Noble Corporation Board Schedules Previously Approved Capital Reduction Payment to Shareholders

ZUG, Switzerland, Oct. 29 /PRNewswire-FirstCall/ -- Noble Corporation (NYSE: NE) today reported that the Company's Board has set the record and payment dates for a payment to shareholders in the form of a capital reduction. On May 28, 2009, the shareholders of the Company approved a return of capital to shareholders through a reduction in par value in an aggregate amount equal to 0.25 Swiss francs (CHF) per share, which dividend in the form of par value reduction is to be paid in four installments. This installment payment is the second of these installments and will be in the amount of 0.05 CHF per share. The ex-dividend date for the payment should be November 5, 2009, with a record date of November 9, 2009 and a payment date of November 19, 2009, subject to a required filing with the Swiss Commercial Register. The payment will be paid in U.S. dollars based on the CHF/USD exchange rate available approximately two business days prior to the payment date. The par value of the Company's shares is currently CHF 4.90 per share. In connection with the return of capital described above, the par value per share will be reduced by CHF 0.05 to CHF 4.85.

About Noble
Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 62 offshore drilling units (including three rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, and West Africa. Noble's shares are traded on the New York Stock Exchange under the symbol "NE". Additional information on Noble Corporation is available via the worldwide web at http://www.noblecorp.com.

This news release may contain "forward-looking statements" about the business, financial performance and prospects of the Company. Statements about the Company's or management's plans, intentions, expectations, beliefs, estimates, predictions, or similar expressions for the future, including any statements regarding the payment of any dividend or capital reduction or the timing and amount of such payment, are forward-looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors, including risks and uncertainties, is set forth from time to time in the Company's filings with the U.S. Securities and Exchange Commission.