Noble 8-K Noble Corporation Reports Earnings of $5.85 per Share for 2008 On Revenues of $3.4 Billion

Exhibit 99.1

Noble Corporation Reports Earnings of $5.85 per Share for 2008
On Revenues of $3.4 Billion

SUGAR LAND, Texas, January 21 — Noble Corporation (NYSE: NE) today reported fourth quarter 2008 earnings of $418.6 million, or $1.59 per diluted share, versus $347.4 million, or $1.29 per diluted share, for the fourth quarter of 2007. Per-share earnings were up 23.3 percent from the fourth quarter of 2007 and up 11.2 percent from the $1.43 per share reported for the third quarter of 2008. Earnings for the full year 2008 totaled $5.85 per diluted share compared with $4.48 per diluted share in 2007.

“Our fourth quarter results capped off a record year for the Company,” said Chairman, President and Chief Executive Officer David W. Williams. “We held the line on costs, coming in well under our full-year guidance and delivered top-tier margins. We achieved solid improvements in safety, with Recordable Incidents down by 30 percent over 2007. Our revenue outlook remains strong, with over $11.5 billion of backlog at year-end. We are on track with our capital spending program to deliver our remaining newbuilds and we successfully executed on our opportunistic share repurchase plan.”

Contract drilling services revenues for the 2008 fourth quarter were $882.5 million, up 16.0 percent from the year-earlier quarter. Contract drilling margins for the fourth quarter 2008 were approximately 70 percent, generating $560 million in net cash provided by operating activities during the quarter and $1.9 billion for full year 2008. The Company invested $351.2 million in capital projects during the quarter, bringing the year-to-date total to $1.2 billion. Debt as a percentage of total capitalization increased to 14.9 percent at December 31, 2008, from approximately 12.8 percent at the end of the third quarter due to the issuance of $250 million in unsecured notes in November 2008.

The Company repurchased 2.0 million of its ordinary shares during the fourth quarter 2008 at a total cost of $43.2 million and at an average price per share of $21.60. For the full year 2008, Noble repurchased approximately 8.0 million ordinary shares at an average price per share of $41.62 for a total cost of $331.5 million.

Operations Highlights

At year end 2008, approximately 79 percent of the Company’s total rig operating days were committed for 2009 and approximately 40 percent were committed for 2010. The Company made a number of strategic moves within its fleet during the quarter, including the mobilization of theNoble Roy ButlerandNoble Carl Norbergfrom West Africa to Mexico under separate contracts with PEMEX. In the Middle East, theNoble George McLeodsecured a three—year bareboat contract with ONGC at a dayrate of $133,000. That unit has now been relocated to India from the Arabian Gulf. Also in the Middle East, we entered into short-term contracts for theNoble Cees van Diemenat a dayrate of $170,000 and theNoble Gene Houseat a dayrate of approximately $162,000. Finally, in the U.S. Gulf of Mexico, we secured a four month extension on theNoble Clyde Boudreauxat a dayrate of $605,000.

The Company also took delivery during the fourth quarter 2008 of theNoble Hans Deul,an F&G JU 2000E design jackup rated for water depths of 400 feet and drilling depths of 30,000 feet. That unit is now fully crewed and undergoing inspection and customer acceptance before commencing initial drilling activities in the North Sea. This new high-specification jackup drilling unit is the second of three such rigs being built for the Company, with the final unit, theNoble Scott Marks, expected to be delivered in the third quarter 2009.

Outlook

“While we believe the long-term fundamentals of our industry are sound, the condition of the global economic environment is clearly a cause of concern and a reason for caution,” said Williams. “That said, the strength of our balance sheet, the extent of our contract coverage and the quality of our customer base should position us well to both weather the current economic storm and capitalize on opportunities for growth in a disciplined manner.”

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 63 offshore drilling units (including five rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the North Sea, Brazil, and West Africa. Noble’s ordinary 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.

-end-

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Statements regarding contract commitments, dayrates, contract commencements, newbuilds, industry fundamentals, global economic conditions, financial strength, contract backlog, customer base, future performance, growth opportunities, market outlook, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with operations outside of the U.S., actions by customers and other third parties, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, the future price of oil and gas and other factors detailed in the Company’s most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Conference Call

Noble will hold its fourth quarter and full year earnings conference call on Thursday, January 22, 2009, at 1:00 p.m., Central Time. The call may be accessed live via telephone at 1-866-461-7129 (+1-706-679-3084 for international callers), using pass code 72475181. 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, January 22, 2009, beginning at 5:00 p.m., Central Time, through Wednesday, January 28, 2009, ending at 5:00 p.m., Central Time. The phone number for the conference call replay is 1-800-642-1687 (+1-706-645-9291 for international callers), using the access code 72475181. 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.”

1/21/09

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						Twelve Months Ended
	December 31,						December 31,
	2008			2007			2008			2007
OPERATING REVENUES
Contract drilling services	$	882,538		$	761,075		$	3,298,850		$	2,714,250
Reimbursables		19,340			30,012			90,849			121,241
Labor contract drilling services		7,732			40,166			55,078			156,508
Engineering, consulting and other		544			359			1,724			3,312
		910,154			831,612			3,446,501			2,995,311
OPERATING COSTS AND EXPENSES
Contract drilling services		265,765			243,882			1,011,882			880,049
Reimbursables		15,541			26,123			79,327			105,952
Labor contract drilling services		5,279			32,443			42,573			125,624
Engineering, consulting and other		—			150			—			17,520
Depreciation and amortization		93,252			82,607			356,658			292,987
Selling, general and administrative		17,176			26,686			74,143			85,831
Hurricane losses and recoveries, net		—			(5,114	)		10,000			(3,514	)
Gain on disposal of assets, net		(964	)		—			(36,485	)		—
		396,049			406,777			1,538,098			1,504,449
OPERATING INCOME		514,105			424,835			1,908,403			1,490,862
OTHER INCOME (EXPENSE)
Interest expense, net of amount capitalized		(1,956	)		(1,230	)		(4,388	)		(13,111	)
Interest income and other, net		1,430			2,527			8,443			11,151
INCOME BEFORE INCOME TAXES		513,579			426,132			1,912,458			1,488,902
INCOME TAX PROVISION		(95,012	)		(78,752	)		(351,463	)		(282,891	)
NET INCOME	$	418,567		$	347,380		$	1,560,995		$	1,206,011
NET INCOME PER SHARE:
Basic	$	1.60		$	1.30		$	5.90		$	4.52
Diluted	$	1.59		$	1.29		$	5.85		$	4.48
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		261,501			267,074			264,782			266,700
Diluted		262,452			269,508			266,805			269,330

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

	December 31,
	2008			2007
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	513,311		$	161,058
Accounts receivable		644,840			613,115
Insurance receivables		13,516			39,066
Prepaid expenses		21,207			20,721
Other current assets		47,467			26,231
Total current assets		1,240,341			860,191
PROPERTY AND EQUIPMENT
Drilling equipment and facilities		7,423,440			6,354,782
Other		105,340			80,169
		7,528,780			6,434,951
Accumulated depreciation		(1,886,231	)		(1,639,035	)
		5,642,549			4,795,916
OTHER ASSETS		219,441			219,899
	$	7,102,331		$	5,876,006
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt	$	172,698		$	10,334
Accounts payable		259,107			198,395
Accrued payroll and related costs		76,842			115,914
Taxes payable		107,211			85,641
Interest payable		11,325			9,951
Other current liabilities		53,541			72,537
Total current liabilities		680,724			492,772
LONG-TERM DEBT		750,789			774,182
DEFERRED INCOME TAXES		264,618			240,621
OTHER LIABILITIES		120,886			65,705
		1,817,017			1,573,280
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST		(4,468	)		(5,596	)
SHAREHOLDERS’ EQUITY
Ordinary shares — par value $0.10 per share; 400,000 shares authorized; 261,899 and 268,223 shares issued and outstanding at December 31, 2008 and 2007, respectively		26,190			26,822
Capital in excess of par value		402,115			683,697
Retained earnings		4,919,667			3,602,870
Accumulated other comprehensive loss		(58,190	)		(5,067	)
		5,289,782			4,308,322
	$	7,102,331		$	5,876,006

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

	Twelve Months Ended
	December 31,
	2008			2007
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,560,995		$	1,206,011
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		356,658			292,987
Impairment loss on assets		—			10,189
Hurricane losses and recoveries, net		10,000			(3,514	)
Deferred income tax provision		51,026			20,509
Share-based compensation expense		35,899			34,681
Pension contributions		(21,439	)		(54,233	)
Gain on disposal of assets, net		(36,485	)		—
Other, net		(2,884	)		56,027
Other changes in current assets and liabilities:
Accounts receivable		(31,725	)		(204,874	)
Hurricane insurance receivables		3,803			—
Other current assets		(22,040	)		23,276
Accounts payable		2,490			(25,671	)
Other current liabilities		(14,639	)		58,985
Net cash from operating activities		1,891,659			1,414,373
CASH FLOWS FROM INVESTING ACTIVITIES
New construction		(799,736	)		(754,967	)
Other capital expenditures		(323,955	)		(423,657	)
Major maintenance expenditures		(107,630	)		(108,419	)
Accrued capital expenditures		40,830			45,260
Hurricane insurance receivables		21,747			—
Proceeds from disposal of assets		39,451			7,910
Proceeds from sale of business unit		—			10,000
Net cash from investing activities		(1,129,293	)		(1,223,873	)
CASH FLOWS FROM FINANCING ACTIVITIES
Short-term debt borrowing		—			685,000
Short-term debt payment		—			(685,000	)
Borrowings on bank credit facilities		30,000			220,000
Payments on bank credit facilities		(130,000	)		(120,000	)
Payments of other long-term debt		(10,335	)		(9,630	)
Net proceeds from employee stock transactions		9,304			38,995
Proceeds from issuance of senior notes, net		249,238			—
Tax benefit of employee stock transactions		—			7,477
Dividends paid		(244,198	)		(32,197	)
Repurchases of ordinary shares		(314,122	)		(195,797	)
Net cash from financing activities		(410,113	)		(91,152	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		352,253			99,348
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		161,058			61,710
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	513,311		$	161,058

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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 December 31,																	Three Months Ended September 30,
	2008									2007								2008
	Contract									Contract								Contract
	Drilling									Drilling								Drilling
	Services			Other			Total			Services			Other		Total			Services			Other		Total
OPERATING REVENUES
Contract drilling services	$	882,538		$	—		$	882,538		$	761,075		$	—	$	761,075		$	835,198		$	—	$	835,198
Reimbursables		18,060			1,280			19,340			20,233			9,779		30,012			17,227			860		18,087
Labor contract drilling services		—			7,732			7,732			—			40,166		40,166			—			8,197		8,197
Engineering, consulting and other		530			14			544			319			40		359			94			405		499
	$	901,128		$	9,026		$	910,154		$	781,627		$	49,985	$	831,612		$	852,519		$	9,462	$	861,981
OPERATING COSTS AND EXPENSES
Contract drilling services	$	265,765		$	—		$	265,765		$	243,882		$	—	$	243,882		$	253,729		$	—	$	253,729
Reimbursables		14,329			1,212			15,541			16,644			9,479		26,123			15,604			890		16,494
Labor contract drilling services		—			5,279			5,279			—			32,443		32,443			—			5,410		5,410
Engineering, consulting and other		—			—			—			—			150		150			—			—		—
Depreciation and amortization		91,104			2,148			93,252			79,679			2,928		82,607			90,923			1,748		92,671
Selling, general and administrative		17,073			103			17,176			26,181			505		26,686			15,886			141		16,027
Hurricane losses and recoveries, net		—			—			—			(5,114	)		—		(5,114	)		10,000			—		10,000
Gain on disposal of assets, net		—			(964	)		(964	)		—			—		—			—			—		—
	$	388,271		$	7,778		$	396,049		$	361,272		$	45,505	$	406,777		$	386,142		$	8,189	$	394,331
OPERATING INCOME	$	512,857		$	1,248		$	514,105		$	420,355		$	4,480	$	424,835		$	466,377		$	1,273	$	467,650
OPERATING STATISTICS
Jackups:
Average Rig Utilization		88	%								98	%							91	%
Operating Days		3,354									3,697								3,444
Average Dayrate	$	151,601								$	138,746							$	150,350
Semisubmersibles — (6,000 feet or greater):
Average Rig Utilization		100	%								97	%							95	%
Operating Days		644									626								613
Average Dayrate	$	364,180								$	269,146							$	329,586
Semisubmersibles — (less than 6,000 feet):
Average Rig Utilization		100	%								100	%							100	%
Operating Days		276									276								276
Average Dayrate	$	249,603								$	185,227							$	237,674
Drillships:
Average Rig Utilization		67	%								74	%							67	%
Operating Days		184									204								184
Average Dayrate	$	326,170								$	118,581							$	214,758
Submersibles:
Average Rig Utilization		67	%								31	%							67	%
Operating Days		184									85								184
Average Dayrate	$	56,903								$	50,695							$	55,117
Total:
Average Rig Utilization		88	%								93	%							90	%
Operating Days		4,642									4,888								4,701
Average Dayrate	$	190,137								$	155,707							$	177,683

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