Noble 8-K Noble Corporation Reports Record First Quarter Earnings of $1.43 per Share On Operating Revenues of $861 Million

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 First Quarter Earnings of $1.43 per Share
On Operating Revenues of $861 Million

     SUGAR LAND, Texas, April 23, 2008 — Noble Corporation (NYSE: NE) today reported first quarter 2008 earnings of $384 million, or $1.43 per diluted share, versus $250 million, or $0.93 per diluted share (split adjusted), for the first quarter of 2007. Per-share earnings were up 54 percent from the first quarter of 2007 and up 11 percent from the $1.29 per diluted share reported for the fourth quarter of 2007.

     Contract drilling services revenues for the 2008 first quarter were $798 million, up 5 percent from the fourth quarter 2007. Contract drilling margin for the first quarter 2008 was approximately 70 percent, generating $493 million in net cash provided by operating activities. The Company invested $234 million in capital projects during the first quarter 2008. The results for the 2008 first quarter include after-tax charges of $0.03 per diluted share related to the ongoing independent investigation of the Company’s Nigerian operations.

     “With a fifth consecutive record quarter, Noble continues to deliver excellent results, powered by our industry-leading margins, increased dayrates on several units and attention to cost control,” said Noble Corporation Chairman, President and Chief Executive Officer David W. Williams. “This quarter was again characterized by strong execution by our crews, a clear focus on the timely completion of our newbuild and upgrade programs, and extension of our contract backlog.”

     Debt as a percentage of total capitalization declined to 13.6 percent at March 31, 2008, from approximately 15.4 percent at December 31, 2007. During the first quarter of 2008, the Company repurchased 593,000 shares at an average price per share of $44.81, for a total cost of approximately $27 million. As previously reported on April 17, 2008, the Company’s Board of Directors has declared a special cash dividend of $0.75 per ordinary share that will be paid on May 16, 2008 to shareholders of record on April 30, 2008. The dividend payout will total approximately $202 million based on the number of ordinary shares of the Company currently outstanding.

Noble adds almost $5.0 billion In Potential Revenue Backlog during First Quarter 2008

     As of March 31, 2008, approximately 83 percent of the Company’s total rig operating days were committed for 2008 and approximately 50 percent were committed for 2009. Additionally, the Company secured commitments on eight deepwater rigs for multi-year terms beginning as late as 2010. In late March, Noble announced a Memorandum of Understanding for contracts on five rigs currently in Brazil. These commitments are reflected in the Company’s recently released Fleet Status report, along with the preliminary timing and order on when the three drillships in Brazil will experience shipyard time for their respective upgrades. In West Africa, the deepwater semisubmersibleNoble Homer Ferringtonreceived a Letter of Intent (LOI) from a major operator for three years at a dayrate of $495,000 commencing in 2009.

     In the U.S. Gulf of Mexico, the deepwater semisubmersibleNoble Jim Thompsonreceived a contract during the quarter for two years with Shell at a dayrate of $505,000, commencing in 2009. The Company also received a contract for theNoble Lorris Bouzigardfor a two year term with LLOG at a dayrate of $270,000, scheduled to begin in May 2008. Also in the U.S. Gulf of Mexico, the mooring system upgrade is nearing completion on theNoble Amos Runner, which is expected to return to full service in May 2008, under contract to Anadarko at a dayrate of $435,000 until March 2011.

     The Company’s international jackup units also experienced notable contract activity in many markets during the quarter. In the North Sea, the 360’ jackupNoble Al Whitereceived a LOI from Total for one year at a dayrate of $208,000, commencing in 2008, and Cirrus Energy declared its option on theNoble Lynda Bosslerat a dayrate of $220,000 through February 2009. In the Middle East, theNoble Roger Lewiscommenced the contract for Shell in Qatar in February. As a result, a dayrate increase from $103,000 to $160,000 on theNoble Gene House,which also works for Shell, went into effect at the time theNoble Roger Lewis’contract commenced. Also in the Middle East, the 150’ jackupDhabi IIreceived a LOI for an extension from ADOC for a three year commitment at a dayrate of $92,000 commencing in July 2008.

     Noble Corporation is a leading offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 62 mobile offshore drilling units located in key markets worldwide, including the U.S. Gulf of Mexico, Middle East, Mexico, the North Sea, Brazil, West Africa and India. The fleet count includes five rigs under construction. Additional information on Noble Corporation is available via the worldwide web athttp://www.noblecorp.com.

-end-

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     This news release contains “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 Company’s filings with the U.S. Securities and Exchange Commission.

Conference Call

     Noble will hold its first quarter conference call on Thursday, April 24, 2008, at 1:00 p.m., Central Time. The call may be accessed live via telephone at (866) 461-7129 (706-679-3084 for international callers), using pass code 39846262. The call also will be available over the Internet through the “Investor Relations” section of the Company’s Web site, using the “Web cast” link. A replay of the conference call will be available on Thursday, April 24, 2008, beginning at 5:00 p.m., Central Time, through Wednesday, April 30, 2008, ending at 5:00 p.m., Central Time. The phone number for the conference call replay is (800) 642-1687 (706-645-9291 for international callers), using the conference ID number 39846262. The conference call may include non-GAAP financial measures. Noble will post a reconciliation of any such measures to the most directly comparable GAAP measures in the “Investor Relations” section of the Company’s Web site under the heading “Reg G Reconciliations.”

NC-444
04/23/2008
For additional information, contact:

For Investors:	Lee M. Ahlstrom, Vice President — Investor Relations and Planning,
	Noble Drilling Services Inc., 281-276-6440
For Media:	John S. Breed, Director of Corporate Communications,
	Noble Drilling Services Inc., 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 March 31,
	2008			2007
OPERATING REVENUES
Contract drilling services	$	797,834		$	576,915
Reimbursables		32,458			31,143
Labor contract drilling services		30,931			36,555
Engineering, consulting and other		202			1,811
		861,425			646,424
OPERATING COSTS AND EXPENSES
Contract drilling services		235,952			196,842
Reimbursables		29,461			27,546
Labor contract drilling services		25,337			28,403
Engineering, consulting and other		—			3,641
Depreciation and amortization		82,899			64,465
Selling, general and administrative		21,273			14,226
		394,922			335,123
OPERATING INCOME		466,503			311,301
OTHER INCOME (EXPENSE)
Interest expense, net of amounts capitalized		(1,110	)		(1,504	)
Other, net		3,129			1,158
INCOME BEFORE INCOME TAXES		468,522			310,955
INCOME TAX PROVISION		(84,334	)		(60,635	)
NET INCOME	$	384,188		$	250,320
NET INCOME PER SHARE:
Basic	$	1.44		$	0.94
Diluted	$	1.43		$	0.93
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		266,451			267,122
Diluted		268,578			269,600

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

	March 31,			December 31,
	2008			2007
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	319,597		$	161,058
Accounts receivable		576,981			613,115
Insurance receivables		—			39,066
Inventories		3,924			3,814
Prepaid expenses		59,957			20,721
Other current assets		25,033			22,417
Total current assets		985,492			860,191
PROPERTY AND EQUIPMENT
Drilling equipment and facilities		6,562,748			6,354,782
Other		82,609			80,169
		6,645,357			6,434,951
Accumulated depreciation		(1,700,584	)		(1,639,035	)
		4,944,773			4,795,916
OTHER ASSETS		222,767			219,899
	$	6,153,032		$	5,876,006
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt	$	30,518		$	10,334
Accounts payable		169,192			198,395
Accrued payroll and related costs		95,330			115,914
Taxes payable		117,520			85,641
Interest payable		7,546			9,951
Other current liabilities		58,041			72,537
Total current liabilities		478,147			492,772
LONG-TERM DEBT		701,495			774,182
DEFERRED INCOME TAXES		250,461			240,621
OTHER LIABILITIES		64,731			65,705
		1,494,834			1,573,280
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST		(6,068	)		(5,596	)
SHAREHOLDERS’ EQUITY
Ordinary shares-par value $0.10 per share; 400,000 shares authorized; 268,683 shares issued and outstanding in 2008; 268,223 shares issued and outstanding in 2007		26,868			26,822
Capital in excess of par value		666,298			683,697
Retained earnings		3,976,312			3,602,870
Accumulated other comprehensive loss		(5,212	)		(5,067	)
		4,664,266			4,308,322
	$	6,153,032		$	5,876,006

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

	Three Months Ended March 31,
	2008			2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	384,188		$	250,320
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		82,899			64,465
Deferred income tax provision		9,840			2,794
Share-based compensation expense		8,716			7,340
Pension contribution		(3,183	)		(728	)
Other		1,380			3,631
Other changes in current assets and liabilities:
Accounts receivable		36,134			(53,306	)
Hurricane insurance recoveries		17,319			—
Other current assets		(42,268	)		5,795
Accounts payable		3,278			(49,536	)
Other current liabilities		(5,606	)		39,471
Net cash provided by operating activities		492,697			270,246
CASH FLOWS FROM INVESTING ACTIVITIES
New construction		(134,380	)		(115,049	)
Other capital expenditures		(76,673	)		(103,216	)
Major maintenance expenditures		(22,935	)		(18,413	)
Accrued capital expenditures		(32,481	)		9,627
Hurricane insurance recoveries		21,747			—
Proceeds from sales of property and equipment		282			—
Net cash used for investing activities		(244,440	)		(227,051	)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on bank credit facilities		—			170,000
Payments on bank credit facilities		(50,000	)		(85,000	)
Payments of other long-term debt		(2,516	)		(2,345	)
Net proceeds from employee stock transactions		115			(481	)
Dividends paid		(10,746	)		(5,409	)
Repurchases of ordinary shares		(26,571	)		(104,557	)
Net cash used for financing activities		(89,718	)		(27,792	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		158,539			15,403
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		161,058			61,710
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	319,597		$	77,113

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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 March 31,														Three Months Ended December 31,
	2008							2007							2007
	Contract							Contract							Contract
	Drilling							Drilling							Drilling
	Services			Other		Total		Services			Other		Total		Services			Other		Total
OPERATING REVENUES
Contract drilling services	$	797,834		$	—	$	797,834	$	576,915		$	—	$	576,915	$	761,075		$	—	$	761,075
Reimbursables		21,166			11,292		32,458		19,769			11,374		31,143		20,233			9,779		30,012
Labor contract drilling services		—			30,931		30,931		—			36,555		36,555		—			40,166		40,166
Engineering, consulting and other		187			15		202		230			1,581		1,811		319			40		359
	$	819,187		$	42,238	$	861,425	$	596,914		$	49,510	$	646,424	$	781,627		$	49,985	$	831,612
OPERATING COSTS AND EXPENSES
Contract drilling services	$	235,952		$	—	$	235,952	$	196,842		$	—	$	196,842	$	243,882		$	—	$	243,882
Reimbursables		18,753			10,708		29,461		16,939			10,607		27,546		16,644			9,479		26,123
Labor contract drilling services		—			25,337		25,337		—			28,403		28,403		—			32,443		32,443
Engineering, consulting and other		—			—		—		141			3,500		3,641		—			150		150
Depreciation and amortization		80,785			2,114		82,899		61,809			2,656		64,465		79,679			2,928		82,607
Selling, general and administrative		19,896			1,377		21,273		13,660			566		14,226		26,181			505		26,686
Hurricane losses and recoveries, net		—			—		—		—			—		—		(5,114	)		—		(5,114	)
	$	355,386		$	39,536	$	394,922	$	289,391		$	45,732	$	335,123	$	361,272		$	45,505	$	406,777
OPERATING INCOME	$	463,801		$	2,702	$	466,503	$	307,523		$	3,778	$	311,301	$	420,355		$	4,480	$	424,835
OPERATING STATISTICS
Jackups:
Average Rig Utilization		97	%						98	%						98	%
Operating Days		3,601							3,512							3,697
Average Dayrate	$	145,337						$	102,112						$	138,746
Semisubmersibles — (6,000 feet or greater):
Average Rig Utilization		100	%						100	%						97	%
Operating Days		637							540							626
Average Dayrate	$	291,924						$	259,837						$	269,146
Semisubmersibles — (less than 6,000 feet):
Average Rig Utilization		100	%						67	%						100	%
Operating Days		273							180							276
Average Dayrate	$	201,699						$	176,722						$	185,227
Drillships:
Average Rig Utilization		67	%						93	%						74	%
Operating Days		182							252							204
Average Dayrate	$	133,665						$	100,740						$	118,581
Submersibles:
Average Rig Utilization		66	%						95	%						31	%
Operating Days		179							256							85
Average Dayrate	$	51,274						$	81,047						$	50,695
Total:
Average Rig Utilization		94	%						96	%						93	%
Operating Days		4,872							4,740							4,888
Average Dayrate	$	163,772						$	121,705						$	155,707

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