Noble 8-K Noble Corporation Reports Record Second Quarter Earnings of $2.16 Per Share, Up 66 Percent From Year-Earlier Quarter

Exhibit 99.1

Noble Corporation Reports Record Second Quarter Earnings of $2.16 Per Share,
Up 66 Percent From Year-Earlier Quarter

     SUGAR LAND, Texas, July 18 – Noble Corporation (NYSE: NE) today reported second quarter 2007 earnings of $290 million or $2.16 per diluted share versus $180 million or $1.30 for the second quarter of last year. Per-share earnings were up 66 percent from the second quarter of 2006 and up 16 percent from the $1.86 per share reported for the first quarter of 2007.

     Results for the second quarter of 2007 include after-tax charges of $.08 per share related to the anticipated sale of the Company’s downhole rotary steerable tool business, retirement of a senior executive, and costs associated with the ongoing independent investigation of the Company’s Nigerian operations.

     Contract drilling services revenues for the 2007 second quarter were $658 million, up 41 percent from the year-earlier quarter. Cash operating margins exceeded 67 percent, generating $362 million in net cash provided by operating activities.

     The Company invested $342 million in capital projects during the quarter and repurchased 188,000 ordinary shares at a total investment of $16 million. Debt as a percentage of total capitalization remained flat at approximately 18 percent at June 30, 2007.

     “Strategic placement of the Company’s assets has driven the continued increases in dayrates and, when coupled with superb execution by our employees, has yielded record operating margins, earnings and shareholder returns,” said Mark A. Jackson, Chairman, President and Chief Executive Officer.

     Earnings for the first six months of 2007 totaled $4.01 per diluted share compared with $2.35 in the same period last year. Contract drilling services revenues were $1.2 billion and earnings were $540 million in the first half of 2007, up 41 percent and 66 percent, respectively, from the year-earlier period.

Operations Review

     All of the Company’s premium jackups are located in major international markets. In Mexico, Noble received one-year contracts on three jackups currently operating for PEMEX: theNoble Bill Jennings(390-foot water depth) at a dayrate of $186,000; theNoble Lewis Dugger(300') at a dayrate of $171,000; and theNoble Tom Jobe(250') at a dayrate of $150,000. In the North Sea, theNoble Piet van Ede(250') andNoble Ronald Hoope(250') have been contracted for six months through mid-2008, each at a dayrate of $205,000. In the Middle East, theNoble Mark Burns(300') and theNoble Chuck Syring(250') received two-year commitments at strong market rates. The Company has commitments for substantially all available days for our jackups in 2007, and approximately 65 percent are now committed for 2008.

     In the deepwater, the Company has received a Letter of Award from PEMEX for theNoble Max Smithto pursue exploration and development offshore Mexico under a three-year contract at a dayrate of $484,000 commencing in the fourth quarter of 2008. In Brazil, the Company secured a seven-month contract with Chevron for theNoble Leo Segeriusat a dayrate of $525,000 commencing in the third quarter of 2008.

     TheNoble Clyde Boudreauxwent to work for Shell on June 9, increasing to six the number of deepwater semisubmersibles operated in the U.S. Gulf of Mexico. One of these semisubmersibles, theNoble Paul Romano,has entered the shipyard for a planned NC-5^SM mooring system upgrade. This upgrade, the second of four planned upgrades on our deepwater fleet, is expected to be completed in the third quarter.

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     The Company budgeted 602 unpaid shipyard days in 2007 for major upgrades, repairs and inspections of Noble’s existing fleet, comprising 21 separate projects. The majority of these budgeted days, 410, are expected to occur during the second half of 2007 and comprise 13 separate projects.

     Noble Corporation is a leading provider of diversified services 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 six rigs under construction. Additional information on Noble Corporation is available via the worldwide web athttp://www.noblecorp.com.

-end-

     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 Company’s filings with the U.S. Securities and Exchange Commission.

Conference Call

     Noble will hold a conference call on Thursday, July 19, 2007, at 1:00 p.m., Central time, to provide shareholders and other interested parties an overview of the Company’s second quarter 2007 performance. Those interested in hearing the conference call may listen via telephone by dialing 800-737-8127, or internationally 212-231-6042, using pass code 21324169. Alternatively, interested parties may listen to the call over the Internet through the Investor section of the Company’s Web site, using the “Web cast” link. A replay of the conference call will be available on Thursday, July 19, 2007, beginning at 5:00 p.m., Central time, through Wednesday, July 25, 2007, ending at 5:00 p.m., Central time. The phone number for the

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conference call replay is 800-633-8284 or internationally 402-977-9140, using the access code 21324169. The conference call may include non-GAAP financial measures. Noble will post a reconciliation of those measures to the most directly comparable GAAP measures in the Investor section of the Company’s Web site under the heading “Reg. G Reconciliation.”

NC-417

07/18/07

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 June 30,						Six Months Ended June 30,
	2007			2006			2007			2006
OPERATING REVENUES
Contract drilling services	$	657,504		$	466,957		$	1,234,419		$	875,304
Reimbursables		28,608			20,640			59,751			43,712
Labor contract drilling services		39,165			27,349			75,720			53,865
Engineering, consulting and other		722			2,568			2,533			6,548
		725,999			517,514			1,372,423			979,429
OPERATING COSTS AND EXPENSES
Contract drilling services		212,050			173,228			408,892			334,091
Reimbursables		24,608			17,544			52,154			37,596
Labor contract drilling services		32,454			23,080			60,857			45,019
Engineering, consulting and other		7,255			7,276			10,896			10,547
Depreciation and amortization		68,323			62,545			132,788			121,906
Selling, general and administrative		20,302			10,655			34,528			20,940
Hurricane losses and recoveries, net		—			—			—			(4,404	)
		364,992			294,328			700,115			565,695
OPERATING INCOME		361,007			223,186			672,308			413,734
OTHER INCOME (EXPENSE)
Interest expense, net of amount capitalized		(1,231	)		(1,773	)		(2,735	)		(14,252	)
Other, net		512			1,893			1,670			4,235
INCOME BEFORE INCOME TAXES		360,288			223,306			671,243			403,717
INCOME TAX PROVISION		(70,257	)		(43,545	)		(130,892	)		(78,725	)
NET INCOME	$	290,031		$	179,761		$	540,351		$	324,992
NET INCOME PER SHARE:
Basic	$	2.18		$	1.31		$	4.05		$	2.38
Diluted	$	2.16		$	1.30		$	4.01		$	2.35
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		132,964			136,800			133,261			136,759
Diluted		134,370			138,297			134,583			138,375

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NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)

	June 30,			December 31,
	2007			2006
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	152,430		$	61,710
Accounts receivable		496,868			408,241
Insurance receivables		32,852			54,191
Inventories		4,655			4,461
Prepaid expenses		22,553			20,491
Other current assets		24,594			20,886
Total current assets		733,952			569,980
PROPERTY AND EQUIPMENT
Drilling equipment and facilities		5,741,765			5,215,477
Other		81,947			71,870
		5,823,712			5,287,347
Accumulated depreciation		(1,526,328	)		(1,428,954	)
		4,297,384			3,858,393
OTHER ASSETS		161,932			157,541
	$	5,193,268		$	4,585,914
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt	$	9,970		$	9,629
Accounts payable		180,019			196,111
Accrued payroll and related costs		97,953			93,251
Taxes payable		70,692			52,793
Interest payable		10,421			9,683
Other current liabilities		72,835			64,793
Total current liabilities		441,890			426,260
LONG-TERM DEBT		814,417			684,469
DEFERRED INCOME TAXES		223,445			219,521
OTHER LIABILITIES		51,329			34,019
		1,531,081			1,364,269
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST		(6,703	)		(7,348	)
SHAREHOLDERS’ EQUITY
Ordinary shares-par value $0.10 per share; 400,000 shares authorized; 134,170 shares issued and outstanding in 2007; 134,592 shares issued and outstanding in 2006		13,417			13,459
Capital in excess of par value		720,025			789,354
Retained earnings		2,958,619			2,446,056
Accumulated other comprehensive loss		(23,171	)		(19,876	)
		3,668,890			3,228,993
	$	5,193,268		$	4,585,914

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

	Six Months Ended June 30,
	2007			2006
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	540,351		$	324,992
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment		137,788			126,755
Deferred income tax provision		6,324			12,259
Share-based compensation expense		16,903			10,106
Other		(7,279	)		6,668
Other changes in current assets and liabilities:
Accounts receivable		(88,627	)		(106,945	)
Other current assets		14,325			(31,205	)
Accounts payable		(20,960	)		6,011
Other current liabilities		33,243			21,919
Net cash provided by operating activities		632,068			370,560
CASH FLOWS FROM INVESTING ACTIVITIES
New construction		(323,338	)		(281,672	)
Other capital expenditures		(216,452	)		(160,431	)
Major maintenance expenditures		(39,370	)		(26,782	)
Accrued capital expenditures		22,173			—
Proceeds from sales of property and equipment		3,284			—
Proceeds from Smedvig disposition		—			691,261
Proceeds from sales and maturities of marketable securities		—			6,582
Net cash provided by (used for) investing activities		(553,703	)		228,958
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings on credit facilities		220,000			—
Payments on bank credit facilities		(85,000	)		(135,000	)
Payments of other long-term debt		(4,730	)		(604,404	)
Net proceeds from employee stock transactions		13,560			7,642
Proceeds from issuance of senior notes, net of debt issuance costs		—			295,953
Dividends paid		(10,788	)		(10,997	)
Repurchases of ordinary shares		(120,687	)		(50,667	)
Net cash provided by (used for) financing activities		12,355			(497,473	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		90,720			102,045
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		61,710			121,845
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	152,430		$	223,890

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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 June 30,																								Three Months Ended March 31,
	2007												2006												2007
	International			Domestic									International			Domestic									International			Domestic
	Contract			Contract									Contract			Contract									Contract			Contract
	Drilling			Drilling			Other			Total			Drilling			Drilling			Other			Total			Drilling			Drilling			Other		Total
OPERATING REVENUES
Contract drilling services	$	490,962		$	166,542		$	—		$	657,504		$	329,368		$	137,589		$	—		$	466,957		$	429,478		$	147,437		$	—	$	576,915
Reimbursables		16,766			3,090			8,752			28,608			12,225			2,704			5,711			20,640			15,989			3,780			11,374		31,143
Labor contract drilling services		—			—			39,165			39,165			—			—			27,349			27,349			—			—			36,555		36,555
Engineering, consulting and other		268			108			346			722			556			105			1,907			2,568			92			138			1,581		1,811
	$	507,996		$	169,740		$	48,263		$	725,999		$	342,149		$	140,398		$	34,967		$	517,514		$	445,559		$	151,355		$	49,510	$	646,424
OPERATING COSTS AND EXPENSES
Contract drilling services	$	170,691		$	41,359		$	—		$	212,050		$	133,487		$	39,741		$	—		$	173,228		$	160,124		$	36,718		$	—	$	196,842
Reimbursables		13,946			2,760			7,902			24,608			10,443			2,298			4,803			17,544			13,284			3,655			10,607		27,546
Labor contract drilling services		—			—			32,454			32,454			—			—			23,080			23,080			—			—			28,403		28,403
Engineering, consulting and other		12			3			7,240			7,255			352			(46	)		6,970			7,276			161			(20	)		3,500		3,641
Depreciation and amortization		49,824			16,284			2,215			68,323			48,985			12,369			1,191			62,545			48,071			13,738			2,656		64,465
Selling, general and administrative		15,591			4,152			559			20,302			5,766			3,804			1,085			10,655			10,390			3,270			566		14,226
	$	250,064		$	64,558		$	50,370		$	364,992		$	199,033		$	58,166		$	37,129		$	294,328		$	232,030		$	57,361		$	45,732	$	335,123
OPERATING INCOME	$	257,932		$	105,182		$	(2,107	)	$	361,007		$	143,116		$	82,232		$	(2,162	)	$	223,186		$	213,529		$	93,994		$	3,778	$	311,301
OPERATING STATISTICS
Jackups:
Average Rig Utilization		98	%		N/A						98	%		98	%		N/A						98	%		98	%		N/A					98	%
Operating Days		3,554			N/A						3,554			3,581			N/A						3,581			3,512			N/A					3,512
Average Dayrate	$	112,804			N/A					$	112,804		$	71,826			N/A					$	71,826		$	102,112			N/A				$	102,112
Semisubmersibles — (6,000 feet or greater):
Average Rig Utilization		100	%		100	%					100	%		100	%		100	%					100	%		100	%		100	%				100	%
Operating Days		182			373						555			182			364						546			180			360					540
Average Dayrate	$	166,795		$	343,754					$	285,758		$	145,698		$	273,779					$	231,085		$	153,023		$	313,256				$	259,837
Semisubmersibles — (less than 6,000 feet):
Average Rig Utilization		81	%		100	%					87	%		100	%		100	%					100	%		50	%		100	%				67	%
Operating Days		148			91						239			91			168						259			90			90					180
Average Dayrate	$	166,705		$	173,462					$	169,283		$	196,709		$	128,147					$	152,279		$	199,055		$	154,390				$	176,722
Drillships:
Average Rig Utilization		100	%		N/A						100	%		100	%		N/A						100	%		93	%		N/A					93	%
Operating Days		273			N/A						273			273			N/A						273			252			N/A					252
Average Dayrate	$	128,874			N/A					$	128,874		$	96,313			N/A					$	96,313		$	100,740			N/A				$	100,740
Submersibles:
Average Rig Utilization		N/A			100	%					100	%		N/A			97	%					97	%		N/A			95	%				95	%
Operating Days		N/A			273						273			N/A			264						264			N/A			256					256
Average Dayrate		N/A		$	82,137					$	82,137			N/A		$	61,402					$	61,402			N/A		$	81,047				$	81,047
Total:
Average Rig Utilization		97	%		100	%					98	%		98	%		99	%					98	%		95	%		98	%				96	%
Operating Days		4,156			737						4,893			4,127			796						4,923			4,034			706					4,740
Average Dayrate	$	118,138		$	225,872					$	134,364		$	79,808		$	172,950					$	94,852		$	106,461		$	208,755				$	121,705

(1) Effective January 1, 2007, the Company’s 30 percent net profit interest in theNoble Kolskayais reported in labor contract drilling services. For the quarters ended June 30, 2007, 2006 and March 31, 2007,Noble Kolskayalabor contract drilling margin was $3.7 million, $2.0 million and $3.6 million, respectively.

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