Noble 8-K Noble Corporation Reports Record Third Quarter Earnings of $1.43 per Share; Up 21 Percent from Third Quarter 2007

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 Third Quarter Earnings of $1.43 per Share;
Up 21 Percent from Third Quarter 2007

SUGAR LAND, Texas, October 22, 2008 — Noble Corporation (NYSE: NE) today reported third quarter 2008 earnings of $383 million, or $1.43 per diluted share, versus $318 million, or $1.18 a share, for the third quarter of last year. Per-share earnings were up 21 percent from the third quarter of 2007 and up 2 percent from the second quarter of 2008.

The results for the 2008 third quarter include net after-tax charges of $0.04 per share primarily related to losses incurred as a result of Hurricanes Gustav and Ike and, to a lesser extent, expenses related to the ongoing independent investigation of its Nigerian operations.

Contract drilling services revenues for the 2008 third quarter were $835 million, up 16 percent from the year-earlier quarter. Contract drilling margins for the third quarter 2008 were approximately 70 percent, generating $396 million in net cash provided by operating activities. The Company invested $355 million in capital projects during the quarter, which includes $88 million related to the recently announced construction of an ultra-deepwaterGlobetrotter-class drillship, bringing the year-to-date total to $880 million. Debt as a percentage of total capitalization declined to 12.8 percent at September 30, 2008, from approximately 13.1 percent at the end of the second quarter.

“In spite of the volatility in the broader markets, including product prices, our business remains robust and we continue to deliver great results,” said David W. Williams, Chairman, President and Chief Executive Officer. “Our backlog is unprecedented, our costs are under control and the breadth and strength of our customer base provide a solid foundation for us to continue to generate positive results in the months ahead.”

During the third quarter, Noble spent around $260 million to repurchase approximately 5.4 million shares. Year-to-date, we have repurchased approximately 6.0 million shares for a total cost of about $290 million. We have 20.3 million shares remaining on our repurchase authorization.

Earnings for the first nine months of 2008 totaled $4.26 per diluted share compared with $3.19 per diluted share in the same period last year. Contract drilling services revenues were $2.4 billion and earnings were $1.1 billion in the first nine months of 2008, up 24 percent and 33 percent, respectively, from the year-earlier period.

Operations Highlights

During the third quarter 2008, Noble’s North Sea fleet saw theNoble Piet van Ede’scontract extended throughout the remainder of 2009 at a dayrate of $212,000. TheNoble Lynda Bosslerwas extended until October 2009 at a dayrate of $220,000 and theNoble Julie Robertsonwas awarded a one-year contract beginning in the third quarter of 2009 at a dayrate of $212,000. This recent contract activity reinforces our belief that the North Sea market will remain tight throughout 2009 for both jackups and semisubmersibles. Contract activity in West Africa during the third quarter included a five month extension at $160,000 per day for theNoble Lloyd Noble.

In Mexico, theNoble Carl Norbergwas awarded a 731 day contract that included a mobilization fee and an initial dayrate of $155,000. The work is expected to begin in early 2009 following the rig’s mobilization from West Africa. Also in Mexico, theNoble Max Smith, a 7,000’ deepwater semisubmersible, commenced its three year contract on August 1, 2008 at a dayrate of $484,000 and the jackupNoble Tom Jobebegan its 1,217 day contract on August 7, 2008 at an initial dayrate of $155,000. In the U.S. Gulf of Mexico, we have executed a two-year term contract for theNoble Paul Romanoat $605,000 per day, to commence during the first quarter 2010. TheNoble Amos Runner, Noble Paul RomanoandNoble Lorris Bouzigardhave all been repaired following damage from Hurricane Ike and returned to work as of October 9.

Outlook

“Our outlook remains positive for the balance of 2008 and for 2009, and is driven by our unprecedented fleet backlog and the high percentage of committed days already under contract for next year,” said Williams. “While clearly there are many drivers of rig demand, such as long term commodity pricing and the pace of economic recovery, we expect to continue to see solid demand for our deepwater units around the world. Likewise, we continue to see incremental tender activity for jackups in all of our major international markets. Against this backdrop, we continue to focus on our goals of maintaining operational excellence, executing on our projects, controlling costs, delivering on margins and considering strategic additions to our fleet.”

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 63 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 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 conduct its earnings related conference call on Thursday, October 23, 2008, at 1:00 p.m., Central Time. Interested parties are invited to listen to the call by dialing (866) 461-7129, or internationally (706) 679-3084, using access code: 59518556 or by asking for the Noble Corporation conference call. A replay of the conference call will be available on Thursday, October 23, 2008, beginning at 5:00 p.m., Central Time, through Wednesday, October 29, 2008, ending at 5:00 p.m., Central Time. The phone number for the conference call replay is (800) 642-1687 or internationally (706) 645-9291, using access code: 59518556. 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 “Regulation G Reconciliations.”

NC-459

10/22/08

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						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
OPERATING REVENUES
Contract drilling services	$	835,198		$	718,756		$	2,416,312		$	1,953,175
Reimbursables		18,087			31,478			71,509			91,229
Labor contract drilling services		8,197			40,622			47,346			116,342
Engineering, consulting and other		499			420			1,180			2,953
		861,981			791,276			2,536,347			2,163,699
OPERATING COSTS AND EXPENSES
Contract drilling services		253,729			227,276			746,117			636,168
Reimbursables		16,494			27,675			63,786			79,829
Labor contract drilling services		5,410			32,324			37,294			93,181
Engineering, consulting and other		—			6,073			—			17,369
Depreciation and amortization		92,671			77,992			263,406			210,380
Selling, general and administrative		16,027			24,617			56,967			59,145
Hurricane losses and recoveries, net		10,000			1,600			10,000			1,600
Gain on disposal of assets, net		—			—			(35,521	)		—
		394,331			397,557			1,142,049			1,097,672
OPERATING INCOME		467,650			393,719			1,394,298			1,066,027
OTHER INCOME (EXPENSE)
Interest expense, net of amount capitalized		(601	)		(9,146	)		(2,432	)		(11,881	)
Interest income and other, net		2,304			6,954			7,013			8,624
INCOME BEFORE INCOME TAXES		469,353			391,527			1,398,879			1,062,770
INCOME TAX PROVISION		(86,831	)		(73,247	)		(256,451	)		(204,139	)
NET INCOME	$	382,522		$	318,280		$	1,142,428		$	858,631
NET INCOME PER SHARE:
Basic	$	1.44		$	1.19		$	4.30		$	3.22
Diluted	$	1.43		$	1.18		$	4.26		$	3.19
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		264,746			266,684			265,883			266,575
Diluted		267,041			269,476			268,266			269,270

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

	September 30,			December 31,
	2008			2007
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	213,653		$	161,058
Accounts receivable		662,178			613,115
Insurance receivables		—			39,066
Prepaid expenses		40,110			20,721
Other current assets		48,514			26,231
Total current assets		964,455			860,191
PROPERTY AND EQUIPMENT
Drilling equipment and facilities		7,115,513			6,354,782
Other		100,961			80,169
		7,216,474			6,434,951
Accumulated depreciation		(1,821,411	)		(1,639,035	)
		5,395,063			4,795,916
OTHER ASSETS		251,639			219,899
	$	6,611,157		$	5,876,006
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt	$	25,352		$	10,334
Accounts payable		305,718			198,395
Accrued payroll and related costs		94,814			115,914
Taxes payable		70,030			85,641
Interest payable		7,434			9,951
Other current liabilities		51,808			72,537
Total current liabilities		555,156			492,772
LONG-TERM DEBT		701,519			774,182
DEFERRED INCOME TAXES		296,250			240,621
OTHER LIABILITIES		100,637			65,705
		1,653,562			1,573,280
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST		(5,101	)		(5,596	)
SHAREHOLDERS’ EQUITY
Ordinary shares — par value $0.10 per share; 400,000 shares authorized; 263,807 and 268,223 shares issued and outstanding at September 30, 2008 and December 31, 2007, respectively		26,381			26,822
Capital in excess of par value		439,679			683,697
Retained earnings		4,511,660			3,602,870
Accumulated other comprehensive loss		(15,024	)		(5,067	)
		4,962,696			4,308,322
	$	6,611,157		$	5,876,006

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

	Nine Months Ended
	September 30,
	2008			2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,142,428		$	858,631
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		263,406			210,380
Impairment loss on assets		—			10,189
Hurricane losses and recoveries, net		10,000			—
Deferred income tax provision		14,102			13,197
Share-based compensation expense		28,274			25,951
Pension contributions		(17,445	)		(37,615	)
Gain on disposal of assets, net		(35,521	)		—
Other, net		(3,935	)		24,027
Other changes in current assets and liabilities:
Accounts receivable		(49,063	)		(111,363	)
Hurricane insurance receivables		17,319			—
Other current assets		(43,891	)		18,535
Accounts payable		(2,406	)		(36,914	)
Other current liabilities		8,397			20,367
Net cash from operating activities		1,331,665			995,385
CASH FLOWS FROM INVESTING ACTIVITIES
New construction		(563,349	)		(541,976	)
Other capital expenditures		(243,843	)		(330,707	)
Major maintenance expenditures		(72,918	)		(69,756	)
Accrued capital expenditures		92,719			55,940
Hurricane insurance receivables		21,747			—
Proceeds from disposal of assets		39,134			4,643
Net cash from investing activities		(726,510	)		(881,856	)
CASH FLOWS FROM FINANCING ACTIVITIES
Short-term debt borrowing		—			685,000
Short-term debt payment		—			(685,000	)
Borrowings on bank credit facilities		—			220,000
Payments on bank credit facilities		(50,000	)		(120,000	)
Payments of other long-term debt		(7,682	)		(7,158	)
Net proceeds from employee stock transactions		10,070			24,713
Dividends paid		(233,638	)		(21,528	)
Repurchases of ordinary shares		(271,310	)		(120,687	)
Net cash from financing activities		(552,560	)		(24,660	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		52,595			88,869
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		161,058			61,710
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	213,653		$	150,579

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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 September 30,															Three Months Ended June 30,
	2008							2007								2008
	Contract							Contract								Contract
	Drilling							Drilling								Drilling
	Services			Other		Total		Services			Other			Total		Services			Other			Total
OPERATING REVENUES
Contract drilling services	$	835,198		$	—	$	835,198	$	718,756		$	—		$	718,756	$	783,280		$	—		$	783,280
Reimbursables		17,227			860		18,087		24,234			7,244			31,478		19,646			1,318			20,964
Labor contract drilling services		—			8,197		8,197		—			40,622			40,622		—			8,218			8,218
Engineering, consulting and other		94			405		499		401			19			420		464			15			479
	$	852,519		$	9,462	$	861,981	$	743,391		$	47,885		$	791,276	$	803,390		$	9,551		$	812,941
OPERATING COSTS AND EXPENSES
Contract drilling services	$	253,729		$	—	$	253,729	$	227,276		$	—		$	227,276	$	256,436		$	—		$	256,436
Reimbursables		15,604			890		16,494		20,820			6,855			27,675		16,565			1,266			17,831
Labor contract drilling services		—			5,410		5,410		—			32,324			32,324		—			6,547			6,547
Engineering, consulting and other		—			—		—		7			6,066			6,073		—			—			—
Depreciation and amortization		90,923			1,748		92,671		75,627			2,365			77,992		86,636			1,200			87,836
Selling, general and administrative		15,886			141		16,027		24,112			505			24,617		19,526			141			19,667
Hurricane losses and recoveries, net		10,000			—		10,000		1,600			—			1,600		—			—			—
Gain on disposal of assets, net		—			—		—		—			—			—		—			(35,521	)		(35,521	)
	$	386,142		$	8,189	$	394,331	$	349,442		$	48,115		$	397,557	$	379,163		$	(26,367	)	$	352,796
OPERATING INCOME	$	466,377		$	1,273	$	467,650	$	393,949		$	(230	)	$	393,719	$	424,227		$	35,918		$	460,145
OPERATING STATISTICS
Jackups:
Average Rig Utilization		91	%						95	%							93	%
Operating Days		3,444							3,532								3,481
Average Dayrate	$	150,350						$	126,342							$	147,081
Semisubmersibles — (6,000 feet or greater):
Average Rig Utilization		95	%						99	%							90	%
Operating Days		613							636								572
Average Dayrate	$	329,586						$	282,807							$	323,830
Semisubmersibles — (less than 6,000 feet):
Average Rig Utilization		100	%						100	%							100	%
Operating Days		276							276								273
Average Dayrate	$	237,674						$	178,403							$	192,416
Drillships:
Average Rig Utilization		67	%						87	%							67	%
Operating Days		184							241								182
Average Dayrate	$	214,758						$	130,019							$	131,174
Submersibles:
Average Rig Utilization		67	%						68	%							67	%
Operating Days		184							188								182
Average Dayrate	$	55,117						$	63,812							$	53,039
Total:
Average Rig Utilization		90	%						94	%							90	%
Operating Days		4,701							4,873								4,690
Average Dayrate	$	177,683						$	147,501							$	167,002

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