Marine Log

June 28, 2006

Noble to build third F&G jackup

Noble Corporation (NYSE: NE) it is entering a contract with Venture Production plc ("Venture Production") for a newbuild F&G JU-2000E enhanced premium jackup drilling rig.

The Venture Production commitment will have a contract term of two years at a dayrate of $210,000 per day. There are no extensions or options beyond the contract term.

The rig is to be constructed by China Shipbuilding & Offshore International Co., Ltd./Dalian Shipbuilding Industry Co., Ltd ("DSIC") in Dalian, China. Noble estimates its cost will be approximately $190 million.

An indirect Noble subsidiary of the company, Noble Drilling Holding LLC, has entered into a contract with DSIC for the construction of jackup. Delivery is expected in the first quarter of 2009.

Venture Production anticipates employing the rig in the North Sea.

Mark Jackson, President and Chief Operating Officer of Noble Corporation, said, "We are pleased to continue to build on our long-term relationship with Venture Production with this contract."

The rig is the third heavy duty, harsh environment (HDHE) F&G JU-2000E, a high specification Friede & Goldman designed jackup, that Noble has scheduled to deliver to customers over the next three years. It follows contracts with Shell E and P Offshore Services B.V. for the first two such newbuild jackups, to be named the Noble Roger Lewis and Noble Hans Deul. Each of these harsh environment jackups has a 75 foot cantilever reach, rated water depth of 400 feet, and rated drilling depth of 30,000 feet.

Noble also announced two new commitments for current rigs. In addition to the third F&G JU-2000E newbuild jackup, Venture Production has extended its commitment for the Noble Ton van Langeveld semisubmersible in the North Sea for one year beginning in or about May 2008 at a dayrate of $360,000. Separately, Anadarko Petroleum Company has agreed to a one year commitment for the Noble Homer Ferrington semisubmersible, commencing in or about January 2008 offshore Nigeria at a dayrate of $434,000 per day. Neither of these contracts has any extensions or options.