Noble (NE) 8-K Noble Corporation Reports First Quarter 2012 Earnings of $0.47 per Diluted Share

Exhibit 99.1

Noble Corporation Dorfstrasse 19a 6340 Baar Switzerland

PRESS RELEASE

Noble Corporation Reports First Quarter 2012 Earnings of $0.47 per Diluted Share

ZUG, Switzerland, April 18, 2012 – Noble Corporation (NYSE: NE) today reported first quarter 2012 earnings of $120 million, or $0.47 per diluted share, versus $127 million, or $0.50 per diluted share, for the fourth quarter of 2011. Earnings for the first quarter of 2011 were $54 million, or $0.21 per diluted share. Contract drilling services revenues for the first quarter of 2012 were $746 million versus $720 million for the fourth quarter of 2011 and $543 million in the first quarter of 2011.

David W. Williams, Chairman, President and Chief Executive Officer of Noble Corporation, stated, “Our performance in early 2012 includes a number of noteworthy achievements that are expected to position the Company for improving financial results over the course of 2012 and beyond.

“Relating to our fleet transformation program, the ultra-deepwater drillshipsNoble Bully I andNoble Bully II commenced their initial contracts in the U.S. Gulf of Mexico and Brazil, respectively, while the ultra-deepwater drillshipNoble Globetrotter I arrived in the U.S. Gulf of Mexico and is currently completing the client acceptance and commissioning process before beginning its 10-year contract, expected in late April 2012.

“Also, available days in 2012 on our ultra-deepwater semisubmersibleNoble Jim Day were significantly reduced following a series of contract awards at sequentially higher dayrates. In addition, contracts were awarded for the deepwater semisubmersiblesNoble Homer Ferrington,Noble Max Smith, andNoble Amos Runner. These contract awards, which reflect significant dayrate improvement, are evidence of the strong fundamental environment that is driving client demand for deepwater rigs.

“Finally, we successfully completed a $1.2 billion issuance of five, ten and 30 year notes at an average annual coupon of 4.1%, providing the Company with a solid base of liquidity to support our fleet transformation efforts.”

Debt as a percentage of total capitalization increased slightly to approximately 35% at March 31, 2012, from 33% at December 31, 2011. Capital expenditures in the first quarter of 2012 totaled $368 million, including $133 million (excluding capitalized interest) related to Noble’s fleet transformation program. The Company continues to expect capital expenditures for 2012 to total an estimated $1.9 billion, including approximately $650 million for newbuild construction programs.

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Operations Highlights

At the end of the first quarter of 2012, approximately 73% of the Company’s available rig operating days were committed for the remainder of 2012, including 77% of the floating rig fleet and 75% of the jackup fleet. For 2013, an estimated 51% of operating days are committed, including 74% of the floating rig days and 42% of jackup days. Total backlog at March 31, 2012 was approximately $14.5 billion, up from $13.7 billion at December 31, 2011.

Contract drilling services revenues totaled $746 million in the first quarter of 2012, up approximately 4% from revenues of $720 million in the fourth quarter of 2011. The improvement was due largely to reduced downtime, especially among the Company’s floating rigs operating offshore the U.S. Gulf of Mexico and Brazil, as well as improved dayrates, mobilization fees and incentive bonuses. The revenue improvement was partially offset by lower fleet utilization, which totaled 74% in the first quarter of 2012 compared to 79% in the fourth quarter of 2011. The lower utilization resulted primarily from several rigs completing planned shipyard maintenance and others transitioning between contracts.

In the U.S. Gulf of Mexico, deepwater drilling activity continued to increase, with many operators now moving forward with exploration, appraisal and development drilling programs slowed by the pace of drilling permits in 2010 and 2011. The increase in activity has led to a shortage of available floating rigs, leading to improving dayrates. The Company recently contracted the conventionally moored, deepwater semisubmersibleNoble Amos Runner at a dayrate of $460,000, up from a previous dayrate of $360,000. The rig is now committed into late 2013. Availability in 2012 for the ultra-deepwater semibumersibleNoble Jim Day has been reduced to approximately 120 days following the award of a series of short-term drilling assignments, the latest at a dayrate of $605,000.

In Mexico, utilization of the Company’s 12 jackup rigs declined to 64% in the first quarter of 2012 from 84% in the fourth quarter of 2011 due primarily to idle time on theNoble Bill Jennings andNoble Sam Noble, which entered shipyards to complete required maintenance and inspections before commencing new contracts, and theNoble Leonard Jones, which sustained damage while under tow to a new location. At present, 10 of the Company’s jackups are under contract, while opportunities are under review to return the remaining two units to work.

Opportunities continue to develop in Brazil as some international operators execute plans to add deepwater rigs into the region. The deepwater semisubmersibleNoble Max Smith was awarded a

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contract for up to three years that is expected to commence in December 2012, following a planned shipyard program and mobilization. The dayrate on the new contract is $407,000, plus a 15% bonus opportunity, up from $380,000 on the previous contract. We expect operators to mobilize additional rigs to Brazil in 2012 and beyond to explore the region’s vast hydrocarbon potential.

In the North Sea, the Company’s eight jackup rigs remain fully utilized, with some customers now focused on securing rig commitments into late 2013. The jackup rigNoble George Sauvageau was recently awarded a one-year contract at a dayrate of $140,000, up from $115,000 on the current contract and representing a market-leading dayrate for units with standard capabilities. The rig is now committed through 2013, bringing the total to five units with contract commitments into 2013. In addition, the Company’s semisubmersibleNoble Ton van Langeveld was recently awarded a two-year contract at a dayrate of $275,000, increasing from $247,500 on its current contract. The rig is now under contract into late 2014.

The Company’s 15–rig jackup fleet operating in the Middle East experienced utilization of 75% in the first quarter of 2012 compared to 87% in the fourth quarter of 2011, with 13 of the 15 units currently under contract. Three rigs, theNoble Gus Androes,Noble Chuck Syring andNoble Charles Copeland, entered shipyards during the quarter, while theNoble George McLeod was idle in the period. A total of 10 jackups are committed through 2012. Standard jackup rig needs continue to develop in Saudi Arabia, while other areas in the region display stable to modestly higher demand.

In closing, Williams stated, “A new, more modern and versatile fleet of mobile offshore drilling rigs is beginning to take shape at Noble as we deliver and place into service our ultra-deepwater drillships and high-specification jackups. These new, more efficient rigs will address a growing and more technically challenging list of client needs into the future, and once all 14 projects are delivered, will place Noble’s among the industry’s premium fleets. Given the solid industry fundamentals and building client demand that is providing greater long-term visibility, especially in the ultra-deepwater sector, we are fortunate to have uncontracted newbuild capacity to offer clients, with three drillships and six high-specification jackups currently available following delivery from the shipyards. Client interest in each of these units is noticeably greater today than six months ago, and we believe it is increasingly likely that a number of these units will secure contracts before the close of 2012. Our decision to expand our fleet with new state-of-the-art capabilities was well-timed, and we will continue to evaluate further growth opportunities that offer exceptional returns.”

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About Noble Corporation

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 79 offshore drilling units (including five ultra-deepwater rigs and six jackup drilling rigs currently under construction), located worldwide, including in the U.S. Gulf of Mexico, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India and the Asian Pacific. Noble’s shares are traded on the New York Stock Exchange under the symbol “NE.” Additional information on Noble Corporation is available on the Company’s Web site athttp://www.noblecorp.com.

Conference Call

Noble has scheduled a conference call and webcast related to its first quarter 2012 results on Thursday, April 19, 2012, at 8:00 a.m. U.S. Central Daylight Time. Interested parties are invited to listen to the call by dialing 1-866-461-7129, or internationally 1-706-679-3084, using access code: 20607252, or by asking for the Noble Corporation conference call. Interested parties may also listen over the Internet through a link posted in the Investor Relations section of the Company’s Web site.

A replay of the conference call will be available on Thursday, April 19, 2012, beginning at 11:00 a.m. U.S. Central Daylight Time, through Thursday, May 3, 2012, ending at 5:00 p.m. U.S. Central Daylight Time. The phone number for the conference call replay is 1-855-859-2056 or, for calls from outside of the U.S., 1-404-537-3406, using access code: 20607252. The replay will also be available on the Company’s Web site following the end of the live call. 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.”

Statements regarding financial performance, contract backlog, earnings, costs, capital expenditures, revenue, rig demand, fleet composition, condition or performance, shareholder value, timing of delivery of newbuilds, contract commitments, dayrates, contract commencements, contract extensions or renewals, letters of intent or award, industry fundamentals, customer relationships, 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 regulatory authorities, customers and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, costs and difficulties relating to the integration of acquired businesses, factors affecting the level of activity in

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the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, delays in the construction of newbuilds, 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, Form 10-Q’s 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.

For additional information, contact:

For Investors:	Jeffrey L. Chastain, Vice President – Investor Relations,
	Noble Drilling Services Inc., 281-276-6383
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,
	2012			2011
Operating revenues
Contract drilling services	$	746,310		$	542,605
Reimbursables		35,141			22,291
Labor contract drilling services		16,008			13,547
Other		231			445
		797,690			578,888
Operating costs and expenses
Contract drilling services		420,011			306,363
Reimbursables		30,601			17,103
Labor contract drilling services		9,232			8,523
Depreciation and amortization		171,077			158,122
Selling, general and administrative		23,126			23,715
Gain on contract extinguishments, net		—			(21,202	)
		654,047			492,624
Operating income		143,643			86,264
Other income (expense)
Interest expense, net of amount capitalized		(10,496	)		(19,041	)
Interest income and other, net		1,785			2,592
Income before income taxes		134,932			69,815
Income tax provision		(21,589	)		(15,359	)
Net income		113,343			54,456
Net loss attributable to noncontrolling interests		6,832			39
Net income attributable to Noble Corporation	$	120,175		$	54,495
Net income per share
Basic	$	0.47		$	0.22
Diluted	$	0.47		$	0.21

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NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	March 31, 2012			December 31, 2011
ASSETS
Current assets
Cash and cash equivalents	$	208,840		$	239,196
Accounts receivable		738,835			587,163
Prepaid expenses and other current assets		306,998			233,253
Total current assets		1,254,673			1,059,612
Property and equipment		15,371,823			15,037,112
Accumulated depreciation		(3,282,511	)		(3,139,645	)
Property and equipment, net		12,089,312			11,897,467
Other assets		551,216			538,080
Total assets	$	13,895,201		$	13,495,159
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	335,276		$	436,006
Accrued payroll and related costs		111,251			117,907
Other current liabilities		234,630			273,267
Total current liabilities		681,157			827,180
Long-term debt		4,444,161			4,071,964
Deferred income taxes		240,341			242,791
Other liabilities		306,175			255,372
Total liabilities		5,671,834			5,397,307
Commitments and contingencies
Equity
Total shareholders’ equity		7,498,868			7,406,521
Noncontrolling interests		724,499			691,331
Total equity		8,223,367			8,097,852
Total liabilities and equity	$	13,895,201		$	13,495,159

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NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Three months ended March 31,
	2012			2011
Cash flows from operating activities
Net income	$	113,343		$	54,456
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		171,077			158,122
Gain on contract extinguishments, net		—			(21,202	)
Other changes in operating activities		(180,712	)		(104,602	)
Net cash from operating activities		103,708			86,774
Cash flows from investing activities
New construction		(133,075	)		(404,529	)
Other capital expenditures		(161,243	)		(143,634	)
Major maintenance expenditures		(33,010	)		(39,058	)
Capitalized interest		(40,637	)		(27,103	)
Other investing activities		(127,393	)		18,171
Net cash from investing activities		(495,358	)		(596,153	)
Cash flows from financing activities
Draws from bank credit facilities		365,000			(40,000	)
Repayments of bank credit facilities		(1,190,000	)		—
Proceeds from issuance of senior notes, net of debt issuance costs		1,186,636			1,087,833
Contributions from joint venture partners		40,000			396,000
Payments of joint venture debt		—			(693,494	)
Settlement of interest rate swaps		—			(29,032	)
Par value reduction payments		(36,370	)		(34,920	)
Financing costs on credit facilities		—			(2,835	)
Proceeds from employee stock transactions		2,479			2,337
Repurchases of employee shares surrendered for taxes		(6,451	)		(5,700	)
Net cash from financing activities		361,294			680,189
Net change in cash and cash equivalents		(30,356	)		170,810
Cash and cash equivalents, beginning of period		239,196			337,871
Cash and cash equivalents, end of period	$	208,840		$	508,681

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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,
	2012							2011								2011
	Contract							Contract								Contract
	Drilling							Drilling								Drilling
	Services			Other		Total		Services			Other		Total			Services			Other			Total
Operating revenues
Contract drilling services	$	746,310		$	—	$	746,310	$	542,605		$	—	$	542,605		$	719,711		$	—		$	719,711
Reimbursables		34,702			439		35,141		21,604			687		22,291			18,046			(2,702	)		15,344
Labor contract drilling services		—			16,008		16,008		—			13,547		13,547			—			15,881			15,881
Other		231			—		231		445			—		445			109			—			109
	$	781,243		$	16,447	$	797,690	$	564,654		$	14,234	$	578,888		$	737,866		$	13,179		$	751,045
Operating costs and expenses
Contract drilling services	$	420,011		$	—	$	420,011	$	306,363		$	—	$	306,363		$	382,562		$	—		$	382,562
Reimbursables		30,173			428		30,601		16,440			663		17,103			11,181			(2,539	)		8,642
Labor contract drilling services		—			9,232		9,232		—			8,523		8,523			—			8,559			8,559
Depreciation and amortization		167,948			3,129		171,077		154,888			3,234		158,122			169,574			1,612			171,186
Selling, general and administrative		22,844			282		23,126		23,449			266		23,715			18,242			252			18,494
(Gain) loss on contract extinguishment		—			—		—		(21,202	)		—		(21,202	)		—			—			—
	$	640,976		$	13,071	$	654,047	$	479,938		$	12,686	$	492,624		$	581,559		$	7,884		$	589,443
Operating income	$	140,267		$	3,376	$	143,643	$	84,716		$	1,548	$	86,264		$	156,307		$	5,295		$	161,602
Operating statistics
Jackups:
Average Rig Utilization		79	%						62	%							86	%
Operating Days		3,089							2,381								3,386
Average Dayrate	$	90,382						$	80,866							$	89,049
Semisubmersibles
Average Rig Utilization		86	%						69	%							88	%
Operating Days		1,092							868								1,134
Average Dayrate	$	355,098						$	277,859							$	318,013
Drillships:
Average Rig Utilization		51	%						70	%							50	%
Operating Days		285							361								277
Average Dayrate	$	278,693						$	301,647							$	207,769
Total:
Average Rig Utilization		74	%						61	%							79	%
Operating Days		4,466							3,610								4,797
Average Dayrate	$	167,124						$	150,294							$	150,027

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NOBLE CORPORATION AND SUBSIDIARIES

CALCULATION OF BASIC AND DILUTED NET INCOME

(In thousands, except per share amounts)

(Unaudited)

The following table sets forth the computation of basic and diluted net income per share:

	Three months ended March 31,
	2012			2011
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	120,175		$	54,495
Earnings allocated to unvested share-based payment awards		(1,126	)		(509	)
Net income to common shareholders—basic	$	119,049		$	53,986
Diluted
Net income attributable to Noble Corporation	$	120,175		$	54,495
Earnings allocated to unvested share-based payment awards		(1,125	)		(509	)
Net income to common shareholders—diluted	$	119,050		$	53,986
Weighted average number of shares outstanding—basic		251,971			251,026
Incremental shares issuable from assumed exercise of stock options		491			775
Weighted average number of shares outstanding—diluted		252,462			251,801
Weighted average unvested share-based payment awards		2,407			2,419
Earnings per share
Basic	$	0.47		$	0.22
Diluted	$	0.47		$	0.21

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