided for hereunder shall be given in the manner
specified in the Credit Agreement (i) in the case of the Administrative Agent, at the address specified for the Administrative Agent in the Credit Agreement, and (ii) in the case of the Guarantor, at the address specified for the Guarantor
on the signature page to this Guaranty. 
 SECTION 8. No Waiver; Remedies. No failure on the part of the
Administrative Agent or other Guaranteed Parties to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right. No notice to or demand on the Guarantor in any case shall entitle the Guarantor to any other further notice or demand in any similar or other circumstances or constitute a waiver of the rights of the
Administrative Agent or other Guaranteed Parties to any other or further action in any circumstances without notice or demand. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

SECTION 9. Right Of Set Off. In addition to and not in limitation of all rights of offset that the Administrative
Agent or other Guaranteed Party may have under applicable law, the Administrative Agent or other Guaranteed Parties shall, upon the occurrence of any Event of Default and whether or not the Administrative Agent or other Guaranteed Party has

  
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made any demand or the Guaranteed Obligations are matured, have the right to appropriate and apply to the payment of the Guaranteed Obligations, all deposits of the Guarantor (general or special,
time or demand, provisional or final) then or thereafter held by and other indebtedness or property then or thereafter owing by the Administrative Agent or other Guaranteed Party to the Guarantor, whether or not related to this Guaranty or any
transaction hereunder. 
 SECTION 10. Continuing Guaranty; Transfer Of Obligations. This Guaranty is a
continuing guaranty and shall (i) remain in full force and effect until termination in accordance with Section 21 hereof, (ii) be binding upon the Guarantor, its successors and assigns, and (iii) inure to the benefit of and be
enforceable by the Administrative Agent, for the benefit of the Guaranteed Parties. 
 SECTION 11. Governing Law;
Appointment Of Agent For Service Of Process; Submission To Jurisdiction; Waiver of Jury Trial. 
 (a) THIS GUARANTY
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF). 

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR OTHERWISE RELATED HERETO MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS GUARANTY, THE GUARANTOR HEREBY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO
THE JURISDICTION OF THE AFORESAID COURTS SOLELY FOR THE PURPOSE OF ADJUDICATING ITS RIGHTS OR THE RIGHTS OF THE ADMINISTRATIVE AGENT AND OTHER GUARANTEED PARTIES WITH RESPECT TO THIS GUARANTY OR ANY DOCUMENT RELATED HERETO. THE GUARANTOR HEREBY
IRREVOCABLY DESIGNATES CT CORPORATION SYSTEM, 111 8TH AVENUE, NEW YORK, NEW YORK 10011, AS THE DESIGNEE, APPOINTEE AND AGENT OF THE GUARANTOR TO RECEIVE, FOR AND ON BEHALF OF THE GUARANTOR, SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION
OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY DOCUMENT RELATED HERETO AND SUCH SERVICE SHALL BE DEEMED COMPLETED 30 DAYS AFTER MAILING THEREOF TO SAID AGENT. IT IS UNDERSTOOD THAT A COPY OF SUCH PROCESS SERVED ON SUCH AGENT WILL BE PROMPTLY
FORWARDED BY MAIL TO THE GUARANTOR AT ITS ADDRESS SET FORTH HEREIN, BUT THE FAILURE OF THE GUARANTOR TO RECEIVE SUCH COPY SHALL NOT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, AFFECT IN ANY WAY THE SERVICE OF SUCH PROCESS. IF FOR ANY REASON SERVICE
OF PROCESS CANNOT PROMPTLY BE MADE ON EITHER SUCH LOCAL AGENT, THE GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING

  
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BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE COMPANY AT ITS SAID ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. THE GUARANTOR
HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS IN RESPECT OF THIS GUARANTY OR ANY DOCUMENT RELATED THERETO. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE GUARANTOR IN ANY OTHER JURISDICTION. 
 (c) TO THE EXTENT PERMITTED BY
APPLICABLE LAW, THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTY OR ANY OTHER CREDIT DOCUMENT OR ANY MATTER ARISING IN CONNECTION
HEREUNDER OR THEREUNDER. 
 (d) EACH OF THE GUARANTOR AND THE GUARANTEED PARTIES IRREVOCABLY CONSENTS TO SERVICE OF
PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.7 OF THE CREDIT AGREEMENT. NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY SUCH PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. 

(e) EACH OF THE GUARANTOR AND THE GUARANTEED PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY
EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO IN THIS SECTION 11 OR OTHERWISE RELATING TO THE CREDIT DOCUMENTS ANY PUNITIVE DAMAGES. 

SECTION 12. Reserved. 
 SECTION 13. Reserved. 
 SECTION 14. Automatic Acceleration in
Certain Events. Upon the occurrence of an Event of Default specified in Section 7.1(f) or (g) of the Credit Agreement, all Guaranteed Obligations shall automatically become immediately due and payable by the Guarantor without
notice or other action on the part of the Administrative Agent or other Guaranteed Parties, and regardless of whether payment of the Guaranteed Obligations by the Company has then been accelerated. In addition, if any event of the types described in
Section 7.1(f) or (g) of the Credit Agreement should occur with respect to the Guarantor, then the Guaranteed Obligations shall automatically become immediately due and payable by the Guarantor, without notice or other action on the part
of the Administrative Agent or other Guaranteed Parties, and regardless of whether payment of the Guaranteed Obligations by the Company has then been accelerated. 

  
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 SECTION 15. Maximum Obligations. (a) It is the intent of the Guarantor
and the Guaranteed Parties that the Guarantor’s maximum obligations hereunder shall not be in excess of: 

(i) in a case or proceeding commenced by or against the Guarantor under the Bankruptcy Code on or within one year from the
date on which any of the Guaranteed Obligations are incurred, the maximum amount which would not otherwise cause the Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties) to be avoidable or unenforceable
against the Guarantor under (A) Section 548 of the Bankruptcy Code or (B) any state fraudulent transfer or fraudulent conveyance act or statute applied in such case or proceeding by virtue of Section 544 of the Bankruptcy Code;
or 
 (ii) in a case or proceeding commenced by or against the Guarantor under the Bankruptcy Code subsequent to
one year from the date on which any of the Guaranteed Obligations are incurred, the maximum amount which would not otherwise cause the Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties) to be avoidable or
unenforceable against the Guarantor under any state fraudulent transfer or fraudulent conveyance act or statute applied in any such case or proceeding by virtue of Section 544 of the Bankruptcy Code; or 

(iii) in a case or proceeding commenced by or against the Guarantor under any law, statute or regulation other than the
Bankruptcy Code (including, without limitation, any other bankruptcy, reorganization, arrangement, moratorium, readjustment of debt, dissolution, liquidation or similar debtor relief laws), the maximum amount which would not otherwise cause the
Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties) to be avoidable or unenforceable against the Guarantor under such law, statute or regulation including, without limitation, any state fraudulent transfer or
fraudulent conveyance act or statute applied in any such case or proceeding. 
 (The substantive laws under which the possible avoidance or
unenforceability of the Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties) shall be determined in any such case or proceeding shall hereinafter be referred to as the “Avoidance Provisions”).

 (b) To the extent set forth in Section 15(a), but only to the extent that the Guaranteed Obligations
would otherwise be subject to avoidance under the Avoidance Provisions if the Guarantor is not deemed to have received valuable consideration, fair value or reasonably equivalent value for the Guaranteed Obligations, or if the Guaranteed Obligations
would render the Guarantor insolvent, or leave the Guarantor with an unreasonably small capital to conduct its business, or cause the Guarantor to have 

  
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incurred debts (or to have intended to have incurred debts) beyond its ability to pay such debts as they mature, in each case as of the time any of the Guaranteed Obligations are deemed to have
been incurred under the Avoidance Provisions and after giving effect to rights of contribution, indemnity and subrogation as between the Guarantor and the Company, the maximum Guaranteed Obligations for which the Guarantor shall be liable hereunder
shall be reduced to that amount which, after giving effect thereto, would not cause the Guaranteed Obligations (or any other obligations of the Guarantor to the Guaranteed Parties), as so reduced, to be subject to avoidance under the Avoidance
Provisions. This Section 15(b) is intended solely to preserve the rights of the Guaranteed Parties hereunder to the maximum extent that would not cause the Guaranteed Obligations of the Guarantor to be subject to avoidance under the Avoidance
Provisions, and neither the Guarantor nor any other Person shall have any right or claim under this Section 15 as against the Guaranteed Parties that would not otherwise be available to such Person under the Avoidance Provisions. 

SECTION 16. Indemnity. 
 (a) In addition to all such rights of indemnity, contribution and subrogation as the Guarantor may have under applicable law or otherwise (but subject to Section 4 hereof), the Company agrees that
(i) in the event a payment shall be made on behalf of the Company by the Guarantor hereunder, the Company shall indemnify the Guarantor for the full amount of such payment and the Guarantor shall be subrogated to the rights of the person to
whom such payment shall have been made to the extent of such payment, and (ii) in the event any assets of the Guarantor shall be sold to satisfy a claim of any Guaranteed Party hereunder, the Company shall indemnify the Guarantor in an amount
equal to the greater of the book value or the fair market value of the assets so sold. 
 (b) The Guarantor agrees (subject to
Section 4 hereof) that, in the event a payment shall be made by any other Guarantor (as defined in the Credit Agreement and referred to herein as a “Claiming Guarantor”) covering all or any portion of the Guaranteed Obligations in
excess of the amount such Claiming Guarantor would have otherwise paid had such Claiming Guarantor paid such Guaranteed Obligations in accordance with its Proportionate Share (as defined below), the Guarantor shall indemnify such Claiming Guarantor
in an amount equal to the Guarantor’s Proportionate Share of the payment made by such Claiming Guarantor (to the extent such Claiming Guarantor has not been indemnified by the Company pursuant to Section 16(a) of its Subsidiary Guaranty).
As used herein, “Proportionate Share”, at any time a payment is made on the Guaranteed Obligations and with respect to any Guarantor (as defined in the Credit Agreement), shall mean a fraction of which the numerator is the net worth of
such Guarantor (as defined in the Credit Agreement) as of such time and the denominator is the aggregate net worth of the Company and all of the Guarantors (as defined in the Credit Agreement) as of such time. The Guarantor, to the extent it makes
any payment to a Claiming Guarantor pursuant to this paragraph (b), shall be subrogated to the rights of such Claiming Guarantor Section 16(a) of its Subsidiary Guaranty to the extent of such payment. As used herein, the term “net
worth” shall mean, as at any date of determination, the consolidated shareholders’ equity of the Company and the Guarantors (as defined in the Credit Agreement), as determined in each case on a consolidated basis in accordance with GAAP.

  
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 SECTION 17. Information. The Guarantor assumes all responsibility for being
and keeping itself informed of the Company’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that the Guarantor
assumes and incurs hereunder, and agrees that none of the Guaranteed Parties will have any duty to advise the Guarantor of information known to it or any of them regarding such circumstances or risks. 

SECTION 18. Representations and Warranties. The Guarantor represents and warrants to each Guaranteed Party that all
representations and warranties relating to it or any of its Subsidiaries contained in Article 5 of the Credit Agreement are true and correct in all material respects (a) on and as of the date hereof, except to the extent that any such
representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier date, and (b) as of the time of any Borrowing or Loan that increases the aggregate
amount of Loans outstanding after giving effect to such Borrowing or Loan (other than those that relate to the representations and warranties set forth in Sections 5.4, 5.11, 5.17 and 5.18 of the Credit Agreement), except as a result of the
transactions expressly permitted hereunder or under the Credit Agreement, and except to the extent that any such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects
as of such earlier date. 
 SECTION 19. Survival of Agreement. All agreements, representations and warranties made
herein shall survive the execution and delivery of this Guaranty, the Credit Agreement, the Notes and the other Credit Documents and the making of the Loans. 
 SECTION 20. Counterparts. This Guaranty and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. 
 SECTION 21. Termination of Guaranty. This Guaranty and all obligations of the Guarantor to the Guaranteed Parties hereunder shall terminate (i) automatically upon Facility Termination,
subject to the last sentence of Section 2 hereof, or (ii) as provided in Section 6.11(k) of the Credit Agreement. Upon any such termination, the Administrative Agent shall provide written confirmation of such termination as may be
reasonably requested by the Guarantor. 
 [Signatures begin on the next page] 

  
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 IN WITNESS WHEREOF, the Guarantor and the Administrative Agent have caused this
Guaranty to be duly executed and delivered by their respective duly authorized officers as of the date first above written. 
  

									
	 Address for Notices:
	 		 		 	NOBLE HOLDING INTERNATIONAL
		 		 		 	LIMITED, a Cayman Islands exempted
	 c/o Maples Corporate Services Limited
	 		 		 	company limited by shares, as the Guarantor
	 P.O. Box 309, Ugland House
	 		 		 		 	
	 S. Church Street
	 		 		 	By:	 	/s/ David M.J. Dujacquier
	 Grand Cayman
	 		 		 	Name:	 	David M.J. Dujacquier
	 KY1-1104
	 		 		 	Title:	 	Director
	 Cayman Islands
	 		 		 		 	
	 Attention: Alan Hay
	 		 		 		 	
					
	with a copy to:	 		 		 		 	
					
	 Noble Drilling Services, Inc.

13135 South Dairy Ashford, Suite 800
 Sugar Land,
Texas 77478
 Attention: Legal Department

Facsimile: 281-491-2092
	 		 		 		 	
				
		 		 		 	 JPMORGAN CHASE BANK, N.A.,
 as the Administrative Agent

					
		 		 		 	By:	 	/s/ Robert Traband
		 		 		 	Name:	 	Robert Traband
		 		 		 	Title:	 	Managing Director

  

			
	 SECTION 16(a) OF THE

FOREGOING GUARANTY
 ACKNOWLEDGED AND

AGREED TO:

	
	 NOBLE CORPORATION, a Cayman Islands
 exempted company limited by shares

		
	By:	 	/s/ David M.J. Dujacquier
	Name:	 	David M.J. Dujacquier
	Title:	 	Director

  
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