10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2011

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number: 000-53604

NOBLE CORPORATION

(Exact name of registrant as specified in its charter)

Switzerland	98-0619597
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer 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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Shares, Par Value 3.67 CHF per Share	New York Stock Exchange

Commission file number: 001-31306

NOBLE CORPORATION

(Exact name of registrant as specified in its charter)

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

Suite 3D, Landmark Square, 64 Earth Close, P.O. Box 31327 George Town, Grand Cayman, Cayman Islands, KY1-1206
(Address of principal executive offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (345) 938-0293

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether each registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Noble-Swiss:	Large accelerated filer þ	Accelerated filer o	Non-accelerated filer o	Smaller reporting company o
Noble-Cayman:	Large accelerated filer o	Accelerated filer o	Non-accelerated filer þ	Smaller reporting company o

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ

Number of shares outstanding and trading at July 29, 2011: Noble Corporation (Switzerland) — 252,390,953

Number of shares outstanding at July 29, 2011: Noble Corporation (Cayman Islands) — 261,245,693

Noble Corporation, a Cayman Islands company and a wholly owned subsidiary of Noble Corporation, a Swiss corporation, meets the conditions set forth in General Instructions H(1) (a) and (b) to Form 10-Q and is therefore filing this Form 10-Q with the reduced disclosure format contemplated by paragraphs (b) and (c) of General Instruction H(2) of Form 10-Q.

TABLE OF CONTENTS

	Page
PART I FINANCIAL INFORMATION
Item 1 Financial Statements
Noble Corporation (Noble-Swiss) Financial Statements:
Consolidated Balance Sheet as of June 30, 2011 and December 31, 2010		3
Consolidated Statement of Income for the three and six months ended June 30, 2011 and 2010		4
Consolidated Statement of Cash Flows for the six months ended June 30, 2011 and 2010		5
Consolidated Statement of Equity for the six months ended June 30, 2011		6
Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2011 and 2010		7
Noble Corporation (Noble-Cayman) Financial Statements:
Consolidated Balance Sheet as of June 30, 2011 and December 31, 2010		8
Consolidated Statement of Income for the three and six months ended June 30, 2011 and 2010		9
Consolidated Statement of Cash Flows for the six months ended June 30, 2011 and 2010		10
Consolidated Statement of Equity for the six months ended June 30, 2011 and 2010		11
Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2011 and 2010		12
Notes to Combined Consolidated Financial Statements		13
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations		39
Item 3 Quantitative and Qualitative Disclosures About Market Risk		56
Item 4 Controls and Procedures		57
PART II OTHER INFORMATION
Item 1 Legal Proceedings		58
Item 1A Risk Factors		58
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds		59
Item 6 Exhibits		59
SIGNATURES		60
Index to Exhibits		61
Exhibit 3.1
Exhibit 31.1
Exhibit 31.2
Exhibit 31.3
Exhibit 32.1
Exhibit 32.2
Exhibit 32.3
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

This combined Quarterly Report on Form 10-Q 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. Since Noble-Cayman meets the conditions specified in General Instructions H(1)(a) and (b) to Form 10-Q, it is permitted to use the reduced disclosure format for wholly owned subsidiaries of reporting companies. Accordingly, Noble-Cayman has omitted from this report the information called for by Item 3 (Quantitative and Qualitative Disclosures about Market Risk) of Part I of Form 10-Q and the following items of Part II of Form 10-Q: Item 2 (Unregistered Sales of Equity Securities and Use of Proceeds) and Item 3 (Defaults upon Senior Securities).

This report should be read in its entirety as it pertains to each Registrant. Except where indicated, the Consolidated Financial Statements and related Notes are combined. References in this Quarterly Report on Form 10-Q to “Noble,” the “Company,” “we,” “us,” “our” and words of similar meaning refer collectively to Noble-Swiss and its consolidated subsidiaries, including Noble-Cayman.

2

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(In thousands)

(Unaudited)

	June 30,			December 31,
	2011			2010
ASSETS
Current assets
Cash and cash equivalents	$	230,877		$	337,871
Accounts receivable		510,019			387,414
Taxes receivable		80,815			81,066
Prepaid expenses		67,311			35,502
Other current assets		88,474			69,941
Total current assets		977,496			911,794
Property and equipment, at cost		13,926,052			12,643,866
Accumulated depreciation		(2,863,482	)		(2,595,779	)
Property and equipment, net		11,062,570			10,048,087
Other assets		398,172			342,506
Total assets	$	12,438,238		$	11,302,387
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	80,213
Accounts payable		303,902			374,814
Accrued payroll and related costs		114,736			125,663
Interest payable		58,328			40,260
Taxes payable		69,764			96,448
Other current liabilities		79,826			84,049
Total current liabilities		626,556			801,447
Long-term debt		3,521,770			2,686,484
Deferred income taxes		257,069			258,822
Other liabilities		212,475			268,000
Total liabilities		4,617,870			4,014,753
Commitments and contingencies
Shareholders’ equity
Shares; 262,668 and 262,415 shares outstanding		857,795			917,684
Treasury shares, at cost; 10,378 and 10,140 shares		(383,344	)		(373,967	)
Additional paid-in capital		50,499			39,006
Retained earnings		6,739,078			6,630,500
Accumulated other comprehensive loss		(42,316	)		(50,220	)
Total shareholders’ equity		7,221,712			7,163,003
Noncontrolling interests		598,656			124,631
Total equity		7,820,368			7,287,634
Total liabilities and equity	$	12,438,238		$	11,302,387

See accompanying notes to the unaudited consolidated financial statements.

3

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Operating revenues
Contract drilling services	$	589,550		$	687,510		$	1,132,155		$	1,496,156
Reimbursables		24,122			13,753			46,413			37,986
Labor contract drilling services		14,012			8,056			27,559			15,817
Other		313			603			758			814
		627,997			709,922			1,206,885			1,550,773
Operating costs and expenses
Contract drilling services		336,728			275,595			643,091			530,026
Reimbursables		18,723			10,365			35,826			30,108
Labor contract drilling services		8,750			5,380			17,273			11,268
Depreciation and amortization		163,119			126,227			321,241			242,084
Selling, general and administrative		21,632			23,808			45,347			45,779
Gain on contract extinguishments, net		—			—			(21,202	)		—
		548,952			441,375			1,041,576			859,265
Operating income		79,045			268,547			165,309			691,508
Other income (expense)
Interest expense, net of amount capitalized		(14,829	)		(510	)		(33,870	)		(975	)
Interest income and other, net		(534	)		1,006			2,058			4,632
Income before income taxes		63,682			269,043			133,497			695,165
Income tax provision		(9,508	)		(51,118	)		(24,867	)		(106,514	)
Net income		54,174			217,925			108,630			588,651
Net income attributable to noncontrolling interests		(91	)		—			(52	)		—
Net income attributable to Noble Corporation	$	54,083		$	217,925		$	108,578		$	588,651
Net income per share
Basic	$	0.21		$	0.85		$	0.43		$	2.29
Diluted	$	0.21		$	0.85		$	0.43		$	2.28

See accompanying notes to the unaudited consolidated financial statements.

4

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2011			2010
Cash flows from operating activities
Net income	$	108,630		$	588,651
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		321,241			242,084
Gain on contract extinguishments, net		(21,202	)		—
Deferred income taxes		(1,753	)		(11,842	)
Share-based compensation expense		16,388			16,285
Net change in other assets and liabilities		(177,968	)		179,246
Net cash from operating activities		245,336			1,014,424
Cash flows from investing activities
Capital expenditures		(1,428,783	)		(531,401	)
Change in accrued capital expenditures		(51,500	)		(17,848	)
Refund from contract extinguishments		18,642			—
Net cash from investing activities		(1,461,641	)		(549,249	)
Cash flows from financing activities
Borrowings on bank credit facilities		625,000			—
Payments of bank credit facilities		(240,000	)		—
Proceeds from issuance of senior notes, net of debt issuance costs		1,087,833			—
Contributions from joint venture partners		436,000			—
Payments of joint venture debt		(693,494	)		—
Settlement of interest rate swaps		(29,032	)		—
Par value reduction payments		(72,141	)		(23,306	)
Financing costs on credit facilities		(2,835	)		—
Proceeds from employee stock transactions		7,357			3,711
Repurchases of employee shares surrendered for taxes		(9,377	)		(9,309	)
Repurchases of shares		—			(88,652	)
Net cash from financing activities		1,109,311			(117,556	)
Net change in cash and cash equivalents		(106,994	)		347,619
Cash and cash equivalents, beginning of period		337,871			735,493
Cash and cash equivalents, end of period	$	230,877		$	1,083,112

See accompanying notes to the unaudited consolidated financial statements.

5

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF EQUITY

(In thousands)

(Unaudited)

							Additional								Other
	Shares						Paid-in			Retained		Treasury			Comprehensive			Noncontrolling		Total
	Balance			Par Value			Capital			Earnings		Shares			Loss			Interests		Equity
Balance at December 31, 2010		262,415		$	917,684		$	39,006		$	6,630,500	$	(373,967	)	$	(50,220	)	$	124,631	$	7,287,634
Employee related equity activity
Share-based compensation expense		—			—			16,388			—		—			—			—		16,388
Issuance of share-based compensation shares		176			606			(599	)		—		—			—			—		7
Exercise of stock options		389			1,294			5,782			—		—			—			—		7,076
Tax benefit of stock options exercised		—			—			274			—		—			—			—		274
Restricted shares forfeited or repurchased for taxes		(312	)		(1,084	)		1,084			—		(9,377	)		—			—		(9,377	)
Net income		—			—			—			108,578		—			—			52		108,630
Equity contribution by joint venture partner		—			—			—			—		—			—			473,973		473,973
Par value reduction payments ($0.29 per Share)		—			(60,705	)		(11,436	)		—		—			—			—		(72,141	)
Other comprehensive income, net		—			—			—			—		—			7,904			—		7,904
Balance at June 30, 2011		262,668		$	857,795		$	50,499		$	6,739,078	$	(383,344	)	$	(42,316	)	$	598,656	$	7,820,368

See accompanying notes to the unaudited consolidated financial statements.

6

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net income	$	54,174		$	217,925		$	108,630		$	588,651
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		1,375			(1,980	)		4,382			(6,461	)
Gain (loss) on foreign currency forward contracts		2,351			(1,009	)		2,513			(2,934	)
Loss on interest rate swaps		—			—			(366	)		—
Amortization of deferred pension plan amounts		689			634			1,375			1,273
Other comprehensive income (loss), net		4,415			(2,355	)		7,904			(8,122	)
Net comprehensive income attributable to noncontrolling interests		(91	)		—			(52	)		—
Comprehensive income attributable to Noble Corporation	$	58,498		$	215,570		$	116,482		$	580,529

See accompanying notes to the unaudited consolidated financial statements.

7

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(In thousands)

(Unaudited)

	June 30,			December 31,
	2011			2010
ASSETS
Current assets
Cash and cash equivalents	$	224,917		$	333,399
Accounts receivable		509,986			387,414
Taxes receivable		80,815			81,066
Prepaid expenses		64,677			33,232
Other current assets		88,035			69,821
Total current assets		968,430			904,932
Property and equipment, at cost		13,892,227			12,614,974
Accumulated depreciation		(2,859,227	)		(2,594,954	)
Property and equipment, net		11,033,000			10,020,020
Other assets		398,255			342,592
Total assets	$	12,399,685		$	11,267,544
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	80,213
Accounts payable		303,617			374,559
Accrued payroll and related costs		105,386			120,634
Interest payable		58,328			40,260
Taxes payable		66,764			94,132
Other current liabilities		79,277			83,759
Total current liabilities		613,372			793,557
Long-term debt		3,521,770			2,686,484
Deferred income taxes		257,069			258,822
Other liabilities		212,475			268,026
Total liabilities		4,604,686			4,006,889
Commitments and contingencies
Shareholder equity
Ordinary shares; 261,246 shares outstanding		26,125			26,125
Capital in excess of par value		426,460			416,232
Retained earnings		6,786,074			6,743,887
Accumulated other comprehensive loss		(42,316	)		(50,220	)
Total shareholder equity		7,196,343			7,136,024
Noncontrolling interests		598,656			124,631
Total equity		7,794,999			7,260,655
Total liabilities and equity	$	12,399,685		$	11,267,544

See accompanying notes to the unaudited consolidated financial statements.

8

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Operating revenues
Contract drilling services	$	589,550		$	687,510		$	1,132,155		$	1,496,156
Reimbursables		24,122			13,753			46,413			37,986
Labor contract drilling services		14,012			8,056			27,559			15,817
Other		313			603			758			814
		627,997			709,922			1,206,885			1,550,773
Operating costs and expenses
Contract drilling services		330,204			271,084			631,036			523,865
Reimbursables		18,723			10,365			35,826			30,108
Labor contract drilling services		8,750			5,380			17,273			11,268
Depreciation and amortization		162,636			126,052			320,291			241,716
Selling, general and administrative		14,642			15,534			31,173			31,422
Gain on contract extinguishments, net		—			—			(21,202	)		—
		534,955			428,415			1,014,397			838,379
Operating income		93,042			281,507			192,488			712,394
Other income (expense)
Interest expense, net of amount capitalized		(14,829	)		(510	)		(33,870	)		(975	)
Interest income and other, net		(147	)		1,503			2,094			5,110
Income before income taxes		78,066			282,500			160,712			716,529
Income tax provision		(9,157	)		(49,543	)		(24,182	)		(104,939	)
Net income		68,909			232,957			136,530			611,590
Net income attributable to noncontrolling interests		(91	)		—			(52	)		—
Net income attributable to Noble Corporation	$	68,818		$	232,957		$	136,478		$	611,590

See accompanying notes to the unaudited consolidated financial statements.

9

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2011			2010
Cash flows from operating activities
Net income	$	136,530		$	611,590
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		320,291			241,716
Gain on contract extinguishments, net		(21,202	)		—
Deferred income taxes		(1,753	)		(11,843	)
Capital contribution by parent — share-based compensation		10,228			10,301
Net change in other assets and liabilities		(185,049	)		174,670
Net cash from operating activities		259,045			1,026,434
Cash flows from investing activities
Capital expenditures		(1,423,850	)		(531,033	)
Change in accrued capital expenditures		(51,500	)		(17,848	)
Refund from contract extinguishments		18,642			—
Net cash from investing activities		(1,456,708	)		(548,881	)
Cash flows from financing activities
Borrowings on bank credit facilities		625,000			—
Payments of bank credit facilities		(240,000	)		—
Proceeds from issuance of senior notes, net of debt issuance costs		1,087,833			—
Contributions from joint venture partners		436,000			—
Payments of joint venture debt		(693,494	)		—
Settlement of interest rate swaps		(29,032	)		—
Financing costs on credit facilities		(2,835	)		—
Distributions to parent company, net		(94,291	)		(128,315	)
Net cash from financing activities		1,089,181			(128,315	)
Net change in cash and cash equivalents		(108,482	)		349,238
Cash and cash equivalents, beginning of period		333,399			726,225
Cash and cash equivalents, end of period	$	224,917		$	1,075,463

See accompanying notes to the unaudited consolidated financial statements.

10

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF EQUITY

(In thousands)

(Unaudited)

										Accumulated
					Capital in					Other
	Shares				Excess of		Retained			Comprehensive			Noncontrolling		Total
	Balance		Par Value		Par Value		Earnings			Loss			Interests		Equity
Balance at December 31, 2010		261,246	$	26,125	$	416,232	$	6,743,887		$	(50,220	)	$	124,631	$	7,260,655
Net income		—		—		—		136,478			—			52		136,530
Capital contributions by parent — share-based compensation		—		—		10,228		—			—			—		10,228
Distributions to parent		—		—		—		(94,291	)		—			—		(94,291	)
Noncontrolling interest contributions		—		—		—		—			—			473,973		473,973
Other comprehensive income, net		—		—		—		—			7,904			—		7,904
Balance at June 30, 2011		261,246	$	26,125	$	426,460	$	6,786,074		$	(42,316	)	$	598,656	$	7,794,999

See accompanying notes to the unaudited consolidated financial statements.

11

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net income	$	68,909		$	232,957		$	136,530		$	611,590
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		1,375			(1,980	)		4,382			(6,461	)
Gain (loss) on foreign currency forward contracts		2,351			(1,009	)		2,513			(2,934	)
Loss on interest rate swaps		—			—			(366	)		—
Amortization of deferred pension plan amounts		689			634			1,375			1,273
Other comprehensive income (loss), net		4,415			(2,355	)		7,904			(8,122	)
Net comprehensive income attributable to noncontrolling interests		(91	)		—			(52	)		—
Comprehensive income attributable to Noble Corporation	$	73,233		$	230,602		$	144,382		$	603,468

See accompanying notes to the unaudited consolidated financial statements.

12

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 1 — Organization and Basis of Presentation

Noble Corporation, a Swiss corporation, is a leading offshore drilling contractor for the oil and gas industry. At June 30, 2011, our fleet consisted of 76 mobile offshore drilling units located worldwide as follows: 14 semisubmersibles, 13 drillships, 47 jackups and two submersibles. In addition, we have one floating production storage and offloading unit (“FPSO”). At June 30, 2011, we had 11 of our 76 units under construction as follows:

• two dynamically positioned, ultra-deepwater, harsh environment Globetrotter-class drillships,

• two dynamically positioned, ultra-deepwater, harsh environment Bully-class drillships,

• three dynamically positioned, ultra-deepwater harsh environment drillships, and

• four high-specification heavy duty, harsh environment jackup rigs.

Subsequent to June 30, 2011, we exercised options for the construction of two additional high-specification heavy duty, harsh environment jackup rigs.

Our global fleet is currently located in the following areas: the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and the Asian Pacific. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

Noble-Cayman is a direct, wholly-owned subsidiary of Noble-Swiss, our publicly-traded parent company. Noble-Swiss’ principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-Swiss include the accounts of Noble-Cayman, and Noble-Swiss conducts substantially all of its business through Noble-Cayman and its subsidiaries.

The accompanying unaudited consolidated financial statements of Noble-Swiss and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal recurring nature. The December 31, 2010 Consolidated Balance Sheets presented herein are derived from the December 31, 2010 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2010, filed by both Noble-Swiss and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Certain amounts in prior periods have been revised to conform to the current year presentation. Taxes payable in the December 31, 2010 Consolidated Balance Sheets was reported net of approximately $81 million in taxes receivable. During the quarter ended June 30, 2011, we determined that a right of offset in certain taxable jurisdictions did not exist for these receivables, and they are now being disclosed separately as a current asset. For the December 31, 2010 Consolidated Balance Sheets presented herein, these amounts have been revised to conform to the current year presentation. We believe that this revision is immaterial, as it did not have a material impact on our financial position, working capital, results of operations or cash flows from operations.

13

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 2 — Acquisition of FDR Holdings Limited

On July 28, 2010, Noble-Swiss and Noble AM Merger Co., a Cayman Islands company and indirect wholly-owned subsidiary of Noble-Swiss (“Merger Sub”), completed the acquisition of FDR Holdings Limited, a Cayman Islands company (“Frontier”). Under the terms of the Agreement and Plan of Merger with Frontier and certain of Frontier’s shareholders, Merger Sub merged with and into Frontier, with Frontier surviving as an indirect wholly-owned subsidiary of Noble-Swiss and a wholly-owned subsidiary of Noble-Cayman. The Frontier acquisition was for a purchase price of approximately $1.7 billion in cash plus liabilities assumed and strategically expanded and enhanced our global fleet by adding three dynamically positioned drillships (including two Bully-class joint venture-owned drillships under construction), two conventionally moored drillships, including one that is Arctic-class, a conventionally moored deepwater semisubmersible and one dynamically positioned FPSO. Frontier’s results of operations were included in our results beginning July 28, 2010. We funded the cash consideration paid at closing of approximately $1.7 billion using proceeds from our July 2010 offering of senior notes and existing cash on hand.

The following unaudited pro forma financial information for the three and six months ended June 30, 2010 gives effect to the Frontier acquisition as if it had occurred at January 1, 2009. The pro forma results are based on historical data and are not intended to be indicative of the results of future operations.

	Three months		Six months
	ended		ended
	June 30, 2010		June 30, 2010
Total operating revenues	$	784,424	$	1,693,039
Net income		191,377		552,601
Net income per share	$	0.74	$	2.14

Note 3 — Consolidated Joint Ventures

In connection with the Frontier acquisition, we acquired Frontier’s 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell, PLC (“Shell”), for the construction and operation of the two Bully-class drillships. Since these entities’ equity at risk is insufficient to permit them to carry on their activities without additional financial support, they each meet the criteria for a variable interest entity. We have determined that we are the primary beneficiary for accounting purposes. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interest is presented as noncontrolling interests on our Consolidated Balance Sheets.

In the first quarter of 2011, the joint venture credit facilities, which had a combined outstanding balance of $693 million, were repaid in full through contributions to the joint ventures from Noble and Shell. Shell contributed $361 million in equity to fund their portion of the repayment of joint venture credit facilities and related interest rate swaps, which were settled concurrent with the repayment and termination of the joint venture credit facilities.

In January 2011, the Bully joint ventures issued notes to the joint venture partners totaling $70 million. The interest rate on these notes was 10%, payable semi-annually in arrears and in kind on June 30 and December 31 commencing in June 2011. The purpose of these notes was to provide additional liquidity to the joint ventures in connection with the shipyard construction of the Bully vessels.

In April 2011, the Bully joint venture partners entered into a subscription agreement, pursuant to which each partner was issued equity in each of the Bully joint ventures in exchange for the cancellation of all outstanding joint venture partner notes. The subscription agreement converted all joint venture partner notes into equity of the respective joint venture. The total capital contributed as a result of these agreements was $146 million, which included $142 million in outstanding notes, plus accrued interest. Our portion of the capital contribution, totaling $73 million, was eliminated in consolidation.

At June 30, 2011, the combined carrying amount of the drillships was $1.1 billion, which was primarily funded through partner equity contributions. The joint venture partners entered into capital contribution agreements in April 2011 whereby capital calls can be made for funds needed to complete the projects. The total funding available to the Bully joint ventures under these agreements at June 30, 2011 was $280 million.

14

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 4 — Share Data

Share capital

The following is a detail of Noble-Swiss’ share capital as of June 30, 2011 and December 31, 2010:

	June 30,		December 31,
	2011		2010
Shares outstanding and trading		252,290		252,275
Treasury shares		10,378		10,140
Total shares outstanding		262,668		262,415
Treasury shares held for share-based compensation plans		13,598		13,851
Total shares authorized for issuance		276,266		276,266
Par value per share (in Swiss Francs)		3.67		3.93

Shares authorized for issuance by Noble-Swiss at June 30, 2011 totaled 276.3 million shares and include 10.4 million shares held in treasury and 13.6 million treasury shares held by a wholly-owned subsidiary. Repurchased treasury shares are recorded at cost, and include shares repurchased pursuant to our approved share repurchase program discussed below and shares surrendered by employees for taxes payable upon the vesting of restricted stock.

Our Board of Directors may further increase Noble-Swiss’ share capital through the issuance of up to 138.1 million conditionally authorized registered shares without obtaining shareholder approval. The issuance of these conditionally authorized registered shares is subject to certain conditions regarding their use.

Treasury shares/share repurchases

Share repurchases were made pursuant to the share repurchase program that our Board of Directors authorized and adopted. Subsequent to our 2009 Swiss migration, all shares repurchased under our share repurchase program are held in treasury. At June 30, 2011, 6.8 million shares remained available for repurchase under this authorization. Treasury shares held at June 30, 2011 include 9.9 million shares repurchased under our share repurchase program and 0.5 million shares surrendered by employees for taxes payable upon the vesting of restricted stock or exercise of stock options.

The number of shares that we may hold in treasury is limited under Swiss law. In April 2011, our shareholders approved the cancellation of 10.1 million shares held in treasury. During July 2011, after making the required filings with the Swiss Commercial Register, these 10.1 million treasury shares were cancelled and the total number of shares authorized for issuance was reduced to 266.2 million shares.

15

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Earnings per share

The following table sets forth the computation of basic and diluted earnings per share for Noble-Swiss:

	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	54,083		$	217,925		$	108,578		$	588,651
Earnings allocated to unvested share-based payment awards		(572	)		(2,143	)		(1,083	)		(5,652	)
Net income to common shareholders — basic	$	53,511		$	215,782		$	107,495		$	582,999
Diluted
Net income attributable to Noble Corporation	$	54,083		$	217,925		$	108,578		$	588,651
Earnings allocated to unvested share-based payment awards		(572	)		(2,137	)		(1,082	)		(5,632	)
Net income to common shareholders — diluted	$	53,511		$	215,788		$	107,496		$	583,019
Weighted average shares outstanding — basic		251,368			254,224			251,198			254,671
Incremental shares issuable from assumed exercise of stock options		700			800			737			949
Weighted average shares outstanding — diluted		252,068			255,024			251,935			255,620
Weighted average unvested share-based payment awards		2,688			2,480			2,554			2,431
Earnings per share
Basic	$	0.21		$	0.85		$	0.43		$	2.29
Diluted	$	0.21		$	0.85		$	0.43		$	2.28

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. At June 30, 2011, stock options totaling approximately 0.7 million were excluded from the diluted earnings per share as they were not dilutive as compared to 0.8 million at June 30, 2010.

Note 5 — Property and Equipment

Property and equipment, at cost, as of June 30, 2011 and December 31, 2010 consisted of the following:

	2011		2010
Drilling equipment and facilities	$	9,824,335	$	8,900,266
Construction in progress		3,918,618		3,571,017
Other		183,099		172,583
	$	13,926,052	$	12,643,866

Capital expenditures, including capitalized interest, totaled $1.4 billion and $531 million for the six months ended June 30, 2011 and 2010, respectively. Capital expenditures for 2011 consisted of the following:

• $972 million for newbuild construction;

• $293 million for major projects, including $82 million to upgrade two drillships currently operating in Brazil;

• $108 million for other capitalized expenditures including major maintenance and regulatory expenditures which generally have useful lives ranging from 3 to 5 years; and

• $56 million in capitalized interest.

Interest is capitalized on construction-in-progress at the weighted average cost of debt outstanding during the period of construction. Capitalized interest was $29 million and $56 million for the three and six months ended June 30, 2011, respectively, as compared to $13 million and $26 million for the three and six months ended June 30, 2010, respectively.

16

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 6 — Gain on contract extinguishments, net

In January 2011, we announced the signing of a Memorandum of Understanding (“MOU”) with Petroleo Brasileiro S.A. (“Petrobras”) regarding operations in Brazil. Under the terms of the MOU, we agreed to substitute the Noble Phoenix, then under contract with Shell in Southeast Asia, for the Noble Muravlenko. In January 2011, Shell agreed to release the Noble Phoenix from its contract, which was effective in March 2011. The Noble Phoenix is undergoing limited contract preparations, after which the unit will mobilize to Brazil. During the second quarter of 2011, Petrobras formally approved the rig substitution. We expect that acceptance of the Noble Phoenix will take place in the fourth quarter of 2011. In connection with the cancelation of the contract with Shell on the Noble Phoenix, we recognized a non-cash gain of approximately $52.5 million during the first quarter of 2011, which represented the unamortized fair value of the in-place contract assumed in connection with the Frontier acquisition.

Also in January 2011, as a result of the substitution discussed above, we reached a decision not to proceed with the previously announced reliability upgrade to the Noble Muravlenko that was scheduled to take place in 2013. As a result, we incurred a non-cash charge of approximately $32.6 million related to the termination of outstanding shipyard contracts.

In February 2011, the outstanding balances of the Bully joint venture credit facilities, which totaled $693 million, were repaid in full and the credit facilities terminated using a portion of the proceeds from our February 2011 debt offering and equity contributions from our joint venture partner. In addition, the related interest rate swaps were settled and terminated concurrent with the repayment and termination of the credit facilities. As a result of these transactions, we recognized a gain of approximately $1.3 million during the first quarter of 2011.

Note 7 — Receivables from Customers

In June 2010, a subsidiary of Frontier entered into a charter contract with a subsidiary of BP PLC (“BP”) for the Seillean with a term of a minimum of 100 days. The unit went on hire on July 23, 2010. In October 2010, BP initiated an arbitration proceeding against us claiming the contract was void ab initio, or never existed, due to a fundamental breach and has made other claims and is demanding that we reimburse the amounts already paid to us under the charter. We believe BP owes us the amounts due under the charter. The charter has a “hell or high water” provision requiring payment, and we believe we have satisfied our obligations under the charter. Outstanding receivables related to this charter totaled $35 million as of June 30, 2011. We believe that if BP were to be successful in claiming the contract void ab initio we would have an indemnity claim against the former shareholders of Frontier, and we have put them on notice to that effect. We can make no assurances as to the outcome of this dispute.

At June 30, 2011, we had accounts receivable of approximately $14 million related to the Noble Max Smith which are being disputed by our customer, Pemex Exploracion y Produccion (“Pemex”). The disputed amount relates to lost revenues due from Pemex for downtime that occurred when our rig was damaged after one of Pemex’s supply boats collided with our rig. We believe that we are entitled to these revenues and continue to pursue resolution to this issue.

17

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 8 — Debt

Total debt consisted of the following at June 30, 2011 and December 31, 2010:

	June 30,		December 31,
	2011		2010
Wholly-owned debt instruments:
5.875% Senior Notes due 2013	$	299,929	$	299,911
7.375% Senior Notes due 2014		249,574		249,506
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,931		—
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,726		498,672
4.625% Senior Notes due 2021		399,458		—
6.20% Senior Notes due 2040		399,889		399,889
6.05% Senior Notes due 2041		397,568		—
Credit facilities		425,000		40,000
Consolidated joint venture debt instruments:
Joint venture credit facilities	$	—	$	691,052
Joint venture partner notes		—		35,972
Total Debt		3,521,770		2,766,697
Less: Current Maturities		—		(80,213	)
Long-term Debt	$	3,521,770	$	2,686,484

We have two separate revolving credit facilities in place which provide us with a total borrowing capacity of $1.2 billion. One credit facility, which has a capacity of $600 million, matures in 2013, and during the first quarter of 2011, we entered into an additional $600 million revolving credit facility which matures in 2015 (together referred to as the “Credit Facilities”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. We were in compliance with all covenants as of June 30, 2011.

The Credit Facilities provide us with the ability to issue up to $300 million in letters of credit in the aggregate. While the issuance of letters of credit does not increase our borrowings outstanding under the Credit Facilities, it does reduce the amount available. At June 30, 2011, we had borrowings of $425 million outstanding and no letters of credit outstanding under the Credit Facilities.

In February 2011, we issued through our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), $1.1 billion aggregate principal amount of senior notes in three separate tranches, comprising $300 million of 3.05% Senior Notes due 2016, $400 million of 4.625% Senior Notes due 2021, and $400 million of 6.05% Senior Notes due 2041. A portion of the net proceeds of approximately $1.09 billion, after expenses, was used to repay the outstanding balance on our revolving credit facility and to repay our portion of outstanding debt under the joint venture credit facilities discussed below.

In the first quarter of 2011, the joint venture credit facilities, which had a combined outstanding balance of $693 million, were repaid in full through contributions to the joint ventures from Noble and Shell. Shell contributed $361 million in equity to fund their portion of the repayment of joint venture credit facilities and related interest rate swaps, which were settled concurrent with the repayment and termination of the joint venture credit facilities.

In January 2011, the Bully joint ventures issued notes to the joint venture partners totaling $70 million. The interest rate on these notes was 10%, payable semi-annually in arrears and in kind on June 30 and December 31 commencing in June 2011. The purpose of these notes was to provide additional liquidity to the joint ventures in connection with the shipyard construction of the Bully vessels.

18

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

In April 2011, the Bully joint venture partners entered into a subscription agreement, pursuant to which each partner was issued equity in each of the Bully joint ventures in exchange for the cancellation of all outstanding joint venture partner notes. The subscription agreement has the effect of converting all joint venture partner notes into equity of the respective joint venture. The total capital contributed as a result of these agreements was $146 million, which included $142 million in outstanding notes, plus accrued interest. Our portion of the capital contribution, totaling $73 million, was eliminated in consolidation.

Fair Value of Debt

Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities. The following table presents the estimated fair value of our long-term debt as of June 30, 2011 and December 31, 2010.

	June 30, 2011				December 31, 2010
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Wholly-owned debt instruments
5.875% Senior Notes due 2013	$	299,929	$	324,745	$	299,911	$	324,281
7.375% Senior Notes due 2014		249,574		285,298		249,506		282,078
3.45% Senior Notes due 2015		350,000		362,312		350,000		357,292
3.05% Senior Notes due 2016		299,931		302,553		—		—
7.50% Senior Notes due 2019		201,695		245,187		201,695		242,464
4.90% Senior Notes due 2020		498,726		517,933		498,672		516,192
4.625% Senior Notes due 2021		399,458		405,760		—		—
6.20% Senior Notes due 2040		399,889		421,767		399,889		423,345
6.05% Senior Notes due 2041		397,568		411,041		—		—
Credit facilities		425,000		425,000		40,000		40,000
Consolidated joint venture debt instruments
Joint venture credit facilities		—		—		691,052		691,052
Joint venture partner notes		—		—		35,972		35,972

Note 9 — Income Taxes

At December 31, 2010, the reserves for uncertain tax positions totaled $145 million (net of related tax benefits of $8 million). At June 30, 2011, the reserves for uncertain tax positions totaled $141 million (net of related tax benefits of $9 million). If the June 30, 2011 reserves are not realized, the provision for income taxes would be reduced by $124 million and equity would be directly increased by $17 million.

It is possible that our existing liabilities related to our reserve for uncertain tax position amounts may increase or decrease in the next twelve months primarily from the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities for various uncertainties, such as the unresolved nature of various audits.

19

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 10 — Employee Benefit Plans

Pension costs include the following components:

	Three Months Ended June 30,
	2011						2010
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,153		$	2,152		$	1,050		$	1,912
Interest cost		1,440			2,143			1,204			1,957
Return on plan assets		(1,454	)		(2,768	)		(1,302	)		(2,392	)
Amortization of prior service cost		—			57			—			57
Amortization of transition obligation		19			—			18			—
Recognized net actuarial loss		123			843			175			705
Net pension expense	$	1,281		$	2,427		$	1,145		$	2,239

	Six Months Ended June 30,
	2011						2010
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,246		$	4,304		$	2,166		$	3,824
Interest cost		2,823			4,286			2,470			3,914
Return on plan assets		(2,857	)		(5,536	)		(2,668	)		(4,784	)
Amortization of prior service cost		—			113			—			114
Amortization of transition obligation		37			—			36			—
Recognized net actuarial loss		243			1,687			356			1,410
Net pension expense	$	2,492		$	4,854		$	2,360		$	4,478

During the three and six months ended June 30, 2011 and 2010, we made contributions to our pension plans totaling $2 million and $3 million, respectively. We expect the funding to our non-U.S. and U.S. plans in 2011, subject to applicable law, to be approximately $10 million.

We sponsor the Noble Drilling Corporation 401(k) Savings Restoration Plan (“Restoration Plan”). The Restoration Plan is a nonqualified, unfunded employee benefit plan under which certain highly compensated employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The Restoration Plan has no assets, and amounts withheld for the Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and the associated returns are tracked on a phantom basis. Accordingly, we have a liability to employees for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, we benefit should phantom investment losses occur. At both June 30, 2011 and December 31, 2010, our liability under the Restoration Plan totaled $7 million. We have purchased investments that closely correlate to the investment elections made by participants in the Restoration Plan in order to mitigate the impact of the phantom investment income and losses on our financial statements. The value of these investments held for our benefit totaled $7 million at both June 30, 2011 and December 31, 2010.

Note 11 — Derivative Instruments and Hedging Activities

We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor were we a party to leveraged derivatives. During the period, we maintained certain foreign exchange forward contracts that did not qualify under the Financial Accounting Standards Board (“FASB”) standards for hedge accounting treatment and therefore, changes in fair values were recognized as either income or loss in our consolidated income statement.

For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. For interest rate swaps, we evaluate all material terms between the swap and the underlying debt obligation, known in FASB standards as the “long-haul method.” Any change in fair value resulting from ineffectiveness is recognized immediately in earnings.

20

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Cash Flow Hedges

Our North Sea and Brazil operations have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we typically maintain short-term forward contracts settling monthly in their respective local currencies. The forward contract settlements in the remainder of 2011 represent approximately 52 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $113 million at June 30, 2011. Total unrealized gains related to these forward contracts were $4 million as of June 30, 2011 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”).

Our two joint ventures had maintained interest rate swaps which were classified as cash flow hedges. The purpose of these hedges was to satisfy bank covenants of the then outstanding credit facilities and to limit exposure to changes in interest rates. In February 2011, the outstanding balances of the joint venture credit facilities and the related interest rate swaps were settled and terminated. As a result of these transactions we recognized a gain of $1 million during the six months ended June 30, 2011.

The balance of the net unrealized gain/(loss) related to our cash flow hedges included in AOCL and related activity is as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net unrealized gain at beginning of period	$	1,766		$	(1,508	)	$	1,970		$	417
Activity during period:
Settlement of foreign currency forward contracts during the period		(801	)		617			(1,382	)		(356	)
Settlement of interest rate swaps during the period		—			—			(366	)		—
Net unrealized gain/(loss) on outstanding foreign currency forward contracts		3,152			(1,626	)		3,895			(2,578	)
Net unrealized gain/(loss) at end of period	$	4,117		$	(2,517	)	$	4,117		$	(2,517	)

Fair Value Hedges

We have entered into a firm commitment for the construction of the Noble Globetrotter I drillship. The drillship is being constructed in two phases, with the second phase being installation and commissioning of the topside equipment. The contract for this second phase of construction is denominated in Euros, and in order to mitigate the risk of fluctuations in foreign currency exchange rates, we entered into forward contracts to purchase Euros. As of June 30, 2011, the aggregate notional amount of the remaining outstanding forward contract was 10 million Euros. This forward contract settles in connection with a required payment under the construction contract. We are accounting for this forward contract as a fair value hedge. The fair market value of this derivative instrument is included in “Other current assets/liabilities” in the Consolidated Balance Sheets. Gains and losses from this fair value hedge would be recognized in earnings currently, along with the change in fair value of the hedged item attributable to the risk being hedged, if any portion was found to be ineffective. The fair market value of this outstanding forward contract totaled approximately $51,000 at June 30, 2011 and $3 million at December 31, 2010. No gain or loss was recognized in the income statement for the three and six months ended June 30, 2011 or 2010, respectively.

Foreign Exchange Forward Contracts

One of our joint ventures maintained foreign exchange forward contracts to help mitigate the risk of currency fluctuation of the Singapore Dollar for the construction of the Noble Bully II drillship. These contracts were not designated for hedge accounting treatment under FASB standards, and therefore, changes in fair values were recognized as either income or loss in our Consolidated Income Statement. These contracts are referred to as non-designated derivatives in the tables to follow, and all were settled during the first quarter of 2011. For the six months ended June 30, 2011, we recognized a loss of $0.5 million related to these foreign exchange forward contracts.

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NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Financial Statement Presentation

The following tables, together with Note 12, summarize the financial statement presentation and fair value of our derivative positions as of June 30, 2011 and December 31, 2010:

		Estimated fair value
	Balance sheet	June 30,		December 31,
	classification	2011		2010
Asset derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current assets	$	4,260	$	2,015
Fair value hedges
Short-term foreign currency forward contracts	Other current liabilities		51		—
Non-designated derivatives
Short-term foreign currency forward contracts	Other current assets		—		2,603
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current liabilities	$	143	$	412
Short-term interest rate swaps	Other current liabilities		—		15,697
Long-term interest rate swaps	Other liabilities		—		10,893
Fair value hedges
Short-term foreign currency forward contracts	Other current liabilities		—		3,306

To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the three months ended June 30, 2011 and 2010:

						Gain/(loss) reclassified
	Gain/(loss) recognized					from AOCL to “other					Gain/(loss) recognized
	through AOCL					income”					through “other income”
	2011		2010			2011		2010			2011		2010
Cash flow hedges
Foreign currency forward contracts	$	3,152	$	(1,626	)	$	801	$	(617	)	$	—	$	—

During the six months ended June 30, 2011, in connection with the settlement of our interest rate swaps, $1 million was reclassified from AOCL to gain on contract extinguishments.

22

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

The following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the six months ended June 30, 2011 and 2010:

						Gain/(loss) reclassified
	Gain/(loss) recognized					from AOCL to “other				Gain/(loss) recognized
	through AOCL					income”				through “other income”
	2011		2010			2011		2010		2011			2010
Cash flow hedges
Foreign currency forward contracts	$	3,895	$	(2,578	)	$	1,382	$	356	$	—		$	—
Non-designated derivatives
Foreign currency forward contracts		—		—			—		—		(546	)		—

For cash flow presentation purposes, cash outflows of $29 million were recognized in the financing activities section related to the settlement of interest rate swaps. All other amounts were recognized as changes in operating activities.

Note 12 — Fair Value of Financial Instruments

The following table presents the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis:

	June 30, 2011								December 31, 2010
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs		Carrying		Estimated
	Amount		(Level 1)		(Level 2)		(Level 3)		Amount		Fair Value
Assets -
Marketable securities	$	7,178	$	7,178	$	—	$	—	$	6,854	$	6,854
Foreign currency forward contracts		4,311		—		4,311		—		4,618		4,618
Firm commitment		—		—		—		—		3,306		3,306
Liabilities -
Interest rate swaps	$	—	$	—	$	—	$	—	$	26,590	$	26,590
Foreign currency forward contracts		143		—		143		—		3,718		3,718
Firm commitment		51		—		51		—		—		—

The derivative instruments have been valued using actively quoted prices and quotes obtained from the counterparties to the derivative instruments. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value.

23

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 13 — Commitments and Contingencies

In May 2010, Anadarko Petroleum Corporation (“Anadarko”) sent a letter asserting that the initial attempted deepwater drilling moratorium in the U.S. Gulf of Mexico, issued on May 28, 2010 by U.S. Secretary of the Interior Ken Salazar, was an event of force majeure under the drilling contract for the Noble Amos Runner. In June 2010, Anadarko filed a declaratory judgment action in Federal District Court in Houston, Texas seeking to have the court declare that a force majeure condition had occurred and that the drilling contract was terminated by virtue of the initial proclaimed moratorium. We disagree that a force majeure event occurred and that Anadarko had the right to terminate the contract. In August 2010, we filed a counterclaim seeking damages from Anadarko for breach of contract. Anadarko has also attempted to offset approximately $13 million that we had billed for services performed prior to their termination of the contract. We do not believe Anadarko has a basis to offset these invoiced amounts. We do not believe the ultimate resolution of this matter will have a material adverse effect on our financial position, results of operations or cash flows. As a result of the uncertainties noted above, we have not recognized any revenue under the portion of this contract relating to the period after termination and the matter could have a material positive effect on our results of operations or cash flows for the period in which the matter is resolved.

The Noble Homer Ferrington is under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), who entered into an assignment agreement with BP for a two well farm-out of the rig in Libya after successfully drilling two wells with the rig for ExxonMobil. In August 2010, BP attempted to terminate the assignment agreement claiming that the rig was not in the required condition. ExxonMobil has informed us that we must look to BP for payment of the dayrate during the assignment period. In August 2010, we initiated arbitration proceedings under the drilling contract against both BP and ExxonMobil. We do not believe BP had the right to terminate the assignment agreement and believe the rig continued to be fully ready to operate under the drilling contract. The rig has been operating under farm-out arrangements since March 2011. We believe we are owed dayrate by either or both of these clients. The operating dayrate was approximately $538,000 per day for the work in Libya. We are proceeding with the arbitration process and intend to vigorously pursue these claims. As a result of the uncertainties noted above, we have not recognized any revenue during the assignment period and the matter could have a material positive effect on our results of operations or cash flows in the period the matter is resolved.

In August 2007, we entered into a drilling contract with Marathon Oil Company (“Marathon”) for the Noble Jim Day to operate in the U.S. Gulf of Mexico. On January 1, 2011, Marathon provided notice that it was terminating the contract. Marathon’s stated reason for the termination was that the rig had not been accepted by Marathon by December 31, 2010, and Marathon also maintained that a force majeure condition existed under the contract. The contract contained a provision allowing Marathon to terminate if the rig had not commenced operations by December 31, 2010. We believe the rig was ready to commence operations and should have been accepted by Marathon. The contract term was for four years and represented approximately $752 million in contract backlog at the time of termination. No revenue has been recognized under this contract. In March 2011, we filed suit in Texas state district court against Marathon seeking damages for its actions, and the suit is proceeding. We cannot provide assurance as to the outcome of this lawsuit.

During the fourth quarter of 2007, our Nigerian subsidiary received letters from the Nigerian Maritime Administration and Safety Agency (“NIMASA”) seeking to collect a two percent surcharge on contract amounts under contracts performed by “vessels,” within the meaning of Nigeria’s cabotage laws, engaged in the Nigerian coastal shipping trade. Although we do not believe that these laws apply to our ownership of drilling units, NIMASA is seeking to apply a provision of the Nigerian cabotage laws (which became effective on May 1, 2004) to our offshore drilling units by considering these units to be “vessels” within the meaning of those laws and therefore subject to the surcharge, which is imposed only upon “vessels.” Our offshore drilling units are not engaged in the Nigerian coastal shipping trade and are not in our view “vessels” within the meaning of Nigeria’s cabotage laws. In January 2008, we filed an originating summons against NIMASA and the Minister of Transportation in the Federal High Court of Lagos, Nigeria seeking, among other things, a declaration that our drilling operations do not constitute “coastal trade” or “cabotage” within the meaning of Nigeria’s cabotage laws and that our offshore drilling units are not “vessels” within the meaning of those laws. In February 2009, NIMASA filed suit against us in the Federal High Court of Nigeria seeking collection of the cabotage surcharge. In August 2009, the court issued a favorable ruling in response to our originating summons stating that drilling operations do not fall within the cabotage laws and that drilling rigs are not vessels for purposes of those laws. The court also issued an injunction against the defendants prohibiting their interference with our drilling rigs or drilling operations. NIMASA has appealed the court’s ruling, although the court dismissed NIMASA’s lawsuit filed against us in February 2009. We intend to take all further appropriate legal action to resist the application of Nigeria’s cabotage laws to our drilling units. The outcome of any such legal action and the extent to which we may ultimately be responsible for the surcharge is uncertain. If it is ultimately determined that offshore drilling units constitute vessels within the meaning of the Nigerian cabotage laws, we may be required to pay the surcharge and comply with other aspects of the Nigerian cabotage laws, which could adversely affect our operations in Nigerian waters and require us to incur additional costs of compliance.

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NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

NIMASA had also informed the Nigerian Content Division of its position that we are not in compliance with the cabotage laws. The Nigerian Content Division makes determinations of companies’ compliance with applicable local content regulations for purposes of government contracting, including contracting for services in connection with oil and gas concessions where the Nigerian national oil company is a partner. The Nigerian Content Division had originally barred us from participating in new tenders as a result of NIMASA’s allegations, although the Division reversed its actions based on the favorable Federal High Court ruling. However, no assurance can be given with respect to our ability to bid for future work in Nigeria until our dispute with NIMASA is resolved. Further, we continue to evaluate the local content regulations in Nigeria, which could also affect our ability to operate there and our profitability earned from Nigeria.

In November 2010, we concluded our contract for the Noble Duchess in Nigeria. Following the contract, we commenced the exportation process for the rig. We continue to discuss certain spare items that the customs authorities claim are unaccounted for and for which duty would be due. We believe the value of such equipment is insignificant and that the authorities are acting improperly. We have not been able to obtain clearance for the rig although we believe we will ultimately be able to export the rig in a timely manner. However, if the Nigerian customs authorities persist in this manner, the timing of the departure of the unit could be affected and could impede our marketing efforts.

We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At June 30, 2011, there were approximately 21 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the United States in the states of Louisiana, Mississippi and Texas. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows.

We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including certain disputes with customers over receivables discussed in Note 7, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims.

We operate in a number of countries throughout the world and our income tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. Our 2008 tax return is currently under audit by the U.S. Internal Revenue Service. In addition, a U.S. subsidiary of Frontier is also under audit for its 2007 and 2008 tax returns. Furthermore, we are currently contesting several non-U.S. tax assessments and may contest future assessments when we believe the assessments are in error. We cannot predict or provide assurance as to the ultimate outcome of the existing or future assessments. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained.

Certain of our non-U.S. income tax returns have been examined for the 2002 through 2008 periods and audit claims have been assessed for approximately $328 million (including interest and penalties), primarily in Mexico. We do not believe we owe these amounts and are defending our position. However, we expect increased audit activity in Mexico and anticipate the tax authorities will issue additional assessments and continue to pursue legal actions for all audit claims. We believe additional audit claims in the range of $10 to $12 million attributable to other business tax returns may be assessed against us. We have contested, or intend to contest, the audit findings, including through litigation if necessary, and we do not believe that there is greater than 50 percent likelihood that additional taxes will be incurred. Accordingly, no accrual has been made for such amounts.

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NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

We maintain certain insurance coverage against specified marine perils, including liability for physical damage to our drilling rigs, and loss of hire on certain of our rigs. The damage caused in 2005 and 2008 by Hurricanes Katrina, Rita and Ike negatively impacted the energy insurance market, resulting in more restricted and more expensive coverage for U.S. named windstorm perils. Accordingly, effective March 2009, we elected to self-insure this exposure to our units in the U.S. portion of the Gulf of Mexico. Our rigs located in the Mexican portion of the Gulf of Mexico remain covered by commercial insurance for windstorm damage. In addition, we maintain physical damage deductibles of $25 million per occurrence for rigs located in the U.S., Mexico, Brazil, Southeast Asia, the North Sea and New Zealand and $15 million per occurrence for rigs operating in West Africa, the Middle East, India, and the Mediterranean Sea. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45-day waiting period for each unit and each occurrence.

Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks.

We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million.

In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $2.6 billion at June 30, 2011.

We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-Swiss (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances.

Internal Investigation

In 2007, we began, and voluntarily contacted the SEC and the U.S. Department of Justice (“DOJ”) to advise them of, an internal investigation of the legality under the United States Foreign Corrupt Practices Act (“FCPA”) and local laws of certain reimbursement payments made by our Nigerian affiliate to our customs agents in Nigeria. In 2010, we finalized settlements of this matter with each of the SEC and the DOJ. Pursuant to these settlements, we agreed to pay fines and penalties to the DOJ and the SEC and to certain undertakings, including refraining from violating the FCPA and other anti-corruption laws, self-reporting any violations of the FCPA or such laws to the DOJ and reporting to the DOJ on an annual basis our progress on anti-corruption compliance matters. Our ability to comply with the terms of the settlements is dependent on the success of our ongoing compliance program, including our ability to continue to manage our agents and supervise, train and retain competent employees, and the efforts of our employees to comply with applicable law and our code of business conduct and ethics.

In January 2011, the Nigerian Economic and Financial Crimes Commission and the Nigerian Attorney General Office initiated an investigation into these same activities. A subsidiary of Noble-Swiss resolved this matter through the execution of a non-prosecution agreement dated January 28, 2011. Pursuant to this agreement, the subsidiary paid $2.5 million to resolve all charges and claims of the Nigerian government.

Any similar investigations or charges and any additional sanctions we may incur as a result of any such investigation could damage our reputation and result in substantial fines, sanctions, civil and/or criminal penalties and curtailment of operations in certain jurisdictions and might adversely affect our business, results of operations or financial condition. Further, resolving any such investigation could be expensive and consume significant time and attention of our senior management.

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NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

As of June 30, 2011, all of our rigs operating in Nigeria were operating under temporary import permits. However, there can be no assurance that we will be able to obtain new permits or further extensions of permits necessary to continue the operation of our rigs in Nigeria. If we cannot obtain a new permit or an extension necessary to continue operations of any rig, we may need to cease operations under the drilling contract for such rig and relocate such rig from Nigerian waters. We cannot predict what impact these events may have on any such contract or our business in Nigeria, and we could face additional fines and sanctions in Nigeria. Furthermore, we cannot predict what changes, if any, relating to temporary import permit policies and procedures may be established or implemented in Nigeria in the future, or how any such changes may impact our business there.

27

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 14 — Segment and Related Information

We report our contract drilling operations as a single reportable segment: Contract Drilling Services. The consolidation of our contract drilling operations into one reportable segment is attributable to how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil and gas industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a single, global market for contract drilling services and are often redeployed globally in response to changing demands of our customers, which consist largely of major non-U.S. and government owned/controlled oil and gas companies throughout the world. Our contract drilling services segment currently conducts contract drilling operations principally in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and the Asian Pacific.

We evaluate the performance of our operating segment primarily based on operating revenues and net income. Summarized financial information of our reportable segments for the three and six months ended June 30, 2011 and 2010 is shown in the following table. The “Other” column includes results of labor contract drilling services and corporate related items.

	Three Months Ended June 30,
	2011									2010
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	612,845		$	15,152		$	627,997		$	701,102		$	8,820		$	709,922
Depreciation and amortization		159,843			3,276			163,119			123,379			2,848			126,227
Segment operating income/ (loss)		77,309			1,736			79,045			268,941			(394	)		268,547
Interest expense, net of amount capitalized		(683	)		(14,146	)		(14,829	)		(235	)		(275	)		(510	)
Income tax (provision)/ benefit		(11,418	)		1,910			(9,508	)		(51,544	)		426			(51,118	)
Segment profit/ (loss)		64,939			(10,856	)		54,083			219,267			(1,342	)		217,925
Total assets (at end of period)		12,046,536			391,702			12,438,238			7,761,724			1,141,778			8,903,502
Capital expenditures		810,723			3,736			814,459			181,505			11,132			192,637

	Six Months Ended June 30,
	2011									2010
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,177,499		$	29,386		$	1,206,885		$	1,533,262		$	17,511		$	1,550,773
Depreciation and amortization		314,731			6,510			321,241			236,553			5,531			242,084
Segment operating income/ (loss)		162,025			3,284			165,309			692,885			(1,377	)		691,508
Interest expense, net of amount capitalized		(1,768	)		(32,102	)		(33,870	)		(293	)		(682	)		(975	)
Income tax (provision)/ benefit		(30,281	)		5,414			(24,867	)		(107,136	)		622			(106,514	)
Segment profit/ (loss)		131,819			(23,241	)		108,578			591,304			(2,653	)		588,651
Total assets (at end of period)		12,046,536			391,702			12,438,238			7,761,724			1,141,778			8,903,502
Capital expenditures		1,423,711			5,072			1,428,783			517,088			14,313			531,401

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NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 15 — Accounting Pronouncements

In October 2009, the FASB issued guidance that impacts the recognition of revenue in multiple-deliverable arrangements. The guidance establishes a selling-price hierarchy for determining the selling price of a deliverable. The goal of this guidance is to clarify disclosures related to multiple-deliverable arrangements and to align the accounting with the underlying economics of the multiple-deliverable transaction. This guidance is effective for fiscal years beginning on or after June 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In January 2010, the FASB issued guidance relating to the disclosure of the fair value of assets. This guidance calls for additional information to be given regarding the transfer of items in and out of respective categories. In addition, it requires additional disclosures regarding the purchase, sales, issuances, and settlements of assets that are classified as level three within the FASB fair value hierarchy. This guidance is generally effective for annual and interim periods ending after December 15, 2009. However, the disclosures about purchases, sales, issuances and settlements in the roll-forward activity in Level 3 fair value measurements were deferred until fiscal years beginning after December 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In December 2010, the FASB issued guidance that requires a public entity to disclose pro forma information for business combinations that occurred in the current reporting period. The disclosures include pro forma revenue and earnings of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. If comparative financial statements are presented, the pro forma revenue and earnings of the combined entity for the comparable prior reporting period should be reported as though the acquisition date for all business combinations that occurred during the current year had been as of the beginning of the comparable prior annual reporting period. The guidance is effective for annual reporting periods beginning on or after December 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In May 2011, the FASB issued guidance that modified the wording used to describe many of the requirements in accounting literature for measuring fair value and for disclosing information about fair value measurements. The goal of the amendment is to create consistency between the United States and international accounting standards. The guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011. While we are still evaluating this guidance, the adoption of this guidance should not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In June 2011, the FASB issued guidance that allows an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendment no longer allows an entity to show changes to other comprehensive income solely through the statement of equity. For publicly traded entities, the guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011. While we are still evaluating this guidance, the adoption of this guidance will not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

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NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES
NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise indicated, dollar amounts in tables are in thousands, except per share data)

Note 16 — Net Change in Other Assets and Liabilities

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:

	Noble-Swiss						Noble-Cayman
	Six months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Accounts receivable	$	(122,605	)	$	176,106		$	(122,572	)	$	176,106
Other current assets		(55,141	)		(43,555	)		(46,895	)		(43,136	)
Other assets		(776	)		(15,751	)		(3,253	)		(15,865	)
Accounts payable		(17,020	)		19,898			(17,050	)		15,470
Other current liabilities		1,544			10,340			(11,283	)		9,683
Other liabilities		16,030			32,208			16,004			32,412
	$	(177,968	)	$	179,246		$	(185,049	)	$	174,670

Note 17 — Guarantees of Registered Securities

Noble-Cayman and Noble Holding (U.S.) Corporation (“NHC”), a wholly-owned subsidiary of Noble-Cayman, are full and unconditional guarantors of NDC’s 7.50% Senior Notes due 2019 which had an outstanding principal balance at June 30, 2011 of $202 million. NDC is a direct, wholly-owned subsidiary of NHC. Noble Drilling Holding LLC (“NDH”), a wholly-owned subsidiary of Noble-Cayman, is also a co-obligor on (and effectively a guarantor of) the 7.50% Senior Notes. Noble Drilling Services 6 LLC (“NDS6”), also a wholly-owned subsidiary of Noble-Cayman, is a co-issuer of the 7.50% Senior Notes.

NDC and NHIL are full and unconditional guarantors of Noble-Cayman’s 5.875% Senior Notes due 2013, which had an outstanding principal balance of $300 million at June 30, 2011.

Noble-Cayman is a full and unconditional guarantor of NHIL’s 7.375% Senior Notes due 2014, which had an outstanding principal balance of $250 million at June 30, 2011.

Noble-Cayman is a full and unconditional guarantor of NHIL’s 3.45% Senior Notes due 2015, 4.90% Senior Notes due 2020 and 6.20% Senior Notes due 2040. The aggregate principal balance of these three tranches of senior notes at June 30, 2011 was $1.25 billion.

Noble-Cayman is a full and unconditional guarantor of NHIL’s 3.05% Senior Notes due 2016, 4.625% Senior Notes due 2021 and 6.05% Senior Notes due 2041. The aggregate principal balance of these three tranches of senior notes at June 30, 2011 was $1.1 billion.

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NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2011
(in thousands)

The following consolidating financial statements of Noble-Cayman, NHC and NDH combined, NDC, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

													Other
													Non-guarantor
	Noble-		NHC and NDH										Subsidiaries			Consolidating
	Cayman		Combined			NDC			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	41	$	291		$	—		$	—	$	—	$	224,585		$	—		$	224,917
Accounts receivable		—		12,143			3,115			—		—		494,728			—			509,986
Prepaid expenses		—		357			11			—		—		64,309			—			64,677
Short-term notes receivable from affiliates		—		119,476			—			—		—		100,500			(219,976	)		—
Accounts receivable from affiliates		1,115,706		—			799,688			1,276,324		—		4,371,467			(7,563,185	)		—
Other current assets		10,396		99,322			240			18,849		13,459		308,015			(281,431	)		168,850
Total current assets		1,126,143		231,589			803,054			1,295,173		13,459		5,563,604			(8,064,592	)		968,430
Property and equipment
Drilling equipment, facilities and other		—		2,144,664			71,297			—		—		11,676,266			—			13,892,227
Accumulated depreciation		—		(195,924	)		(51,632	)		—		—		(2,611,671	)		—			(2,859,227	)
Total property and equipment, net		—		1,948,740			19,665			—		—		9,064,595			—			11,033,000
Notes receivable from affiliates		3,487,062		675,000			—			1,239,600		572,107		2,781,400			(8,755,169	)		—
Investments in affiliates		7,011,232		8,853,976			3,510,031			6,215,619		1,993,985		—			(27,584,843	)		—
Other assets		4,090		10,302			2,081			19,691		941		361,150			—			398,255
Total assets	$	11,628,527	$	11,719,607		$	4,334,831		$	8,770,083	$	2,580,492	$	17,770,749		$	(44,404,604	)	$	12,399,685
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	50,500	$	50,000		$	—		$	—	$	—	$	119,476		$	(219,976	)	$	—
Accounts payable and accrued liabilities		1,767		21,747			9,818			52,149		4,412		523,479			—			613,372
Accounts payable to affiliates		1,864,559		3,590,781			24,770			86,840		20,058		2,257,608			(7,844,616	)		—
Total current liabilities		1,916,826		3,662,528			34,588			138,989		24,470		2,900,563			(8,064,592	)		613,372
Long-term debt		724,929		—			—			2,595,146		201,695		—						3,521,770
Notes payable to affiliates		1,770,500		1,147,500			85,000			975,000		811,000		3,966,169			(8,755,169	)		—
Other liabilities		19,929		46,253			25,796			—		—		377,566						469,544
Total liabilities		4,432,184		4,856,281			145,384			3,709,135		1,037,165		7,244,298			(16,819,761	)		4,604,686
Commitments and contingencies
Equity		7,196,343		6,863,326			4,189,447			5,060,948		1,543,327		10,526,451			(27,584,843	)		7,794,999
Total liabilities and equity	$	11,628,527	$	11,719,607		$	4,334,831		$	8,770,083	$	2,580,492	$	17,770,749		$	(44,404,604	)	$	12,399,685

31

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2010
(in thousands)

													Non-guarantor
	Noble-		NHC and NDH										Subsidiaries			Consolidating
	Cayman		Combined			NDC			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	42	$	146		$	—		$	—	$	—	$	333,211		$	—		$	333,399
Accounts receivable		—		6,984			1,795			—		—		378,635			—			387,414
Prepaid expenses		—		310			—			—		—		32,922			—			33,232
Short-term notes receivable from affiliates		—		119,476			—			—		—		75,000			(194,476	)		—
Accounts receivable from affiliates		607,207		—			751,623			199,235		1,958		3,659,570			(5,219,593	)		—
Other current assets		7,057		89,736			240			19,980		9,416		276,194			(251,736	)		150,887
Total current assets		614,306		216,652			753,658			219,215		11,374		4,755,532			(5,665,805	)		904,932
Property and equipment
Drilling equipment, facilities and other		—		1,254,482			70,945			—		—		11,289,547			—			12,614,974
Accumulated depreciation		—		(153,638	)		(50,250	)		—		—		(2,391,066	)		—			(2,594,954	)
Total property and equipment, net		—		1,100,844			20,695			—		—		8,898,481			—			10,020,020
Notes receivable from affiliates		3,507,062		675,000			—			1,239,600		479,107		2,492,900			(8,393,669	)		—
Investments in affiliates		6,835,466		9,150,129			3,561,451			5,618,248		1,879,831		—			(27,045,125	)		—
Other assets		1,872		7,700			2,451			11,336		1,001		318,232			—			342,592
Total assets	$	10,958,706	$	11,150,325		$	4,338,255		$	7,088,399	$	2,371,313	$	16,465,145		$	(41,104,599	)	$	11,267,544
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	25,000	$	50,000		$	—		$	—	$	—	$	119,476		$	(194,476	)	$	—
Current maturities of long-term debt		—		—			—			—		—		80,213			—			80,213
Accounts payable and accrued liabilities		1,473		19,218			8,779			31,973		4,413		647,488			—			713,344
Accounts payable to affiliates		1,601,869		2,708,598			30,095			64,192		7,134		1,059,441			(5,471,329	)		—
Total current liabilities		1,628,342		2,777,816			38,874			96,165		11,547		1,906,618			(5,665,805	)		793,557
Long-term debt		339,911		—			—			1,498,066		201,695		646,812			—			2,686,484
Notes payable to affiliates		1,834,500		1,092,000			120,000			550,000		811,000		3,986,169			(8,393,669	)		—
Other liabilities		19,929		48,595			25,485			—		—		432,839			—			526,848
Total liabilities		3,822,682		3,918,411			184,359			2,144,231		1,024,242		6,972,438			(14,059,474	)		4,006,889
Commitments and contingencies
Total Equity		7,136,024		7,231,914			4,153,896			4,944,168		1,347,071		9,492,707			(27,045,125	)		7,260,655
Total liabilities and equity	$	10,958,706	$	11,150,325		$	4,338,255		$	7,088,399	$	2,371,313	$	16,465,145		$	(41,104,599	)	$	11,267,544

32

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	35,090		$	4,705		$	—		$	—		$	566,145		$	(16,390	)	$	589,550
Reimbursables		—			1,778			—			—			—			22,344			—			24,122
Labor contract drilling services		—			—			—			—			—			14,012			—			14,012
Other		—			—			—			—			—			313			—			313
Total operating revenues		—			36,868			4,705			—			—			602,814			(16,390	)		627,997
Operating costs and expenses
Contract drilling services		1,598			12,085			1,975			8,236			—			322,700			(16,390	)		330,204
Reimbursables		—			2,007			—			—			—			16,716			—			18,723
Labor contract drilling services		—			—			—			—			—			8,750			—			8,750
Depreciation and amortization		—			13,068			935			—			—			148,633			—			162,636
Selling, general and administrative		1,792			1,209			—			7,626			1			4,014			—			14,642
Gain on contract extinguishments, net		—			—			—			—			—			—			—			—
Total operating costs and expenses		3,390			28,369			2,910			15,862			1			500,813			(16,390	)		534,955
Operating income (loss)		(3,390	)		8,499			1,795			(15,862	)		(1	)		102,001			—			93,042
Other income (expense)
Equity earnings in affiliates, net of tax		88,486			64,434			19,176			122,310			71,736			—			(366,142	)		—
Interest expense, net of amounts capitalized		(17,903	)		(15,323	)		(1,719	)		(23,530	)		(7,271	)		(886	)		51,803			(14,829	)
Interest income and other, net		1,625			6,932			37			11,435			2,252			29,375			(51,803	)		(147	)
Income before income taxes		68,818			64,542			19,289			94,353			66,716			130,490			(366,142	)		78,066
Income tax provision		—			6,658												(15,815	)					(9,157	)
Net Income		68,818			71,200			19,289			94,353			66,716			114,675			(366,142	)		68,909
Net loss attributable to noncontrolling interests		—			—			—			—			—			(91	)		—			(91	)
Net income attributable to Noble Corporation	$	68,818		$	71,200		$	19,289		$	94,353		$	66,716		$	114,584		$	(366,142	)	$	68,818

33

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	61,054		$	9,695		$	—		$	—		$	1,089,739		$	(28,333	)	$	1,132,155
Reimbursables		—			2,690			12			—			—			43,711			—			46,413
Labor contract drilling services		—			—			—			—			—			27,559			—			27,559
Other		—			—			—			—			—			758			—			758
Total operating revenues		—			63,744			9,707			—			—			1,161,767			(28,333	)		1,206,885
Operating costs and expenses
Contract drilling services		3,059			21,069			3,798			16,806			—			614,637			(28,333	)		631,036
Reimbursables		—			2,911			—			—			—			32,915			—			35,826
Labor contract drilling services		—			—			—			—			—			17,273			—			17,273
Depreciation and amortization		—			23,192			1,844			—			—			295,255			—			320,291
Selling, general and administrative		3,303			2,718			—			15,503			1			9,648			—			31,173
Gain on contract extinguishments, net		—			—			—			—			—			(21,202	)		—			(21,202	)
Total operating costs and expenses		6,362			49,890			5,642			32,309			1			948,526			(28,333	)		1,014,397
Operating income (loss)		(6,362	)		13,854			4,065			(32,309	)		(1	)		213,241			—			192,488
Other income (expense)
Equity earnings in affiliates, net of tax		175,766			102,373			34,977			172,371			107,556			—			(593,043	)		—
Interest expense, net of amounts capitalized		(36,264	)		(29,915	)		(3,539	)		(46,026	)		(14,942	)		(3,017	)		99,833			(33,870	)
Interest income and other, net		3,338			12,470			48			22,744			4,044			59,283			(99,833	)		2,094
Income before income taxes		136,478			98,782			35,551			116,780			96,657			269,507			(593,043	)		160,712
Income tax provision		—			5,800			—			—			—			(29,982	)		—			(24,182	)
Net Income		136,478			104,582			35,551			116,780			96,657			239,525			(593,043	)		136,530
Net loss attributable to noncontrolling interests		—			—			—			—			—			(52	)		—			(52	)
Net income attributable to Noble Corporation	$	136,478		$	104,582		$	35,551		$	116,780		$	96,657		$	239,473		$	(593,043	)	$	136,478

34

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2010
(in thousands)

															Other
															Non-guarantor
	Noble-			NHC and NDH											Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6		of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	20,280		$	5,016		$	—		$	—	$	670,214		$	(8,000	)	$	687,510
Reimbursables		—			340			61			—			—		13,352						13,753
Labor contract drilling services		—			—			—			—			—		8,056						8,056
Other		—			112			—			—			—		491						603
Total operating revenues		—			20,732			5,077			—			—		692,113			(8,000	)		709,922
Operating costs and expenses
Contract drilling services		2			10,726			1,188			—			—		267,168			(8,000	)		271,084
Reimbursables		—			988			61			—			—		9,316						10,365
Labor contract drilling services		—			—			—			—			—		5,380						5,380
Depreciation and amortization		—			9,044			874			—			—		116,134						126,052
Selling, general and administrative		—			49,773			88			76			—		(34,403	)					15,534
Total operating costs and expenses		2			70,531			2,211			76			—		363,595			(8,000	)		428,415
Operating income (loss)		(2	)		(49,799	)		2,866			(76	)		—		328,518			—			281,507
Other income (expense)
Equity earnings in affiliates, net of tax		231,400			166,662			9,556			242,210			123,117		—			(772,945	)		—
Interest expense, net of amounts capitalized		(174	)		(20,453	)		(1,839	)		(9,736	)		—		(2,739	)		34,431			(510	)
Interest income and other, net		1,733			20,941			—			—			4,214		9,046			(34,431	)		1,503
Income before income taxes		232,957			117,351			10,583			232,398			127,331		334,825			(772,945	)		282,500
Income tax provision		—			(10,351	)		—			—			—		(39,192	)		—			(49,543	)
Net Income	$	232,957		$	107,000		$	10,583		$	232,398		$	127,331	$	295,633		$	(772,945	)	$	232,957

35

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2010
(in thousands)

															Other
															Non-guarantor
	Noble-			NHC and NDH											Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6		of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	48,589		$	7,484		$	—		$	—	$	1,461,383		$	(21,300	)	$	1,496,156
Reimbursables		—			590			61			—			—		37,335			—			37,986
Labor contract drilling services		—			—			—			—			—		15,817			—			15,817
Other		—			112			—			—			—		702			—			814
Total operating revenues		—			49,291			7,545			—			—		1,515,237			(21,300	)		1,550,773
Operating costs and expenses
Contract drilling services		7			18,607			3,136			—			—		523,415			(21,300	)		523,865
Reimbursables		—			1,099			61			—			—		28,948			—			30,108
Labor contract drilling services		—			—			—			—			—		11,268			—			11,268
Depreciation and amortization		—			17,827			1,612			—			—		222,277			—			241,716
Selling, general and administrative		—			50,636			221			119			—		(19,554	)		—			31,422
Total operating costs and expenses		7			88,169			5,030			119			—		766,354			(21,300	)		838,379
Operating income (loss)		(7	)		(38,878	)		2,515			(119	)		—		748,883			—			712,394
Other income (expense)
Equity earnings in affiliates, net of tax		608,738			341,687			9,118			632,091			300,508		—			(1,892,142	)		—
Interest expense, net of amounts capitalized		(587	)		(35,334	)		(3,657	)		(19,365	)		—		(6,184	)		64,152			(975	)
Interest income and other, net		3,446			22,757			—			—			6,152		36,907			(64,152	)		5,110
Income before income taxes		611,590			290,232			7,976			612,607			306,660		779,606			(1,892,142	)		716,529
Income tax provision		—			(9,092	)		—			—			—		(95,847	)		—			(104,939	)
Net Income	$	611,590		$	281,140		$	7,976		$	612,607		$	306,660	$	683,759		$	(1,892,142	)	$	611,590

36

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(30,984	)	$	20,555		$	2,807		$	(43,770	)	$	(10,840	)	$	321,277		$	—		$	259,045
Cash flows from investing activities
New construction and capital expenditures		—			(842,012	)		—			—			—			(633,338	)		—			(1,475,350	)
Notes receivable from affiliates		20,000			—			—			—			—			91,000			(111,000	)		—
Refund from contract extinguishments		—			—			—			—			—			18,642			—			18,642
Net cash from investing activities		20,000			(842,012	)		—			—			—			(523,696	)		(111,000	)		(1,456,708	)
Cash flows from financing activities
Borrowings on bank credit facilities		625,000			—			—			—			—			—			—			625,000
Payments of bank credit facilities		(240,000	)		—			—			—			—			—			—			(240,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,087,833			—			—			—			1,087,833
Contributions from joint venture partners		—			—			—			—			—			436,000			—			436,000
Payments of joint venture debt		—			—			—			—			—			(693,494	)		—			(693,494	)
Settlement of interest rate swaps		—			—			—			—			—			(29,032	)		—			(29,032	)
Financing cost on credit facilities		(2,835	)		—			—			—			—			—			—			(2,835	)
Distributions to parent		(94,291	)		—			—			—			—			—			—			(94,291	)
Advances (to) from affiliates		(238,391	)		839,102			32,193			(1,044,063	)		10,840			400,319			—			—
Notes payable to affiliates		(38,500	)		(17,500	)		(35,000	)		—			—			(20,000	)		111,000			—
Net cash from financing activities		10,983			821,602			(2,807	)		43,770			10,840			93,793			111,000			1,089,181
Net change in cash and cash equivalents		(1	)		145			—			—			—			(108,626	)		—			(108,482	)
Cash and cash equivalents, beginning of period		42			146			—			—			—			333,211						333,399
Cash and cash equivalents, end of period	$	41		$	291		$	—		$	—		$	—		$	224,585		$	—		$	224,917

37

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2010
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments		Total
Cash flows from operating activities
Net cash from operating activities	$	10,138		$	(36,375	)	$	3,592		$	(4,400	)	$	60		$	1,053,419		$	—	$	1,026,434
Cash flows from investing activities
New construction and capital expenditures		—			(184,963	)		—			—			—			(363,918	)		—		(548,881	)
Net cash from investing activities		—			(184,963	)		—			—			—			(363,918	)		—		(548,881	)
Cash flows from financing activities
Distributions to parent		(128,315	)		—			—			—			—			—			—		(128,315	)
Advances (to) from affiliates		119,876			221,265			(3,592	)		4,400			(60	)		(341,889	)		—		—
Net cash from financing activities		(8,439	)		221,265			(3,592	)		4,400			(60	)		(341,889	)		—		(128,315	)
Net change in cash and cash equivalents		1,699			(73	)		—			—			—			347,612			—		349,238
Cash and cash equivalents, beginning of period		3			268			—			—			—			725,954			—		726,225
Cash and cash equivalents, end of period	$	1,702		$	195		$	—		$	—		$	—		$	1,073,566		$	—	$	1,075,463

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion is intended to assist you in understanding our financial position at June 30, 2011, and our results of operations for the three and six months ended June 30, 2011 and 2010. The following discussion should be read in conjunction with the consolidated financial statements and related notes contained in this Quarterly Report on Form 10-Q and the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2010 filed by Noble Corporation, a Swiss corporation (“Noble-Swiss”) and Noble Corporation, a Cayman Islands company (“Noble-Cayman”).

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this report regarding the Frontier transaction and integration, contract backlog, fleet and benefits, our financial position, business strategy, backlog, completion and acceptance of our newbuild rigs, contract commitments, dayrates, contract commencements, extension or renewals, contract tenders, the outcome of any dispute, litigation or investigation, plans and objectives of management for future operations, foreign currency requirements, results of joint ventures, indemnity and other contract claims, construction of rigs, industry conditions including the effect of disruptions of drilling in the U.S. Gulf of Mexico, access to financing, impact of competition, taxes and tax rates, advantages of our worldwide internal restructuring, indebtedness covenant compliance, and timing for compliance with any new regulations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should” and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this report on Form 10-Q and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. We have identified factors including but not limited to operating hazards and delays, risks associated with operations outside the U.S., actions by regulatory authorities, customers, joint venture partners, contractors, lenders and other third parties, legislation and regulations affecting drilling operations, costs and difficulties relating to the integration of 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, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions and the future price of oil and gas that could cause actual plans or results to differ materially from those included in any forward-looking statements. These factors include those referenced or described in Part I, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2010, and in our other filings with the U.S. Securities and Exchange Commission (“SEC”). We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us.

Executive Overview

Noble is a leading offshore drilling contractor for the oil and gas industry. At June 30, 2011, our fleet consisted of 76 mobile offshore drilling units located worldwide as follows: 14 semisubmersibles, 13 drillships, 47 jackups and two submersibles. In addition, we have one floating production storage and offloading unit (“FPSO”). At June 30, 2011, we had 11 of our 76 units under construction. Subsequent to June 30, 2011, we exercised options for the construction of two additional high-specification heavy duty, harsh environment jackup rigs.

Our global fleet is currently located in the following areas: the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and the Asian Pacific. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

Outlook

The overall offshore drilling market has been volatile since the events occurring in connection with the Deepwater Horizon, and the U.S. governmental response to the incident. In the U.S. Gulf of Mexico, the lifting of the moratorium and publication of new safety rules has led to progress in returning activity to more normal levels as indicated by the recent issuance of new drilling permits. However, while the issuance of a limited number of permits is a positive development, there are a number of ongoing risks which make it difficult to predict whether or when industry activity in the U.S. Gulf will return to levels seen prior to the Deepwater Horizon incident. These risks include a current and ongoing risk of potential third party environmental lawsuits targeting the permitting process, possible new drilling regulations, a failure of the Bureau of Ocean Energy Management, Regulation and Enforcement (“BOEMRE”) to issue permits in a timely manner and the adoption by individual operators of new drilling or equipment standards exceeding those required by regulatory bodies.

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Furthermore, there is continued uncertainty regarding the sustainability of the global economic recovery, which is proceeding unevenly in different geographic regions. In addition to the political instability in certain oil producing nations in the Middle East and North Africa, there is also uncertainty regarding the sustainability of the recovery in the credit markets, particularly in Europe. In the U.S., the ongoing debate regarding debt levels has resulted in concerns around U.S. sovereign debt ratings, as well as a weakening of the dollar. During the first half of 2011, oil and gas prices increased as a result of supply side concerns in response to political unrest in the Middle East and North Africa. Natural gas prices in the United States fluctuated during the first half of the year, but ended the period in-line with year-end 2010 pricing. We believe these competing factors noted above may lead to instability in the price of both commodities for the foreseeable future.

Despite the increase in commodity prices, we have only recently seen an increase in demand for offshore drilling services. Developments in the U.S. Gulf of Mexico will continue to have an impact on the deepwater market segment in the short-term; however, we believe that the long-term outlook is stronger. Market dayrates for new ultra-deepwater units remain generally above $450,000, which is significantly lower than the peak rates achieved in 2007-2008. However, short-term fixtures for very high specification units, like the Noble Jim Day, have exceeded $500,000. Although demand in the jackup segment decreased slightly during 2010, utilization for units operating outside the U.S. Gulf of Mexico still averaged approximately 80 percent during the first half of 2011. We continue to see differentiation in the jackup market segment with newer units having utilization rates exceeding 90 percent, while units that entered service before 2000 have utilization rates closer to 70 percent. Likewise, there has been a bifurcation of dayrates between older and newer units in the jackup market with newer units earning a premium as customers display a preference for technologically advanced and efficient drilling alternatives. Dayrates for both older and newer units were relatively stable throughout the second half of 2010 and while we have seen some indications that rates in certain regions started to increase during the first half of 2011, rates in general are significantly lower than the peak rates reached in 2007 and 2008.

Demand for our drilling services generally depends on a variety of economic and political factors, including worldwide demand for oil and gas, the ability of the Organization of Petroleum Exporting Countries (“OPEC”) to set and maintain production levels and pricing, the level of production of non-OPEC countries and the policies of various governments addressing access to their oil and gas reserves. Our results of operations depend on offshore drilling activity worldwide. Historically, oil and gas prices and market expectations of potential changes in these prices have significantly affected that level of activity. Generally, higher oil and natural gas prices or our customers’ expectations of higher prices result in greater demand for our services. Demand for our services is also a function of the worldwide supply of mobile offshore drilling units. Industry analysts widely acknowledge that a significant expansion of industry supply of both jackups and ultra-deepwater units has commenced, the majority of which currently have no contract. The introduction of additional non-contracted rigs into the marketplace could have an adverse effect on demand for our services or the dayrates we are able to achieve.

In addition, as a result of exploration discoveries offshore Brazil, Petroleo Brasileiro S.A. (“Petrobras”), the Brazilian national oil company, announced a plan to construct up to 28 deepwater rigs in Brazil and accepted bids in 2010 to construct these units from a number of shipyards and drilling contractors. A deepwater drilling rig construction industry possessing the scope and experience to efficiently address this volume of work does not currently exist in Brazil and Noble did not participate in these bids primarily because we viewed the capital risk associated with constructing a unit in Brazil as inappropriate. Petrobras awarded the first tranche of seven drillships to a Brazilian shipyard for delivery beginning in 2015. In March 2011, Petrobras cancelled the bids for the remaining 21 newbuild units. In June 2011, Petrobras issued a new tender to build 21 ultra deepwater rigs in Brazil to operate with Petrobras under 10 to 15 year contracts with drilling operations commencing within 48 months after the contract is awarded. Nevertheless, the future of Petrobras’ building program remains uncertain and the ultimate number of deepwater rigs to be built in Brazil is still unknown. While Petrobras is currently in the market tendering for existing deepwater drilling units, the potential increase in supply from the Petrobras newbuilds could also adversely impact overall industry dayrates and economics.

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As of June 30, 2011, we had 11 jackup units contracted with Pemex Exploracion y Produccion (“Pemex”) in Mexico, eight of which have contracts scheduled to expire in 2011. Pemex currently has outstanding tenders for up to 20 jackup rigs. Some previous tenders published by Pemex contained a requirement that certain units must have entered service since the year 2000. While Pemex did not succeed in securing a significant number of newer rigs from those published tenders, we cannot predict whether this age requirement will be present in future Pemex tenders. If this requirement is present in future tenders, it could require us to seek work for our rigs in other locations, as the ages of our rigs currently operating in Mexico do not meet this requirement. If such work is not available, it could lead to additional idle time on some of our rigs. We cannot predict how many rigs might be affected or how long they could remain idle. We remain optimistic that many, if not all, of our rigs currently operating in Mexico will be able to continue to secure long-term work with Pemex.

In January 2011, we announced the signing of a Memorandum of Understanding (“MOU”) with Petrobras regarding operations in Brazil. Under the terms of the MOU, we would substitute the drillship Noble Phoenix, then under contract with Shell in Southeast Asia, for the drillship Noble Muravlenko. In January 2011, Shell agreed to release the Noble Phoenix from its contract, which was effective in March 2011. The Noble Phoenix has undertaken limited contract preparations, after which the unit will mobilize to Brazil. During the second quarter of 2011, Petrobras formally approved the rig substitution. We expect that acceptance of the Noble Phoenix will take place in the fourth quarter of 2011. In connection with the cancelation of the contract on the Noble Phoenix, we recognized a non-cash gain of approximately $52.5 million during the first quarter of 2011 which represents the unamortized fair value of the in-place contract assumed in connection with the Frontier acquisition.

Also in January 2011, as a result of the substitution discussed above, we reached a decision not to proceed with the previously announced reliability upgrade to the Noble Muravlenko that was scheduled to take place in 2013. As a result, we incurred a non-cash charge of approximately $32.6 million related to the termination of outstanding shipyard contracts.

In connection with our existing drilling contracts with Petrobras for two of our drillships operating in Brazil, we approved certain shipyard reliability upgrade projects for these drillships, the Noble Leo Segerius and the Noble Roger Eason. These upgrade projects, planned through 2012, are designed to enhance the reliability and operational performance of these drillships. During the first quarter, the Noble Leo Segerius entered a shipyard in Brazil for its reliability upgrade. There are a number of risks associated with shipyard projects of this nature, particularly in Brazil, including potential project delays and cost overruns because of labor, customs, local shipyard, local content and other issues. In addition, the drilling contracts for these vessels provide Petrobras with certain rights of termination in the event of excessive downtime, and it is possible that Petrobras could exercise this right in the future with respect to one or both of these drillships. We intend to continue to closely monitor and discuss with Petrobras the status of these projects and plan to take appropriate steps to mitigate identified risks, which depending upon the circumstances, could involve a variety of options.

On April 25, 2011, the Noble Discoverer was operating off the coast of New Zealand when a severe weather event occurred. In anticipation of the severe weather, and in accordance with established procedures for severe weather events, the Noble Discoverer suspended drilling operations and secured and disconnected from the well. As a result of severe weather, the riser and the lower marine riser package were damaged and released from the vessel. While we are still evaluating the extent of the equipment damage, we currently believe the damage will not be material. We believe we are entitled to continue receiving dayrate from our customer until repairs are complete, and we are discussing the implications of this event with our customer. We can make no assurances as to the outcome of this event. The Noble Discoverer is currently anchored safely in a New Zealand harbor pending repairs.

While we cannot predict the future level of demand for our drilling services or future conditions in the offshore contract drilling industry, we continue to believe we are well positioned within the industry and believe our acquisition of Frontier and recent newbuild announcements further strengthen our position, especially in deepwater drilling.

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Results and Strategy

In the second quarter of 2011, we recognized net income attributable to Noble-Swiss of $54 million, or $0.21 per diluted share, on total revenues of $628 million. Sequential results of key metrics are as follows:

	Three Months Ended
	June 30,			March 31,
	2011			2011
Average dayrate	$	140,296		$	150,294
Average utilization		70	%		61	%
Daily contract drilling services costs	$	80,985		$	84,858
Contract drilling services margin		43	%		44	%

We have actively expanded our offshore drilling and deepwater capabilities in recent years through the construction of new rigs, and as part of this technical and operational expansion we plan to continue pursuing opportunities to high-grade our fleet. Our business strategy also focuses on the active expansion of our worldwide offshore drilling and deepwater capabilities through upgrades and modifications, acquisitions, divestitures of lower specification units and the deployment of our drilling assets in important oil and gas producing areas. At June 30, 2011, we continued our newbuild strategy with the following 11 projects:

• two dynamically positioned, ultra-deepwater, harsh environment Globetrotter-class drillships, which are scheduled to be delivered and complete acceptance testing in the first quarter of 2012 and the fourth quarter of 2013, respectively;

• two dynamically positioned, ultra-deepwater, harsh environment Bully-class drillships owned through a joint venture with Shell which are scheduled to be delivered and complete acceptance testing in the fourth quarter of 2011 and first quarter of 2012, respectively;

• three dynamically positioned, ultra-deepwater, harsh environment drillships under construction at Hyundai Heavy Industry which are estimated to be delivered from the shipyard and begin acceptance testing as follows: the second quarter of 2013, the fourth quarter of 2013, and the second quarter of 2014, respectively; and

• four high-specification heavy duty, harsh environment jackup rigs which are estimated to be delivered from the shipyard and begin acceptance testing as follows: first quarter of 2013, third quarter of 2013, fourth quarter of 2013 and first quarter of 2014, respectively.

Of our 11 rigs under construction as of June 30, 2011, five of the drillships are contracted for five years or more. The remaining six rigs are being constructed without contracts. Subsequent to June 30, 2011, we exercised options for the construction of two additional high-specification heavy duty, harsh environment jackup rigs which are expected to be delivered from the shipyard during the third and fourth quarters of 2014; both rigs are currently being constructed without contracts. We have a priced option for an additional ultra-deepwater drillship.

As part of our strategy, we continue to review our fleet and the strategic benefit of our lower specification units. We believe that we need to continue to upgrade our fleet to achieve greater technological capability which would lead to increased drilling efficiencies. As part of this process, we may decide to dispose of some of our lower specification units, and we are considering a number of potential options. We believe these units are maintained in a manner that would allow us to successfully continue to operate them should we decide this is the appropriate course of action based on available alternatives.

U.S. Gulf of Mexico Operations

Subsequent to the April 20, 2010 fire and explosion on the Deepwater Horizon, a competitor’s drilling rig in the U.S. Gulf of Mexico, U.S. governmental authorities implemented a moratorium on and suspension of specified types of drilling activities in the U.S. Gulf of Mexico.

The U.S. government lifted the moratorium following adoption of new regulations including a drilling safety rule and a workplace safety rule, each of which imposed multiple obligations relating to offshore drilling operations. These obligations relate to, among other things, additional certifications and verifications relating to compliance with applicable regulations; compatibility of blowout preventers with drilling rigs and well design; third-party inspections and design review of blowout preventers; testing of casing installations; minimum requirements for personnel operating blowout preventers; and training in deepwater well control.

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In addition, the U.S. government has indicated that to receive a deepwater drilling permit, the operator must (i) demonstrate that containment resources are available promptly in the event of a deepwater blowout, (ii) have the chief executive officer of each operator certify that the operator has complied with all applicable regulations and (iii) allow the BOEMRE to conduct inspections of each deepwater drilling operation for compliance with the applicable regulations.

Our existing U.S. Gulf of Mexico operations have been, and will continue to be, negatively impacted by the events and governmental action described above. As of June 30, 2011, our U.S. Gulf of Mexico operations included seven deepwater drilling units. We have worked and continue to work closely with our customers for drilling services in the U.S. Gulf of Mexico to address the hardships imposed by the governmental actions described above. The discussion below briefly describes the current status of each of the seven drilling units.

• Noble Danny Adkins. The unit spent part of the second quarter operating under a permit and receiving full dayrate. However, during the quarter the rig was forced to make repairs to certain sub-sea equipment, resulting in significant down-time during the quarter.

• Noble Jim Day. In February 2011, this drilling unit went under contract for a subsidiary of Shell in the U.S. Gulf of Mexico, and received a reduced stand-by rate for the entire second quarter. On July 11, 2011, Shell received the necessary permits and this rig began operating under full dayrate.

• Noble Amos Runner. This unit recently completed its contract with LLOG Exploration, LLC and is currently seeking opportunities both inside and outside the U.S. Gulf of Mexico.

• Noble Jim Thompson. During April 2011, this unit began operating under its full operating dayrate with Shell following approval of the required drilling permits.

• Noble Paul Romano. The unit recently received a contract and is expected to begin operating outside the U.S. Gulf of Mexico in the fourth quarter of 2011.

• Noble Driller. This unit received its blow out preventer certification in July 2011 upon completion of a shipyard project. This unit is under contract with Shell and is receiving full dayrate as of August 1, 2011.

• Noble Lorris Bouzigard. This drilling unit is currently cold stacked, but is being actively marketed to potential customers.

Acquisition of FDR Holdings Limited

On July 28, 2010, Noble-Swiss and Noble AM Merger Co., a Cayman Islands company and indirect wholly-owned subsidiary of Noble-Swiss (“Merger Sub”), completed the acquisition of FDR Holdings Limited, a Cayman Islands company (“Frontier”). Under the terms of the Agreement and Plan of Merger with Frontier and certain of Frontier’s shareholders, Merger Sub merged with and into Frontier, with Frontier surviving as an indirect wholly-owned subsidiary of Noble-Swiss and a wholly-owned subsidiary of Noble-Cayman. The Frontier acquisition was for a purchase price of approximately $1.7 billion in cash plus liabilities assumed and strategically expanded and enhanced our global fleet by adding three dynamically positioned drillships (including two Bully-class joint venture-owned drillships under construction), two conventionally moored drillships, including one that is Arctic-class, a conventionally moored deepwater semisubmersible and one FPSO. Frontier’s results of operations were included in our results beginning July 28, 2010. We funded the cash consideration paid at closing of approximately $1.7 billion using proceeds from our July 2010 offering of senior notes and existing cash on hand.

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Contract Drilling Services Backlog

We maintain a backlog (as defined below) of commitments for contract drilling services. The following table sets forth as of June 30, 2011 the amount of our contract drilling services backlog and the percent of available operating days committed for the periods indicated:

			Year Ending December 31,
	Total		2011 (1)			2012			2013			2014			2015-2023
	(In millions)
Contract Drilling Services Backlog
Semisubmersibles/Drillships (2) (6) (7)	$	11,388	$	886		$	1,683		$	1,667		$	1,780		$	5,372
Jackups/Submersibles (3)		1,559		556			579			287			134			3
Other		—		—			—			—			—			—
Total (4)	$	12,947	$	1,442		$	2,262		$	1,954		$	1,914		$	5,375
Percent of Available Operating Days Committed (5)				73	%		43	%		28	%		22	%		5	%

(1)	Represents a six-month period beginning July 1, 2011.
(2)	Our drilling contracts with Petrobras provide an opportunity for us to earn performance bonuses based on downtime experienced for our rigs operating offshore Brazil. With respect to our semisubmersibles operating offshore Brazil for Petrobras, we have included in our backlog an amount equal to 75 percent of potential performance bonuses for such semisubmersibles, which amount is based on and generally consistent with our historical earnings of performance bonuses for these rigs. With respect to our drillships presently operating for Petrobras offshore Brazil, we (a) have not included in our backlog any performance bonuses for periods prior to the commencement of certain upgrade projects planned for 2011 through 2012, which projects are designed to enhance the reliability and operational performance of our drillships, and (b) have included in our backlog an amount equal to 75 percent of potential performance bonuses for periods after the estimated completion of such upgrade projects. Our backlog for semisubmersibles/drillships includes approximately $278 million attributable to these performance bonuses.
	The drilling contracts with Shell for the Noble Globetrotter I, Noble Globetrotter II, Noble Jim Thompson, Noble Jim Day and Noble Clyde Boudreaux as well as the letter of intent for the unnamed HHI Drillship I, provide opportunities for us to earn performance bonuses based on key performance indicators as defined by Shell. With respect to these contracts, we have included in our backlog an amount equal to 75 percent of the potential performance bonuses for these rigs. Our backlog for these rigs includes approximately $496 million attributable to these performance bonuses.
(3)	Our drilling contracts with Pemex for certain jackups operating offshore in Mexico are subject to price review and adjustment of the rig dayrate. Presently, the contract for one jackup has a dayrate indexed to the world average of the highest dayrates published by ODS-Petrodata. After an initial firm dayrate period, the dayrate is generally adjusted quarterly based on formulas calculated from the index. Our contract drilling services backlog has been calculated using the May 31, 2011 index-based dayrate for periods subsequent to the firm dayrate period.
(4)	Pemex has the ability to cancel its drilling contracts on 30 days or less notice without Pemex’s making an early termination payment. At June 30, 2011, we had twelve rigs contracted to Pemex in Mexico and our backlog includes approximately $251 million related to such contracts. Also, our drilling contracts generally provide the customer an early termination right in the event we fail to meet certain performance standards, including downtime thresholds. While we do not currently anticipate any cancellations as a result of events that have occurred to date, clients may from time to time have the contractual right to do so.
(5)	Percentages take into account additional capacity from the estimated dates of deployment of our newbuild rigs that are scheduled to commence operations during 2011 through 2014.
(6)	It is not possible to determine the impact to our revenues or backlog resulting from efforts by operators to cancel or modify drilling contracts because of the U.S. government imposed restrictions and the vigorous scrutiny for issuance of new drilling permits, and other consequences of the actions by the U.S. government. At June 30, 2011, backlog related to our U.S. Gulf of Mexico deepwater rigs totaled $5.5 billion, $334 million of which represents backlog for the six-month period ending December 31, 2011.
	We entered into an agreement with Shell effective June 27, 2010 which provides that Shell may suspend the contracts on three of our units operating in the U.S. Gulf of Mexico during any period of regulatory restriction by paying reduced suspension dayrates in lieu of the normal operating dayrates. The term of the initial contract is also extended by the suspension period. The impact of this agreement is to shift backlog among periods with an immaterial increase to total backlog because of the reduced suspension rates.
(7)	Noble and a subsidiary of Shell are involved in joint venture agreements to build, operate, and own both the Noble Bully I and the Noble Bully II. Pursuant to these agreements, each party has an equal 50 percent share in both vessels. As of June 30, 2011, the combined amount of backlog for these rigs totals $2.4 billion, all of which is included in our backlog. Noble’s net interest in the backlog for these rigs is $1.2 billion.

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Our contract drilling services backlog reported above reflects estimated future revenues attributable to both signed drilling contracts and letters of intent that we expect will become binding contracts. A letter of intent is generally subject to customary conditions, including the execution of a definitive drilling contract. For a number of reasons, it is possible that some customers that have entered into letters of intent will not enter into signed drilling contracts. We calculate backlog for any given unit and period by multiplying the full contractual operating dayrate for such unit by the number of days remaining in the period. The reported contract drilling services backlog does not include amounts representing revenues for mobilization, demobilization and contract preparation, which are not expected to be significant to our contract drilling services revenues, amounts constituting reimbursables from customers or amounts attributable to uncommitted option periods under drilling contracts or letters of intent.

The amount of actual revenues earned and the actual periods during which revenues are earned may be different than the backlog amounts and backlog periods set forth in the table above for various factors, including, but not limited to, shipyard and maintenance projects, operational downtime, weather conditions and other factors that result in applicable dayrates lower than the full contractual operating dayrate. In addition, amounts included in the backlog may change because drilling contracts may be varied or modified by mutual consent or customers may exercise early termination rights contained in some of our drilling contracts or decline to enter into a drilling contract after executing a letter of intent. As a result, our backlog as of any particular date may not be indicative of our actual operating results for the subsequent periods for which the backlog is calculated.

As of June 30, 2011, we estimate Shell and Petrobras represented approximately 64% and 23%, respectively, of our backlog.

Internal Investigation

In 2007, we began, and voluntarily contacted the SEC and the U.S. Department of Justice (“DOJ”) to advise them of, an internal investigation of the legality under the United States Foreign Corrupt Practices Act (“FCPA”) and local laws of certain reimbursement payments made by our Nigerian affiliate to our customs agents in Nigeria. In 2010, we finalized settlements of this matter with each of the SEC and the DOJ. Pursuant to these settlements, we agreed to pay fines and penalties to the DOJ and the SEC and to certain undertakings, including refraining from violating the FCPA and other anti-corruption laws, self-reporting any violations of the FCPA or such laws to the DOJ and reporting to the DOJ on an annual basis our progress on anti-corruption compliance matters. Our ability to comply with the terms of the settlements is dependent on the success of our ongoing compliance program, including our ability to continue to manage our agents and supervise, train and retain competent employees, and the efforts of our employees to comply with applicable law and our code of business conduct and ethics.

In January 2011, the Nigerian Economic and Financial Crimes Commission and the Nigerian Attorney General Office initiated an investigation into these same activities. A subsidiary of Noble-Swiss resolved this matter through the execution of a non-prosecution agreement dated January 28, 2011. Pursuant to this agreement, the subsidiary paid $2.5 million to resolve all charges and claims of the Nigerian Government. Any similar investigations or charges and any additional sanctions we may incur could damage our reputation and result in substantial fines, sanctions, civil and/or criminal penalties and curtailment of operations in certain jurisdictions and might adversely affect our business, results of operations or financial condition. Further, resolving any such investigation could be expensive and consume significant time and attention of our senior management.

As of June 30, 2011, all of our rigs operating in Nigeria were operating under temporary import permits. However, there can be no assurance that we will be able to obtain new permits or further extensions of permits necessary to continue the operation of our rigs in Nigeria. If we cannot obtain a new permit or an extension necessary to continue operations of any rig, we may need to cease operations under the drilling contract for such rig and relocate such rig from Nigerian waters. We cannot predict what impact these events may have on any such contract or our business in Nigeria, and we could face additional fines and sanctions in Nigeria. Furthermore, we cannot predict what changes, if any, relating to temporary import permit policies and procedures may be established or implemented in Nigeria in the future, or how any such changes may impact our business there.

In 2010, the Nigerian Oil and Gas Industry Content Development Bill was signed into law. The law is designed to create Nigerian content in operations and transactions within the Nigerian oil and gas industry. The law sets forth certain requirements for the utilization of Nigerian human resources and goods and services in oil and gas projects and creates a Nigerian Content Development and Monitoring Board (“NCD Board”) to implement and monitor the law and develop regulations pursuant to the law. The law also establishes a Nigerian Content Development Fund to fund the implementation of the law. The implementation of the law is ongoing and both the manner and timing of final implementation is uncertain. We have participated in a number of meetings with the NCD Board and are analyzing how we might reorganize our operations in Nigeria to meet these requirements, including creating third party minority interests in our operating assets. We cannot predict the impact the new law may have on our existing or future operations in Nigeria, but our operations there could be significantly and adversely affected.

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Results of Operations

For the Three Months Ended June 30, 2011 and 2010

General

Net income attributable to Noble Corporation (Noble-Swiss) for the three months ended June 30, 2011 (the “Current Quarter”) was $54 million, or $0.21 per diluted share, on operating revenues of $628 million, compared to net income for the three months ended June 30, 2010 (the “Comparable Quarter”) of $218 million, or $0.85 per diluted share, on operating revenues of $710 million.

The consolidated financial statements of Noble-Swiss include the accounts of Noble-Cayman, and Noble-Swiss conducts substantially all of its business through Noble-Cayman and its subsidiaries. As a result, the financial position and results of operations for Noble-Cayman, and the reasons for material changes in the amount of revenue and expense items between 2011 and 2010, would be the same as the information presented below regarding Noble-Swiss in all material respects, except operating income for Noble-Cayman for the three months ended June 30, 2011 was $14 million higher than operating income for Noble-Swiss for the same period, primarily as a result of depreciation related to Swiss-owned assets and operating costs directly attributable to Noble-Swiss for stewardship related services.

Rig Utilization, Operating Days and Average Dayrates

Operating revenues and operating costs and expenses for our contract drilling services segment are dependent on three primary metrics — rig utilization, operating days and dayrates. The following table sets forth the average rig utilization, operating days and average dayrates for our rig fleet for the three months ended June 30, 2011 and 2010:

	Average Rig						Operating							Average
	Utilization (1)						Days (2)							Dayrates
	Three Months Ended						Three Months Ended							Three Months Ended
	June 30,						June 30,							June 30,
	2011			2010			2011		2010		% Change			2011		2010		% Change
Jackups		71	%		81	%		2,797		3,183		-12	%	$	80,742	$	96,677		-16	%
Semisubmersibles		85	%		94	%		1,088		1,023		6	%		269,798		328,286		-18	%
Drillships		58	%		67	%		317		182		74	%		220,953		242,045		-9	%
FPSO/Submersibles		0	%		0	%		—		—		—			—		—		—
Total		70	%		80	%		4,202		4,388		-4	%	$	140,296	$	156,683		-10	%

(1)	Information reflects our policy of reporting on the basis of the number of rigs in our fleet excluding newbuild rigs under construction.
(2)	Information reflects the number of days that our rigs were operating under contract.

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Contract Drilling Services

The following table sets forth the operating revenues and the operating costs and expenses for our contract drilling services segment for the three months ended June 30, 2011 and 2010 (in thousands):

	Three Months Ended
	June 30,				Change
	2011		2010		$			%
Operating revenues:
Contract drilling services	$	589,550	$	687,510	$	(97,960	)		-14	%
Reimbursables (1)		22,982		12,989		9,993			77	%
Other		313		603		(290	)		-48	%
	$	612,845	$	701,102	$	(88,257	)		-13	%
Operating costs and expenses:
Contract drilling services	$	336,728	$	275,595	$	61,133			22	%
Reimbursables (1)		17,606		9,626		7,980			83	%
Depreciation and amortization		159,843		123,379		36,464			30	%
Selling, general and administrative		21,359		23,561		(2,202	)		-9	%
		535,536		432,161		103,375			24	%
Operating income	$	77,309	$	268,941	$	(191,632	)		-71	%

(1) We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.

Operating Revenues. Decreases in contract drilling services revenues for the Current Quarter as compared to the Comparable Quarter were driven by reductions in both average dayrates and operating days. The 10 percent decline in dayrates reduced revenues by approximately $69 million, and the 4 percent decline in operating days decreased revenues by an additional $29 million.

The decrease in contract drilling services revenues primarily relates to our jackups and semisubmersibles, which generated approximately $82 million and $42 million less revenue, respectively, in the Current Quarter.

The decrease in jackup dayrates of 16 percent resulted in a $45 million decrease in revenues from the Comparable Quarter. The reduction in dayrates was primarily from the contractual re-pricing of rigs in the Middle East, the North Sea, and Mexico for changes in market conditions in the global shallow water market. The 12 percent decline in jackup operating days resulted in a $37 million decline in revenues. The decrease in utilization primarily related to rigs coming off of contract in Mexico and returning to work for only a portion of the Current Quarter.

The decrease in semisubmersible dayrates of 18 percent resulted in a $64 million decrease in revenues from the Comparable Quarter. This decline was partially offset by a 6 percent increase in operating days, which added $22 million in revenue. The decrease in semisubmersibles revenue is a result of drilling restrictions in the U.S. Gulf of Mexico where lower standby rates replaced the standard operating dayrates for a majority of our contracts. The increase in operating days is primarily from the Noble Jim Day and the Noble Driller which were added to the fleet subsequent to June 30, 2010.

The decreases in revenue for the above rig classes were partially offset by higher revenues from our drillships, which increased $26 million in the Current Quarter as compared to the Comparable Quarter. The increase was primarily from the drillship Noble Discoverer, which was added to the fleet as part of the Frontier acquisition and an increase in operating days amongst our drillships operating in Brazil.

Operating Costs and Expenses. Contract drilling services operating costs and expenses increased $61 million for the Current Quarter as compared to the Comparable Quarter. In addition to the acquisition of Frontier, our newbuild rig, the Noble Jim Day, was placed into service in January 2011. These additional units added approximately $45 million of operating costs in the Current Quarter. Excluding the additional expenses related to these rigs, our contract drilling costs increased $16 million in the Current Quarter from the Comparable Quarter. This change was primarily driven by an $8 million increase in fuel, transportation and start-up costs for rigs returning to work in the Current Quarter, a $3 million increase in rotation costs, a $3 million increase in labor costs from salary increases and a $2 million increase in safety and training costs.

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The increase in depreciation and amortization in the Current Quarter from the Comparable Quarter was primarily attributable to depreciation on the Noble Jim Day, the addition of the Frontier rigs and additional depreciation related to other capital expenditures on our fleet since the Comparable Quarter.

Other

The following table sets forth the operating revenues and the operating costs and expenses for our other services for the three months ended June 30, 2011 and 2010:

	Three Months Ended
	June 30,					Change
	2011		2010			$		%
Operating revenues:
Labor contract drilling services	$	14,012	$	8,056		$	5,956		74	%
Reimbursables (1)		1,140		764			376		49	%
	$	15,152	$	8,820		$	6,332		72	%
Operating costs and expenses:
Labor contract drilling services	$	8,750	$	5,380		$	3,370		63	%
Reimbursables (1)		1,117		739			378		51	%
Depreciation and amortization		3,276		2,848			428		15	%
Selling, general and administrative		273		247			26		11	%
		13,416		9,214			4,202		46	%
Operating (loss) income	$	1,736	$	(394	)	$	2,130		**

(1)	We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.
**	Not a meaningful percentage

Operating Revenues and Costs and Expenses. The increase in both revenue and expense primarily relates to the recent expansion of our labor contract services in Alaska, combined with operational increases and foreign exchange fluctuations in our Canadian operations. The increase in depreciation is for additional assets placed in service since the Comparable Quarter.

Other Income and Expenses

Selling, General and Administrative Expenses. Consolidated selling, general and administrative expenses decreased $2 million in the Current Quarter as compared to the Comparable Quarter. The decrease relates to expenses of $5 million related to our FCPA investigation in the Comparable Quarter, partially offset by a $3 million increase in legal, audit and other expenses in the Current Quarter.

Interest Expense, net of amount capitalized. Interest expense, net of amount capitalized, increased $14 million in the Current Quarter as compared to the Comparable Quarter. The increase is a result of $1.25 billion of debt issued in July 2010, which was used to partially fund the Frontier acquisition, and $1.1 billion of debt issued in February 2011, which was primarily used to repay the outstanding balance on our revolving credit facility and to repay our portion of outstanding debt under the joint venture credit facilities.

Income Tax Provision. Our income tax provision decreased $42 million in the Current Quarter primarily from a decline in pre-tax earnings of approximately 76 percent, which reduced income tax expense by approximately $39 million in the Current Quarter. Contributing to the decrease was a lower effective tax rate of 15 percent in the Current Quarter as compared to 19 percent in the Comparable Quarter, which decreased income tax expense by approximately $3 million. The decrease in the effective tax rate was a result of the resolution of uncertain tax positions of $9 million partially offset by changes in our geographic revenue mix primarily resulting from drilling restrictions in the U.S. Gulf of Mexico.

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For the Six Months Ended June 30, 2011 and 2010

General

Net income attributable to Noble Corporation (Noble-Swiss) for the six months ended June 30, 2011 (the “Current Period”) was $109 million, or $0.43 per diluted share, on operating revenues of $1.2 billion, compared to net income for the six months ended June 30, 2010 (the “Comparable Period”) of $589 million, or $2.28 per diluted share, on operating revenues of $1.6 billion.

The consolidated financial statements of Noble-Swiss include the accounts of Noble-Cayman, and Noble-Swiss conducts substantially all of its business through Noble-Cayman and its subsidiaries. As a result, the financial position and results of operations for Noble-Cayman, and the reasons for material changes in the amount of revenue and expense items between 2011 and 2010, would be the same as the information presented below regarding Noble-Swiss in all material respects, except operating income for Noble-Cayman for the six months ended June 30, 2011 was $27 million higher than operating income for Noble-Swiss for the same period, primarily as a result of depreciation related to Swiss owned assets and operating costs directly attributable to Noble-Swiss for stewardship related services.

Rig Utilization, Operating Days and Average Dayrates

Operating revenues and operating costs and expenses for our contract drilling services segment are dependent on three primary metrics — rig utilization, operating days and dayrates. The following table sets forth the average rig utilization, operating days and average dayrates for our rig fleet for the six months ended June 30, 2011 and 2010:

	Average Rig						Operating							Average
	Utilization (1)						Days (2)							Dayrates
	Six Months Ended						Six Months Ended							Six Months Ended
	June 30,						June 30,							June 30,
	2011			2010			2011		2010		% Change			2011		2010		% Change
Jackups		67	%		81	%		5,178		6,324		-18	%	$	80,799	$	106,522		-24	%
Semisubmersibles		77	%		93	%		1,956		1,954		0	%		273,374		370,358		-26	%
Drillships		62	%		79	%		678		429		58	%		263,905		230,679		14	%
FPSO/Submersibles		0	%		0	%		—		—		—			—		—		—
Total		65	%		81	%		7,812		8,707		-10	%	$	144,916	$	171,828		-16	%

(1)	Information reflects our policy of reporting on the basis of the number of rigs in our fleet excluding newbuild rigs under construction.
(2)	Information reflects the number of days that our rigs were operating under contract.

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Contract Drilling Services

The following table sets forth the operating revenues and the operating costs and expenses for our contract drilling services segment for the six months ended June 30, 2011 and 2010 (in thousands):

	Six Months Ended
	June 30,					Change
	2011			2010		$			%
Operating revenues:
Contract drilling services	$	1,132,155		$	1,496,156	$	(364,001	)		-24	%
Reimbursables (1)		44,586			36,292		8,294			23	%
Other		758			814		(56	)		-7	%
	$	1,177,499		$	1,533,262	$	(355,763	)		-23	%
Operating costs and expenses:
Contract drilling services	$	643,091		$	530,026	$	113,065			21	%
Reimbursables (1)		34,046			28,495		5,551			19	%
Depreciation and amortization		314,731			236,553		78,178			33	%
Selling, general and administrative		44,808			45,303		(495	)		-1	%
(Gain)/Loss on contract extinguishment		(21,202	)		—		(21,202	)		**
		1,015,474			840,377		175,097			21	%
Operating income	$	162,025		$	692,885	$	(530,860	)		-77	%

(1)	We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.
**	Not a meaningful percentage

Operating Revenues. Decreases in contract drilling services revenues for the Current Period as compared to the Comparable Period were driven by reductions in both average dayrates and operating days. The 16 percent decrease in dayrates reduced revenues by approximately $210 million, and the 10 percent decrease in operating days decreased revenues by an additional $154 million.

The decrease in contract drilling services revenues primarily relates to our jackups and semisubmersibles, which generated approximately $255 million and $189 million less revenue, respectively, in the Current Period.

The decrease in jackup dayrates of 24 percent resulted in a $133 million decrease in revenues from the Comparable Period. The reduction in dayrates was primarily from the contractual re-pricing of rigs in the Middle East, the North Sea, and Mexico for changes in market conditions in the global shallow water market. The 18 percent decline in jackup operating days resulted in a $122 million decline in revenues. The decrease in utilization primarily related to rigs coming off of contract in Mexico during the first quarter of 2011, the majority of which did not return to work until late in the second quarter.

The decrease in semisubmersible dayrates of 26 percent resulted in the $189 million decrease in revenues from the Comparable Period. The decrease in semisubmersibles revenue is a result of drilling restrictions in the U.S. Gulf of Mexico where lower standby rates replaced the standard operating dayrates for a majority of our contracts.

The decreases in revenue for the above rig classes were partially offset by higher revenues from our drillships, which increased $80 million in the Current Period as compared to the Comparable Period. The increase was primarily from the drillships Noble Discoverer and the Noble Phoenix, which were added to the fleet as part of the Frontier acquisition. These drillships contributed an additional $60 million in revenue, while the drillships operating in Brazil added an additional $20 million in revenue.

Operating Costs and Expenses. Contract drilling services operating costs and expenses increased $113 million for the Current Period as compared to the Comparable Period. In addition to the acquisition of Frontier, the Noble Dave Beard and the Noble Jim Day were placed into service in March 2010 and January 2011, respectively. These additions added approximately $89 million of operating costs in the Current Period. Excluding the additional expenses related to these rigs, our contract drilling costs increased $24 million in the Current Period from the Comparable Period. This change was primarily driven by an $18 million increase in fuel, transportation and start-up costs related to our rigs returning to work in Brazil and Mexico coupled with an $11 million increase in maintenance expense, partially offset by a $5 million decrease in labor and other costs resulting from the decrease in overall rig utilization.

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The increase in depreciation and amortization in the Current Period from the Comparable Period was primarily attributable to depreciation on newbuilds added to the fleet, the addition of the Frontier rigs and additional depreciation related to other capital expenditures on our fleet since the Comparable Period.

Other

The following table sets forth the operating revenues and the operating costs and expenses for our other services for the six months ended June 30, 2011 and 2010:

	Six Months Ended
	June 30,					Change
	2011		2010			$		%
Operating revenues:
Labor contract drilling services	$	27,559	$	15,817		$	11,742		74	%
Reimbursables (1)		1,827		1,694			133		8	%
	$	29,386	$	17,511		$	11,875		68	%
Operating costs and expenses:
Labor contract drilling services	$	17,273	$	11,268		$	6,005		53	%
Reimbursables (1)		1,780		1,613			167		10	%
Depreciation and amortization		6,510		5,531			979		18	%
Selling, general and administrative		539		476			63		13	%
		26,102		18,888			7,214		38	%
Operating (loss) income	$	3,284	$	(1,377	)	$	4,661		**

(1)	We record reimbursements from customers for out-of-pocket expenses as operating revenues and the related direct costs as operating expenses. Changes in the amount of these reimbursables generally do not have a material effect on our financial position, results of operations or cash flows.
**	Not a meaningful percentage

Operating Revenues and Costs and Expenses. The increase in both revenue and expense primarily relates to the recent expansion of our labor contract services in Alaska during the Current Period, combined with operational increases and foreign exchange fluctuations in our existing Canadian operations. The increase in depreciation is for additional assets placed in service since the Comparable Period.

Other Income and Expenses

Interest Expense, net of amount capitalized. Interest expense, net of amount capitalized, increased $33 million in the Current Period as compared to the Comparable Period. The increase is a result of $1.25 billion of debt issued in July 2010, which was used to partially fund the Frontier acquisition, and $1.1 billion of debt issued in February 2011, which was primarily used to repay the outstanding balance on our revolving credit facility and to repay our portion of outstanding debt under the joint venture credit facilities.

Income Tax Provision. Our income tax provision decreased $82 million in the Current Period primarily from a decline in pre-tax earnings of approximately 81 percent, which reduced income tax expense by approximately $86 million in the Current Period. This decrease was partially offset by a higher effective tax rate of 19 percent in the Current Period as compared to 15 percent in the Comparable Period, which increased income tax expense by approximately $4 million. The increase in the effective tax rate was a result of a change in our geographic revenue mix primarily resulting from drilling restrictions in the U.S. Gulf of Mexico, partially offset by the resolution of uncertain tax positions of $9 million.

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Liquidity and Capital Resources

Overview

Net cash from operating activities for the Current Period was $245 million, which compared to $1.0 billion in the Comparable Period. The decrease in net cash from operating activities in the Current Period was primarily attributable to a significant decline in net income coupled with an increase in accounts receivable. The increase in accounts receivable is primarily related to the increased fleet activity in 2011 and certain disputed amounts which we believe will ultimately be collected. During the Current Period, we entered into an additional $600 million revolving credit facility, and at June 30, 2011 we had $775 million available under our credit facilities. We had working capital of $351 million and $110 million at June 30, 2011 and December 31, 2010, respectively. Primarily as a result of our $1.1 billion debt offering in February 2011 and an increase in net borrowings on our credit facilities during the Current Period of $385 million, total debt as a percentage of total debt plus equity increased to 31.1 percent at June 30, 2011 from 27.5 percent at December 31, 2010. Additionally, at June 30, 2011, we had a total contract drilling services backlog of approximately $13 billion. Our backlog as of June 30, 2011 reflects a commitment of 73 percent of operating days for the remainder of 2011 and 43 percent for 2012. See additional information regarding our backlog at “Contract Drilling Services Backlog.”

Our principal capital resource in the Current Period was net cash from operating activities of $245 million, cash generated from our $1.1 billion senior note offering and net borrowings under our bank credit facilities of $385 million. Net cash generated from operating activities in the Comparable Period totaled $1.0 billion.

As a result of the cash generated by our operations, our cash on hand and the availability under our bank credit facilities, we believe our liquidity and financial condition are sufficient to meet all of our reasonably anticipated cash flow needs including:

• normal recurring operating expenses;

• capital expenditures, including expenditures for newbuilds and other miscellaneous capital upgrades; and

• payments of return of capital in the form of a reduction of par value of our shares (in lieu of dividends).

Capital Expenditures

Our primary liquidity requirement during 2011 is for capital expenditures. Capital expenditures, including capitalized interest, totaled $1.4 billion and $531 million for the six months ended June 30, 2011 and 2010, respectively.

At June 30, 2011, we had 11 rigs under construction, and capital expenditures for new construction in 2011 totaled $972 million. Capital expenditures for newbuild rigs during the first six months of 2011 consisted of the following (in millions):

	Capital
Project	Expenditures
HHI Drillship III	$	161.0
HHI Drillship II		160.5
HHI Drillship I		160.3
Noble Globetrotter I		124.5
Noble Bully I		79.6
Noble Bully II		76.5
Noble Globetrotter II		76.5
Noble Jackup III		42.9
Noble Jackup IV		42.9
Noble Jackup I		41.5
Noble Jackup II		1.0
Other		4.3
Total	$	971.5

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In addition to the newbuild expenditures noted above, capital expenditures during 2011 consisted of the following:

• $293 million for major projects, including $82 million to upgrade two drillships currently operating in Brazil;

• $108 million for other capitalized expenditures including major maintenance and regulatory expenditures which generally have useful lives ranging from 3 to 5 years; and

• $56 million in capitalized interest.

Our total capital expenditure estimate for 2011 is approximately $2.5 billion. In connection with our 2011 and future capital expenditure programs, as of June 30, 2011, we had outstanding commitments, including shipyard and purchase commitments, for approximately $2.6 billion, of which $900 million is anticipated to be spent within the next twelve months. Our remaining 2011 capital expenditure budget will generally be spent at our discretion. We may accelerate or delay capital projects as needed.

From time to time we consider possible projects that would require expenditures that are not included in our capital budget, and such unbudgeted expenditures could be significant. In addition, we will continue to evaluate acquisitions of drilling units from time to time. Other factors that could cause actual capital expenditures to materially exceed plan include delays and cost overruns in shipyards (including costs attributable to labor shortages), shortages of equipment, latent damage or deterioration to hull, equipment and machinery in excess of engineering estimates and assumptions, changes in governmental regulations and requirements and changes in design criteria or specifications during repair or construction.

Share Repurchases and Dividends

At June 30, 2011, 6.8 million registered shares remained available under the existing Board authorization for our share repurchase program. During the six months ended June 30, 2011, we acquired approximately 0.2 million shares surrendered by employees for taxes payable upon the vesting of restricted stock and exercises of options for $9 million. Future repurchases by Noble-Swiss will be subject to the requirements of Swiss law, including the requirement that Noble-Swiss and its subsidiaries may only repurchase shares if and to the extent that sufficient freely distributable reserves are available.

Our most recent quarterly payment to shareholders in the form of a capital reduction, which was paid on May 19, 2011 to holders of record on May 9, 2011, was 0.13 CHF per share, or an aggregate of approximately $37 million. The declaration and payment of dividends in the future by Noble-Swiss and the making of distributions of capital, including returns of capital in the form of par value reductions, require authorization of the shareholders of Noble-Swiss. The amount of such dividends, distributions and returns of capital will depend on our results of operations, financial condition, cash requirements, future business prospects, contractual restrictions and other factors deemed relevant by our Board of Directors and shareholders.

In April 2011, our shareholders approved the payment of a return of capital through a reduction of the par value of our shares in a total amount equal to 0.52 CHF per share to be paid in four equal installments scheduled for August 2011, November 2011, February 2012 and May 2012. The payments will be made in U.S. Dollars based on the CHF/USD exchange rate available approximately two business days prior to the payment date. Although the amount of the return of capital, expressed in Swiss francs, is fixed, the amount of the payment in U.S. Dollars will fluctuate based on the exchange rate. The exchange rate as published by the Swiss National Bank on July 29, 2011 was 0.8017 CHF/1.0 USD. These returns of capital will require us to make total cash payments of approximately $82 million during the remainder of 2011 (based on the exchange rate on July 29, 2011).

Credit Facilities and Long-Term Debt

We have two separate revolving credit facilities in place which provide us with a total borrowing capacity of $1.2 billion. One credit facility, which has a capacity of $600 million, matures in 2013, and during the first quarter of 2011, we entered into an additional $600 million revolving credit facility which matures in 2015 (together referred to as the “Credit Facilities”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. We were in compliance with all covenants as of June 30, 2011.

The Credit Facilities provide us with the ability to issue up to $300 million in letters of credit in the aggregate. While the issuance of letters of credit does not increase our borrowings outstanding under the Credit Facilities, it does reduce the amount available. At June 30, 2011, we had borrowings of $425 million outstanding and no letters of credit outstanding under the Credit Facilities. We believe that we maintain good relationships with our lenders under the Credit Facilities, and we believe that our lenders have the liquidity and capability to perform should the need arise for us to draw on the Credit Facilities.

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The indentures governing our outstanding senior unsecured notes contain covenants that place restrictions on certain merger and consolidation transactions, unless we are the surviving entity or the other party assumes the obligations under the indenture, and on the ability to sell or transfer all or substantially all of our assets. In addition, there are restrictions on incurring or assuming certain liens and sale and lease-back transactions. At June 30, 2011, we were in compliance with all our debt covenants. We continually monitor compliance with the covenants under our Credit Facilities and senior notes and, based on our expectations for 2011, expect to remain in compliance during the year.

At June 30, 2011, we had letters of credit of $84 million and performance and tax assessment bonds totaling $347 million supported by surety bonds outstanding. Additionally, certain of our subsidiaries issue, from time to time, guarantees of the temporary import status of rigs or equipment imported into certain countries in which we operate. These guarantees are issued in lieu of payment of custom, value added or similar taxes in those countries.

Our long-term debt, including current maturities, was $3.5 billion at June 30, 2011 as compared to $2.8 billion at December 31, 2010. The increase in debt is a result of the issuance of $1.1 billion aggregate principal amount of senior notes and $385 million of additional net borrowings on our Credit Facilities, partially offset by the repayment of $693 million in joint venture credit facilities. For additional information on our long-term debt, see Note 8 to our consolidated financial statements.

In February 2011, we issued through our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), $1.1 billion aggregate principal amount of senior notes in three separate tranches, comprising $300 million of 3.05% Senior Notes due 2016, $400 million of 4.625% Senior Notes due 2021, and $400 million of 6.05% Senior Notes due 2041. A portion of the net proceeds of approximately $1.09 billion, after expenses, was used to repay the outstanding balance on our revolving credit facility and to repay our portion of outstanding debt under the joint venture credit facilities discussed below.

In the first quarter of 2011, the joint venture credit facilities, which had a combined outstanding balance of $693 million, were repaid in full through contributions to the joint ventures from Noble and Shell. Shell contributed $361 million in equity to fund their portion of the repayment of joint venture credit facilities and related interest rate swaps, which were settled concurrent with the repayment and termination of the joint venture credit facilities.

In January 2011, the Bully joint ventures issued notes to the joint venture partners totaling $70 million. The interest rate on these notes was 10%, payable semi-annually in arrears and in kind on June 30 and December 31 commencing in June 2011. The purpose of these notes was to provide additional liquidity to the joint ventures in connection with the shipyard construction of the Bully vessels.

In April 2011, the Bully joint venture partners entered into a subscription agreement, pursuant to which each partner was issued equity in each of the Bully joint ventures in exchange for the cancellation of all outstanding joint venture partner notes. The subscription agreement has the effect of converting all joint venture partner notes, including the contribution noted above, into equity of the respective joint venture. The total capital contributed as a result of these agreements was $146 million, which included $142 million in outstanding notes, plus accrued interest. Our portion of the capital contribution, totaling $73 million, was eliminated in consolidation.

New Accounting Pronouncements

In October 2009, the FASB issued guidance that impacts the recognition of revenue in multiple-deliverable arrangements. The guidance establishes a selling-price hierarchy for determining the selling price of a deliverable. The goal of this guidance is to clarify disclosures related to multiple-deliverable arrangements and to align the accounting with the underlying economics of the multiple-deliverable transaction. This guidance is effective for fiscal years beginning on or after June 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In January 2010, the FASB issued guidance relating to the disclosure of the fair value of assets. This guidance calls for additional information to be given regarding the transfer of items in and out of respective categories. In addition, it requires additional disclosures regarding the purchase, sales, issuances, and settlements of assets that are classified as level three within the FASB fair value hierarchy. This guidance is generally effective for annual and interim periods ending after December 15, 2009. However, the disclosures about purchases, sales, issuances and settlements in the roll-forward activity in Level 3 fair value measurements were deferred until fiscal years beginning after December 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

54

In December 2010, the FASB issued guidance that requires a public entity to disclose pro forma information for business combinations that occurred in the current reporting period. The disclosures include pro forma revenue and earnings of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. If comparative financial statements are presented, the pro forma revenue and earnings of the combined entity for the comparable prior reporting period should be reported as though the acquisition date for all business combinations that occurred during the current year had been as of the beginning of the comparable prior annual reporting period. The guidance is effective for annual reporting periods beginning on or after December 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In May 2011, the FASB issued guidance that modified the wording used to describe many of the requirements in accounting literature for measuring fair value and for disclosing information about fair value measurements. The goal of the amendment is to create consistency between the United States and international accounting standards. The guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011. While we are still evaluating this guidance, the adoption of this guidance should not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In June 2011, the FASB issued guidance that allows an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendment no longer allows an entity to show changes to other comprehensive income solely through the statement of equity. For publicly traded entities, the guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011. While we are still evaluating this guidance, the adoption of this guidance will not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

55

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the potential for loss from a change in the value of a financial instrument as a result of fluctuations in interest rates, currency exchange rates or equity prices, as further described below.

Interest Rate Risk

We are subject to market risk exposure related to changes in interest rates on borrowings under the Credit Facilities. Interest on borrowings under the Credit Facilities is at an agreed upon percentage point spread over LIBOR, or a base rate stated in the agreements. At June 30, 2011, we had $425 million outstanding under the Credit Facilities. Assuming our current level of debt, a change in LIBOR rates of 100 basis points would increase our interest charges by approximately $4 million per year.

We maintain certain debt instruments at a fixed rate whose fair value will fluctuate based on changes in interest rates and market perceptions of our credit risk. The fair value of our total debt was $3.7 billion and $2.9 billion at June 30, 2011 and December 31, 2010, respectively. The increase was primarily a result of our issuance of $1.1 billion in debt in February 2011 and $385 million of additional net borrowings on the Credit Facilities, partially offset by the repayment of $693 million in joint venture credit facilities coupled with changes in fair value related to changes in interest rates and market perceptions of our credit risk.

Foreign Currency Risk

As a multinational company, we conduct business worldwide. Our functional currency is primarily the U.S. dollar, which is consistent with the oil and gas industry. However, outside the United States, a portion of our expenses are incurred in local currencies. Therefore, when the U.S. dollar weakens (strengthens) in relation to the currencies of the countries in which we operate, our expenses reported in U.S. dollars will increase (decrease).

We are exposed to risks on future cash flows to the extent that local currency expenses exceed revenues denominated in local currency that are different than the functional currency. To help manage this potential risk, we periodically enter into derivative instruments to manage our exposure to fluctuations in currency exchange rates, and we may conduct hedging activities in future periods to mitigate such exposure. These contracts are primarily accounted for as cash flow hedges, with the effective portion of changes in the fair value of the hedge recorded on the Consolidated Balance Sheet and in “Accumulated other comprehensive loss” (“AOCL”). Amounts recorded in AOCL are reclassified into earnings in the same period or periods that the hedged item is recognized in earnings. The ineffective portion of changes in the fair value of the hedged item is recorded directly to earnings. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor are we a party to leveraged derivatives.

Our North Sea and Brazil operations have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we typically maintain short-term forward contracts settling monthly in their respective local currencies. The forward contract settlements in the remainder of 2011 represent approximately 52 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. dollars, was approximately $113 million at June 30, 2011. Total unrealized gains related to these forward contracts were $4 million as of June 30, 2011 and were recorded as part of AOCL. A 10 percent change in the exchange rate for the local currencies would change the fair value of these forward contracts by approximately $12 million.

We have entered into a firm commitment for the construction of the Noble Globetrotter I drillship. The drillship is being constructed in two phases, with the second phase being installation and commissioning of the topside equipment. The contract for this second phase of construction is denominated in Euros, and in order to mitigate the risk of fluctuations in foreign currency exchange rates, we entered into forward contracts to purchase Euros. As of June 30, 2011, the aggregate notional amount of the remaining outstanding forward contract was 10 million Euros. This forward contract settles in connection with a required payment under the construction contract. We are accounting for this forward contract as a fair value hedge. The fair market value of this derivative instrument is included in “Other current assets/liabilities” in the Consolidated Balance Sheets. Gains and losses from this fair value hedge would be recognized in earnings currently, along with the change in fair value of the hedged item attributable to the risk being hedged, if any portion was found to be ineffective. The fair market value of this outstanding forward contract totaled approximately $51,000 at June 30, 2011. No gain or loss was recognized in the income statement for the three and six months ended June 30, 2011, respectively. A 10 percent change in the exchange rate for the Euro would change the fair value of this forward contract by approximately $1 million.

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Market Risk

We sponsor the Noble Drilling Corporation 401(k) Savings Restoration Plan (“Restoration Plan”). The Restoration Plan is a nonqualified, unfunded employee benefit plan under which certain highly compensated employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The Restoration Plan has no assets, and amounts withheld for the Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and the associated returns are tracked on a phantom basis. Accordingly, we have a liability to employees for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, benefit should phantom investment losses occur. At June 30, 2011, our liability under the Restoration Plan totaled $7 million. We previously purchased investments that closely correlate to the investment elections made by participants in the Restoration Plan in order to mitigate the impact of the phantom investment income and losses on our consolidated financial statements. The value of these investments held for our benefit totaled $7 million at June 30, 2011. A 10 percent change in the fair value of the phantom investments would change our liability by approximately $0.7 million. Any change in the fair value of the phantom investments would be mitigated by a change in the investments held for our benefit.

We also have a U.S. noncontributory defined benefit pension plan that covers certain salaried employees and a U.S. noncontributory defined benefit pension plan that covers certain hourly employees, whose initial date of employment is prior to August 1, 2004 (collectively referred to as our “qualified U.S. plans”). These plans are governed by the Noble Drilling Corporation Retirement Trust. The benefits from these plans are based primarily on years of service and, for the salaried plan, employees’ compensation near retirement. These plans are designed to qualify under the Employee Retirement Income Security Act of 1974 (“ERISA”), and our funding policy is consistent with funding requirements of ERISA and other applicable laws and regulations. We make cash contributions, or utilize credits available to us, for the qualified U.S. plans when required. The benefit amount that can be covered by the qualified U.S. plans is limited under ERISA and the Internal Revenue Code (“IRC”) of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for all employees at the formula level in the qualified U.S. plans.

In addition to the U.S. plans, each of Noble Drilling (Land Support) Limited, Noble Enterprises Limited and Noble Drilling (Nederland) B.V., all indirect, wholly-owned subsidiaries of Noble-Swiss, maintains a pension plan that covers all of its salaried, non-union employees (collectively referred to as our “non-U.S. plans”). Benefits are based on credited service and employees’ compensation near retirement, as defined by the plans.

Changes in market asset values related to the pension plans noted above could have a material impact upon our “Consolidated Statement of Comprehensive Income” and could result in material cash expenditures in future periods.

Item 4. Controls and Procedures

David W. Williams, Chairman, President and Chief Executive Officer of Noble-Swiss, and Thomas L. Mitchell, Senior Vice President, Chief Financial Officer, Treasurer and Controller of Noble-Swiss, have evaluated the disclosure controls and procedures of Noble-Swiss as of the end of the period covered by this report. On the basis of this evaluation, Mr. Williams and Mr. Mitchell have concluded that Noble-Swiss’ disclosure controls and procedures were effective as of June 30, 2011. Noble-Swiss’ disclosure controls and procedures are designed to ensure that information required to be disclosed by Noble-Swiss in the reports that it files with or submits to the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

David W. Williams, President and Chief Executive Officer of Noble-Cayman, and Dennis J. Lubojacky, Vice President and Chief Financial Officer of Noble-Cayman, have evaluated the disclosure controls and procedures of Noble-Cayman as of the end of the period covered by this report. On the basis of this evaluation, Mr. Williams and Mr. Lubojacky have concluded that Noble-Cayman’s disclosure controls and procedures were effective as of June 30, 2011. Noble-Cayman’s disclosure controls and procedures are designed to ensure that information required to be disclosed by Noble-Cayman in the reports that it files with or submits to the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

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There was no change in either Noble-Swiss’ or Noble-Cayman’s internal control over financial reporting that occurred during the quarter ended June 30, 2011 that has materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of each of Noble-Swiss or Noble-Cayman, respectively.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

Information regarding legal proceedings is set forth in Note 13 to our consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q and is incorporated herein by reference.

Item 1A. Risk Factors

Risks Relating to Our Business

The risk factor below updates and supplements the risks described under “Risk Factors Relating to Our Business” in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2010, and should be considered together with the risk factors described in that report.

We may have difficulty obtaining or maintaining insurance in the future and our insurance coverage and contractual indemnity rights may not protect us against all of the risks and hazards we face.

We generally identify the operational hazards for which we will procure insurance coverage based on the likelihood of loss, the potential magnitude of loss, the cost of coverage, the requirement of our customer contracts and applicable legal requirements. We do not procure insurance coverage for all of the potential risks and hazards we may face. Furthermore, no assurance can be given that we will be able to obtain insurance against all of the risks and hazards we face or that we will be able to obtain or maintain adequate insurance at rates and with deductibles or retention amounts that we consider commercially reasonable.

Although we maintain what we believe to be an appropriate level of insurance covering hazards and risks we currently encounter during our operations, we do not insure against all possible hazards and risks. Furthermore, our insurance carriers may interpret our insurance policies such that they do not cover losses for which we make claims. Our insurance policies may also have exclusions of coverage for some losses. Uninsured exposures may include expatriate activities prohibited by U.S. laws, radiation hazards, certain loss or damage to property onboard our rigs and losses relating to shore-based terrorist acts or strikes.

In addition, the damage sustained to offshore oil and gas assets as a result of hurricanes in recent years caused the insurance market for U.S. named windstorm perils to deteriorate significantly. Consequently, we currently self insure U.S. named windstorm coverage for our units deployed in the U.S. Gulf of Mexico. If one or more future significant weather-related events occur in the Gulf of Mexico, or in any other geographic area in which we operate, we may experience increases in insurance costs, additional coverage restrictions or unavailability of certain insurance products.

Under our drilling contracts, liability with respect to personnel and property is customarily assigned on a “knock-for-knock” basis, which means that we and our customers assume liability for our respective personnel and property, irrespective of the fault or negligence of the party indemnified. Although our drilling contracts generally provide for indemnification from our customers for certain liabilities, including liabilities resulting from pollution or contamination originating below the surface of the water, enforcement of these contractual rights to indemnity may be limited by public policy and other considerations and, in any event, may not adequately cover our losses from such incidents. There can also be no assurance that those parties with contractual obligations to indemnify us will necessarily be in a financial position to do so.

If a significant accident or other event occurs and is not fully covered by our insurance or a contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table sets forth for the periods indicated certain information with respect to purchases of shares by Noble-Swiss:

						Total Number of		Maximum Number
						Shares Purchased		of Shares that May
	Total Number		Average			as Part of Publicly		Yet Be Purchased
	of Shares		Price Paid			Announced Plans		Under the Plans
Period	Purchased		per Share			or Programs(1)		or Programs(1)
April 2011		705	$	43.33	(2)		—		6,769,891
May 2011		60,000	$	41.87	(2)		—		6,769,891
June 2011		29,330	$	37.45	(2)		—		6,769,891

(1)	All share purchases made in the open market and were pursuant to the share repurchase program which our Board of Directors authorized and adopted. Our repurchase program has no date of expiration.
(2)	Amounts represent shares surrendered by employees for withholding taxes payable upon the vesting of restricted stock or exercise of stock options.

Item 6. Exhibits

The information required by this Item 6 is set forth in the Index to Exhibits accompanying this Quarterly Report on Form 10-Q and is incorporated herein by reference.

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SIGNATURES

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

Noble Corporation, a Swiss corporation

/s/ David W. Williams David W. Williams	August 8, 2011 Date
Chairman, President and Chief Executive Officer (Principal Executive Officer)
/s/ Thomas L. Mitchell Thomas L. Mitchell
Senior Vice President, Chief Financial Officer, Treasurer and Controller
(Principal Financial and Accounting Officer)
Noble Corporation, a Cayman Islands company
/s/ David W. Williams David W. Williams	August 8, 2011 Date
President and Chief Executive Officer
(Principal Executive Officer)
/s/ Dennis J. Lubojacky Dennis J. Lubojacky
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)

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Index to Exhibits

Exhibit
Number			Exhibit
	2.1		Agreement and Plan of Merger, Reorganization and Consolidation, dated as of December 19, 2008, among Noble Corporation, a Swiss corporation (“Noble-Swiss”), Noble Corporation, a Cayman Islands company (“Noble-Cayman”), and Noble Cayman Acquisition Ltd. (filed as Exhibit 1.1 to Noble-Cayman’s Current Report on Form 8-K filed on December 22, 2008 and incorporated herein by reference).
	2.2		Amendment No. 1 to Agreement and Plan of Merger, Reorganization and Consolidation, dated as of February 4, 2009, among Noble-Swiss, Noble-Cayman and Noble Cayman Acquisition Ltd. (filed as Exhibit 2.2 to Noble-Cayman’s Current Report on Form 8-K filed on February 4, 2009 and incorporated herein by reference).
	3.1		Articles of Association of Noble-Swiss.
	3.2		By-laws of Noble-Swiss (filed as Exhibit 3.2 to Noble-Swiss’ Current Report on Form 8-K filed on March 27, 2009 and incorporated herein by reference).
	3.3		Memorandum and Articles of Association of Noble-Cayman (filed as Exhibit 3.1 to Noble-Cayman’s Current Report on Form 8-K filed on March 30, 2009 and incorporated herein by reference).
	4.1		Revolving Credit Agreement dated as of February 11, 2011 among Noble Corporation, a Cayman Islands company; the Lenders from time to time parties thereto; Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Bank; Barclays Capital, a division of Barclays Bank PLC, and HSBC Securities (USA) Inc., as Co-Syndication Agents; and Wells Fargo Securities, LLC, Barclays Capital, a division of Barclays Bank PLC, and HSBC Securities (USA) Inc., as Joint Lead Arrangers and Joint Lead Bookrunners (filed as Exhibit 4.1 to Noble-Cayman’s Current Report on Form 8-K filed on February 17, 2011 and incorporated herein by reference).
	4.2		First Amendment to Revolving Credit Agreement dated as of March 11, 2011 among Noble Corporation, a Cayman Islands company; the Lenders from time to time parties thereto; Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and an Issuing Bank; Barclays Capital, a division of Barclays Bank PLC, and HSBC Securities (USA) Inc., as Co-Syndication Agents; and Wells Fargo Securities, LLC, Barclays Capital, a division of Barclays Bank PLC, and HSBC Securities (USA) Inc., as Joint Lead Arrangers and Joint Lead Bookrunners (filed as Exhibit 4.2 to Noble-Cayman’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 and incorporated herein by reference).
	4.3		Indenture, dated as of November 21, 2008, between Noble Holding International Limited, as Issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee (filed as Exhibit 4.1 to Noble-Cayman’s Current Report on Form 8-K filed on November 21, 2008 and incorporated herein by reference).
	4.4		Third Supplemental Indenture, dated as of February 3, 2011, among Noble Holding International Limited, as Issuer, Noble Corporation, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee, relating to 3.05% Senior Notes due 2016 of Noble Holding International Limited, 4.625% Senior Notes due 2021 of Noble Holding International Limited, and 6.05% Senior Notes due 2041 of Noble Holding International Limited (filed as Exhibit 4.2 to Noble-Cayman’s Current Report on Form 8-K filed on July 26, 2010 and incorporated herein by reference).
	31.1		Certification of David W. Williams pursuant to the U.S. Securities Exchange Act of 1934, as amended, Rule 13a-14(a) or Rule 15d-14(a), for Noble-Swiss and for Noble-Cayman.
	31.2		Certification of Thomas L. Mitchell pursuant to the U.S. Securities Exchange Act of 1934, as amended, Rule 13a-14(a) or Rule 15d-14(a), for Noble-Swiss.
	31.3		Certification of Dennis J. Lubojacky pursuant to the U.S. Securities Exchange Act of 1934, as amended, Rule 13a- 14(a) or Rule 15d-14(a), for Noble-Cayman.
	32.1	+	Certification of David W. Williams pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, for Noble-Swiss and for Noble-Cayman.
	32.2	+	Certification of Thomas L. Mitchell pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, for Noble-Swiss.
	32.3	+	Certification of Dennis J. Lubojacky pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, for Noble-Cayman.
	101	+	Interactive Data File

+ Furnished in accordance with Item 601(b)(32)(ii) of Regulation S-K.

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EX-3.1

Exhibit 3.1

As of July 7, 2011

Statuten	Articles of Association
der	of
Noble Corporation	Noble Corporation
mit Sitz in Baar	with registered office in Baar
I. Allgemeine Bestimmungen	I. General Provisions
Artikel 1: Firma, Sitz, Dauer	Article 1: Corporate Name, Registered Office, Duration
Unter der Firma	Under the corporate name
Noble Corporation	Noble Corporation
besteht eine Aktiengesellschaft (die “Gesellschaft”) gemäss Artikel 620 ff. des Schweizerischen Obligationenrechts (“OR”) mit Sitz in Baar, Kanton Zug, Schweiz.	a company (the “Company”) exists pursuant to article 620 et seq. of the Swiss Code of Obligations (“CO”) with its registered office in Baar, Canton of Zug, Switzerland.
Artikel 2: Zweck	Article 2: Purpose
1Der Zweck der Gesellschaft ist der Erwerb, das Halten, die Verwaltung, die Verwertung und die Veräusserung von direkten und indirekten Beteiligungen an Unternehmen im In- und Ausland, insbesondere Unternehmen, die in der Erkundung und Förderung von Bodenschätzen, wie der Erbringung von Dienstleistungen im Zusammenhang mit Offshore Bohrungen nach Öl und Naturgas, Dienstleistungen im Zusammenhang mit Arbeitsverträgen für Bohrdienstleistungen tätig sind, Ingenieur- und Beratungsdienstleistungen erbringen und die Finanzierung für solche Zwecke bereitstellen.	1The purpose of the Company is to acquire, hold, manage, exploit and sell, directly or indirectly, participations in Swiss and foreign businesses, in particular, but without limitation, in businesses that are involved in the exploration for and production of natural resources, such as offshore contract drilling of oil and natural gas wells, labor contract drilling services and engineering and consulting services, and to provide financing for this purpose.
2Die Gesellschaft kann Zweigniederlassungen und Tochtergesellschaften im In- und Ausland errichten und Grundstücke und gewerbliche Schutzrechte im In- und Ausland erwerben, halten, verwalten, hypothekarisch belasten und veräussern.	2The Company may set up branch offices and subsidiaries in Switzerland and abroad and may acquire, hold, manage, mortgage and sell real estate and intellectual property rights in Switzerland and abroad.
3Die Gesellschaft kann jede Art von finanzieller Unterstützung für und an Gruppengesellschaften gewähren, einschliesslich der Leistung von Garantien. Die Gesellschaft kann alle kommerziellen Tätigkeiten ausüben, welche direkt oder indirekt mit dem Zweck der Gesellschaft im Zusammenhang stehen, und alle Massnahmen ergreifen, die den Gesellschaftszweck angemessen zu fördern scheinen oder mit diesem im Zusammenhang stehen.	3The Company may provide any kind of financial assistance, including guarantees, to and for group companies. The Company may engage in any type of commercial activity that is directly or indirectly related to its purpose and take any measures it determines appropriate to promote the purpose of the Company, or that are connected with its purpose.

Artikel 3: Dauer	Article 3: Duration
Die Dauer der Gesellschaft ist unbeschränkt.	The duration of the Company is unlimited.
II. Aktienkapital	II. Share Capital
Artikel 4: Anzahl Aktien, Nominalwert, Art	Article 4: Number of Shares, Par Value, Type
Das Aktienkapital der Gesellschaft beträgt Schweizer Franken 976’770’500.00 und ist eingeteilt in 266’150’000 auf den Namen lautende Aktien im Nennwert von Schweizer Franken 3.67 je Aktie (jede Namenaktie nachfolgend bezeichnet als “Aktie” bzw. zusammen die “Aktien”). Das Aktienkapital ist vollständig liberiert.	The share capital of the Company is Swiss Francs 976,770,500.00 and is divided into 266,150,000 fully paid-up registered shares. Each registered share has a par value of Swiss Francs 3.67 (each such registered share hereinafter a “Share” and collectively the “Shares”).
Artikel 5: Anerkennung der Statuten	Article 5: Recognition of Articles
Jede Ausübung von Aktionärsrechten schliesst die Anerkennung der Gesellschaftsstatuten in der jeweils gültigen Fassung in sich ein.	Any exercise of shareholders’ rights automatically comprises recognition of the version of these Articles of Association in force at the time.
Artikel 6: Genehmigtes Aktienkapital	Article 6: Authorized Share Capital
1Der Verwaltungsrat ist ermächtigt, das Aktienkapital jederzeit bis spätestens zum 28. April 2013 im Maximalbetrag von Schweizer Franken 488’385’250.00 durch Ausgabe von höchstens 133’075’000 vollständig zu liberierenden Aktien mit einem Nennwert von je Schweizer Franken 3.67 zu erhöhen. Eine Erhöhung des Aktienkapitals (i) auf dem Weg einer Festübernahme durch eine Bank, ein Bankenkonsortium oder Dritte und eines anschliessenden Angebots an die bisherigen Aktionäre sowie (ii) in Teilbeträgen ist zulässig.	1The Board of Directors is authorized to increase the share capital no later than April 28, 2013, by a maximum amount of Swiss Francs 488,385,250.00 by issuing a maximum of 133,075,000 fully paid-up Shares with a par value of Swiss Francs 3.67 each. An increase of the share capital (i) by means of an offering underwritten by a financial institution, a syndicate of financial institutions or another third party or third parties, followed by an offer to the then-existing shareholders of the Company, and (ii) in partial amounts, shall be permissible.

2

2Der Verwaltungsrat legt den Zeitpunkt der Ausgabe der neuen Aktien, deren Ausgabepreis, die Art der Liberierung, den Beginn der Dividendenberechtigung, die Bedingungen für die Ausübung der Bezugsrechte sowie die Zuteilung der Bezugsrechte, welche nicht ausgeübt wurden, fest. Nicht ausgeübte Bezugsrechte kann der Verwaltungsrat verfallen lassen, oder er kann diese bzw. die Aktien, für welche Bezugsrechte eingeräumt, aber nicht ausgeübt worden sind, zu Marktkonditionen platzieren oder anderweitig im Interesse der Gesellschaft verwenden.	2The Board of Directors shall determine the time of the issuance, the issue price, the manner in which the new Shares have to be paid-up, the date from which the Shares carry the right to dividends, the conditions for the exercise of the preemptive rights and the allotment of preemptive rights that have not been exercised. The Board of Directors may allow the preemptive rights that have not been exercised to expire, or it may place such rights or Shares, the preemptive rights of which have not been exercised, at market conditions or use them otherwise in the interest of the Company.
3Der Verwaltungsrat ist ermächtigt, die Bezugsrechte der Aktionäre aus wichtigen Gründen zu entziehen oder zu beschränken und Dritten zuzuweisen, insbesondere:	3The Board of Directors is authorized to withdraw or limit the preemptive rights of the shareholders and to allot them to third parties for important reasons, including:
(a)  wenn der Ausgabebetrag der neuen Aktien unter Berücksichtigung des Marktpreises festgesetzt wird; oder	(a)  if the issue price of the new Shares is determined by reference to the market price; or
(b)  für die Übernahme von Unternehmen, Unternehmensteilen oder Beteiligungen oder für die Finanzierung oder Refinanzierung solcher Transaktionen oder die Finanzierung von neuen Investitionsvorhaben der Gesellschaft; oder	(b)  for the acquisition of an enterprise, part(s) of an enterprise or participations, or for the financing or refinancing of any of such transactions, or for the financing of new investment plans of the Company; or
(c)  zum Zwecke der Erweiterung des Aktionärskreises in bestimmten Finanz- oder Investoren-Märkten, zur Beteiligung von strategischen Partnern, oder im Zusammenhang mit der Kotierung von neuen Aktien an inländischen oder ausländischen Börsen; oder	(c)  for purposes of broadening the shareholder constituency of the Company in certain financial or investor markets, for purposes of the participation of strategic partners, or in connection with the listing of new Shares on domestic or foreign stock exchanges; or
(d)  für die Einräumung einer Mehrzuteilungsoption (Greenshoe) von bis zu 20% der zu platzierenden oder zu verkaufenden Aktien an die betreffenden Erstkäufer oder Festübernehmer im Rahmen einer Aktienplatzierung oder eines Aktienverkaufs; oder	(d)  for purposes of granting an over-allotment option (Greenshoe) of up to 20% of the total number of Shares in a placement or sale of Shares to the respective initial purchaser(s) or underwriter(s); or
(e)  für die Beteiligung von:	(e)  for the participation of:
i.    Mitgliedern des Verwaltungsrates, Mitgliedern der Geschäftsleitung und Mitarbeitern, die für die Gesellschaft oder eine Gruppengesellschaft tätig sind, vorausgesetzt, dass der Gesamtbetrag der unter dieser Bestimmung (e)(i) ausgegebenen Aktien einen Betrag von Schweizer Franken 36’700’000.00, eingeteilt in 10’000’000 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.67 nicht übersteigt; und	i.    members of the Board of Directors, members of the executive management and employees of the Company or any of its group companies, always provided that the total amount of such Shares to be issued under this clause (e)(i) shall not exceed Swiss Francs 36,700,000.00, divided into 10,000,000 fully paid-up Shares, with a par value of Swiss Francs 3.67 per Share; and

3

ii.   Vertragspartnern oder Beratern oder anderen Personen, die für die Gesellschaft oder eine Gruppengesellschaft Leistungen erbringen, vorausgesetzt, dass der Gesamtbetrag der unter dieser Bestimmung(e)(ii) ausgegebenen Aktien einen Betrag von Schweizer Franken 3’670’000.00, eingeteilt in 1’000’000 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.67 nicht übersteigt; oder	ii.   contractors or consultants of the Company or any of its group companies or any other persons performing services for the benefit of the Company or any of its group companies, always provided that the total amount of such Shares to be issued under this clause (e)(ii) shall not exceed Swiss Francs 3,670,000.00, divided into 1,000,000 fully paid-up Shares, with a par value of Swiss Francs 3.67 per Share; or
(f)  wenn ein Aktionär oder eine Gruppe von in gemeinsamer Absprache handelnden Aktionären mehr als 15% des im Handelsregister eingetragenen Aktienkapitals der Gesellschaft (die eigenen Aktien der Gesellschaft davon ausgenommen) auf sich vereinigt hat, ohne den übrigen Aktionären ein vom Verwaltungsrat empfohlenes Übernahmeangebot zu unterbreiten; oder zur Abwehr eines unterbreiteten, angedrohten oder potentiellen Übernahmeangebotes, welches der Verwaltungsrat, nach Konsultation mit einem von ihm beigezogenen unabhängigen Finanzberater, den Aktionären nicht zur Annahme empfohlen hat, weil der Verwaltungsrat das Übernahmeangebot in finanzieller Hinsicht gegenüber den Aktionären nicht als fair beurteilt hat.	(f)  following a shareholder or a group of shareholders acting in concert having accumulated shareholdings in excess of 15% of the share capital registered in the Commercial Register (excluding treasury shares) without having submitted to the other shareholders a takeover offer recommended by the Board of Directors, or for the defense of an actual, threatened or potential takeover bid, in relation to which the Board of Directors, upon consultation with an independent financial adviser retained by it, has not recommended to the shareholders acceptance on the basis that the Board of Directors has not found the takeover bid to be fair to the shareholders from a financial point of view.
4Die neuen Aktien unterliegen den Eintragungsbeschränkungen in das Aktienbuch gemäss Artikel 9 und 10 dieser Statuten.	4The new Shares shall be subject to the limitations for registration in the share register pursuant to Articles 9 and 10 of these Articles of Association.

4

Artikel 7: Bedingtes Aktienkapital	Article 7: Conditional Share Capital
1Das Aktienkapital kann sich durch Ausgabe von höchstens 138’132’846 voll zu liberierenden Aktien im Nennwert von je Schweizer Franken 3.67 um höchstens Schweizer Franken 506’947’544.82 erhöhen durch:	1The share capital may be increased in an amount not to exceed Swiss Francs 506,947,544.82 through the issuance of up to 138,132,846 fully paid-up Shares with a par value of Swiss Francs 3.67 per Share through:
(a)  die Ausübung von Wandel-, Tausch-, Options-, Bezugs- oder ähnlichen Rechten auf den Bezug von Aktien (nachfolgend die “Umwandlungsrechte”), welche Dritten oder Aktionären im Zusammenhang mit auf nationalen oder internationalen Kapitalmärkten neu oder bereits begebenen Anleihensobligationen, Optionen, Warrants oder anderen Finanzmarktinstrumenten oder neuen oder bereits bestehenden vertraglichen Verpflichtungen der Gesellschaft, einer ihrer Gruppengesellschaften oder ihrer Rechtsvorgänger eingeräumt werden (nachfolgend zusammen, “die mit Umwandlungsrechten verbundenen Obligationen”); dabei darf der Gesamtbetrag der ausgegebenen Aktien einen Betrag von Schweizer Franken 484’927’544.82, eingeteilt in 132’132’846 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.67 nicht übersteigen; und/oder	(a)  the exercise of conversion, exchange, option, warrant or similar rights for the subscription of Shares (hereinafter the “Rights”) granted to third parties or shareholders in connection with bonds, options, warrants or other securities newly or already issued in national or international capital markets or new or already existing contractual obligations by or of the Company, one of its group companies, or any of their respective predecessors (hereinafter collectively, the “Rights-Bearing Obligations”); the total amount of Shares that may be issued under such Rights shall not exceed Swiss Francs 484,927,544.82, divided into 132,132,846 fully paid-up Shares with a par value of Swiss Francs 3.67 per Share; and/or
(b)  die Ausgabe von mit Umwandlungsrechten verbundenen Obligationen an:	(b)   the issuance of Rights-Bearing Obligations granted to:
i.    die Mitglieder des Verwaltungsrates, Mitglieder der Geschäftsleitung und Arbeitnehmer, die für die Gesellschaft oder eine Gruppengesellschaft tätig sind; vorausgesetzt, dass der Gesamtbetrag der unter dieser Bestimmung (b)(i) ausgegebenen Aktien einen Betrag von Schweizer Franken 18’350’000.00, eingeteilt in 5’000’000 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.67 nicht übersteigt; oder	i.    the members of the Board of Directors, members of the executive management and employees of the Company or any of its group companies, always provided that the total amount of such Shares to be issued under this clause (b)(i) shall not exceed Swiss Francs 18,350,000.00, divided into 5,000,000 fully paid-up Shares, with a par value of Swiss Francs 3.67 per Share; or
ii.   Vertragspartner oder Berater oder andere Personen, die für die Gesellschaft oder eine Gruppengesellschaft Leistungen erbringen, vorausgesetzt, dass der Gesamtbetrag der unter dieser Bestimmung (b)(ii) ausgegebenen Aktien einen Betrag von Schweizer Franken 3’670’000.00, eingeteilt in 1’000’000 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.67 nicht übersteigt.	ii.   contractors or consultants of the Company or any of its group companies or any other persons providing services to the Company or its group companies, always provided that the total amount of such Shares to be issued under this clause (b)(ii) shall not exceed Swiss Francs 3,670,000.00, divided into 1,000,000 fully paid-up Shares, with a par value of Swiss Francs 3.67 per Share.

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2Der Verwaltungsrat ist ermächtigt, die Vorwegzeichnungsrechte der Aktionäre im Zusammenhang mit der Ausgabe von mit Umwandlungsrechten verbundenen Obligationen durch die Gesellschaft oder eine ihrer Gruppengesellschaften aus wichtigen Gründen zu beschränken oder aufzuheben, falls (1) die Ausgabe zum Zwecke der Übernahme von Unternehmen, Unternehmensteilen, für Beteiligungen oder zum Zwecke der Finanzierung oder Refinanzierung derartiger Transaktionen oder (2) die Ausgabe auf nationalen oder internationalen Finanzmärkten oder im Rahmen einer Privatplatzierung erfolgt.	2The Board of Directors shall be authorized to withdraw or limit the preferential subscription rights in connection with the issuance by the Company, one of its group companies or any of their respective predecessors of Rights-Bearing Obligations for important reasons, including if (1) the issuance is for the acquisition of an enterprise, part(s) of an enterprise or participations, or for the financing or refinancing of any of such transactions or (2) the issuance occurs in national or international capital markets or through a private placement.
3Wird das Vorwegzeichnungsrecht durch den Verwaltungsrat beschränkt oder aufgehoben, gilt Folgendes:	3If the Board of Directors limits or withdraws the preferential subscription right, then the following shall apply:
(a)  Die mit Umwandlungsrechten verbundenen Obligationen sind zu den jeweils marktüblichen Bedingungen auszugeben oder einzugehen; und	(a)  the Rights-Bearing Obligations shall be issued or entered into at market conditions; and
(b)  der Umwandlungs-, Tausch- oder sonstige Ausübungspreis der mit Umwandlungsrechten verbundenen Obligationen ist unter Berücksichtigung jeweils marktüblichen Bedingungen im Zeitpunkt der Ausgabe der mit Umwandlungsrechten verbundenen Obligationen festzusetzen; und	(b)  the conversion, exchange or exercise price of the Rights-Bearing Obligations shall be set at market conditions prevailing at the date on which the Rights-Bearing Obligations are issued; and
(c)  die Umwandlungsrechte sind höchstens während 30 Jahren ab dem jeweiligen Zeitpunkt der Ausgabe der betreffenden mit Umwandlungsrechten verbundenen Obligationen ausübbar.	(c)  the Rights may only be exercised during a maximum period of 30 years from the date of the issuance of the relevant Rights-Bearing Obligation.

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4Im Zusammenhang mit der Ausübung von Umwandlungsrechten in Aktien, ist das Bezugsrecht der Aktionäre entsprechend den Bedingungen der mit Umwandlungsrechten verbundenen Obligationen ausgeschlossen. Zum Bezug der neuen Aktien, die bei Ausübung der Wandel-, Tausch- oder anderer Ausübungsrechte ausgegeben werden, sind die jeweiligen Inhaber der mit Umwandlungsrechten verbundenen Obligationen berechtigt. Die Bedingungen der mit Umwandlungsrechten verbundenen Obligationen sind unter Berücksichtigung von Artikel 7 Absatz 3 dieser Statuten durch den Verwaltungsrat festzulegen.	4The preemptive rights of the shareholders shall be excluded in connection with the conversion, exchange or exercise of such Rights into Shares pursuant to the terms of the relevant Rights-Bearing Obligation. The then current owners of such Rights-Bearing Obligation shall be entitled to subscribe for the new Shares issued upon conversion, exchange or exercise of the related Right. The conditions of the Rights-Bearing Obligations shall be determined by the Board of Directors, subject to Article 7 para. 3 of these Articles of Association.
5Das Vorwegzeichnungsrecht wie auch das Bezugsrecht der Aktionäre ist bei der Ausgabe von mit Umwandlungsrechten verbundenen Obligationen gemäss Artikel 7 Absatz 1(b) dieser Statuten, oder bei Ausgabe neuer Aktien infolge Ausübung solcher Umwandlungsrechte ausgeschlossen. Die Ausgabe von Aktien oder mit Umwandlungsrechten verbundenen Obligationen an die in Artikel 7 Absatz 1(b) dieser Statuten genannten Personen erfolgt gemäss einem oder mehreren Beteiligungsplänen der Gesellschaft. Die Ausgabe von Aktien an die in Artikel 7 Absatz 1(b) dieser Statuten genannten Personen kann zu einem Preis erfolgen, der unter dem Kurs der Börse liegt, an der die Aktien gehandelt werden, muss aber mindestens zum Nennwert erfolgen.	5The preferential subscription rights and preemptive rights of the shareholders shall be excluded in connection with the issuance of any Rights-Bearing Obligations pursuant to Article 7 para. 1(b) of these Articles of Association or, upon exercise of the Rights, the newly issued Shares. Shares or Rights-Bearing Obligations may be issued to any of the persons referred to in Article 7 para. 1(b) of these Articles of Association in accordance with one or more benefit or incentive plans of the Company. Shares may be issued to any of the persons referred to in Article 7 para. 1(b) of these Articles of Association at a price lower than the current market price quoted on any securities exchange on which the Shares are traded, but at least at par value.
6Die Aktien, welche über die Ausübung von Umwandlungsrechten erworben werden, unterliegen den Eintragungsbeschränkungen in das Aktienbuch gemäss Artikel 9 und 10 dieser Statuten.	6The Shares acquired through the exercise of Rights shall be subject to the limitations for registration in the share register pursuant to Articles 9 and 10 of these Articles of Association.
Artikel 8: Aktienzertifikate	Article 8: Share Certificates
1Ein Aktionär hat nur dann Anspruch auf die Ausgabe eines Aktienzertifikates, wenn der Verwaltungsrat die Ausgabe von Aktienzertifikaten beschliesst. Aktienzertifikate werden in der vom Verwaltungsrat festgelegten Form ausgegeben. Ein Aktionär kann jederzeit eine Bescheinigung über die Anzahl der von ihm gehaltenen Aktien verlangen.	1A shareholder shall be entitled to a Share certificate only if the Board of Directors resolves that Share certificates shall be issued. Share certificates, if any, shall be in such form as the Board of Directors may determine. A shareholder may at any time request an attestation of the number of Shares held by it.

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2Die Gesellschaft kann jederzeit auf die Ausgabe und Aushändigung von Zertifikaten verzichten und mit Zustimmung des Aktionärs ausgegebene Urkunden, die bei ihr eingeliefert werden, ersatzlos annullieren.	2The Company may dispense with the obligation to issue and deliver certificates, and may, with the consent of the shareholder, cancel without replacement issued certificates delivered to the Company.
3Nicht-verurkundete Aktien und die damit verbundenen Rechte können nur durch schriftliche Zession übertragen werden. Eine solche Zession bedarf zur Wirksamkeit gegenüber der Gesellschaft der Anzeige an die Gesellschaft. Werden nicht-verurkundete Aktien im Auftrag des Aktionärs von einem Transfer Agenten, einer Trust Gesellschaft, Bank oder einer ähnlichen Gesellschaft verwaltet (der “Transfer Agent”), so können diese Aktien und die damit verbundenen Rechte nur unter Mitwirkung des Transfer Agenten übertragen werden.	3Uncertificated Shares and the uncertificated rights deriving from them may only be transferred by written assignment, such assignment being valid only if the Company is notified. If uncertificated Shares are administered on behalf of a shareholder by a transfer agent, trust company, bank or similar entity (the “Transfer Agent”), such Shares and the rights deriving from them may be transferred only with the cooperation of the Transfer Agent.
4Werden nicht-verurkundete Aktien zugunsten von einer anderen Zivilrechtlichen Person als dem Transfer Agenten verpfändet, so ist zur Gültigkeit der Verpfändung eine Anzeige an den Transfer Agenten erforderlich.	4If uncertificated Shares are pledged in favor of any Person other than the Transfer Agent, notification to such Transfer Agent shall be required for the pledge to be effective.
5Für den Fall, dass die Gesellschaft beschliesst, Aktienzertifikate auszugeben und auszuhändigen, müssen die Aktienzertifikate die Unterschrift(en) von einem oder mehreren zeichnungsberechtigten Personen tragen. Mindestens eine dieser Personen muss ein Mitglied des Verwaltungsrates sein. Faksimile-Unterschriften sind erlaubt.	5If the Company decides to issue and deliver Share certificates, the Share certificates shall bear the signature(s) of one or more duly authorized signatories of the Company, at least one of which shall be a member of the Board of Directors. These signatures may be facsimile signatures.
6Die Inhaber von Aktienzertifikaten haben der Gesellschaft den Verlust, Diebstahl, die Zerstörung oder Beschädigung von Zertifikaten unverzüglich zu melden. Die Gesellschaft kann an solche Inhaber gegen Aushändigung des beschädigten Zertifikates, oder gegen ausreichenden Nachweis eines Verlustes, Diebstahls oder der Zerstörung, neue Zertifikate ausgeben. Der Verwaltungsrat, ein von diesem eingesetzter Ausschuss, oder der Transfer Agent können in ihrem freien Ermessen vom Eigentümer des verlorenen, gestohlenen oder zerstörten Zertifikates, oder, im Fall einer Zivilrechtlichen Person, von deren gesetzlichem Vertreter verlangen, dass diese der Gesellschaft einen Schuldschein im Betrag und mit Sicherheiten ausgestaltet wie vom Verwaltungsrat, einem von diesem eingesetzten Ausschuss oder dem Transfer Agent verlangt übergibt, der es erlaubt, die Gesellschaft und den Transfer Agent für sämtliche Ansprüche zu entschädigen, die sich im Zusammenhang mit dem behaupteten Verlust, Diebstahl oder der Zerstörung eines solchen Zertifikates oder mit der Ausgabe eines neuen Zertifikates ergeben können.	6The holder of any Share certificate(s) shall immediately notify the Company of any loss, theft, destruction or mutilation of any such certificate(s); the Company may issue to such holder a new certificate upon the surrender of the mutilated certificate or, in the case of loss, theft or destruction of the certificate, upon satisfactory proof of such loss, theft or destruction; the Board of Directors, or a committee designated thereby, or the Transfer Agent, may, in their discretion, require the owner of the lost, stolen or destroyed certificate, or such Person’s legal representative, to give the Company a bond in such sum and with such surety or sureties as they may direct to indemnify the Company and said Transfer Agent against any claim that may be made on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.

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7Der Verwaltungsrat ist berechtigt, zusätzliche Regelungen und Anordnungen zu treffen, die er im Zusammenhang mit der Ausgabe und Übertragung von Zertifikaten über Aktien verschiedener Kategorien als zweckdienlich erachtet. Er kann im Zusammenhang mit der Ausgabe neuer Aktienzertifikate als Ersatz für verloren gegangene, gestohlene, zerstörte oder beschädigte Zertifikate geeignete Regelungen erlassen und Massnahmen ergreifen.	7The Board of Directors may make such additional rules and regulations as it may deem expedient concerning the issue and transfer of certificates representing Shares of each class of the Company and may make such rules and take such action as it may deem expedient concerning the issue of certificates in lieu of certificates claimed to have been lost, destroyed, stolen or mutilated.
8Die Gesellschaft kann in jedem Fall Aktienzertifikate ausgeben, die mehr als eine Aktie verkörpern.	8The Company may in any event issue Share certificates representing more than one Share.
Artikel 9: Aktienbuch, Eintragungsbeschränkungen, Nominees	Article 9: Share Register, Restrictions on Registration, Nominees
1Die Gesellschaft selbst oder ein von ihr beauftragter Dritter führt ein Aktienbuch. Darin werden die Eigentümer und Nutzniesser der Aktien sowie Nominees mit Namen und Vornamen, Adresse und Staatsangehörigkeit (bei Rechtseinheiten mit Firma und Sitz) eingetragen. Ändert eine im Aktienbuch eingetragene Zivilrechtliche Person ihre Adresse, so hat sie dies dem Aktienbuchführer mitzuteilen. Solange dies nicht geschehen ist, gelten alle schriftlichen Mitteilungen der Gesellschaft an die im Aktienbuch eingetragenen Zivilrechtlichen Personen als rechtsgültig an die bisher im Aktienbuch eingetragene Adresse erfolgt.	1The Company shall maintain, itself or through a third party, a share register that lists the surname, first name, address and citizenship (or the name and registered office for legal entities) of the owners and usufructuaries of the Shares as well as the nominees. A Person recorded in the share register shall notify the share registrar of any change in address. Until such notification shall have occurred, all written communication from the Company to Persons of record shall be deemed to have validly been made if sent to the address recorded in the share register.
2Ein Erwerber von Aktien wird auf Gesuch als Aktionär mit Stimmrecht im Aktienbuch eingetragen, vorausgesetzt, dass ein solcher Erwerber auf Aufforderung durch die Gesellschaft ausdrücklich erklärt, die Aktien im eigenen Namen und auf eigene Rechnung erworben zu haben. Der Verwaltungsrat kann Nominees, welche Aktien im eigenen Namen aber auf fremde Rechnung halten, als Aktionäre mit Stimmrecht im Aktienbuch der Gesellschaft eintragen. Der Verwaltungsrat kann Kriterien für die Billigung solcher Nominees als Aktionäre mit Stimmrecht festlegen. Die an den Aktien wirtschaftlich Berechtigten, welche die Aktien über einen Nominee halten, üben Aktionärsrechte mittelbar über den Nominee aus.	2An acquirer of Shares shall be recorded upon request in the share register as a shareholder with voting rights; provided, however, that any such acquirer upon request of the Company expressly declares to have acquired the Shares in its own name and for its own account. The Board of Directors may record nominees who hold Shares in their own name, but for the account of third parties, as shareholders of record in the share register of the Company. The Board of Directors may set forth the relevant requirements for the acceptance of nominees as shareholders with voting rights. Beneficial owners of Shares who hold Shares through a nominee exercise the shareholders’ rights through the intermediation of such nominee.

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3Sollte der Verwaltungsrat die Eintragung eines Aktionärs als Aktionär mit Stimmrecht ablehnen, muss dem Aktionär diese Ablehnung innerhalb von 20 Tagen nach Erhalt des Eintragungsgesuches mitgeteilt werden. Aktionäre, die nicht als Aktionäre mit Stimmrecht anerkannt wurden, sind als Aktionäre ohne Stimmrecht im Aktienbuch einzutragen.	3If the Board of Directors refuses to register a shareholder as a shareholder with voting rights, it shall notify the shareholder of such refusal within 20 days upon receipt of the application. Non-recognized shareholders shall be entered in the share register as shareholders without voting rights.
4Der Verwaltungsrat kann nach Anhörung des eingetragenen Aktionärs dessen Eintragung im Aktienbuch als Aktionär mit Stimmrecht mit Rückwirkung auf das Datum der Eintragung streichen, wenn diese durch falsche oder irreführende Angaben zustande gekommen ist. Der Betroffene muss über die Streichung sofort informiert werden.	4After hearing the registered shareholder concerned, the Board of Directors may cancel the registration of such shareholder as a shareholder with voting rights in the share register with retroactive effect as of the date of registration if such registration was made based on false or misleading information. The relevant shareholder shall be informed promptly of the cancellation.
5Sofern die Gesellschaft an einer Börse im Ausland kotiert ist, ist es der Gesellschaft mit Bezug auf den Regelungsgegenstand dieses Artikels 9 gestattet, die in der jeweiligen Rechtsordnung geltenden Vorschriften und Normierungen anzuwenden.	5In case the Company is listed on any foreign stock exchange, the Company is permitted to comply with the relevant rules and regulations that are applied in that foreign jurisdiction with regard to the subject of this Article 9.
Artikel 10: Rechtsausübung	Article 10: Exercise of Rights
1Die Gesellschaft anerkennt nur einen Vertreter pro Aktie.	1The Company shall only accept one representative per Share.
2Stimmrechte und die damit verbundenen Rechte können der Gesellschaft gegenüber von einem Aktionär, Nutzniesser der Aktien oder Nominee jeweils nur in dem Umfang ausgeübt werden, wie diese Zivilrechtliche Person mit Stimmrecht im Aktienbuch eingetragen ist.	2Voting rights and rights derived from them may be exercised in relation to the Company by a shareholder, usufructuary of Shares or nominee only to the extent that such Person is recorded in the share register with the right to exercise his voting rights.

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III. Organe und Organisation der Gesellschaft	III. Corporate Bodies and Organization of the Company
Artikel 11: Gesellschaftsorgane	Article 11: Corporate Bodies
Die Organe der Gesellschaft sind:	The corporate bodies are:
(a)  die Generalversammlung;	(a)  the General Meeting of Shareholders;
(b)  der Verwaltungsrat;	(b)  the Board of Directors;
(c)  die Revisionsstelle; und	(c)  the auditor; and
(d)  zusätzliche, durch den Verwaltungsrat im Rahmen des Organisationsreglements bestellte Gremien.	(d)  additional bodies as may be established by the Board of Directors in accordance with the By-Laws.
A. Generalversammlung	A. General Meeting of the Shareholders
Artikel 12: Befugnisse	Article 12: Authority
1Die Generalversammlung ist das oberste Organ der Gesellschaft.	1The General Meeting of Shareholders is the supreme corporate body of the Company.
2Der Generalversammlung stehen die folgenden unübertragbaren Befugnisse zu:	2The following powers shall be vested exclusively in the General Meeting of Shareholders:
(a)  die Festsetzung und Änderung der Statuten;	(a)  the adoption and amendment of these Articles of Association;
(b)  die Wahl der Mitglieder des Verwaltungsrates und der Revisionsstelle;	(b)  the election of the members of the Board of Directors and the auditor;
(c)  die Genehmigung des Jahresberichtes und der Konzernrechnung;	(c)  the approval of the annual report and the consolidated financial statements of the Company;
(d)  die Genehmigung der Jahresrechnung der Gesellschaft, sowie die Beschlussfassung über die Verwendung des Bilanzgewinnes, insbesondere die Festsetzung der Dividende;	(d)  the approval of the annual statutory financial statements of the Company and the resolution on the allocation of profit shown on the annual statutory balance sheet, in particular the determination of any dividend;
(e)  die Entlastung der Mitglieder des Verwaltungsrates und der übrigen mit der Geschäftsführung betrauten Zivilrechtlichen Personen;	(e)  the grant of a release from liability to the members of the Board of Directors and the Persons entrusted with management;

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(f)  die Genehmigung des Zusammenschlusses mit einem Nahestehenden Aktionär nach Artikel 21 Absatz 4 (die jeweilige Definition findet sich unter Artikel 35 dieser Statuten); und	(f)  the approval pursuant to Article 21 para. 4 of a Business Combination with an Interested Shareholder (as each such term is defined in Article 35 of these Articles of Association); and
(g)  die Beschlussfassung über Gegenstände, die der Generalversammlung durch das Gesetz oder die Statuten vorbehalten sind, oder die vom Verwaltungsrat gemäss Artikel 716a OR der Generalversammlung zur Beschlussfassung vorgelegt werden.	(g)  the adoption of resolutions on matters that are reserved to the General Meeting of Shareholders by law, these Articles of Association or, subject to article 716a CO, that are submitted to the General Meeting of Shareholders by the Board of Directors.
Artikel 13: Ordentliche Generalversammlung	Article 13: Annual General Meeting
1Die ordentliche Generalversammlung findet alljährlich innerhalb von sechs Monaten nach Schluss des Geschäftsjahres statt. Spätestens zwanzig Kalendertage vor der ordentlichen Generalversammlung sind der Geschäftsbericht und der Revisionsbericht den Aktionären am Gesellschaftssitz zur Einsicht aufzulegen. Jeder Aktionär kann verlangen, dass ihm unverzüglich eine Ausfertigung des Geschäftsberichts und des Revisionsberichts ohne Kostenfolge zugesandt wird. Die im Aktienbuch eingetragenen Aktionäre werden über die Verfügbarkeit des Geschäftsberichts und des Revisionsberichts durch schriftliche Mitteilung unterrichtet. In der Einladung zur ordentlichen Generalversammlung wird auf die Verfügbarkeit des Geschäftsberichts und des Revisionsberichts hingewiesen.	1The Annual General Meeting shall be held each year within six months after the close of the fiscal year of the Company. The annual report and the auditor’s report shall be made available for inspection by the shareholders at the registered office of the Company no later than twenty calendar days prior to the Annual General Meeting. Each shareholder is entitled to request prompt delivery of a copy of the annual report and the auditor’s report free of charge. Shareholders of record will be notified of the availability of the annual report and the auditor’s report in writing. Reference to the availability of the annual report and the auditor’s report shall be included in the notice of the Annual General Meeting.
2Die ordentliche Generalversammlung kann im Ausland durchgeführt werden.	2The Annual General Meeting may be held outside of Switzerland.
Artikel 14: Ausserordentliche Generalversammlung	Article 14: Extraordinary General Meeting
1Ausserordentliche Generalversammlungen finden in den vom Gesetz vorgesehenen Fällen statt, insbesondere, wenn der Verwaltungsrat, der Verwaltungsratspräsident, der Chief Executive Officer oder der Company President es für notwendig oder angezeigt erachten oder die Revisionsstelle dies verlangt.	1An Extraordinary General Meeting shall be held in the circumstances provided by law, in particular when deemed necessary or appropriate by the Board of Directors, the Chairman of the Board, the Chief Executive Officer, or the President, or if so requested by the auditor.

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2Ausserdem muss der Verwaltungsrat, der Verwaltungsratspräsident, der Chief Executive Officer oder der Company President eine ausserordentliche Generalversammlung einberufen, wenn es eine Generalversammlung so beschliesst oder wenn ein oder mehrere Aktionäre, welche zusammen mindestens zehn Prozent des im Handelsregister eingetragenen Aktienkapitals vertreten, dies verlangen, und unter der Voraussetzung, dass folgende Angaben gemacht werden:	2An Extraordinary General Meeting shall further be convened by the Board of Directors, the Chairman of the Board, the Chief Executive Officer, or the President, upon resolution of a General Meeting of Shareholders or if so requested by one or more shareholders who, in the aggregate, represent at least one-tenth of the share capital recorded in the Commercial Register, and who submit:
(a)  (1) schriftliches, von dem Aktionär bzw. den Aktionären unterzeichnetes und die Verhandlungsgegenstände bezeichnendes Begehren, (2) die Anträge sowie (3) der Nachweis der erforderlichen Anzahl der im Aktienbuch eingetragenen Aktien; und	(a)  (1) a written request signed by such shareholder(s) that specifies the item(s) to be included on the agenda, (2) the respective proposals of the shareholders and (3) evidence of the required shareholdings recorded in the share register; and
(b)  weitere Informationen, die von der Gesellschaft nach den Regeln der U.S. Securities and Exchange Commission (die “SEC”) in einem sog. Proxy Statement aufgenommen und veröffentlicht werden müssen.	(b)  such other information as would be required to be included in a proxy statement pursuant to the rules of the U.S. Securities and Exchange Commission (the “SEC”).
3Die ausserordentliche Generalversammlung kann im Ausland durchgeführt werden.	3An Extraordinary General Meeting may be held outside of Switzerland.
Artikel 15: Einberufung der Generalversammlung	Article 15: Notice of Shareholders’ Meetings
1Die ordentliche und die ausserordentliche Generalversammlung (einzeln und zusammen die “Generalversammlung”) wird durch den Verwaltungsrat, nötigenfalls durch die Revisionsstelle, spätestens 20 Kalendertage vor dem Tag der Generalversammlung einberufen.	1Notice of an Annual General Meeting or an Extraordinary General Meeting (individually and collectively the “General Meeting of Shareholders”) shall be given by the Board of Directors or, if necessary, by the auditor, at least twenty calendar days before the General Meeting of Shareholders is to take place.
2Die auf Verlangen eines Aktionärs durchzuführende ausserordentliche Generalversammlung ist durch den Verwaltungsrat innerhalb eines angemessenen Zeitraums seit Empfang des Begehrens auf Einberufung einer ausserordentlichen Generalversammlung einzuberufen.	2In case of an Extraordinary General Meeting requested by a shareholder, the Board of Directors shall call such Extraordinary General Meeting within a reasonable time after such request.

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3Die Einberufung erfolgt durch einmalige Bekanntmachung im Publikationsorgan der Gesellschaft gemäss Artikel 34 dieser Statuten. Für die Einhaltung der Einberufungsfrist ist der Tag der Veröffentlichung der Einberufung im Publikationsorgan massgeblich, wobei der Tag der Veröffentlichung nicht mitzuzählen ist. Die im Aktienbuch eingetragenen Aktionäre können zudem auf dem ordentlichen Postweg über die Generalversammlung informiert werden.	3Notice of the General Meeting of Shareholders shall be given by way of a single announcement in the official means of publication of the Company pursuant to Article 34 of these Articles of Association. The notice period shall be deemed to have been observed if notice of the General Meeting of Shareholders is published in such official means of publication, it being understood that the date of publication is not to be included for purposes of computing the notice period. Shareholders of record may in addition be informed of the General Meeting of Shareholders by ordinary mail.
4Die Einberufung enthält die Verhandlungsgegenstände sowie die Anträge des Verwaltungsrates und des oder der Aktionäre, welche die Durchführung einer Generalversammlung oder die Traktandierung eines Verhandlungsgegenstandes verlangt haben, und bei Wahlen die Namen des oder der zur Wahl vorgeschlagenen Kandidaten.	4The notice of a General Meeting of Shareholders shall specify the items on the agenda and the proposals of the Board of Directors and/or the shareholder(s) who requested that a General Meeting of Shareholders be held or an item be included on the agenda, and, in the event of elections, the name(s) of the candidate(s) that has or have been put on the ballot for election.
Artikel 16: Traktandierung; Nominierungen	Article 16: Agenda; Nominations
1Jeder Aktionär kann die Traktandierung eines Verhandlungsgegenstandes verlangen.	1Any shareholder may request that an item be included on the agenda of a General Meeting of Shareholders.

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2Das Traktandierungsbegehren muss in schriftlicher Fassung spätestens 60, frühestens aber 120 Kalendertage vor der Generalversammlung an den Sekretär der Gesellschaft zugestellt werden. Jedes Gesuch muss den Namen und die Adresse des antragstellenden Aktionärs (so, wie er in den Gesellschaftsunterlagen aufgeführt ist), sowie eine eindeutige und präzise Formulierung des Verhandlungsgegenstandes enthalten. Darüberhinaus ist ein Nachweis über die erforderliche, im Aktienbuch der Gesellschaft eingetragene Aktionärseigenschaft beizulegen. Sofern der Vorsitzende der Generalversammlung feststellt, dass ein Verhandlungsgegenstand nicht ordnungsgemäss traktandiert wurde, so hat er diesen Verhandlungsgegenstand für nicht ordnungsgemäss traktandiert zu erklären und den Gegenstand von der Verhandlung auszuschliessen.

2In order for an item to be included on the agenda for a General Meeting of Shareholders, a written request must be sent to the Secretary of the Company not less than 60 nor more than 120 calendar days prior to the meeting. Each such request must specify the name and address of the shareholder who requested it (as the same appear in the Company’s records), and a clear and concise statement of the agenda item, and shall be accompanied by evidence of the required shareholdings recorded in the share register. If the chairman of a General Meeting of Shareholders determines that any proposed business has not been properly brought before the meeting, he shall declare such business out of order; and such business shall not be conducted at the meeting.

3Der Verwaltungsrat oder jeder zu der Wahl von Verwaltungsräten berechtigte Aktionär darf Nominierungen für die Wahl des Verwaltungsrates der Gesellschaft treffen. Jeder Aktionär, der im Rahmen der Generalversammlung zu der Wahl von Verwaltungsräten berechtigt ist, darf Personen für die Wahl des Verwaltungsrates nur dann vorschlagen, wenn die Absicht einer solchen Nominierung dem Sekretär der Gesellschaft in schriftlicher Form durch persönliches Überbringen, Brief, im Voraus bezahltes Porto, und unter den folgenden Voraussetzungen angekündigt wurde: (a) 90 Tage vor Durchführung einer ordentlichen Generalversammlung, und (b) bei ausserordentlichen Generalversammlungen, bis spätestens zum Ende der ordentlichen Bürostunden am siebenten Tag nach der erstmaligen Bekanntgabe einer derartigen Versammlung an die Aktionäre. Jeder der Wahlvorschläge muss inhaltlich folgenden Anforderungen genügen: (i) Name und Adresse des Aktionärs, der ein oder mehrere Personen für die Wahl vorschlägt; (ii) ein Nachweis, dass der Aktionär die Anteile hält, die ihn zu einer Wahl berechtigen und dass er beabsichtigt, an der Versammlung persönlich oder durch einen Vertreter teilzunehmen, um die vorgeschlagene Person zu nominieren; (iii) die Benennung aller Vereinbarungen und Übereinkünfte zwischen dem Aktionär und der von diesem nominierten Person und jedem Dritten (namentliche Nennung erforderlich), gemäss welchem eine Nominierung durch den Aktionär erfolgen soll; (iv) weitere Informationen über jede durch einen Aktionär nominierte Person, die von der Gesellschaft nach den Proxy Regeln der SEC in einem sog. Proxy Statement aufgenommen werden müssen, hätte der Verwaltungsrat die jeweilige nominierte Person nominiert oder nominieren wollen; und (v) die Erklärung der nominierten Person das Mandat als Verwaltungsrat anzunehmen für den Fall, dass die nominierte Person in diese Funktion gewählt wird. Der Vorsitzende kann, bei Nichteinhaltung der in diesem Absatz umschriebenen Vorgehensweise, die Anerkennung einer Nominierung verweigern.

3Nominations for the election of directors of the Company may be made by the Board of Directors or by any shareholder entitled to vote for the election of directors. Any shareholder entitled to vote for the election of directors at a General Meeting of Shareholders may nominate persons for election as directors only if written notice of such shareholder’s intent to make such nomination is given, either by personal delivery or by mail, postage prepaid, to the Secretary of the Company not later than (a) with respect to an election to be held at an Annual General Meeting of Shareholders, 90 days in advance of such meeting, and (b) with respect to an election to be held at an Extraordinary General Meeting of Shareholders for the election of directors, the close of business on the seventh day following the date on which notice of such meeting is first given to shareholders. Each such notice shall set forth: (i) the name and address of the shareholder who intends to make the nomination of the person or persons to be nominated; (ii) a representation that the shareholder is a holder of record of Shares entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; (iii) a description of all arrangements or understandings between the shareholder and each nominee and any other person or persons (naming such person or persons) pursuant to which the nomination or nominations are to be made by the shareholder; (iv) such other information regarding each nominee proposed by such shareholders as would have been required to be included in a proxy statement filed pursuant to the proxy rules of the SEC had each nominee been nominated, or intended to be nominated, by the Board of Directors; and (v) the consent of each nominee to serve as a director of the Company if so elected. The chairman of the meeting may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedure.

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4Zu nicht gehörig angekündigten Verhandlungsgegenständen können keine Beschlüsse der Generalversammlung gefasst werden. Hiervon ausgenommen ist jedoch der Beschluss über den in einer Generalversammlung gestellten Antrag auf:	4No resolution may be passed at a General Meeting of Shareholders concerning an agenda item in relation to which due notice was not given, except for proposals made during a General Meeting of Shareholders to:
(a)  Einberufung einer ausserordentlichen Generalversammlung; sowie	(a)  convene an Extraordinary General Meeting; or
(b)  Durchführung einer Sonderprüfung gemäss Artikel 697a OR.	(b)  initiate a special investigation in accordance with article 697a CO.
5Zur Stellung von Anträgen im Rahmen der Verhandlungsgegenstände und zu Verhandlungen ohne Beschlussfassung bedarf es keiner vorgängigen Ankündigung.	5No prior notice is required to bring motions related to items already on the agenda or for the discussion of matters on which no resolution is to be taken.
Artikel 17: Vorsitz der Generalversammlung, Protokoll, Stimmenzähler	Article 17: Acting Chair, Minutes, Vote Counters
1An der Generalversammlung führt der Verwaltungsratspräsident oder, bei dessen Verhinderung, der Vizepräsident oder eine andere vom Verwaltungsrat bezeichnete Person den Vorsitz.	1At the General Meeting of Shareholders the Chairman of the Board of Directors or, in his absence, the Vice-Chairman or any other person designated by the Board of Directors, shall take the chair.
2Der Vorsitzende der Generalversammlung bestimmt den Protokollführer und die Stimmenzähler, die alle nicht Aktionäre sein müssen. Das Protokoll ist vom Vorsitzenden und vom Protokollführer zu unterzeichnen.	2The acting chair of the General Meeting of Shareholders shall appoint the secretary and the vote counters, none of whom need be shareholders. The minutes of the General Meeting of Shareholders shall be signed by the acting chair and the secretary.

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3Dem Vorsitzenden der Generalversammlung stehen die notwendigen und erforderlichen Befugnisse und Kompetenzen für eine ordnungsgemässe Durchführung der Generalversammlung zu.	3The acting chair of the General Meeting of Shareholders shall have all powers and authority necessary and appropriate to ensure the orderly conduct of the General Meeting of Shareholders.
Artikel 18: Recht auf Teilnahme, Vertretung der Aktionäre	Article 18: Right to Participation and Representation
Sofern die Statuten es vorsehen, ist jeder an einem bestimmten, durch den Verwaltungsrat vorgegebenen Stichtag, im Aktienbuch eingetragene Aktionär berechtigt, an der Generalversammlung teilzunehmen und an der Beschlussfassung mitzuwirken. Ein Aktionär kann sich an der Generalversammlung vertreten lassen, wobei der Vertreter nicht Aktionär sein muss. Der Verwaltungsrat kann die Einzelheiten über die Vertretung und Teilnahme an der Generalversammlung in Verfahrensvorschriften regeln.	Except as provided in these Articles of Association, each shareholder recorded in the share register on a specific qualifying day which may be designated by the Board of Directors shall be entitled to participate at the General Meeting of Shareholders and in any vote taken. The shareholders may be represented by proxies who need not be shareholders. The Board of Directors may issue the particulars of the right to representation and participation at the General Meeting of Shareholders in procedural rules.
Artikel 19: Stimmrechte	Article 19: Voting Rights
1Jede Aktie berechtigt zu einer Stimme. Das Stimmrecht untersteht den Bedingungen von Artikel 9 und 10 dieser Statuten.	1Each Share shall convey the right to cast one vote. The right to vote is subject to the conditions of Articles 9 and 10 of these Articles of Association.
Artikel 20: Beschlüsse und Wahlen: Mehrheitserfordernisse	Article 20: Resolutions and Elections: Voting Requirements
1Die Generalversammlung fasst Beschlüsse und entscheidet Wahlen, soweit das Gesetz oder diese Statuten es nicht anders bestimmen, mit der relativen Mehrheit der abgegebenen Aktienstimmen (wobei Enthaltungen, Broker Nonvotes, leere oder ungültige Stimmen für die Bestimmung des Mehrs nicht berücksichtigt werden).	1Unless otherwise required by Swiss statutory law or these Articles of Association, the General Meeting of Shareholders shall take resolutions and decide elections upon a relative majority of the votes cast at the General Meeting of Shareholders (whereby abstentions, broker nonvotes, blank or invalid ballots shall be disregarded for purposes of establishing the majority).
2Die Generalversammlung entscheidet über die Wahl von Mitgliedern des Verwaltungsrates nach der Mehrheit der abgegebenen Stimmen. Danach gilt diejenige Person, welche die grösste Zahl der abgegebenen Aktienstimmen für einen Verwaltungsratssitz erhält, als für den betreffenden Verwaltungsratssitz gewählt. Aktienstimmen gegen einen Kandidaten, Stimmenthaltungen, Broker Nonvotes, leere oder ungültige Stimmen haben für die Zwecke dieses Artikels 20 Absatz 2 keine Auswirkungen auf die Wahl von Mitgliedern des Verwaltungsrates.	2The General Meeting of Shareholders shall decide elections of members of the Board of Directors upon a plurality of the votes cast at the General Meeting of Shareholders. A plurality means that the individual who receives the largest number of votes for a board seat is elected to that board seat. Votes against any candidate, abstentions, broker nonvotes, blank or invalid ballots shall have no impact on the election of members of the Board of Directors under this Article 20 para. 2.

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3Für die Abwahl von amtierenden Mitgliedern des Verwaltungsrates gelten das Mehrheitserfordernis gemäss Artikel 21 Absatz 2(e) sowie das Präsenzquorum von Artikel 22 Absatz 2(a).	3For the removal of a serving member of the Board of Directors, the voting requirement set forth in Article 21 para. 2(e) and the presence quorum set forth in Article 22 para. 2(a) shall apply.
4Die Abstimmungen und Wahlen erfolgen offen, es sei denn, dass die Generalversammlung schriftliche Abstimmung respektive Wahl beschliesst oder der Vorsitzende der Generalversammlung dies anordnet. Der Vorsitzende der Generalversammlung kann Abstimmungen und Wahlen auch mittels elektronischem Verfahren durchführen lassen. Elektronische Abstimmungen und Wahlen sind schriftlichen Abstimmen und Wahlen gleichgestellt.	4Resolutions and elections shall be decided by a show of hands, unless a written ballot is resolved by the General Meeting of Shareholders or is ordered by the acting chair of the General Meeting of Shareholders. The acting chair may also hold resolutions and elections by use of an electronic voting system. Electronic resolutions and elections shall be considered equal to resolutions and elections taken by way of a written ballot.
5Der Vorsitzende der Generalversammlung kann eine offene Wahl oder Abstimmung immer durch eine schriftliche oder elektronische wiederholen lassen, sofern seiner Ansicht nach Zweifel am Abstimmungsergebnis bestehen. In diesem Fall gilt die vorausgegangene offene Wahl oder Abstimmung als nicht erfolgt.	5The chair of the General Meeting of Shareholders may at any time order that an election or resolution decided by a show of hands be repeated by way of a written or electronic ballot if he considers the vote to be in doubt. The resolution or election previously held by a show of hands shall then be deemed to have not taken place.
Artikel 21: Besonderes Stimmen Quorum	Article 21: Special Vote
1Ein Beschluss der Generalversammlung, der mindestens zwei Drittel der an der Generalversammlung vertretenen Aktien sowie die absolute Mehrheit des vertretenen Aktiennennwertes, auf sich vereinigt, ist erforderlich für:	1The approval of at least two-thirds of the Shares represented at a General Meeting of Shareholders and the absolute majority of the par value of such Shares, shall be required for resolutions with respect to:
(a)  Die Ergänzung oder Änderung des Gesellschaftszweckes gemäss Artikel 2 dieser Statuten;	(a)  the amendment or modification of the purpose of the Company as described in Article 2 of these Articles of Association;
(b)  die Einführung von Stimmrechtsaktien;	(b)  the creation of shares with voting power greater than the Shares;
(c)  die Beschränkung der Übertragbarkeit der Aktien und die Änderung oder Aufhebung einer solche Beschränkung;	(c)  the restriction on the transferability of Shares and the modification or removal of such restriction;
(d)  eine genehmigte oder bedingte Kapitalerhöhung;	(d)  an increase in the amount of the authorized or conditional share capital;

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(e)  die Kapitalerhöhung (i) aus Eigenkapital, (ii) gegen Sacheinlage oder zwecks Sachübernahme oder (iii) die Gewährung von besonderen Vorteilen;	(e)  an increase in share capital through (i) the conversion of capital surplus, (ii) contribution in kind or for purposes of an acquisition of assets, or (iii) the granting of special privileges upon a capital increase;
(f)  die Einschränkung oder Aufhebung des Bezugsrechts oder des Vorwegzeichnungsrechtes;	(f)  the limitation on or withdrawal of preemptive or preferential subscription rights;
(g)  die Verlegung des Sitzes der Gesellschaft;	(g)  the relocation of the registered office of the Company;
(h)  die Fusion im Wege der Absorption einer anderen Gesellschaft vorbehaltlich der zusätzlichen Voraussetzungen unter Artikel 21 Absatz 4 dieser Statuten und im Rahmen der gesetzlichen Vorgaben schweizerischen Rechts;	(h)  subject to Article 21 para. 4 of these Articles of Association and as far as required by Swiss statutory law, the merger by way of absorption of another company;
(i)  die Auflösung der Gesellschaft; und	(i)  the dissolution of the Company; and
(j)  jede Änderung dieses Artikels 21 Absatz 1.	(j)  any change to this Article 21 para. 1.
2Ein Beschluss der Generalversammlung, der mindestens zwei Drittel der Gesamtstimmen auf sich vereinigt ist erforderlich für:	2The approval of at least two-thirds of the Total Voting Shares shall be required for:
(a)  Jede Änderung von Artikel 16 dieser Statuten;	(a)  any change to Article 16 of these Articles of Association;
(b)  jede Änderung von Artikel 20 dieser Statuten;	(b)  any change to Article 20 of these Articles of Association;
(c)  jede Änderung dieses Artikels 21 Absatz 2;	(c)  any change to this Article 21 para. 2;
(d)  jede Änderung von Artikel 22, 23 oder 24 dieser Statuten; und	(d)  any change to Article 22, 23 or 24 of these Articles of Association; and
(e)  die Abwahl eines amtierenden Mitglieds des Verwaltungsrates.	(e)  a resolution with respect to the removal of a serving member of the Board of Directors.

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3Ein Beschluss der Generalversammlung, der mindestens zwei Drittel der abgegebenen Stimmen auf sich vereinigt, ist erforderlich für:	3The approval of at least two-thirds of the Shares voted at a General Meeting of Shareholders shall be required for:
(a)  jede Änderung dieses Artikels 21 Absatz 3; und	(a)  any change to this Article 21 para. 3; and
(b)  jede Änderung von Artikel 25 dieser Statuten.	(b)  any change to Article 25 of these Articles of Association.
4Zusätzlich zu etwaigen benötigten Zustimmungserfordernissen ist ein Beschluss der Generalversammlung mit einer Mehrheit, die mindestens die Summe von: (i) zwei Drittel der Gesamtstimmen; zuzüglich (ii) einer Anzahl von stimmberechtigten Aktien, die einem Drittel der von Nahestehenden Aktionären (wie in Artikel 35 dieser Statuten definiert) gehaltenen Aktienstimmen entspricht, auf sich vereinigt, erforderlich für (1) jeden Zusammenschluss der Gesellschaft mit einem Nahestehenden Aktionär innerhalb eines Zeitraumes von drei Jahren, seitdem diese Zivilrechtliche Person zu einem Nahestehenden Aktionär wurde, (2) jede Änderung von Artikel 12(f) dieser Statuten oder (3) jede Änderung von diesem Artikel 21 Absatz 4 dieser Statuten (einschliesslich der dazugehörigen Definitionen in Artikel 35 dieser Statuten). Das im vorangehenden Satz aufgestellte Zustimmungserfordernis ist jedoch nicht anwendbar falls:	4In addition to any approval that may be required under applicable law, the approval of a majority at least equal to the sum of: (i) two-thirds of the Total Voting Shares; plus (ii) a number of Shares entitled to vote that is equal to one-third of the number of Shares entitled to vote held by Interested Shareholders (as defined in Article 35 of these Articles of Association), shall be required for the Company to (1) engage in any Business Combination with an Interested Shareholder for a period of three years following the time that such Person became an Interested Shareholder, (2) amend Article 12(f) of these Articles of Association or (3) amend this Article 21 para. 4 of these Articles of Association (including any definitions pertaining thereto as set forth in Article 35 of these Articles of Association); provided, however, that the approval requirement in the preceding sentence shall not apply if:
(a)  der Verwaltungsrat, bevor diese Zivilrechtliche Person zu einem Nahestehenden Aktionär wurde, entweder den Zusammenschluss oder eine andere Transaktion genehmigte, in Folge derer diese Zivilrechtliche Person zu einem Nahestehenden Aktionär wurde;	(a)  prior to such time that such Person became an Interested Shareholder, the Board of Directors approved either the Business Combination or the transaction which resulted in such Person becoming an Interested Shareholder;

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(b)  nach Vollzug der Transaktion, in Folge derer diese Zivilrechtliche Person zu einem Nahestehenden Aktionär wurde, der Nahestehende Aktionär unmittelbar vor Beginn der betreffenden Transaktion mindestens 85% der Gesamtstimmen hielt, wobei zur Bestimmung der Anzahl der allgemein stimmberechtigten Aktien (nicht jedoch zur Bestimmung der durch den Nahestehenden Aktionär gehaltenen Aktien) folgende Aktien nicht zu berücksichtigen sind: Aktien, (x) welche von Zivilrechtlichen Personen gehalten werden, die sowohl Verwaltungsrats- wie auch Geschäftsleitungsmitglieder sind, und (y) welche für Mitarbeiteraktienpläne reserviert sind, soweit die diesen Plänen unterworfenen Mitarbeiter nicht das Recht haben, unter Wahrung der Vertraulichkeit darüber zu entscheiden, ob Aktien, die dem betreffenden Mitarbeiteraktienplan unterstehen, in einem Übernahme- oder Austauschangebot angedient werden sollen oder nicht;

(b)  upon consummation of the transaction which resulted in such Person becoming an Interested Shareholder, the Interested Shareholder Owned at least 85% of the Total Voting Shares at the time the transaction commenced, excluding for purposes of determining such number of Shares then in issue (but not for purposes of determining the Shares Owned by the Interested Shareholder), those Shares Owned (x) by Persons who are both members of the Board of Directors and officers of the Company and (y) by employee share plans in which employee participants do not have the right to determine confidentially whether Shares held subject to the plan will be tendered in a tender or exchange offer;

(c)  eine Zivilrechtliche Person unbeabsichtigterweise zu einem Nahestehenden Aktionär wird und (x) das Eigentum an einer genügenden Anzahl Aktien sobald als möglich veräussert, so dass sie nicht mehr länger als Nahestehender Aktionär qualifiziert und (y) zu keinem Zeitpunkt während der drei dem Zusammenschluss zwischen der Gesellschaft und dieser Zivilrechtlichen Person unmittelbar vorangehenden Jahre als Nahestehender Aktionär gegolten hätte, ausgenommen aufgrund des unbeabsichtigten Erwerbs der Eigentümerschaft.

(c)  a Person becomes an Interested Shareholder inadvertently and (x) as soon as practicable divests itself of Ownership of sufficient Shares so that such Person ceases to be an Interested Shareholder and (y) would not, at any time within the three-year period immediately prior to a Business Combination between the Company and such Person, have been an Interested Shareholder but for the inadvertent acquisition of Ownership; or

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(d)  der Zusammenschluss vor Vollzug oder Verzicht auf und nach öffentlicher Bekanntgabe oder der nach diesem Abschnitt erforderlichen Mitteilung (was auch immer früher erfolgt) eine(r) beabsichtigten Transaktion vorgeschlagen wird, welche (i) eine der Transaktionen im Sinne des zweiten Satzes dieses Artikels 21 Absatz 4(d) darstellt; (ii) mit oder von einer Zivilrechtlichen Person abgeschlossen wird, die entweder während den letzten drei Jahren kein Nahestehender Aktionär war oder die mit der Genehmigung des Verwaltungsrates zu einem Nahestehenden Aktionär wurde; und (iii) von einer Mehrheit der dannzumal amtierenden Mitglieder des Verwaltungsrates (aber mindestens einem) genehmigt oder nicht abgelehnt wird, die entweder bereits Verwaltungsratsmitglieder waren, bevor in den drei vorangehenden Jahren irgendeine Zivilrechtliche Person zu einem Nahestehenden Aktionär wurde, oder die auf Empfehlung einer Mehrheit solcher Verwaltungsratsmitglieder als deren Nachfolger zur Wahl vorgeschlagen wurden. Die im vorangehenden Satz erwähnten beabsichtigen Transaktionen sind auf folgende beschränkt: (x) eine Fusion oder eine andere Form des Zusammenschlusses der Gesellschaft (mit Ausnahme einer Fusion, welche keine Genehmigung durch die Generalversammlung der Gesellschaft voraussetzt); (y) ein Verkauf, eine Vermietung oder eine Verpachtung ein Tausch, hypothekarische Belastung, Verpfändung, Übertragung oder anderweitige Verfügung (ob in einer oder mehreren Transaktionen), von Vermögenswerten der Gesellschaft oder einer direkten oder indirekten Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird (jedoch nicht an eine direkt oder indirekt zu 100% gehaltene Konzerngesellschaft oder an die Gesellschaft), soweit diese Vermögenswerte einen Marktwert von 50% oder mehr entweder des auf konsolidierter Basis aggregierten Marktwertes aller Vermögenswerte der Gesellschaft oder des aggregierten Marktwertes aller dann im Handelsregister eingetragenen Aktien, unabhängig davon, ob eine dieser Transaktionen Teil einer Auflösung der Gesellschaft ist oder nicht; oder (z) ein vorgeschlagenes Übernahme- oder Umtauschangebot für 50% oder mehr der Gesamtstimmen der Gesellschaft. Die Gesellschaft muss Nahestehenden Aktionären sowie den übrigen Aktionären den Vollzug einer der unter (x) oder (y) des zweiten Satzes dieses Artikels 21 Absatz 4(d) erwähnten Transaktionen mindestens 20 Kalendertage vorher mitteilen. (d)  the Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required hereunder of a proposed transaction which (i) constitutes one of the transactions described in the second sentence of this Article 21 para. 4(d); (ii) is with or by a Person who either was not an Interested Shareholder during the previous three years or who became an Interested Shareholder with the approval of the Board of Directors; and (iii) is approved or not opposed by a majority of the members of the Board of Directors then in office (but not less than one) who were Directors prior to any Person becoming an Interested Shareholder during the previous three years or were recommended for election to succeed such Directors by a majority of such Directors. The proposed transactions referred to in the preceding sentence are limited to (x) a merger or consolidation of the Company (except for a merger in respect of which no vote of the Company’s shareholders is required); (y) a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-Owned subsidiary of the Company (other than to any direct or indirect wholly Owned subsidiary or to the Company) having an aggregate market value equal to 50% or more of either that aggregate market value of all of the assets of the Company determined on a consolidated basis or the aggregate market value of all the Shares registered in the Commercial Register; or (z) a proposed tender or exchange offer for 50% or more of the Total Voting Shares. The Company shall give not less than 20 calendar days’ notice to all Interested Shareholders as well as to the other shareholders prior to the consummation of any of the transactions described in clause (x) or (y) of the second sentence of this Article 21 para. 4(d).

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Artikel 22: Präsenzquorum	Article 22: Presence Quorum
1Jede Beschlussfassung oder Wahl setzt zu ihrer Gültigkeit im Zeitpunkt der Konstituierung der Generalversammlung ein Präsenzquorum von Aktionären, welche mindestens die Mehrheit aller Gesamtstimmen vertreten, voraus. Die Aktionäre können mit der Behandlung der Traktanden fortfahren, selbst wenn Aktionäre nach Bekanntgabe des Quorums durch den Vorsitzenden die Generalversammlung verlassen.	1The adoption of any resolution or election requires the presence of at least a majority of the Total Voting Shares at the time when the General Meeting of Shareholders proceeds to business. The shareholders present at a General Meeting of Shareholders may continue to transact business, despite the withdrawal of shareholders from such General Meeting of Shareholders following announcement of the presence quorum at that meeting.
2Die nachfolgend aufgeführten Angelegenheiten erfordern zum Zeitpunkt der Konstituierung der Generalversammlung ein Präsenzquorum von Aktionären, welche mindestens zwei Drittel der Gesamtstimmen vertreten:	2The matters set forth below require the presence of at least two-thirds of the Total Voting Shares at the time when the General Meeting of Shareholders proceeds to business:
(a)  Die Beschlussfassung über die Abwahl eines amtierenden Verwaltungsratsmitglieds (Artikel 20 Absatz 3 und 21 Absatz 2(e) dieser Statuten); und	(a)  the adoption of a resolution to remove a serving member of the Board of Directors (Articles 20 para. 3 and 21 para. 2(e) of these Articles of Association); and
(b)  die Beschlussfassung, diesen Artikel 22 oder Artikel 12(f), 20, 21, 23 oder 24 dieser Statuten zu ändern, zu ergänzen, nicht anzuwenden oder ausser Kraft zu setzen.	(b)  the adoption of a resolution to amend, vary, suspend the operation of, disapply or cancel this Article 22 or Articles 12(f), 20, 21, 23 or 24 of these Articles of Association.
B. Verwaltungsrat	B. Board of Directors
Artikel 23: Anzahl Verwaltungsräte	Article 23: Number of Directors
1Der Verwaltungsrat besteht aus mindestens drei und höchstens neun Mitgliedern.	1The Board of Directors shall consist of no less than three and no more than nine members.
2Sollte die Anzahl der Verwaltungsräte unter die in diesen Statuten vorgesehene Mindestanzahl fallen, kann die Ernennung neuer Verwaltungsratsmitglieder zur Vervollständigung des Verwaltungsrats bis zur nächsten ordentlichen Generalversammlung aufgeschoben werden.	2Should the number of the members of Board of Directors fall under the minimum number provided for in these Articles of Association, the completion of the Board of Directors may be deferred until the next Annual General Meeting.

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Artikel 24: Amtsdauer	Article 24: Term of Office
1Die Verwaltungsräte werden vom Verwaltungsrat in drei Klassen aufgeteilt, welche als Klasse I, Klasse II und Klasse III bezeichnet werden. An jeder ordentlichen Generalversammlung soll jede Klasse Verwaltungsräte, deren Amtsdauer abläuft, für eine Amtsdauer von drei Jahren bzw. bis zur Wahl eines Nachfolgers in sein Amt gewählt werden.	1The Board of Directors shall divide its members into three classes, designated Class I, Class II and Class III. At each Annual General Meeting, each class of the members of the Board of Directors whose term shall then expire shall be elected to hold office for a three-year term or until the election of their respective successor in office.
2Der Verwaltungsrat legt die Reihenfolge der Wiederwahl fest, wobei die erste Amtszeit einer bestimmten Klasse von Verwaltungsräten auch weniger als drei Jahre betragen kann. Für die Zwecke dieser Bestimmung ist unter einem Jahr der Zeitabschnitt zwischen zwei ordentlichen Generalversammlungen zu verstehen.	2The Board of Directors shall establish the order of rotation, whereby the first term of office of members of a particular class may be less than three years. For purposes of this provision, one year shall mean the period between two Annual General Meetings.
3Wenn ein Verwaltungsratsmitglied vor Ablauf seiner Amtsdauer aus welchen Gründen auch immer ersetzt wird, endet die Amtsdauer des an seiner Stelle gewählten neuen Verwaltungsratsmitgliedes mit dem Ende der Amtsdauer seines Vorgängers.	3If, before the expiration of his term of office, a Director should be replaced for whatever reason, the term of office of the newly elected member of the Board of Directors shall expire at the end of the term of office of his predecessor.
Artikel 25: Organisation des Verwaltungsrats, Entschädigung	Article 25: Organization of the Board, Remuneration
1Der Verwaltungsrat wählt aus seiner Mitte einen Verwaltungsratspräsidenten. Er kann einen oder mehrere Vizepräsidenten wählen. Er bestellt weiter einen Sekretär, welcher nicht Mitglied des Verwaltungsrates sein muss. Der Verwaltungsrat regelt unter Einhaltung der Bestimmungen des Gesetzes und dieser Statuten die Einzelheiten seiner Organisation in einem Organisationsreglement.	1The Board of Directors shall elect from among its members a Chairman. It may elect one or more Vice-Chairmen. It shall further appoint a Secretary, who need not be a member of the Board of Directors. Subject to applicable law and these Articles of Association, the Board of Directors shall establish the particulars of its organization in By-Laws.
2Die Mitglieder des Verwaltungsrates haben Anspruch auf Ersatz ihrer im Interesse der Gesellschaft aufgewendeten Auslagen sowie auf eine ihrer Tätigkeit und Verantwortung entsprechende Entschädigung, deren Betrag der Verwaltungsrat auf Antrag eines Ausschusses des Verwaltungsrates festlegt.	2The members of the Board of Directors shall be entitled to reimbursement of all expenses incurred in the interest of the Company, as well as remuneration for their services that is appropriate in view of their functions and responsibilities. The amount of the remuneration shall be determined by the Board of Directors upon recommendation by a committee of the Board of Directors.

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3Im Rahmen des gesetzlich Zulässigen, hält die Gesellschaft gegenwärtige und ehemalige Mitglieder des Verwaltungsrates und der Geschäftsleitung sowie deren Erben, Konkurs- oder Nachlassmassen aus Gesellschaftsmitteln für Kosten, -Abgaben, Verluste, Schäden und Auslagen aus drohenden, hängigen oder abgeschlossenen Klagen, Verfahren oder Untersuchungen zivil-, straf- oder verwaltungsrechtlicher oder anderer Natur schadlos, welche ihnen oder ihren Erben, Konkurs- oder Nachlassmassen entstehen aufgrund von tatsächlichen oder behaupteten Handlungen, Zustimmungen oder Unterlassungen anlässlich oder im Zusammenhang mit der Ausübung ihrer Pflichten oder behaupteten Pflichten oder aufgrund der Tatsache, dass sie Mitglieder des Verwaltungsrates oder der Geschäftsleitung der Gesellschaft sind oder waren oder auf Aufforderung der Gesellschaft Mitglied des Verwaltungsrates, der Geschäftsleitung oder als Arbeitnehmer oder Agent einer anderen Gesellschaft, einer nicht-rechtsfähigen Personengesellschaft, eines Joint Ventures, eines Trusts oder einer sonstigen Geschäftseinheit sind oder waren.	3The Company shall indemnify and hold harmless, to the fullest extent permitted by law, the existing and former members of the Board of Directors and officers, and their heirs, executors and administrators, out of the assets of the Company from and against all threatened, pending or completed actions, suits or proceedings — whether civil, criminal, administrative or investigative — and all costs, charges, losses, damages and expenses which they or any of them, their heirs, executors or administrators, shall or may incur or sustain by or by reason of any act done or alleged to be done, concurred or alleged to be concurred in or omitted or alleged to be omitted in or about the execution of their duty, or alleged duty, or by reason of the fact that he is or was a member of the Board of Directors or officer of the Company, or while serving as a member of the Board of Directors or officer of the Company is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.
4Ohne den vorangehenden Absatz 3 dieses Artikels 25 einzuschränken, bevorschusst die Gesellschaft gegenwärtigen und ehemaligen Mitgliedern des Verwaltungsrates und der Geschäftsleitung Gerichts-und Anwaltskosten. Die Gesellschaft kann solche Vorschüsse zurückfordern, wenn ein zuständiges Gericht oder eine zuständige Verwaltungsbehörde in einem endgültigen, nicht weiterziehbaren Urteil bzw. Entscheid zum Schluss kommt, dass eine der genannten Zivilrechtlichen Personen ihre Pflichten als Mitglied des Verwaltungsrates oder der Geschäftsleitung absichtlich oder grobfahrlässig verletzt hat.	4Without limiting the foregoing para. 3 of this Article 25, the Company shall advance court costs and attorneys’ fees to the existing and former members of the Board of Directors and officers. The Company may however recover such advanced costs if any of said Persons is found, in a final judgment or decree of a court or governmental or administrative authority of competent jurisdiction not subject to appeal, to have committed an intentional or grossly negligent breach of his statutory duties as a Director of officer.
5Jede Aufhebung oder Änderung von Absatz 3 oder Absatz 4 dieses Artikels 25 lassen alle am Aufhebungs- oder Änderungszeitpunkt bereits bestehenden Rechte oder Verpflichtungen unberührt.	5Any repeal or modification of para. 3 or para. 4 of this Article 25 shall not affect any rights or obligations then existing.
Artikel 26: Befugnisse des Verwaltungsrats	Article 26: Specific Powers of the Board
1Der Verwaltungsrat hat die in Artikel 716a OR statuierten unübertragbaren und unentziehbaren Aufgaben, insbesondere:	1The Board of Directors has the non-delegable and inalienable duties as specified in Article 716a CO, in particular:
(a)  die Oberleitung der Gesellschaft und die Erteilung der nötigen Weisungen;	(a)  the ultimate direction of the business of the Company and the issuance of the required directives;

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(b)  die Festlegung der Organisation der Gesellschaft; und	(b)  the determination of the organization of the Company; and
(c)  die Oberaufsicht über die mit der Geschäftsführung betrauten Personen, namentlich im Hinblick auf die Befolgung der Gesetze, Statuten, Reglemente und Weisungen.	(c)  the ultimate supervision of the individuals entrusted with management duties, in particular with regard to compliance with law, these Articles of Association, By-Laws, regulations and directives.
2Der Verwaltungsrat kann überdies in allen Angelegenheiten Beschluss fassen, die nicht nach Gesetz oder Statuten der Generalversammlung zugeteilt sind.	2In addition, the Board of Directors may pass resolutions with respect to all matters that are not reserved to the General Meeting of Shareholders by law or under these Articles of Association.
3Der Verwaltungsrat kann Beteiligungspläne der Gesellschaft der Generalversammlung zur Genehmigung vorlegen.	3The Board of Directors may submit benefit or incentive plans of the Company to the General Meeting of Shareholders for approval.
Artikel 27: Kompetenzdelegation	Article 27: Delegation of Powers
Der Verwaltungsrat kann unter Vorbehalt von Artikel 26 Absatz 1 dieser Statuten sowie des OR die Geschäftsführung nach Massgabe eines Organisationsreglements ganz oder teilweise an eines oder mehrere seiner Mitglieder, an einen oder mehrere Ausschüsse des Verwaltungsrates oder an Dritte übertragen.	Subject to Article 26 para. 1 of these Articles of Association and the applicable provisions of the CO, the Board of Directors may delegate the management of the Company in whole or in part to individual directors, one or more committees of the Board of Directors or to persons other than Directors pursuant to By-Laws.
Artikel 28: Sitzung des Verwaltungsrats	Article 28: Meeting of the Board of Directors
1Sofern das vom Verwaltungsrat erlassene Organisationsreglement nichts anderes festlegt, ist zur gültigen Beschlussfassung über Geschäfte des Verwaltungsrates die Anwesenheit einer Mehrheit der Mitglieder des gesamten Verwaltungsrates notwendig. Kein Präsenzquorum ist erforderlich für die Feststellungsbeschlüsse des Verwaltungsrates im Zusammenhang mit Kapitalerhöhungen und die entsprechenden Statutenanpassungen.	1Except as otherwise set forth in By-Laws of the Board of Directors, the attendance quorum necessary for the transaction of the business of the Board of Directors shall be a majority of the whole Board of Directors. No attendance quorum shall be required for resolutions of the Board of Directors providing for the confirmation of a capital increase or for the amendment of the Articles of Association in connection therewith.
2Der Verwaltungsrat fasst seine Beschlüsse mit einer Mehrheit der von den anwesenden Verwaltungsräten abgegebenen Stimmen, vorausgesetzt, das Präsenzquorum von Absatz 1 dieses Artikels 28 ist erfüllt. Der Verwaltungsratspräsident hat bei Stimmengleichheit keinen Stichentscheid.	2The Board of Directors shall pass its resolutions with the majority of the votes cast by the Directors present at a meeting at which the attendance quorum of para. 1 of this Article 28 is satisfied. The Chairman shall have no casting vote.

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Artikel 29: Zeichnungsberechtigung	Article 29: Signature Power
Die rechtsverbindliche Vertretung der Gesellschaft durch Mitglieder des Verwaltungsrates und durch Dritte wird in einem Organisationsreglement festgelegt.	The due and valid representation of the Company by members of the Board of Directors and other persons shall be set forth in By-Laws.
C. Revisionsstelle	C. Auditor
Artikel 30: Amtsdauer, Befugnisse und Pflichten	Article 30: Term, Power, Duties
1Die Revisionsstelle wird von der ordentlichen Generalversammlung gewählt und es obliegen ihr die vom Gesetz zugewiesenen Befugnisse und Pflichten.	1The auditor shall be elected by the Annual General Meeting and shall have the powers and duties vested in it by law.
2Die Amtsdauer der Revisionsstelle beginnt am Tage der Wahl an einer ordentlichen Generalversammlung und endet am Tage der Wiederwahl der aktuellen Revisionsstelle oder am Tag der Wahl einer anderen Revisionsstelle als Nachfolgerin der bisherigen Revisionsstelle.	2The term of office of the auditor shall commence on the day of election at an Annual General Meeting and terminate on the day that auditor is re-elected or that auditor’s successor is elected.
IV. Jahresrechnung, Konzernrechnung und Gewinnverteilung	IV. Annual Statutory Financial Statements, Consolidated Financial Statements and Profit; Allocation
Artikel 31: Geschäftsjahr	Article 31: Fiscal Year
Der Verwaltungsrat legt das Geschäftsjahr fest.	The Board of Directors determines the fiscal year.
Artikel 32: Verteilung des Bilanzgewinns, Reserven	Article 32: Allocation of Profit Shown on the Annual Statutory Balance Sheet, Reserves
1Über den Bilanzgewinn verfügt die Generalversammlung im Rahmen der anwendbaren gesetzlichen Vorschriften. Der Verwaltungsrat unterbreitet der Generalversammlung seine Vorschläge betreffend die Behandlung sämtlicher Zuweisungen.	1The profit shown on the annual statutory balance sheet shall be allocated by the General Meeting of Shareholders in accordance with applicable law. The Board of Directors shall submit its proposals with respect to the treatment of any allocation to the General Meeting of Shareholders.
2Neben der gesetzlichen Reserve können weitere Reserven geschaffen werden.	2Further reserves may be taken in addition to the reserves required by law.
3Dividenden, welche nicht innerhalb von fünf Jahren nach ihrem Auszahlungsdatum bezogen werden, fallen an die Gesellschaft und werden in die allgemeinen gesetzlichen Reserven verbucht.	3Dividends that have not been collected within five years after their payment date shall enure to the Company and be allocated to the general statutory reserves.

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V. Auflösung, Liquidation	V. Winding-up and Liquidation
Artikel 33: Auflösung und Liquidation	Article 33: Winding-up and Liquidation
1Die Generalversammlung kann jederzeit die Auflösung und Liquidation der Gesellschaft nach Massgabe der gesetzlichen und statutarischen Vorschriften beschliessen.	1The General Meeting of Shareholders may at any time resolve on the winding-up and liquidation of the Company pursuant to applicable law and the provisions set forth in these Articles of Association.
2Die Liquidation wird durch den Verwaltungsrat durchgeführt, sofern sie nicht durch die Generalversammlung anderen Zivilrechtlichen Personen übertragen wird.	2The liquidation shall be effected by the Board of Directors, unless the General Meeting of Shareholders shall appoint other Persons as liquidators.
3Die Liquidation der Gesellschaft erfolgt nach Massgabe der gesetzlichen Vorschriften.	3The liquidation of the Company shall be effectuated pursuant to the statutory provisions.
4Nach erfolgter Tilgung der Schulden wird das Vermögen nach Massgabe der eingezahlten Beträge unter den Aktionären verteilt, soweit diese Statuten nichts anderes vorsehen.	4Upon discharge of all liabilities, the assets of the Company shall be distributed to the shareholders pursuant to the amounts paid-up, unless these Articles of Association provide otherwise.
VI. Bekanntmachungen, Mitteilungen	VI. Announcements, Communications
Artikel 34: Bekanntmachungen, Mitteilungen	Article 34: Announcements, Communications
1Publikationsorgan der Gesellschaft ist das Schweizerische Handelsamtsblatt.	1The official means of publication of the Company shall be the Swiss Official Gazette of Commerce.
2Soweit keine individuelle Benachrichtigung durch das Gesetz, börsengesetzliche Bestimmungen oder diese Statuten verlangt wird, gelten sämtliche Mitteilungen an die Aktionäre als gültig erfolgt, wenn sie im Schweizerischen Handelsamtsblatt veröffentlicht worden sind. Schriftliche Bekanntmachungen der Gesellschaft an die Aktionäre werden auf dem ordentlichen Postweg an die letzte im Aktienbuch verzeichnete Adresse des Aktionärs oder des bevollmächtigten Empfängers geschickt. Finanzinstitute, welche Aktien für wirtschaftlich Berechtigte halten und entsprechend im Aktienbuch eingetragen sind, gelten als bevollmächtigte Empfänger.	2To the extent that individual notification is not required by law, stock exchange regulations or these Articles of Association, all communications to the shareholders shall be deemed valid if published in the Swiss Official Gazette of Commerce. Written communications by the Company to its shareholders shall be sent by ordinary mail to the last address of the shareholder or authorized recipient recorded in the share register. Financial institutions holding Shares for beneficial owners and recorded in such capacity in the share register shall be deemed to be authorized recipients.

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VII. Verbindlicher Originaltext	VII. Original Language
Falls sich zwischen der deutsch- und der englischsprachigen Fassung dieser Statuten Differenzen ergeben, hat die deutschsprachige Fassung Vorrang.	In the event of deviations between the German and English version of these Articles of Association, the German text shall prevail.
VIII. Definitionen	VIII. Definitions
Artikel 35: Definitionen	Article 35: Definitions
Aktie	Shares
Der Begriff Aktie(n) hat die in Artikel 4 dieser Statuten aufgeführte Bedeutung.	The term Share(s) has the meaning assigned to it in Article 4 of these Articles of Association.
Ausserordentliche Generalversammlung	Extraordinary General Meeting
Der Begriff ausserordentliche Generalversammlung hat die in Artikel 14 Absatz 1 dieser Statuten aufgeführte Bedeutung.	The term Extraordinary General Meeting has the meaning assigned to it in Article 14 para. 1 of these Articles of Association.
Clearing Nominee	Clearing Nominee
Clearing Nominee bedeutet Nominees von Clearing Gesellschaften für Aktien (wie beispielsweise Cede & Co., der Nominee der Depository Trust Company, eine US securities and clearing agency), im Einklang mit den durch den Verwaltungsrat erlassenen Bestimmungen.	Clearing Nominee means nominees of clearing organizations for the Shares (such as Cede & Co., the nominee of the Depository Trust Company, a United States securities depositary and clearing agency) in accordance with regulations issued by the Board of Directors.
Eigentümer	Owner
Eigentümer(in), unter Einschluss der Begriffe Eigentum, halten, gehalten, Eigentümerschaft oder ähnlicher Begriffe, bedeutet, wenn verwendet mit Bezug auf Aktien, jede Zivilrechtliche Person, welche allein oder zusammen mit oder über Nahestehende(n) Gesellschaften oder Nahestehende(n) Personen:	Owner, including the terms Own, Owned and Ownership when used with respect to any Shares means a Person that individually or with or through any of its Affiliates or Associates:
(a)  wirtschaftliche Eigentümerin dieser Aktien ist, ob direkt oder indirekt;	(a)  beneficially Owns such Shares, directly or indirectly;

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(b)  (1) das Recht hat, aufgrund eines Vertrags, einer Absprache oder einer anderen Vereinbarung, oder aufgrund der Ausübung eines Wandel-, Tausch-, Bezugs- oder Optionsrechts oder anderweitig Aktien zu erwerben (unabhängig davon, ob dieses Recht sofort ausübbar ist oder nur nach einer gewissen Zeit); vorausgesetzt, dass eine Person nicht als Eigentümerin derjenigen Aktien gilt, die im Rahmen eines Übernahme- oder Umtauschangebots, das diese Zivilrechtliche Person oder eine dieser Zivilrechtlichen Person Nahestehende Gesellschaft oder Nahestehende Person gemacht hat, angedient werden, bis diese Aktien verbindlich zum Kauf oder Tausch akzeptiert werden; oder (2) das Recht hat, die Stimmrechte dieser Aktien aufgrund eines Vertrags, einer Absprache oder einer anderen Vereinbarung auszuüben; vorausgesetzt, dass eine Zivilrechtliche Person nicht als Eigentümerin von Aktien gilt, sofern ihr Recht, das Stimmrecht auszuüben auf einem Vertrag, einer Absprache oder einer anderen Vereinbarung beruht, welche(r) nur aufgrund einer widerruflichen Vollmacht (proxy) oder Zustimmung zustande gekommen ist, die in Erwiderung auf eine an 10 oder mehr Zivilrechtliche Personen gemachte diesbezügliche Aufforderung ergangen ist; oder	(b)  has (1) the right to acquire such Shares (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Owner of Shares tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates until such tendered Shares are accepted for purchase or exchange; or (2) the right to vote such Shares pursuant to any agreement, arrangement or understanding; provided, however, that a Person shall not be deemed the Owner of any Shares because of such Person’s right to vote such Shares if the agreement, arrangement or understanding to vote such Shares arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more Persons; or
(c)  zwecks Erwerbs, Haltens, Stimmrechtsausübung (mit Ausnahme der Stimmrechtsausübung aufgrund einer widerruflichen Vollmacht (proxy) oder Zustimmung wie in diesen Statuten umschrieben) oder Veräusserung dieser Aktien mit einer anderen Zivilrechtlichen Person in einen Vertrag, eine Absprache oder eine andere Vereinbarung getreten ist, die direkt oder indirekt entweder selbst oder über ihr Nahestehende Gesellschaften oder Nahestehende Personen wirtschaftlich Eigentümerin dieser Aktien ist.	(c)  has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in these Articles of Association), or disposing of such Shares with any other Person that beneficially Owns, or whose Affiliates or Associates beneficially Own, directly or indirectly, such Shares.
Generalversammlung	General Meeting of Shareholders
Der Begriff Generalversammlung hat die in Artikel 15 Absatz 1 dieser Statuten aufgeführte Bedeutung.	The term General Meeting of Shareholders has the meaning assigned to it in Article 15 para. 1 of these Articles of Association.

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Gesamtstimmen	Total Voting Shares
Der Begriff “Gesamtstimmen” bedeutet die Gesamtzahl aller an einer Generalversammlung stimmberechtigen Aktien unabhängig davon, ob die stimmberechtigten Aktien an der Generalversammlung vertreten sind oder nicht.	Total Voting Shares means the total number of Shares entitled to vote at a General Meeting of Shareholders whether or not represented at such meeting.
Gesellschaft	Company
Der Begriff Gesellschaft hat die in Artikel 1 dieser Statuten aufgeführte Bedeutung.	The term Company has the meaning assigned to it in Article 1 of these Articles of Association.
Kontrolle	Control
Kontrolle, einschliesslich der Begriffe kontrollierend, kontrolliert von und unter gemeinsamer Kontrolle mit, bedeutet die Möglichkeit, direkt oder indirekt auf die Geschäftsführung und die Geschäftspolitik einer Zivilrechtlichen Person Einfluss zu nehmen, sei es aufgrund des Haltens von Stimmrechten, eines Vertrags oder auf andere Weise. Eine Zivilrechtliche Person, welche 20% oder mehr der ausgegebenen oder ausstehenden Stimmrechte einer Kapitalgesellschaft, rechts- oder nicht-rechtsfähigen Personengesellschaft oder eines anderen Rechtsträgers hält, hat mangels Nachweises des Gegenteils unter Anwendung des Beweismasses der überwiegenden Wahrscheinlichkeit der Beweismittel vermutungsweise Kontrolle über einen solchen Rechtsträger. Ungeachtet des Voranstehenden gilt diese Vermutung der Kontrolle nicht, wenn eine Zivilrechtliche Person in Treu und Glauben und nicht zur Umgehung dieser Bestimmung Stimmrechte als Stellvertreter (agent), Bank, Börsenmakler (broker), Nominee, Depotbank (custodian) oder Treuhänder (trustee) für einen oder mehrere Eigentümer hält, die für sich allein oder zusammen als Gruppe keine Kontrolle über den betreffenden Rechtsträger haben.	Control, including the terms controlling, controlled by and under common control with, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the Ownership of voting shares, by contract, or otherwise. A Person who is the Owner of 20% or more of the issued or outstanding voting shares of any corporation, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such Person holds voting shares, in good faith and not for the purpose of circumventing this provision, as an agent, bank, broker, nominee, custodian or trustee for one or more Owners who do not individually or as a group have control of such entity.
Mit Umwandlungsrechten verbundene Obligationen	Rights-Bearing Obligations
Der Begriff mit Umwandlungsrechten verbundene Obligationen hat die in Artikel 7 Absatz 1(a) dieser Statuten aufgeführte Bedeutung.	The term Rights-Bearing Obligations has the meaning assigned to it in Article 7 para. 1(a) of these Articles of Association.

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Nahestehender Aktionäre

Interested Shareholder

Nahestehender Aktionär bedeutet jede Zivilrechtliche Person (unter Ausschluss der Gesellschaft oder jeder direkten oder indirekten Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird), (i) die Eigentümerin von 15% oder mehr des im Handelsregister eingetragenen Aktienkapitals (die eigenen Aktien der Gesellschaft davon ausgenommen) ist, oder (ii) die als Nahestehende Gesellschaft oder Nahestehende Person anzusehen ist und irgendwann in den drei unmittelbar vorangehenden Jahren vor dem Zeitpunkt, zu dem bestimmt werden muss, ob diese Zivilrechtliche Person ein Nahestehender Aktionär ist, Eigentümerin von 15% oder mehr des im Handelsregister eingetragenen Aktienkapitals (die eigenen Aktien der Gesellschaft davon ausgenommen) gewesen ist, ebenso wie jede Nahestehende Gesellschaft und Nahestehende Person dieser Zivilrechtlichen Person; vorausgesetzt, dass eine Zivilrechtliche Person nicht als Nahestehender Aktionär gilt, die aufgrund von Handlungen, die ausschliesslich der Gesellschaft zuzurechnen sind, Eigentümerin von Aktien in Überschreitung der 15%-Beschränkung ist; wobei jedoch jede solche Zivilrechtliche Person dann als Nahestehender Aktionär gilt, falls sie später zusätzliche Aktien erwirbt, ausser dieser Erwerb erfolgt aufgrund von weiteren Gesellschaftshandlungen, die weder direkt noch indirekt von dieser Zivilrechtlichen Person ausgehen. Zur Bestimmung, ob eine Zivilrechtliche Person ein Nahestehender Aktionär ist, sind die als ausgegeben geltenden Aktien unter Einschluss der von dieser Zivilrechtlichen Person gehaltenen Aktien (unter Anwendung des Begriffs “Eigentümer” wie in diesen Statuten definiert) zu berechnen, jedoch unter Ausschluss von nichtausgegebenen Aktien, die aufgrund eines Vertrags, einer Absprache oder einer anderen Vereinbarung, oder aufgrund der Ausübung eines Wandel-, Bezugs- oder Optionsrechts oder anderweitig ausgegeben werden können.

Interested Shareholder means any Person (other than the Company or any direct or indirect majority-Owned subsidiary of the Company) (i) that is the Owner of 15% or more of the share capital registered in the Commercial Register (excluding treasury shares) or (ii) that is an Affiliate or Associate of the Company and was the Owner of 15% or more of the share capital registered in the Commercial Register (excluding treasury shares) at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such Person is an Interested Shareholder, and also the Affiliates and Associates of such Person; provided, however, that the term Interested Shareholder shall not include any Person whose Ownership of Shares in excess of the 15% limitation is the result of action taken solely by the Company; provided that such Person shall be an Interested Shareholder if thereafter such Person acquires additional Shares, except as a result of further corporate action not caused, directly or indirectly, by such Person. For the purpose of determining whether a Person is an Interested Shareholder, the Shares deemed to be in issue shall include Shares deemed to be Owned by the Person (through the application of the definition of Owner in these Articles of Association) but shall not include any other unissued Shares which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.

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Nahestehende Gesellschaft	Affiliate
Nahestehende Gesellschaft bedeutet jede Zivilrechtliche Person, die direkt oder indirekt über eine oder mehrere Mittelspersonen eine andere Person kontrolliert, von einer anderen Zivilrechtlichen Person kontrolliert wird, oder unter gemeinsamer Kontrolle mit einer anderen Zivilrechtlichen Person steht.	Affiliate means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another Person.
Nahestehende Person	Associate
Nahestehende Person bedeutet, wenn verwendet zur Bezeichnung einer Beziehung zu einer Zivilrechtlichen Person, (i) jede Kapitalgesellschaft, rechts- oder nicht-rechtsfähige Personengesellschaft oder ein anderer Rechtsträger, von welcher diese Zivilrechtliche Person Mitglied des Leitungs- oder Verwaltungsorgans, der Geschäftsleitung oder Gesellschafter ist oder von welcher diese Person, direkt oder indirekt, Eigentümerin von 20% oder mehr einer Kategorie von Aktien oder anderen Anteilsrechten ist, die ein Stimmrecht vermitteln, (ii) jedes Treuhandvermögen (Trust) oder jede andere Vermögenseinheit, an der diese Zivilrechtliche Person wirtschaftlich einen Anteil von 20% oder mehr hält oder in Bezug auf welche diese Zivilrechtliche Person als Verwalter (trustee) oder in ähnlich treuhändischer Funktion tätig ist, und (iii) jeder Verwandte, Ehe- oder Lebenspartner dieser Person, oder jede Verwandte des Ehe- oder Lebenspartners, jeweils soweit diese den gleichen Wohnsitz haben wie diese Person.	Associate, when used to indicate a relationship with any Person, means (i) any corporation, partnership, unincorporated association or other entity of which such Person is a director, officer or partner or is, directly or indirectly, the Owner of 20% or more of any class of voting shares, (ii) any trust or other estate in which such Person has at least a 20% beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity, and (iii) any relative or spouse of such Person, or any relative of such spouse, who has the same residence as such Person.
OR	CO
Der Begriff OR hat die in Artikel 1 dieser Statuten aufgeführte Bedeutung.	The term CO has the meaning assigned to it in Article 1 of these Articles of Association.
Ordentliche Generalversammlung	Annual General Meeting
Der Begriff ordentliche Generalversammlung hat die in Artikel 13 Absatz 1 dieser Statuten aufgeführte Bedeutung.	The term Annual General Meeting has the meaning assigned to it in Article 13 para. 1 of these Articles of Association.
Organisationsreglement	By-Laws
Das vom Verwaltungsrat erlassene Organisationsreglement, jeweils in seiner aktuellsten Fassung.	The By-Laws released by the Board of Directors in their most recent version.

33

SEC	SEC
Der Begriff SEC hat die in Artikel 14 Absatz 2(b) dieser Statuten aufgeführte Bedeutung.	The term SEC has the meaning assigned to it in Article 14 para. 2(b) of these Articles of Association.
Transfer Agent	Transfer Agent
Der Begriff Transfer Agent hat die in Artikel 8 Absatz 3 dieser Statuten aufgeführte Bedeutung.	The term Transfer Agent has the meaning assigned to it in Article 8 para. 3 of these Articles of Association.
Umwandlungsrechte	Rights
Der Begriff Umwandlungsrechte hat die in Artikel 7 Absatz 1(a) dieser Statuten aufgeführte Bedeutung.	The term Rights has the meaning assigned to it in Article 7 para. 1(a) of these Articles of Association.
Zivilrechtliche Person	Person
Zivilrechtliche Person bedeutet jede natürliche Person, Kapitalgesellschaft, rechts- oder nicht-rechtsfähige Personengesellschaft oder jeder andere Rechtsträger.	Person means any individual, corporation, partnership, unincorporated association or other entity.
Zusammenschluss	Business Combination
Zusammenschluss bedeutet, wenn im Rahmen dieser Statuten in Bezug auf die Gesellschaft oder einen Nahestehenden Aktionär der Gesellschaft verwendet:	Business Combination, when used in these Articles of Association in reference to the Company and any Interested Shareholder of the Company, means:
(a)  jede Fusion oder andere Form des Zusammenschlusses der Gesellschaft oder einer direkten oder indirekten Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird, mit (1) dem Nahestehenden Aktionär oder (2) einer anderen Kapitalgesellschaft, rechts- oder nicht-rechtsfähigen Personengesellschaft oder einem anderen Rechtsträger, soweit diese Fusion oder andere Form des Zusammenschlusses durch den Nahestehenden Aktionär verursacht worden ist und als Folge dieser Fusion oder anderen Form des Zusammenschlusses Artikel 12(f) und Artikel 21 Absatz 4 dieser Statuten (sowie jede der dazu gehörigen Definition in diesen Statuten) oder im Wesentlichen gleiche Bestimmungen wie Artikel 12(f) und Artikel 21 Absatz 4 (sowie die dazugehörigen Definitionen in diesen Statuten) auf den überlebenden Rechtsträger nicht anwendbar sind;	(a)  any merger or consolidation of the Company or any direct or indirect majority-Owned subsidiary of the Company with (1) the Interested Shareholder or (2) any other corporation, partnership, unincorporated association or other entity if the merger or consolidation is caused by the Interested Shareholder and as a result of such merger or consolidation Article 12(f) and Article 21 para. 4 of these Articles of Association (including the relevant definitions in these Articles of Association pertaining thereto) or a provision substantially the same as such Article 12(f) and Article 21 para. 4 (including the relevant definitions in these Articles of Association) are not applicable to the surviving entity;

34

(b)  jeder Verkauf, jede Vermietung oder Verpachtung, jeder Tausch, jede hypothekarische Belastung oder andere Verpfändung, Übertragung oder andere Verfügung (ob in einer oder mehreren Transaktionen) von oder über Vermögenswerte(n) der Gesellschaft oder einer direkten oder indirekten Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird, an einen Nahestehenden Aktionär (ausser soweit der Zuerwerb unter einer der genannten Transaktionen proportional als Aktionär erfolgt), soweit diese Vermögenswerte einen Marktwert von 10% oder mehr entweder des auf konsolidierter Basis aggregierten Marktwertes aller Vermögenswerte der Gesellschaft oder des aggregierten Marktwertes aller dann ausgegebenen Aktien haben, unabhängig davon, ob eine dieser Transaktionen Teil einer Auflösung der Gesellschaft ist oder nicht;

(b)  any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), except proportionately as a shareholder, to or with the Interested Shareholder, whether as part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-Owned subsidiary of the Company which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Company determined on a consolidated basis or the aggregate market value of all the Shares then in issue;

(c)  jede Transaktion, die dazu führt, dass die Gesellschaft oder eine direkte oder indirekte Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird, Aktien oder Tochtergesellschafts-Aktien an den Nahestehenden Aktionär ausgibt oder überträgt, es sei denn (1) aufgrund der Ausübung, des Tauschs oder der Wandlung von Finanzmarktinstrumenten, die in Aktien oder Aktien einer direkten oder indirekten Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird, ausgeübt, getauscht oder gewandelt werden können, vorausgesetzt, die betreffenden Finanzmarktinstrumente waren zum Zeitpunkt, in dem der Nahestehende Aktionär zu einem solchem wurde, bereits ausgegeben; (2) als Dividende oder Ausschüttung, oder aufgrund der Ausübung, des Tauschs oder der Wandlung von Finanzmarktinstrumenten, die in Aktien oder Aktien einer direkten oder indirekten Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird, ausgeübt, getauscht oder gewandelt werden können, vorausgesetzt, diese Finanzinstrumente werden allen Aktionäre anteilsmässig ausgegeben, nachdem der Nahestehende Aktionär zu einem solchem wurde; (3) gemäss einem Umtauschangebot der Gesellschaft, Aktien von allen Aktionären zu den gleichen Bedingungen zu erwerben; oder (4) aufgrund der Ausgabe oder der Übertragung von Aktien durch die Gesellschaft; vorausgesetzt, dass in keinem der unter (2) bis (4) genannten Fällen der proportionale Anteil des Nahestehenden Aktionärs an den Aktien erhöht werden darf;

(c)  any transaction which results in the issuance or transfer by the Company or by any direct or indirect majority-Owned subsidiary of the Company of any Shares or shares of such subsidiary to the Interested Shareholder, except (1) pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into Shares or the shares of a direct or indirect majority-Owned subsidiary of the Company which securities were in issue prior to the time that the Interested Shareholder became such; (2) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into Shares or the shares of a direct or indirect majority-Owned subsidiary of the Company which security is distributed, pro rata, to all shareholders subsequent to the time the Interested Shareholder became such; (3) pursuant to an exchange offer by the Company to purchase Shares made on the same terms to all holders of said Shares; or (4) any issuance or transfer of Shares by the Company; provided, however, that in no case under (2)-(4) above shall there be an increase in the Interested Shareholder’s proportionate interest in the Shares;

35

(d)  jede Transaktion, in welche die Gesellschaft oder eine direkte oder indirekte Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird, involviert ist, und die direkt oder indirekt dazu führt, dass der proportionale Anteil der vom Nahestehenden Aktionär gehaltenen Aktien, in Aktien wandelbare Obligationen oder Tochtergesellschafts-Aktien erhöht wird, ausser eine solche Erhöhung ist nur unwesentlich und die Folge eines Spitzenausgleichs für Fraktionen oder eines Rückkaufs oder einer Rücknahme von Aktien, soweit diese(r) weder direkt noch indirekt durch den Nahestehenden Aktionär verursacht wurde; oder

(d)  any transaction involving the Company or any direct or indirect majority-Owned subsidiary of the Company which has the effect, directly or indirectly, of increasing the proportionate interest in the Shares, or securities convertible into the Shares, or in the shares of any such subsidiary which is Owned by the Interested Shareholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any Shares not caused, directly or indirectly, by the Interested Shareholder; or

(e)  jede direkte oder indirekte Gewährung von Darlehen, Vorschüssen, Garantien, Bürgschaften, oder garantieähnlichen Verpflichtungen, Pfändern oder anderen finanziellen Begünstigungen (mit Ausnahme einer solchen, die gemäss den Unterabschnitten (a) — (d) dieses Artikels ausdrücklich erlaubt ist sowie einer solchen, die proportional an alle Aktionäre erfolgt) durch die oder über die Gesellschaft oder eine direkte oder indirekte Tochtergesellschaft, die zur Mehrheit von der Gesellschaft gehalten wird, an den Nahestehenden Aktionär.

(e)  any receipt by the Interested Shareholder of the benefit, directly or indirectly (except proportionately as a shareholder), of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted in subsections (a) — (d) immediately above) provided by or through the Company or any direct or indirect majority-Owned subsidiary of the Company.

36

IX. Übergangsbestimmung	IX. Transitional Provision
Artikel 36: Sacheinlagevertrag	Article 36: Contribution in Kind Agreement
Die Gesellschaft übernimmt bei der Kapitalerhöhung vom 27. März 2009 von der Noble Corporation in Grand Cayman, Cayman Islands (“Noble-Cayman”), gemäss Sacheinlagevertrag vom 27. März 2009 (“Sacheinlagevertrag”) 261’245’693 Aktien (ordinary shares) der Noble-Cayman. Diese Aktien werden zu einem Übernahmewert von insgesamt Schweizer Franken 10’676’100’000 übernommen. Als Gegenleistung für diese Sacheinlage gibt die Gesellschaft einem Exchange Agent, handelnd auf Rechnung der Aktionäre der Noble-Cayman im Zeitpunkt unmittelbar vor Vollzug des Sacheinlagevertrages und im Namen und auf Rechnung der Noble-Cayman, insgesamt 276’245’693 voll einbezahlte Aktien mit einem Nennwert von insgesamt Schweizer Franken 1’381’228’465 aus. Die Gesellschaft weist die Differenz zwischen dem totalen Nennwert der ausgegebenen Aktien und dem Übernahmewert der Sacheinlage im Gesamtbetrag von Schweizer Franken 9’294’771’535 den Reserven der Gesellschaft zu.	In connection with the capital increase of March 27, 2009, and in accordance with the contribution in kind agreement dated as of March 27, 2009 (the “Contribution in Kind Agreement”), the Company acquires 261’245’693 ordinary shares of Noble Corporation, Grand Cayman, Cayman Islands (“Noble-Cayman”). The shares of Noble-Cayman have a total value of Swiss Francs 10’676’100’000. As consideration for this contribution, the Company issues to an exchange agent, acting for the account of the holders of ordinary shares of Noble-Cayman outstanding immediately prior to the completion of the Contribution in Kind Agreement and in the name and the account of Noble-Cayman, a total of 276’245’693 Shares with a total par value of Swiss Francs 1’381’228’465. The difference between the aggregate par value of the issued Shares and the total value of the contribution in the amount of Swiss Francs 9’294’771’535 is allocated to the reserves of the Company.
Zug, 29. April 2011	Zug, April 29, 2011

37

Inhaltsverzeichnis

Table of Contents

I. Allgemeine Bestimmungen	1
I. General Provisions	1
Artikel 1: Firma, Sitz, Dauer	1
Artikel 2: Zweck	1
Artikel 3: Dauer	2
II. Aktienkapital	2
II. Share Capital	2
Artikel 4: Anzahl Aktien, Nominalwert, Art	2
Artikel 5: Anerkennung der Statuten	2
Artikel 6: Genehmigtes Aktienkapital	2
Artikel 7: Bedingtes Aktienkapital	5
Artikel 8: Aktienzertifikate	7
Artikel 9: Aktienbuch, Eintragungsbeschränkungen, Nominees	9
Artikel 10: Rechtsausübung	10
III. Organe und Organisation der Gesellschaft	11
III. Corporate Bodies and Organization of the Company	11
Artikel 11: Gesellschaftsorgane	11
Artikel 12: Befugnisse	11
Artikel 13: Ordentliche Generalversammlung	12
Artikel 14: Ausserordentliche Generalversammlung	12
Artikel 15: Einberufung der Generalversammlung	13
Artikel 16: Traktandierung; Nominierungen	14
Artikel 17: Vorsitz der Generalversammlung, Protokoll, Stimmenzähler	16
Artikel 18: Recht auf Teilnahme, Vertretung der Aktionäre	17
Artikel 19: Stimmrechte	17
Artikel 20: Beschlüsse und Wahlen: Mehrheitserfordernisse	17
Artikel 21: Besonderes Stimmen Quorum	18
Artikel 22: Präsenzquorum	23
Artikel 23: Anzahl Verwaltungsräte	23
Artikel 24: Amtsdauer	24
Artikel 25: Organisation des Verwaltungsrats, Entschädigung	24
Artikel 26: Befugnisse des Verwaltungsrats	25

38

Artikel 27: Kompetenzdelegation	26
Artikel 28: Sitzung des Verwaltungsrats	26
Artikel 29: Zeichnungsberechtigung	27
Artikel 30: Amtsdauer, Befugnisse und Pflichten	27
IV. Jahresrechnung, Konzernrechnung und Gewinnverteilung	27
IV. Annual Statutory Financial Statements, Consolidated Financial Statements and Profit; Allocation	27
Artikel 31: Geschäftsjahr	27
Artikel 32: Verteilung des Bilanzgewinns, Reserven	27
V. Auflösung, Liquidation	28
V. Winding-up and Liquidation	28
Artikel 33: Auflösung und Liquidation	28
VI. Bekanntmachungen, Mitteilungen	28
VI. Announcements, Communications	28
Artikel 34: Bekanntmachungen, Mitteilungen	28
VII. Verbindlicher Originaltext	29
VII. Original Language	29
VIII. Definitionen	29
VIII. Definitions	29
Artikel 35: Definitionen	29
IX. Übergangsbestimmung	37
IX. Transitional Provision	37
Artikel 36: Sacheinlagevertrag	37

39

EX-31.1

EXHIBIT 31.1

Noble Corporation, a Swiss corporation
Noble Corporation, a Cayman Islands company

I, David W. Williams, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Noble Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2011

/s/ David W. Williams

David W. Williams

Chairman, President and Chief Executive Officer

of Noble Corporation, a Swiss corporation, and

President and Chief Executive Officer

of Noble Corporation, a Cayman Islands company

EX-31.2

EXHIBIT 31.2

Noble Corporation, a Swiss corporation

I, Thomas L. Mitchell, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Noble Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2011

/s/ Thomas L. Mitchell

 Thomas L. Mitchell

Senior Vice President, Chief Financial Officer, Treasurer and Controller

of Noble Corporation, a Swiss corporation

EX-31.3

EXHIBIT 31.3

Noble Corporation, a Cayman Islands company

I, Dennis J. Lubojacky, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Noble Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2011

/s/ Dennis J. Lubojacky

 Dennis J. Lubojacky

Vice President and Chief Financial Officer

of Noble Corporation, a Cayman Islands company

EX-32.1

EXHIBIT 32.1

Noble Corporation, a Swiss corporation
Noble Corporation, a Cayman Islands company

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Noble Corporation, a Swiss corporation (“Noble-Swiss”), and Noble Corporation, a Cayman Islands company (“Noble-Cayman”) on Form 10-Q for the period ended June 30, 2011, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), I, David W. Williams, Chairman, President and Chief Executive Officer of Noble-Swiss and President and Chief Executive Officer of Noble-Cayman, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 8, 2011	/s/ David W. Williams
	David W. Williams
	Chairman, President and Chief Executive Officer of Noble Corporation, a Swiss corporation, and President and Chief Executive Officer of Noble Corporation, a Cayman Islands company

EX-32.2

EXHIBIT 32.2

Noble Corporation, a Swiss corporation

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Noble Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2011, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas L. Mitchell, Senior Vice President, Chief Financial Officer, Treasurer and Controller of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 8, 2011	/s/ Thomas L. Mitchell
	Thomas L. Mitchell
	Senior Vice President, Chief Financial Officer, Treasurer and   Controller of Noble Corporation, a Swiss corporation

EX-32.3

EXHIBIT 32.3

Noble Corporation, a Cayman Islands company

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Noble Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2011, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), I, Dennis J. Lubojacky, Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 8, 2011	/s/ Dennis J. Lubojacky
	Dennis J. Lubojacky
	Vice President and Chief Financial Officer   of Noble Corporation, a Cayman Islands company

XML



Employee Benefit Plans (Details) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Non-U.S. [Member]
Pension Costs
Service cost	$ 1,153	$ 1,050	$ 2,246	$ 2,166
Interest cost	1,440	1,204	2,823	2,470
Return on plan assets	(1,454)	(1,302)	(2,857)	(2,668)
Amortization of transition obligation	19	18	37	36
Recognized net actuarial loss	123	175	243	356
Net pension expense	1,281	1,145	2,492	2,360
U.S., Pension Plans [Member]
Pension Costs
Service cost	2,152	1,912	4,304	3,824
Interest cost	2,143	1,957	4,286	3,914
Return on plan assets	(2,768)	(2,392)	(5,536)	(4,784)
Amortization of prior service cost	57	57	113	114
Recognized net actuarial loss	843	705	1,687	1,410
Net pension expense	$ 2,427	$ 2,239	$ 4,854	$ 4,478

XML



Consolidated Balance Sheet (Parenthetical) (Unaudited) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Shareholders' equity
Shares, outstanding	262,668	262,415
Ordinary shares, outstanding	252,290	252,275
Treasury stock, shares	10,378	10,140
Noble-Cayman [Member]
Shareholders' equity
Ordinary shares, outstanding	261,246	261,246

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Consolidated Statement of Income (Unaudited) (USD $) In Thousands, except Per Share data	1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 31, 2011	Jun. 30, 2011	Mar. 31, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Operating revenues
Contract drilling services		$ 589,550		$ 687,510	$ 1,132,155	$ 1,496,156
Reimbursables		24,122		13,753	46,413	37,986
Labor contract drilling services		14,012		8,056	27,559	15,817
Other		313		603	758	814
Total Operating revenues		627,997		709,922	1,206,885	1,550,773
Operating costs and expenses
Contract drilling services		336,728		275,595	643,091	530,026
Reimbursables		18,723		10,365	35,826	30,108
Labor contract drilling services		8,750		5,380	17,273	11,268
Depreciation and amortization		163,119		126,227	321,241	242,084
Selling, general and administrative		21,632		23,808	45,347	45,779
Gain on contract extinguishments, net	(32,600)		(52,500)		(21,202)
Total Operating costs and expenses		548,952		441,375	1,041,576	859,265
Operating income		79,045		268,547	165,309	691,508
Other income (expense)
Interest expense, net of amount capitalized		(14,829)		(510)	(33,870)	(975)
Interest income and other, net		(534)		1,006	2,058	4,632
Income before income taxes		63,682		269,043	133,497	695,165
Income tax provision		(9,508)		(51,118)	(24,867)	(106,514)
Net income		54,174		217,925	108,630	588,651
Net income attributable to noncontrolling interests		(91)			(52)
Net income attributable to Noble Corporation		54,083		217,925	108,578	588,651
Net income per share
Basic		$ 0.21		$ 0.85	$ 0.43	$ 2.29
Diluted		$ 0.21		$ 0.85	$ 0.43	$ 2.28
Noble-Cayman [Member]
Operating revenues
Contract drilling services		589,550		687,510	1,132,155	1,496,156
Reimbursables		24,122		13,753	46,413	37,986
Labor contract drilling services		14,012		8,056	27,559	15,817
Other		313		603	758	814
Total Operating revenues		627,997		709,922	1,206,885	1,550,773
Operating costs and expenses
Contract drilling services		330,204		271,084	631,036	523,865
Reimbursables		18,723		10,365	35,826	30,108
Labor contract drilling services		8,750		5,380	17,273	11,268
Depreciation and amortization		162,636		126,052	320,291	241,716
Selling, general and administrative		14,642		15,534	31,173	31,422
Gain on contract extinguishments, net		0			(21,202)
Total Operating costs and expenses		534,955		428,415	1,014,397	838,379
Operating income		93,042		281,507	192,488	712,394
Other income (expense)
Interest expense, net of amount capitalized		(14,829)		(510)	(33,870)	(975)
Interest income and other, net		(147)		1,503	2,094	5,110
Income before income taxes		78,066		282,500	160,712	716,529
Income tax provision		(9,157)		(49,543)	(24,182)	(104,939)
Net income		68,909		232,957	136,530	611,590
Net income attributable to noncontrolling interests		(91)			(52)
Net income attributable to Noble Corporation		$ 68,818		$ 232,957	$ 136,478	$ 611,590

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Derivative Instruments and Hedging Activities (Details 1) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Liability derivatives
Cash flow hedges, Estimated fair value	$ 0	$ 10,893
Short-term foreign currency forward contracts [Member] | Other Current Assets [Member]
Asset derivatives
Fair value hedges, foreign currency forward contracts, estimated fair value	51	0
Cash flow hedges, Short-term foreign currency forward contracts, Estimated fair value	4,260	2,015
Non-designated derivatives, Short-term foreign currency forward contracts, Estimated fair value	0	2,603
Short-term foreign currency forward contracts [Member] | Other Current Liabilities [Member]
Liability derivatives
Fair value hedges, foreign currency forward contracts, Estimated fair value	0	3,306
Cash flow hedges, Estimated fair value	143	412
Short-term interest rate swaps [Member] | Other Current Liabilities [Member]
Liability derivatives
Cash flow hedges, Estimated fair value	$ 0	$ 15,697

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Net Change in Other Assets and Liabilities

6 Months Ended

Jun. 30, 2011

Net Change in Other Assets and Liabilities [Abstract]

Net Change in Other Assets and Liabilities

Note 16 — Net Change in Other Assets and Liabilities

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:

	Noble-Swiss						Noble-Cayman
	Six months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Accounts receivable	$	(122,605	)	$	176,106		$	(122,572	)	$	176,106
Other current assets		(55,141	)		(43,555	)		(46,895	)		(43,136	)
Other assets		(776	)		(15,751	)		(3,253	)		(15,865	)
Accounts payable		(17,020	)		19,898			(17,050	)		15,470
Other current liabilities		1,544			10,340			(11,283	)		9,683
Other liabilities		16,030			32,208			16,004			32,412
	$	(177,968	)	$	179,246		$	(185,049	)	$	174,670

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Document and Entity Information (USD $) In Thousands, except Share data	6 Months Ended
	Jun. 30, 2011	Jul. 29, 2011	Jun. 30, 2010
Entity Registrant Name	Noble Corp / Switzerland
Entity Central Index Key	0001458891
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 7,800,000
Entity Common Stock, Shares Outstanding		252,390,953
Noble-Cayman [Member]
Entity Filer Category	Non-accelerated Filer
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding		261,245,693

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Debt (Details Textuals) (USD $)	1 Months Ended		3 Months Ended	6 Months Ended
	Apr. 30, 2011	Feb. 28, 2011	Mar. 31, 2011	Jun. 30, 2011 Years Tranches MobileOffshoreDrillingUnits ConstructionPhases DebtAgreements JointVentures Claims	Apr. 15, 2011
Debt Instrument [Line Items]
Targeted capacity of additional revolving credit				$ 1,200,000,000
Payment of debt		693,000,000	693,000,000
Line of Credit Facility [Line Items]
Borrowing capacity under revolving credit facilities				600,000,000
Debt (Textuals) [Abstract]
Number of tranches				3
Proceeds from issuance of senior notes, net of debt issuance costs		1,090,000,000		1,087,833,000
Maturity date of revolving credit facility			Dec. 01, 2015
Debt instrument, face amount				70,000,000
Interest rate on the notes issued to the joint venture partner				10.00%
Number of revolving credit facility				2
Equity contribution by joint venture partner			361,000,000	436,000,000
Total capital contributed for converting notes into equity					146,000,000
Outstanding notes and accrued interest					142,000,000
Eliminated portion of capital contribution	73,000,000
Line of credit facility covenant terms				two separate revolving credit facilities in place which provide us with a total borrowing capacity of $1.2 billion. Our previously existing credit facility, which has a capacity of $600 million, matures in 2013, and during the first quarter of 2011, we entered into an additional $600 million revolving credit facility which matures in 2015 (together referred to as the “Credit Facilities”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60.
Letters of credit outstanding under credit facilities				0
Consolidated Joint Venture Debt Instruments [Member]
Debt Instrument [Line Items]
Payment of debt			693,000,000
Credit Facility [Member]
Debt Instrument [Line Items]
Targeted capacity of additional revolving credit				300,000,000
Borrowings outstanding				425,000,000
5.875% Senior Notes due 2013 [Member]
Debt (Textuals) [Abstract]
Interest rate on the notes issued to the joint venture partner				5.875%
7.375% Senior Notes due 2014 [Member]
Debt (Textuals) [Abstract]
Debt instrument, face amount		1,100,000,000
Interest rate on the notes issued to the joint venture partner				7.375%
3.45% Senior Notes due 2015 [Member]
Debt (Textuals) [Abstract]
Interest rate on the notes issued to the joint venture partner				3.45%
7.50% Senior Notes due 2019 [Member]
Debt (Textuals) [Abstract]
Interest rate on the notes issued to the joint venture partner				7.50%
4.90% Senior Notes due 2020 [Member]
Debt (Textuals) [Abstract]
Interest rate on the notes issued to the joint venture partner				4.90%
6.20% Senior Notes due 2040 [Member]
Debt (Textuals) [Abstract]
Interest rate on the notes issued to the joint venture partner				6.20%
3.05% senior notes due 2016 [Member]
Debt (Textuals) [Abstract]
Debt instrument, face amount		300,000,000
Interest rate on the notes issued to the joint venture partner		3.05%		3.05%
4.625% senior notes due 2021 [Member]
Debt (Textuals) [Abstract]
Debt instrument, face amount		400,000,000
Interest rate on the notes issued to the joint venture partner		4.625%		4.625%
6.05% senior notes due 2041 [Member]
Debt (Textuals) [Abstract]
Debt instrument, face amount		400,000,000
Interest rate on the notes issued to the joint venture partner		6.05%		6.05%
Joint Venture Partner Notes [Member]
Debt Instrument [Line Items]
Debt instrument interest rate terms				In January 2011, the Bully joint ventures issued notes to the joint venture partners totaling $70 million. The interest rate on these notes is 10%, payable semi-annually in arrears and in kind on June 30 and December 31 commencing in June 2011.
Revolving credit facility which matures in 2015 [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under revolving credit facilities			$ 600,000,000

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Acquisition of FDR Holdings Limited (Tables)

6 Months Ended

Jun. 30, 2011

Acquisition of Company One (Tables) [Abstract]

Pro forma financial information

The following unaudited pro forma financial information for the three and six months ended June 30, 2010 gives effect to the Frontier acquisition as if it had occurred at January 1, 2009. The pro forma results are based on historical data and are not intended to be indicative of the results of future operations.

	Three months		Six months
	ended		ended
	June 30, 2010		June 30, 2010
Total operating revenues	$	784,424	$	1,693,039
Net income		191,377		552,601
Net income per share	$	0.74	$	2.14

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Debt (Details 1) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Credit Facility [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	$ 425,000	$ 40,000
Debt, Estimated Fair Value	425,000	40,000
5.875% Senior Notes due 2013 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	299,929	299,911
Debt, Estimated Fair Value	324,745	324,281
7.375% Senior Notes due 2014 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	249,574	249,506
Debt, Estimated Fair Value	285,298	282,078
3.45% Senior Notes due 2015 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	350,000	350,000
Debt, Estimated Fair Value	362,312	357,292
7.50% Senior Notes due 2019 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	201,695	201,695
Debt, Estimated Fair Value	245,187	242,464
4.90% Senior Notes due 2020 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	498,726	498,672
Debt, Estimated Fair Value	517,933	516,192
6.20% Senior Notes due 2040 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	399,889	399,889
Debt, Estimated Fair Value	421,767	423,345
3.05% senior notes due 2016 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	299,931	0
Debt, Estimated Fair Value	302,553	0
4.625% senior notes due 2021 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	399,458	0
Debt, Estimated Fair Value	405,760	0
6.05% senior notes due 2041 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	397,568	0
Debt, Estimated Fair Value	411,041	0
Joint Venture Partner Notes [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	0	35,972
Debt, Estimated Fair Value	0	35,972
Joint Venture Credit Facilities [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	0	691,052
Debt, Estimated Fair Value	$ 0	$ 691,052

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Property and Equipment

6 Months Ended

Jun. 30, 2011

Property and Equipment [Abstract]

Property and Equipment

Note 5 — Property and Equipment

Property and equipment, at cost, as of June 30, 2011 and December 31, 2010 consisted of the following:

	2011		2010
Drilling equipment and facilities	$	9,824,335	$	8,900,266
Construction in progress		3,918,618		3,571,017
Other		183,099		172,583
	$	13,926,052	$	12,643,866

Capital expenditures, including capitalized interest, totaled $1.4 billion and $531 million for the six months ended June 30, 2011 and 2010, respectively. Capital expenditures for 2011 consisted of the following:

• $972 million for newbuild construction;

• $293 million for major projects, including $82 million to upgrade two drillships currently operating in Brazil;

• $108 million for other capitalized expenditures including major maintenance and regulatory expenditures which generally have useful lives ranging from 3 to 5 years and

• $56 million in capitalized interest

Interest is capitalized on construction-in-progress at the weighted average cost of debt outstanding during the period of construction. Capitalized interest was $29 million and $56 million for the three and six months ended June 30, 2011, respectively, as compared to $13 million and $26 million for the three and six months ended June 30, 2010, respectively.

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Share Data (Tables)

6 Months Ended

Jun. 30, 2011

Share Data (Tables) [Abstract]

Noble-Swiss' share capital

The following is a detail of Noble-Swiss’ share capital as of June 30, 2011 and December 31, 2010:

	June 30,		December 31,
	2011		2010
Shares outstanding and trading		252,290		252,275
Treasury shares		10,378		10,140
Total shares outstanding		262,668		262,415
Treasury shares held for share-based compensation plans		13,598		13,851
Total shares authorized for issuance		276,266		276,266
Par value per share (in Swiss Francs)		3.67		3.93

Computation of basic and diluted net income per share for Noble-Swiss

The following table sets forth the computation of basic and diluted earnings per share for Noble-Swiss:

	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	54,083		$	217,925		$	108,578		$	588,651
Earnings allocated to unvested share-based payment awards		(572	)		(2,143	)		(1,083	)		(5,652	)
Net income to common shareholders — basic	$	53,511		$	215,782		$	107,495		$	582,999
Diluted
Net income attributable to Noble Corporation	$	54,083		$	217,925		$	108,578		$	588,651
Earnings allocated to unvested share-based payment awards		(572	)		(2,137	)		(1,082	)		(5,632	)
Net income to common shareholders — diluted	$	53,511		$	215,788		$	107,496		$	583,019
Weighted average shares outstanding — basic		251,368			254,224			251,198			254,671
Incremental shares issuable from assumed exercise of stock options		700			800			737			949
Weighted average shares outstanding — diluted		252,068			255,024			251,935			255,620
Weighted average unvested share-based payment awards		2,688			2,480			2,554			2,431
Earnings per share
Basic	$	0.21		$	0.85		$	0.43		$	2.29
Diluted	$	0.21		$	0.85		$	0.43		$	2.28

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Property and Equipment (Details Textuals) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011 Years Tranches MobileOffshoreDrillingUnits ConstructionPhases DebtAgreements JointVentures	Jun. 30, 2010
Property and Equipment (Textuals) [Abstract]
Capital expenditure			$ 1,400	$ 531
Number of new rigs for which capital expenditure incurred			11
New construction			972
Other capital expenditure			293
Amount included in capital expenditure for major project upgrades			108
Amount included in other capital expenditure for upgrading drillships			82
Number of drillships operating under contracts			2
Major capitalized expenditure useful life minimum			3
Major capitalized expenditure useful life maximum			5
Major maintenance capitalized			108
Capitalized interest on construction in progress	$ 29	$ 13	$ 56	$ 26

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Consolidated Joint Ventures (Details) (USD $)	1 Months Ended		3 Months Ended	6 Months Ended
	Feb. 28, 2011	Jan. 31, 2011	Mar. 31, 2011	Jun. 30, 2011 Years Tranches MobileOffshoreDrillingUnits ConstructionPhases DebtAgreements JointVentures Claims	Dec. 31, 2010
Consolidated Joint Ventures (Textuals) [Abstract]
Percent of Interest in Joint ventures				50.00%
Number of joint ventures acquired				2
Number of bully class drillships				2
Contributions from joint venture partners			$ 361,000,000	$ 436,000,000
Payment of debt	693,000,000		693,000,000
Proceeds from issuance of notes to joint venture partners		70,000,000
Percent of interest rates in issued notes				10.00%
Carrying amount of the drillships				1,100,000,000
Combined Joint Venture partner debt			146,000,000
Company's portion of joint venture partner debt			73,000,000
Outstanding notes related to joint venture					142,000,000
Total funding available under capital contribution agreements				$ 280,000,000

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Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2011

Accounting Pronouncements (Policies) [Abstract]

Adoption of policies related to recognition of revenue in multi-deliverable arrangements and its impact

In October 2009, the FASB issued guidance that impacts the recognition of revenue in multiple-deliverable arrangements. The guidance establishes a selling-price hierarchy for determining the selling price of a deliverable. The goal of this guidance is to clarify disclosures related to multiple-deliverable arrangements and to align the accounting with the underlying economics of the multiple-deliverable transaction. This guidance is effective for fiscal years beginning on or after June 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

Adoption of policies regarding disclosure of the fair value of assets and its impact

In January 2010, the FASB issued guidance relating to the disclosure of the fair value of assets. This guidance calls for additional information to be given regarding the transfer of items in and out of respective categories. In addition, it requires additional disclosures regarding the purchase, sales, issuances, and settlements of assets that are classified as level three within the FASB fair value hierarchy. This guidance is generally effective for annual and interim periods ending after December 15, 2009. However, the disclosures about purchases, sales, issuances and settlements in the roll-forward activity in Level 3 fair value measurements were deferred until fiscal years beginning after December 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In May 2011, the FASB issued guidance that modified the wording used to describe many of the requirements in accounting literature for measuring fair value and for disclosing information about fair value measurements. The goal of the amendment is to create consistency between the United States and international accounting standards. The guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011. While we are still evaluating this guidance, the adoption of this guidance should not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

Business Combinations Policy

In December 2010, the FASB issued guidance that requires a public entity to disclose pro forma information for business combinations that occurred in the current reporting period. The disclosures include pro forma revenue and earnings of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. If comparative financial statements are presented, the pro forma revenue and earnings of the combined entity for the comparable prior reporting period should be reported as though the acquisition date for all business combinations that occurred during the current year had been as of the beginning of the comparable prior annual reporting period. The guidance is effective for annual reporting periods beginning on or after December 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

Comprehensive income

In June 2011, the FASB issued guidance that allows an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendment no longer allows an entity to show changes to other comprehensive income solely through the statement of equity. For publicly traded entities, the guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011. While we are still evaluating this guidance, the adoption of this guidance will not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2011

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note 10 — Employee Benefit Plans

Pension costs include the following components:

	Three Months Ended June 30,
	2011						2010
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,153		$	2,152		$	1,050		$	1,912
Interest cost		1,440			2,143			1,204			1,957
Return on plan assets		(1,454	)		(2,768	)		(1,302	)		(2,392	)
Amortization of prior service cost		—			57			—			57
Amortization of transition obligation		19			—			18			—
Recognized net actuarial loss		123			843			175			705
Net pension expense	$	1,281		$	2,427		$	1,145		$	2,239

	Six Months Ended June 30,
	2011						2010
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,246		$	4,304		$	2,166		$	3,824
Interest cost		2,823			4,286			2,470			3,914
Return on plan assets		(2,857	)		(5,536	)		(2,668	)		(4,784	)
Amortization of prior service cost		—			113			—			114
Amortization of transition obligation		37			—			36			—
Recognized net actuarial loss		243			1,687			356			1,410
Net pension expense	$	2,492		$	4,854		$	2,360		$	4,478

During the three and six months ended June 30, 2011 and 2010, we made contributions to our pension plans totaling $2 million and $3 million, respectively. We expect the funding to our non-U.S. and U.S. plans in 2011, subject to applicable law, to be approximately $10 million.

We sponsor the Noble Drilling Corporation 401(k) Savings Restoration Plan (“Restoration Plan”). The Restoration Plan is a nonqualified, unfunded employee benefit plan under which certain highly compensated employees may elect to defer compensation in excess of amounts deferrable under our 401(k) savings plan. The Restoration Plan has no assets, and amounts withheld for the Restoration Plan are kept by us for general corporate purposes. The investments selected by employees and the associated returns are tracked on a phantom basis. Accordingly, we have a liability to employees for amounts originally withheld plus phantom investment income or less phantom investment losses. We are at risk for phantom investment income and, conversely, we benefit should phantom investment losses occur. At both June 30, 2011 and December 31, 2010, our liability under the Restoration Plan totaled $7 million. We have purchased investments that closely correlate to the investment elections made by participants in the Restoration Plan in order to mitigate the impact of the phantom investment income and losses on our financial statements. The value of these investments held for our benefit totaled $7 million at both June 30, 2011 and December 31, 2010.

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Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2011

Organization and Basis of Presentation [Abstract]

Organization and Basis of Presentation

Note 1 — Organization and Basis of Presentation

Noble Corporation, a Swiss corporation, is a leading offshore drilling contractor for the oil and gas industry. At June 30, 2011, our fleet consisted of 76 mobile offshore drilling units as follows: 14 semisubmersibles, 13 drillships, 47 jackups, two submersibles in addition to one floating production storage and offloading unit (“FPSO”) located worldwide. At June 30, 2011, we had 11 of our 76 units under construction as follows:

• two dynamically positioned, ultra-deepwater, harsh environment Globetrotter-class drillships,

• two dynamically positioned, ultra-deepwater, harsh environment Bully-class drillships,

• three dynamically positioned, ultra-deepwater harsh environment drillships, and

• four high-specification heavy duty, harsh environment jackup rigs.

Subsequent to June 30, 2011, we exercised options for the construction of two additional high-specification heavy duty, harsh environment jackup rigs.

Our global fleet is currently located in the following areas: the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and the Asian Pacific. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

Noble-Cayman is a direct, wholly-owned subsidiary of Noble-Swiss, our publicly-traded parent company. Noble-Swiss’ principal asset is all of the shares of Noble-Cayman. Noble-Cayman has no public equity outstanding. The consolidated financial statements of Noble-Swiss include the accounts of Noble-Cayman, and Noble-Swiss conducts substantially all of its business through Noble-Cayman and its subsidiaries.

The accompanying unaudited consolidated financial statements of Noble-Swiss and Noble-Cayman have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) as they pertain to Form 10-Q. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The unaudited financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position and results of operations for the interim periods, on a basis consistent with the annual audited consolidated financial statements. All such adjustments are of a normal recurring nature. The December 31, 2010 Consolidated Balance Sheets presented herein are derived from the December 31, 2010 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2010, filed by both Noble-Swiss and Noble-Cayman. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Certain amounts in prior periods have been revised to conform to the current year presentation. Taxes payable in the December 31, 2010 Consolidated Balance Sheets was reported net of approximately $81 million in taxes receivable. During the quarter ended June 30, 2011, we determined that a right of offset in certain taxable jurisdictions did not exist for these receivables, and they are now being disclosed separately as a current asset. For the December 31, 2010 Consolidated Balance Sheets presented herein, these amounts have been revised to conform to the current year presentation. We believe that this revision is immaterial, as it did not have a material impact on our financial position, working capital, results of operations or cash flows from operations.

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Guarantees of Registered Securities (Tables)

6 Months Ended

Jun. 30, 2011

Guarantees of Registered Securities (Tables) [Abstract]

Condensed Financial Statements

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2011
(in thousands)

The following consolidating financial statements of Noble-Cayman, NHC and NDH combined, NDC, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

													Other
													Non-guarantor
	Noble-		NHC and NDH										Subsidiaries			Consolidating
	Cayman		Combined			NDC			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	41	$	291		$	—		$	—	$	—	$	224,585		$	—		$	224,917
Accounts receivable		—		12,143			3,115			—		—		494,728			—			509,986
Prepaid expenses		—		357			11			—		—		64,309			—			64,677
Short-term notes receivable from affiliates		—		119,476			—			—		—		100,500			(219,976	)		—
Accounts receivable from affiliates		1,115,706		—			799,688			1,276,324		—		4,371,467			(7,563,185	)		—
Other current assets		10,396		99,322			240			18,849		13,459		308,015			(281,431	)		168,850
Total current assets		1,126,143		231,589			803,054			1,295,173		13,459		5,563,604			(8,064,592	)		968,430
Property and equipment
Drilling equipment, facilities and other		—		2,144,664			71,297			—		—		11,676,266			—			13,892,227
Accumulated depreciation		—		(195,924	)		(51,632	)		—		—		(2,611,671	)		—			(2,859,227	)
Total property and equipment, net		—		1,948,740			19,665			—		—		9,064,595			—			11,033,000
Notes receivable from affiliates		3,487,062		675,000			—			1,239,600		572,107		2,781,400			(8,755,169	)		—
Investments in affiliates		7,011,232		8,853,976			3,510,031			6,215,619		1,993,985		—			(27,584,843	)		—
Other assets		4,090		10,302			2,081			19,691		941		361,150			—			398,255
Total assets	$	11,628,527	$	11,719,607		$	4,334,831		$	8,770,083	$	2,580,492	$	17,770,749		$	(44,404,604	)	$	12,399,685
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	50,500	$	50,000		$	—		$	—	$	—	$	119,476		$	(219,976	)	$	—
Accounts payable and accrued liabilities		1,767		21,747			9,818			52,149		4,412		523,479			—			613,372
Accounts payable to affiliates		1,864,559		3,590,781			24,770			86,840		20,058		2,257,608			(7,844,616	)		—
Total current liabilities		1,916,826		3,662,528			34,588			138,989		24,470		2,900,563			(8,064,592	)		613,372
Long-term debt		724,929		—			—			2,595,146		201,695		—						3,521,770
Notes payable to affiliates		1,770,500		1,147,500			85,000			975,000		811,000		3,966,169			(8,755,169	)		—
Other liabilities		19,929		46,253			25,796			—		—		377,566						469,544
Total liabilities		4,432,184		4,856,281			145,384			3,709,135		1,037,165		7,244,298			(16,819,761	)		4,604,686
Commitments and contingencies
Equity		7,196,343		6,863,326			4,189,447			5,060,948		1,543,327		10,526,451			(27,584,843	)		7,794,999
Total liabilities and equity	$	11,628,527	$	11,719,607		$	4,334,831		$	8,770,083	$	2,580,492	$	17,770,749		$	(44,404,604	)	$	12,399,685

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2010
(in thousands)

													Non-guarantor
	Noble-		NHC and NDH										Subsidiaries			Consolidating
	Cayman		Combined			NDC			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	42	$	146		$	—		$	—	$	—	$	333,211		$	—		$	333,399
Accounts receivable		—		6,984			1,795			—		—		378,635			—			387,414
Prepaid expenses		—		310			—			—		—		32,922			—			33,232
Short-term notes receivable from affiliates		—		119,476			—			—		—		75,000			(194,476	)		—
Accounts receivable from affiliates		607,207		—			751,623			199,235		1,958		3,659,570			(5,219,593	)		—
Other current assets		7,057		89,736			240			19,980		9,416		276,194			(251,736	)		150,887
Total current assets		614,306		216,652			753,658			219,215		11,374		4,755,532			(5,665,805	)		904,932
Property and equipment
Drilling equipment, facilities and other		—		1,254,482			70,945			—		—		11,289,547			—			12,614,974
Accumulated depreciation		—		(153,638	)		(50,250	)		—		—		(2,391,066	)		—			(2,594,954	)
Total property and equipment, net		—		1,100,844			20,695			—		—		8,898,481			—			10,020,020
Notes receivable from affiliates		3,507,062		675,000			—			1,239,600		479,107		2,492,900			(8,393,669	)		—
Investments in affiliates		6,835,466		9,150,129			3,561,451			5,618,248		1,879,831		—			(27,045,125	)		—
Other assets		1,872		7,700			2,451			11,336		1,001		318,232			—			342,592
Total assets	$	10,958,706	$	11,150,325		$	4,338,255		$	7,088,399	$	2,371,313	$	16,465,145		$	(41,104,599	)	$	11,267,544
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	25,000	$	50,000		$	—		$	—	$	—	$	119,476		$	(194,476	)	$	—
Current maturities of long-term debt		—		—			—			—		—		80,213			—			80,213
Accounts payable and accrued liabilities		1,473		19,218			8,779			31,973		4,413		647,488			—			713,344
Accounts payable to affiliates		1,601,869		2,708,598			30,095			64,192		7,134		1,059,441			(5,471,329	)		—
Total current liabilities		1,628,342		2,777,816			38,874			96,165		11,547		1,906,618			(5,665,805	)		793,557
Long-term debt		339,911		—			—			1,498,066		201,695		646,812			—			2,686,484
Notes payable to affiliates		1,834,500		1,092,000			120,000			550,000		811,000		3,986,169			(8,393,669	)		—
Other liabilities		19,929		48,595			25,485			—		—		432,839			—			526,848
Total liabilities		3,822,682		3,918,411			184,359			2,144,231		1,024,242		6,972,438			(14,059,474	)		4,006,889
Commitments and contingencies
Total Equity		7,136,024		7,231,914			4,153,896			4,944,168		1,347,071		9,492,707			(27,045,125	)		7,260,655
Total liabilities and equity	$	10,958,706	$	11,150,325		$	4,338,255		$	7,088,399	$	2,371,313	$	16,465,145		$	(41,104,599	)	$	11,267,544

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	35,090		$	4,705		$	—		$	—		$	566,145		$	(16,390	)	$	589,550
Reimbursables		—			1,778			—			—			—			22,344			—			24,122
Labor contract drilling services		—			—			—			—			—			14,012			—			14,012
Other		—			—			—			—			—			313			—			313
Total operating revenues		—			36,868			4,705			—			—			602,814			(16,390	)		627,997
Operating costs and expenses
Contract drilling services		1,598			12,085			1,975			8,236			—			322,700			(16,390	)		330,204
Reimbursables		—			2,007			—			—			—			16,716			—			18,723
Labor contract drilling services		—			—			—			—			—			8,750			—			8,750
Depreciation and amortization		—			13,068			935			—			—			148,633			—			162,636
Selling, general and administrative		1,792			1,209			—			7,626			1			4,014			—			14,642
Gain on contract extinguishments, net		—			—			—			—			—			—			—			—
Total operating costs and expenses		3,390			28,369			2,910			15,862			1			500,813			(16,390	)		534,955
Operating income (loss)		(3,390	)		8,499			1,795			(15,862	)		(1	)		102,001			—			93,042
Other income (expense)
Equity earnings in affiliates, net of tax		88,486			64,434			19,176			122,310			71,736			—			(366,142	)		—
Interest expense, net of amounts capitalized		(17,903	)		(15,323	)		(1,719	)		(23,530	)		(7,271	)		(886	)		51,803			(14,829	)
Interest income and other, net		1,625			6,932			37			11,435			2,252			29,375			(51,803	)		(147	)
Income before income taxes		68,818			64,542			19,289			94,353			66,716			130,490			(366,142	)		78,066
Income tax provision		—			6,658												(15,815	)					(9,157	)
Net Income		68,818			71,200			19,289			94,353			66,716			114,675			(366,142	)		68,909
Net loss attributable to noncontrolling interests		—			—			—			—			—			(91	)		—			(91	)
Net income attributable to Noble Corporation	$	68,818		$	71,200		$	19,289		$	94,353		$	66,716		$	114,584		$	(366,142	)	$	68,818

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	61,054		$	9,695		$	—		$	—		$	1,089,739		$	(28,333	)	$	1,132,155
Reimbursables		—			2,690			12			—			—			43,711			—			46,413
Labor contract drilling services		—			—			—			—			—			27,559			—			27,559
Other		—			—			—			—			—			758			—			758
Total operating revenues		—			63,744			9,707			—			—			1,161,767			(28,333	)		1,206,885
Operating costs and expenses
Contract drilling services		3,059			21,069			3,798			16,806			—			614,637			(28,333	)		631,036
Reimbursables		—			2,911			—			—			—			32,915			—			35,826
Labor contract drilling services		—			—			—			—			—			17,273			—			17,273
Depreciation and amortization		—			23,192			1,844			—			—			295,255			—			320,291
Selling, general and administrative		3,303			2,718			—			15,503			1			9,648			—			31,173
Gain on contract extinguishments, net		—			—			—			—			—			(21,202	)		—			(21,202	)
Total operating costs and expenses		6,362			49,890			5,642			32,309			1			948,526			(28,333	)		1,014,397
Operating income (loss)		(6,362	)		13,854			4,065			(32,309	)		(1	)		213,241			—			192,488
Other income (expense)
Equity earnings in affiliates, net of tax		175,766			102,373			34,977			172,371			107,556			—			(593,043	)		—
Interest expense, net of amounts capitalized		(36,264	)		(29,915	)		(3,539	)		(46,026	)		(14,942	)		(3,017	)		99,833			(33,870	)
Interest income and other, net		3,338			12,470			48			22,744			4,044			59,283			(99,833	)		2,094
Income before income taxes		136,478			98,782			35,551			116,780			96,657			269,507			(593,043	)		160,712
Income tax provision		—			5,800			—			—			—			(29,982	)		—			(24,182	)
Net Income		136,478			104,582			35,551			116,780			96,657			239,525			(593,043	)		136,530
Net loss attributable to noncontrolling interests		—			—			—			—			—			(52	)		—			(52	)
Net income attributable to Noble Corporation	$	136,478		$	104,582		$	35,551		$	116,780		$	96,657		$	239,473		$	(593,043	)	$	136,478

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2010
(in thousands)

															Other
															Non-guarantor
	Noble-			NHC and NDH											Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6		of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	20,280		$	5,016		$	—		$	—	$	670,214		$	(8,000	)	$	687,510
Reimbursables		—			340			61			—			—		13,352						13,753
Labor contract drilling services		—			—			—			—			—		8,056						8,056
Other		—			112			—			—			—		491						603
Total operating revenues		—			20,732			5,077			—			—		692,113			(8,000	)		709,922
Operating costs and expenses
Contract drilling services		2			10,726			1,188			—			—		267,168			(8,000	)		271,084
Reimbursables		—			988			61			—			—		9,316						10,365
Labor contract drilling services		—			—			—			—			—		5,380						5,380
Depreciation and amortization		—			9,044			874			—			—		116,134						126,052
Selling, general and administrative		—			49,773			88			76			—		(34,403	)					15,534
Total operating costs and expenses		2			70,531			2,211			76			—		363,595			(8,000	)		428,415
Operating income (loss)		(2	)		(49,799	)		2,866			(76	)		—		328,518			—			281,507
Other income (expense)
Equity earnings in affiliates, net of tax		231,400			166,662			9,556			242,210			123,117		—			(772,945	)		—
Interest expense, net of amounts capitalized		(174	)		(20,453	)		(1,839	)		(9,736	)		—		(2,739	)		34,431			(510	)
Interest income and other, net		1,733			20,941			—			—			4,214		9,046			(34,431	)		1,503
Income before income taxes		232,957			117,351			10,583			232,398			127,331		334,825			(772,945	)		282,500
Income tax provision		—			(10,351	)		—			—			—		(39,192	)		—			(49,543	)
Net Income	$	232,957		$	107,000		$	10,583		$	232,398		$	127,331	$	295,633		$	(772,945	)	$	232,957

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2010
(in thousands)

															Other
															Non-guarantor
	Noble-			NHC and NDH											Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6		of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	48,589		$	7,484		$	—		$	—	$	1,461,383		$	(21,300	)	$	1,496,156
Reimbursables		—			590			61			—			—		37,335			—			37,986
Labor contract drilling services		—			—			—			—			—		15,817			—			15,817
Other		—			112			—			—			—		702			—			814
Total operating revenues		—			49,291			7,545			—			—		1,515,237			(21,300	)		1,550,773
Operating costs and expenses
Contract drilling services		7			18,607			3,136			—			—		523,415			(21,300	)		523,865
Reimbursables		—			1,099			61			—			—		28,948			—			30,108
Labor contract drilling services		—			—			—			—			—		11,268			—			11,268
Depreciation and amortization		—			17,827			1,612			—			—		222,277			—			241,716
Selling, general and administrative		—			50,636			221			119			—		(19,554	)		—			31,422
Total operating costs and expenses		7			88,169			5,030			119			—		766,354			(21,300	)		838,379
Operating income (loss)		(7	)		(38,878	)		2,515			(119	)		—		748,883			—			712,394
Other income (expense)
Equity earnings in affiliates, net of tax		608,738			341,687			9,118			632,091			300,508		—			(1,892,142	)		—
Interest expense, net of amounts capitalized		(587	)		(35,334	)		(3,657	)		(19,365	)		—		(6,184	)		64,152			(975	)
Interest income and other, net		3,446			22,757			—			—			6,152		36,907			(64,152	)		5,110
Income before income taxes		611,590			290,232			7,976			612,607			306,660		779,606			(1,892,142	)		716,529
Income tax provision		—			(9,092	)		—			—			—		(95,847	)		—			(104,939	)
Net Income	$	611,590		$	281,140		$	7,976		$	612,607		$	306,660	$	683,759		$	(1,892,142	)	$	611,590

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(30,984	)	$	20,555		$	2,807		$	(43,770	)	$	(10,840	)	$	321,277		$	—		$	259,045
Cash flows from investing activities
New construction and capital expenditures		—			(842,012	)		—			—			—			(633,338	)		—			(1,475,350	)
Notes receivable from affiliates		20,000			—			—			—			—			91,000			(111,000	)		—
Refund from contract extinguishments		—			—			—			—			—			18,642			—			18,642
Net cash from investing activities		20,000			(842,012	)		—			—			—			(523,696	)		(111,000	)		(1,456,708	)
Cash flows from financing activities
Borrowings on bank credit facilities		625,000			—			—			—			—			—			—			625,000
Payments of bank credit facilities		(240,000	)		—			—			—			—			—			—			(240,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,087,833			—			—			—			1,087,833
Contributions from joint venture partners		—			—			—			—			—			436,000			—			436,000
Payments of joint venture debt		—			—			—			—			—			(693,494	)		—			(693,494	)
Settlement of interest rate swaps		—			—			—			—			—			(29,032	)		—			(29,032	)
Financing cost on credit facilities		(2,835	)		—			—			—			—			—			—			(2,835	)
Distributions to parent		(94,291	)		—			—			—			—			—			—			(94,291	)
Advances (to) from affiliates		(238,391	)		839,102			32,193			(1,044,063	)		10,840			400,319			—			—
Notes payable to affiliates		(38,500	)		(17,500	)		(35,000	)		—			—			(20,000	)		111,000			—
Net cash from financing activities		10,983			821,602			(2,807	)		43,770			10,840			93,793			111,000			1,089,181
Net change in cash and cash equivalents		(1	)		145			—			—			—			(108,626	)		—			(108,482	)
Cash and cash equivalents, beginning of period		42			146			—			—			—			333,211						333,399
Cash and cash equivalents, end of period	$	41		$	291		$	—		$	—		$	—		$	224,585		$	—		$	224,917

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2010
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments		Total
Cash flows from operating activities
Net cash from operating activities	$	10,138		$	(36,375	)	$	3,592		$	(4,400	)	$	60		$	1,053,419		$	—	$	1,026,434
Cash flows from investing activities
New construction and capital expenditures		—			(184,963	)		—			—			—			(363,918	)		—		(548,881	)
Net cash from investing activities		—			(184,963	)		—			—			—			(363,918	)		—		(548,881	)
Cash flows from financing activities
Distributions to parent		(128,315	)		—			—			—			—			—			—		(128,315	)
Advances (to) from affiliates		119,876			221,265			(3,592	)		4,400			(60	)		(341,889	)		—		—
Net cash from financing activities		(8,439	)		221,265			(3,592	)		4,400			(60	)		(341,889	)		—		(128,315	)
Net change in cash and cash equivalents		1,699			(73	)		—			—			—			347,612			—		349,238
Cash and cash equivalents, beginning of period		3			268			—			—			—			725,954			—		726,225
Cash and cash equivalents, end of period	$	1,702		$	195		$	—		$	—		$	—		$	1,073,566		$	—	$	1,075,463

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Receivables from Customers

6 Months Ended

Jun. 30, 2011

Receivables from Customers [Abstract]

Receivables from Customers

Note 7 — Receivables from Customers

In June 2010, a subsidiary of Frontier entered into a charter contract with a subsidiary of BP PLC (“BP”) for the Seillean with a term of a minimum of 100 days. The unit went on hire on July 23, 2010. In October 2010, BP initiated an arbitration proceeding against us claiming the contract was void ab initio, or never existed, due to a fundamental breach and has made other claims and is demanding that we reimburse the amounts already paid to us under the charter. We believe BP owes us the amounts due under the charter. The charter has a “hell or high water” provision requiring payment, and we believe we have satisfied our obligations under the charter. Outstanding receivables related to this charter totaled $35 million as of June 30, 2011. We believe that if BP were to be successful in claiming the contract void ab initio we would have an indemnity claim against the former shareholders of Frontier, and we have put them on notice to that effect. We can make no assurances as to the outcome of this dispute.

At June 30, 2011, we had accounts receivable of approximately $14 million related to the Noble Max Smith which are being disputed by our customer, Pemex Exploracion y Produccion (“Pemex”). The disputed amount relates to lost revenues due from Pemex for downtime which occurred when our rig was damaged after one of Pemex’s supply boats collided with our rig. We believe that we are entitled to these revenues and continue to pursue resolution to this issue.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2011

Fair value of financial instruments [Abstract]

Fair Value of Financial Instruments

Note 12 — Fair Value of Financial Instruments

The following table presents the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis:

	June 30, 2011								December 31, 2010
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs		Carrying		Estimated
	Amount		(Level 1)		(Level 2)		(Level 3)		Amount		Fair Value
Assets -
Marketable securities	$	7,178	$	7,178	$	—	$	—	$	6,854	$	6,854
Foreign currency forward contracts		4,311		—		4,311		—		4,618		4,618
Firm commitment		—		—		—		—		3,306		3,306
Liabilities -
Interest rate swaps	$	—	$	—	$	—	$	—	$	26,590	$	26,590
Foreign currency forward contracts		143		—		143		—		3,718		3,718
Firm commitment		51		—		51		—		—		—

The derivative instruments have been valued using actively quoted prices and quotes obtained from the counterparties to the derivative instruments. Our cash and cash equivalents, accounts receivable and accounts payable are by their nature short-term. As a result, the carrying values included in the accompanying Consolidated Balance Sheets approximate fair value.

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Debt

6 Months Ended

Jun. 30, 2011

Debt [Abstract]

Debt

Note 8 — Debt

Total debt consisted of the following at June 30, 2011 and December 31, 2010:

	June 30,		December 31,
	2011		2010
Wholly-owned debt instruments:
5.875% Senior Notes due 2013	$	299,929	$	299,911
7.375% Senior Notes due 2014		249,574		249,506
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,931		—
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,726		498,672
4.625% Senior Notes due 2021		399,458		—
6.20% Senior Notes due 2040		399,889		399,889
6.05% Senior Notes due 2041		397,568		—
Credit facilities		425,000		40,000
Consolidated joint venture debt instruments:
Joint venture credit facilities	$	—	$	691,052
Joint venture partner notes		—		35,972
Total Debt		3,521,770		2,766,697
Less: Current Maturities		—		(80,213	)
Long-term Debt	$	3,521,770	$	2,686,484

We have two separate revolving credit facilities in place which provide us with a total borrowing capacity of $1.2 billion. One credit facility, which has a capacity of $600 million, matures in 2013, and during the first quarter of 2011, we entered into an additional $600 million revolving credit facility which matures in 2015 (together referred to as the “Credit Facilities”). The covenants and events of default under the Credit Facilities are substantially similar, and each facility contains a covenant that limits our ratio of debt to total tangible capitalization, as defined in the Credit Facilities, to 0.60. We were in compliance with all covenants as of June 30, 2011.

The Credit Facilities provide us with the ability to issue up to $300 million in letters of credit in the aggregate. While the issuance of letters of credit does not increase our borrowings outstanding under the Credit Facilities, it does reduce the amount available. At June 30, 2011, we had borrowings of $425 million outstanding and no letters of credit outstanding under the Credit Facilities.

In February 2011, we issued through our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), $1.1 billion aggregate principal amount of senior notes in three separate tranches, comprising $300 million of 3.05% Senior Notes due 2016, $400 million of 4.625% Senior Notes due 2021, and $400 million of 6.05% Senior Notes due 2041. A portion of the net proceeds of approximately $1.09 billion, after expenses, was used to repay the outstanding balance on our revolving credit facility and to repay our portion of outstanding debt under the joint venture credit facilities discussed below.

In the first quarter of 2011, the joint venture credit facilities, which had a combined outstanding balance of $693 million, were repaid in full through contributions to the joint ventures from Noble and Shell. Shell contributed $361 million in equity to fund their portion of the repayment of joint venture credit facilities and related interest rate swaps, which were settled concurrent with the repayment and termination of the joint venture credit facilities.

In January 2011, the Bully joint ventures issued notes to the joint venture partners totaling $70 million. The interest rate on these notes was 10%, payable semi-annually in arrears and in kind on June 30 and December 31 commencing in June 2011. The purpose of these notes was to provide additional liquidity to the joint ventures in connection with the shipyard construction of the Bully vessels.

In April 2011, the Bully joint venture partners entered into a subscription agreement, pursuant to which each partner was issued equity in each of the Bully joint ventures in exchange for the cancellation of all outstanding joint venture partner notes. The subscription agreement has the effect of converting all joint venture partner notes into equity of the respective joint venture. The total capital contributed as a result of these agreements was $146 million, which included $142 million in outstanding notes, plus accrued interest. Our portion of the capital contribution, totaling $73 million, was eliminated in consolidation.

Fair Value of Debt

Fair value represents the amount at which an instrument could be exchanged in a current transaction between willing parties. The estimated fair value of our senior notes was based on the quoted market prices for similar issues or on the current rates offered to us for debt of similar remaining maturities. The following table presents the estimated fair value of our long-term debt as of June 30, 2011 and December 31, 2010.

	June 30, 2011				December 31, 2010
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Wholly-owned debt instruments
5.875% Senior Notes due 2013	$	299,929	$	324,745	$	299,911	$	324,281
7.375% Senior Notes due 2014		249,574		285,298		249,506		282,078
3.45% Senior Notes due 2015		350,000		362,312		350,000		357,292
3.05% Senior Notes due 2016		299,931		302,553		—		—
7.50% Senior Notes due 2019		201,695		245,187		201,695		242,464
4.90% Senior Notes due 2020		498,726		517,933		498,672		516,192
4.625% Senior Notes due 2021		399,458		405,760		—		—
6.20% Senior Notes due 2040		399,889		421,767		399,889		423,345
6.05% Senior Notes due 2041		397,568		411,041		—		—
Credit facilities		425,000		425,000		40,000		40,000
Consolidated joint venture debt instruments
Joint venture credit facilities		—		—		691,052		691,052
Joint venture partner notes		—		—		35,972		35,972

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value of Financial Instruments (Tables) [Abstract]

Carrying amount and estimated fair value of financial instruments

The following table presents the carrying amount and estimated fair value of our financial instruments recognized at fair value on a recurring basis:

	June 30, 2011								December 31, 2010
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs		Carrying		Estimated
	Amount		(Level 1)		(Level 2)		(Level 3)		Amount		Fair Value
Assets -
Marketable securities	$	7,178	$	7,178	$	—	$	—	$	6,854	$	6,854
Foreign currency forward contracts		4,311		—		4,311		—		4,618		4,618
Firm commitment		—		—		—		—		3,306		3,306
Liabilities -
Interest rate swaps	$	—	$	—	$	—	$	—	$	26,590	$	26,590
Foreign currency forward contracts		143		—		143		—		3,718		3,718
Firm commitment		51		—		51		—		—		—

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Gain on contract extinguishments, net

6 Months Ended

Jun. 30, 2011

Gain on contract extinguishments net [Abstract]

Gain on contract extinguishments, net

Note 6 — Gain on contract extinguishments, net

In January 2011, we announced the signing of a Memorandum of Understanding (“MOU”) with Petroleo Brasileiro S.A. (“Petrobras”) regarding operations in Brazil. Under the terms of the MOU, we agreed to substitute the Noble Phoenix, then under contract with Shell in Southeast Asia, for the Noble Muravlenko. In January 2011, Shell agreed to release the Noble Phoenix from its contract, which was effective in March 2011. The Noble Phoenix is undergoing limited contract preparations, after which the unit will mobilize to Brazil. During the second quarter of 2011, Petrobras formally approved the rig substitution. We expect that acceptance of the Noble Phoenix will take place in the fourth quarter of 2011. In connection with the cancelation of the contract with Shell on the Noble Phoenix, we recognized a non-cash gain of approximately $52.5 million during the first quarter of 2011, which represented the unamortized fair value of the in-place contract assumed in connection with the Frontier acquisition.

Also in January 2011, as a result of the substitution discussed above, we reached a decision not to proceed with the previously announced reliability upgrade to the Noble Muravlenko that was scheduled to take place in 2013. As a result, we incurred a non-cash charge of approximately $32.6 million related to the termination of outstanding shipyard contracts.

In February 2011, the outstanding balances of the Bully joint venture credit facilities, which totaled $693 million, were repaid in full and the credit facilities terminated using a portion of the proceeds from our February 2011 debt offering and equity contributions from our joint venture partner. In addition, the related interest rate swaps were settled and terminated concurrent with the repayment and termination of the credit facilities. As a result of these transactions, we recognized a gain of approximately $1.3 million during the first quarter of 2011.

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Derivative Instruments and Hedging Activities (Details) (Cash Flow Hedges [Member], USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Net unrealized gain/(loss) related to forward contracts included through AOCL
Net unrealized gain at beginning of period	$ 1,766	$ (1,508)	$ 1,970	$ 417
Activity during period:
Net unrealized gain/(loss) on outstanding foreign currency forward contracts	3,152	(1,626)	3,895	(2,578)
Net unrealized gain/(loss) at end of period	4,117	(2,517)	4,117	(2,517)
Forward Contracts [Member]
Activity during period:
Cash flow hedges, settlement, during the period	(801)	617	(1,382)	(356)
Swap [Member]
Activity during period:
Cash flow hedges, settlement, during the period			$ (366)

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Consolidated Statement of Equity (Unaudited) (USD $) In Thousands	Total	Noble-Cayman [Member]	Shares	Shares Noble-Cayman [Member]	Additional Paid-in capital	Additional Paid-in capital Noble-Cayman [Member]	Retained Earnings	Retained Earnings Noble-Cayman [Member]	Treasury Shares	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Noble-Cayman [Member]	Noncontrolling Interests	Noncontrolling Interests Noble-Cayman [Member]
Beginning Balance at Dec. 31, 2010	$ 7,287,634	$ 7,260,655	$ 917,684	$ 26,125	$ 39,006	$ 416,232	$ 6,630,500	$ 6,743,887	$ (373,967)	$ (50,220)	$ (50,220)	$ 124,631	$ 124,631
Beginning Balance, Shares at Dec. 31, 2010			262,415	261,246
Employee related equity activity	16,388
Share-based compensation expense					16,388
Issuance of share-based compensation	7		606		(599)
Issuance of share-based compensation, shares			176
Exercise of stock options	7,076		1,294		5,782
Exercise of stock options, shares			389
Tax benefit of stock options exercised	274				274
Restricted shares forfeited or repurchased for taxes	(9,377)		(1,084)		1,084				(9,377)
Restricted shares forfeited or repurchased for taxes, shares			(312)
Net income (loss)	108,630	136,530					108,578	136,478				52	52
Equity contribution by joint venture partner	473,973	473,973										473,973	473,973
Par value reduction payments ($0.29 per Share)	(72,141)		(60,705)		(11,436)
Capital contributions by parent - share-based compensation		10,228				10,228
Distributions to parent		(94,291)						(94,291)
Other comprehensive income, net	7,904	7,904								7,904	7,904
Ending Balance at Jun. 30, 2011	7,820,368	7,794,999	857,795	26,125	50,499	426,460	6,739,078	6,786,074	(383,344)	(42,316)	(42,316)	598,656	598,656
Ending Balance, Shares at Jun. 30, 2011			262,668	261,246
Beginning Balance at Mar. 31, 2011
Net income (loss)	54,174	68,909
Other comprehensive income, net	4,415	4,415
Ending Balance at Jun. 30, 2011	$ 7,820,368	$ 7,794,999		$ 26,125
Ending Balance, Shares at Jun. 30, 2011				261,246

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Acquisition of FDR Holdings Limited

6 Months Ended

Jun. 30, 2011

Acquisition of Company One [Abstract]

Acquisition of FDR Holdings Limited

Note 2 — Acquisition of FDR Holdings Limited

On July 28, 2010, Noble-Swiss and Noble AM Merger Co., a Cayman Islands company and indirect wholly-owned subsidiary of Noble-Swiss (“Merger Sub”), completed the acquisition of FDR Holdings Limited, a Cayman Islands company (“Frontier”). Under the terms of the Agreement and Plan of Merger with Frontier and certain of Frontier’s shareholders, Merger Sub merged with and into Frontier, with Frontier surviving as an indirect wholly-owned subsidiary of Noble-Swiss and a wholly-owned subsidiary of Noble-Cayman. The Frontier acquisition was for a purchase price of approximately $1.7 billion in cash plus liabilities assumed and strategically expanded and enhanced our global fleet by adding three dynamically positioned drillships (including two Bully-class joint venture-owned drillships under construction), two conventionally moored drillships, including one that is Arctic-class, a conventionally moored deepwater semisubmersible and one dynamically positioned FPSO. Frontier’s results of operations were included in our results beginning July 28, 2010. We funded the cash consideration paid at closing of approximately $1.7 billion using proceeds from our July 2010 offering of senior notes and existing cash on hand.

The following unaudited pro forma financial information for the three and six months ended June 30, 2010 gives effect to the Frontier acquisition as if it had occurred at January 1, 2009. The pro forma results are based on historical data and are not intended to be indicative of the results of future operations.

	Three months		Six months
	ended		ended
	June 30, 2010		June 30, 2010
Total operating revenues	$	784,424	$	1,693,039
Net income		191,377		552,601
Net income per share	$	0.74	$	2.14

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Share Data (Details 1) (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Basic
Net income attributable to Noble Corporation	$ 54,083	$ 217,925	$ 108,578	$ 588,651
Earnings allocated to unvested share-based payment awards	(572)	(2,143)	(1,083)	(5,652)
Net income to common shareholders - basic	53,511	215,782	107,495	582,999
Diluted
Net income attributable to Noble Corporation	54,083	217,925	108,578	588,651
Earnings allocated to unvested share-based payment awards	(572)	(2,137)	(1,082)	(5,632)
Net income to common shareholders -	$ 53,511	$ 215,788	$ 107,496	$ 583,019
Weighted average shares outstanding - basic	251,368	254,224	251,198	254,671
Incremental shares issuable from assumed exercise of stock options	700	800	737	949
Weighted average shares outstanding - diluted	252,068	255,024	251,935	255,620
Weighted average unvested share-based payment awards	2,688	2,480	2,554	2,431
Earnings per share
Basic	$ 0.21	$ 0.85	$ 0.43	$ 2.29
Diluted	$ 0.21	$ 0.85	$ 0.43	$ 2.28

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2011

Derivative Instruments and Hedging Activities (Tables) [Abstract]

Net unrealized gain/(loss) related to forward contracts included through AOCL

The balance of the net unrealized gain/(loss) related to our cash flow hedges included in AOCL and related activity is as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net unrealized gain at beginning of period	$	1,766		$	(1,508	)	$	1,970		$	417
Activity during period:
Settlement of foreign currency forward contracts during the period		(801	)		617			(1,382	)		(356	)
Settlement of interest rate swaps during the period		—			—			(366	)		—
Net unrealized gain/(loss) on outstanding foreign currency forward contracts		3,152			(1,626	)		3,895			(2,578	)
Net unrealized gain/(loss) at end of period	$	4,117		$	(2,517	)	$	4,117		$	(2,517	)

Summarize the financial statement presentation and fair value of derivative positions

The following tables, together with Note 12, summarize the financial statement presentation and fair value of our derivative positions as of June 30, 2011 and December 31, 2010:

		Estimated fair value
	Balance sheet	June 30,		December 31,
	classification	2011		2010
Asset derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current assets	$	4,260	$	2,015
Fair value hedges
Short-term foreign currency forward contracts	Other current liabilities		51		—
Non-designated derivatives
Short-term foreign currency forward contracts	Other current assets		—		2,603
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current liabilities	$	143	$	412
Short-term interest rate swaps	Other current liabilities		—		15,697
Long-term interest rate swaps	Other liabilities		—		10,893
Fair value hedges
Short-term foreign currency forward contracts	Other current liabilities		—		3,306

Summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives

To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the three months ended June 30, 2011 and 2010:

						Gain/(loss) reclassified
	Gain/(loss) recognized					from AOCL to “other					Gain/(loss) recognized
	through AOCL					income”					through “other income”
	2011		2010			2011		2010			2011		2010
Cash flow hedges
Foreign currency forward contracts	$	3,152	$	(1,626	)	$	801	$	(617	)	$	—	$	—

The following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the six months ended June 30, 2011 and 2010:

						Gain/(loss) reclassified
	Gain/(loss) recognized					from AOCL to “other				Gain/(loss) recognized
	through AOCL					income”				through “other income”
	2011		2010			2011		2010		2011			2010
Cash flow hedges
Foreign currency forward contracts	$	3,895	$	(2,578	)	$	1,382	$	356	$	—		$	—
Non-designated derivatives
Foreign currency forward contracts		—		—			—		—		(546	)		—

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Segment and Related Information (Details) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Summarized financial information of our reportable segment
Revenues from external customers	$ 627,997	$ 709,922	$ 1,206,885	$ 1,550,773
Depreciation and amortization	163,119	126,227	321,241	242,084
Segment operating income/ (loss)	79,045	268,547	165,309	691,508
Interest expense, net of amount capitalized	(14,829)	(510)	(33,870)	(975)
Income tax provision	(9,508)	(51,118)	(24,867)	(106,514)
Segment profit/ (loss)	54,083	217,925	108,578	588,651
Total assets (at end of period)	12,438,238	8,903,502	12,438,238	8,903,502	11,302,387
Capital expenditures	814,459	192,637	1,428,783	531,401
Contract Drilling Services [Member]
Summarized financial information of our reportable segment
Revenues from external customers	612,845	701,102	1,177,499	1,533,262
Depreciation and amortization	159,843	123,379	314,731	236,553
Segment operating income/ (loss)	77,309	268,941	162,025	692,885
Interest expense, net of amount capitalized	(683)	(235)	(1,768)	(293)
Income tax provision	(11,418)	(51,544)	(30,281)	(107,136)
Segment profit/ (loss)	64,939	219,267	131,819	591,304
Total assets (at end of period)	12,046,536	7,761,724	12,046,536	7,761,724
Capital expenditures	810,723	181,505	1,423,711	517,088
Other [Member]
Summarized financial information of our reportable segment
Revenues from external customers	15,152	8,820	29,386	17,511
Depreciation and amortization	3,276	2,848	6,510	5,531
Segment operating income/ (loss)	1,736	(394)	3,284	(1,377)
Interest expense, net of amount capitalized	(14,146)	(275)	(32,102)	(682)
Income tax provision	1,910	426	5,414	622
Segment profit/ (loss)	(10,856)	(1,342)	(23,241)	(2,653)
Total assets (at end of period)	391,702	1,141,778	391,702	1,141,778
Capital expenditures	$ 3,736	$ 11,132	$ 5,072	$ 14,313

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Guarantees of Registered Securities (Details) (USD $) In Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Current assets
Cash and cash equivalents	$ 230,877	$ 337,871	$ 1,083,112	$ 735,493
Accounts receivable	510,019	387,414
Taxes receivable	80,815	81,066
Prepaid expenses	67,311	35,502
Total current assets	977,496	911,794
Property and equipment
Drilling equipment, facilities and other	13,926,052	12,643,866
Accumulated depreciation	(2,863,482)	(2,595,779)
Property and equipment, net	11,062,570	10,048,087
Other assets	398,172	342,506
Total assets	12,438,238	11,302,387	8,903,502
Current liabilities
Current maturities of long-term debt	0	80,213
Total current liabilities	626,556	801,447
Long-term debt	3,521,770	2,686,484
Total liabilities	4,617,870	4,014,753
Commitments and contingencies
Total equity	7,820,368	7,287,634
Total liabilities and equity	12,438,238	11,302,387
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	41	42	1,702	3
Accounts receivable	0	0
Prepaid expenses	0	0
Short-term notes receivable from affiliates	0	0
Accounts receivable from affiliates	1,115,706	607,207
Other current assets	10,396	7,057
Total current assets	1,126,143	614,306
Property and equipment
Drilling equipment, facilities and other	0	0
Accumulated depreciation	0	0
Property and equipment, net	0	0
Notes receivable from affiliates	3,487,062	3,507,062
Investments in affiliates	7,011,232	6,835,466
Other assets	4,090	1,872
Total assets	11,628,527	10,958,706
Current liabilities
Short-term notes payables from affiliates	50,500	25,000
Current maturities of long-term debt	0	0
Accounts payable and accrued liabilities	1,767	1,473
Accounts payable to affiliates	1,864,559	1,601,869
Total current liabilities	1,916,826	1,628,342
Long-term debt	724,929	339,911
Notes payable to affiliates	1,770,500	1,834,500
Other liabilities	19,929	19,929
Total liabilities	4,432,184	3,822,682
Commitments and contingencies
Total equity	7,196,343	7,136,024
Total liabilities and equity	11,628,527	10,958,706
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	224,917	333,399	1,075,463	726,225
Accounts receivable	509,986	387,414
Taxes receivable	80,815	81,066
Prepaid expenses	64,677	33,232
Short-term notes receivable from affiliates	0	0
Accounts receivable from affiliates	0	0
Other current assets	168,850	150,887
Total current assets	968,430	904,932
Property and equipment
Drilling equipment, facilities and other	13,892,227	12,614,974
Accumulated depreciation	(2,859,227)	(2,594,954)
Property and equipment, net	11,033,000	10,020,020
Notes receivable from affiliates	0	0
Investments in affiliates	0	0
Other assets	398,255	342,592
Total assets	12,399,685	11,267,544
Current liabilities
Short-term notes payables from affiliates	0	0
Current maturities of long-term debt	0	80,213
Accounts payable and accrued liabilities	613,372	713,344
Accounts payable to affiliates	0	0
Total current liabilities	613,372	793,557
Long-term debt	3,521,770	2,686,484
Notes payable to affiliates	0	0
Other liabilities	469,544	526,848
Total liabilities	4,604,686	4,006,889
Commitments and contingencies
Total equity	7,794,999	7,260,655
Total liabilities and equity	12,399,685	11,267,544
NHC and NDH Combined [Member]
Current assets
Cash and cash equivalents	291	146	195	268
Accounts receivable	12,143	6,984
Prepaid expenses	357	310
Short-term notes receivable from affiliates	119,476	119,476
Accounts receivable from affiliates	0	0
Other current assets	99,322	89,736
Total current assets	231,589	216,652
Property and equipment
Drilling equipment, facilities and other	2,144,664	1,254,482
Accumulated depreciation	(195,924)	(153,638)
Property and equipment, net	1,948,740	1,100,844
Notes receivable from affiliates	675,000	675,000
Investments in affiliates	8,853,976	9,150,129
Other assets	10,302	7,700
Total assets	11,719,607	11,150,325
Current liabilities
Short-term notes payables from affiliates	50,000	50,000
Current maturities of long-term debt	0	0
Accounts payable and accrued liabilities	21,747	19,218
Accounts payable to affiliates	3,590,781	2,708,598
Total current liabilities	3,662,528	2,777,816
Long-term debt	0	0
Notes payable to affiliates	1,147,500	1,092,000
Other liabilities	46,253	48,595
Total liabilities	4,856,281	3,918,411
Commitments and contingencies
Total equity	6,863,326	7,231,914
Total liabilities and equity	11,719,607	11,150,325
NDC [Member]
Current assets
Cash and cash equivalents	0	0	0	0
Accounts receivable	3,115	1,795
Prepaid expenses	11	0
Short-term notes receivable from affiliates	0	0
Accounts receivable from affiliates	799,688	751,623
Other current assets	240	240
Total current assets	803,054	753,658
Property and equipment
Drilling equipment, facilities and other	71,297	70,945
Accumulated depreciation	(51,632)	(50,250)
Property and equipment, net	19,665	20,695
Notes receivable from affiliates	0	0
Investments in affiliates	3,510,031	3,561,451
Other assets	2,081	2,451
Total assets	4,334,831	4,338,255
Current liabilities
Short-term notes payables from affiliates	0	0
Current maturities of long-term debt	0	0
Accounts payable and accrued liabilities	9,818	8,779
Accounts payable to affiliates	24,770	30,095
Total current liabilities	34,588	38,874
Long-term debt	0	0
Notes payable to affiliates	85,000	120,000
Other liabilities	25,796	25,485
Total liabilities	145,384	184,359
Commitments and contingencies
Total equity	4,189,447	4,153,896
Total liabilities and equity	4,334,831	4,338,255
NHIL [Member]
Current assets
Cash and cash equivalents	0	0	0	0
Accounts receivable	0	0
Prepaid expenses	0	0
Short-term notes receivable from affiliates	0	0
Accounts receivable from affiliates	1,276,324	199,235
Other current assets	18,849	19,980
Total current assets	1,295,173	219,215
Property and equipment
Drilling equipment, facilities and other	0	0
Accumulated depreciation	0	0
Property and equipment, net	0	0
Notes receivable from affiliates	1,239,600	1,239,600
Investments in affiliates	6,215,619	5,618,248
Other assets	19,691	11,336
Total assets	8,770,083	7,088,399
Current liabilities
Short-term notes payables from affiliates	0	0
Current maturities of long-term debt	0	0
Accounts payable and accrued liabilities	52,149	31,973
Accounts payable to affiliates	86,840	64,192
Total current liabilities	138,989	96,165
Long-term debt	2,595,146	1,498,066
Notes payable to affiliates	975,000	550,000
Other liabilities	0	0
Total liabilities	3,709,135	2,144,231
Commitments and contingencies
Total equity	5,060,948	4,944,168
Total liabilities and equity	8,770,083	7,088,399
NDS6 [Member]
Current assets
Cash and cash equivalents	0	0	0	0
Accounts receivable	0	0
Prepaid expenses	0	0
Short-term notes receivable from affiliates	0	0
Accounts receivable from affiliates	0	1,958
Other current assets	13,459	9,416
Total current assets	13,459	11,374
Property and equipment
Drilling equipment, facilities and other	0	0
Accumulated depreciation	0	0
Property and equipment, net	0	0
Notes receivable from affiliates	572,107	479,107
Investments in affiliates	1,993,985	1,879,831
Other assets	941	1,001
Total assets	2,580,492	2,371,313
Current liabilities
Short-term notes payables from affiliates	0	0
Current maturities of long-term debt	0	0
Accounts payable and accrued liabilities	4,412	4,413
Accounts payable to affiliates	20,058	7,134
Total current liabilities	24,470	11,547
Long-term debt	201,695	201,695
Notes payable to affiliates	811,000	811,000
Other liabilities	0	0
Total liabilities	1,037,165	1,024,242
Commitments and contingencies
Total equity	1,543,327	1,347,071
Total liabilities and equity	2,580,492	2,371,313
Non-guarantor Subsidiaries of Noble [Member]
Current assets
Cash and cash equivalents	224,585	333,211	1,073,566	725,954
Accounts receivable	494,728	378,635
Prepaid expenses	64,309	32,922
Short-term notes receivable from affiliates	100,500	75,000
Accounts receivable from affiliates	4,371,467	3,659,570
Other current assets	308,015	276,194
Total current assets	5,563,604	4,755,532
Property and equipment
Drilling equipment, facilities and other	11,676,266	11,289,547
Accumulated depreciation	(2,611,671)	(2,391,066)
Property and equipment, net	9,064,595	8,898,481
Notes receivable from affiliates	2,781,400	2,492,900
Investments in affiliates	0	0
Other assets	361,150	318,232
Total assets	17,770,749	16,465,145
Current liabilities
Short-term notes payables from affiliates	119,476	119,476
Current maturities of long-term debt	0	80,213
Accounts payable and accrued liabilities	523,479	647,488
Accounts payable to affiliates	2,257,608	1,059,441
Total current liabilities	2,900,563	1,906,618
Long-term debt	0	646,812
Notes payable to affiliates	3,966,169	3,986,169
Other liabilities	377,566	432,839
Total liabilities	7,244,298	6,972,438
Commitments and contingencies
Total equity	10,526,451	9,492,707
Total liabilities and equity	17,770,749	16,465,145
Consolidating Adjustments [Member]
Current assets
Cash and cash equivalents	0	0	0	0
Accounts receivable	0	0
Prepaid expenses	0	0
Short-term notes receivable from affiliates	(219,976)	(194,476)
Accounts receivable from affiliates	(7,563,185)	(5,219,593)
Other current assets	(281,431)	(251,736)
Total current assets	(8,064,592)	(5,665,805)
Property and equipment
Drilling equipment, facilities and other	0	0
Accumulated depreciation	0	0
Property and equipment, net	0	0
Notes receivable from affiliates	(8,755,169)	(8,393,669)
Investments in affiliates	(27,584,843)	(27,045,125)
Other assets	0	0
Total assets	(44,404,604)	(41,104,599)
Current liabilities
Short-term notes payables from affiliates	(219,976)	(194,476)
Current maturities of long-term debt	0	0
Accounts payable and accrued liabilities	0	0
Accounts payable to affiliates	(7,844,616)	(5,471,329)
Total current liabilities	(8,064,592)	(5,665,805)
Long-term debt	0	0
Notes payable to affiliates	(8,755,169)	(8,393,669)
Other liabilities	0	0
Total liabilities	(16,819,761)	(14,059,474)
Commitments and contingencies
Total equity	(27,584,843)	(27,045,125)
Total liabilities and equity	$ (44,404,604)	$ (41,104,599)

XML



Employee Benefit Plans (Details Textuals) (USD $) In Millions			3 Months Ended		6 Months Ended
	Jun. 30, 2011 Restoration Plan [Member]	Dec. 31, 2010 Restoration Plan [Member]	Jun. 30, 2011 Pension plans [Member]	Jun. 30, 2010 Pension plans [Member]	Jun. 30, 2011 Pension plans [Member]	Jun. 30, 2010 Pension plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Liability under the restoration plan	$ 7	$ 7
Value of investments held for out benefit to mitigate phantom investment income and losses	7	7
Employer contributions			2	3	2	3
Expected contributions to pension plans during 2011			$ 10		$ 10

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Consolidated Joint Ventures

6 Months Ended

Jun. 30, 2011

Consolidated Joint Ventures [Abstract]

Consolidated Joint Ventures

Note 3 — Consolidated Joint Ventures

In connection with the Frontier acquisition, we acquired Frontier’s 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell, PLC (“Shell”), for the construction and operation of the two Bully-class drillships. Since these entities’ equity at risk is insufficient to permit them to carry on their activities without additional financial support, they each meet the criteria for a variable interest entity. We have determined that we are the primary beneficiary for accounting purposes. Accordingly, we consolidate the entities in our consolidated financial statements after eliminating intercompany transactions. Shell’s equity interest is presented as noncontrolling interests on our Consolidated Balance Sheets.

In the first quarter of 2011, the joint venture credit facilities, which had a combined outstanding balance of $693 million, were repaid in full through contributions to the joint ventures from Noble and Shell. Shell contributed $361 million in equity to fund their portion of the repayment of joint venture credit facilities and related interest rate swaps, which were settled concurrent with the repayment and termination of the joint venture credit facilities.

In January 2011, the Bully joint ventures issued notes to the joint venture partners totaling $70 million. The interest rate on these notes was 10%, payable semi-annually in arrears and in kind on June 30 and December 31 commencing in June 2011. The purpose of these notes was to provide additional liquidity to the joint ventures in connection with the shipyard construction of the Bully vessels.

In April 2011, the Bully joint venture partners entered into a subscription agreement, pursuant to which each partner was issued equity in each of the Bully joint ventures in exchange for the cancellation of all outstanding joint venture partner notes. The subscription agreement converted all joint venture partner notes into equity of the respective joint venture. The total capital contributed as a result of these agreements was $146 million, which included $142 million in outstanding notes, plus accrued interest. Our portion of the capital contribution, totaling $73 million, was eliminated in consolidation.

At June 30, 2011, the combined carrying amount of the drillships was $1.1 billion, which was primarily funded through partner equity contributions. The joint venture partners entered into capital contribution agreements in April 2011 whereby capital calls can be made for funds needed to complete the projects. The total funding available to the Bully joint ventures under these agreements at June 30, 2011 was $280 million.

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Property and Equipment (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Property and equipment, at cost
Property and equipment, at cost	$ 13,926,052	$ 12,643,866
Drilling equipment and facilities [Member]
Property and equipment, at cost
Property and equipment, at cost	9,824,335	8,900,266
Construction in progress [Member]
Property and equipment, at cost
Property and equipment, at cost	183,099	172,583
Other [Member]
Property and equipment, at cost
Property and equipment, at cost	$ 3,918,618	$ 3,571,017

XML



Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2011

Property and Equipment (Tables) [Abstract]

Property and Equipment, at cost

Property and equipment, at cost, as of June 30, 2011 and December 31, 2010 consisted of the following:

	2011		2010
Drilling equipment and facilities	$	9,824,335	$	8,900,266
Construction in progress		3,918,618		3,571,017
Other		183,099		172,583
	$	13,926,052	$	12,643,866

XML



Guarantees of Registered Securities (Details 2) (USD $) In Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Feb. 28, 2011	Jun. 30, 2011	Mar. 31, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities
Net cash from operating activities					$ 245,336	$ 1,014,424
Cash flows from investing activities
New construction and capital expenditures		(814,459)		(192,637)	(1,428,783)	(531,401)
Refund from contract extinguishments					18,642
Net cash from investing activities					(1,461,641)	(549,249)
Cash flows from financing activities
Borrowings on bank credit facilities					625,000
Payments of bank credit facilities					(240,000)
Proceeds from issuance of senior notes, net of debt issuance costs	1,090,000				1,087,833
Contributions from joint venture partners			361,000		436,000
Payments of joint venture debt					(693,494)
Settlement of interest rate swaps					(29,032)
Financing costs on credit facilities					(2,835)
Net cash from financing activities					1,109,311	(117,556)
Net change in cash and cash equivalents					(106,994)	347,619
Cash and cash equivalents, beginning of period			337,871		337,871	735,493
Cash and cash equivalents, end of period		230,877		1,083,112	230,877	1,083,112
Noble-Cayman [Member]
Cash flows from operating activities
Net cash from operating activities					(30,984)	10,138
Cash flows from investing activities
New construction and capital expenditures					0	0
Notes receivable from affiliates					20,000
Refund from contract extinguishments					0
Net cash from investing activities					20,000	0
Cash flows from financing activities
Borrowings on bank credit facilities					625,000
Payments of bank credit facilities					(240,000)
Proceeds from issuance of senior notes, net of debt issuance costs					0
Contributions from joint venture partners					0
Payments of joint venture debt					0
Settlement of interest rate swaps					0
Financing costs on credit facilities					(2,835)
Distributions to parent company, net					(94,291)	(128,315)
Advances (to) from affiliates					(238,391)	119,876
Notes payable to affiliates					(38,500)
Net cash from financing activities					10,983	(8,439)
Net change in cash and cash equivalents					(1)	1,699
Cash and cash equivalents, beginning of period			42		42	3
Cash and cash equivalents, end of period		41		1,702	41	1,702
Noble-Cayman [Member]
Cash flows from operating activities
Net cash from operating activities					259,045	1,026,434
Cash flows from investing activities
New construction and capital expenditures					(1,475,350)	(548,881)
Notes receivable from affiliates					0
Refund from contract extinguishments					18,642
Net cash from investing activities					(1,456,708)	(548,881)
Cash flows from financing activities
Borrowings on bank credit facilities					625,000
Payments of bank credit facilities					(240,000)
Proceeds from issuance of senior notes, net of debt issuance costs					1,087,833
Contributions from joint venture partners					436,000
Payments of joint venture debt					(693,494)
Settlement of interest rate swaps					(29,032)
Financing costs on credit facilities					(2,835)
Distributions to parent company, net					(94,291)	(128,315)
Advances (to) from affiliates					0	0
Notes payable to affiliates					0
Net cash from financing activities					1,089,181	(128,315)
Net change in cash and cash equivalents					(108,482)	349,238
Cash and cash equivalents, beginning of period			333,399		333,399	726,225
Cash and cash equivalents, end of period		224,917		1,075,463	224,917	1,075,463
NHC and NDH Combined [Member]
Cash flows from operating activities
Net cash from operating activities					20,555	(36,375)
Cash flows from investing activities
New construction and capital expenditures					(842,012)	(184,963)
Notes receivable from affiliates					0
Refund from contract extinguishments					0
Net cash from investing activities					(842,012)	(184,963)
Cash flows from financing activities
Borrowings on bank credit facilities					0
Payments of bank credit facilities					0
Proceeds from issuance of senior notes, net of debt issuance costs					0
Contributions from joint venture partners					0
Payments of joint venture debt					0
Settlement of interest rate swaps					0
Financing costs on credit facilities					0
Distributions to parent company, net					0	0
Advances (to) from affiliates					839,102	221,265
Notes payable to affiliates					(17,500)
Net cash from financing activities					821,602	221,265
Net change in cash and cash equivalents					145	(73)
Cash and cash equivalents, beginning of period			146		146	268
Cash and cash equivalents, end of period		291		195	291	195
NDC [Member]
Cash flows from operating activities
Net cash from operating activities					2,807	3,592
Cash flows from investing activities
New construction and capital expenditures					0	0
Notes receivable from affiliates					0
Refund from contract extinguishments					0
Net cash from investing activities					0	0
Cash flows from financing activities
Borrowings on bank credit facilities					0
Payments of bank credit facilities					0
Proceeds from issuance of senior notes, net of debt issuance costs					0
Contributions from joint venture partners					0
Payments of joint venture debt					0
Settlement of interest rate swaps					0
Financing costs on credit facilities					0
Distributions to parent company, net					0	0
Advances (to) from affiliates					32,193	(3,592)
Notes payable to affiliates					(35,000)
Net cash from financing activities					(2,807)	(3,592)
Net change in cash and cash equivalents					0	0
Cash and cash equivalents, beginning of period			0		0	0
Cash and cash equivalents, end of period		0		0	0	0
NHIL [Member]
Cash flows from operating activities
Net cash from operating activities					(43,770)	(4,400)
Cash flows from investing activities
New construction and capital expenditures					0	0
Notes receivable from affiliates					0
Refund from contract extinguishments					0
Net cash from investing activities					0	0
Cash flows from financing activities
Borrowings on bank credit facilities					0
Payments of bank credit facilities					0
Proceeds from issuance of senior notes, net of debt issuance costs					1,087,833
Contributions from joint venture partners					0
Payments of joint venture debt					0
Settlement of interest rate swaps					0
Financing costs on credit facilities					0
Distributions to parent company, net					0	0
Advances (to) from affiliates					(1,044,063)	4,400
Notes payable to affiliates					0
Net cash from financing activities					43,770	4,400
Net change in cash and cash equivalents					0	0
Cash and cash equivalents, beginning of period			0		0	0
Cash and cash equivalents, end of period		0		0	0	0
NDS6 [Member]
Cash flows from operating activities
Net cash from operating activities					(10,840)	60
Cash flows from investing activities
New construction and capital expenditures					0	0
Notes receivable from affiliates					0
Refund from contract extinguishments					0
Net cash from investing activities					0	0
Cash flows from financing activities
Borrowings on bank credit facilities					0
Payments of bank credit facilities					0
Proceeds from issuance of senior notes, net of debt issuance costs					0
Contributions from joint venture partners					0
Payments of joint venture debt					0
Settlement of interest rate swaps					0
Financing costs on credit facilities					0
Distributions to parent company, net					0	0
Advances (to) from affiliates					10,840	(60)
Notes payable to affiliates					0
Net cash from financing activities					10,840	(60)
Net change in cash and cash equivalents					0	0
Cash and cash equivalents, beginning of period			0		0	0
Cash and cash equivalents, end of period		0		0	0	0
Non-guarantor Subsidiaries of Noble [Member]
Cash flows from operating activities
Net cash from operating activities					321,277	1,053,419
Cash flows from investing activities
New construction and capital expenditures					(633,338)	(363,918)
Notes receivable from affiliates					91,000
Refund from contract extinguishments					18,642
Net cash from investing activities					(523,696)	(363,918)
Cash flows from financing activities
Borrowings on bank credit facilities					0
Payments of bank credit facilities					0
Proceeds from issuance of senior notes, net of debt issuance costs					0
Contributions from joint venture partners					436,000
Payments of joint venture debt					(693,494)
Settlement of interest rate swaps					(29,032)
Financing costs on credit facilities					0
Distributions to parent company, net					0	0
Advances (to) from affiliates					400,319	(341,889)
Notes payable to affiliates					(20,000)
Net cash from financing activities					93,793	(341,889)
Net change in cash and cash equivalents					(108,626)	347,612
Cash and cash equivalents, beginning of period			333,211		333,211	725,954
Cash and cash equivalents, end of period		224,585		1,073,566	224,585	1,073,566
Consolidating Adjustments [Member]
Cash flows from operating activities
Net cash from operating activities					0	0
Cash flows from investing activities
New construction and capital expenditures					0	0
Notes receivable from affiliates					(111,000)
Refund from contract extinguishments					0
Net cash from investing activities					(111,000)	0
Cash flows from financing activities
Borrowings on bank credit facilities					0
Payments of bank credit facilities					0
Proceeds from issuance of senior notes, net of debt issuance costs					0
Contributions from joint venture partners					0
Payments of joint venture debt					0
Settlement of interest rate swaps					0
Financing costs on credit facilities					0
Distributions to parent company, net					0	0
Advances (to) from affiliates					0	0
Notes payable to affiliates					111,000
Net cash from financing activities					111,000	0
Net change in cash and cash equivalents					0	0
Cash and cash equivalents, beginning of period			0		0	0
Cash and cash equivalents, end of period		$ 0		$ 0	$ 0	$ 0

XML



Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2011

Segment and Related Information (Tables) [Abstract]

Summarized financial information of our reportable segment

Summarized financial information of our reportable segments for the three and six months ended June 30, 2011 and 2010 is shown in the following table. The “Other” column includes results of labor contract drilling services and corporate related items.

	Three Months Ended June 30,
	2011									2010
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	612,845		$	15,152		$	627,997		$	701,102		$	8,820		$	709,922
Depreciation and amortization		159,843			3,276			163,119			123,379			2,848			126,227
Segment operating income/ (loss)		77,309			1,736			79,045			268,941			(394	)		268,547
Interest expense, net of amount capitalized		(683	)		(14,146	)		(14,829	)		(235	)		(275	)		(510	)
Income tax (provision)/ benefit		(11,418	)		1,910			(9,508	)		(51,544	)		426			(51,118	)
Segment profit/ (loss)		64,939			(10,856	)		54,083			219,267			(1,342	)		217,925
Total assets (at end of period)		12,046,536			391,702			12,438,238			7,761,724			1,141,778			8,903,502
Capital expenditures		810,723			3,736			814,459			181,505			11,132			192,637

	Six Months Ended June 30,
	2011									2010
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,177,499		$	29,386		$	1,206,885		$	1,533,262		$	17,511		$	1,550,773
Depreciation and amortization		314,731			6,510			321,241			236,553			5,531			242,084
Segment operating income/ (loss)		162,025			3,284			165,309			692,885			(1,377	)		691,508
Interest expense, net of amount capitalized		(1,768	)		(32,102	)		(33,870	)		(293	)		(682	)		(975	)
Income tax (provision)/ benefit		(30,281	)		5,414			(24,867	)		(107,136	)		622			(106,514	)
Segment profit/ (loss)		131,819			(23,241	)		108,578			591,304			(2,653	)		588,651
Total assets (at end of period)		12,046,536			391,702			12,438,238			7,761,724			1,141,778			8,903,502
Capital expenditures		1,423,711			5,072			1,428,783			517,088			14,313			531,401

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Share Data (Details Textuals)	1 Months Ended		6 Months Ended		6 Months Ended
	Jul. 31, 2011	Apr. 30, 2011	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2011 Stock Options [Member]	Jun. 30, 2010 Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from the diluted net income per share calculation as they were not dilutive					700,000	800,000
Share Data (Textuals) [Abstract]
Shares issued by Noble-Swiss			262,668,000	262,415,000
Treasury stock, shares			10,378,000	10,140,000
Shares held by wholly-owned subsidiary			13,600,000
Additional conditionally authorizable shares without additional shareholder approval			138,100,000
Remaining shares available under authorized share repurchase program			6,800,000
Shares repurchased under share repurchase program held in treasury			9,900,000
Shares surrendered by employees for taxes payable upon the vesting of restricted stock held in treasury			500,000
Number of shares approved by shareholders for cancellation		10,100,000
Reduced shares authorized for issuance	266,200,000

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2011

Employee Benefit Plans (Tables) [Abstract]

Pension Costs

Pension costs include the following components:

	Three Months Ended June 30,
	2011						2010
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,153		$	2,152		$	1,050		$	1,912
Interest cost		1,440			2,143			1,204			1,957
Return on plan assets		(1,454	)		(2,768	)		(1,302	)		(2,392	)
Amortization of prior service cost		—			57			—			57
Amortization of transition obligation		19			—			18			—
Recognized net actuarial loss		123			843			175			705
Net pension expense	$	1,281		$	2,427		$	1,145		$	2,239

	Six Months Ended June 30,
	2011						2010
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,246		$	4,304		$	2,166		$	3,824
Interest cost		2,823			4,286			2,470			3,914
Return on plan assets		(2,857	)		(5,536	)		(2,668	)		(4,784	)
Amortization of prior service cost		—			113			—			114
Amortization of transition obligation		37			—			36			—
Recognized net actuarial loss		243			1,687			356			1,410
Net pension expense	$	2,492		$	4,854		$	2,360		$	4,478

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2011

Derivative Instruments and Hedging Activities [Abstract]

Derivative Instruments and Hedging Activities

Note 11 — Derivative Instruments and Hedging Activities

We periodically enter into derivative instruments to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We have documented policies and procedures to monitor and control the use of derivative instruments. We do not engage in derivative transactions for speculative or trading purposes, nor were we a party to leveraged derivatives. During the period, we maintained certain foreign exchange forward contracts that did not qualify under the Financial Accounting Standards Board (“FASB”) standards for hedge accounting treatment and therefore, changes in fair values were recognized as either income or loss in our consolidated income statement.

For foreign currency forward contracts, hedge effectiveness is evaluated at inception based on the matching of critical terms between derivative contracts and the hedged item. For interest rate swaps, we evaluate all material terms between the swap and the underlying debt obligation, known in FASB standards as the “long-haul method.” Any change in fair value resulting from ineffectiveness is recognized immediately in earnings.

Cash Flow Hedges

Our North Sea and Brazil operations have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we typically maintain short-term forward contracts settling monthly in their respective local currencies. The forward contract settlements in the remainder of 2011 represent approximately 52 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $113 million at June 30, 2011. Total unrealized gains related to these forward contracts were $4 million as of June 30, 2011 and were recorded as part of “Accumulated other comprehensive loss” (“AOCL”).

Our two joint ventures had maintained interest rate swaps which were classified as cash flow hedges. The purpose of these hedges was to satisfy bank covenants of the then outstanding credit facilities and to limit exposure to changes in interest rates. In February 2011, the outstanding balances of the joint venture credit facilities and the related interest rate swaps were settled and terminated. As a result of these transactions we recognized a gain of $1 million during the six months ended June 30, 2011.

The balance of the net unrealized gain/(loss) related to our cash flow hedges included in AOCL and related activity is as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net unrealized gain at beginning of period	$	1,766		$	(1,508	)	$	1,970		$	417
Activity during period:
Settlement of foreign currency forward contracts during the period		(801	)		617			(1,382	)		(356	)
Settlement of interest rate swaps during the period		—			—			(366	)		—
Net unrealized gain/(loss) on outstanding foreign currency forward contracts		3,152			(1,626	)		3,895			(2,578	)
Net unrealized gain/(loss) at end of period	$	4,117		$	(2,517	)	$	4,117		$	(2,517	)

Fair Value Hedges

We have entered into a firm commitment for the construction of the Noble Globetrotter I drillship. The drillship is being constructed in two phases, with the second phase being installation and commissioning of the topside equipment. The contract for this second phase of construction is denominated in Euros, and in order to mitigate the risk of fluctuations in foreign currency exchange rates, we entered into forward contracts to purchase Euros. As of June 30, 2011, the aggregate notional amount of the remaining outstanding forward contract was 10 million Euros. This forward contract settles in connection with a required payment under the construction contract. We are accounting for this forward contract as a fair value hedge. The fair market value of this derivative instrument is included in “Other current assets/liabilities” in the Consolidated Balance Sheets. Gains and losses from this fair value hedge would be recognized in earnings currently, along with the change in fair value of the hedged item attributable to the risk being hedged, if any portion was found to be ineffective. The fair market value of this outstanding forward contract totaled approximately $51,000 at June 30, 2011 and $3 million at December 31, 2010. No gain or loss was recognized in the income statement for the three and six months ended June 30, 2011 or 2010, respectively.

Foreign Exchange Forward Contracts

One of our joint ventures maintained foreign exchange forward contracts to help mitigate the risk of currency fluctuation of the Singapore Dollar for the construction of the Noble Bully II drillship. These contracts were not designated for hedge accounting treatment under FASB standards, and therefore, changes in fair values were recognized as either income or loss in our Consolidated Income Statement. These contracts are referred to as non-designated derivatives in the tables to follow, and all were settled during the first quarter of 2011. For the six months ended June 30, 2011, we recognized a loss of $0.5 million related to these foreign exchange forward contracts.

Financial Statement Presentation

The following tables, together with Note 12, summarize the financial statement presentation and fair value of our derivative positions as of June 30, 2011 and December 31, 2010:

		Estimated fair value
	Balance sheet	June 30,		December 31,
	classification	2011		2010
Asset derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current assets	$	4,260	$	2,015
Fair value hedges
Short-term foreign currency forward contracts	Other current liabilities		51		—
Non-designated derivatives
Short-term foreign currency forward contracts	Other current assets		—		2,603
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current liabilities	$	143	$	412
Short-term interest rate swaps	Other current liabilities		—		15,697
Long-term interest rate swaps	Other liabilities		—		10,893
Fair value hedges
Short-term foreign currency forward contracts	Other current liabilities		—		3,306

To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the three months ended June 30, 2011 and 2010:

						Gain/(loss) reclassified
	Gain/(loss) recognized					from AOCL to “other					Gain/(loss) recognized
	through AOCL					income”					through “other income”
	2011		2010			2011		2010			2011		2010
Cash flow hedges
Foreign currency forward contracts	$	3,152	$	(1,626	)	$	801	$	(617	)	$	—	$	—

During the six months ended June 30, 2011, in connection with the settlement of our interest rate swaps, $1 million was reclassified from AOCL to gain on contract extinguishments.

The following summarizes the recognized gains and losses of cash flow hedges and non-designated derivatives through AOCL or through “other income” for the six months ended June 30, 2011 and 2010:

						Gain/(loss) reclassified
	Gain/(loss) recognized					from AOCL to “other				Gain/(loss) recognized
	through AOCL					income”				through “other income”
	2011		2010			2011		2010		2011			2010
Cash flow hedges
Foreign currency forward contracts	$	3,895	$	(2,578	)	$	1,382	$	356	$	—		$	—
Non-designated derivatives
Foreign currency forward contracts		—		—			—		—		(546	)		—

For cash flow presentation purposes, cash outflows of $29 million were recognized in the financing activities section related to the settlement of interest rate swaps. All other amounts were recognized as changes in operating activities.

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Fair Value of Financial Instruments (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Assets
Marketable securities		$ 6,854
Foreign currency forward contracts		4,618
Firm commitment		3,306
Liabilities
Firm commitment		0
Interest Rate Swaps [Member] | Carrying Amount [Member]
Liabilities
Foreign currency forward contracts	0	26,590
Foreign currency forward contracts [Member] | Carrying Amount [Member]
Liabilities
Foreign currency forward contracts	143	3,718
Carrying Amount [Member]
Assets
Marketable securities	7,178	6,854
Foreign currency forward contracts	4,311	4,618
Firm commitment	0	3,306
Liabilities
Firm commitment	51	0
Level 1 [Member]
Assets
Marketable securities	7,178
Foreign currency forward contracts	0
Firm commitment	0
Interest Rate Swaps [Member] | Level 1 [Member]
Liabilities
Foreign currency forward contracts	0
Foreign currency forward contracts [Member] | Level 1 [Member]
Liabilities
Foreign currency forward contracts	0
Level 1 [Member]
Liabilities
Firm commitment	0
Level 2 [Member]
Assets
Marketable securities	0
Foreign currency forward contracts	4,311
Firm commitment	0
Interest Rate Swaps [Member] | Level 2 [Member]
Liabilities
Foreign currency forward contracts	0
Foreign currency forward contracts [Member] | Level 2 [Member]
Liabilities
Foreign currency forward contracts	143
Level 2 [Member]
Liabilities
Firm commitment	51
Level 3 [Member]
Assets
Marketable securities	0
Foreign currency forward contracts	0
Firm commitment	0
Interest Rate Swaps [Member] | Level 3 [Member]
Liabilities
Foreign currency forward contracts	0
Foreign currency forward contracts [Member] | Level 3 [Member]
Liabilities
Foreign currency forward contracts	0
Level 3 [Member]
Liabilities
Firm commitment	0
Interest Rate Swaps [Member]
Liabilities
Foreign currency forward contracts		26,590
Foreign currency forward contracts [Member]
Liabilities
Foreign currency forward contracts		$ 3,718

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Guarantees of Registered Securities (Details 1) (USD $) In Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 31, 2011	Jun. 30, 2011	Mar. 31, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Operating revenues
Contract drilling services		$ 589,550		$ 687,510	$ 1,132,155	$ 1,496,156
Reimbursables		24,122		13,753	46,413	37,986
Labor contract drilling services		14,012		8,056	27,559	15,817
Other		313		603	758	814
Total Operating revenues		627,997		709,922	1,206,885	1,550,773
Operating costs and expenses
Contract drilling services		336,728		275,595	643,091	530,026
Reimbursables		18,723		10,365	35,826	30,108
Labor contract drilling services		8,750		5,380	17,273	11,268
Depreciation and amortization		163,119		126,227	321,241	242,084
Selling, general and administrative		21,632		23,808	45,347	45,779
Gain on contract extinguishments, net	(32,600)		(52,500)		(21,202)
Total Operating costs and expenses		548,952		441,375	1,041,576	859,265
Operating income		79,045		268,547	165,309	691,508
Other income (expense)
Interest expense, net of amount capitalized		(14,829)		(510)	(33,870)	(975)
Interest income and other, net		(534)		1,006	2,058	4,632
Income before income taxes		63,682		269,043	133,497	695,165
Income tax provision		(9,508)		(51,118)	(24,867)	(106,514)
Net income		54,174		217,925	108,630	588,651
Net income attributable to noncontrolling interests		(91)			(52)
Net income attributable to Noble Corporation		54,083		217,925	108,578	588,651
Noble-Cayman [Member]
Operating revenues
Contract drilling services		0		0	0	0
Reimbursables		0		0	0	0
Labor contract drilling services		0		0	0	0
Other		0		0	0	0
Total Operating revenues		0		0	0	0
Operating costs and expenses
Contract drilling services		1,598		2	3,059	7
Reimbursables		0		0	0	0
Labor contract drilling services		0		0	0	0
Depreciation and amortization		0		0	0	0
Selling, general and administrative		1,792		0	3,303	0
Gain on contract extinguishments, net		0			0
Total Operating costs and expenses		3,390		2	6,362	7
Operating income		(3,390)		(2)	(6,362)	(7)
Other income (expense)
Equity earnings in affiliates, net of tax		88,486		231,400	175,766	608,738
Interest expense, net of amount capitalized		(17,903)		(174)	(36,264)	(587)
Interest income and other, net		1,625		1,733	3,338	3,446
Income before income taxes		68,818		232,957	136,478	611,590
Income tax provision		0		0	0	0
Net income		68,818		232,957	136,478	611,590
Net income attributable to noncontrolling interests		0			0
Net income attributable to Noble Corporation		68,818			136,478
Noble-Cayman [Member]
Operating revenues
Contract drilling services		589,550		687,510	1,132,155	1,496,156
Reimbursables		24,122		13,753	46,413	37,986
Labor contract drilling services		14,012		8,056	27,559	15,817
Other		313		603	758	814
Total Operating revenues		627,997		709,922	1,206,885	1,550,773
Operating costs and expenses
Contract drilling services		330,204		271,084	631,036	523,865
Reimbursables		18,723		10,365	35,826	30,108
Labor contract drilling services		8,750		5,380	17,273	11,268
Depreciation and amortization		162,636		126,052	320,291	241,716
Selling, general and administrative		14,642		15,534	31,173	31,422
Gain on contract extinguishments, net		0			(21,202)
Total Operating costs and expenses		534,955		428,415	1,014,397	838,379
Operating income		93,042		281,507	192,488	712,394
Other income (expense)
Equity earnings in affiliates, net of tax		0		0	0	0
Interest expense, net of amount capitalized		(14,829)		(510)	(33,870)	(975)
Interest income and other, net		(147)		1,503	2,094	5,110
Income before income taxes		78,066		282,500	160,712	716,529
Income tax provision		(9,157)		(49,543)	(24,182)	(104,939)
Net income		68,909		232,957	136,530	611,590
Net income attributable to noncontrolling interests		(91)			(52)
Net income attributable to Noble Corporation		68,818		232,957	136,478	611,590
NHC and NDH Combined [Member]
Operating revenues
Contract drilling services		35,090		20,280	61,054	48,589
Reimbursables		1,778		340	2,690	590
Labor contract drilling services		0		0	0	0
Other		0		112	0	112
Total Operating revenues		36,868		20,732	63,744	49,291
Operating costs and expenses
Contract drilling services		12,085		10,726	21,069	18,607
Reimbursables		2,007		988	2,911	1,099
Labor contract drilling services		0		0	0	0
Depreciation and amortization		13,068		9,044	23,192	17,827
Selling, general and administrative		1,209		49,773	2,718	50,636
Gain on contract extinguishments, net		0			0
Total Operating costs and expenses		28,369		70,531	49,890	88,169
Operating income		8,499		(49,799)	13,854	(38,878)
Other income (expense)
Equity earnings in affiliates, net of tax		64,434		166,662	102,373	341,687
Interest expense, net of amount capitalized		(15,323)		(20,453)	(29,915)	(35,334)
Interest income and other, net		6,932		20,941	12,470	22,757
Income before income taxes		64,542		117,351	98,782	290,232
Income tax provision		6,658		(10,351)	5,800	(9,092)
Net income		71,200		107,000	104,582	281,140
Net income attributable to noncontrolling interests		0			0
Net income attributable to Noble Corporation		71,200			104,582
NDC [Member]
Operating revenues
Contract drilling services		4,705		5,016	9,695	7,484
Reimbursables		0		61	12	61
Labor contract drilling services		0		0	0	0
Other		0		0	0	0
Total Operating revenues		4,705		5,077	9,707	7,545
Operating costs and expenses
Contract drilling services		1,975		1,188	3,798	3,136
Reimbursables		0		61	0	61
Labor contract drilling services		0		0	0	0
Depreciation and amortization		935		874	1,844	1,612
Selling, general and administrative		0		88	0	221
Gain on contract extinguishments, net		0			0
Total Operating costs and expenses		2,910		2,211	5,642	5,030
Operating income		1,795		2,866	4,065	2,515
Other income (expense)
Equity earnings in affiliates, net of tax		19,176		9,556	34,977	9,118
Interest expense, net of amount capitalized		(1,719)		(1,839)	(3,539)	(3,657)
Interest income and other, net		37		0	48	0
Income before income taxes		19,289		10,583	35,551	7,976
Income tax provision		0		0	0	0
Net income		19,289		10,583	35,551	7,976
Net income attributable to noncontrolling interests		0			0
Net income attributable to Noble Corporation		19,289			35,551
NHIL [Member]
Operating revenues
Contract drilling services		0		0	0	0
Reimbursables		0		0	0	0
Labor contract drilling services		0		0	0	0
Other		0		0	0	0
Total Operating revenues		0		0	0	0
Operating costs and expenses
Contract drilling services		8,236		0	16,806	0
Reimbursables		0		0	0	0
Labor contract drilling services		0		0	0	0
Depreciation and amortization		0		0	0	0
Selling, general and administrative		7,626		76	15,503	119
Gain on contract extinguishments, net		0			0
Total Operating costs and expenses		15,862		76	32,309	119
Operating income		(15,862)		(76)	(32,309)	(119)
Other income (expense)
Equity earnings in affiliates, net of tax		122,310		242,210	172,371	632,091
Interest expense, net of amount capitalized		(23,530)		(9,736)	(46,026)	(19,365)
Interest income and other, net		11,435		0	22,744	0
Income before income taxes		94,353		232,398	116,780	612,607
Income tax provision		0		0	0	0
Net income		94,353		232,398	116,780	612,607
Net income attributable to noncontrolling interests		0			0
Net income attributable to Noble Corporation		94,353			116,780
NDS6 [Member]
Operating revenues
Contract drilling services		0		0	0	0
Reimbursables		0		0	0	0
Labor contract drilling services		0		0	0	0
Other		0		0	0	0
Total Operating revenues		0		0	0	0
Operating costs and expenses
Contract drilling services		0		0	0	0
Reimbursables		0		0	0	0
Labor contract drilling services		0		0	0	0
Depreciation and amortization		0		0	0	0
Selling, general and administrative		1		0	1	0
Gain on contract extinguishments, net		0			0
Total Operating costs and expenses		1		0	1	0
Operating income		(1)		0	(1)	0
Other income (expense)
Equity earnings in affiliates, net of tax		71,736		123,117	107,556	300,508
Interest expense, net of amount capitalized		(7,271)		0	(14,942)	0
Interest income and other, net		2,252		4,214	4,044	6,152
Income before income taxes		66,716		127,331	96,657	306,660
Income tax provision		0		0	0	0
Net income		66,716		127,331	96,657	306,660
Net income attributable to noncontrolling interests		0			0
Net income attributable to Noble Corporation		66,716			96,657
Non-guarantor Subsidiaries of Noble [Member]
Operating revenues
Contract drilling services		566,145		670,214	1,089,739	1,461,383
Reimbursables		22,344		13,352	43,711	37,335
Labor contract drilling services		14,012		8,056	27,559	15,817
Other		313		491	758	702
Total Operating revenues		602,814		692,113	1,161,767	1,515,237
Operating costs and expenses
Contract drilling services		322,700		267,168	614,637	523,415
Reimbursables		16,716		9,316	32,915	28,948
Labor contract drilling services		8,750		5,380	17,273	11,268
Depreciation and amortization		148,633		116,134	295,255	222,277
Selling, general and administrative		4,014		(34,403)	9,648	(19,554)
Gain on contract extinguishments, net		0			(21,202)
Total Operating costs and expenses		500,813		363,595	948,526	766,354
Operating income		102,001		328,518	213,241	748,883
Other income (expense)
Equity earnings in affiliates, net of tax		0		0	0	0
Interest expense, net of amount capitalized		(886)		(2,739)	(3,017)	(6,184)
Interest income and other, net		29,375		9,046	59,283	36,907
Income before income taxes		130,490		334,825	269,507	779,606
Income tax provision		(15,815)		(39,192)	(29,982)	(95,847)
Net income		114,675		295,633	239,525	683,759
Net income attributable to noncontrolling interests		(91)			(52)
Net income attributable to Noble Corporation		114,584			239,473
Consolidating Adjustments [Member]
Operating revenues
Contract drilling services		(16,390)		(8,000)	(28,333)	(21,300)
Reimbursables		0		0	0	0
Labor contract drilling services		0		0	0	0
Other		0		0	0	0
Total Operating revenues		(16,390)		(8,000)	(28,333)	(21,300)
Operating costs and expenses
Contract drilling services		(16,390)		(8,000)	(28,333)	(21,300)
Reimbursables		0		0	0	0
Labor contract drilling services		0		0	0	0
Depreciation and amortization		0		0	0	0
Selling, general and administrative		0		0	0	0
Gain on contract extinguishments, net		0			0
Total Operating costs and expenses		(16,390)		(8,000)	(28,333)	(21,300)
Operating income		0		0	0	0
Other income (expense)
Equity earnings in affiliates, net of tax		(366,142)		(772,945)	(593,043)	(1,892,142)
Interest expense, net of amount capitalized		51,803		34,431	99,833	64,152
Interest income and other, net		(51,803)		(34,431)	(99,833)	(64,152)
Income before income taxes		(366,142)		(772,945)	(593,043)	(1,892,142)
Income tax provision		0		0	0	0
Net income		(366,142)		(772,945)	(593,043)	(1,892,142)
Net income attributable to noncontrolling interests		0			0
Net income attributable to Noble Corporation		$ (366,142)			$ (593,043)

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Share Data

6 Months Ended

Jun. 30, 2011

Share Data [Abstract]

Share Data

Note 4 — Share Data

Share capital

The following is a detail of Noble-Swiss’ share capital as of June 30, 2011 and December 31, 2010:

	June 30,		December 31,
	2011		2010
Shares outstanding and trading		252,290		252,275
Treasury shares		10,378		10,140
Total shares outstanding		262,668		262,415
Treasury shares held for share-based compensation plans		13,598		13,851
Total shares authorized for issuance		276,266		276,266
Par value per share (in Swiss Francs)		3.67		3.93

Shares authorized for issuance by Noble-Swiss at June 30, 2011 totaled 276.3 million shares and include 10.4 million shares held in treasury and 13.6 million treasury shares held by a wholly-owned subsidiary. Repurchased treasury shares are recorded at cost, and include shares repurchased pursuant to our approved share repurchase program discussed below and shares surrendered by employees for taxes payable upon the vesting of restricted stock.

Our Board of Directors may further increase Noble-Swiss’ share capital through the issuance of up to 138.1 million conditionally authorized registered shares without obtaining shareholder approval. The issuance of these conditionally authorized registered shares is subject to certain conditions regarding their use.

Treasury shares/share repurchases

Share repurchases were made pursuant to the share repurchase program that our Board of Directors authorized and adopted. Subsequent to our 2009 Swiss migration, all shares repurchased under our share repurchase program are held in treasury. At June 30, 2011, 6.8 million shares remained available for repurchase under this authorization. Treasury shares held at June 30, 2011 include 9.9 million shares repurchased under our share repurchase program and 0.5 million shares surrendered by employees for taxes payable upon the vesting of restricted stock or exercise of stock options.

The number of shares that we may hold in treasury is limited under Swiss law. In April 2011, our shareholders approved the cancellation of 10.1 million shares held in treasury. During July 2011, after making the required filings with the Swiss Commercial Register, these 10.1 million treasury shares were cancelled and the total number of shares authorized for issuance was reduced to 266.2 million shares.

Earnings per share

The following table sets forth the computation of basic and diluted earnings per share for Noble-Swiss:

	Three months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	54,083		$	217,925		$	108,578		$	588,651
Earnings allocated to unvested share-based payment awards		(572	)		(2,143	)		(1,083	)		(5,652	)
Net income to common shareholders — basic	$	53,511		$	215,782		$	107,495		$	582,999
Diluted
Net income attributable to Noble Corporation	$	54,083		$	217,925		$	108,578		$	588,651
Earnings allocated to unvested share-based payment awards		(572	)		(2,137	)		(1,082	)		(5,632	)
Net income to common shareholders — diluted	$	53,511		$	215,788		$	107,496		$	583,019
Weighted average shares outstanding — basic		251,368			254,224			251,198			254,671
Incremental shares issuable from assumed exercise of stock options		700			800			737			949
Weighted average shares outstanding — diluted		252,068			255,024			251,935			255,620
Weighted average unvested share-based payment awards		2,688			2,480			2,554			2,431
Earnings per share
Basic	$	0.21		$	0.85		$	0.43		$	2.29
Diluted	$	0.21		$	0.85		$	0.43		$	2.28

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. At June 30, 2011, stock options totaling approximately 0.7 million were excluded from the diluted earnings per share as they were not dilutive as compared to 0.8 million at June 30, 2010.

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Segment and Related Information

6 Months Ended

Jun. 30, 2011

Segment and Related Information [Abstract]

Segment and Related Information

Note 14 — Segment and Related Information

We report our contract drilling operations as a single reportable segment: Contract Drilling Services. The consolidation of our contract drilling operations into one reportable segment is attributable to how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil and gas industry. The mobile offshore drilling units comprising our offshore rig fleet operate in a single, global market for contract drilling services and are often redeployed globally in response to changing demands of our customers, which consist largely of major non-U.S. and government owned/controlled oil and gas companies throughout the world. Our contract drilling services segment currently conducts contract drilling operations principally in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, West Africa and the Asian Pacific.

We evaluate the performance of our operating segment primarily based on operating revenues and net income. Summarized financial information of our reportable segments for the three and six months ended June 30, 2011 and 2010 is shown in the following table. The “Other” column includes results of labor contract drilling services and corporate related items.

	Three Months Ended June 30,
	2011									2010
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	612,845		$	15,152		$	627,997		$	701,102		$	8,820		$	709,922
Depreciation and amortization		159,843			3,276			163,119			123,379			2,848			126,227
Segment operating income/ (loss)		77,309			1,736			79,045			268,941			(394	)		268,547
Interest expense, net of amount capitalized		(683	)		(14,146	)		(14,829	)		(235	)		(275	)		(510	)
Income tax (provision)/ benefit		(11,418	)		1,910			(9,508	)		(51,544	)		426			(51,118	)
Segment profit/ (loss)		64,939			(10,856	)		54,083			219,267			(1,342	)		217,925
Total assets (at end of period)		12,046,536			391,702			12,438,238			7,761,724			1,141,778			8,903,502
Capital expenditures		810,723			3,736			814,459			181,505			11,132			192,637

	Six Months Ended June 30,
	2011									2010
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,177,499		$	29,386		$	1,206,885		$	1,533,262		$	17,511		$	1,550,773
Depreciation and amortization		314,731			6,510			321,241			236,553			5,531			242,084
Segment operating income/ (loss)		162,025			3,284			165,309			692,885			(1,377	)		691,508
Interest expense, net of amount capitalized		(1,768	)		(32,102	)		(33,870	)		(293	)		(682	)		(975	)
Income tax (provision)/ benefit		(30,281	)		5,414			(24,867	)		(107,136	)		622			(106,514	)
Segment profit/ (loss)		131,819			(23,241	)		108,578			591,304			(2,653	)		588,651
Total assets (at end of period)		12,046,536			391,702			12,438,238			7,761,724			1,141,778			8,903,502
Capital expenditures		1,423,711			5,072			1,428,783			517,088			14,313			531,401

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Guarantees of Registered Securities (Details Textuals) (USD $) In Millions, unless otherwise specified	Jun. 30, 2011	Feb. 28, 2011
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	10.00%
Debt instrument, face amount	$ 70
Number of tranches	3
5.875% Senior Notes due 2013 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	5.875%
Unsecured long-term senior notes outstanding	300
7.375% Senior Notes due 2014 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	7.375%
Debt instrument, face amount		1,100
Unsecured long-term senior notes outstanding	250
7.50% Senior Notes due 2019 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	7.50%
Unsecured long-term senior notes outstanding	202
Aggregate Of Recently Issued Senior Notes 1 [Member]
Guarantees of Registered Securities (Textuals)
Debt instrument, face amount	1,250
3.45% Senior Notes due 2015 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	3.45%
4.90% Senior Notes due 2020 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	4.90%
6.20% Senior Notes due 2040 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	6.20%
Aggregate Of Recently Issued Senior Notes 2 [Member]
Guarantees of Registered Securities (Textuals)
Debt instrument, face amount	1,100
3.05% senior notes due 2016 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	3.05%	3.05%
Debt instrument, face amount		300
4.625% senior notes due 2021 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	4.625%	4.625%
Debt instrument, face amount		400
6.05% senior notes due 2041 [Member]
Guarantees of Registered Securities (Textuals)
Interest rate on the notes issued to the joint venture partner	6.05%	6.05%
Debt instrument, face amount		$ 400

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Share Data (Details) In Thousands, except Per Share data	Jun. 30, 2011 CHF	Dec. 31, 2010 CHF
Noble-Swiss' share capital
Shares outstanding and trading	252,290	252,275
Treasury shares	10,378	10,140
Total shares, outstanding	262,668	262,415
Treasury shares held for share-based compensation plans	13,598	13,851
Total shares authorized for issuance	276,266	276,266
Par value per share (in Swiss Francs)	3.67	3.93

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Debt (Tables)

6 Months Ended

Jun. 30, 2011

Debt (Tables) [Abstract]

Long-term debt

Total debt consisted of the following at June 30, 2011 and December 31, 2010:

	June 30,		December 31,
	2011		2010
Wholly-owned debt instruments:
5.875% Senior Notes due 2013	$	299,929	$	299,911
7.375% Senior Notes due 2014		249,574		249,506
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,931		—
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,726		498,672
4.625% Senior Notes due 2021		399,458		—
6.20% Senior Notes due 2040		399,889		399,889
6.05% Senior Notes due 2041		397,568		—
Credit facilities		425,000		40,000
Consolidated joint venture debt instruments:
Joint venture credit facilities	$	—	$	691,052
Joint venture partner notes		—		35,972
Total Debt		3,521,770		2,766,697
Less: Current Maturities		—		(80,213	)
Long-term Debt	$	3,521,770	$	2,686,484

Estimated fair value of our long-term debt

The following table presents the estimated fair value of our long-term debt as of June 30, 2011 and December 31, 2010.

	June 30, 2011				December 31, 2010
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Wholly-owned debt instruments
5.875% Senior Notes due 2013	$	299,929	$	324,745	$	299,911	$	324,281
7.375% Senior Notes due 2014		249,574		285,298		249,506		282,078
3.45% Senior Notes due 2015		350,000		362,312		350,000		357,292
3.05% Senior Notes due 2016		299,931		302,553		—		—
7.50% Senior Notes due 2019		201,695		245,187		201,695		242,464
4.90% Senior Notes due 2020		498,726		517,933		498,672		516,192
4.625% Senior Notes due 2021		399,458		405,760		—		—
6.20% Senior Notes due 2040		399,889		421,767		399,889		423,345
6.05% Senior Notes due 2041		397,568		411,041		—		—
Credit facilities		425,000		425,000		40,000		40,000
Consolidated joint venture debt instruments
Joint venture credit facilities		—		—		691,052		691,052
Joint venture partner notes		—		—		35,972		35,972

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Consolidated Statement of Cash Flows (Unaudited) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities
Net income	$ 108,630	$ 588,651
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	321,241	242,084
Gain on contract extinguishments, net	(21,202)
Deferred income taxes	(1,753)	(11,842)
Share-based compensation expense	16,388	16,285
Net change in other assets and liabilities	(177,968)	179,246
Net cash from operating activities	245,336	1,014,424
Cash flows from investing activities
Capital expenditures	(1,428,783)	(531,401)
Change in accrued capital expenditures	(51,500)	(17,848)
Refund from contract extinguishments	18,642
Net cash from investing activities	(1,461,641)	(549,249)
Cash flows from financing activities
Borrowings on bank credit facilities	625,000
Payments of bank credit facilities	(240,000)
Proceeds from issuance of senior notes, net of debt issuance costs	1,087,833
Contributions from joint venture partners	436,000
Payments of joint venture debt	(693,494)
Settlement of interest rate swaps	(29,032)
Par value reduction payments	(72,141)	(23,306)
Financing costs on credit facilities	(2,835)
Proceeds from employee stock transactions	7,357	3,711
Repurchases of employee shares surrendered for taxes	(9,377)	(9,309)
Repurchases of shares		(88,652)
Net cash from financing activities	1,109,311	(117,556)
Net change in cash and cash equivalents	(106,994)	347,619
Cash and cash equivalents, beginning of period	337,871	735,493
Cash and cash equivalents, end of period	230,877	1,083,112
Noble-Cayman [Member]
Cash flows from operating activities
Net income	136,530	611,590
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	320,291	241,716
Gain on contract extinguishments, net	(21,202)
Deferred income taxes	(1,753)	(11,843)
Capital contribution by parent - share-based compensation	10,228	10,301
Net change in other assets and liabilities	(185,049)	174,670
Net cash from operating activities	259,045	1,026,434
Cash flows from investing activities
Capital expenditures	(1,423,850)	(531,033)
Change in accrued capital expenditures	(51,500)	(17,848)
Refund from contract extinguishments	18,642
Net cash from investing activities	(1,456,708)	(548,881)
Cash flows from financing activities
Borrowings on bank credit facilities	625,000
Payments of bank credit facilities	(240,000)
Proceeds from issuance of senior notes, net of debt issuance costs	1,087,833
Contributions from joint venture partners	436,000
Payments of joint venture debt	(693,494)
Settlement of interest rate swaps	(29,032)
Financing costs on credit facilities	(2,835)
Distributions to parent company, net	(94,291)	(128,315)
Net cash from financing activities	1,089,181	(128,315)
Net change in cash and cash equivalents	(108,482)	349,238
Cash and cash equivalents, beginning of period	333,399	726,225
Cash and cash equivalents, end of period	$ 224,917	$ 1,075,463

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Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Accounting Pronouncements [Abstract]

Accounting Pronouncements

Note 15 — Accounting Pronouncements

In October 2009, the FASB issued guidance that impacts the recognition of revenue in multiple-deliverable arrangements. The guidance establishes a selling-price hierarchy for determining the selling price of a deliverable. The goal of this guidance is to clarify disclosures related to multiple-deliverable arrangements and to align the accounting with the underlying economics of the multiple-deliverable transaction. This guidance is effective for fiscal years beginning on or after June 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In January 2010, the FASB issued guidance relating to the disclosure of the fair value of assets. This guidance calls for additional information to be given regarding the transfer of items in and out of respective categories. In addition, it requires additional disclosures regarding the purchase, sales, issuances, and settlements of assets that are classified as level three within the FASB fair value hierarchy. This guidance is generally effective for annual and interim periods ending after December 15, 2009. However, the disclosures about purchases, sales, issuances and settlements in the roll-forward activity in Level 3 fair value measurements were deferred until fiscal years beginning after December 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In December 2010, the FASB issued guidance that requires a public entity to disclose pro forma information for business combinations that occurred in the current reporting period. The disclosures include pro forma revenue and earnings of the combined entity for the current reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. If comparative financial statements are presented, the pro forma revenue and earnings of the combined entity for the comparable prior reporting period should be reported as though the acquisition date for all business combinations that occurred during the current year had been as of the beginning of the comparable prior annual reporting period. The guidance is effective for annual reporting periods beginning on or after December 15, 2010. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In May 2011, the FASB issued guidance that modified the wording used to describe many of the requirements in accounting literature for measuring fair value and for disclosing information about fair value measurements. The goal of the amendment is to create consistency between the United States and international accounting standards. The guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011. While we are still evaluating this guidance, the adoption of this guidance should not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In June 2011, the FASB issued guidance that allows an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The amendment no longer allows an entity to show changes to other comprehensive income solely through the statement of equity. For publicly traded entities, the guidance is effective for annual and interim reporting periods beginning on or after December 15, 2011. While we are still evaluating this guidance, the adoption of this guidance will not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

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Gain on contract extinguishments, net (Details) (USD $)	1 Months Ended		3 Months Ended	6 Months Ended
	Feb. 28, 2011	Jan. 31, 2011	Mar. 31, 2011	Jun. 30, 2011
Gain on contract extinguishments, net (Textuals) [Abstract]
Non-cash charge related to outstanding shipyard contracts and deposits		$ 32,600,000	$ 52,500,000	$ 21,202,000
Repayment of Bully credit facilities	693,000,000		693,000,000
Gain recognized on settlement and termination of interest rate swaps			$ 1,300,000	$ 1,300,000

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Guarantees of Registered Securities

6 Months Ended

Jun. 30, 2011

Guarantees of Registered Securities [Abstract]

Guarantees of Registered Securities

Note 17 — Guarantees of Registered Securities

Noble-Cayman and Noble Holding (U.S.) Corporation (“NHC”), a wholly-owned subsidiary of Noble-Cayman, are full and unconditional guarantors of NDC’s 7.50% Senior Notes due 2019 which had an outstanding principal balance at June 30, 2011 of $202 million. NDC is a direct, wholly-owned subsidiary of NHC. Noble Drilling Holding LLC (“NDH”), a wholly-owned subsidiary of Noble-Cayman, is also a co-obligor on (and effectively a guarantor of) the 7.50% Senior Notes. Noble Drilling Services 6 LLC (“NDS6”), also a wholly-owned subsidiary of Noble-Cayman, is a co-issuer of the 7.50% Senior Notes.

NDC and NHIL are full and unconditional guarantors of Noble-Cayman’s 5.875% Senior Notes due 2013, which had an outstanding principal balance of $300 million at June 30, 2011.

Noble-Cayman is a full and unconditional guarantor of NHIL’s 7.375% Senior Notes due 2014, which had an outstanding principal balance of $250 million at June 30, 2011.

Noble-Cayman is a full and unconditional guarantor of NHIL’s 3.45% Senior Notes due 2015, 4.90% Senior Notes due 2020 and 6.20% Senior Notes due 2040. The aggregate principal balance of these three tranches of senior notes at June 30, 2011 was $1.25 billion.

Noble-Cayman is a full and unconditional guarantor of NHIL’s 3.05% Senior Notes due 2016, 4.625% Senior Notes due 2021 and 6.05% Senior Notes due 2041. The aggregate principal balance of these three tranches of senior notes at June 30, 2011 was $1.1 billion.

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
June 30, 2011
(in thousands)

The following consolidating financial statements of Noble-Cayman, NHC and NDH combined, NDC, NHIL, NDS6 and all other subsidiaries present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

													Other
													Non-guarantor
	Noble-		NHC and NDH										Subsidiaries			Consolidating
	Cayman		Combined			NDC			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	41	$	291		$	—		$	—	$	—	$	224,585		$	—		$	224,917
Accounts receivable		—		12,143			3,115			—		—		494,728			—			509,986
Prepaid expenses		—		357			11			—		—		64,309			—			64,677
Short-term notes receivable from affiliates		—		119,476			—			—		—		100,500			(219,976	)		—
Accounts receivable from affiliates		1,115,706		—			799,688			1,276,324		—		4,371,467			(7,563,185	)		—
Other current assets		10,396		99,322			240			18,849		13,459		308,015			(281,431	)		168,850
Total current assets		1,126,143		231,589			803,054			1,295,173		13,459		5,563,604			(8,064,592	)		968,430
Property and equipment
Drilling equipment, facilities and other		—		2,144,664			71,297			—		—		11,676,266			—			13,892,227
Accumulated depreciation		—		(195,924	)		(51,632	)		—		—		(2,611,671	)		—			(2,859,227	)
Total property and equipment, net		—		1,948,740			19,665			—		—		9,064,595			—			11,033,000
Notes receivable from affiliates		3,487,062		675,000			—			1,239,600		572,107		2,781,400			(8,755,169	)		—
Investments in affiliates		7,011,232		8,853,976			3,510,031			6,215,619		1,993,985		—			(27,584,843	)		—
Other assets		4,090		10,302			2,081			19,691		941		361,150			—			398,255
Total assets	$	11,628,527	$	11,719,607		$	4,334,831		$	8,770,083	$	2,580,492	$	17,770,749		$	(44,404,604	)	$	12,399,685
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	50,500	$	50,000		$	—		$	—	$	—	$	119,476		$	(219,976	)	$	—
Accounts payable and accrued liabilities		1,767		21,747			9,818			52,149		4,412		523,479			—			613,372
Accounts payable to affiliates		1,864,559		3,590,781			24,770			86,840		20,058		2,257,608			(7,844,616	)		—
Total current liabilities		1,916,826		3,662,528			34,588			138,989		24,470		2,900,563			(8,064,592	)		613,372
Long-term debt		724,929		—			—			2,595,146		201,695		—						3,521,770
Notes payable to affiliates		1,770,500		1,147,500			85,000			975,000		811,000		3,966,169			(8,755,169	)		—
Other liabilities		19,929		46,253			25,796			—		—		377,566						469,544
Total liabilities		4,432,184		4,856,281			145,384			3,709,135		1,037,165		7,244,298			(16,819,761	)		4,604,686
Commitments and contingencies
Equity		7,196,343		6,863,326			4,189,447			5,060,948		1,543,327		10,526,451			(27,584,843	)		7,794,999
Total liabilities and equity	$	11,628,527	$	11,719,607		$	4,334,831		$	8,770,083	$	2,580,492	$	17,770,749		$	(44,404,604	)	$	12,399,685

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2010
(in thousands)

													Non-guarantor
	Noble-		NHC and NDH										Subsidiaries			Consolidating
	Cayman		Combined			NDC			NHIL		NDS6		of Noble			Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	42	$	146		$	—		$	—	$	—	$	333,211		$	—		$	333,399
Accounts receivable		—		6,984			1,795			—		—		378,635			—			387,414
Prepaid expenses		—		310			—			—		—		32,922			—			33,232
Short-term notes receivable from affiliates		—		119,476			—			—		—		75,000			(194,476	)		—
Accounts receivable from affiliates		607,207		—			751,623			199,235		1,958		3,659,570			(5,219,593	)		—
Other current assets		7,057		89,736			240			19,980		9,416		276,194			(251,736	)		150,887
Total current assets		614,306		216,652			753,658			219,215		11,374		4,755,532			(5,665,805	)		904,932
Property and equipment
Drilling equipment, facilities and other		—		1,254,482			70,945			—		—		11,289,547			—			12,614,974
Accumulated depreciation		—		(153,638	)		(50,250	)		—		—		(2,391,066	)		—			(2,594,954	)
Total property and equipment, net		—		1,100,844			20,695			—		—		8,898,481			—			10,020,020
Notes receivable from affiliates		3,507,062		675,000			—			1,239,600		479,107		2,492,900			(8,393,669	)		—
Investments in affiliates		6,835,466		9,150,129			3,561,451			5,618,248		1,879,831		—			(27,045,125	)		—
Other assets		1,872		7,700			2,451			11,336		1,001		318,232			—			342,592
Total assets	$	10,958,706	$	11,150,325		$	4,338,255		$	7,088,399	$	2,371,313	$	16,465,145		$	(41,104,599	)	$	11,267,544
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	25,000	$	50,000		$	—		$	—	$	—	$	119,476		$	(194,476	)	$	—
Current maturities of long-term debt		—		—			—			—		—		80,213			—			80,213
Accounts payable and accrued liabilities		1,473		19,218			8,779			31,973		4,413		647,488			—			713,344
Accounts payable to affiliates		1,601,869		2,708,598			30,095			64,192		7,134		1,059,441			(5,471,329	)		—
Total current liabilities		1,628,342		2,777,816			38,874			96,165		11,547		1,906,618			(5,665,805	)		793,557
Long-term debt		339,911		—			—			1,498,066		201,695		646,812			—			2,686,484
Notes payable to affiliates		1,834,500		1,092,000			120,000			550,000		811,000		3,986,169			(8,393,669	)		—
Other liabilities		19,929		48,595			25,485			—		—		432,839			—			526,848
Total liabilities		3,822,682		3,918,411			184,359			2,144,231		1,024,242		6,972,438			(14,059,474	)		4,006,889
Commitments and contingencies
Total Equity		7,136,024		7,231,914			4,153,896			4,944,168		1,347,071		9,492,707			(27,045,125	)		7,260,655
Total liabilities and equity	$	10,958,706	$	11,150,325		$	4,338,255		$	7,088,399	$	2,371,313	$	16,465,145		$	(41,104,599	)	$	11,267,544

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	35,090		$	4,705		$	—		$	—		$	566,145		$	(16,390	)	$	589,550
Reimbursables		—			1,778			—			—			—			22,344			—			24,122
Labor contract drilling services		—			—			—			—			—			14,012			—			14,012
Other		—			—			—			—			—			313			—			313
Total operating revenues		—			36,868			4,705			—			—			602,814			(16,390	)		627,997
Operating costs and expenses
Contract drilling services		1,598			12,085			1,975			8,236			—			322,700			(16,390	)		330,204
Reimbursables		—			2,007			—			—			—			16,716			—			18,723
Labor contract drilling services		—			—			—			—			—			8,750			—			8,750
Depreciation and amortization		—			13,068			935			—			—			148,633			—			162,636
Selling, general and administrative		1,792			1,209			—			7,626			1			4,014			—			14,642
Gain on contract extinguishments, net		—			—			—			—			—			—			—			—
Total operating costs and expenses		3,390			28,369			2,910			15,862			1			500,813			(16,390	)		534,955
Operating income (loss)		(3,390	)		8,499			1,795			(15,862	)		(1	)		102,001			—			93,042
Other income (expense)
Equity earnings in affiliates, net of tax		88,486			64,434			19,176			122,310			71,736			—			(366,142	)		—
Interest expense, net of amounts capitalized		(17,903	)		(15,323	)		(1,719	)		(23,530	)		(7,271	)		(886	)		51,803			(14,829	)
Interest income and other, net		1,625			6,932			37			11,435			2,252			29,375			(51,803	)		(147	)
Income before income taxes		68,818			64,542			19,289			94,353			66,716			130,490			(366,142	)		78,066
Income tax provision		—			6,658												(15,815	)					(9,157	)
Net Income		68,818			71,200			19,289			94,353			66,716			114,675			(366,142	)		68,909
Net loss attributable to noncontrolling interests		—			—			—			—			—			(91	)		—			(91	)
Net income attributable to Noble Corporation	$	68,818		$	71,200		$	19,289		$	94,353		$	66,716		$	114,584		$	(366,142	)	$	68,818

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	61,054		$	9,695		$	—		$	—		$	1,089,739		$	(28,333	)	$	1,132,155
Reimbursables		—			2,690			12			—			—			43,711			—			46,413
Labor contract drilling services		—			—			—			—			—			27,559			—			27,559
Other		—			—			—			—			—			758			—			758
Total operating revenues		—			63,744			9,707			—			—			1,161,767			(28,333	)		1,206,885
Operating costs and expenses
Contract drilling services		3,059			21,069			3,798			16,806			—			614,637			(28,333	)		631,036
Reimbursables		—			2,911			—			—			—			32,915			—			35,826
Labor contract drilling services		—			—			—			—			—			17,273			—			17,273
Depreciation and amortization		—			23,192			1,844			—			—			295,255			—			320,291
Selling, general and administrative		3,303			2,718			—			15,503			1			9,648			—			31,173
Gain on contract extinguishments, net		—			—			—			—			—			(21,202	)		—			(21,202	)
Total operating costs and expenses		6,362			49,890			5,642			32,309			1			948,526			(28,333	)		1,014,397
Operating income (loss)		(6,362	)		13,854			4,065			(32,309	)		(1	)		213,241			—			192,488
Other income (expense)
Equity earnings in affiliates, net of tax		175,766			102,373			34,977			172,371			107,556			—			(593,043	)		—
Interest expense, net of amounts capitalized		(36,264	)		(29,915	)		(3,539	)		(46,026	)		(14,942	)		(3,017	)		99,833			(33,870	)
Interest income and other, net		3,338			12,470			48			22,744			4,044			59,283			(99,833	)		2,094
Income before income taxes		136,478			98,782			35,551			116,780			96,657			269,507			(593,043	)		160,712
Income tax provision		—			5,800			—			—			—			(29,982	)		—			(24,182	)
Net Income		136,478			104,582			35,551			116,780			96,657			239,525			(593,043	)		136,530
Net loss attributable to noncontrolling interests		—			—			—			—			—			(52	)		—			(52	)
Net income attributable to Noble Corporation	$	136,478		$	104,582		$	35,551		$	116,780		$	96,657		$	239,473		$	(593,043	)	$	136,478

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Three Months Ended June 30, 2010
(in thousands)

															Other
															Non-guarantor
	Noble-			NHC and NDH											Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6		of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	20,280		$	5,016		$	—		$	—	$	670,214		$	(8,000	)	$	687,510
Reimbursables		—			340			61			—			—		13,352						13,753
Labor contract drilling services		—			—			—			—			—		8,056						8,056
Other		—			112			—			—			—		491						603
Total operating revenues		—			20,732			5,077			—			—		692,113			(8,000	)		709,922
Operating costs and expenses
Contract drilling services		2			10,726			1,188			—			—		267,168			(8,000	)		271,084
Reimbursables		—			988			61			—			—		9,316						10,365
Labor contract drilling services		—			—			—			—			—		5,380						5,380
Depreciation and amortization		—			9,044			874			—			—		116,134						126,052
Selling, general and administrative		—			49,773			88			76			—		(34,403	)					15,534
Total operating costs and expenses		2			70,531			2,211			76			—		363,595			(8,000	)		428,415
Operating income (loss)		(2	)		(49,799	)		2,866			(76	)		—		328,518			—			281,507
Other income (expense)
Equity earnings in affiliates, net of tax		231,400			166,662			9,556			242,210			123,117		—			(772,945	)		—
Interest expense, net of amounts capitalized		(174	)		(20,453	)		(1,839	)		(9,736	)		—		(2,739	)		34,431			(510	)
Interest income and other, net		1,733			20,941			—			—			4,214		9,046			(34,431	)		1,503
Income before income taxes		232,957			117,351			10,583			232,398			127,331		334,825			(772,945	)		282,500
Income tax provision		—			(10,351	)		—			—			—		(39,192	)		—			(49,543	)
Net Income	$	232,957		$	107,000		$	10,583		$	232,398		$	127,331	$	295,633		$	(772,945	)	$	232,957

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF INCOME
Six Months Ended June 30, 2010
(in thousands)

															Other
															Non-guarantor
	Noble-			NHC and NDH											Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6		of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	48,589		$	7,484		$	—		$	—	$	1,461,383		$	(21,300	)	$	1,496,156
Reimbursables		—			590			61			—			—		37,335			—			37,986
Labor contract drilling services		—			—			—			—			—		15,817			—			15,817
Other		—			112			—			—			—		702			—			814
Total operating revenues		—			49,291			7,545			—			—		1,515,237			(21,300	)		1,550,773
Operating costs and expenses
Contract drilling services		7			18,607			3,136			—			—		523,415			(21,300	)		523,865
Reimbursables		—			1,099			61			—			—		28,948			—			30,108
Labor contract drilling services		—			—			—			—			—		11,268			—			11,268
Depreciation and amortization		—			17,827			1,612			—			—		222,277			—			241,716
Selling, general and administrative		—			50,636			221			119			—		(19,554	)		—			31,422
Total operating costs and expenses		7			88,169			5,030			119			—		766,354			(21,300	)		838,379
Operating income (loss)		(7	)		(38,878	)		2,515			(119	)		—		748,883			—			712,394
Other income (expense)
Equity earnings in affiliates, net of tax		608,738			341,687			9,118			632,091			300,508		—			(1,892,142	)		—
Interest expense, net of amounts capitalized		(587	)		(35,334	)		(3,657	)		(19,365	)		—		(6,184	)		64,152			(975	)
Interest income and other, net		3,446			22,757			—			—			6,152		36,907			(64,152	)		5,110
Income before income taxes		611,590			290,232			7,976			612,607			306,660		779,606			(1,892,142	)		716,529
Income tax provision		—			(9,092	)		—			—			—		(95,847	)		—			(104,939	)
Net Income	$	611,590		$	281,140		$	7,976		$	612,607		$	306,660	$	683,759		$	(1,892,142	)	$	611,590

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2011
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Cash flows from operating activities
Net cash from operating activities	$	(30,984	)	$	20,555		$	2,807		$	(43,770	)	$	(10,840	)	$	321,277		$	—		$	259,045
Cash flows from investing activities
New construction and capital expenditures		—			(842,012	)		—			—			—			(633,338	)		—			(1,475,350	)
Notes receivable from affiliates		20,000			—			—			—			—			91,000			(111,000	)		—
Refund from contract extinguishments		—			—			—			—			—			18,642			—			18,642
Net cash from investing activities		20,000			(842,012	)		—			—			—			(523,696	)		(111,000	)		(1,456,708	)
Cash flows from financing activities
Borrowings on bank credit facilities		625,000			—			—			—			—			—			—			625,000
Payments of bank credit facilities		(240,000	)		—			—			—			—			—			—			(240,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,087,833			—			—			—			1,087,833
Contributions from joint venture partners		—			—			—			—			—			436,000			—			436,000
Payments of joint venture debt		—			—			—			—			—			(693,494	)		—			(693,494	)
Settlement of interest rate swaps		—			—			—			—			—			(29,032	)		—			(29,032	)
Financing cost on credit facilities		(2,835	)		—			—			—			—			—			—			(2,835	)
Distributions to parent		(94,291	)		—			—			—			—			—			—			(94,291	)
Advances (to) from affiliates		(238,391	)		839,102			32,193			(1,044,063	)		10,840			400,319			—			—
Notes payable to affiliates		(38,500	)		(17,500	)		(35,000	)		—			—			(20,000	)		111,000			—
Net cash from financing activities		10,983			821,602			(2,807	)		43,770			10,840			93,793			111,000			1,089,181
Net change in cash and cash equivalents		(1	)		145			—			—			—			(108,626	)		—			(108,482	)
Cash and cash equivalents, beginning of period		42			146			—			—			—			333,211						333,399
Cash and cash equivalents, end of period	$	41		$	291		$	—		$	—		$	—		$	224,585		$	—		$	224,917

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
Six Months Ended June 30, 2010
(in thousands)

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments		Total
Cash flows from operating activities
Net cash from operating activities	$	10,138		$	(36,375	)	$	3,592		$	(4,400	)	$	60		$	1,053,419		$	—	$	1,026,434
Cash flows from investing activities
New construction and capital expenditures		—			(184,963	)		—			—			—			(363,918	)		—		(548,881	)
Net cash from investing activities		—			(184,963	)		—			—			—			(363,918	)		—		(548,881	)
Cash flows from financing activities
Distributions to parent		(128,315	)		—			—			—			—			—			—		(128,315	)
Advances (to) from affiliates		119,876			221,265			(3,592	)		4,400			(60	)		(341,889	)		—		—
Net cash from financing activities		(8,439	)		221,265			(3,592	)		4,400			(60	)		(341,889	)		—		(128,315	)
Net change in cash and cash equivalents		1,699			(73	)		—			—			—			347,612			—		349,238
Cash and cash equivalents, beginning of period		3			268			—			—			—			725,954			—		726,225
Cash and cash equivalents, end of period	$	1,702		$	195		$	—		$	—		$	—		$	1,073,566		$	—	$	1,075,463

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Consolidated Statement of Comprehensive Income (Unaudited) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Net income	$ 54,174	$ 217,925	$ 108,630	$ 588,651
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	1,375	(1,980)	4,382	(6,461)
Gain (loss) on foreign currency forward contracts	2,351	(1,009)	2,513	(2,934)
Gain/(loss) recognized through AOCL			(366)
Amortization of deferred pension plan amounts	689	634	1,375	1,273
Other comprehensive income (loss), net	4,415	(2,355)	7,904	(8,122)
Net income attributable to noncontrolling interests	(91)		(52)
Comprehensive income attributable to Noble Corporation	58,498	215,570	116,482	580,529
Noble-Cayman [Member]
Net income	68,909	232,957	136,530	611,590
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	1,375	(1,980)	4,382	(6,461)
Gain (loss) on foreign currency forward contracts	2,351	(1,009)	2,513	(2,934)
Gain/(loss) recognized through AOCL			(366)
Amortization of deferred pension plan amounts	689	634	1,375	1,273
Other comprehensive income (loss), net	4,415	(2,355)	7,904	(8,122)
Net income attributable to noncontrolling interests	(91)		(52)
Comprehensive income attributable to Noble Corporation	$ 73,233	$ 230,602	$ 144,382	$ 603,468

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Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]

Income Taxes

Note 9 — Income Taxes

At December 31, 2010, the reserves for uncertain tax positions totaled $145 million (net of related tax benefits of $8 million). At June 30, 2011, the reserves for uncertain tax positions totaled $141 million (net of related tax benefits of $9 million). If the June 30, 2011 reserves are not realized, the provision for income taxes would be reduced by $124 million and equity would be directly increased by $17 million.

It is possible that our existing liabilities related to our reserve for uncertain tax position amounts may increase or decrease in the next twelve months primarily from the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities for various uncertainties, such as the unresolved nature of various audits.

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Derivative Instruments and Hedging Activities (Details Textuals)	3 Months Ended	6 Months Ended				3 Months Ended		6 Months Ended
	Mar. 31, 2011 USD ($)	Jun. 30, 2011 USD ($) Years Tranches MobileOffshoreDrillingUnits ConstructionPhases DebtAgreements JointVentures Claims	Jul. 28, 2010 MobileOffshoreDrillingUnits	Jun. 30, 2011 Forward Contracts [Member] USD ($)	Dec. 31, 2010 Forward Contracts [Member] USD ($)	Jun. 30, 2011 Cash Flow Hedges [Member] USD ($)	Jun. 30, 2010 Cash Flow Hedges [Member] USD ($)	Jun. 30, 2011 Cash Flow Hedges [Member] USD ($)	Jun. 30, 2010 Cash Flow Hedges [Member] USD ($)	Jun. 30, 2011 Cash Flow Hedges [Member] EUR (€)
Derivative [Line Items]
Forward contracts settling in remainder of current year as percent of forecasted local currency requirements								52.00%
Aggregate notional amount of forward contracts outstanding		$ 113,000,000
Total unrealized gains related to forward contracts and recorded as part of "Accumulated other comprehensive loss"				4,000,000
Notional amount of fair value hedging instrument										10,000,000
Fair market value of outstanding forward contracts, which are included in "Other current liabilities" and "Other liabilities"				51,000	3,000,000
Gain/(loss) on fair value hedges recognized in the income statement						0	0	0	0
Derivative Instruments and Hedging Activities (Textuals) [Abstract]
Number of joint ventures acquired		2
Number of Bully-class dynamically positioned joint venture-owned drillships under construction		2	2
Cash flow hedge gain loss recognized in earnings on termination	1,300,000	1,300,000
Number of phases of drillship construction		2
Notional amount of foreign currency derivative instruments not designated as hedging instruments		0
Loss recognized for foreign exchange forward contracts		500,000
Cash outflows recognized through the financing section of the cash flow statement related to interest rate swaps		$ 29,000,000

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Net Change in Other Assets and Liabilities (Details) (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Effect of changes in other assets and liabilities on cash flows from operating activities
Accounts receivable	$ (122,605)	$ 176,106
Other current assets	(55,141)	(43,555)
Other assets	(776)	(15,751)
Accounts payable	(17,020)	19,898
Other current liabilities	1,544	10,340
Other liabilities	16,030	32,208
Net change in other assets and liabilities	(177,968)	179,246
Noble-Cayman [Member]
Effect of changes in other assets and liabilities on cash flows from operating activities
Accounts receivable	(122,572)	176,106
Other current assets	(46,895)	(43,136)
Other assets	(3,253)	(15,865)
Accounts payable	(17,050)	15,470
Other current liabilities	(11,283)	9,683
Other liabilities	16,004	32,412
Net change in other assets and liabilities	$ (185,049)	$ 174,670

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Net Change in Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2011

Net Change in Other Assets and Liabilities (Tables) [Abstract]

Effect of changes in other assets and liabilities on cash flows from operating activities

The net effect of changes in other assets and liabilities on cash flows from operating activities is as follows:

	Noble-Swiss						Noble-Cayman
	Six months ended						Six months ended
	June 30,						June 30,
	2011			2010			2011			2010
Accounts receivable	$	(122,605	)	$	176,106		$	(122,572	)	$	176,106
Other current assets		(55,141	)		(43,555	)		(46,895	)		(43,136	)
Other assets		(776	)		(15,751	)		(3,253	)		(15,865	)
Accounts payable		(17,020	)		19,898			(17,050	)		15,470
Other current liabilities		1,544			10,340			(11,283	)		9,683
Other liabilities		16,030			32,208			16,004			32,412
	$	(177,968	)	$	179,246		$	(185,049	)	$	174,670

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 13 — Commitments and Contingencies

In May 2010, Anadarko Petroleum Corporation (“Anadarko”) sent a letter asserting that the initial attempted deepwater drilling moratorium in the U.S. Gulf of Mexico, issued on May 28, 2010 by U.S. Secretary of the Interior Ken Salazar, was an event of force majeure under the drilling contract for the Noble Amos Runner. In June 2010, Anadarko filed a declaratory judgment action in Federal District Court in Houston, Texas seeking to have the court declare that a force majeure condition had occurred and that the drilling contract was terminated by virtue of the initial proclaimed moratorium. We disagree that a force majeure event occurred and that Anadarko had the right to terminate the contract. In August 2010, we filed a counterclaim seeking damages from Anadarko for breach of contract. Anadarko has also attempted to offset approximately $13 million which we had billed for services performed prior to their termination of the contract. We do not believe Anadarko has a basis to offset these invoiced amounts. We do not believe the ultimate resolution of this matter will have a material adverse effect on our financial position, results of operations or cash flows. As a result of the uncertainties noted above, we have not recognized any revenue under the portion of this contract relating to the period after termination and the matter could have a material positive effect on our results of operations or cash flows for the period in which the matter is resolved.

The Noble Homer Ferrington is under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), who entered into an assignment agreement with BP for a two well farm-out of the rig in Libya after successfully drilling two wells with the rig for ExxonMobil. In August 2010, BP attempted to terminate the assignment agreement claiming that the rig was not in the required condition. ExxonMobil has informed us that we must look to BP for payment of the dayrate during the assignment period. In August 2010, we initiated arbitration proceedings under the drilling contract against both BP and ExxonMobil. We do not believe BP had the right to terminate the assignment agreement and believe the rig continued to be fully ready to operate under the drilling contract. The rig has been operating under farm-out arrangements since March of 2011. We believe we are owed dayrate by either or both of these clients. The operating dayrate was approximately $538,000 per day for the work in Libya. We are proceeding with the arbitration process and intend to vigorously pursue these claims. As a result of the uncertainties noted above, we have not recognized any revenue during the assignment period and the matter could have a material positive effect on our results of operations or cash flows in the period the matter is resolved.

In August 2007, we entered into a drilling contract with Marathon Oil Company (“Marathon”) for the Noble Jim Day to operate in the U.S. Gulf of Mexico. On January 1, 2011, Marathon provided notice that it was terminating the contract. Marathon’s stated reason for the termination was that the rig had not been accepted by Marathon by December 31, 2010, and Marathon also maintained that a force majeure condition existed under the contract. The contract contained a provision allowing Marathon to terminate if the rig had not commenced operations by December 31, 2010. We believe the rig was ready to commence operations and should have been accepted by Marathon. The contract term was for four years and represented approximately $752 million in contract backlog at the time of termination. No revenue has been recognized under this contract. In March 2011, we filed suit in Texas state district court against Marathon seeking damages for its actions, and the suit is proceeding. We cannot provide assurance as to the outcome of this lawsuit.

During the fourth quarter of 2007, our Nigerian subsidiary received letters from the Nigerian Maritime Administration and Safety Agency (“NIMASA”) seeking to collect a two percent surcharge on contract amounts under contracts performed by “vessels,” within the meaning of Nigeria’s cabotage laws, engaged in the Nigerian coastal shipping trade. Although we do not believe that these laws apply to our ownership of drilling units, NIMASA is seeking to apply a provision of the Nigerian cabotage laws (which became effective on May 1, 2004) to our offshore drilling units by considering these units to be “vessels” within the meaning of those laws and therefore subject to the surcharge, which is imposed only upon “vessels.” Our offshore drilling units are not engaged in the Nigerian coastal shipping trade and are not in our view “vessels” within the meaning of Nigeria’s cabotage laws. In January 2008, we filed an originating summons against NIMASA and the Minister of Transportation in the Federal High Court of Lagos, Nigeria seeking, among other things, a declaration that our drilling operations do not constitute “coastal trade” or “cabotage” within the meaning of Nigeria’s cabotage laws and that our offshore drilling units are not “vessels” within the meaning of those laws. In February 2009, NIMASA filed suit against us in the Federal High Court of Nigeria seeking collection of the cabotage surcharge. In August 2009, the court issued a favorable ruling in response to our originating summons stating that drilling operations do not fall within the cabotage laws and that drilling rigs are not vessels for purposes of those laws. The court also issued an injunction against the defendants prohibiting their interference with our drilling rigs or drilling operations. NIMASA has appealed the court’s ruling, although the court dismissed NIMASA’s lawsuit filed against us in February 2009. We intend to take all further appropriate legal action to resist the application of Nigeria’s cabotage laws to our drilling units. The outcome of any such legal action and the extent to which we may ultimately be responsible for the surcharge is uncertain. If it is ultimately determined that offshore drilling units constitute vessels within the meaning of the Nigerian cabotage laws, we may be required to pay the surcharge and comply with other aspects of the Nigerian cabotage laws, which could adversely affect our operations in Nigerian waters and require us to incur additional costs of compliance.

NIMASA had also informed the Nigerian Content Division of its position that we are not in compliance with the cabotage laws. The Nigerian Content Division makes determinations of companies’ compliance with applicable local content regulations for purposes of government contracting, including contracting for services in connection with oil and gas concessions where the Nigerian national oil company is a partner. The Nigerian Content Division had originally barred us from participating in new tenders as a result of NIMASA’s allegations, although the Division reversed its actions based on the favorable Federal High Court ruling. However, no assurance can be given with respect to our ability to bid for future work in Nigeria until our dispute with NIMASA is resolved. Further, we continue to evaluate the local content regulations in Nigeria, which could also affect our ability to operate there and our profitability earned from Nigeria.

In November 2010, we concluded our contract for the Noble Duchess in Nigeria. Following the contract, we commenced the exportation process for the rig. We continue to discuss certain spare items that the customs authorities claim are unaccounted for and for which duty would be due. We believe the value of such equipment is insignificant and that the authorities are acting improperly. We have not been able to obtain clearance for the rig although we believe we will ultimately be able to export the rig in a timely manner. However, if the Nigerian customs authorities persist in this manner, the timing of the departure of the unit could be affected and could impede our marketing efforts.

We are from time to time a party to various lawsuits that are incidental to our operations in which the claimants seek an unspecified amount of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on drilling rigs and associated facilities. At June 30, 2011, there were approximately 21 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the United States in the states of Louisiana, Mississippi and Texas. We intend to vigorously defend against the litigation. We do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows.

We are a defendant in certain claims and litigation arising out of operations in the ordinary course of business, including certain disputes with customers over receivables discussed in Note 7, the resolution of which, in the opinion of management, will not be material to our financial position, results of operations or cash flows. There is inherent risk in any litigation or dispute and no assurance can be given as to the outcome of these claims.

We operate in a number of countries throughout the world and our income tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. Our 2008 tax return is currently under audit by the U.S. Internal Revenue Service. In addition, a U.S. subsidiary of Frontier is also under audit for its 2007 and 2008 tax returns. Furthermore, we are currently contesting several non-U.S. tax assessments and may contest future assessments when we believe the assessments are in error. We cannot predict or provide assurance as to the ultimate outcome of the existing or future assessments. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained.

Certain of our non-U.S. income tax returns have been examined for the 2002 through 2008 periods and audit claims have been assessed for approximately $328 million (including interest and penalties), primarily in Mexico. We do not believe we owe these amounts and are defending our position. However, we expect increased audit activity in Mexico and anticipate the tax authorities will issue additional assessments and continue to pursue legal actions for all audit claims. We believe additional audit claims in the range of $10 to $12 million attributable to other business tax returns may be assessed against us. We have contested, or intend to contest, the audit findings, including through litigation if necessary, and we do not believe that there is greater than 50 percent likelihood that additional taxes will be incurred. Accordingly, no accrual has been made for such amounts.

We maintain certain insurance coverage against specified marine perils, including liability for physical damage to our drilling rigs, and loss of hire on certain of our rigs. The damage caused in 2005 and 2008 by Hurricanes Katrina, Rita and Ike negatively impacted the energy insurance market, resulting in more restricted and more expensive coverage for U.S. named windstorm perils. Accordingly, effective March 2009, we elected to self-insure this exposure to our units in the U.S. portion of the Gulf of Mexico. Our rigs located in the Mexican portion of the Gulf of Mexico remain covered by commercial insurance for windstorm damage. In addition, we maintain physical damage deductibles of $25 million per occurrence for rigs located in the U.S., Mexico, Brazil, Southeast Asia, the North Sea and New Zealand and $15 million per occurrence for rigs operating in West Africa, the Middle East, India, and the Mediterranean Sea. The loss of hire coverage applies only to our rigs operating under contract with a dayrate equal to or greater than $200,000 a day and is subject to a 45-day waiting period for each unit and each occurrence.

Although we maintain insurance in the geographic areas in which we operate, pollution, reservoir damage and environmental risks generally are not fully insurable. Our insurance policies and contractual rights to indemnity may not adequately cover our losses or may have exclusions of coverage for some losses. We do not have insurance coverage or rights to indemnity for all risks, including loss of hire insurance on most of the rigs in our fleet. Uninsured exposures may include expatriate activities prohibited by U.S. laws and regulations, radiation hazards, certain loss or damage to property on board our rigs and losses relating to shore-based terrorist acts or strikes. If a significant accident or other event occurs and is not fully covered by insurance or contractual indemnity, it could materially adversely affect our financial position, results of operations or cash flows. Additionally, there can be no assurance that those parties with contractual obligations to indemnify us will necessarily be financially able to indemnify us against all these risks.

We carry protection and indemnity insurance covering marine third party liability exposures, which also includes coverage for employer’s liability resulting from personal injury to our offshore drilling crews. Our protection and indemnity policy currently has a standard deductible of $10 million per occurrence, with maximum liability coverage of $750 million.

In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $2.6 billion at June 30, 2011.

We have entered into agreements with certain of our executive officers, as well as certain other employees. These agreements become effective upon a change of control of Noble-Swiss (within the meaning set forth in the agreements) or a termination of employment in connection with or in anticipation of a change of control, and remain effective for three years thereafter. These agreements provide for compensation and certain other benefits under such circumstances.

Internal Investigation

In 2007, we began, and voluntarily contacted the SEC and the U.S. Department of Justice (“DOJ”) to advise them of, an internal investigation of the legality under the United States Foreign Corrupt Practices Act (“FCPA”) and local laws of certain reimbursement payments made by our Nigerian affiliate to our customs agents in Nigeria. In 2010, we finalized settlements of this matter with each of the SEC and the DOJ. Pursuant to these settlements, we agreed to pay fines and penalties to the DOJ and the SEC and to certain undertakings, including refraining from violating the FCPA and other anti-corruption laws, self-reporting any violations of the FCPA or such laws to the DOJ and reporting to the DOJ on an annual basis our progress on anti-corruption compliance matters. Our ability to comply with the terms of the settlements is dependent on the success of our ongoing compliance program, including our ability to continue to manage our agents and supervise, train and retain competent employees, and the efforts of our employees to comply with applicable law and our code of business conduct and ethics.

In January 2011, the Nigerian Economic and Financial Crimes Commission and the Nigerian Attorney General Office initiated an investigation into these same activities. A subsidiary of Noble-Swiss resolved this matter through the execution of a non-prosecution agreement dated January 28, 2011. Pursuant to this agreement, the subsidiary paid $2.5 million to resolve all charges and claims of the Nigerian government.

Any similar investigations or charges and any additional sanctions we may incur as a result of any such investigation could damage our reputation and result in substantial fines, sanctions, civil and/or criminal penalties and curtailment of operations in certain jurisdictions and might adversely affect our business, results of operations or financial condition. Further, resolving any such investigation could be expensive and consume significant time and attention of our senior management.

As of June 30, 2011, all of our rigs operating in Nigeria were operating under temporary import permits. However, there can be no assurance that we will be able to obtain new permits or further extensions of permits necessary to continue the operation of our rigs in Nigeria. If we cannot obtain a new permit or an extension necessary to continue operations of any rig, we may need to cease operations under the drilling contract for such rig and relocate such rig from Nigerian waters. We cannot predict what impact these events may have on any such contract or our business in Nigeria, and we could face additional fines and sanctions in Nigeria. Furthermore, we cannot predict what changes, if any, relating to temporary import permit policies and procedures may be established or implemented in Nigeria in the future, or how any such changes may impact our business there.

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Consolidated Balance Sheet (Unaudited) (USD $) In Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Current assets
Cash and cash equivalents	$ 230,877	$ 337,871
Accounts receivable	510,019	387,414
Taxes receivable	80,815	81,066
Prepaid expenses	67,311	35,502
Other current assets	88,474	69,941
Total current assets	977,496	911,794
Property and equipment, at cost	13,926,052	12,643,866
Accumulated depreciation	(2,863,482)	(2,595,779)
Property and equipment, net	11,062,570	10,048,087
Other assets	398,172	342,506
Total assets	12,438,238	11,302,387
Current liabilities
Current maturities of long-term debt	0	80,213
Accounts payable	303,902	374,814
Accrued payroll and related costs	114,736	125,663
Interest payable	58,328	40,260
Taxes payable	69,764	96,448
Other current liabilities	79,826	84,049
Total current liabilities	626,556	801,447
Long-term debt	3,521,770	2,686,484
Deferred income taxes	257,069	258,822
Other liabilities	212,475	268,000
Total liabilities	4,617,870	4,014,753
Commitments and contingencies
Shareholders' equity
Shares; 262,668 and 262,415 shares outstanding	857,795	917,684
Treasury shares, at cost; 10,378 and 10,140 shares	(383,344)	(373,967)
Additional paid-in capital	50,499	39,006
Retained earnings	6,739,078	6,630,500
Accumulated other comprehensive loss	(42,316)	(50,220)
Total shareholders' equity	7,221,712	7,163,003
Noncontrolling interests	598,656	124,631
Total equity	7,820,368	7,287,634
Total liabilities and equity	12,438,238	11,302,387
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	224,917	333,399
Accounts receivable	509,986	387,414
Taxes receivable	80,815	81,066
Prepaid expenses	64,677	33,232
Other current assets	88,035	69,821
Total current assets	968,430	904,932
Property and equipment, at cost	13,892,227	12,614,974
Accumulated depreciation	(2,859,227)	(2,594,954)
Property and equipment, net	11,033,000	10,020,020
Other assets	398,255	342,592
Total assets	12,399,685	11,267,544
Current liabilities
Current maturities of long-term debt	0	80,213
Accounts payable	303,617	374,559
Accrued payroll and related costs	105,386	120,634
Interest payable	58,328	40,260
Taxes payable	66,764	94,132
Other current liabilities	79,277	83,759
Total current liabilities	613,372	793,557
Long-term debt	3,521,770	2,686,484
Deferred income taxes	257,069	258,822
Other liabilities	212,475	268,026
Total liabilities	4,604,686	4,006,889
Commitments and contingencies
Shareholders' equity
Ordinary shares; 261,246 shares outstanding	26,125	26,125
Additional paid-in capital	426,460	416,232
Retained earnings	6,786,074	6,743,887
Accumulated other comprehensive loss	(42,316)	(50,220)
Total shareholders' equity	7,196,343	7,136,024
Noncontrolling interests	598,656	124,631
Total equity	7,794,999	7,260,655
Total liabilities and equity	$ 12,399,685	$ 11,267,544

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Organization and Basis of Presentation (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2011 MobileOffshoreDrillingUnits Tranches Claims	Dec. 31, 2010	Jun. 30, 2010
Public equity outstanding			$ 7,800,000
Organization and Basis of Presentation (Textuals) [Abstract]
Number of mobile offshore drilling units	76
Number of Floating Production Storage and Offloading units ("FPSO")	1
Number of semisubmersibles	14
Number of drillships	13
Number of jackups	47
Number of submersibles	2
Number of offshore drilling units under construction	11
Number of Bully-class dynamically positioned joint venture-owned drillships under construction	2
Number of Globetrotter - class dynamically positioned joint venture-owned drillships under construction	2
Number of ultra-deep water harsh environment drillships under construction	3
Number of Harsh Environment Jackup Rigs under Construction	4
Taxes receivable against outstanding taxes receivable	80,815	81,066
Noble-Cayman [Member]
Public equity outstanding	0
Organization and Basis of Presentation (Textuals) [Abstract]
Taxes receivable against outstanding taxes receivable	$ 80,815	$ 81,066

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Income Taxes (Details) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Income Taxes (Textuals)
Reserves for uncertain tax positions net	$ 141	$ 145
Relaxed tax benefits	9	8
Reduction in the provision for income taxes, if reserves not realized	124
Increase in equity	$ 17
Operational period	12 months

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Commitments and Contingencies (Details) (USD $)	6 Months Ended
	Jun. 30, 2011 Years Tranches MobileOffshoreDrillingUnits ConstructionPhases DebtAgreements JointVentures Claims
Commitments and Contingencies (Textuals)
Operating day rate in Libya (per day)	$ 538,000
Drilling contract backlog at the time of termination drilling contract backlog at the time of termination	752,000,000
Drilling contract term	4 years
Number of asbestos lawsuits in which we are one of many defendants	21
NIMASA surcharge on contracts performed by "vessels" in Nigerian coastal shipping trade; overturned and dismissed by Federal High Court of Nigeria	2.00%
Percentage of uncertain tax positions likelihood of being sustained	50.00%
Non-U.S. tax audit claims (including interest and penalties), primarily in Mexico	328,000,000
Likelihood of additional taxes to be incurred on audit findings, percentage	50.00%
Physical damage deductible per occurrence for rigs located in the U.S., Mexico, Brazil,	25,000,000
Physical damage deductibles occurrence for rigs operating in West Africa, the Middle East, India, and the Mediterranean Sea	15,000,000
Loss of hire coverage applies only to 'rigs' operating under day rate	200,000
Number of days waiting period	45 days
Protection and indemnity policy, standard deductible (per occurrence)	10,000,000
Maximum liability coverage under protection and indemnity policy	750,000,000
Outstanding commitments including shipyard and purchase commitments	2,600,000,000
Number of new build units to be constructed	11
Years of effectiveness of employment agreements after the termination of employment	3 years
Payment by subsidiary to resolve all charges of Nigerian government	2,500,000
Range, High [Member]
Loss Contingencies [Line Items]
Audit claims, additional attributable to other business tax returns	12,000,000
Range, Low [Member]
Loss Contingencies [Line Items]
Audit claims, additional attributable to other business tax returns	$ 10,000,000

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Receivables from Customers (Details) (USD $) In Millions	1 Months Ended
	Jun. 30, 2010	Jun. 30, 2011
Receivables from Customers (Textuals) [Abstract]
Minimum days for charter contract with FPSO	100 days
Hiring date of the new unit	Jul. 23, 2010
Outstanding receivables		$ 35

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Debt (Details) (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Long-term debt
Debt	$ 3,521,770	$ 2,766,697
Less: Current Maturities	0	(80,213)
Long-term debt	3,521,770	2,686,484
Wholly-owned debt instruments [Member] | Credit Facility [Member]
Long-term debt
Debt	425,000	40,000
Wholly-owned debt instruments [Member] | 5.875% Senior Notes due 2013 [Member]
Long-term debt
Debt	299,929	299,911
Wholly-owned debt instruments [Member] | 7.375% Senior Notes due 2014 [Member]
Long-term debt
Debt	249,574	249,506
Wholly-owned debt instruments [Member] | 3.45% Senior Notes due 2015 [Member]
Long-term debt
Debt	350,000	350,000
Wholly-owned debt instruments [Member] | 7.50% Senior Notes due 2019 [Member]
Long-term debt
Debt	201,695	201,695
Wholly-owned debt instruments [Member] | 4.90% Senior Notes due 2020 [Member]
Long-term debt
Debt	498,726	498,672
Wholly-owned debt instruments [Member] | 6.20% Senior Notes due 2040 [Member]
Long-term debt
Debt	399,889	399,889
Wholly-owned debt instruments [Member] | 3.05% senior notes due 2016 [Member]
Long-term debt
Debt	299,931	0
Wholly-owned debt instruments [Member] | 4.625% senior notes due 2021 [Member]
Long-term debt
Debt	399,458	0
Wholly-owned debt instruments [Member] | 6.05% senior notes due 2041 [Member]
Long-term debt
Debt	397,568	0
Consolidated Joint Venture Debt Instruments [Member] | Joint Venture Partner Notes [Member]
Long-term debt
Debt	0	35,972
Consolidated Joint Venture Debt Instruments [Member] | Joint Venture Credit Facilities [Member]
Long-term debt
Debt	$ 0	$ 691,052

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Derivative Instruments and Hedging Activities (Details 2) (USD $) In Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Summary of recognized gains and losses of cash flow hedges and non-designated derivatives
Gain/(loss) recognized through AOCL			$ (366)
Foreign currency forward contracts [Member] | Cash Flow Hedges [Member]
Summary of recognized gains and losses of cash flow hedges and non-designated derivatives
Gain/(loss) recognized through AOCL	3,152	(1,626)	3,895	(2,578)
Gain/(loss) reclassified from AOCL to "other income"	801	(617)	1,382	356
Gain/(loss) recognized through "other income"	0	0	0	0
Foreign currency forward contracts [Member] | Non-designated derivatives [Member]
Summary of recognized gains and losses of cash flow hedges and non-designated derivatives
Gain/(loss) recognized through AOCL			0	0
Gain/(loss) reclassified from AOCL to "other income"			0	0
Gain/(loss) recognized through "other income"			$ (546)	$ 0

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Acquisition of FDR Holdings Limited (Details) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2010	Jun. 30, 2010	Jun. 30, 2011 MobileOffshoreDrillingUnits Tranches Claims	Jul. 28, 2010 MobileOffshoreDrillingUnits
Pro forma financial information
Total operating revenues	$ 784,424,000	$ 1,693,039,000
Net income	191,377,000	552,601,000
Net income per share	$ 0.74	$ 2.14
Acquisition of FDR Holdings Limited (Textuals) [Abstract]
Number of dynamically positioned drillships acquired				3
Number of Bully-class dynamically positioned joint venture-owned drillships under construction			2	2
Number of conventionally moored drillships acquired				2
Number of Arctic class conventionally moored drillships acquired				1
Number of conventionally moored deepwater semisubmersible drilling rigs acquired				1
Number of dynamically positioned floating production, storage and offloading vessels acquired				1
Purchase price paid with cash				1,700,000,000
Cash paid at closing of acquisition				$ 1,700,000,000