Noble Corporation Value + Execution = Noble David...

Noble Corporation

Value + Execution = Noble

2008 CEO Energy/Power ConferenceNew YorkSeptember 2-4, 2008

David W. WilliamsChairman, President andChief Executive Officer

2

This presentation contains “forward-looking statements” about our business, financial performance and prospects. Statements about our plans, intentions, expectations, beliefs, estimates, predictions or similar expressions for the future are forward-looking statements. We cannot assure you that the outcomes of these forward-looking statements will be realized. Various factors could cause actual results to differ materially. We discuss these factors, including risks and uncertainties, from time to time in our SEC filings. The Company disclaims any duty to update the information presented here. The material presented is copyrighted by the Company and cannot be printed, recorded or rebroadcast without our express written consent. We have attached a reconciliation to GAAP of any non-GAAP measures appearing in this presentation. Additional information about Noble Corporation is available on our Web site at www.noblecorp.com.

Forward Looking Statement

3

Noble’s AssetsAligning Rigs Around Customers and Geology

43 – Jackups13 – Semisubmersibles

3 – Submersibles3 – Drillships

1H 2008 Drilling Revenues by Region Key Customers by Revenue 1H 2008

PEMEX

Shell

ExxonMobil

Petrobras

Anadarko (including farmouts)

Total = $1.6 Billion

U.S. GoM22%

Middle East21%

Mexico20%

North Sea18%

West Africa12%

Brazil7%

Includes revenues fromNOC partners

4Source: Noble Corporation

Noble NewbuildsDelivering Organic Earnings Growth

Noble Roger Lewis

Middle East

400’ IC

Noble Hans Deul

(China)

400’ IC

Noble Scott Marks

(China)

400’ IC

Noble Clyde Boudreaux

Gulf of Mexico

10,000’

Noble Dave Beard

(China)

10,000’

Noble Danny Adkins and

Noble Jim Day

(Singapore)

12,000’

2007—Delivered 2008 2009

Noble’s newbuild program includes 4 new ultra-deepwater semi-submersibles and 3 high-spec jackupsAll rigs are already under long-term contractsIn total, the rigs could add up to $1.85 per share in earnings by 2010

5

2008 First Half Financial Highlights

Noble EPS and Cash Flow

2.83

$4.48

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

'03 '04 '05 '06 '07 '081H

Cash

Flo

w

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

EP

S

Cash Flow

EPS

Noble achieved both record cash and earnings-the highest throughout its 86 year history

Strong operating cost control: $51,495 per day vs. 4Q07 costs of $49,900 per day

Contract drilling margin of 68.9%

Noble continued to focus on the core drilling business by monetizing North Sea Platform Drilling business

Spending on capital ($525 million), dividends ($223 million) and share repurchase ($27 million) accounted for 80% of our cash flow from operations ($936 million)

6

Continued Strong MarginsMargin, Not Dayrate, Drives Results

Source: 10-k filings; Peers include DO, ESV, RDC, RIG, PDE

2002 2003 2004 2005 2006 2007 1H08

Noble Peer Peer

Peer Peer Peer

Pre-Tax Contract Drilling Margin

70

50

40

10

20

30

60

Noble consistently delivers sector-leading gross margins, a measure of our focus on managing the day-to-day business with a focus on cost control

80%

7

Brazil Noble ClydeBoudreaux

GoM EVAs Middle EastJackups

North Sea Jackups

Continued Strong MarginsOpportunities for Expanding Margins

1H 2008 Pre-tax Drilling Margin Normalized to 100%

Source: Noble

2010 Margin Expansion Potential Based on Known and Assumed Dayrates

200%

360%

100

8

$1,000

$100

$425

$725

$1,175

$1,600

$2,175

$3,425

$1,225

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2008Remaining

2009 2010 2011 2012 2013 2014 2015 2016

Jackup Backlog

DeepwaterBacklog

Fleet Contract PositionUnprecedented Backlog of $11.9 billion

Backlog by Year$ Million

Notes: As of 8.28.08Includes maximum current performance bonus potential on rigs in Brazil and Noble Dave Beard. Includes 5 year term on Noble Paul Wolff, maximum bonus potential, paid shipyard time. Assumes constant rates on the four jackups in Mexico where rates are indexed to international markets. Does not include submersibles.

$

9

Fleet Contract PositionNoble’s Fleet Is In High Demand

2008 2009 2010 2011 2012 2013 2014

Percentage of Noble Rigs ContractedDrillships

Source: Noble as of 8.28.2008; assumes 5 year term on Noble Paul Wolff

Semi’s

100%

75

50

25

Jackups

10

48%47%45%41%

34%

52%53%55%59%

66%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012

Deepwater Jackups

Fleet Contract PositionDeepwater Revenue Contribution Growing

Relative Contribution of Deepwater vs. Jackups

Source: Noble Corporation internal modeling-8.01.08

As Noble’s 16 deepwater rigs roll to higher rates or are delivered, deepwater revenue as a percentage of the total will approach the contribution from our 43 jackups

11

Deepwater Contract PositionLittle Availability

Current Contract Durations with Dayrates in $ Thousand

* Includes bonus, assumes 5 year term on Noble Paul Wolff commitment

‘08 2009

Noble Paul Romano

Noble Leo Segerius

Noble Amos Runner

Noble Muravlenko

Noble Ton van Langeveld

Noble Clyde Boudreaux

Noble Lorris Bouzigard

Noble Homer Ferrington

Noble Paul Wolff

GoM

GoM

Brazil

GoM

Brazil

North Sea

GoM

West Africa

Brazil

$380$360

$227

$482

2010

Noble Roger Eason Brazil

Noble Therald Martin Brazil

$515

Noble Dave Beard Brazil

Noble Jim Day GoM

Noble Danny Adkins GoM

Noble Max Smith Mexico

Noble Jim Thompson GoM

2011 2012 2013 2014 2015 2016

$505

$270 $335

$505

UC

UC

UC

$430

$220

$492*$197*

$138* $334*

$297*$131*

$525 $345*

$399*

OPT.

OPT.

$484

$435

$434

Yard

Yard

Yard$155*

$425

Rigs in Red Are Currently Bidding

12

0

5

10

15

20

25

30

1960 1970 1980 1990 2000 2010 2020 2030 2040 2050

Industry DynamicsLong-term: Demand will increase

Difficult to believe that the US populous will adjust its lifestyle downward to match the rest of the world much easier to believe that the rest of the world will continue to move theirs upward

China buying 6-8 million cars/yearIndia buying 1-2 million cars/year

Energy is not ‘the end,’ it is ‘the means to the end,’ i.e., a better lifestyle

Difficult to see how renewables will be able to contribute meaningfully in the near-term

China and U.S. per Capita Oil ConsumptionBarrels per person per year

Source: Energy Directions Inc., BP Statistical Review; Simmons Int’l

India

Japan

United States

Worldwide Average United States 100 Years Ago

China

13

Industry DynamicsShort-term: Pullback Not ImpactingCustomer Discussions

45

0

10

20

30

40

50

60

70

80

Operator Oil Price Planning Forecasts

$/BBL

Ranges for InternationalJackup Fixtures Vs. Oil Price

($ Thousands)

2002 2008

0

50

100

150

200

250

300

$100/bbl2/26/2008

$140/bbl6/27/2008

250’ ILC

300’ ILC

Source: ODS; Noble

Average

Average Oil Price -1 Year

$ $

14

Industry DynamicsOil Price—Perfect Storm or is $70 the new $20?

Demand-led increases in priceLittle ability to substituteLow political/social will to effect real change in behavior or policyContinuing geo-political instabilityInternal political issues in major oil producing nations

MexicoNigeria

Deepwater discoveries are large, but will take years to impact pricesMature fields continue to declineLittle spare capacityAging workforce of experts to locate, develop, and produce new discoveriesLimited ability to impact rig supply (equipment & shipyard)

Source: EIA

You Are Here

$0

$20

$40

$60

$80

$100

$120

$140

Jan

-86

Jan

-88

Jan

-90

Jan

-92

Jan

-94

Jan

-96

Jan

-98

Jan

-00

Jan

-02

Jan

-04

Jan

-06

Jan

-08

Spot Crude Price$/bbl

Business is still cyclical, but unlikely to see $20 againThe world needs more oil, quickly

VenezuelaUSA

15

21

36

5

10

3

1

10

4

7

2

7

43

1

1

2

0

2

4

6

8

10

12

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Newbuild Jackups Being AbsorbedDeliveries and Contract Terms

2007-2009 Jackup Deliveries

2007 2008 2009

300’

350’

375’

400’

300’

350’

375’

400’

300’

350’

375’

400’

Note: Does not include jackups delivered to NOCs or jackups of non-standard depthSource: ODS; Lehman Bros.; Noble

Lighter shade—ContractedDarker shade--Uncontracted

0

5

10

15

20

25

30

35

40

45

Ave

rag

e C

on

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ct

Te

rm (

Mo

nth

s)

0

50

100

150

200

250

Ave

rag

e D

ay R

ate

($

Th

ou

sa

nd

s)

2007-2009 Contract Terms

2007 2008 2009

300’

350’

375’

400’

300’

350’

375’

400’

300’

350’

375’

400’

16

-30

-10

10

30

50

70

90

19

50

19

52

19

54

19

56

19

58

19

60

19

62

19

64

19

66

19

68

19

70

19

72

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74

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76

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78

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80

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82

19

84

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86

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90

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92

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94

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96

19

98

20

00

20

02

20

04

20

06

20

08

20

10

Additions to the Fleet Attrition Scheduled Construction / On OrderSource: ODS-Petrodata, Inc

Industry DynamicsWorldwide Jack-up Newbuilds and Attrition1950-2011

252 jackups delivered from 1979

through 1983

252 jackups delivered from 1979

through 1983

108 rigs delivered or under construction

2007 - 16

2008 - 31

2009 - 39

2010 – 21

2011 – 1

108 rigs delivered or under construction

2007 - 16

2008 - 31

2009 - 39

2010 – 21

2011 – 1

17

Operational ExcellenceDelivering for Our Customers

AMERICA’S Safest Companies

Offshore EnergyAchievement Award –

HSE Category

Noble recently was named the winner of the 2007 MMS National SAFE Award, marking the second

consecutive year to deliver outstanding safety and environmental results in the US Gulf of Mexico

National Offshore Safety Award for

Excellence &

MMS Houma District Award for

Excellence

18

Operational Excellence Keeping Our People Safe

Historical Safety Performance Noble’s Philosophy on Safety

Recordable Incident RatesNoble vs. IADC

Source: Noble Corporation and the IADC.

Noble IADC

Why It Matters

.0

1.0

2.0

3.0

4.0

5.0

6.0

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Good safety results in outstanding employee moraleGood safety performance means fewer employee injuries and lowers direct and indirect operating costsContractor safety is a key metric used by operators in bid evaluations

Safety is paradigm of the organization and must not be compromisedA competitive environment internally drives better HSE performance Higher HSE standards improve the entire industry’s resultsHSE performance must be measured and benchmarkedA solid HSE management system is critical to success

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ChallengesRiding the Wave

PeopleRecruitingRetention

CostsLaborRepair & Maintenance

GrowthFocused on deepwater assetsDisciplined evaluationWide range of potential opportunities advanced in parallel

NewbuildsAsset purchasesLarger-scale M&A

Key Issues

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Why Own Noble?

Strong deepwater exposure

Industry-leading margins

Quality organic earnings growth

Focused Value creation

Strong and flexible balance sheet

Industry-leading safety performance

Consistent Execution

Noble: Right Values, Right People, Right Assets, Right Focus…

Right Now!

Noble Corporation

Noble Corporation 13135 South Dairy Ashford Suite 800Sugar Land, Texas 77478

281-276-6100www.noblecorp.com

Investor contact:

Lee M. AhlstromVice President IR & Planning281-276-6440