8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): March 28, 2011

NOBLE CORPORATION

(Exact name of Registrant as specified in its charter)

Switzerland	000-53604	98-0619597
(State or other jurisdiction of	(Commission file number)	(I.R.S. employer
incorporation or organization)		identification number)

Dorfstrasse 19A
Baar, Switzerland	6340
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code: 41 (41) 761-65-55

NOBLE CORPORATION

(Exact name of Registrant as specified in its charter)

Cayman Islands	001-31306	98-0366361
(State or other jurisdiction of	(Commission file number)	(I.R.S. employer
incorporation or organization)		identification number)

Suite 3D, Landmark Square	KY-1 1206
64 Earth Close	(Zip code)
P.O. Box 31327
Georgetown, Grand Cayman, Cayman Islands, BWI
(Address of principal executive offices)

Registrant’s telephone number, including area code: (345) 938-0293

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Explanatory Note

     This combined filing on Form 8-K is separately filed by Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble Corporation, a Cayman Islands company (“Noble-Cayman”). Information in this filing relating to Noble-Cayman is filed by Noble-Swiss and separately by Noble-Cayman on its own behalf. Noble-Cayman makes no representation as to information relating to Noble-Swiss (except as it may relate to Noble-Cayman) or any other affiliate or subsidiary of Noble-Swiss. This report should be read in its entirety as it pertains to each of Noble-Swiss and Noble-Cayman. References to “Noble” mean Noble-Swiss and its consolidated subsidiaries, including Noble-Cayman.

ITEM 7.01. Regulation FD Disclosure.

     Noble is furnishing certain presentation materials as Exhibit 99.1 to this report. These materials will be used by Noble’s management at the Howard Weil Energy Conference held on March 27-31, 2011. The presentation is being furnished in accordance with Rule 101 (e) (1) under Regulation FD and shall not be deemed to be filed.

     Statements regarding cost estimates or guidance, backlog, rig demand, fleet condition or performance, timing of delivery of newbuilds, contract commitments, dayrates, contract commencements, contract extensions or renewals, industry fundamentals, customer relationships, future performance, growth opportunities, market outlook, as well as any other statements that are not historical facts in this Current Report, including the related presentation materials, are forward-looking statements that involve certain risks, uncertainties and assumptions. These risks and uncertainties include but are not limited to market conditions, 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 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 and other factors detailed in Noble’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.

ITEM 9.01. Financial Statements and Exhibits.

     (d) Exhibits

Exhibit 99.1 Noble Corporation — Howard Weil Energy Conference Presentation Slides.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Noble Corporation, a Swiss corporation
Date: March 28, 2011
	By:	/s/ Thomas L. Mitchell Thomas L. Mitchell
		Senior Vice President and Chief Financial Officer

Noble Corporation, a Cayman Islands company
By:	/s/ Alan R. Hay Alan R. Hay
	Vice President

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INDEX TO EXHIBITS

Exhibit No.	Description
99.1	Noble Corporation — Howard Weil Energy Conference Presentation Slides.

EX-99.1

Exhibit 99.1

Howard Weil's 39th annualEnergy ConferenceNew Orleans, LouisianaMarch 27-31, 2011 David W. WilliamsChairman, President & Chief Executive Officer

2 Forward Looking Statement This presentation contains "forward-looking statements" about Noble's business, financial performance, contracts and prospects. Statements regarding contract backlog, benefits, opportunities, financial performance, anticipated timing and cost of newbuild rigs, growth into new market segments, bidding activity, rig demand, contract commencements, dayrates, impact of future regulations, contract duration, U.S. Gulf of Mexico 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 actions by regulatory authorities or other third parties, costs and difficulties related to other integration of acquired businesses, delays, costs and difficulties related to the transactions and the construction of newbuild rigs, market conditions, financial results and performance, ability to repay debt and timing thereof, 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, 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. The Company disclaims any duty to update the information presented here.

3 Why Own Noble? Strong, high value backlogFleet modernization underwayTop tier safety performanceCompelling value and growth story

4 Noble's Global Footprint 14 - Semisubmersibles13 - Drillships 47 - Jackups 2 - Submersibles 1 - Platform 1 - FPSO 76 Total Rigs + FPSO + Platform Operation Source: Noble

5 Noble's Strategy Vision To be the preferred offshore drilling contractor GoalsTo operate in a manner that provides the highest focus on safety and the environmentTo maintain top tier margins and provide shareholders with a competitive investment vehicleTo deliver exceptional customer service via a diverse and technically advanced fleet operated by the best personnel in the industryStrategy To continue to move the Company's fleet toward the newest technology while maintaining the highest level of operational integrityWe will modify existing rigs towards their technical limitWe will add (acquire or build) rigs with the latest technology, equipment features and capabilityWe will dispose of non-competitive assets that cannot be modified to maintain a competitive positionAll projects and transactions must demonstrate a reasonable return on capital at the decision gate and always contemplate value for shareholders 5

6 Second Largest Industry Backlog As of February 28, 2011 Transocean Noble Seadrill* Diamond Pride ENSCO Atwood * Seadrill backlog includes 75% of the backlog, or approximately $2.2 billion, associated with Seadrill's equity ownership in North Atlantic Drilling Note: Rig types include Arctic, Drillship, Jackup, Semisubmersible, Submersible, Tender. Noble backlog includes 75% performance bonus potential on rigs with bonus provisions. Includes paid shipyard time for the three drillship projects in Brazil. Backlog includes Letters of Intent and newbuild rigs with contracts. Our PEMEX contracts contain early termination rights.Source: ODSPetrodata 3.23.11 for all companies except NE as reported 2.28.11. Backlog from 2.28.11 through 12.31.30 $ Millions Rowan Estimated by ODS and includes estimates of backlog by ODS where dayrates have not been made public. Jackups Floaters Other

PP&E increase during 2010 reflects Frontier acquisition and newbuild program 7 Pro Forma Balance Sheet includes:February 2011 debt offering of $1.1 billionRepayment of Bully JV debtRepayment of outstanding revolver balance Using the Backlog and Balance Sheet to Modernize the Fleet ($ Millions) 7 Source: Noble; Howard Weil Long-term target of ~1.5 communicated to Ratings Agencies

8 8 Backlog Extends Into 2020's As of February 28, 2011 2011Remaining 2012 2013 2014 2015 2016 -2023 Note: Rig types include Arctic, Drillship, Jackup, Semisubmersible, Submersible, Tender. Noble backlog includes 75% performance bonus potential on rigs with bonus provisions. Includes paid shipyard time for the three drillship projects in Brazil. Backlog includes Letters of Intent and newbuild rigs with contracts. Our PEMEX contracts contain early termination rights.Source: ODSPetrodata 3.17.11 for all companies except NE as reported 2.28.11. Backlog from 2.28.11 through 12.31.30 $ Millions Estimated by ODS and includes estimates of backlog by ODS where dayrates have not been made public. 8 Jackups Floaters

9 Noble's Floating Fleet Growth Focused on Dynamically Positioned Vessels Floating Rig Count Noble Clyde Boudreaux Frontier AcquisitionNoble Danny AdkinsNoble Dave BeardNoble Jim Day Noble Bully INoble Bully IINoble Globetrotter I HHI IHHI IINoble Globetrotter II HHI III Source: Noble DP Moored

10 3 Newbuild Ultra-Deepwater Drillships1 option (expires 8/31/11)Yard deliveries 2Q13, 4Q13, 2Q14$605 mm all-in cost on first two, $615 on thirdProven design and turn-key construction by established shipyard- Hyundai Heavy Industries Co. Ltd.1st Newbuild with Letter of Intent with Shell at $410k/day + 15% bonus 10 Noble's Latest DrillshipsHigh-Tech Development Tools Source: Noble Ultra-Deepwater Drillship Globetrotter I Samsung DSME Water Depth 12,000', DP-3 12,000', DP-3 12,000', DP-3 12,000', DP-3 Length 751' 620' 750' 780' Derrick/Hook Load Dual; 2.5M; 1.5M Tower; 2.4M; 2.4M Dual; 2.5M; 2.0M Dual; 2.5M; 2.0M Thrusters 6 Retractable & Maintainable 6 Retractable 6 Non-retractable 6 Non-retractable Moon Pool Dual BOP/Multiple Trees Single BOP/Tree Dual BOP/Multiple Trees Dual BOP/Multiple Trees Usable Open Deck Space (Not Racks-ft2) 5,640 4,069 0 4,715 10

11 Bully Construction Progress Update Bully I due to leave shipyard late JulyOverall completion: ~97%Commissioning: ~74%Bully II due to leave shipyard late SeptemberOverall completion: ~85%Commissioning: ~25%Sponson fabrication underway 11 Source: Noble

12 Noble Ultra-deepwater Floater Fleet Comparison vs. Competitors Noble Transocean Diamond Pride Seadrill* Ensco Total floaters 27 73 35 19 18 8 Ultra-deepwaterfloaters(UDW^ 7,500') 13 27 8 5 16 8 UDW average age* (years) 2.4 7.3 15.1 0.4 2.2 2.3 No. of UDW rigs with 2,500,000 pound hook load 5 5 2 1 6 0 * Assumes rigs delivered after 2011 have an age of 0 today; Seadrill includes North Atlantic Drilling, excludes tendersSource: ODSPetrodata; Company websites; Noble

13 Noble Ultra-deepwater Floater Fleet Comparison vs. Competitors Noble Transocean Diamond Ensco/ Pride Seadrill* Total floaters 27 73 35 27 18 Ultra-deepwaterfloaters(UDW^ 7,500') 13 27 8 13 16 UDW average age* (years) 2.4 7.3 15.1 1.5 2.2 No. of UDW rigs with 2,500,000 pound hook load 5 5 2 1 6 * Assumes rigs delivered after 2011 have an age of 0 today ; Seadrill includes North Atlantic Drilling, excludes tendersSource: ODSPetrodata; Company websites; Noble

14 Gulf of Mexico Update Noble Clyde Boudreaux has arrived in BrazilNoble Danny Adkins on standby-now expect mid-May return to full rateNoble Jim Thompson on standby- Shell's exploration plan approved by BOEMRE, permit phase nextNoble Jim Day on standbyNoble Driller in shipyard, COC expected before end of AprilNoble Amos Runner continues to work LLOGNoble Paul Romano being marketed outside U.S. GulfNoble Lorris Bouzigard cold stacked Source: Noble

15 4 Newbuild JU3000N HDHE jackups2 remaining options expire 1/1/12Yard deliveries 4Q12, 2Q13, 4Q13, 2Q14Two rigs at $220 mm all-in cost; two at $235 mm all-inTurn-key construction by Jurong Shipyard 15 Noble's Latest JackupsUltra-premium Capabilities JU3000N Noble Scott Marks(JU2000E) Skeie N-Class BMC 375 Class Variable deck load (kips) 14,670 14,670 10,000 7,500 Hook load (mm pounds) 2.5 1.6 2.2 1.5 Drawworks (HP) 6,900 4,600 4,600 3,000 Liquid mud (bbls) 7,500 4,750 6,600 4,175 Quarters (persons) 150 120 120 120 Source: Noble; Company presentations

16 Examining Divestitures as Part of High- Grading Have undertaken an exercise to identify core vs. non-core jackups and floaters for potential divestitureForce ranking assets in terms of technical capability, age, marketability, and profitabilityExpect decisions on some assets in 2011

17 Regional Updates MexicoRecently awarded 6 contracts + 1 extensionNoble Bill Jennings and Noble Leonard Jones have both commenced contractsBelieve additional tenders forthcoming including fast-tracks for up to two additional Noble rigsDiscussing extensions for Noble Max Smith and Noble Roy Butler BrazilNoble Clyde Boudreaux has arrived in Brazil; on schedule for mid-April start pending customs importationNoble Leo Segerius preparing to commence upgrade; expect drydocking mid-AprilRecent 1,500m tender suggests disciplined behavior and upward bias to ultra-deepwater rates Source: Noble

18 Regional Updates North Sea/West AfricaNoble Homer Ferrington commenced farm-out March 18 North Sea interest for JU3000NsBelieve North Sea jackups will be fully utilized with rates tighteningNigerian petroleum law problematic with respect to 50% Nigerian content requirements Source: Noble

19 19 Previous~$2.1 billion~120 million$50 - $60 million Source: Noble 2011 Guidance Updated 19 Current~$2.4 billion~$140 million$30 - $40 million Capital, including capitalized interestCapitalized interestInterest Expense, net of capitalized interest Causes of changesAdditional newbuild drillship, jackups$1.1 billion debt offering in February 2011Payoff of~$700 million of Bully joint-venture debt

20 20 Recordable Incident RatesNoble vs. IADC Source: Noble and the IADC Noble IADC "Safety is a paradigm of the organization and must not be compromised." Safety Matters Now More Than Ever 20

Leading Safety More Than Just the Numbers The only drilling contractor to:Win the ExxonMobil sponsored Robert W. Campbell Award for HSE excellenceWin the U.S. Minerals Management Service National SAFE Award for three consecutive years (2006, 2007, 2008) Produce an annual sustainability report and be named to the Dow Jones Sustainability Index (DJSI)Be granted approval work for Petrobras (Brazil) in the highly environmentally sensitive area of AracajuBe asked to present recommendations for improving offshore safety to the International Regulators ForumConsistently receive the IADC North Sea Safety Excellence Awards for both jackup and semisubmersible categories and semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categoriesand semisubmersible categories Source: Noble

22 Additional Focus Area Leading Safety to the Next Frontier 22

23 23 Upcoming Potential Catalysts Noble Jim Day contractedMexico tenders expected to resolved by ~4/1/11Six tenders won so farNoble Homer Ferrington returns to payroll mid-March 2011Noble Clyde Boudreaux expected to return to payroll mid-AprilPermitting resumes in the U.S. GulfPermit submitted on the Noble Jim ThompsonBully I, Globetrotter I, Bully II expected to be on payroll by year endAdditional newbuilds delivered in 2012 (1), 2013 (5), and 2014 (2) 23 ? ? ?

24 Save the Date! What: Shipyard visit to meet with Noble Management and tour Noble Bully IWhere: Keppel Shipyard, SingaporeWhen: 17-18 May 2011Tentative AgendaDinner with ManagementNoble Business UpdateNoble Project Review and PhilosophyNoble Bully I overviewNoble Bully I Rig Tour More details to come!If interested in attending, please contact Kelley Altman at kaltman@noblecorp.com or by phone at 281-276-6640

25 25 Noble: One of the Best Values in the Space Noble has and continues to renew the fleet18 new units delivered 2007-20143 drillships to be delivered in 2011~$8.3 BN in backlog for new fleet additionsEvaluating existing fleet for high- gradingBalance sheet remains strongDebt to total capital after $1.1 billion bond offering still under 30%Continued operational excellence in a difficult environment

Dorfstrasse 19a6340 BaarSwitzerlandwww.noblecorp.com Investor contact:Lee M. AhlstromVice President IR & Planning281-276-6440