Noble 8-K Noble Corporation Reports Record Quarterly Earnings of $1.51 Per Share

Exhibit 99.1

NEWS   NOBLE CORPORATION
13135 South Dairy Ashford, Suite 800
Sugar Land, TX 77478
Phone: 281-276-6100 Fax: 281-491-2092

NOBLE CORPORATION REPORTS RECORD QUARTERLY EARNINGS
OF $1.51 PER SHARE

     SUGAR LAND, Texas, October 19, 2006 — Noble Corporation (NYSE: NE) reported net income for the third quarter of 2006 of $207.2 million, or $1.51 per diluted share, on operating revenues of $562.0 million, compared to net income of $76.5 million, or $0.55 per diluted share, on operating revenues of $367.2 million for the third quarter of 2005. Net income for the nine months ended September 30, 2006 was $532.2 million, or $3.86 per diluted share, on operating revenues of $1.54 billion, compared to net income of $195.4 million, or $1.42 per diluted share, on operating revenues of $1.02 billion for the nine months ended September 30, 2005, a 172 percent increase in net income and a 51 percent increase in operating revenues.

     At September 30, 2006, the Company’s consolidated balance sheet reflected $3.15 billion in shareholders’ equity, $169.8 million in cash and marketable securities, and $696.4 million in total debt. Net cash provided by operating activities for the nine month period ended September 30, 2006 was $695.2 million as compared to $338.0 million in the same period of 2005. Debt as a percentage of total capitalization was 18 percent at September 30, 2006, decreasing from 29 percent at December 31, 2005.

     James C. Day, Chairman of the Board and Chief Executive Officer, said, “The worldwide drilling markets remained active as anticipated during the period. In addition, inquiries as to rig availability for projects starting in 2007 and beyond indicate demand for premium assets should be strong.”

     Net income for the third quarter of 2006 increased 15 percent from the second quarter of 2006 as average dayrates on the Company’s deepwater units continued to increase. Total operating days were down slightly (22 days) from the prior quarter attributable solely to the higher number of shipyard days quarter over quarter.

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     Compared to the third quarter of 2005, net income for the third quarter of 2006 increased 171 percent due principally to higher dayrates and additional operating days. In August of 2005, the Company activated theNoble Mark Burnsand also acquired the remaining 50 percent interest in theNoble Harvey Duhaney.

     Offshore contract drilling services revenues from deepwater drilling units (capable of drilling in water depths of 4,000 feet or greater) accounted for approximately 36 percent and 33 percent of the Company’s total contract drilling services revenues for the third quarter of 2006 and 2005, respectively. The Company currently operates five deepwater semisubmersibles in the Gulf of Mexico, two deepwater semisubmersibles and three deepwater drillships offshore Brazil, and one deepwater semisubmersible in Nigeria. Shipyard upgrades were completed on theNoble Therald Martin in July at which time the unit began mobilization to Brazil, and commenced operations in October. The Company recently finalized a two year extension with Shell for the semisubmersibleNoble Jim Thompson,which will continue to work in the U.S. Gulf of Mexico, commencing in or about March 2007. Contract drilling services revenues from international sources accounted for approximately 73 percent and 76 percent of the Company’s total contract drilling services revenues for the third quarter of 2006 and 2005, respectively.

     The average dayrate on the Company’s deepwater units in the U.S. Gulf of Mexico, capable of drilling in water depths of 6,000 feet or greater, increased 129 percent to $290,976 in the third quarter of 2006 compared to $127,240 in the third quarter of 2005. The deepwater market remains strong globally.

     The average dayrate for the Company’s international jackups was $79,485 in the third quarter of 2006 compared to $55,271 in the third quarter of 2005. Utilization on these units decreased slightly to 97 percent in the recent quarter as compared to 98 percent in the third quarter of 2005. TheNoble Carl Norbergwas mobilized during the second quarter of 2006 from the Mediterranean to West Africa where shipyard upgrades were completed. This unit commenced operations in Equatorial Guinea in late August.

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     Day said, “Key customers have expressed interest in ourNoble Bingo 9000 Rig 4semisubmersible hull. The unit could be placed in service by 2009, subject to a contract being consummated in the near term.”

     The Company repurchased 1,300,000 of its ordinary shares in the third quarter at an average price of $65.08 per share, excluding related transaction costs.

     Noble Corporation is a leading provider of diversified services for the oil and gas industry. Contract drilling services are performed with the Company’s fleet of 63 mobile offshore drilling units located in key markets worldwide. This fleet consists of 13 semisubmersibles, three dynamically positioned drillships, 44 jackups and three submersibles. The fleet count includes three F&G JU-2000E enhanced premium newbuild jackups under construction, with scheduled delivery of the first unit in the third quarter of 2007, the second unit in the first quarter of 2008 and the third unit in the first quarter of 2009. As previously reported, these units have been contracted. Approximately 86 percent of the fleet is currently deployed in international markets, principally including the Middle East, Mexico, the North Sea, Brazil, West Africa and India. The Company provides technologically advanced drilling-related products and services designed to create value for our customers. The Company also provides labor contract drilling services, well site and project management services, and engineering services. The Company’s ordinary shares are traded on the New York Stock Exchange under the symbol “NE”.

     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 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

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Company’s filings with the U.S. Securities and Exchange Commission. Additional information on Noble Corporation is available via the worldwide web athttp://www.noblecorp.com.

NC-391
10/19/06

For additional information, contact:
Lee M. Ahlstrom, Vice President — Investor Relations and Planning, 281-276-6440
John S. Breed, Director of Corporate Communications, 281-276-6729

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NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2006			2005			2006			2005
OPERATING REVENUES
Contract drilling services	$	513,325		$	328,101		$	1,407,296		$	894,416
Reimbursables		24,800			18,078			68,512			61,235
Labor contract drilling services		20,775			17,275			55,973			52,947
Engineering, consulting and other		3,086			3,751			9,634			12,940
		561,986			367,205			1,541,415			1,021,538
OPERATING COSTS AND EXPENSES
Contract drilling services		186,527			156,026			535,053			445,955
Reimbursables		21,534			15,219			59,130			54,671
Labor contract drilling services		17,027			14,967			47,611			44,632
Engineering, consulting and other		3,262			5,349			13,968			16,970
Depreciation and amortization		65,560			61,276			187,466			177,182
Selling, general and administrative		11,875			9,324			32,815			27,241
Hurricane losses and recoveries, net		—			10,465			(4,404	)		10,465
		305,785			272,626			871,639			777,116
OPERATING INCOME		256,201			94,579			669,776			244,422
OTHER INCOME (EXPENSE)
Interest expense, net of amount capitalized		(882	)		(5,153	)		(15,134	)		(16,280	)
Other, net		2,037			2,093			6,431			8,304
INCOME BEFORE INCOME TAXES		257,356			91,519			661,073			236,446
INCOME TAX PROVISION		(50,184	)		(14,996	)		(128,909	)		(41,083	)
NET INCOME	$	207,172		$	76,523		$	532,164		$	195,363
NET INCOME PER SHARE:
Basic	$	1.53		$	0.56		$	3.90		$	1.44
Diluted	$	1.51		$	0.55		$	3.86		$	1.42
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		135,665			136,708			136,392			136,013
Diluted		136,997			138,113			137,913			137,347

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NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	September 30,			December 31,
	2006			2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	140,098		$	121,845
Investments in marketable securities		29,652			44,457
Accounts receivable		390,768			276,688
Insurance receivables		50,029			51,565
Inventories		4,565			3,940
Prepaid expenses		20,143			10,064
Other current assets		31,636			13,896
Total current assets		666,891			522,455
PROPERTY AND EQUIPMENT
Drilling equipment and facilities		4,911,179			4,178,097
Other		73,875			66,698
		4,985,054			4,244,795
Accumulated depreciation		(1,389,370	)		(1,245,776	)
		3,595,684			2,999,019
INVESTMENTS IN MARKETABLE SECURITIES		—			673,639
OTHER ASSETS		150,497			151,254
	$	4,413,072		$	4,346,367
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt	$	9,460		$	8,972
Accounts payable		132,990			93,914
Accrued payroll and related costs		93,273			78,558
Taxes payable		53,911			45,245
Interest payable		8,279			9,640
Other current liabilities		38,873			23,006
Total current liabilities		336,786			259,335
LONG-TERM DEBT		686,929			1,129,325
DEFERRED INCOME TAXES		237,380			227,589
OTHER LIABILITIES		5,977			6,290
		1,267,072			1,622,539
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST		(7,587	)		(7,906	)
SHAREHOLDERS’ EQUITY
Ordinary shares-par value $0.10 per share; 400,000 shares authorized; 135,686 shares issued and outstanding in 2006; 137,009 shares issued and outstanding in 2005		13,559			13,701
Capital in excess of par value		885,850			1,024,470
Retained earnings		2,251,756			1,736,015
Restricted stock (unearned compensation)		—			(17,099	)
Accumulated other comprehensive income (loss)		2,422			(25,353	)
		3,153,587			2,731,734
	$	4,413,072		$	4,346,367

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NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Nine Months Ended September 30,
	2006			2005
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	532,164		$	195,363
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		187,466			177,182
Deferred income tax provision		9,791			23,745
(Gain) loss on sales of marketable securities		(84	)		69
Equity in income of joint venture		—			(2,790	)
Distributions received from joint venture		—			2,194
Stock-based compensation expense		15,975			5,546
Hurricane losses and recoveries, net		—			10,465
Other		14,100			2,503
Other changes in current assets and liabilities, net of acquired working capital:
Accounts receivable		(113,541	)		(61,194	)
Other current assets		(21,861	)		(9,466	)
Accounts payable		32,614			903
Other current liabilities		38,610			(6,568	)
Net cash provided by operating activities		695,234			337,952
CASH FLOWS FROM INVESTING ACTIVITIES
New construction and major capital upgrades		(474,208	)		(89,497	)
Other capital expenditures		(266,426	)		(139,752	)
Major maintenance expenditures		(44,515	)		(50,140	)
Proceeds from Smedvig disposition		691,261			—
Purchase of the remaining 50% equity interest in the Panon, net of cash acquired		—			(28,374	)
Proceeds from sales of property and equipment		—			1,035
Investments in marketable securities		—			(24,149	)
Proceeds from sales and maturities of marketable securities		15,461			111,736
Net cash used for investing activities		(78,427	)		(219,141	)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on bank credit facilities		(135,000	)		(65,000	)
Payments of other long-term debt		(606,667	)		(6,371	)
Net proceeds from employee stock transactions		10,960			68,611
Proceeds from issuance of senior notes, net of debt issuance costs		295,851			—
Dividends paid		(16,423	)		(8,168	)
Repurchases of ordinary shares		(147,275	)		—
Net cash used for financing activities		(598,554	)		(10,928	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		18,253			107,883
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		121,845			58,790
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	140,098		$	166,673

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NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average dayrates)
(Unaudited)

	Three Months Ended Sept 30,																												Three Months Ended June 30,
	2006														2005														2006
	International			Domestic											International			Domestic											International			Domestic
	Contract			Contract			Engineering								Contract			Contract			Engineering								Contract			Contract			Engineering
	Drilling			Drilling			& Consulting			Other		Total			Drilling			Drilling			& Consulting			Other		Total			Drilling			Drilling			& Consulting			Other			Total
OPERATING REVENUES
Contract drilling services	$	372,818		$	140,507		$	—		$	—	$	513,325		$	248,536		$	79,565		$	—		$	—	$	328,101		$	338,750		$	137,589		$	—		$	—		$	476,339
Reimbursables		16,820			2,703			31			5,246		24,800			10,423			2,943			205			4,507		18,078			12,517			2,704			91			5,328			20,640
Labor contract drilling services		—			—			—			20,776		20,776			—			—			—			17,275		17,275			—			—			—			17,967			17,967
Engineering, consulting and other		1,119			162			1,804			—		3,085			774			228			2,749			—		3,751			556			105			1,907			—			2,568
	$	390,757		$	143,372		$	1,835		$	26,022	$	561,986		$	259,733		$	82,736		$	2,954		$	21,782	$	367,205		$	351,823		$	140,398		$	1,998		$	23,295		$	517,514
OPERATING COSTS AND EXPENSES
Contract drilling services	$	152,968		$	33,559		$	—		$	—	$	186,527		$	120,700		$	35,326		$	—		$	—	$	156,026		$	140,880		$	39,741		$	—		$	—		$	180,621
Reimbursables		13,778			2,537			32			5,187		21,534			8,053			2,740			242			4,184		15,219			10,639			2,298			79			4,528			17,544
Labor contract drilling services		—			—			—			17,027		17,027			—			—			—			14,967		14,967			—			—			—			15,687			15,687
Engineering, consulting and other		(145	)		37			3,165			205		3,262			35			606			4,603			105		5,349			352			(46	)		7,166			(196	)		7,276
Depreciation and amortization		52,823			12,682			15			40		65,560			48,126			12,247			84			819		61,276			49,328			12,986			190			41			62,545
Selling, general and administrative		7,590			3,556			396			333		11,875			6,419			2,333			233			339		9,324			5,877			3,804			631			343			10,655
Hurricane losses and recoveries, net		—			—			—			—		—			—			10,465			—			—		10,465			—			—			—			—			—
	$	227,014		$	52,371		$	3,608		$	22,792	$	305,785		$	183,333		$	63,717		$	5,162		$	20,414	$	272,626		$	207,076		$	58,783		$	8,066		$	20,403		$	294,328
OPERATING INCOME	$	163,743		$	91,001		$	(1,773	)	$	3,230	$	256,201		$	76,400		$	19,019		$	(2,208	)	$	1,368	$	94,579		$	144,747		$	81,615		$	(6,068	)	$	2,892		$	223,186
OPERATING STATISTICS
Jackups:
Average Rig Utilization		97	%		N/A								97	%		98	%		100	%							98	%		98	%		N/A									98	%
Operating Days		3,652			N/A								3,652			3,440			184								3,624			3,672			N/A									3,672
Average Dayrate	$	79,485			N/A							$	79,485		$	55,271		$	68,990							$	55,968		$	72,601			N/A								$	72,601
Semisubmersibles — (6,000 feet or greater):
Average Rig Utilization		100	%		100	%							100	%		100	%		100	%							100	%		100	%		100	%								100	%
Operating Days		184			368								552			184			368								552			182			364									546
Average Dayrate	$	166,951		$	290,976							$	249,634		$	153,274		$	127,240							$	135,918		$	145,698		$	273,779								$	231,085
Semisubmersibles — (less than 6,000 feet):
Average Rig Utilization		83	%		90	%							85	%		100	%		96	%							97	%		100	%		100	%								100	%
Operating Days		153			83								236			92			176								268			91			168									259
Average Dayrate	$	163,221		$	155,307							$	160,438		$	84,315		$	69,241							$	74,416		$	196,709		$	128,147								$	152,279
Drillships:
Average Rig Utilization		100	%		N/A								100	%		100	%		N/A								100	%		100	%		N/A									100	%
Operating Days		276			N/A								276			276			N/A								276			273			N/A									273
Average Dayrate	$	97,242			N/A							$	97,242		$	81,401			N/A							$	81,401		$	96,313			N/A								$	96,313
Submersibles:
Average Rig Utilization		N/A			100	%							100	%		N/A			67	%							67	%		N/A			97	%								97	%
Operating Days		N/A			276								276			N/A			184								184			N/A			264									264
Average Dayrate		N/A		$	74,529							$	74,529			N/A		$	42,590							$	42,590			N/A		$	61,402								$	61,402
Total:
Average Rig Utilization		97	%		99	%							97	%		99	%		90	%							97	%		98	%		99	%								98	%
Operating Days		4,265			727								4,992			3,992			912								4,904			4,218			796									5,014
Average Dayrate	$	87,413		$	193,270							$	102,821		$	62,265		$	87,209							$	66,904		$	80,311		$	172,950								$	95,011

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