10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended: June 30, 2012

OR

¨ 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

Commission file number: 001-31306

NOBLE CORPORATION

(Exact name of registrant as specified in its charter)

Cayman Islands	98-0366361
(State or other jurisdiction of incorporation or organization)	(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

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  x    No  ¨

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  x    No  ¨

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 x	Accelerated filer ¨	Non-accelerated filer ¨	Smaller reporting company ¨
Noble-Cayman:	Large accelerated filer ¨	Accelerated filer ¨	Non-accelerated filer x	Smaller reporting company ¨

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

Number of shares outstanding and trading at July 31, 2012: Noble Corporation (Switzerland) — 252,604,007

Number of shares outstanding at July 31, 2012: 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, 2012 and December 31, 2011		3
Consolidated Statement of Income for the three and six months ended June 30, 2012 and 2011		4
Consolidated Statement of Comprehensive Income for the three and six months ended June  30, 2012 and 2011		5
Consolidated Statement of Cash Flows for the six months ended June 30, 2012 and 2011		6
Consolidated Statement of Equity for the six months ended June 30, 2012 and 2011		7
Noble Corporation (Noble-Cayman) Financial Statements:
Consolidated Balance Sheet as of June 30, 2012 and December 31, 2011		8
Consolidated Statement of Income for the three and six months ended June 30, 2012 and 2011		9
Consolidated Statement of Comprehensive Income for the three and six months ended June  30, 2012 and 2011		10
Consolidated Statement of Cash Flows for the six months ended June 30, 2012 and 2011		11
Consolidated Statement of Equity for the six months ended June 30, 2012 and 2011		12
Notes to Combined Consolidated Financial Statements		13
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations		36
Item 3 Quantitative and Qualitative Disclosures About Market Risk		50
Item 4 Controls and Procedures		51
PART II OTHER INFORMATION
Item 1 Legal Proceedings		52
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds		52
Item 6 Exhibits		52
SIGNATURES		53
Index to Exhibits		54

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,
	2012			2011
ASSETS
Current assets
Cash and cash equivalents	$	275,293		$	239,196
Accounts receivable		693,533			587,163
Taxes receivable		97,900			75,284
Prepaid expenses		78,463			35,796
Other current assets		142,541			122,173
Total current assets		1,287,730			1,059,612
Property and equipment, at cost		16,055,168			15,540,178
Accumulated depreciation		(3,632,532	)		(3,409,833	)
Property and equipment, net		12,422,636			12,130,345
Other assets		325,650			305,202
Total assets	$	14,036,016		$	13,495,159
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	277,647		$	436,006
Accrued payroll and related costs		125,603			117,907
Interest payable		73,208			54,419
Taxes payable		89,262			94,920
Dividends payable		132,679			—
Other current liabilities		108,714			123,928
Total current liabilities		807,113			827,180
Long-term debt		4,444,294			4,071,964
Deferred income taxes		238,045			242,791
Other liabilities		306,397			255,372
Total liabilities		5,795,849			5,397,307
Commitments and contingencies
Shareholders’ equity
Shares; 253,076 and 252,639 shares outstanding		709,368			766,595
Treasury shares, at cost; 569 and 287 shares		(20,318	)		(10,553	)
Additional paid-in capital		60,991			48,356
Retained earnings		6,823,758			6,676,444
Accumulated other comprehensive loss		(75,461	)		(74,321	)
Total shareholders’ equity		7,498,338			7,406,521
Noncontrolling interests		741,829			691,331
Total equity		8,240,167			8,097,852
Total liabilities and equity	$	14,036,016		$	13,495,159

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,
	2012			2011			2012			2011
Operating revenues
Contract drilling services	$	848,237		$	589,550		$	1,594,547		$	1,132,155
Reimbursables		30,812			24,122			65,953			46,413
Labor contract drilling services		19,863			14,012			35,871			27,559
Other		11			313			242			758
		898,923			627,997			1,696,613			1,206,885
Operating costs and expenses
Contract drilling services		423,502			336,728			843,513			643,091
Reimbursables		24,970			18,723			55,571			35,826
Labor contract drilling services		11,847			8,750			21,079			17,273
Depreciation and amortization		183,615			163,119			354,692			321,241
Selling, general and administrative		25,404			21,632			48,530			45,347
Loss on impairment		18,345			—			18,345			—
Gain on contract settlements/extinguishments, net		(33,255	)		—			(33,255	)		(21,202	)
		654,428			548,952			1,308,475			1,041,576
Operating income		244,495			79,045			388,138			165,309
Other income (expense)
Interest expense, net of amount capitalized		(20,652	)		(14,829	)		(31,148	)		(33,870	)
Interest income and other, net		1,188			(534	)		2,973			2,058
Income before income taxes		225,031			63,682			359,963			133,497
Income tax provision		(46,356	)		(9,508	)		(67,945	)		(24,867	)
Net income		178,675			54,174			292,018			108,630
Net income attributable to noncontrolling interests		(18,857	)		(91	)		(12,025	)		(52	)
Net income attributable to Noble Corporation	$	159,818		$	54,083		$	279,993		$	108,578
Net income per share
Basic	$	0.63		$	0.21		$	1.10		$	0.43
Diluted	$	0.63		$	0.21		$	1.10		$	0.43

See accompanying notes to the unaudited consolidated financial statements.

4

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net income	$	178,675		$	54,174		$	292,018		$	108,630
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(6,949	)		1,375			(7,027	)		4,382
Gain on foreign currency forward contracts		644			2,351			3,061			2,513
Loss on interest rate swaps		—			—			—			(366	)
Amortization of deferred pension plan amounts (net of tax provision of $647 and $353 for the three months ended June 30, 2012 and 2011, respectively, and $1,367 and $705 for the six months ended June 30, 2012 and 2011, respectively)		1,404			689			2,826			1,375
Other comprehensive income/(loss), net		(4,901	)		4,415			(1,140	)		7,904
Net comprehensive income attributable to noncontrolling interests		(18,857	)		(91	)		(12,025	)		(52	)
Comprehensive income attributable to Noble Corporation	$	154,917		$	58,498		$	278,853		$	116,482

See accompanying notes to the unaudited consolidated financial statements.

5

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2012			2011
Cash flows from operating activities
Net income	$	292,018		$	108,630
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		354,692			321,241
Loss on impairment		18,345			—
Gain on contract extinguishments, net		—			(21,202	)
Deferred income taxes		(7,765	)		(1,753	)
Amortization of share-based compensation		17,840			16,388
Net change in other assets and liabilities		(139,184	)		(190,536	)
Net cash from operating activities		535,946			232,768
Cash flows from investing activities
Capital expenditures		(665,140	)		(1,416,215	)
Change in accrued capital expenditures		(159,134	)		(51,500	)
Refund from contract extinguishments		—			18,642
Net cash from investing activities		(824,274	)		(1,449,073	)
Cash flows from financing activities
Borrowings on bank credit facilities		325,000			625,000
Repayments on bank credit facilities		(1,150,000	)		(240,000	)
Proceeds from issuance of senior notes, net of debt issuance costs		1,186,636			1,087,833
Contributions from joint venture partners		40,000			436,000
Payments of joint venture debt		—			(693,494	)
Settlement of interest rate swaps		—			(29,032	)
Par value reduction payments		(71,897	)		(72,141	)
Financing costs on credit facilities		(5,014	)		(2,835	)
Proceeds from employee stock transactions		9,465			7,357
Repurchases of employee shares surrendered for taxes		(9,765	)		(9,377	)
Net cash from financing activities		324,425			1,109,311
Net change in cash and cash equivalents		36,097			(106,994	)
Cash and cash equivalents, beginning of period		239,196			337,871
Cash and cash equivalents, end of period	$	275,293		$	230,877

See accompanying notes to the unaudited consolidated financial statements.

6

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF EQUITY

(In thousands)

(Unaudited)

																Accumulated
							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
Amortization of share-based compensation		—			—			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
Par value reduction payments		—			(60,705	)		(11,436	)		—			—			—			—			(72,141	)
Equity contribution by joint venture partner		—			—			—			—			—			—			473,973			473,973
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
Balance at December 31, 2011		252,639		$	766,595		$	48,356		$	6,676,444		$	(10,553	)	$	(74,321	)	$	691,331		$	8,097,852
Employee related equity activity
Amortization of share-based compensation		—			—			17,840			—			—			—			—			17,840
Issuance of share-based compensation shares		364			1,104			(1,099	)		—			—			—			—			5
Exercise of stock options		447			1,277			8,735			—			—			—			—			10,012
Tax benefit of stock options exercised		—			—			(552	)		—			—			—			—			(552	)
Restricted shares forfeited or repurchased for taxes		(374	)		(1,138	)		1,138			—			(9,765	)		—			—			(9,765	)
Net income		—			—			—			279,993			—			—			12,025			292,018
Equity contribution by joint venture partner		—			—			—			—			—			—			40,000			40,000
Other		—			—			—			—			—			—			(1,527	)		(1,527	)
Par value reduction payments		—			(58,470	)		(13,427	)		—			—			—			—			(71,897	)
Dividends payable		—			—			—			(132,679	)		—			—			—			(132,679	)
Other comprehensive loss, net		—			—			—			—			—			(1,140	)		—			(1,140	)
Balance at June 30, 2012		253,076		$	709,368		$	60,991		$	6,823,758		$	(20,318	)	$	(75,461	)	$	741,829		$	8,240,167

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,
	2012			2011
ASSETS
Current assets
Cash and cash equivalents	$	267,870		$	235,056
Accounts receivable		693,533			587,163
Taxes receivable		97,745			75,284
Prepaid expenses		76,630			33,105
Other current assets		142,541			120,109
Total current assets		1,278,319			1,050,717
Property and equipment, at cost		16,019,544			15,505,994
Accumulated depreciation		(3,626,272	)		(3,404,589	)
Property and equipment, net		12,393,272			12,101,405
Other assets		325,733			305,283
Total assets	$	13,997,324		$	13,457,405
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	276,398		$	435,729
Accrued payroll and related costs		117,037			108,908
Interest payable		73,208			54,419
Taxes payable		84,893			91,190
Other current liabilities		108,676			123,399
Total current liabilities		660,212			813,645
Long-term debt		4,444,294			4,071,964
Deferred income taxes		238,045			242,791
Other liabilities		306,397			255,372
Total liabilities		5,648,948			5,383,772
Commitments and contingencies
Shareholder equity
Ordinary shares; 261,246 shares outstanding		26,125			26,125
Capital in excess of par value		461,054			450,616
Retained earnings		7,194,829			6,979,882
Accumulated other comprehensive loss		(75,461	)		(74,321	)
Total shareholder equity		7,606,547			7,382,302
Noncontrolling interests		741,829			691,331
Total equity		8,348,376			8,073,633
Total liabilities and equity	$	13,997,324		$	13,457,405

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,
	2012			2011			2012			2011
Operating revenues
Contract drilling services	$	848,237		$	589,550		$	1,594,547		$	1,132,155
Reimbursables		30,812			24,122			65,953			46,413
Labor contract drilling services		19,863			14,012			35,871			27,559
Other		11			313			242			758
		898,923			627,997			1,696,613			1,206,885
Operating costs and expenses
Contract drilling services		421,598			330,204			836,744			631,036
Reimbursables		24,970			18,723			55,571			35,826
Labor contract drilling services		11,847			8,750			21,079			17,273
Depreciation and amortization		183,103			162,636			353,676			320,291
Selling, general and administrative		15,467			14,642			29,477			31,173
Loss on impairment		18,345			—			18,345			—
Gain on contract settlements/extinguishments, net		(33,255	)		—			(33,255	)		(21,202	)
		642,075			534,955			1,281,637			1,014,397
Operating income		256,848			93,042			414,976			192,488
Other income (expense)
Interest expense, net of amount capitalized		(20,652	)		(14,829	)		(31,148	)		(33,870	)
Interest income and other, net		1,608			(147	)		3,007			2,094
Income before income taxes		237,804			78,066			386,835			160,712
Income tax provision		(45,977	)		(9,157	)		(67,188	)		(24,182	)
Net income		191,827			68,909			319,647			136,530
Net income attributable to noncontrolling interests		(18,857	)		(91	)		(12,025	)		(52	)
Net income attributable to Noble Corporation	$	172,970		$	68,818		$	307,622		$	136,478

See accompanying notes to the unaudited consolidated financial statements.

9

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net income	$	191,827		$	68,909		$	319,647		$	136,530
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		(6,949	)		1,375			(7,027	)		4,382
Gain on foreign currency forward contracts		644			2,351			3,061			2,513
Loss on interest rate swaps		—			—			—			(366	)
Amortization of deferred pension plan amounts (net of tax provision of $647 and $353 for the three months ended June 30, 2012 and 2011, respectively, and $1,367 and $705 for the six months ended June 30, 2012 and 2011, respectively)		1,404			689			2,826			1,375
Other comprehensive income/(loss), net		(4,901	)		4,415			(1,140	)		7,904
Net comprehensive income attributable to noncontrolling interests		(18,857	)		(91	)		(12,025	)		(52	)
Comprehensive income attributable to Noble Corporation	$	168,069		$	73,233		$	306,482		$	144,382

See accompanying notes to the unaudited consolidated financial statements.

10

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2012			2011
Cash flows from operating activities
Net income	$	319,647		$	136,530
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		353,676			320,291
Loss on impairment		18,345			—
Gain on contract extinguishments, net		—			(21,202	)
Deferred income taxes		(7,765	)		(1,753	)
Capital contribution by parent — share-based compensation		10,438			10,228
Net change in other assets and liabilities		(142,640	)		(197,617	)
Net cash from operating activities		551,701			246,477
Cash flows from investing activities
Capital expenditures		(663,700	)		(1,411,282	)
Change in accrued capital expenditures		(159,134	)		(51,500	)
Refund from contract extinguishments		—			18,642
Net cash from investing activities		(822,834	)		(1,444,140	)
Cash flows from financing activities
Borrowings on bank credit facilities		325,000			625,000
Repayments on bank credit facilities		(1,150,000	)		(240,000	)
Proceeds from issuance of senior notes, net of debt issuance costs		1,186,636			1,087,833
Contributions from joint venture partners		40,000			436,000
Payments of joint venture debt		—			(693,494	)
Settlement of interest rate swaps		—			(29,032	)
Financing costs on credit facilities		(5,014	)		(2,835	)
Distributions to parent company, net		(92,675	)		(94,291	)
Net cash from financing activities		303,947			1,089,181
Net change in cash and cash equivalents		32,814			(108,482	)
Cash and cash equivalents, beginning of period		235,056			333,399
Cash and cash equivalents, end of period	$	267,870		$	224,917

See accompanying notes to the unaudited consolidated financial statements.

11

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
Balance at December 31, 2011		261,246	$	26,125	$	450,616	$	6,979,882		$	(74,321	)	$	691,331		$	8,073,633
Net income		—		—		—		307,622			—			12,025			319,647
Capital contributions by parent — share-based compensation		—		—		10,438		—			—			—			10,438
Distributions to parent		—		—		—		(92,675	)		—			—			(92,675	)
Other		—		—		—		—			—			(1,527	)		(1,527	)
Noncontrolling interest contributions		—		—		—		—			—			40,000			40,000
Other comprehensive loss, net		—		—		—		—			(1,140	)		—			(1,140	)
Balance at June 30, 2012		261,246	$	26,125	$	461,054	$	7,194,829		$	(75,461	)	$	741,829		$	8,348,376

See accompanying notes to the unaudited consolidated financial statements.

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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 1 — Organization and Basis of Presentation

Noble Corporation, a Swiss corporation (“Noble-Swiss”), is a leading provider of offshore contract drilling services for the oil and gas industry. Our fleet of 79 mobile offshore drilling units consists of 14 semisubmersibles, 14 drillships, 49 jackups and two submersibles. Additionally, we have one floating production storage and offloading unit. Our fleet includes 11 units under construction as follows:

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

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

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

Noble Corporation, a Cayman Islands company (“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 recurring nature. The December 31, 2011 Consolidated Balance Sheets presented herein are derived from the December 31, 2011 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2011, 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 reclassified to conform to the current year presentation. In connection with a review of the “Other Assets” caption in our financial statements, we determined that drilling equipment replacements and upgrades should be included in “Property and equipment”. As a result, we reclassified these amounts in our consolidated balance sheet for the year ended December 31, 2011. This reclassification is immaterial to the prior period financial statements.

Note 2 — Consolidated Joint Ventures

We own a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell, PLC (“Shell”), for the construction and operation of our 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 interests are presented as noncontrolling interests on our Consolidated Balance Sheets.

In April 2011, the Bully joint venture partners entered into capital contribution agreements whereby capital calls up to a total of $360 million can be made for funds needed to complete the construction of the drillships. All contributions under these agreements were made during 2011 and the first quarter of 2012. No amounts remain available under these agreements.

At June 30, 2012, the combined carrying amount of the drillships was $1.4 billion, which was primarily funded through partners’ equity contributions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 3 — Share Data

Share capital

The following is a detail of Noble-Swiss’ authorized share capital as of June 30, 2012 and December 31, 2011:

	June 30,		December 31,
	2012		2011
Shares outstanding and trading		252,507		252,352
Treasury shares		569		287
Total shares outstanding		253,076		252,639
Treasury shares held for share-based compensation plans		13,074		13,511
Total shares authorized for issuance		266,150		266,150
Par value per share (in Swiss Francs)		3.15		3.41

Repurchased treasury shares are recorded at cost, and include both shares repurchased pursuant to our Board of Directors approved share repurchase program and shares surrendered by employees for taxes payable upon the vesting of restricted stock. The number of shares that we may hold in treasury is limited under Swiss law. At June 30, 2012, 6.8 million shares remained available for repurchase under the authorization by the Board of Directors noted above. No shares were repurchased under this authorization during the six months ended June 30, 2012.

Our Board of Directors may further increase Noble-Swiss’ share capital through the issuance of up to 133.1 million authorized registered shares without obtaining shareholder approval. The issuance of these authorized registered shares is subject to certain conditions regarding their use.

In April 2012, our shareholders approved the payment of a dividend funded from our capital contribution reserve aggregating $0.52 per share to be paid in four equal installments scheduled for August 2012, November 2012, February 2013 and May 2013. These dividends will require us to make cash payments of approximately $66 million in 2012, based on the number of shares currently outstanding. In connection with this approval and the resulting obligation to shareholders, we recorded dividends payable of approximately $133 million during the second quarter of 2012. Any additional issuances of shares would further increase our obligation.

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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,
	2012			2011			2012			2011
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	159,818		$	54,083		$	279,993		$	108,578
Earnings allocated to unvested share-based payment awards		(1,694	)		(572	)		(2,797	)		(1,083	)
Net income to common shareholders — basic	$	158,124		$	53,511		$	277,196		$	107,495
Diluted
Net income attributable to Noble Corporation	$	159,818		$	54,083		$	279,993		$	108,578
Earnings allocated to unvested share-based payment awards		(1,692	)		(572	)		(2,793	)		(1,082	)
Net income to common shareholders — diluted	$	158,126		$	53,511		$	277,200		$	107,496
Weighted average shares outstanding — basic		252,387			251,368			252,179			251,198
Incremental shares issuable from assumed exercise of stock options		358			700			425			737
Weighted average shares outstanding — diluted		252,745			252,068			252,604			251,935
Weighted average unvested share-based payment awards		2,704			2,688			2,555			2,554
Earnings per share
Basic	$	0.63		$	0.21		$	1.10		$	0.43
Diluted	$	0.63		$	0.21		$	1.10		$	0.43

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. At June 30, 2012, stock options totaling approximately 1.2 million were excluded from the diluted earnings per share as they were not dilutive as compared to 0.7 million at June 30, 2011.

Note 4 — Property and Equipment

Property and equipment, at cost, as of June 30, 2012 and December 31, 2011 consisted of the following:

	June 30,		December 31,
	2012		2011
Drilling equipment and facilities	$	12,572,630	$	10,974,943
Construction in progress		3,289,005		4,367,750
Other		193,533		197,485
	$	16,055,168	$	15,540,178

Capital expenditures, including capitalized interest, totaled $665 million and $1.4 billion for the six months ended June 30, 2012 and 2011, respectively. Capital expenditures for 2012 consisted of the following:

• $162 million for newbuild construction;

• $327 million for major projects, including $34 million in subsea related expenditures and $24 million to upgrade two drillships currently operating in Brazil;

• $99 million for other capitalized expenditures, including drilling equipment replacements and upgrades which generally have useful lives ranging from 3 to 5 years; and

• $77 million in capitalized interest.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Interest is capitalized on construction-in-progress at the weighted average cost of debt outstanding during the period of construction. Capitalized interest was $36 million and $77 million for the three and six months ended June 30, 2012, respectively, as compared to $29 million and $56 million for the three and six months ended June 30, 2011.

Note 5 — Loss on Impairment

During the second quarter of 2012, we determined that our submersible rig fleet, consisting of two cold stacked rigs, was partially impaired due to the declining market outlook for drilling services for this rig type. We estimated the fair value of the rigs based on the salvage value of the rigs and a recent transaction involving a similar unit owned by a peer company (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $13 million for the three months ended June 30, 2012.

Also, during the second quarter of 2012, we determined that certain corporate assets were partially impaired due to a declining market for, and the potential disposal of, the assets. We estimated the fair value of the asset based on recent transactions involving similar units in the market (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $5 million for the three months ended June 30, 2012.

Note 6 — Gain on Contract Settlements/Extinguishments, net

During the second quarter of 2012, we received approximately $5 million from the settlement of a claim relating to the Noble David Tinsley, which had experienced a “punch-through” while being positioned on location in 2009. We had originally recorded a $17 million charge during 2009 related to this incident. Additionally, during the second quarter of 2012, we settled an action against certain vendors for damages sustained during Hurricane Ike. We recognized a net gain of approximately $28 million related to this settlement. We also resolved all outstanding matters with Anadarko Petroleum Company (“Anadarko”) related to the previously disclosed force majeure action, Hurricane Ike matters and receivables relating to the Noble Amos Runner during the quarter.

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 connection with the cancellation 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 represented the unamortized fair value of the in-place contract at acquisition. As a result of the substitution, 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. We expect the actual substitution to take place in the third quarter of 2012 after the Noble Phoenix completes its shipyard work.

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, which we acquired in July 2010, 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 contains 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, 2012. While we recently received a favorable arbitration ruling, this matter has not been finally resolved and these receivables continue to be classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet at June 30, 2012. We believe that if BP were to be successful in claiming the contract void ab initio, we may have an indemnity claim against the former shareholders of Frontier. We have put the former shareholders of Frontier on notice of this potential claim. We can make no assurances as to the outcome of this dispute.

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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)

At June 30, 2012, we had receivables of approximately $14 million related to the Noble Max Smith, which are being disputed by our customer, Pemex Exploracion y Produccion (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet at June 30, 2012. The disputed amount relates to lost revenues due from Pemex for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts.

Note 8 — Debt

Total debt consisted of the following at June 30, 2012 and December 31, 2011:

	June 30,		December 31,
	2012		2011
Wholly-owned debt instruments:
5.875% Senior Notes due 2013	$	299,966	$	299,949
7.375% Senior Notes due 2014		249,722		249,647
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,945		299,938
2.50% Senior Notes due 2017		299,836		—
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,840		498,783
4.625% Senior Notes due 2021		399,503		399,480
3.95% Senior Notes due 2022		399,054		—
6.20% Senior Notes due 2040		399,891		399,890
6.05% Senior Notes due 2041		397,598		397,582
5.25% Senior Notes due 2042		498,244		—
Credit facilities		150,000		975,000
Total long-term debt	$	4,444,294	$	4,071,964

During June 2012, we replaced our $575 million credit facility, which was scheduled to mature in 2013, with a new $1.2 billion credit facility which matures in 2017. We continue to maintain our $600 million credit facility, which matures in 2015, which combined with our new facility, gives us a total borrowing capacity under the two facilities (together referred to as the “Credit Facilities”) of $1.8 billion. 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. At June 30, 2012, our ratio of debt to total tangible capitalization was 0.35. We were in compliance with all covenants under the Credit Facilities as of June 30, 2012.

The Credit Facilities provide us with the ability to issue up to $375 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, 2012, we had no letters of credit outstanding under the Credit Facilities.

In February 2012, we issued, through our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), $1.2 billion aggregate principal amount of senior notes in three separate tranches, with $300 million of 2.50% Senior Notes due 2017, $400 million of 3.95% Senior Notes due 2022, and $500 million of 5.25% Senior Notes due 2042. The weighted average coupon of all three tranches is 4.13%. The net proceeds of approximately $1.19 billion, after expenses, were primarily used to repay the then outstanding balance on our Credit Facilities.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Our 5.875% Senior Notes mature during the second quarter of 2013. We anticipate using availability under our Credit Facilities to repay the outstanding balance; therefore, we have continued to report the balance as long-term on our June 30, 2012 Consolidated Balance Sheet.

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, 2012, 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 2012, expect to remain in compliance during the year.

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 (Level 2 measurement). The following table presents the estimated fair value of our long-term debt as of June 30, 2012 and December 31, 2011.

	June 30, 2012				December 31, 2011
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Wholly-owned debt instruments
5.875% Senior Notes due 2013	$	299,966	$	312,362	$	299,949	$	317,586
7.375% Senior Notes due 2014		249,722		274,275		249,647		278,966
3.45% Senior Notes due 2015		350,000		367,465		350,000		363,571
3.05% Senior Notes due 2016		299,945		309,804		299,938		306,057
2.50% Senior Notes due 2017		299,836		303,649		—		—
7.50% Senior Notes due 2019		201,695		248,719		201,695		248,623
4.90% Senior Notes due 2020		498,840		538,532		498,783		531,437
4.625% Senior Notes due 2021		399,503		424,232		399,480		416,847
3.95% Senior Notes due 2022		399,054		404,017		—		—
6.20% Senior Notes due 2040		399,891		444,713		399,890		450,017
6.05% Senior Notes due 2041		397,598		436,205		397,582		443,308
5.25% Senior Notes due 2042		498,244		496,435		—		—
Credit Facilities		150,000		150,000		975,000		975,000
Total long-term debt	$	4,444,294	$	4,710,408	$	4,071,964	$	4,331,412

Note 9 — Income Taxes

At December 31, 2011, the reserves for uncertain tax positions totaled $118 million (net of related tax benefits of $8 million). At June 30, 2012, the reserves for uncertain tax positions totaled $115 million (net of related tax benefits of $8 million). If the June 30, 2012 reserves are not realized, the provision for income taxes would be reduced by $115 million in future periods.

It is possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next twelve months primarily due to 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 due to various uncertainties, such as the unresolved nature of various audits.

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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,
	2012						2011
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,111		$	2,375		$	1,153		$	2,152
Interest cost		1,350			2,164			1,440			2,143
Return on plan assets		(1,342	)		(2,793	)		(1,454	)		(2,768	)
Amortization of prior service cost		—			57			—			57
Amortization of transition obligation		—			—			19			—
Recognized net actuarial loss		201			1,793			123			843
Net pension expense	$	1,320		$	3,596		$	1,281		$	2,427
	Six Months Ended June 30,
	2012						2011
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,234		$	4,806		$	2,246		$	4,304
Interest cost		2,708			4,360			2,823			4,286
Return on plan assets		(2,688	)		(5,586	)		(2,857	)		(5,536	)
Amortization of prior service cost		—			114			—			113
Amortization of transition obligation		—			—			37			—
Recognized net actuarial loss		401			3,678			243			1,687
Net pension expense	$	2,655		$	7,372		$	2,492		$	4,854

During the three and six months ended June 30, 2012, we made contributions to our pension plans totaling $6 million and $10 million, respectively. We expect the funding to our non-U.S. and U.S. plans in 2012, subject to applicable law, to be approximately $21 million.

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 are we a party to leveraged derivatives. During the six months ended June 30, 2011, we maintained certain foreign currency 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 have historically maintained short-term forward contracts settling monthly in their respective local currencies. At June 30, 2012, we had no outstanding derivative contracts.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net unrealized gain/(loss) at beginning of period	$	(644	)	$	1,766		$	(3,061	)	$	1,970
Activity during period:
Settlement of foreign currency forward contracts during the period		644			(801	)		3,061			(1,382	)
Settlement of interest rate swaps during the period		—			—			—			(366	)
Net unrealized gain on outstanding foreign currency forward contracts		—			3,152			—			3,895
Net unrealized gain/(loss) at end of period	$	—		$	4,117		$	—		$	4,117

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, 2012 and December 31, 2011:

			Estimated fair value
	Balance  sheet classification		June 30, 2012		December 31, 2011
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts		Other current liabilities	$	—	$	3,061

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, 2012 and 2011:

	Gain/(loss) recognized through AOCL				Gain/(loss) reclassified from AOCL to “other income”					Gain/(loss) recognized through “other income”
	2012		2011		2012			2011		2012		2011
Cash flow hedges
Foreign currency forward contracts	$	—	$	3,152	$	(644	)	$	801	$	—	$	—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 six months ended June 30, 2012 and 2011:

	Gain/(loss)  recognized through AOCL				Gain/(loss) reclassified from AOCL to “other income”					Gain/(loss) recognized through “other income”
	2012		2011		2012			2011		2012		2011
Cash flow hedges
Foreign currency forward contracts	$	—	$	3,895	$	(3,061	)	$	1,382	$	—	$	—
Non-designated derivatives
Foreign currency forward contracts	$	—	$	—	$	—		$	—	$	—	$	(546	)

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, 2012								December 31, 2011
			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	$	5,247	$	5,247	$	—	$	—	$	4,701	$	4,701
Liabilities -
Foreign currency forward contracts	$	—	$	—	$	—	$	—	$	3,061	$	3,061

At the time of valuation, the derivative instruments were 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.

Note 13 — Commitments and Contingencies

The Noble Homer Ferrington was under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), which entered into an assignment agreement with BP for a two well farmout 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 was fully ready to operate under the drilling contract. The rig operated under farmout arrangements from March 2011 to the conclusion of the contract in the second quarter of 2012. 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. The arbitration process is proceeding, and we 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 should the arbitration panel ultimately rule in our favor.

21

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 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. No revenue has been recognized under this contract. We have contracted the rig for much of the original term with other customers. 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.

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, 2012, there were 26 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. The U.S. Internal Revenue Service (“IRS”) has completed its audit examination of our 2008 U.S. tax return and proposed adjustments and deficiencies with respect to certain items that were reported by us for the 2008 tax year. We believe that we have accurately reported all amounts in our 2008 tax return, and have filed protests with the IRS Office of Appeals contesting the examination team’s proposed adjustments. We intend to vigorously defend our reported positions. Our 2009 tax return is under audit, and we expect to receive additional Information Document Requests in the coming months. In addition, a U.S. subsidiary of Frontier is also under audit by the IRS 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 disagree with those assessments based on the technical merits of the positions established at the time of the filing of the tax return. 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. We cannot predict or provide assurance as to the ultimate outcome of the existing or future assessments.

Our Mexican income tax returns have been examined for the 2002 through 2007 periods and audit claims have been assessed for approximately $297 million (including interest and penalties). During 2011, we received from the Regional Chamber of the Federal Tax Court adverse decisions with respect to approximately $5 million in assessments related to depreciation deductions, which we are appealing. We are also contesting all other assessments in Mexico. Tax authorities in Mexico and other jurisdictions may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions.

Additional audit claims of approximately $75 million attributable to customs and other business taxes have been assessed against us in other jurisdictions. We have contested, or intend to contest, these assessments, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements.

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)

We maintain certain insurance coverage against specified marine perils which includes physical damage and loss of hire. Damage caused by hurricanes has negatively impacted the energy insurance market, resulting in more restrictive and expensive coverage for U.S. named windstorm perils. Accordingly, we have elected to significantly reduce the named windstorm insurance on our rigs operating in the U.S. Gulf of Mexico. Presently we insure the Noble Jim Thompson, Noble Amos Runner and Noble Driller for “total loss only” when caused by a named windstorm. Our customer assumes the risk of loss on the Noble Bully I due to a named windstorm event up to $450 million per occurrence pursuant to the terms of the drilling contract relating to such vessel, provided that we are responsible for the first $25 million per occurrence for such named windstorm events. The remaining rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. Our rigs located in the Mexico portion of the Gulf of Mexico remain covered by commercial insurance for windstorm damage. In addition, we maintain physical damage deductibles on our rigs ranging from $15 million to $25 million per occurrence, depending on location. 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.

In January 2012, we were assessed a fine by the Brazilian government in the amount of R$1.8 million (approximately $900,000) in connection with the inadvertent discharge of drilling fluid from one of our rigs offshore Brazil in September 2011. We have accepted the assessment.

In October 2011, we were assessed a fine by the Brazilian government in the amount of R$238,000 (approximately $120,000) in connection with the inadvertent discharge of drilling fluid from one of our rigs offshore Brazil in November 2010. We have accepted the assessment.

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 $3.1 billion at June 30, 2012.

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.

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)

Nigerian Operations

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 previously informed the Nigerian Content Division of its position that we were 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 previously 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.

As previously disclosed, in November 2010 we finalized settlements with the SEC and the Department of Justice as the result 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 January 2011, a subsidiary of Noble-Swiss resolved an investigation by the Nigerian Economic and Financial Crimes Commission and the Nigerian Attorney General Office into these same activities. Any additional investigation by these or other agencies 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 additional investigations could be expensive and consume significant time and attention of our senior management.

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 U.S. Gulf of Mexico, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India and the Asian Pacific.

24

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 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, 2012 and 2011 for Noble-Swiss and Noble-Cayman are shown in the following table. The “Other” column includes results of labor contract drilling services in Canada and Alaska, as well as corporate related items.

	Noble-Swiss
	Three Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	878,372		$	20,551		$	898,923		$	612,845		$	15,152		$	627,997
Depreciation and amortization		180,112			3,503			183,615			159,843			3,276			163,119
Segment operating income / (loss)		246,161			(1,666	)		244,495			77,309			1,736			79,045
Interest expense, net of amount capitalized		(105	)		(20,547	)		(20,652	)		(683	)		(14,146	)		(14,829	)
Income tax (provision) / benefit		(51,098	)		4,742			(46,356	)		(11,418	)		1,910			(9,508	)
Segment profit / (loss)		178,094			(18,276	)		159,818			64,939			(10,856	)		54,083
Total assets (at end of period)		13,483,083			552,933			14,036,016			12,046,536			391,702			12,438,238

	Noble-Cayman
	Three Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	878,372		$	20,551		$	898,923		$	612,845		$	15,152		$	627,997
Depreciation and amortization		180,112			2,991			183,103			159,843			2,793			162,636
Segment operating income		248,065			8,783			256,848			83,833			9,209			93,042
Interest expense, net of amount capitalized		(105	)		(20,547	)		(20,652	)		(683	)		(14,146	)		(14,829	)
Income tax (provision) / benefit		(51,098	)		5,121			(45,977	)		(11,418	)		2,261			(9,157	)
Segment profit / (loss)		179,998			(7,028	)		172,970			71,463			(2,645	)		68,818
Total assets (at end of period)		13,483,083			514,241			13,997,324			12,046,536			353,149			12,399,685

25

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)

	Noble-Swiss
	Six Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,659,615		$	36,998		$	1,696,613		$	1,177,499		$	29,386		$	1,206,885
Depreciation and amortization		348,060			6,632			354,692			314,731			6,510			321,241
Segment operating income		386,428			1,710			388,138			162,025			3,284			165,309
Interest expense, net of amount capitalized		(194	)		(30,954	)		(31,148	)		(1,768	)		(32,102	)		(33,870	)
Income tax (provision) / benefit		(73,698	)		5,753			(67,945	)		(30,281	)		5,414			(24,867	)
Segment profit / (loss)		303,578			(23,585	)		279,993			131,819			(23,241	)		108,578
Total assets (at end of period)		13,483,083			552,933			14,036,016			12,046,536			391,702			12,438,238

	Noble-Cayman
	Six Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,659,615		$	36,998		$	1,696,613		$	1,177,499		$	29,386		$	1,206,885
Depreciation and amortization		348,060			5,616			353,676			314,731			5,560			320,291
Segment operating income		393,197			21,779			414,976			174,080			18,408			192,488
Interest expense, net of amount capitalized		(194	)		(30,954	)		(31,148	)		(1,768	)		(32,102	)		(33,870	)
Income tax (provision) / benefit		(73,698	)		6,510			(67,188	)		(30,281	)		6,099			(24,182	)
Segment profit / (loss)		310,347			(2,725	)		307,622			143,874			(7,396	)		136,478
Total assets (at end of period)		13,483,083			514,241			13,997,324			12,046,536			353,149			12,399,685

Note 15 — Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, which amends FASB Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures.” This amended guidance clarifies 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. Our adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In June 2011, the FASB issued ASU No. 2011-05, which amends ASC Topic 220, “Comprehensive Income.” This ASU 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. Our adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

26

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,
	2012			2011			2012			2011
Accounts receivable	$	(87,244	)	$	(122,605	)	$	(87,244	)	$	(122,572	)
Other current assets		(82,590	)		(55,141	)		(85,357	)		(46,895	)
Other assets		(10,452	)		(13,344	)		(10,454	)		(15,821	)
Accounts payable		9,776			(17,020	)		8,804			(17,050	)
Other current liabilities		(2,282	)		1,544			(1,997	)		(11,283	)
Other liabilities		33,608			16,030			33,608			16,004
	$	(139,184	)	$	(190,536	)	$	(142,640	)	$	(197,617	)

Note 17 — Guarantees of Registered Securities

Noble-Cayman, or one or more subsidiaries of Noble-Cayman, are a co-issuer or guarantor or otherwise obligated as of June 30, 2012 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor(s)
$300 million 5.875% Senior Notes due 2013	Noble-Cayman	Noble Drilling Corporation (“NDC”)
		NHIL
$250 million 7.375% Senior Notes due 2014	NHIL	Noble-Cayman
$350 million 3.45% Senior Notes due 2015	NHIL	Noble-Cayman
$300 million 3.05% Senior Notes due 2016	NHIL	Noble-Cayman
$300 million 2.50% Senior Notes due 2017	NHIL	Noble-Cayman
$202 million 7.50% Senior Notes due 2019	NDC	Noble-Cayman
	Noble Drilling Services 6 LLC (“NDS6”)	Noble Holding (U.S.) Corporation (“NHC”)
		Noble Drilling Holding LLC (“NDH”)
$500 million 4.90% Senior Notes due 2020	NHIL	Noble-Cayman
$400 million 4.625% Senior Notes due 2021	NHIL	Noble-Cayman
$400 million 3.95% Senior Notes due 2022	NHIL	Noble-Cayman
$400 million 6.20% Senior Notes due 2040	NHIL	Noble-Cayman
$400 million 6.05% Senior Notes due 2041	NHIL	Noble-Cayman
$500 million 5.25% Senior Notes due 2042	NHIL	Noble-Cayman

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.

27

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2012

(in thousands)

													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	$	95	$	331		$	—		$	4	$	—	$	267,440		$	—		$	267,870
Accounts receivable		—		15,595			3,325			—		—		674,613			—			693,533
Taxes receivable		—		4,566			—			—		—		93,179			—			97,745
Prepaid expenses		—		502			9			—		—		76,119			—			76,630
Short-term notes receivable from affiliates		—		119,476			—			—		—		234,992			(354,468	)		—
Accounts receivable from affiliates		761,630		130,097			973,381			563,640		39,829		5,340,324			(7,808,901	)		—
Other current assets		516		641			196			—		—		141,188			—			142,541
Total current assets		762,241		271,208			976,911			563,644		39,829		6,827,855			(8,163,369	)		1,278,319
Property and equipment, at cost		—		2,326,256			74,856			—		—		13,618,432			—			16,019,544
Accumulated depreciation		—		(285,259	)		(56,410	)		—		—		(3,284,603	)		—			(3,626,272	)
Property and equipment, net		—		2,040,997			18,446			—		—		10,333,829			—			12,393,272
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,578,007			(11,604,391	)		—
Investments in affiliates		7,322,022		9,407,807			3,418,778			7,016,530		2,219,318		—			(29,384,455	)		—
Other assets		6,745		554			435			27,584		820		289,595			—			325,733
Total assets	$	11,907,471	$	12,926,566		$	4,414,570		$	11,132,572	$	2,739,074	$	20,029,286		$	(49,152,215	)	$	13,997,324
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	73,168	$	51,054		$	110,770		$	—	$	—	$	119,476		$	(354,468	)	$	—
Accounts payable		—		3,141			555			—		—		272,702			—			276,398
Accrued payroll and related costs		—		4,530			7,223			—		—		105,284			—			117,037
Accounts payable to affiliates		900,919		4,342,182			3,741			138,782		53,235		2,370,042			(7,808,901	)		—
Interest payable		1,548		—			—			67,248		4,412		—			—			73,208
Taxes payable		—		9,595			—			—		—		75,298			—			84,893
Other current liabilities		—		—			241			—		—		108,435			—			108,676
Total current liabilities		975,635		4,410,502			122,530			206,030		57,647		3,051,237			(8,163,369	)		660,212
Long-term debt		449,966		—			—			3,792,633		201,695		—			—			4,444,294
Notes payable to affiliates		2,855,394		1,039,500			—			975,000		1,342,000		5,392,497			(11,604,391	)		—
Deferred income taxes		—		—			15,731			—		—		222,314			—			238,045
Other liabilities		19,929		17,361			—			—		—		269,107			—			306,397
Total liabilities		4,300,924		5,467,363			138,261			4,973,663		1,601,342		8,935,155			(19,767,760	)		5,648,948
Commitments and contingencies
Total shareholder equity		7,606,547		7,459,203			4,276,309			6,158,909		1,137,732		10,352,302			(29,384,455	)		7,606,547
Noncontrolling interest		—		—			—			—		—		741,829			—			741,829
Total equity		7,606,547		7,459,203			4,276,309			6,158,909		1,137,732		11,094,131			(29,384,455	)		8,348,376
Total liabilities and equity	$	11,907,471	$	12,926,566		$	4,414,570		$	11,132,572	$	2,739,074	$	20,029,286		$	(49,152,215	)	$	13,997,324

28

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2011

(in thousands)

													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	$	146	$	385		$	—		$	—	$	—	$	234,525		$	—		$	235,056
Accounts receivable		—		10,810			3,371			—		—		572,982			—			587,163
Taxes receivable		—		4,566			—			—		—		70,718			—			75,284
Prepaid expenses		—		453			19			—		—		32,633			—			33,105
Short-term notes receivable from affiliates		—		119,476			—			—		—		122,298			(241,774	)		—
Accounts receivable from affiliates		1,683,740		99,202			879,581			159,132		33,905		6,372,657			(9,228,217	)		—
Other current assets		—		643			196			93		—		119,177			—			120,109
Total current assets		1,683,886		235,535			883,167			159,225		33,905		7,524,990			(9,469,991	)		1,050,717
Property and equipment, at cost		—		2,737,764			75,001			—		—		12,693,229			—			15,505,994
Accumulated depreciation		—		(232,621	)		(54,599	)		—		—		(3,117,369	)		—			(3,404,589	)
Property and equipment, net		—		2,505,143			20,402			—		—		9,575,860			—			12,101,405
Notes receivable from affiliates		3,842,062		675,000			—			2,336,527		572,107		2,678,192			(10,103,888	)		—
Investments in affiliates		6,969,201		9,101,938			3,450,212			6,605,771		2,141,450		—			(28,268,572	)		—
Other assets		3,230		473			483			18,548		880		281,669			—			305,283
Total assets	$	12,498,379	$	12,518,089		$	4,354,264		$	9,120,071	$	2,748,342	$	20,060,711		$	(47,842,451	)	$	13,457,405
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	72,298	$	50,000		$	—		$	—	$	—	$	119,476		$	(241,774	)	$	—
Accounts payable		—		5,577			985			—		—		429,167			—			435,729
Accrued payroll and related costs		—		2,897			6,518			—		—		99,493			—			108,908
Accounts payable to affiliates		2,079,719		4,166,021			27,341			112,953		34,107		2,808,076			(9,228,217	)		—
Interest payable		1,891		—			—			48,116		4,412		—			—			54,419
Taxes payable		—		10,032			—			—		—		81,158			—			91,190
Other current liabilities		—		—			240			—		—		123,159			—			123,399
Total current liabilities		2,153,908		4,234,527			35,084			161,069		38,519		3,660,529			(9,469,991	)		813,645
Long-term debt		1,274,949		—			—			2,595,320		201,695		—			—			4,071,964
Notes payable to affiliates		1,667,291		1,147,500			85,000			975,000		811,000		5,418,097			(10,103,888	)		—
Deferred income taxes		—		—			15,731			—		—		227,060			—			242,791
Other liabilities		19,929		24,878			—			—		—		210,565			—			255,372
Total liabilities		5,116,077		5,406,905			135,815			3,731,389		1,051,214		9,516,251			(19,573,879	)		5,383,772
Commitments and contingencies
Total shareholder equity		7,382,302		7,111,184			4,218,449			5,388,682		1,697,128		9,853,129			(28,268,572	)		7,382,302
Noncontrolling interest		—		—			—			—		—		691,331			—			691,331
Total equity		7,382,302		7,111,184			4,218,449			5,388,682		1,697,128		10,544,460			(28,268,572	)		8,073,633
Total liabilities and equity	$	12,498,379	$	12,518,089		$	4,354,264		$	9,120,071	$	2,748,342	$	20,060,711		$	(47,842,451	)	$	13,457,405

29

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2012

(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	$	—		$	38,348		$	4,819		$	—		$	—		$	824,684		$	(19,614	)	$	848,237
Reimbursables		—			502			—			—			—			30,310			—			30,812
Labor contract drilling services		—			—			—			—			—			19,863			—			19,863
Other		—			—			—			—			—			943			(932	)		11
Total operating revenues		—			38,850			4,819			—			—			875,800			(20,546	)		898,923
Operating costs and expenses
Contract drilling services		1,256			14,375			1,839			18,779			—			405,895			(20,546	)		421,598
Reimbursables		—			338			—			—			—			24,632			—			24,970
Labor contract drilling services		—			—			—			—			—			11,847			—			11,847
Depreciation and amortization		—			15,238			1,061			—			—			166,804			—			183,103
Selling, general and administrative		454			1,465			—			9,618			—			3,930			—			15,467
Loss on impairment		—			—			—			—			—			18,345			—			18,345
Gain on contract settlements/extinguishments, net		—			(4,869	)		—			—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		1,710			26,547			2,900			28,397			—			603,067			(20,546	)		642,075
Operating income (loss)		(1,710	)		12,303			1,919			(28,397	)		—			272,733			—			256,848
Other income (expense)
Equity earnings in affiliates, net of tax		197,409			154,580			10,078			230,830			69,542			—			(662,439	)		—
Interest expense, net of amounts capitalized		(25,294	)		(14,003	)		(842	)		(29,494	)		(11,405	)		(20,076	)		80,462			(20,652	)
Interest income and other, net		2,565			10,867			(21	)		32,925			2,815			32,919			(80,462	)		1,608
Income before income taxes		172,970			163,747			11,134			205,864			60,952			285,576			(662,439	)		237,804
Income tax provision		—			(13,487	)		—			—			—			(32,490	)		—			(45,977	)
Net Income		172,970			150,260			11,134			205,864			60,952			253,086			(662,439	)		191,827
Net income attributable to noncontrolling interests		—			—			—			—			—			(18,857	)		—			(18,857	)
Net income attributable to Noble Corporation		172,970			150,260			11,134			205,864			60,952			234,229			(662,439	)		172,970
Other comprehensive loss, net		(4,901	)		—			—			—			—			(4,901	)		4,901			(4,901	)
Comprehensive income attributable to Noble Corporation	$	168,069		$	150,260		$	11,134		$	205,864		$	60,952		$	229,328		$	(657,538	)	$	168,069

30

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2012

(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	$	—		$	81,339		$	9,880		$	—		$	—		$	1,542,760		$	(39,432	)	$	1,594,547
Reimbursables		—			5,810			—			—			—			60,143			—			65,953
Labor contract drilling services		—			—			—			—			—			35,871			—			35,871
Other		—			—			—			—			—			1,174			(932	)		242
Total operating revenues		—			87,149			9,880			—			—			1,639,948			(40,364	)		1,696,613
Operating costs and expenses
Contract drilling services		2,439			28,694			3,610			36,412			—			805,953			(40,364	)		836,744
Reimbursables		—			5,425			—			—			—			50,146			—			55,571
Labor contract drilling services		—			—			—			—			—			21,079			—			21,079
Depreciation and amortization		—			30,077			2,097			—			—			321,502			—			353,676
Selling, general and administrative		811			2,811			—			18,437			—			7,418			—			29,477
Loss on impairment		—			—			—			—			—			18,345			—			18,345
Gain on contract settlements/extinguishments, net		—			(4,869	)		—			—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		3,250			62,138			5,707			54,849			—			1,196,057			(40,364	)		1,281,637
Operating income (loss)		(3,250	)		25,011			4,173			(54,849	)		—			443,891			—			414,976
Other income (expense)
Equity earnings in affiliates, net of tax		352,821			289,165			55,880			410,758			145,403			—			(1,254,027	)		—
Interest expense, net of amounts capitalized		(45,900	)		(28,917	)		(2,188	)		(50,466	)		(19,188	)		(39,972	)		155,483			(31,148	)
Interest income and other, net		3,951			18,691			(5	)		62,179			5,925			67,749			(155,483	)		3,007
Income before income taxes		307,622			303,950			57,860			367,622			132,140			471,668			(1,254,027	)		386,835
Income tax provision		—			(22,263	)		—			—			—			(44,925	)		—			(67,188	)
Net Income		307,622			281,687			57,860			367,622			132,140			426,743			(1,254,027	)		319,647
Net income attributable to noncontrolling interests		—			—			—			—			—			(12,025	)		—			(12,025	)
Net income attributable to Noble Corporation		307,622			281,687			57,860			367,622			132,140			414,718			(1,254,027	)		307,622
Other comprehensive loss, net		(1,140	)		—			—			—			—			(1,140	)		1,140			(1,140	)
Comprehensive income attributable to Noble Corporation	$	306,482		$	281,687		$	57,860		$	367,622		$	132,140		$	413,578		$	(1,252,887	)	$	306,482

31

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 income 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
Other comprehensive income, net		4,415			—			—			—			—			4,415			(4,415	)		4,415
Comprehensive income attributable to Noble Corporation	$	73,233		$	71,200		$	19,289		$	94,353		$	66,716		$	118,999		$	(370,557	)	$	73,233

32

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 income 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
Other comprehensive income, net		7,904			—			—			—			—			7,904			(7,904	)		7,904
Comprehensive income attributable to Noble Corporation	$	144,382		$	104,582		$	35,551		$	116,780		$	96,657		$	247,377		$	(600,947	)	$	144,382

33

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2012

(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	$	(39,135	)	$	8,929		$	4,457		$	(32,947	)	$	(13,203	)	$	623,600		$	—		$	551,701
Cash flows from investing activities
Capital expenditures		—			(182,619	)		(306	)		—			—			(480,775	)		—			(663,700	)
Change in accrued capital expenditures		—			—			—			—			—			(159,134	)		—			(159,134	)
Notes receivable from affiliates		—			—			—			(1,188,287	)		—			—			1,188,287			—
Net cash from investing activities		—			(182,619	)		(306	)		(1,188,287	)		—			(639,909	)		1,188,287			(822,834	)
Cash flows from financing activities
Borrowings on bank credit facilities		325,000			—			—			—			—			—			—			325,000
Repayments on bank credit facilities		(1,150,000	)		—			—			—			—			—			—			(1,150,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,186,636			—			—			—			1,186,636
Contributions from joint venture partners		—			—			—			—			—			40,000			—			40,000
Financing costs on credit facilities		(5,014	)		—			—			—			—			—			—			(5,014	)
Distributions to parent		(92,675	)		—			—			—			—			—			—			(92,675	)
Advances (to) from affiliates		(226,514	)		173,636			(4,151	)		34,602			13,203			9,224			—			—
Notes payable to affiliates		1,188,287			—			—			—			—			—			(1,188,287	)		—
Net cash from financing activities		39,084			173,636			(4,151	)		1,221,238			13,203			49,224			(1,188,287	)		303,947
Net change in cash and cash equivalents		(51	)		(54	)		—			4			—			32,915			—			32,814
Cash and cash equivalents, beginning of period		146			385			—			—			—			234,525			—			235,056
Cash and cash equivalents, end of period	$	95		$	331		$	—		$	4		$	—		$	267,440		$	—		$	267,870

34

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	)	$	23,361		$	2,591		$	(43,770	)	$	(10,840	)	$	306,119		$	—		$	246,477
Cash flows from investing activities
Capital expenditures		—			(846,292	)		(197	)		—			—			(564,793	)		—			(1,411,282	)
Change in accrued capital expenditures		—			—			—			—			—			(51,500	)		—			(51,500	)
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			(846,292	)		(197	)		—			—			(506,651	)		(111,000	)		(1,444,140	)
Cash flows from financing activities
Borrowings on bank credit facilities		625,000			—			—			—			—			—			—			625,000
Repayments on 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 costs on credit facilities		(2,835	)		—			—			—			—			—			—			(2,835	)
Distributions to parent		(94,291	)		—			—			—			—			—			—			(94,291	)
Advances (to) from affiliates		(238,391	)		840,576			32,606			(1,044,063	)		10,840			398,432			—			—
Notes payable to affiliates		(38,500	)		(17,500	)		(35,000	)		—			—			(20,000	)		111,000			—
Net cash from financing activities		10,983			823,076			(2,394	)		43,770			10,840			91,906			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

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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, 2012, and our results of operations for the three and six months ended June 30, 2012 and 2011. 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, 2011 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 contract backlog, fleet status, our financial position, business strategy, timing or results of acquisitions or dispositions, repayment of debt, borrowings under our Credit Facilities (as defined below), 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 and upgrade of rigs, industry conditions including the effect of disruptions of drilling in the U.S. Gulf of Mexico, access to financing, impact of competition, governmental regulations and permitting, availability of labor, worldwide economic conditions, taxes and tax rates, 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, 2011, our Quarterly Reports on Form 10-Q 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-Swiss is a leading provider of offshore contract drilling services for the oil and gas industry. Our fleet of 79 mobile offshore drilling units consists of 14 semisubmersibles, 14 drillships, 49 jackups and two submersibles. Additionally, we have one floating production storage and offloading unit. Our fleet includes 11 units under construction as follows:

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

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

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

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Outlook

During the first six months of 2012, we continued to see stability in the offshore drilling market even as underlying commodity markets were volatile. In the U.S. Gulf of Mexico, the granting of permits and publication of new safety rules has led to more stable activity levels within the industry, especially as it relates to the deepwater markets. The continued stable activity has led to greater investment and has contributed to an improvement in dayrates for deepwater and ultra-deepwater rigs worldwide. While there are still risks, including potential third party environmental lawsuits targeting the permitting process, possible new drilling regulations, a failure of the federal agencies of the U.S. government 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, we believe the potential for these risks will be reduced as long as rigs continue to work without incident in the U.S. Gulf of Mexico.

There continues to be uncertainty regarding the sustainability of the global economic recovery, which is proceeding unevenly in different geographic regions. In addition to political instability in certain oil producing nations in the Middle East and North Africa, there is also uncertainty regarding recovery in the credit markets, particularly in Europe, which some analysts predict could be the catalyst for a worldwide recession. As a result, oil prices during 2012 have been volatile. Supply side concerns in response to continued political unrest in the Middle East and North Africa are weighed against global recession fears. Natural gas prices in the United States continue to be at low levels based on current oversupply. We believe these competing factors will impact the volatility in the offshore drilling market and the prices of oil and gas commodities for the foreseeable future.

Despite the instability in the global economy and commodity prices noted above, the market for offshore drilling services has continued the upward trend that began in 2011. We believe both the short-term and long-term outlook for the deep and ultra-deepwater markets continues to strengthen. Market dayrates for new ultra-deepwater units remain generally above $500,000, which is higher than rates seen in recent years. A number of fixtures have exceeded $550,000, and in certain cases even exceeded $600,000. Our market analysis indicates that there is little, if any, availability of ultra-deepwater units for 2012, and 2013 availability is rapidly decreasing. Utilization rates for jackup units stabilized in 2011, and improved in most regions during the first half of 2012. While we currently have certain jackup rigs idle, we have seen tangible market activity and anticipate a favorable environment for these rigs in the short-term. We continue to see differentiation in the jackup market with newer units having utilization rates and dayrates exceeding those for units that entered service before 2000. However, we continue to see improvement in the older jack-up market with increased utilization and competitive dayrates. While we have several of these units idle, we have seen tangible market activity and are actively pursuing a number of opportunities for these rigs.

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 regarding 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 and lower oil and gas prices result in reduced demand for our services. Demand for our services is also a function of the worldwide supply of mobile offshore drilling units. Industry analysts widely report that a significant expansion of industry supply of both jackups and ultra-deepwater units is underway. 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.

We currently have twelve rigs contracted in Mexico with Pemex Exploracion y Produccion (“Pemex”), and three of these rigs have contracts scheduled to expire in the fourth quarter of 2012. Pemex continues to tender for additional jackup rigs as it attempts to increase the number of working 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 continue to secure long-term work with Pemex.

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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 are designed to enhance the reliability and operational performance of these drillships. During the first quarter of 2012, the Noble Leo Segerius completed the shipyard portion of its reliability upgrade and departed the shipyard in Brazil for seatrials, final commissioning and customer acceptance activities. The Noble Leo Segerius is currently scheduled to return to work in the third quarter of 2012. The Noble Roger Eason entered the shipyard for its reliability upgrade in the second quarter of 2012, which is expected to take approximately 300 days to complete. 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.

Results and Strategy

Our business strategy focuses on the active expansion of our fleet through construction, upgrades and modifications, and acquisitions of drilling units, as well as the deployment of our drilling assets in important oil and gas producing areas. 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 upgrade our fleet to achieve greater technological capability, which we believe will lead to increased drilling efficiencies.

We may dispose of some, or all, of our lower specification units and related assets and operations in one or more transactions. These dispositions may include sales of assets to third parties, a spin-off or other distribution or separation of assets. In analyzing any disposition, we will consider the strategic benefit of the potential transaction while seeking to secure what we consider appropriate value to our shareholders. To date, no potential disposition has provided the results we seek. The drilling market for lower specification units has recently improved. While we expect the increased utilization and dayrates experienced in most regions for these assets to contribute positively to our overall results under current market conditions, we do continue to analyze strategic options for these lower specification units. We can provide no assurance as to whether, or when, any disposition transaction will occur or what form it may take.

At June 30, 2012, we continued our newbuild strategy with the following 11 projects:

• one dynamically positioned, ultra-deepwater, harsh environment Globetrotter-class drillship, which is scheduled to be delivered to our customer in the fourth quarter of 2013;

• four dynamically positioned, ultra-deepwater, harsh environment drillships at Hyundai Heavy Industries Co. Ltd. (“HHI”), the first of which is estimated to be delivered from the shipyard to begin acceptance testing in the second quarter of 2013; and

• six high-specification heavy duty, harsh environment jackup rigs, the first of which is estimated to be delivered from the shipyard to begin acceptance testing in the first quarter of 2013.

Of our 11 rigs under construction as of June 30, 2012, two of the drillships are committed for five years or more. We also recently received an 18-month contract on one jackup, the Noble Regina Allen, and a three-year contract on one drillship, the Noble Bob Douglas. The remaining rigs are currently being constructed without contracts.

While we cannot predict the future level of demand or dayrates 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 our newbuild program will further strengthen our position, especially in the ultra-deepwater and high-specification jackup markets.

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In the second quarter of 2012, we recognized net income attributable to Noble-Swiss of $160 million, or $0.63 per diluted share, on total revenues of $899 million. Sequential results of key metrics are as follows:

	Three Months Ended
	June 30,			March 31,
	2012			2012
Average dayrate	$	181,663		$	167,124
Average utilization		76	%		74	%
Daily contract drilling services costs	$	90,699		$	94,055
Contract drilling services margin		50	%		44	%

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, 2012, 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		2012 (1)			2013			2014			2015			2016-2023
	(In millions)
Contract Drilling Services Backlog
Semisubmersibles/Drillships (2) (4) (6)	$	12,255	$	1,219		$	2,591		$	2,459		$	1,613		$	4,373
Jackups/Submersibles (3)		2,159		639			927			496			97			—
Total (4)	$	14,414	$	1,858		$	3,518		$	2,955		$	1,710		$	4,373
Percent of Available Operating Days Committed (5)				79	%		61	%		40	%		17	%		4	%

(1) Represents a six-month period beginning July 1, 2012.

(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 offshore Brazil for Petrobras, we (a) have not included in our backlog any performance bonuses for periods prior to the commencement of certain upgrade projects planned for 2012 and 2013, which projects are designed to enhance the reliability and operational performance of these 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 $220 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 letters of intent for the Noble Don Taylor and Noble Max Smith, 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 50 percent of the potential performance bonuses for these rigs, except for the Noble Clyde Boudreaux, while it is working in Brazil, where limited bonus is expected. Our backlog for these rigs includes approximately $418 million attributable to these performance bonuses.

(3) Pemex has the ability to cancel its drilling contracts on 30 days or less notice without requiring an early termination payment by Pemex. As of June 30, 2012, we had 12 rigs contracted to Pemex in Mexico, and our backlog includes approximately $790 million related to such contracts at June 30, 2012.

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(4) Our drilling contracts generally provide the customer an early termination right in the event we fail to meet certain performance standards, including downtime thresholds. For example, Petrobras has the right to terminate its contracts in the event of excessive downtime. While we have exceeded downtime thresholds on the Noble Dave Beard and the Noble Paul Wolff, we have not received any notification concerning contract cancellations to date nor do we anticipate receiving any such notifications.

(5) Percentages take into account additional capacity from the estimated dates of deployment of our newbuild rigs that are scheduled to commence operations during 2012 through 2015.

(6) Noble and a subsidiary of Shell are involved in joint venture agreements to own and operate 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, 2012, the combined amount of backlog for these rigs totaled $2.5 billion, all of which is included in our backlog. Noble’s proportionate interest in the backlog for these rigs was $1.2 billion.

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, bonuses and other factors that result in applicable dayrates lower than the full contractual operating dayrate. In addition, amounts included in the backlog may change as a result of government-imposed restrictions or delays in the issuance of drilling permits. Furthermore, 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, 2012, we estimate Shell and Petrobras represented approximately 64% and 16%, respectively, of our backlog.

Nigerian Operations

As previously disclosed, in November 2010 we finalized settlements with the SEC and the Department of Justice as the result 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 January 2011, a subsidiary of Noble-Swiss resolved an investigation by the Nigerian Economic and Financial Crimes Commission and the Nigerian Attorney General Office into these same activities. Any additional investigation by these or other agencies 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 additional investigations could be expensive and consume significant time and attention of our senior management.

As of June 30, 2012, our three rigs operating in Nigeria were operating under temporary import permits. To date, we have been successful in obtaining new, or extending existing, 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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In April 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 (“NCDMB”) to implement and monitor the law and develop regulations pursuant to the law. The NCDMB has indicated that it will require all non-Nigerian offshore drilling companies to reorganize their local operations to include Nigerian indigenous minority interests in the operating assets and to obtain the approval of the NCDMB for future work in Nigeria. The NCDMB actively monitors awards for future work and reviews plans for local content and development of Nigerian interests. The law also established a Nigerian Content Development Fund to fund the implementation of the law, and requires that one percent of the value of every contract awarded in the Nigerian oil and gas industry be paid into the fund. We cannot predict what impact the law may have on our existing or future operations in Nigeria, but the effect on our operations there could be significant.

Results of Operations

For the Three Months Ended June 30, 2012 and 2011

Net income attributable to Noble Corporation (“Noble-Swiss”) for the three months ended June 30, 2012 (the “Current Quarter”) was $160 million, or $0.63 per diluted share, on operating revenues of $899 million, compared to net income for the three months ended June 30, 2011 (the “Comparable Quarter”) of $54 million, or $0.21 per diluted share, on operating revenues of $628 million.

The consolidated financial statements of Noble-Swiss include the accounts of Noble-Cayman; 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 2012 and 2011, 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, 2012 was $12 million higher than operating income for Noble-Swiss for the same period. The operating income difference is primarily a result of executive costs directly attributable to Noble-Swiss for operations support and 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, 2012 and 2011:

	Average Rig						Operating							Average
	Utilization (1)						Days (2)							Dayrates
	Three Months Ended June 30,						Three Months Ended June 30,							Three Months Ended June 30,
	2012			2011			2012		2011		% Change			2012		2011		% Change
Jackups		79	%		71	%		3,073		2,797		10	%	$	97,612	$	80,742		21	%
Semisubmersibles		88	%		85	%		1,127		1,088		4	%		349,163		269,798		29	%
Drillships		65	%		58	%		469		317		48	%		329,761		220,953		49	%
Other		0	%		0	%		—		—		—			—		—		—
Total		76	%		70	%		4,669		4,202		11	%	$	181,663	$	140,296		29	%

(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, 2012 and 2011 (in thousands):

	Three Months Ended
	June 30,					Change
	2012			2011		$			%
Operating revenues:
Contract drilling services	$	848,237		$	589,550	$	258,687			44	%
Reimbursables (1)		30,124			22,982		7,142			31	%
Other		11			313		(302	)		-96	%
	$	878,372		$	612,845	$	265,527			43	%
Operating costs and expenses:
Contract drilling services	$	423,502		$	336,728	$	86,774			26	%
Reimbursables (1)		24,307			17,606		6,701			38	%
Depreciation and amortization		180,112			159,843		20,269			13	%
Selling, general and administrative		24,835			21,359		3,476			16	%
Loss on impairment		12,710			—		12,710			**
Gain on contract settlements/extinguishments, net		(33,255	)		—		(33,255	)		**
		632,211			535,536		96,675			18	%
Operating income	$	246,161		$	77,309	$	168,852			218	%

(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 — Changes in contract drilling services revenues for the Current Quarter as compared to the Comparable Quarter were driven by increases in both average dayrates and operating days. The 29 percent increase in average dayrates increased revenue by $193 million while the 11 percent increase in operating days increased revenues by approximately $66 million.

The change in contract drilling services revenues relates to our semisubmersibles, drillships and jackups, which generated approximately $100 million, $85 million and $74 million more revenue, respectively, in the Current Quarter.

The 29 percent increase in semisubmersible average dayrates resulted in an $89 million increase in revenues from the Comparable Quarter while the four percent increase in operating days resulted in an additional $11 million increase in revenues. The increase in semisubmersibles revenue is a result of our rigs returning to standard operating dayrates after experiencing lower standby rates due to drilling restrictions in the U.S. Gulf of Mexico in the Comparable Quarter, as well as the Noble Paul Romano returning to work after being stacked in the Comparable Quarter. The increase in operating days is primarily from the Noble Jim Day, the Noble Homer Ferrington, the Noble Paul Romano and the Noble Clyde Boudreaux, which all operated at full capacity during the Current Quarter after being off contract for the majority of the Comparable Quarter.

The increase in drillship revenues was driven by a 49 percent increase in average dayrates and a 48 percent increase in operating days, resulting in a $51 million and a $34 million increase in revenues, respectively, from the Comparable Quarter. The increase in both average dayrates and operating days was the result of the Noble Bully I and Noble Bully II, which commenced their contracts with Shell in March 2012 and April 2012, respectively.

The 21 percent increase in jackup average dayrates resulted in a $52 million increase in revenues, which was coupled with a 10 percent increase in jackup operating days, resulting in a $22 million increase in revenues from the Comparable Quarter. The increase in average dayrates resulted from improved market conditions in the global shallow water market throughout the jackup fleet. The increase in utilization primarily related to rigs in Mexico and the Middle East, which experienced increased operating days during the Current Quarter.

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Operating Costs and Expenses — Contract drilling services operating costs and expenses increased $87 million for the Current Quarter as compared to the Comparable Quarter. A portion of the increase is due to the crew-up and operating expenses for the recently completed rigs, which added approximately $25 million in expense during the Current Quarter. Excluding the additional expenses related to these rigs, our contract drilling costs increased $62 million in the Current Quarter from the Comparable Quarter. This change was primarily driven by a $16 million increase in labor, a $14 million increase related to shorebase support, a $7 million increase in insurance costs related to increased premiums on our new policy renewed in March 2012, a $7 million increase in mobilization due to the commencement of amortization of certain rig moves and the demobilization of rigs in Mexico, a $5 million increase in repair and maintenance, a $5 million increase in rig communications, transportation and rotation costs, a $5 million increase in rig catering and other miscellaneous expenses and a $3 million increase in safety, training and regulatory inspections.

The increase in depreciation and amortization in the Current Quarter from the Comparable Quarter was primarily attributable to assets placed in service, including the Noble Bully I and Noble Bully II.

Loss on impairment during the Current Quarter related to an impairment charge on our submersible fleet, primarily as a result of the declining market outlook for drilling services for this rig type.

Gain on contract settlements/extinguishments during the Current Quarter related to a $28 million gain on the settlement of an action with certain vendors for damages sustained during Hurricane Ike. Additionally, we received $5 million from a claims settlement on the Noble David Tinsley, which had experienced a “punch-through” while being positioned on location in 2009.

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, 2012 and 2011:

	Three Months Ended
	June 30,					Change
	2012			2011		$			%
Operating revenues:
Labor contract drilling services	$	19,863		$	14,012	$	5,851			42	%
Reimbursables (1)		688			1,140		(452	)		-40	%
	$	20,551		$	15,152	$	5,399			36	%
Operating costs and expenses:
Labor contract drilling services	$	11,847		$	8,750	$	3,097			35	%
Reimbursables (1)		663			1,117		(454	)		-41	%
Depreciation and amortization		3,503			3,276		227			7	%
Selling, general and administrative		569			273		296			108	%
Loss on impairment		5,635			—		5,635			**
		22,217			13,416		8,801			66	%
Operating (loss) income	$	(1,666	)	$	1,736	$	(3,402	)		**

(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 change in both revenue and expense primarily relate to the commencement of a refurbishment project with our customer, Shell, for one of its rigs to be operated under a labor contract in Alaska, combined with operational increases and foreign currency fluctuations in our Canadian operations.

Loss on impairment during the Current Quarter related to an impairment charge on certain corporate assets, as a result of a declining market for, and the potential disposal of, the assets.

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Other Income and Expenses

Interest Expense, net of amount capitalized — Interest expense, net of amount capitalized, increased $6 million in the Current Quarter as compared to the Comparable Quarter. The increase is a result of the $1.2 billion of senior notes issued in February 2012, partially offset by higher capitalized interest related to the continued construction under our newbuild program.

Income Tax Provision — Our income tax provision increased $37 million in the Current Quarter as a result of increased pre-tax income and a higher effective tax rate during the Current Quarter. The increase in pre-tax earnings generated a $24 million increase in tax expense while the increase in the income tax rate during the Current Quarter increased the income tax provision by $13 million. The increase in the income tax rate was primarily due to the net gain from the settlements and impairment charges, primarily subject to tax in the United States, coupled with other discrete tax items recognized during the Current Quarter.

For the Six Months Ended June 30, 2012 and 2011

Net income attributable to Noble Corporation (“Noble-Swiss”) for the six months ended June 30, 2012 (the “Current Period”) was $280 million, or $1.10 per diluted share, on operating revenues of $1.7 billion, compared to net income for the six months ended June 30, 2011 (the “Comparable Period”) of $109 million, or $0.43 per diluted share, on operating revenues of $1.2 billion.

The consolidated financial statements of Noble-Swiss include the accounts of Noble-Cayman; 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 2012 and 2011, 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, 2012 was $27 million higher than operating income for Noble-Swiss for the same period. The operating income difference is primarily a result of executive costs directly attributable to Noble-Swiss for operations support and 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, 2012 and 2011:

	Average Rig						Operating							Average
	Utilization (1)						Days (2)							Dayrates
	Six Months Ended June 30,						Six Months Ended June 30,							Six Months Ended June 30,
	2012			2011			2012		2011		% Change			2012		2011		% Change
Jackups		79	%		67	%		6,162		5,178		19	%	$	93,988	$	80,799		16	%
Semisubmersibles		87	%		77	%		2,219		1,956		13	%		352,084		273,374		29	%
Drillships		59	%		62	%		754		678		11	%		310,463		263,905		18	%
Other		0	%		0	%		—		—		—			—		—		—
Total		75	%		65	%		9,135		7,812		17	%	$	174,555	$	144,916		20	%

(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, 2012 and 2011 (in thousands):

	Six Months Ended
	June 30,						Change
	2012			2011			$			%
Operating revenues:
Contract drilling services	$	1,594,547		$	1,132,155		$	462,392			41	%
Reimbursables (1)		64,826			44,586			20,240			45	%
Other		242			758			(516	)		-68	%
	$	1,659,615		$	1,177,499		$	482,116			41	%
Operating costs and expenses:
Contract drilling services	$	843,513		$	643,091		$	200,422			31	%
Reimbursables (1)		54,480			34,046			20,434			60	%
Depreciation and amortization		348,060			314,731			33,329			11	%
Selling, general and administrative		47,679			44,808			2,871			6	%
Loss on impairment		12,710			—			12,710			**
Gain on contract settlements/extinguishments, net		(33,255	)		(21,202	)		(12,053	)		57	%
		1,273,187			1,015,474			257,713			25	%
Operating income	$	386,428		$	162,025		$	224,403			138	%

(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 — Changes in contract drilling services revenues for the Current Period as compared to the Comparable Period were driven by increases in both average dayrates and operating days. The 20 percent increase in average dayrates increased revenues by approximately $270 million while the 17 percent increase in operating days increased revenue by $192 million.

The change in contract drilling services revenues relates to our semisubmersibles, jackups and drillships, which generated approximately $247 million, $161 million and $55 million more revenue, respectively, in the Current Period.

The 29 percent increase in semisubmersible average dayrates resulted in a $175 million increase in revenues from the Comparable Period while the increase in operating days of 13 percent resulted in an additional $72 million increase in revenues. The increase in semisubmersibles revenue is a result of our rigs returning to standard operating dayrates after experiencing lower standby rates due to drilling restrictions in the U.S. Gulf of Mexico in the Comparable Period, as well as the Noble Paul Romano returning to work after being stacked in the Comparable Period. The increase in operating days is primarily from the Noble Jim Day, the Noble Homer Ferrington, the Noble Paul Romano and the Noble Clyde Boudreaux, which all operated at full capacity during the Current Period after being off contract for the majority of the Comparable Period.

The 16 percent increase in jackup average dayrates resulted in an $81 million increase in revenues, which was coupled with a 19 percent increase in operating days, resulting in an $80 million increase in revenues from the Comparable Period. The increase in average dayrates resulted from improved market conditions in the global shallow water market throughout the jackup fleet. The increase in utilization primarily related to rigs in Mexico and the Middle East, which experienced increased operating days during the Current Period.

The increase in drillship revenues was driven by an 18 percent increase in average dayrates and an 11 percent increase in operating days, resulting in a $35 million and a $20 million increase in revenues, respectively, from the Comparable Period. The increase in both average dayrates and operating days was the result of the Noble Bully I and Noble Bully II, which commenced their contracts with Shell in March 2012 and April 2012, respectively, partially offset by the Noble Phoenix, which is completing its shipyard project in anticipation of substitution for the Noble Muravlenko in Brazil.

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Operating Costs and Expenses — Contract drilling services operating costs and expenses increased $200 million for the Current Period as compared to the Comparable Period. A portion of the increase is due to the crew-up and operating expenses for the recently completed rigs, which have added approximately $53 million in expense during the Current Period. Excluding the additional expenses related to these rigs, our contract drilling costs increased $147 million in the Current Period from the Comparable Period. This change was primarily driven by a $46 million increase in labor, the majority of which is due to salary increases effective in the second quarter of the prior year, a $29 million increase in mobilization due to the amortization of certain rig moves and the demobilization of rigs in Mexico, a $25 million increase related to shorebase support, an $11 million increase in repair and maintenance, a $9 million increase in rig catering and other miscellaneous expenses, a $9 million increase in insurance costs related to increased premiums on our new policy renewed in March 2012, an $8 million increase in safety, training and regulatory inspections, a $5 million increase in rotation costs and a $5 million increase for rig communications and rental equipment.

The increase in depreciation and amortization in the Current Period from the Comparable Period was primarily attributable to assets placed in service during the Current Period, including the Noble Bully I and Noble Bully II.

Loss on impairment during the Current Period related to an impairment charge on our submersible fleet, primarily as a result of the declining market outlook for drilling services for this rig type.

Gain on contract settlements/extinguishments during the Current Period related to a $28 million gain on the settlement of an action with certain vendors for damages sustained during Hurricane Ike. Additionally, we received $5 million from a claims settlement on the Noble David Tinsley, which had experienced a “punch-through” while being positioned on location in 2009.

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, 2012 and 2011:

	Six Months Ended
	June 30,				Change
	2012		2011		$			%
Operating revenues:
Labor contract drilling services	$	35,871	$	27,559	$	8,312			30	%
Reimbursables (1)		1,127		1,827		(700	)		-38	%
	$	36,998	$	29,386	$	7,612			26	%
Operating costs and expenses:
Labor contract drilling services	$	21,079	$	17,273	$	3,806			22	%
Reimbursables (1)		1,091		1,780		(689	)		-39	%
Depreciation and amortization		6,632		6,510		122			2	%
Selling, general and administrative		851		539		312			58	%
Loss on impairment		5,635		—		5,635			**
		35,288		26,102		9,186			35	%
Operating (loss) income	$	1,710	$	3,284	$	(1,574	)		**

(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 change in both revenue and expense primarily relate to the commencement of a refurbishment project with our customer, Shell, for one of its rigs to be operated under a labor contract in Alaska, combined with operational increases and foreign currency fluctuations in our Canadian operations.

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Loss on impairment during the Current Period related to an impairment charge on certain corporate assets, as a result of a declining market for, and the potential disposal of, the assets.

Other Income and Expenses

Interest Expense, net of amount capitalized — Interest expense, net of amount capitalized, decreased $3 million in the Current Period as compared to the Comparable Period. The decrease is a result of higher capitalized interest in the Current Period as compared to the Comparable Period due primarily to the continued construction under our newbuild program, which was partially offset by the issuance of $1.2 billion in senior notes in February 2012. During the Current Period, we capitalized approximately 71 percent of total interest charges versus approximately 62 percent during the Comparable Period.

Income Tax Provision — Our income tax provision increased $43 million in the Current Period primarily as a result of a higher pre-tax income and effective tax rate during the Current Period. The increase in pre-tax earnings generated a $42 million increase in tax expense while the increase in the income tax rate during the Current Period increased the income tax provision by $1 million. The increase in the income tax rate was primarily due to the net gain from the settlements and impairment charges, primarily subject to tax in the United States, coupled with other discrete tax items recognized in the Current Period.

Liquidity and Capital Resources

Overview

Net cash from operating activities for the Current Period increased to $536 million from $233 million in the Comparable Period. The increase in net cash from operating activities in the Current Period was primarily attributable to a significant increase in net income. We had working capital of $481 million and $232 million at June 30, 2012 and December 31, 2011, respectively. As a result of our $1.2 billion debt offering in February 2012 and outstanding borrowings of $150 million on our Credit Facilities at June 30, 2012, total debt as a percentage of total debt plus equity increased to 35 percent at June 30, 2012 from 34 percent at December 31, 2011.

At June 30, 2012, we had a total contract drilling services backlog of approximately $14.4 billion. Our backlog as of June 30, 2012 reflects a commitment of 79 percent of available operating days for the remainder of 2012 and 61 percent for 2013. See additional information regarding our backlog at “Contract Drilling Services Backlog.”

Our principal capital resource in the Current Period was cash generated from our $1.2 billion senior notes offering and net cash from operating activities of $536 million. Cash generated during the Current Period was primarily used to repay borrowings outstanding under our Credit Facilities and to fund our capital expenditure program.

Our currently anticipated future cash flow needs include the following:

• committed capital expenditures, including expenditures for newbuild projects currently underway;

• normal recurring operating expenses;

• discretionary capital expenditures, including various capital upgrades;

• potential newbuild projects and acquisitions;

• payments of dividends; and

• repayment of maturing debt.

We currently expect to fund these cash flow needs with cash generated by our operations, cash on hand and borrowings under our existing Credit Facilities.

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Capital Expenditures

Our primary use of available liquidity during 2012 is for capital expenditures. Capital expenditures, including capitalized interest, totaled $665 million and $1.4 billion for the six months ended June 30, 2012 and 2011, respectively.

At June 30, 2012, we had 11 rigs under construction, and capital expenditures, excluding capitalized interest, for new construction during the first six months of 2012 totaled $162 million, as follows (in millions):

Rig type/name
Currently under construction
Drillships
Noble Don Taylor (formerly HHI Drillship I)	$	56.2
Noble Globetrotter II		37.7
Noble Bob Douglas (formerly HHI Drillship II)		4.2
Noble Sam Croft (formerly HHI Drillship III)		1.8
HHI Drillship IV		1.2
Jackups
Noble Regina Allen (formerly Noble Jackup I)		3.4
Noble Mick O’Brien (formerly Noble Jackup II)		2.7
Noble Houston Colbert (formerly Noble Jackup III)		1.8
Noble Sam Turner (formerly Noble Jackup IV)		1.5
Noble Tom Prosser (formerly Noble Jackup V)		1.5
Noble Jackup VI		1.5
Recently completed construction projects
Noble Bully II		17.9
Noble Globetrotter I		25.4
Noble Bully I		4.7
Total Newbuild Capital Expenditures	$	161.5

In addition to the newbuild expenditures noted above, capital expenditures for the six months ended June 30, 2012 consisted of the following:

• $327 million for major projects, including $34 million in subsea related expenditures and $24 million to upgrade two drillships currently operating in Brazil;

• $99 million for other capitalized expenditures, including drilling equipment upgrades which generally have useful lives ranging from 3 to 5 years; and

• $77 million in capitalized interest.

Our total capital expenditure estimate for 2012 is approximately $1.9 billion, including capitalized interest, which may fluctuate as a result of the timing of completion of ongoing projects.

In connection with our capital expenditure program, as of June 30, 2012, we had outstanding commitments, including shipyard and purchase commitments, for approximately $3.1 billion, of which we expect to spend approximately $1.6 billion within the next twelve months.

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 expected amounts 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.

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Dividends

Our most recent quarterly payment to shareholders, totaling approximately $36 million (or 0.13 CHF per share), in the form of a par value reduction, was declared on April 27, 2012 and paid on May 16, 2012 to holders of record on May 7, 2012. This payment represented the final tranche of our previously approved payment to shareholders in the form of a par value reduction.

In April 2012, our shareholders approved the payment of a dividend funded from our capital contribution reserve aggregating $0.52 per share to be paid in four equal installments scheduled for August 2012, November 2012, February 2013 and May 2013. These dividends will require us to make cash payments of approximately $66 million in 2012, based on the number of shares currently outstanding. In connection with this approval and the resulting obligation to shareholders, we recorded dividends payable of approximately $133 million during the second quarter of 2012. Any additional issuances of shares would further increase our obligation.

The declaration and payment of dividends in the future by Noble-Swiss or the 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.

Credit Facilities and Long-Term Debt

During June 2012, we replaced our $575 million credit facility, which was scheduled to mature in 2013, with a new $1.2 billion credit facility which matures in 2017. We continue to maintain our $600 million credit facility, which matures in 2015, which combined with our new facility, gives us a total borrowing capacity under the two facilities (together referred to as the “Credit Facilities”) of $1.8 billion. 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. At June 30, 2012, our ratio of debt to total tangible capitalization was 0.35. We were in compliance with all covenants under the Credit Facilities as of June 30, 2012.

The Credit Facilities provide us with the ability to issue up to $375 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, 2012, we had 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.

In February 2012, we issued, through our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), $1.2 billion aggregate principal amount of senior notes in three separate tranches, with $300 million of 2.50% Senior Notes due 2017, $400 million of 3.95% Senior Notes due 2022, and $500 million of 5.25% Senior Notes due 2042. The weighted average coupon of all three tranches is 4.13%. The net proceeds of approximately $1.19 billion, after expenses, were primarily used to repay the then outstanding balance on our Credit Facilities.

Our 5.875% Senior Notes mature during the second quarter of 2013. We anticipate using availability under our Credit Facilities to repay the outstanding balance; therefore, we have continued to report the balance as long-term on our June 30, 2012 Consolidated Balance Sheet.

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, 2012, 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 2012, expect to remain in compliance during the year.

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At June 30, 2012, we had letters of credit of $50 million and performance and tax assessment bonds totaling $306 million supported by surety bonds outstanding. Of the letters of credit outstanding, $19 million were issued to support bank bonds in connection with our drilling units in Nigeria. 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 was $4.4 billion at June 30, 2012 as compared to $4.1 billion at December 31, 2011. The increase in debt is a result of the issuance of $1.2 billion aggregate principal amount of senior notes, partially offset by the net repayment of $825 million on the Credit Facilities. For additional information on our long-term debt, see Note 8 to our consolidated financial statements.

New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04, which amends FASB Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures.” This amended guidance clarifies 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. Our adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In June 2011, the FASB issued ASU No. 2011-05, which amends ASC Topic 220, “Comprehensive Income.” This ASU 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. Our adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

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, 2012, we had $150 million outstanding under the Credit Facilities. Assuming our current level of debt, a change in LIBOR rates of one percent would increase our interest charges by approximately $2 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 long-term debt was $4.7 billion and $4.3 billion at June 30, 2012 and December 31, 2011, respectively. The increase was primarily a result of our issuance of $1.2 billion in debt in February 2012, partially offset by the net repayment of $825 million on our 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).

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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.

At June 30, 2012, we had no outstanding derivative contracts. Depending on market conditions, we may elect to utilize short-term forward currency contracts in the future.

Market Risk

We 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 of 1986, as amended. 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 employees. 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 James A. MacLennan, Senior Vice President and Chief Financial Officer 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. MacLennan have concluded that Noble-Swiss’ disclosure controls and procedures were effective as of June 30, 2012. 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.

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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, 2012. 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.

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, 2012 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 Notes 6, 7 and 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 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		or Programs
April 2012		1,532	$	37.96	(1)		—		6,769,891
May 2012		156	$	37.94	(1)		—		6,769,891
June 2012		103,693	$	31.34	(1)		—		6,769,891

(1) Amounts represent shares surrendered by employees for withholding taxes payable upon the vesting of restricted stock or exercise of stock options and were not made pursuant to the share repurchase program which our Board of Directors authorized and adopted. Our repurchase program has no date of expiration.

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	August 6, 2012
David W. Williams	Date
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
/s/ James A. MacLennan
James A. MacLennan
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
Noble Corporation, a Cayman Islands company
/s/ David W. Williams	August 6, 2012
David W. Williams	Date
President and Chief Executive Officer
(Principal Executive Officer)
/s/ Dennis J. Lubojacky
Dennis J. Lubojacky
Vice President and Chief Financial Officer
(Principal Financial 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 June 8, 2012 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; SunTrust Bank, as Syndication Agent; Barclays Bank PLC, HSBC Securities (USA) Inc. and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Co-Documentation Agents; and Wells Fargo Securities, LLC, SunTrust Robinson Humphrey, Inc., Barclays Bank PLC, HSBC Securities (USA) Inc. and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Joint Lead Arrangers and Joint Lead Bookrunners (filed as Exhibit 4.1 to Noble-Swiss’ Current Report on Form 8-K filed on June 11, 2012 and incorporated herein by reference).
4.2	Guaranty Agreement dated as of June 8, 2012 between Noble Drilling Corporation, a Delaware corporation, and Wells Fargo Bank, National Association (filed as Exhibit 4.2 to Noble-Swiss’ Current Report on Form 8-K filed on June 11, 2012 and incorporated herein by reference).
4.3	Guaranty Agreement dated as of June 8, 2012 between Noble Holding International Limited, a Cayman Islands company, and Wells Fargo Bank, National Association (filed as Exhibit 4.3 to Noble-Swiss’ Current Report on Form 8-K filed on June 11, 2012 and incorporated herein by reference).
10.1*	Amended and Restated 1991 Stock Option and Restricted Stock Plan (filed as Exhibit 10.2 to Noble Cayman’s Current Report on Form 8-K filed on April 30, 2012 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 James A. MacLennan 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 James A. MacLennan 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

* Management contract or compensatory plan or arrangement

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

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EX-3.1

Exhibit 3.1

Effective as of May 8, 2012

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 838'372'500.00 und ist eingeteilt in 266'150'000 auf den Namen lautende Aktien im Nennwert von Schweizer Franken 3.15 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 838,372,500.00 and is divided into 266,150,000 fully paid-up registered shares. Each registered share has a par value of Swiss Francs 3.15 (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 419'186'250.00 durch Ausgabe von höchstens 133'075'000 vollständig zu liberierenden Aktien mit einem Nennwert von je Schweizer Franken 3.15 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 419,186,250.00 by issuing a maximum of 133,075,000 fully paid-up Shares with a par value of Swiss Francs 3.15 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.
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.

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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 31'500'000.00, eingeteilt in 10'000'000 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.15 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 31,500,000.00, divided into 10,000,000 fully paid-up Shares, with a par value of Swiss Francs 3.15 per Share; and

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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 3'150'000.00, eingeteilt in 1'000'000 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.15 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 3,150,000.00, divided into 1,000,000 fully paid-up Shares, with a par value of Swiss Francs 3.15 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.

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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 3.15 um höchstens Schweizer Franken 435'118'464.90 erhöhen durch:	1The share capital may be increased in an amount not to exceed Swiss Francs 435,118,464.90 through the issuance of up to 138,132,846 fully paid-up Shares with a par value of Swiss Francs 3.15 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 416'218'464.90, eingeteilt in 132'132'846 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.15 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 416,218,464.90, divided into 132,132,846 fully paid-up Shares with a par value of Swiss Francs 3.15 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 15'750'000.00, eingeteilt in 5'000'000 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.15 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 15,750,000.00, divided into 5,000,000 fully paid-up Shares, with a par value of Swiss Francs 3.15 per Share; or

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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 3'150'000.00, eingeteilt in 1'000'000 vollständig zu liberierende Aktien mit einem Nennwert von je Schweizer Franken 3.15 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 3,150,000.00, divided into 1,000,000 fully paid-up Shares, with a par value of Swiss Francs 3.15 per Share.
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.
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.

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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 acht Mitgliedern.	1The Board of Directors shall consist of no less than three and no more than eight 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.
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.

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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.

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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;

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(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;

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(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 und 27. April 2012	Zug, April 29, 2011 and April 27, 2012

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	23
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 6, 2012

/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, James A. MacLennan, 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 6, 2012

/s/ James A. MacLennan

James A. MacLennan

Senior Vice President and Chief Financial Officer

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 6, 2012

/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, 2012, 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 6, 2012	/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, 2012, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), I, James A. MacLennan, Senior 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 6, 2012	/s/ James A. MacLennan
	James A. MacLennan
	Senior Vice President and Chief Financial Officer
	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, 2012, 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 6, 2012	/s/ Dennis J. Lubojacky
	Dennis J. Lubojacky
	Vice President and Chief Financial Officer
	of Noble Corporation, a Cayman Islands company

XML

Share Data (Details1) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Basic
Net income attributable to Noble Corporation	$ 159,818	$ 54,083	$ 279,993	$ 108,578
Earnings allocated to unvested share-based payment awards	(1,694)	(572)	(2,797)	(1,083)
Net income to common shareholders - basic	158,124	53,511	277,196	107,495
Diluted
Net income attributable to Noble Corporation	159,818	54,083	279,993	108,578
Earnings allocated to unvested share-based payment awards	(1,692)	(572)	(2,793)	(1,082)
Net income to common shareholders - diluted	$ 158,126	$ 53,511	$ 277,200	$ 107,496
Weighted average shares outstanding - basic	252,387	251,368	252,179	251,198
Incremental shares issuable from assumed exercise of stock options	358	700	425	737
Weighted average shares outstanding - diluted	252,745	252,068	252,604	251,935
Weighted average unvested share-based payment awards	2,704	2,688	2,555	2,554
Earnings per share
Basic	$ 0.63	$ 0.21	$ 1.10	$ 0.43
Diluted	$ 0.63	$ 0.21	$ 1.10	$ 0.43

XML

Derivative Instruments and Hedging Activities (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized through AOCL				$ (366)
Foreign currency forward contracts [Member] | Non-designated derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized through AOCL
Gain/(loss) reclassified from AOCL to "other income"
Gain/(loss) recognized through "other income"				(546)
Foreign currency forward contracts [Member] | Cash flow hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized through AOCL		3,152		3,895
Gain/(loss) reclassified from AOCL to "other income"	(644)	801	(3,061)	1,382
Gain/(loss) recognized through "other income"

XML

Debt (Details Textual) (USD $)	1 Months Ended	6 Months Ended
	Feb. 29, 2012	Jun. 30, 2012 Tranches DebtAgreements	Jun. 30, 2011
Debt Instrument [Line Items]
Face value of senior notes	$ 1,200,000,000
Line of Credit Facility [Line Items]
Borrowing capacity under revolving credit facilities		1,800,000,000
Debt (Textual) [Abstract]
Number of revolving credit facility		2
Current borrowing capacity		1,800,000,000
Line of credit facility description		During June 2012, we replaced our $575 million credit facility, which was scheduled to mature in 2013, with a new $1.2 billion credit facility which matures in 2017. We continue to maintain our $600 million credit facility, which matures in 2015, which combined with our new facility, gives us a total borrowing capacity under the two facilities (together referred to as the “CreditFacilities”) of $1.8 billion.
Repayments of additional revolving credit facility		600,000,000
Maximum debt to tangible capitalization covenant		0.60
Letters of credit outstanding under credit facilities		0
Number of tranches		3
Proceeds from issuance of senior notes, net of debt issuance costs	1,190,000,000	1,186,636,000	1,087,833,000
Line of credit facility debt to tangible capitalization ratio		0.35
Revolving credit facility which matures in 2015 [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under revolving credit facilities		600,000,000
Debt (Textual) [Abstract]
Current borrowing capacity		600,000,000
Revolving credit facility which matures in 2017 [Member]
Line of Credit Facility [Line Items]
Borrowing capacity under revolving credit facilities		1,200,000,000
Debt (Textual) [Abstract]
Current borrowing capacity		1,200,000,000
All three tranches [Member]
Debt Instrument [Line Items]
Weighted average coupon of all three tranches	4.13%
5.875% Senior Notes due 2013 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		5.875%
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		7.375%
3.45% Senior Notes due 2015 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		3.45%
7.50% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		7.50%
4.90% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		4.90%
6.20% Senior Notes due 2040 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		6.20%
3.05% senior notes due 2016 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		3.05%
4.625% senior notes due 2021 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		4.625%
6.05% senior notes due 2041 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner		6.05%
2.50% Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Face value of senior notes	300,000,000
Interest rate on the notes issued to the joint venture partner	2.50%	2.50%
3.95% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Face value of senior notes	400,000,000
Interest rate on the notes issued to the joint venture partner	3.95%	3.95%
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Face value of senior notes	500,000,000
Interest rate on the notes issued to the joint venture partner	5.25%	5.25%
Credit Facilities [Member]
Debt Instrument [Line Items]
Targeted capacity of additional revolving credit		375,000,000
Borrowings outstanding		$ 0

XML

Derivative Instruments and Hedging Activities (Details Textual) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012
Derivative Instruments and Hedging Activities (Textual) [Abstract]
Aggregate notional amount of forward contracts outstanding	$ 0

XML

Debt (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Long-term debt
Long-term debt	$ 4,444,294	$ 4,071,964
Total Long-term Debt	4,444,294	4,071,964
5.875% Senior Notes due 2013 [Member]
Long-term debt
Total Long-term Debt	299,966	299,949
7.375% Senior Notes due 2014 [Member]
Long-term debt
Total Long-term Debt	249,722	249,647
3.45% Senior Notes due 2015 [Member]
Long-term debt
Total Long-term Debt	350,000	350,000
3.05% senior notes due 2016 [Member]
Long-term debt
Total Long-term Debt	299,945	299,938
2.50% Senior Notes due 2017 [Member]
Long-term debt
Long-term debt	299,836
7.50% Senior Notes due 2019 [Member]
Long-term debt
Total Long-term Debt	201,695	201,695
4.90% Senior Notes due 2020 [Member]
Long-term debt
Total Long-term Debt	498,840	498,783
4.625% senior notes due 2021 [Member]
Long-term debt
Total Long-term Debt	399,503	399,480
3.95% Senior Notes due 2022 [Member]
Long-term debt
Long-term debt	399,054
6.20% Senior Notes due 2040 [Member]
Long-term debt
Total Long-term Debt	399,891	399,890
6.05% senior notes due 2041 [Member]
Long-term debt
Total Long-term Debt	397,598	397,582
5.25% Senior Notes due 2042 [Member]
Long-term debt
Long-term debt	498,244
Credit Facilities [Member]
Long-term debt
Total Long-term Debt	$ 150,000	$ 975,000

XML

Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2012

Segment and Related Information [Abstract]

Summarized financial information of reportable segment

	Noble-Swiss
	Three Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	878,372		$	20,551		$	898,923		$	612,845		$	15,152		$	627,997
Depreciation and amortization		180,112			3,503			183,615			159,843			3,276			163,119
Segment operating income / (loss)		246,161			(1,666	)		244,495			77,309			1,736			79,045
Interest expense, net of amount capitalized		(105	)		(20,547	)		(20,652	)		(683	)		(14,146	)		(14,829	)
Income tax (provision) / benefit		(51,098	)		4,742			(46,356	)		(11,418	)		1,910			(9,508	)
Segment profit / (loss)		178,094			(18,276	)		159,818			64,939			(10,856	)		54,083
Total assets (at end of period)		13,483,083			552,933			14,036,016			12,046,536			391,702			12,438,238

	Noble-Cayman
	Three Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	878,372		$	20,551		$	898,923		$	612,845		$	15,152		$	627,997
Depreciation and amortization		180,112			2,991			183,103			159,843			2,793			162,636
Segment operating income		248,065			8,783			256,848			83,833			9,209			93,042
Interest expense, net of amount capitalized		(105	)		(20,547	)		(20,652	)		(683	)		(14,146	)		(14,829	)
Income tax (provision) / benefit		(51,098	)		5,121			(45,977	)		(11,418	)		2,261			(9,157	)
Segment profit / (loss)		179,998			(7,028	)		172,970			71,463			(2,645	)		68,818
Total assets (at end of period)		13,483,083			514,241			13,997,324			12,046,536			353,149			12,399,685

	Noble-Swiss
	Six Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,659,615		$	36,998		$	1,696,613		$	1,177,499		$	29,386		$	1,206,885
Depreciation and amortization		348,060			6,632			354,692			314,731			6,510			321,241
Segment operating income		386,428			1,710			388,138			162,025			3,284			165,309
Interest expense, net of amount capitalized		(194	)		(30,954	)		(31,148	)		(1,768	)		(32,102	)		(33,870	)
Income tax (provision) / benefit		(73,698	)		5,753			(67,945	)		(30,281	)		5,414			(24,867	)
Segment profit / (loss)		303,578			(23,585	)		279,993			131,819			(23,241	)		108,578
Total assets (at end of period)		13,483,083			552,933			14,036,016			12,046,536			391,702			12,438,238

	Noble-Cayman
	Six Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,659,615		$	36,998		$	1,696,613		$	1,177,499		$	29,386		$	1,206,885
Depreciation and amortization		348,060			5,616			353,676			314,731			5,560			320,291
Segment operating income		393,197			21,779			414,976			174,080			18,408			192,488
Interest expense, net of amount capitalized		(194	)		(30,954	)		(31,148	)		(1,768	)		(32,102	)		(33,870	)
Income tax (provision) / benefit		(73,698	)		6,510			(67,188	)		(30,281	)		6,099			(24,182	)
Segment profit / (loss)		310,347			(2,725	)		307,622			143,874			(7,396	)		136,478
Total assets (at end of period)		13,483,083			514,241			13,997,324			12,046,536			353,149			12,399,685

XML

Commitments and Contingencies (Details)	3 Months Ended		6 Months Ended									6 Months Ended
	Jun. 30, 2012 USD ($) Rigs LegalMatter	Jun. 30, 2011 USD ($)	Jun. 30, 2012 USD ($) Rigs LegalMatter	Jun. 30, 2011 USD ($)	Jan. 31, 2012 USD ($)	Jan. 31, 2012 BRL	Oct. 31, 2011 USD ($)	Oct. 31, 2011 BRL	Jun. 30, 2012 Foreign Country [Member] USD ($)	Jun. 30, 2012 Regional Chamber of the Federal Tax Court [Member] USD ($)	Jun. 30, 2012 Customs and Other Business Taxes [Member] USD ($)	Jun. 30, 2012 Marathon Oil Company [Member] USD ($)	Jun. 30, 2012 Nigeria [Member] Rigs
Organization and Basis of Presentation [Line Items]
Number of jackups	49		49										2
Oil and Gas In Process Activities [Line Items]
Revenue recognized by drilling contract	$ 848,237,000	$ 589,550,000	$ 1,594,547,000	$ 1,132,155,000								$ 0
Income Tax Examination [Line Items]
Audit claims, additional attributable to other business tax returns									297,000,000	5,000,000	75,000,000
Commitments and Contingencies (Textual) [Abstract]
Operating dayrate (per day)			538,000
Drilling contract term			4 years
NIMASA surcharge on contracts performed by "vessels" in Nigerian coastal shipping trade; overturned and dismissed by Federal High Court of Nigeria			2.00%
Number of asbestos lawsuits in which we are one of many defendants	26		26
Percentage of uncertain tax positions likelihood of being sustained			50.00%
Physical damage deductible per occurrence on rigs range minimum			15,000,000
Physical damage deductible per occurrence on rigs range maximum			25,000,000
Maximum value of assumed risk of loss due to windstorm event per occurrence			450,000,000
Value of responsible for risk of loss due to windstorm event per occurrence			25,000,000
Loss of hire coverage applies only to 'rigs' operating under day rate			200,000
Number of days waiting period			45 days
Amount of fine assessed by the foreign government					900,000	1,800,000	120,000	238,000
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	$ 3,100,000,000		$ 3,100,000,000
Years of effectiveness of employment agreements after the termination of employment			3 years

XML

Guarantees of Registered Securities

6 Months Ended

Jun. 30, 2012

Guarantees of Registered Securities [Abstract]

Guarantees of Registered Securities

Note 17 — Guarantees of Registered Securities

Noble-Cayman, or one or more subsidiaries of Noble-Cayman, are a co-issuer or guarantor or otherwise obligated as of June 30, 2012 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor(s)
$300 million 5.875% Senior Notes due 2013	Noble-Cayman	Noble Drilling Corporation (“NDC”)
		NHIL
$250 million 7.375% Senior Notes due 2014	NHIL	Noble-Cayman
$350 million 3.45% Senior Notes due 2015	NHIL	Noble-Cayman
$300 million 3.05% Senior Notes due 2016	NHIL	Noble-Cayman
$300 million 2.50% Senior Notes due 2017	NHIL	Noble-Cayman
$202 million 7.50% Senior Notes due 2019	NDC	Noble-Cayman
	Noble Drilling Services 6 LLC (“NDS6”)	Noble Holding (U.S.) Corporation (“NHC”)
		Noble Drilling Holding LLC (“NDH”)
$500 million 4.90% Senior Notes due 2020	NHIL	Noble-Cayman
$400 million 4.625% Senior Notes due 2021	NHIL	Noble-Cayman
$400 million 3.95% Senior Notes due 2022	NHIL	Noble-Cayman
$400 million 6.20% Senior Notes due 2040	NHIL	Noble-Cayman
$400 million 6.05% Senior Notes due 2041	NHIL	Noble-Cayman
$500 million 5.25% Senior Notes due 2042	NHIL	Noble-Cayman

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.

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2012

(in thousands)

													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	$	95	$	331		$	—		$	4	$	—	$	267,440		$	—		$	267,870
Accounts receivable		—		15,595			3,325			—		—		674,613			—			693,533
Taxes receivable		—		4,566			—			—		—		93,179			—			97,745
Prepaid expenses		—		502			9			—		—		76,119			—			76,630
Short-term notes receivable from affiliates		—		119,476			—			—		—		234,992			(354,468	)		—
Accounts receivable from affiliates		761,630		130,097			973,381			563,640		39,829		5,340,324			(7,808,901	)		—
Other current assets		516		641			196			—		—		141,188			—			142,541
Total current assets		762,241		271,208			976,911			563,644		39,829		6,827,855			(8,163,369	)		1,278,319
Property and equipment, at cost		—		2,326,256			74,856			—		—		13,618,432			—			16,019,544
Accumulated depreciation		—		(285,259	)		(56,410	)		—		—		(3,284,603	)		—			(3,626,272	)
Property and equipment, net		—		2,040,997			18,446			—		—		10,333,829			—			12,393,272
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,578,007			(11,604,391	)		—
Investments in affiliates		7,322,022		9,407,807			3,418,778			7,016,530		2,219,318		—			(29,384,455	)		—
Other assets		6,745		554			435			27,584		820		289,595			—			325,733
Total assets	$	11,907,471	$	12,926,566		$	4,414,570		$	11,132,572	$	2,739,074	$	20,029,286		$	(49,152,215	)	$	13,997,324
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	73,168	$	51,054		$	110,770		$	—	$	—	$	119,476		$	(354,468	)	$	—
Accounts payable		—		3,141			555			—		—		272,702			—			276,398
Accrued payroll and related costs		—		4,530			7,223			—		—		105,284			—			117,037
Accounts payable to affiliates		900,919		4,342,182			3,741			138,782		53,235		2,370,042			(7,808,901	)		—
Interest payable		1,548		—			—			67,248		4,412		—			—			73,208
Taxes payable		—		9,595			—			—		—		75,298			—			84,893
Other current liabilities		—		—			241			—		—		108,435			—			108,676
Total current liabilities		975,635		4,410,502			122,530			206,030		57,647		3,051,237			(8,163,369	)		660,212
Long-term debt		449,966		—			—			3,792,633		201,695		—			—			4,444,294
Notes payable to affiliates		2,855,394		1,039,500			—			975,000		1,342,000		5,392,497			(11,604,391	)		—
Deferred income taxes		—		—			15,731			—		—		222,314			—			238,045
Other liabilities		19,929		17,361			—			—		—		269,107			—			306,397
Total liabilities		4,300,924		5,467,363			138,261			4,973,663		1,601,342		8,935,155			(19,767,760	)		5,648,948
Commitments and contingencies
Total shareholder equity		7,606,547		7,459,203			4,276,309			6,158,909		1,137,732		10,352,302			(29,384,455	)		7,606,547
Noncontrolling interest		—		—			—			—		—		741,829			—			741,829
Total equity		7,606,547		7,459,203			4,276,309			6,158,909		1,137,732		11,094,131			(29,384,455	)		8,348,376
Total liabilities and equity	$	11,907,471	$	12,926,566		$	4,414,570		$	11,132,572	$	2,739,074	$	20,029,286		$	(49,152,215	)	$	13,997,324

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2011

(in thousands)

													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	$	146	$	385		$	—		$	—	$	—	$	234,525		$	—		$	235,056
Accounts receivable		—		10,810			3,371			—		—		572,982			—			587,163
Taxes receivable		—		4,566			—			—		—		70,718			—			75,284
Prepaid expenses		—		453			19			—		—		32,633			—			33,105
Short-term notes receivable from affiliates		—		119,476			—			—		—		122,298			(241,774	)		—
Accounts receivable from affiliates		1,683,740		99,202			879,581			159,132		33,905		6,372,657			(9,228,217	)		—
Other current assets		—		643			196			93		—		119,177			—			120,109
Total current assets		1,683,886		235,535			883,167			159,225		33,905		7,524,990			(9,469,991	)		1,050,717
Property and equipment, at cost		—		2,737,764			75,001			—		—		12,693,229			—			15,505,994
Accumulated depreciation		—		(232,621	)		(54,599	)		—		—		(3,117,369	)		—			(3,404,589	)
Property and equipment, net		—		2,505,143			20,402			—		—		9,575,860			—			12,101,405
Notes receivable from affiliates		3,842,062		675,000			—			2,336,527		572,107		2,678,192			(10,103,888	)		—
Investments in affiliates		6,969,201		9,101,938			3,450,212			6,605,771		2,141,450		—			(28,268,572	)		—
Other assets		3,230		473			483			18,548		880		281,669			—			305,283
Total assets	$	12,498,379	$	12,518,089		$	4,354,264		$	9,120,071	$	2,748,342	$	20,060,711		$	(47,842,451	)	$	13,457,405
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	72,298	$	50,000		$	—		$	—	$	—	$	119,476		$	(241,774	)	$	—
Accounts payable		—		5,577			985			—		—		429,167			—			435,729
Accrued payroll and related costs		—		2,897			6,518			—		—		99,493			—			108,908
Accounts payable to affiliates		2,079,719		4,166,021			27,341			112,953		34,107		2,808,076			(9,228,217	)		—
Interest payable		1,891		—			—			48,116		4,412		—			—			54,419
Taxes payable		—		10,032			—			—		—		81,158			—			91,190
Other current liabilities		—		—			240			—		—		123,159			—			123,399
Total current liabilities		2,153,908		4,234,527			35,084			161,069		38,519		3,660,529			(9,469,991	)		813,645
Long-term debt		1,274,949		—			—			2,595,320		201,695		—			—			4,071,964
Notes payable to affiliates		1,667,291		1,147,500			85,000			975,000		811,000		5,418,097			(10,103,888	)		—
Deferred income taxes		—		—			15,731			—		—		227,060			—			242,791
Other liabilities		19,929		24,878			—			—		—		210,565			—			255,372
Total liabilities		5,116,077		5,406,905			135,815			3,731,389		1,051,214		9,516,251			(19,573,879	)		5,383,772
Commitments and contingencies
Total shareholder equity		7,382,302		7,111,184			4,218,449			5,388,682		1,697,128		9,853,129			(28,268,572	)		7,382,302
Noncontrolling interest		—		—			—			—		—		691,331			—			691,331
Total equity		7,382,302		7,111,184			4,218,449			5,388,682		1,697,128		10,544,460			(28,268,572	)		8,073,633
Total liabilities and equity	$	12,498,379	$	12,518,089		$	4,354,264		$	9,120,071	$	2,748,342	$	20,060,711		$	(47,842,451	)	$	13,457,405

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2012

(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	$	—		$	38,348		$	4,819		$	—		$	—		$	824,684		$	(19,614	)	$	848,237
Reimbursables		—			502			—			—			—			30,310			—			30,812
Labor contract drilling services		—			—			—			—			—			19,863			—			19,863
Other		—			—			—			—			—			943			(932	)		11
Total operating revenues		—			38,850			4,819			—			—			875,800			(20,546	)		898,923
Operating costs and expenses
Contract drilling services		1,256			14,375			1,839			18,779			—			405,895			(20,546	)		421,598
Reimbursables		—			338			—			—			—			24,632			—			24,970
Labor contract drilling services		—			—			—			—			—			11,847			—			11,847
Depreciation and amortization		—			15,238			1,061			—			—			166,804			—			183,103
Selling, general and administrative		454			1,465			—			9,618			—			3,930			—			15,467
Loss on impairment		—			—			—			—			—			18,345			—			18,345
Gain on contract settlements/extinguishments, net		—			(4,869	)		—			—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		1,710			26,547			2,900			28,397			—			603,067			(20,546	)		642,075
Operating income (loss)		(1,710	)		12,303			1,919			(28,397	)		—			272,733			—			256,848
Other income (expense)
Equity earnings in affiliates, net of tax		197,409			154,580			10,078			230,830			69,542			—			(662,439	)		—
Interest expense, net of amounts capitalized		(25,294	)		(14,003	)		(842	)		(29,494	)		(11,405	)		(20,076	)		80,462			(20,652	)
Interest income and other, net		2,565			10,867			(21	)		32,925			2,815			32,919			(80,462	)		1,608
Income before income taxes		172,970			163,747			11,134			205,864			60,952			285,576			(662,439	)		237,804
Income tax provision		—			(13,487	)		—			—			—			(32,490	)		—			(45,977	)
Net Income		172,970			150,260			11,134			205,864			60,952			253,086			(662,439	)		191,827
Net income attributable to noncontrolling interests		—			—			—			—			—			(18,857	)		—			(18,857	)
Net income attributable to Noble Corporation		172,970			150,260			11,134			205,864			60,952			234,229			(662,439	)		172,970
Other comprehensive loss, net		(4,901	)		—			—			—			—			(4,901	)		4,901			(4,901	)
Comprehensive income attributable to Noble Corporation	$	168,069		$	150,260		$	11,134		$	205,864		$	60,952		$	229,328		$	(657,538	)	$	168,069

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2012

(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	$	—		$	81,339		$	9,880		$	—		$	—		$	1,542,760		$	(39,432	)	$	1,594,547
Reimbursables		—			5,810			—			—			—			60,143			—			65,953
Labor contract drilling services		—			—			—			—			—			35,871			—			35,871
Other		—			—			—			—			—			1,174			(932	)		242
Total operating revenues		—			87,149			9,880			—			—			1,639,948			(40,364	)		1,696,613
Operating costs and expenses
Contract drilling services		2,439			28,694			3,610			36,412			—			805,953			(40,364	)		836,744
Reimbursables		—			5,425			—			—			—			50,146			—			55,571
Labor contract drilling services		—			—			—			—			—			21,079			—			21,079
Depreciation and amortization		—			30,077			2,097			—			—			321,502			—			353,676
Selling, general and administrative		811			2,811			—			18,437			—			7,418			—			29,477
Loss on impairment		—			—			—			—			—			18,345			—			18,345
Gain on contract settlements/extinguishments, net		—			(4,869	)		—			—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		3,250			62,138			5,707			54,849			—			1,196,057			(40,364	)		1,281,637
Operating income (loss)		(3,250	)		25,011			4,173			(54,849	)		—			443,891			—			414,976
Other income (expense)
Equity earnings in affiliates, net of tax		352,821			289,165			55,880			410,758			145,403			—			(1,254,027	)		—
Interest expense, net of amounts capitalized		(45,900	)		(28,917	)		(2,188	)		(50,466	)		(19,188	)		(39,972	)		155,483			(31,148	)
Interest income and other, net		3,951			18,691			(5	)		62,179			5,925			67,749			(155,483	)		3,007
Income before income taxes		307,622			303,950			57,860			367,622			132,140			471,668			(1,254,027	)		386,835
Income tax provision		—			(22,263	)		—			—			—			(44,925	)		—			(67,188	)
Net Income		307,622			281,687			57,860			367,622			132,140			426,743			(1,254,027	)		319,647
Net income attributable to noncontrolling interests		—			—			—			—			—			(12,025	)		—			(12,025	)
Net income attributable to Noble Corporation		307,622			281,687			57,860			367,622			132,140			414,718			(1,254,027	)		307,622
Other comprehensive loss, net		(1,140	)		—			—			—			—			(1,140	)		1,140			(1,140	)
Comprehensive income attributable to Noble Corporation	$	306,482		$	281,687		$	57,860		$	367,622		$	132,140		$	413,578		$	(1,252,887	)	$	306,482

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 income 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
Other comprehensive income, net		4,415			—			—			—			—			4,415			(4,415	)		4,415
Comprehensive income attributable to Noble Corporation	$	73,233		$	71,200		$	19,289		$	94,353		$	66,716		$	118,999		$	(370,557	)	$	73,233

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 income 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
Other comprehensive income, net		7,904			—			—			—			—			7,904			(7,904	)		7,904
Comprehensive income attributable to Noble Corporation	$	144,382		$	104,582		$	35,551		$	116,780		$	96,657		$	247,377		$	(600,947	)	$	144,382

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2012

(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	$	(39,135	)	$	8,929		$	4,457		$	(32,947	)	$	(13,203	)	$	623,600		$	—		$	551,701
Cash flows from investing activities
Capital expenditures		—			(182,619	)		(306	)		—			—			(480,775	)		—			(663,700	)
Change in accrued capital expenditures		—			—			—			—			—			(159,134	)		—			(159,134	)
Notes receivable from affiliates		—			—			—			(1,188,287	)		—			—			1,188,287			—
Net cash from investing activities		—			(182,619	)		(306	)		(1,188,287	)		—			(639,909	)		1,188,287			(822,834	)
Cash flows from financing activities
Borrowings on bank credit facilities		325,000			—			—			—			—			—			—			325,000
Repayments on bank credit facilities		(1,150,000	)		—			—			—			—			—			—			(1,150,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,186,636			—			—			—			1,186,636
Contributions from joint venture partners		—			—			—			—			—			40,000			—			40,000
Financing costs on credit facilities		(5,014	)		—			—			—			—			—			—			(5,014	)
Distributions to parent		(92,675	)		—			—			—			—			—			—			(92,675	)
Advances (to) from affiliates		(226,514	)		173,636			(4,151	)		34,602			13,203			9,224			—			—
Notes payable to affiliates		1,188,287			—			—			—			—			—			(1,188,287	)		—
Net cash from financing activities		39,084			173,636			(4,151	)		1,221,238			13,203			49,224			(1,188,287	)		303,947
Net change in cash and cash equivalents		(51	)		(54	)		—			4			—			32,915			—			32,814
Cash and cash equivalents, beginning of period		146			385			—			—			—			234,525			—			235,056
Cash and cash equivalents, end of period	$	95		$	331		$	—		$	4		$	—		$	267,440		$	—		$	267,870

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	)	$	23,361		$	2,591		$	(43,770	)	$	(10,840	)	$	306,119		$	—		$	246,477
Cash flows from investing activities
Capital expenditures		—			(846,292	)		(197	)		—			—			(564,793	)		—			(1,411,282	)
Change in accrued capital expenditures		—			—			—			—			—			(51,500	)		—			(51,500	)
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			(846,292	)		(197	)		—			—			(506,651	)		(111,000	)		(1,444,140	)
Cash flows from financing activities
Borrowings on bank credit facilities		625,000			—			—			—			—			—			—			625,000
Repayments on 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 costs on credit facilities		(2,835	)		—			—			—			—			—			—			(2,835	)
Distributions to parent		(94,291	)		—			—			—			—			—			—			(94,291	)
Advances (to) from affiliates		(238,391	)		840,576			32,606			(1,044,063	)		10,840			398,432			—			—
Notes payable to affiliates		(38,500	)		(17,500	)		(35,000	)		—			—			(20,000	)		111,000			—
Net cash from financing activities		10,983			823,076			(2,394	)		43,770			10,840			91,906			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

XML

Employee Benefit Plans (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Non-U.S. [Member]
Pension Costs
Service cost	$ 1,111	$ 1,153	$ 2,234	$ 2,246
Interest cost	1,350	1,440	2,708	2,823
Return on plan assets	(1,342)	(1,454)	(2,688)	(2,857)
Amortization of transition obligation		19		37
Recognized net actuarial loss	201	123	401	243
Net pension expense	1,320	1,281	2,655	2,492
U.S., Plans [Member]
Pension Costs
Service cost	2,375	2,152	4,806	4,304
Interest cost	2,164	2,143	4,360	4,286
Return on plan assets	(2,793)	(2,768)	(5,586)	(5,536)
Amortization of prior service cost	57	57	114	113
Recognized net actuarial loss	1,793	843	3,678	1,687
Net pension expense	$ 3,596	$ 2,427	$ 7,372	$ 4,854

XML

Property and Equipment (Details Textual) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 Rigs	Jun. 30, 2011
Property, Plant and Equipment [Line Items]
Amount included in capital expenditure for major project upgrades			$ 327
Property and Equipment (Textual) [Abstract]
Capital expenditure			665	1,400
New construction			162
Amount included in other capital expenditure for upgrading drillships			24
Number of drillships operating under contracts in Brazil			2
Other capital expenditure			99
Major capitalized expenditure useful life minimum			3 years
Major capitalized expenditure useful life maximum			5 years
Capitalized Interest			77
Capitalized interest on construction in progress	36	29	77	56
Subsea [Member]
Property, Plant and Equipment [Line Items]
Amount included in capital expenditure for major project upgrades			$ 34

XML

Consolidated Joint Ventures (Details) (USD $)	6 Months Ended
	Jun. 30, 2012 Rigs JointVentures	Apr. 30, 2011
Consolidated Joint Ventures (Textual) [Abstract]
Percent of Interest in Joint ventures	50.00%
Number of joint ventures acquired	2
Number of bully class drillships	2
Capital call on joint venture		$ 360,000,000
Additional capital contributed	0
Carrying amount of the drillships	$ 1,400,000,000

XML

Derivative Instruments and Hedging Activities (Details) (USD $) In Thousands, unless otherwise specified						3 Months Ended		6 Months Ended
	Mar. 31, 2012	Dec. 31, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Jun. 30, 2012 Forward Contracts [Member] Cash flow hedges [Member]	Jun. 30, 2011 Forward Contracts [Member] Cash flow hedges [Member]	Jun. 30, 2012 Forward Contracts [Member] Cash flow hedges [Member]	Jun. 30, 2011 Forward Contracts [Member] Cash flow hedges [Member]	Jun. 30, 2011 Swap [Member] Cash flow hedges [Member]
Net unrealized gain/(loss) related to forward contracts included through AOCL
Net unrealized gain/(loss) at beginning of period	$ (644)	$ (3,061)	$ 4,117	$ 1,766	$ 1,970
Activity during period:
Cash flow hedges, settlement, during the period						644	(801)	3,061	(1,382)	(366)
Net unrealized gain on outstanding foreign currency forward contracts							3,152		3,895
Net unrealized gain/(loss) at end of period	$ (644)	$ (3,061)	$ 4,117	$ 1,766	$ 1,970

XML

Guarantees of Registered Securities (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Operating revenues
Contract drilling services	$ 848,237	$ 589,550	$ 1,594,547	$ 1,132,155
Reimbursables	30,812	24,122	65,953	46,413
Labor contract drilling services	19,863	14,012	35,871	27,559
Other	11	313	242	758
Total operating revenues	898,923	627,997	1,696,613	1,206,885
Operating costs and expenses
Contract drilling services	423,502	336,728	843,513	643,091
Reimbursables	24,970	18,723	55,571	35,826
Labor contract drilling services	11,847	8,750	21,079	17,273
Depreciation and amortization	183,615	163,119	354,692	321,241
Selling, general and administrative	25,404	21,632	48,530	45,347
Loss on impairment	18,345		18,345
Gain on contract settlements/extinguishments, net	(33,255)		(33,255)	(21,202)
Total operating costs and expenses	654,428	548,952	1,308,475	1,041,576
Operating income (loss)	244,495	79,045	388,138	165,309
Other income (expense)
Interest expense, net of amount capitalized	(20,652)	(14,829)	(31,148)	(33,870)
Interest income and other, net	1,188	(534)	2,973	2,058
Income before income taxes	225,031	63,682	359,963	133,497
Income tax provision	(46,356)	(9,508)	(67,945)	(24,867)
Net income	178,675	54,174	292,018	108,630
Net income/comprehensive income attributable to noncontrolling interests	(18,857)	(91)	(12,025)	(52)
Net income attributable to Noble Corporation	159,818	54,083	279,993	108,578
Other comprehensive income/loss, net	(4,901)	4,415	(1,140)	7,904
Comprehensive income attributable to Noble Corporation	154,917	58,498	278,853	116,482
Noble-Cayman [Member]
Operating costs and expenses
Contract drilling services	1,256	1,598	2,439	3,059
Selling, general and administrative	454	1,792	811	3,303
Total operating costs and expenses	1,710	3,390	3,250	6,362
Operating income (loss)	(1,710)	(3,390)	(3,250)	(6,362)
Other income (expense)
Equity earnings in affiliates, net of tax	197,409	88,486	352,821	175,766
Interest expense, net of amount capitalized	(25,294)	(17,903)	(45,900)	(36,264)
Interest income and other, net	2,565	1,625	3,951	3,338
Income before income taxes	172,970	68,818	307,622	136,478
Net income	172,970	68,818	307,622	136,478
Net income attributable to Noble Corporation	172,970	68,818	307,622	136,478
Other comprehensive income/loss, net	(4,901)	4,415	(1,140)	7,904
Comprehensive income attributable to Noble Corporation	168,069	73,233	306,482	144,382
Noble-Cayman [Member]
Operating revenues
Contract drilling services	848,237	589,550	1,594,547	1,132,155
Reimbursables	30,812	24,122	65,953	46,413
Labor contract drilling services	19,863	14,012	35,871	27,559
Other	11	313	242	758
Total operating revenues	898,923	627,997	1,696,613	1,206,885
Operating costs and expenses
Contract drilling services	421,598	330,204	836,744	631,036
Reimbursables	24,970	18,723	55,571	35,826
Labor contract drilling services	11,847	8,750	21,079	17,273
Depreciation and amortization	183,103	162,636	353,676	320,291
Selling, general and administrative	15,467	14,642	29,477	31,173
Loss on impairment	18,345		18,345
Gain on contract settlements/extinguishments, net	(33,255)		(33,255)	(21,202)
Total operating costs and expenses	642,075	534,955	1,281,637	1,014,397
Operating income (loss)	256,848	93,042	414,976	192,488
Other income (expense)
Interest expense, net of amount capitalized	(20,652)	(14,829)	(31,148)	(33,870)
Interest income and other, net	1,608	(147)	3,007	2,094
Income before income taxes	237,804	78,066	386,835	160,712
Income tax provision	(45,977)	(9,157)	(67,188)	(24,182)
Net income	191,827	68,909	319,647	136,530
Net income/comprehensive income attributable to noncontrolling interests	(18,857)	(91)	(12,025)	(52)
Net income attributable to Noble Corporation	172,970	68,818	307,622	136,478
Other comprehensive income/loss, net	(4,901)	4,415	(1,140)	7,904
Comprehensive income attributable to Noble Corporation	168,069	73,233	306,482	144,382
NHC and NDH Combined [Member]
Operating revenues
Contract drilling services	38,348	35,090	81,339	61,054
Reimbursables	502	1,778	5,810	2,690
Total operating revenues	38,850	36,868	87,149	63,744
Operating costs and expenses
Contract drilling services	14,375	12,085	28,694	21,069
Reimbursables	338	2,007	5,425	2,911
Depreciation and amortization	15,238	13,068	30,077	23,192
Selling, general and administrative	1,465	1,209	2,811	2,718
Gain on contract settlements/extinguishments, net	(4,869)		(4,869)
Total operating costs and expenses	26,547	28,369	62,138	49,890
Operating income (loss)	12,303	8,499	25,011	13,854
Other income (expense)
Equity earnings in affiliates, net of tax	154,580	64,434	289,165	102,373
Interest expense, net of amount capitalized	(14,003)	(15,323)	(28,917)	(29,915)
Interest income and other, net	10,867	6,932	18,691	12,470
Income before income taxes	163,747	64,542	303,950	98,782
Income tax provision	(13,487)	6,658	(22,263)	5,800
Net income	150,260	71,200	281,687	104,582
Net income attributable to Noble Corporation	150,260	71,200	281,687	104,582
Comprehensive income attributable to Noble Corporation	150,260	71,200	281,687	104,582
NDC [Member]
Operating revenues
Contract drilling services	4,819	4,705	9,880	9,695
Reimbursables				12
Total operating revenues	4,819	4,705	9,880	9,707
Operating costs and expenses
Contract drilling services	1,839	1,975	3,610	3,798
Depreciation and amortization	1,061	935	2,097	1,844
Total operating costs and expenses	2,900	2,910	5,707	5,642
Operating income (loss)	1,919	1,795	4,173	4,065
Other income (expense)
Equity earnings in affiliates, net of tax	10,078	19,176	55,880	34,977
Interest expense, net of amount capitalized	(842)	(1,719)	(2,188)	(3,539)
Interest income and other, net	(21)	37	(5)	48
Income before income taxes	11,134	19,289	57,860	35,551
Net income	11,134	19,289	57,860	35,551
Net income attributable to Noble Corporation	11,134	19,289	57,860	35,551
Comprehensive income attributable to Noble Corporation	11,134	19,289	57,860	35,551
NHIL [Member]
Operating costs and expenses
Contract drilling services	18,779	8,236	36,412	16,806
Selling, general and administrative	9,618	7,626	18,437	15,503
Total operating costs and expenses	28,397	15,862	54,849	32,309
Operating income (loss)	(28,397)	(15,862)	(54,849)	(32,309)
Other income (expense)
Equity earnings in affiliates, net of tax	230,830	122,310	410,758	172,371
Interest expense, net of amount capitalized	(29,494)	(23,530)	(50,466)	(46,026)
Interest income and other, net	32,925	11,435	62,179	22,744
Income before income taxes	205,864	94,353	367,622	116,780
Net income	205,864	94,353	367,622	116,780
Net income attributable to Noble Corporation	205,864	94,353	367,622	116,780
Comprehensive income attributable to Noble Corporation	205,864	94,353	367,622	116,780
NDS6 [Member]
Operating costs and expenses
Selling, general and administrative		1		1
Total operating costs and expenses		1		1
Operating income (loss)		(1)		(1)
Other income (expense)
Equity earnings in affiliates, net of tax	69,542	71,736	145,403	107,556
Interest expense, net of amount capitalized	(11,405)	(7,271)	(19,188)	(14,942)
Interest income and other, net	2,815	2,252	5,925	4,044
Income before income taxes	60,952	66,716	132,140	96,657
Net income	60,952	66,716	132,140	96,657
Net income attributable to Noble Corporation	60,952	66,716	132,140	96,657
Comprehensive income attributable to Noble Corporation	60,952	66,716	132,140	96,657
Other Non-guarantor Subsidiaries of Noble [Member]
Operating revenues
Contract drilling services	824,684	566,145	1,542,760	1,089,739
Reimbursables	30,310	22,344	60,143	43,711
Labor contract drilling services	19,863	14,012	35,871	27,559
Other	943	313	1,174	758
Total operating revenues	875,800	602,814	1,639,948	1,161,767
Operating costs and expenses
Contract drilling services	405,895	322,700	805,953	614,637
Reimbursables	24,632	16,716	50,146	32,915
Labor contract drilling services	11,847	8,750	21,079	17,273
Depreciation and amortization	166,804	148,633	321,502	295,255
Selling, general and administrative	3,930	4,014	7,418	9,648
Loss on impairment	18,345		18,345
Gain on contract settlements/extinguishments, net	(28,386)		(28,386)	(21,202)
Total operating costs and expenses	603,067	500,813	1,196,057	948,526
Operating income (loss)	272,733	102,001	443,891	213,241
Other income (expense)
Interest expense, net of amount capitalized	(20,076)	(886)	(39,972)	(3,017)
Interest income and other, net	32,919	29,375	67,749	59,283
Income before income taxes	285,576	130,490	471,668	269,507
Income tax provision	(32,490)	(15,815)	(44,925)	(29,982)
Net income	253,086	114,675	426,743	239,525
Net income/comprehensive income attributable to noncontrolling interests	(18,857)	(91)	(12,025)	(52)
Net income attributable to Noble Corporation	234,229	114,584	414,718	239,473
Other comprehensive income/loss, net	(4,901)	4,415	(1,140)	7,904
Comprehensive income attributable to Noble Corporation	229,328	118,999	413,578	247,377
Consolidating Adjustments [Member]
Operating revenues
Contract drilling services	(19,614)	(16,390)	(39,432)	(28,333)
Other	(932)		(932)
Total operating revenues	(20,546)	(16,390)	(40,364)	(28,333)
Operating costs and expenses
Contract drilling services	(20,546)	(16,390)	(40,364)	(28,333)
Total operating costs and expenses	(20,546)	(16,390)	(40,364)	(28,333)
Other income (expense)
Equity earnings in affiliates, net of tax	(662,439)	(366,142)	(1,254,027)	(593,043)
Interest expense, net of amount capitalized	80,462	51,803	155,483	99,833
Interest income and other, net	(80,462)	(51,803)	(155,483)	(99,833)
Income before income taxes	(662,439)	(366,142)	(1,254,027)	(593,043)
Net income	(662,439)	(366,142)	(1,254,027)	(593,043)
Net income attributable to Noble Corporation	(662,439)	(366,142)	(1,254,027)	(593,043)
Other comprehensive income/loss, net	4,901	(4,415)	1,140	(7,904)
Comprehensive income attributable to Noble Corporation	$ (657,538)	$ (370,557)	$ (1,252,887)	$ (600,947)

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Debt (Details 1) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Estimated fair value of our long-term debt
Total Long-term Debt, carrying Value	$ 4,444,294	$ 4,071,964
Total Long-term Debt, Estimated Fair Value	4,710,408	4,331,412
5.875% Senior Notes due 2013 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	299,966	299,949
Debt, Estimated Fair Value	312,362	317,586
7.375% Senior Notes due 2014 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	249,722	249,647
Debt, Estimated Fair Value	274,275	278,966
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	367,465	363,571
3.05% senior notes due 2016 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	299,945	299,938
Debt, Estimated Fair Value	309,804	306,057
2.50% Senior Notes due 2017 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	299,836
Debt, Estimated Fair Value	303,649
Total Long-term Debt, carrying Value	299,836
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	248,719	248,623
4.90% Senior Notes due 2020 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	498,840	498,783
Debt, Estimated Fair Value	538,532	531,437
4.625% senior notes due 2021 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	399,503	399,480
Debt, Estimated Fair Value	424,232	416,847
3.95% Senior Notes due 2022 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	399,054
Debt, Estimated Fair Value	404,017
Total Long-term Debt, carrying Value	399,054
6.20% Senior Notes due 2040 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	399,891	399,890
Debt, Estimated Fair Value	444,713	450,017
6.05% senior notes due 2041 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	397,598	397,582
Debt, Estimated Fair Value	436,205	443,308
5.25% Senior Notes due 2042 [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	498,244
Debt, Estimated Fair Value	496,435
Total Long-term Debt, carrying Value	498,244
Credit Facilities [Member]
Estimated fair value of our long-term debt
Debt, Carrying Value	150,000	975,000
Debt, Estimated Fair Value	$ 150,000	$ 975,000

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Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2012

Organization and Basis of Presentation [Abstract]

Organization and Basis of Presentation

Note 1 — Organization and Basis of Presentation

Noble Corporation, a Swiss corporation (“Noble-Swiss”), is a leading provider of offshore contract drilling services for the oil and gas industry. Our fleet of 79 mobile offshore drilling units consists of 14 semisubmersibles, 14 drillships, 49 jackups and two submersibles. Additionally, we have one floating production storage and offloading unit. Our fleet includes 11 units under construction as follows:

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

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

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

Noble Corporation, a Cayman Islands company (“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 recurring nature. The December 31, 2011 Consolidated Balance Sheets presented herein are derived from the December 31, 2011 audited consolidated financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2011, 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 reclassified to conform to the current year presentation. In connection with a review of the “Other Assets” caption in our financial statements, we determined that drilling equipment replacements and upgrades should be included in “Property and equipment”. As a result, we reclassified these amounts in our consolidated balance sheet for the year ended December 31, 2011. This reclassification is immaterial to the prior period financial statements.

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Guarantees of Registered Securities (Details 2) (USD $) In Thousands, unless otherwise specified	1 Months Ended		6 Months Ended
	Feb. 29, 2012	Feb. 28, 2011	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities
Net cash from operating activities			$ 535,946	$ 232,768
Cash flows from investing activities
Change in accrued capital expenditures			(159,134)	(51,500)
Refund from contract extinguishments				18,642
Net cash from investing activities			(824,274)	(1,449,073)
Cash flows from financing activities
Borrowings on bank credit facilities			325,000	625,000
Repayments on bank credit facilities			(1,150,000)	(240,000)
Proceeds from issuance of senior notes, net	1,190,000		1,186,636	1,087,833
Contributions from joint venture partners			40,000	436,000
Payments of joint venture debt		(693,000)		(693,494)
Settlement of interest rate swaps				(29,032)
Financing costs on credit facilities			(5,014)	(2,835)
Net cash from financing activities			324,425	1,109,311
Net change in cash and cash equivalents			36,097	(106,994)
Cash and cash equivalents, beginning of period			239,196	337,871
Cash and cash equivalents, end of period			275,293	230,877
Noble-Cayman [Member]
Cash flows from operating activities
Net cash from operating activities			(39,135)	(30,984)
Cash flows from investing activities
Notes receivable from affiliates				20,000
Net cash from investing activities				20,000
Cash flows from financing activities
Borrowings on bank credit facilities			325,000	625,000
Repayments on bank credit facilities			(1,150,000)	(240,000)
Financing costs on credit facilities			(5,014)
Distributions to parent			(92,675)	(94,291)
Advances (to) from affiliates			(226,514)	(238,391)
Notes payable to affiliates			1,188,287	(38,500)
Net cash from financing activities			39,084	10,983
Net change in cash and cash equivalents			(51)	(1)
Cash and cash equivalents, beginning of period			146	42
Cash and cash equivalents, end of period			95	41
Noble-Cayman [Member]
Cash flows from operating activities
Net cash from operating activities			551,701	246,477
Cash flows from investing activities
Capital expenditures			(663,700)	(1,411,282)
Change in accrued capital expenditures			(159,134)	(51,500)
Refund from contract extinguishments				18,642
Net cash from investing activities			(822,834)	(1,444,140)
Cash flows from financing activities
Borrowings on bank credit facilities			325,000	625,000
Repayments on bank credit facilities			(1,150,000)	(240,000)
Proceeds from issuance of senior notes, net			1,186,636	1,087,833
Contributions from joint venture partners			40,000	436,000
Payments of joint venture debt				(693,494)
Settlement of interest rate swaps				(29,032)
Financing costs on credit facilities			(5,014)	(2,835)
Distributions to parent			(92,675)	(94,291)
Net cash from financing activities			303,947	1,089,181
Net change in cash and cash equivalents			32,814	(108,482)
Cash and cash equivalents, beginning of period			235,056	333,399
Cash and cash equivalents, end of period			267,870	224,917
NHC and NDH Combined [Member]
Cash flows from operating activities
Net cash from operating activities			8,929	23,361
Cash flows from investing activities
Capital expenditures			(182,619)	(846,292)
Net cash from investing activities			(182,619)	(846,292)
Cash flows from financing activities
Advances (to) from affiliates			173,636	840,576
Notes payable to affiliates				(17,500)
Net cash from financing activities			173,636	823,076
Net change in cash and cash equivalents			(54)	145
Cash and cash equivalents, beginning of period			385	146
Cash and cash equivalents, end of period			331	291
NDC [Member]
Cash flows from operating activities
Net cash from operating activities			4,457	2,591
Cash flows from investing activities
Capital expenditures			(306)	(197)
Net cash from investing activities			(306)	(197)
Cash flows from financing activities
Advances (to) from affiliates			(4,151)	32,606
Notes payable to affiliates				(35,000)
Net cash from financing activities			(4,151)	(2,394)
NHIL [Member]
Cash flows from operating activities
Net cash from operating activities			(32,947)	(43,770)
Cash flows from investing activities
Notes receivable from affiliates			(1,188,287)
Net cash from investing activities			(1,188,287)
Cash flows from financing activities
Proceeds from issuance of senior notes, net			1,186,636	1,087,833
Advances (to) from affiliates			34,602	(1,044,063)
Net cash from financing activities			1,221,283	43,770
Cash and cash equivalents, end of period			4
NDS6 [Member]
Cash flows from operating activities
Net cash from operating activities			(13,203)	(10,840)
Cash flows from financing activities
Advances (to) from affiliates			13,203	10,840
Net cash from financing activities			13,203	10,840
Other Non-guarantor Subsidiaries of Noble [Member]
Cash flows from operating activities
Net cash from operating activities			623,600	306,119
Cash flows from investing activities
Capital expenditures			(480,775)	(564,793)
Change in accrued capital expenditures			(159,134)	(51,500)
Notes receivable from affiliates				91,000
Refund from contract extinguishments				18,642
Net cash from investing activities			(639,909)	(506,651)
Cash flows from financing activities
Contributions from joint venture partners			40,000	436,000
Payments of joint venture debt				(693,494)
Settlement of interest rate swaps				(29,032)
Advances (to) from affiliates			9,224	398,432
Notes payable to affiliates				(20,000)
Net cash from financing activities			49,224	91,906
Net change in cash and cash equivalents			32,915	(108,626)
Cash and cash equivalents, beginning of period			234,525	333,211
Cash and cash equivalents, end of period			267,440	224,585
Consolidating Adjustments [Member]
Cash flows from investing activities
Notes receivable from affiliates			1,188,287	(111,000)
Net cash from investing activities			1,188,287	(111,000)
Cash flows from financing activities
Notes payable to affiliates			(1,188,287)	111,000
Net cash from financing activities			$ (1,188,287)	$ 111,000

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Loss on Impairment (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Jun. 30, 2012 Rigs
Submersible rig fleet [Member]
Loss on Impairment (Textual) [Abstract]
Number of cold stacked rigs	2
Submersible rig fleet [Member] | Level 2 [Member]
Loss on Impairment (Textual) [Abstract]
Impairment related charges	13
Corporate Assets [Member] | Level 2 [Member]
Loss on Impairment (Textual) [Abstract]
Impairment related charges	5

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Debt (Tables)

6 Months Ended

Jun. 30, 2012

Debt [Abstract]

Long-term debt

	June 30,		December 31,
	2012		2011
Wholly-owned debt instruments:
5.875% Senior Notes due 2013	$	299,966	$	299,949
7.375% Senior Notes due 2014		249,722		249,647
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,945		299,938
2.50% Senior Notes due 2017		299,836		—
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,840		498,783
4.625% Senior Notes due 2021		399,503		399,480
3.95% Senior Notes due 2022		399,054		—
6.20% Senior Notes due 2040		399,891		399,890
6.05% Senior Notes due 2041		397,598		397,582
5.25% Senior Notes due 2042		498,244		—
Credit facilities		150,000		975,000
Total long-term debt	$	4,444,294	$	4,071,964

Estimated fair value of our long-term debt

	June 30, 2012				December 31, 2011
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Wholly-owned debt instruments
5.875% Senior Notes due 2013	$	299,966	$	312,362	$	299,949	$	317,586
7.375% Senior Notes due 2014		249,722		274,275		249,647		278,966
3.45% Senior Notes due 2015		350,000		367,465		350,000		363,571
3.05% Senior Notes due 2016		299,945		309,804		299,938		306,057
2.50% Senior Notes due 2017		299,836		303,649		—		—
7.50% Senior Notes due 2019		201,695		248,719		201,695		248,623
4.90% Senior Notes due 2020		498,840		538,532		498,783		531,437
4.625% Senior Notes due 2021		399,503		424,232		399,480		416,847
3.95% Senior Notes due 2022		399,054		404,017		—		—
6.20% Senior Notes due 2040		399,891		444,713		399,890		450,017
6.05% Senior Notes due 2041		397,598		436,205		397,582		443,308
5.25% Senior Notes due 2042		498,244		496,435		—		—
Credit Facilities		150,000		150,000		975,000		975,000
Total long-term debt	$	4,444,294	$	4,710,408	$	4,071,964	$	4,331,412

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Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2012

Property and Equipment [Abstract]

Property and Equipment

	June 30,		December 31,
	2012		2011
Drilling equipment and facilities	$	12,572,630	$	10,974,943
Construction in progress		3,289,005		4,367,750
Other		193,533		197,485
	$	16,055,168	$	15,540,178

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Fair Value of Financial Instruments (Details) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Assets
Marketable securities		$ 4,701
Liabilities
Foreign currency forward contracts		3,061
Level 1 [Member]
Assets
Marketable securities	5,247
Level 2 [Member]
Liabilities
Foreign currency forward contracts
Level 3 [Member]
Assets
Marketable securities
Liabilities
Foreign currency forward contracts
Carrying Amount [Member]
Assets
Marketable securities	5,247	4,701
Liabilities
Foreign currency forward contracts		$ 3,061

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Gain on Contract Settlements / Extinguishments, net (Details (USD $)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2011	Jun. 30, 2012	Mar. 31, 2011	Jun. 30, 2012	Jun. 30, 2011
Legal Settlement By Party [Line Items]
Net gain recognized on settlement included in other income				$ 28,000,000
Gain on contract extinguishments		33,255,000		33,255,000	21,202,000
Gain on Contract Settlements/Extinguishments, net (Textual) [Abstract]
Incident charge				17,000,000
Non-cash charge related to outstanding shipyard contracts and deposits					32,600,000
Repayment of Bully credit facilities	693,000,000				693,494,000
Gain recognized on settlement and termination of interest rate swaps			1,300,000
Noble David Tinsley [Member]
Legal Settlement By Party [Line Items]
Net gain recognized on settlement included in other income				5,000,000
Noble Phoenix [Member]
Legal Settlement By Party [Line Items]
Gain on contract extinguishments			$ 52,500,000

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2012

Employee Benefit Plans [Abstract]

Pension Costs

	Three Months Ended June 30,
	2012						2011
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,111		$	2,375		$	1,153		$	2,152
Interest cost		1,350			2,164			1,440			2,143
Return on plan assets		(1,342	)		(2,793	)		(1,454	)		(2,768	)
Amortization of prior service cost		—			57			—			57
Amortization of transition obligation		—			—			19			—
Recognized net actuarial loss		201			1,793			123			843
Net pension expense	$	1,320		$	3,596		$	1,281		$	2,427
	Six Months Ended June 30,
	2012						2011
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,234		$	4,806		$	2,246		$	4,304
Interest cost		2,708			4,360			2,823			4,286
Return on plan assets		(2,688	)		(5,586	)		(2,857	)		(5,536	)
Amortization of prior service cost		—			114			—			113
Amortization of transition obligation		—			—			37			—
Recognized net actuarial loss		401			3,678			243			1,687
Net pension expense	$	2,655		$	7,372		$	2,492		$	4,854

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities [Abstract]

Net unrealized gain/(loss) related to cash flow hedges included in AOCL

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net unrealized gain/(loss) at beginning of period	$	(644	)	$	1,766		$	(3,061	)	$	1,970
Activity during period:
Settlement of foreign currency forward contracts during the period		644			(801	)		3,061			(1,382	)
Settlement of interest rate swaps during the period		—			—			—			(366	)
Net unrealized gain on outstanding foreign currency forward contracts		—			3,152			—			3,895
Net unrealized gain/(loss) at end of period	$	—		$	4,117		$	—		$	4,117

Summarize the financial statement presentation and fair value of derivative positions

			Estimated fair value
	Balance  sheet classification		June 30, 2012		December 31, 2011
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts		Other current liabilities	$	—	$	3,061

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

	Gain/(loss) recognized through AOCL				Gain/(loss) reclassified from AOCL to “other income”					Gain/(loss) recognized through “other income”
	2012		2011		2012			2011		2012		2011
Cash flow hedges
Foreign currency forward contracts	$	—	$	3,152	$	(644	)	$	801	$	—	$	—

	Gain/(loss)  recognized through AOCL				Gain/(loss) reclassified from AOCL to “other income”					Gain/(loss) recognized through “other income”
	2012		2011		2012			2011		2012		2011
Cash flow hedges
Foreign currency forward contracts	$	—	$	3,895	$	(3,061	)	$	1,382	$	—	$	—
Non-designated derivatives
Foreign currency forward contracts	$	—	$	—	$	—		$	—	$	—	$	(546	)

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Consolidated Statement of Equity (Unaudited) (USD $) In Thousands, unless otherwise specified	Total	Shares	Additional Paid-in Capital	Retained Earnings	Treasury Shares	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Noble-Cayman [Member]	Noble-Cayman [Member] Shares	Noble-Cayman [Member] Additional Paid-in Capital	Noble-Cayman [Member] Retained Earnings	Noble-Cayman [Member] Accumulated Other Comprehensive Loss	Noble-Cayman [Member] Noncontrolling Interests
Beginning Balance at Dec. 31, 2010	$ 7,287,634	$ 917,684	$ 39,006	$ 6,630,500	$ (373,967)	$ (50,220)	$ 124,631	$ 7,260,655	$ 26,125	$ 416,232	$ 6,743,887	$ (50,220)	$ 124,631
Beginning Balance, shares at Dec. 31, 2010		262,415							261,246
Employee related equity activity
Amortization of share-based compensation	16,388		16,388
Issuance of share-based compensation shares	7	606	(599)
Issuance of share-based compensation shares, 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	108,630			108,578			52	136,530			136,478		52
Equity contribution by joint venture partner	473,973						473,973	473,973					473,973
Par value reduction payments	(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/loss, net	7,904					7,904		7,904				7,904
Ending Balance at Jun. 30, 2011	7,820,368	857,795	50,499	6,739,078	(383,344)	(42,316)	598,656	7,794,999	26,125	426,460	6,786,074	(42,316)	598,656
Ending Balance, shares at Jun. 30, 2011		262,668							261,246
Beginning Balance at Mar. 31, 2011
Employee related equity activity
Net income	54,174							68,909
Other comprehensive income/loss, 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
Beginning Balance at Dec. 31, 2011	8,097,852	766,595	48,356	6,676,444	(10,553)	(74,321)	691,331	8,073,633	26,125	450,616	6,979,882	(74,321)	691,331
Beginning Balance, shares at Dec. 31, 2011		252,639							261,246
Employee related equity activity
Amortization of share-based compensation	17,840		17,840
Issuance of share-based compensation shares	5	1,104	(1,099)
Issuance of share-based compensation shares, shares		364
Exercise of stock options	10,012	1,277	8,735
Exercise of stock options, shares		447
Tax benefit of stock options exercised	(552)		(552)
Restricted shares forfeited or repurchased for taxes	(9,765)	(1,138)	1,138		(9,765)
Restricted shares forfeited or repurchased for taxes, shares		(374)
Net income	292,018			279,993			12,025	319,647			307,622		12,025
Equity contribution by joint venture partner	40,000						40,000	40,000					40,000
Other	(1,527)						(1,527)	(1,527)					(1,527)
Par value reduction payments	(71,897)	(58,470)	(13,427)
Capital contributions by parent - share-based compensation								10,438		10,438
Distributions to parent								(92,675)			(92,675)
Dividends payable	(132,679)			(132,679)
Other comprehensive income/loss, net	(1,140)					(1,140)		(1,140)				(1,140)
Ending Balance at Jun. 30, 2012	8,240,167	709,368	60,991	6,823,758	(20,318)	(75,461)	741,829	8,348,376	26,125	461,054	7,194,829	(75,461)	741,829
Ending Balance, shares at Jun. 30, 2012		253,076							261,246
Beginning Balance at Mar. 31, 2012
Employee related equity activity
Net income	178,675							191,827
Other comprehensive income/loss, net	(4,901)							(4,901)
Ending Balance at Jun. 30, 2012	$ 8,240,167							$ 8,348,376	$ 26,125
Ending Balance, shares at Jun. 30, 2012									261,246

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair Value of Financial Instruments [Abstract]

Carrying amount and estimated fair value of financial instruments

	June 30, 2012								December 31, 2011
			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	$	5,247	$	5,247	$	—	$	—	$	4,701	$	4,701
Liabilities -
Foreign currency forward contracts	$	—	$	—	$	—	$	—	$	3,061	$	3,061

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Share Data (Details Textual) (USD $) In Millions, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Share Data (Textual) [Abstract]
Remaining shares available under authorized share repurchase program	6.8
Shares repurchased under authorization	0
Additional conditionally authorizable shares without additional shareholder approval	133.1
Payment of dividend funded from capital contribution	0.52
Number of installments by which the instalments of dividends paid	4
Total cash payments	66
Increase in current liabilities	133
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options excluded from the diluted net income per share	1.2	0.7

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Derivative Instruments and Hedging Activities (Details 1) (Short-term foreign currency forward contracts [Member], Other current liabilities [Member], USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Short-term foreign currency forward contracts [Member] | Other current liabilities [Member]
Liability derivatives
Cash flow hedges, Estimated fair value	$ 3,061

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Consolidated Balance Sheet (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 275,293	$ 239,196
Accounts receivable	693,533	587,163
Taxes receivable	97,900	75,284
Prepaid expenses	78,463	35,796
Other current assets	142,541	122,173
Total current assets	1,287,730	1,059,612
Property and equipment, at cost	16,055,168	15,540,178
Accumulated depreciation	(3,632,532)	(3,409,833)
Property and equipment, net	12,422,636	12,130,345
Other assets	325,650	305,202
Total assets	14,036,016	13,495,159
Current liabilities
Accounts payable	277,647	436,006
Accrued payroll and related costs	125,603	117,907
Interest payable	73,208	54,419
Taxes payable	89,262	94,920
Dividends payable	132,679
Other current liabilities	108,714	123,928
Total current liabilities	807,113	827,180
Long-term debt	4,444,294	4,071,964
Deferred income taxes	238,045	242,791
Other liabilities	306,397	255,372
Total liabilities	5,795,849	5,397,307
Commitments and contingencies
Shareholders' equity
Shares; 253,076 and 252,639 shares outstanding	709,368	766,595
Treasury shares, at cost; 569 and 287 shares	(20,318)	(10,553)
Additional paid-in capital	60,991	48,356
Retained earnings	6,823,758	6,676,444
Accumulated other comprehensive loss	(75,461)	(74,321)
Total shareholders' equity	7,498,338	7,406,521
Noncontrolling interests	741,829	691,331
Total equity	8,240,167	8,097,852
Total liabilities and equity	14,036,016	13,495,159
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	267,870	235,056
Accounts receivable	693,533	587,163
Taxes receivable	97,745	75,284
Prepaid expenses	76,630	33,105
Other current assets	142,541	120,109
Total current assets	1,278,319	1,050,717
Property and equipment, at cost	16,019,544	15,505,994
Accumulated depreciation	(3,626,272)	(3,404,589)
Property and equipment, net	12,393,272	12,101,405
Other assets	325,733	305,283
Total assets	13,997,324	13,457,405
Current liabilities
Accounts payable	276,398	435,729
Accrued payroll and related costs	117,037	108,908
Interest payable	73,208	54,419
Taxes payable	84,893	91,190
Other current liabilities	108,676	123,399
Total current liabilities	660,212	813,645
Long-term debt	4,444,294	4,071,964
Deferred income taxes	238,045	242,791
Other liabilities	306,397	255,372
Total liabilities	5,648,948	5,383,772
Commitments and contingencies
Shareholders' equity
Ordinary shares; 261,246 shares outstanding	26,125	26,125
Additional paid-in capital	461,054	450,616
Retained earnings	7,194,829	6,979,882
Accumulated other comprehensive loss	(75,461)	(74,321)
Total shareholders' equity	7,606,547	7,382,302
Noncontrolling interests	741,829	691,331
Total equity	8,348,376	8,073,633
Total liabilities and equity	$ 13,997,324	$ 13,457,405

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Receivables from Customers (Details) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2010	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Receivables From Major Customers [Line Items]
Labor contract drilling services		$ 19,863,000	$ 14,012,000	$ 35,871,000	$ 27,559,000
Receivables from Customers (Textual) [Abstract]
Minimum days for charter contract with FPSO	100 days
Hiring date of the new unit	Jul. 23, 2010
Pemex Exploracion Y Produccion [Member]
Receivables From Major Customers [Line Items]
Labor contract drilling services				14,000,000
Subsidiary of BP PLC [Member]
Receivables From Major Customers [Line Items]
Outstanding receivables		$ 35,000,000		$ 35,000,000

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Consolidated Statement of Comprehensive Income (Parenthetical) (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Tax provision on amortization of deferred pension plan amounts	$ 647	$ 353	$ 1,367	$ 705
Noble-Cayman [Member]
Tax provision on amortization of deferred pension plan amounts	$ 647	$ 353	$ 1,367	$ 705

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Net Change in Other Assets and Liabilities (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Effect of changes in other assets and liabilities on cash flows from operating activities
Accounts receivable	$ (87,244)	$ (122,605)
Other current assets	(82,590)	(55,141)
Other assets	(10,452)	(13,344)
Accounts payable	9,776	(17,020)
Other current liabilities	(2,282)	1,544
Other liabilities	33,608	16,030
Net change in other assets and liabilities	(139,184)	(190,536)
Noble-Cayman [Member]
Effect of changes in other assets and liabilities on cash flows from operating activities
Accounts receivable	(87,244)	(122,572)
Other current assets	(85,357)	(46,895)
Other assets	(10,454)	(15,821)
Accounts payable	8,804	(17,050)
Other current liabilities	(1,997)	(11,283)
Other liabilities	33,608	16,004
Net change in other assets and liabilities	$ (142,640)	$ (197,617)

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Guarantees of Registered Securities (Tables)

6 Months Ended

Jun. 30, 2012

Guarantees of Registered Securities [Abstract]

Condensed Financial Statements

													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	$	95	$	331		$	—		$	4	$	—	$	267,440		$	—		$	267,870
Accounts receivable		—		15,595			3,325			—		—		674,613			—			693,533
Taxes receivable		—		4,566			—			—		—		93,179			—			97,745
Prepaid expenses		—		502			9			—		—		76,119			—			76,630
Short-term notes receivable from affiliates		—		119,476			—			—		—		234,992			(354,468	)		—
Accounts receivable from affiliates		761,630		130,097			973,381			563,640		39,829		5,340,324			(7,808,901	)		—
Other current assets		516		641			196			—		—		141,188			—			142,541
Total current assets		762,241		271,208			976,911			563,644		39,829		6,827,855			(8,163,369	)		1,278,319
Property and equipment, at cost		—		2,326,256			74,856			—		—		13,618,432			—			16,019,544
Accumulated depreciation		—		(285,259	)		(56,410	)		—		—		(3,284,603	)		—			(3,626,272	)
Property and equipment, net		—		2,040,997			18,446			—		—		10,333,829			—			12,393,272
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,578,007			(11,604,391	)		—
Investments in affiliates		7,322,022		9,407,807			3,418,778			7,016,530		2,219,318		—			(29,384,455	)		—
Other assets		6,745		554			435			27,584		820		289,595			—			325,733
Total assets	$	11,907,471	$	12,926,566		$	4,414,570		$	11,132,572	$	2,739,074	$	20,029,286		$	(49,152,215	)	$	13,997,324
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	73,168	$	51,054		$	110,770		$	—	$	—	$	119,476		$	(354,468	)	$	—
Accounts payable		—		3,141			555			—		—		272,702			—			276,398
Accrued payroll and related costs		—		4,530			7,223			—		—		105,284			—			117,037
Accounts payable to affiliates		900,919		4,342,182			3,741			138,782		53,235		2,370,042			(7,808,901	)		—
Interest payable		1,548		—			—			67,248		4,412		—			—			73,208
Taxes payable		—		9,595			—			—		—		75,298			—			84,893
Other current liabilities		—		—			241			—		—		108,435			—			108,676
Total current liabilities		975,635		4,410,502			122,530			206,030		57,647		3,051,237			(8,163,369	)		660,212
Long-term debt		449,966		—			—			3,792,633		201,695		—			—			4,444,294
Notes payable to affiliates		2,855,394		1,039,500			—			975,000		1,342,000		5,392,497			(11,604,391	)		—
Deferred income taxes		—		—			15,731			—		—		222,314			—			238,045
Other liabilities		19,929		17,361			—			—		—		269,107			—			306,397
Total liabilities		4,300,924		5,467,363			138,261			4,973,663		1,601,342		8,935,155			(19,767,760	)		5,648,948
Commitments and contingencies
Total shareholder equity		7,606,547		7,459,203			4,276,309			6,158,909		1,137,732		10,352,302			(29,384,455	)		7,606,547
Noncontrolling interest		—		—			—			—		—		741,829			—			741,829
Total equity		7,606,547		7,459,203			4,276,309			6,158,909		1,137,732		11,094,131			(29,384,455	)		8,348,376
Total liabilities and equity	$	11,907,471	$	12,926,566		$	4,414,570		$	11,132,572	$	2,739,074	$	20,029,286		$	(49,152,215	)	$	13,997,324

													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	$	146	$	385		$	—		$	—	$	—	$	234,525		$	—		$	235,056
Accounts receivable		—		10,810			3,371			—		—		572,982			—			587,163
Taxes receivable		—		4,566			—			—		—		70,718			—			75,284
Prepaid expenses		—		453			19			—		—		32,633			—			33,105
Short-term notes receivable from affiliates		—		119,476			—			—		—		122,298			(241,774	)		—
Accounts receivable from affiliates		1,683,740		99,202			879,581			159,132		33,905		6,372,657			(9,228,217	)		—
Other current assets		—		643			196			93		—		119,177			—			120,109
Total current assets		1,683,886		235,535			883,167			159,225		33,905		7,524,990			(9,469,991	)		1,050,717
Property and equipment, at cost		—		2,737,764			75,001			—		—		12,693,229			—			15,505,994
Accumulated depreciation		—		(232,621	)		(54,599	)		—		—		(3,117,369	)		—			(3,404,589	)
Property and equipment, net		—		2,505,143			20,402			—		—		9,575,860			—			12,101,405
Notes receivable from affiliates		3,842,062		675,000			—			2,336,527		572,107		2,678,192			(10,103,888	)		—
Investments in affiliates		6,969,201		9,101,938			3,450,212			6,605,771		2,141,450		—			(28,268,572	)		—
Other assets		3,230		473			483			18,548		880		281,669			—			305,283
Total assets	$	12,498,379	$	12,518,089		$	4,354,264		$	9,120,071	$	2,748,342	$	20,060,711		$	(47,842,451	)	$	13,457,405
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	72,298	$	50,000		$	—		$	—	$	—	$	119,476		$	(241,774	)	$	—
Accounts payable		—		5,577			985			—		—		429,167			—			435,729
Accrued payroll and related costs		—		2,897			6,518			—		—		99,493			—			108,908
Accounts payable to affiliates		2,079,719		4,166,021			27,341			112,953		34,107		2,808,076			(9,228,217	)		—
Interest payable		1,891		—			—			48,116		4,412		—			—			54,419
Taxes payable		—		10,032			—			—		—		81,158			—			91,190
Other current liabilities		—		—			240			—		—		123,159			—			123,399
Total current liabilities		2,153,908		4,234,527			35,084			161,069		38,519		3,660,529			(9,469,991	)		813,645
Long-term debt		1,274,949		—			—			2,595,320		201,695		—			—			4,071,964
Notes payable to affiliates		1,667,291		1,147,500			85,000			975,000		811,000		5,418,097			(10,103,888	)		—
Deferred income taxes		—		—			15,731			—		—		227,060			—			242,791
Other liabilities		19,929		24,878			—			—		—		210,565			—			255,372
Total liabilities		5,116,077		5,406,905			135,815			3,731,389		1,051,214		9,516,251			(19,573,879	)		5,383,772
Commitments and contingencies
Total shareholder equity		7,382,302		7,111,184			4,218,449			5,388,682		1,697,128		9,853,129			(28,268,572	)		7,382,302
Noncontrolling interest		—		—			—			—		—		691,331			—			691,331
Total equity		7,382,302		7,111,184			4,218,449			5,388,682		1,697,128		10,544,460			(28,268,572	)		8,073,633
Total liabilities and equity	$	12,498,379	$	12,518,089		$	4,354,264		$	9,120,071	$	2,748,342	$	20,060,711		$	(47,842,451	)	$	13,457,405

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	38,348		$	4,819		$	—		$	—		$	824,684		$	(19,614	)	$	848,237
Reimbursables		—			502			—			—			—			30,310			—			30,812
Labor contract drilling services		—			—			—			—			—			19,863			—			19,863
Other		—			—			—			—			—			943			(932	)		11
Total operating revenues		—			38,850			4,819			—			—			875,800			(20,546	)		898,923
Operating costs and expenses
Contract drilling services		1,256			14,375			1,839			18,779			—			405,895			(20,546	)		421,598
Reimbursables		—			338			—			—			—			24,632			—			24,970
Labor contract drilling services		—			—			—			—			—			11,847			—			11,847
Depreciation and amortization		—			15,238			1,061			—			—			166,804			—			183,103
Selling, general and administrative		454			1,465			—			9,618			—			3,930			—			15,467
Loss on impairment		—			—			—			—			—			18,345			—			18,345
Gain on contract settlements/extinguishments, net		—			(4,869	)		—			—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		1,710			26,547			2,900			28,397			—			603,067			(20,546	)		642,075
Operating income (loss)		(1,710	)		12,303			1,919			(28,397	)		—			272,733			—			256,848
Other income (expense)
Equity earnings in affiliates, net of tax		197,409			154,580			10,078			230,830			69,542			—			(662,439	)		—
Interest expense, net of amounts capitalized		(25,294	)		(14,003	)		(842	)		(29,494	)		(11,405	)		(20,076	)		80,462			(20,652	)
Interest income and other, net		2,565			10,867			(21	)		32,925			2,815			32,919			(80,462	)		1,608
Income before income taxes		172,970			163,747			11,134			205,864			60,952			285,576			(662,439	)		237,804
Income tax provision		—			(13,487	)		—			—			—			(32,490	)		—			(45,977	)
Net Income		172,970			150,260			11,134			205,864			60,952			253,086			(662,439	)		191,827
Net income attributable to noncontrolling interests		—			—			—			—			—			(18,857	)		—			(18,857	)
Net income attributable to Noble Corporation		172,970			150,260			11,134			205,864			60,952			234,229			(662,439	)		172,970
Other comprehensive loss, net		(4,901	)		—			—			—			—			(4,901	)		4,901			(4,901	)
Comprehensive income attributable to Noble Corporation	$	168,069		$	150,260		$	11,134		$	205,864		$	60,952		$	229,328		$	(657,538	)	$	168,069

																Other
																Non-guarantor
	Noble-			NHC and NDH												Subsidiaries			Consolidating
	Cayman			Combined			NDC			NHIL			NDS6			of Noble			Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	81,339		$	9,880		$	—		$	—		$	1,542,760		$	(39,432	)	$	1,594,547
Reimbursables		—			5,810			—			—			—			60,143			—			65,953
Labor contract drilling services		—			—			—			—			—			35,871			—			35,871
Other		—			—			—			—			—			1,174			(932	)		242
Total operating revenues		—			87,149			9,880			—			—			1,639,948			(40,364	)		1,696,613
Operating costs and expenses
Contract drilling services		2,439			28,694			3,610			36,412			—			805,953			(40,364	)		836,744
Reimbursables		—			5,425			—			—			—			50,146			—			55,571
Labor contract drilling services		—			—			—			—			—			21,079			—			21,079
Depreciation and amortization		—			30,077			2,097			—			—			321,502			—			353,676
Selling, general and administrative		811			2,811			—			18,437			—			7,418			—			29,477
Loss on impairment		—			—			—			—			—			18,345			—			18,345
Gain on contract settlements/extinguishments, net		—			(4,869	)		—			—			—			(28,386	)		—			(33,255	)
Total operating costs and expenses		3,250			62,138			5,707			54,849			—			1,196,057			(40,364	)		1,281,637
Operating income (loss)		(3,250	)		25,011			4,173			(54,849	)		—			443,891			—			414,976
Other income (expense)
Equity earnings in affiliates, net of tax		352,821			289,165			55,880			410,758			145,403			—			(1,254,027	)		—
Interest expense, net of amounts capitalized		(45,900	)		(28,917	)		(2,188	)		(50,466	)		(19,188	)		(39,972	)		155,483			(31,148	)
Interest income and other, net		3,951			18,691			(5	)		62,179			5,925			67,749			(155,483	)		3,007
Income before income taxes		307,622			303,950			57,860			367,622			132,140			471,668			(1,254,027	)		386,835
Income tax provision		—			(22,263	)		—			—			—			(44,925	)		—			(67,188	)
Net Income		307,622			281,687			57,860			367,622			132,140			426,743			(1,254,027	)		319,647
Net income attributable to noncontrolling interests		—			—			—			—			—			(12,025	)		—			(12,025	)
Net income attributable to Noble Corporation		307,622			281,687			57,860			367,622			132,140			414,718			(1,254,027	)		307,622
Other comprehensive loss, net		(1,140	)		—			—			—			—			(1,140	)		1,140			(1,140	)
Comprehensive income attributable to Noble Corporation	$	306,482		$	281,687		$	57,860		$	367,622		$	132,140		$	413,578		$	(1,252,887	)	$	306,482

																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 income 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
Other comprehensive income, net		4,415			—			—			—			—			4,415			(4,415	)		4,415
Comprehensive income attributable to Noble Corporation	$	73,233		$	71,200		$	19,289		$	94,353		$	66,716		$	118,999		$	(370,557	)	$	73,233

																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 income 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
Other comprehensive income, net		7,904			—			—			—			—			7,904			(7,904	)		7,904
Comprehensive income attributable to Noble Corporation	$	144,382		$	104,582		$	35,551		$	116,780		$	96,657		$	247,377		$	(600,947	)	$	144,382

																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	$	(39,135	)	$	8,929		$	4,457		$	(32,947	)	$	(13,203	)	$	623,600		$	—		$	551,701
Cash flows from investing activities
Capital expenditures		—			(182,619	)		(306	)		—			—			(480,775	)		—			(663,700	)
Change in accrued capital expenditures		—			—			—			—			—			(159,134	)		—			(159,134	)
Notes receivable from affiliates		—			—			—			(1,188,287	)		—			—			1,188,287			—
Net cash from investing activities		—			(182,619	)		(306	)		(1,188,287	)		—			(639,909	)		1,188,287			(822,834	)
Cash flows from financing activities
Borrowings on bank credit facilities		325,000			—			—			—			—			—			—			325,000
Repayments on bank credit facilities		(1,150,000	)		—			—			—			—			—			—			(1,150,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,186,636			—			—			—			1,186,636
Contributions from joint venture partners		—			—			—			—			—			40,000			—			40,000
Financing costs on credit facilities		(5,014	)		—			—			—			—			—			—			(5,014	)
Distributions to parent		(92,675	)		—			—			—			—			—			—			(92,675	)
Advances (to) from affiliates		(226,514	)		173,636			(4,151	)		34,602			13,203			9,224			—			—
Notes payable to affiliates		1,188,287			—			—			—			—			—			(1,188,287	)		—
Net cash from financing activities		39,084			173,636			(4,151	)		1,221,238			13,203			49,224			(1,188,287	)		303,947
Net change in cash and cash equivalents		(51	)		(54	)		—			4			—			32,915			—			32,814
Cash and cash equivalents, beginning of period		146			385			—			—			—			234,525			—			235,056
Cash and cash equivalents, end of period	$	95		$	331		$	—		$	4		$	—		$	267,440		$	—		$	267,870

																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	)	$	23,361		$	2,591		$	(43,770	)	$	(10,840	)	$	306,119		$	—		$	246,477
Cash flows from investing activities
Capital expenditures		—			(846,292	)		(197	)		—			—			(564,793	)		—			(1,411,282	)
Change in accrued capital expenditures		—			—			—			—			—			(51,500	)		—			(51,500	)
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			(846,292	)		(197	)		—			—			(506,651	)		(111,000	)		(1,444,140	)
Cash flows from financing activities
Borrowings on bank credit facilities		625,000			—			—			—			—			—			—			625,000
Repayments on 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 costs on credit facilities		(2,835	)		—			—			—			—			—			—			(2,835	)
Distributions to parent		(94,291	)		—			—			—			—			—			—			(94,291	)
Advances (to) from affiliates		(238,391	)		840,576			32,606			(1,044,063	)		10,840			398,432			—			—
Notes payable to affiliates		(38,500	)		(17,500	)		(35,000	)		—			—			(20,000	)		111,000			—
Net cash from financing activities		10,983			823,076			(2,394	)		43,770			10,840			91,906			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

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Segment and Related Information

6 Months Ended

Jun. 30, 2012

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 U.S. Gulf of Mexico, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India 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, 2012 and 2011 for Noble-Swiss and Noble-Cayman are shown in the following table. The “Other” column includes results of labor contract drilling services in Canada and Alaska, as well as corporate related items.

	Noble-Swiss
	Three Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	878,372		$	20,551		$	898,923		$	612,845		$	15,152		$	627,997
Depreciation and amortization		180,112			3,503			183,615			159,843			3,276			163,119
Segment operating income / (loss)		246,161			(1,666	)		244,495			77,309			1,736			79,045
Interest expense, net of amount capitalized		(105	)		(20,547	)		(20,652	)		(683	)		(14,146	)		(14,829	)
Income tax (provision) / benefit		(51,098	)		4,742			(46,356	)		(11,418	)		1,910			(9,508	)
Segment profit / (loss)		178,094			(18,276	)		159,818			64,939			(10,856	)		54,083
Total assets (at end of period)		13,483,083			552,933			14,036,016			12,046,536			391,702			12,438,238

	Noble-Cayman
	Three Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	878,372		$	20,551		$	898,923		$	612,845		$	15,152		$	627,997
Depreciation and amortization		180,112			2,991			183,103			159,843			2,793			162,636
Segment operating income		248,065			8,783			256,848			83,833			9,209			93,042
Interest expense, net of amount capitalized		(105	)		(20,547	)		(20,652	)		(683	)		(14,146	)		(14,829	)
Income tax (provision) / benefit		(51,098	)		5,121			(45,977	)		(11,418	)		2,261			(9,157	)
Segment profit / (loss)		179,998			(7,028	)		172,970			71,463			(2,645	)		68,818
Total assets (at end of period)		13,483,083			514,241			13,997,324			12,046,536			353,149			12,399,685

	Noble-Swiss
	Six Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,659,615		$	36,998		$	1,696,613		$	1,177,499		$	29,386		$	1,206,885
Depreciation and amortization		348,060			6,632			354,692			314,731			6,510			321,241
Segment operating income		386,428			1,710			388,138			162,025			3,284			165,309
Interest expense, net of amount capitalized		(194	)		(30,954	)		(31,148	)		(1,768	)		(32,102	)		(33,870	)
Income tax (provision) / benefit		(73,698	)		5,753			(67,945	)		(30,281	)		5,414			(24,867	)
Segment profit / (loss)		303,578			(23,585	)		279,993			131,819			(23,241	)		108,578
Total assets (at end of period)		13,483,083			552,933			14,036,016			12,046,536			391,702			12,438,238

	Noble-Cayman
	Six Months Ended June 30,
	2012									2011
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,659,615		$	36,998		$	1,696,613		$	1,177,499		$	29,386		$	1,206,885
Depreciation and amortization		348,060			5,616			353,676			314,731			5,560			320,291
Segment operating income		393,197			21,779			414,976			174,080			18,408			192,488
Interest expense, net of amount capitalized		(194	)		(30,954	)		(31,148	)		(1,768	)		(32,102	)		(33,870	)
Income tax (provision) / benefit		(73,698	)		6,510			(67,188	)		(30,281	)		6,099			(24,182	)
Segment profit / (loss)		310,347			(2,725	)		307,622			143,874			(7,396	)		136,478
Total assets (at end of period)		13,483,083			514,241			13,997,324			12,046,536			353,149			12,399,685

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Organization and Basis of Presentation (Details) (USD $)	Jun. 30, 2012 Rigs
Organization and Basis of Presentation (Textual) [Abstract]
Number of mobile offshore drilling units	79
Number of semisubmersibles	14
Number of drillships	14
Number of jackups	49
Number of submersibles	2
Number of Floating Production Storage and Offloading units ("FPSO")	1
Number of fleet units under construction	11
Number of ultra-deep water harsh environment drillships under construction	5
Number of Harsh Environment Jackup Rigs under Construction	6
Noble-Cayman [Member]
Public equity outstanding	0

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Net Change in Other Assets and Liabilities

6 Months Ended

Jun. 30, 2012

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,
	2012			2011			2012			2011
Accounts receivable	$	(87,244	)	$	(122,605	)	$	(87,244	)	$	(122,572	)
Other current assets		(82,590	)		(55,141	)		(85,357	)		(46,895	)
Other assets		(10,452	)		(13,344	)		(10,454	)		(15,821	)
Accounts payable		9,776			(17,020	)		8,804			(17,050	)
Other current liabilities		(2,282	)		1,544			(1,997	)		(11,283	)
Other liabilities		33,608			16,030			33,608			16,004
	$	(139,184	)	$	(190,536	)	$	(142,640	)	$	(197,617	)

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Consolidated Statement of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities
Net income	$ 292,018	$ 108,630
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	354,692	321,241
Loss on impairment	18,345
Gain on contract settlements/extinguishments, net	(33,255)	(21,202)
Deferred income taxes	(7,765)	(1,753)
Amortization of share-based compensation	17,840	16,388
Net change in other assets and liabilities	(139,184)	(190,536)
Net cash from operating activities	535,946	232,768
Cash flows from investing activities
Capital expenditures	(665,140)	(1,416,215)
Change in accrued capital expenditures	(159,134)	(51,500)
Refund from contract extinguishments		18,642
Net cash from investing activities	(824,274)	(1,449,073)
Cash flows from financing activities
Borrowings on bank credit facilities	325,000	625,000
Repayments on bank credit facilities	(1,150,000)	(240,000)
Proceeds from issuance of senior notes, net of debt issuance costs	1,186,636	1,087,833
Contributions from joint venture partners	40,000	436,000
Payments of joint venture debt		(693,494)
Settlement of interest rate swaps		(29,032)
Par value reduction payments	(71,897)	(72,141)
Financing costs on credit facilities	(5,014)	(2,835)
Proceeds from employee stock transactions	9,465	7,357
Repurchases of employee shares surrendered for taxes	(9,765)	(9,377)
Net cash from financing activities	324,425	1,109,311
Net change in cash and cash equivalents	36,097	(106,994)
Cash and cash equivalents, beginning of period	239,196	337,871
Cash and cash equivalents, end of period	275,293	230,877
Noble-Cayman [Member]
Cash flows from operating activities
Net income	319,647	136,530
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	353,676	320,291
Loss on impairment	18,345
Gain on contract settlements/extinguishments, net	(33,255)	(21,202)
Deferred income taxes	(7,765)	(1,753)
Capital contribution by parent - share-based compensation	10,438	10,228
Net change in other assets and liabilities	(142,640)	(197,617)
Net cash from operating activities	551,701	246,477
Cash flows from investing activities
Capital expenditures	(663,700)	(1,411,282)
Change in accrued capital expenditures	(159,134)	(51,500)
Refund from contract extinguishments		18,642
Net cash from investing activities	(822,834)	(1,444,140)
Cash flows from financing activities
Borrowings on bank credit facilities	325,000	625,000
Repayments on bank credit facilities	(1,150,000)	(240,000)
Proceeds from issuance of senior notes, net of debt issuance costs	1,186,636	1,087,833
Contributions from joint venture partners	40,000	436,000
Payments of joint venture debt		(693,494)
Settlement of interest rate swaps		(29,032)
Financing costs on credit facilities	(5,014)	(2,835)
Distributions to parent	(92,675)	(94,291)
Net cash from financing activities	303,947	1,089,181
Net change in cash and cash equivalents	32,814	(108,482)
Cash and cash equivalents, beginning of period	235,056	333,399
Cash and cash equivalents, end of period	$ 267,870	$ 224,917

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Consolidated Balance Sheet (Parenthetical) (Unaudited) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Shares, shares outstanding	253,076	252,639
Ordinary shares, shares outstanding	252,507	252,352
Treasury stock, shares	569	287
Noble-Cayman [Member]
Ordinary shares, shares outstanding	261,246	261,246

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Income Taxes

6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

Income Taxes

Note 9 — Income Taxes

At December 31, 2011, the reserves for uncertain tax positions totaled $118 million (net of related tax benefits of $8 million). At June 30, 2012, the reserves for uncertain tax positions totaled $115 million (net of related tax benefits of $8 million). If the June 30, 2012 reserves are not realized, the provision for income taxes would be reduced by $115 million in future periods.

It is possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next twelve months primarily due to 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 due to various uncertainties, such as the unresolved nature of various audits.

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Document and Entity Information	6 Months Ended
	Jun. 30, 2012	Jul. 31, 2012
Entity Registrant Name	Noble Corp / Switzerland
Entity Central Index Key	0001458891
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		252,604,007
Noble-Cayman [Member]
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		261,245,693

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2012

Employee Benefit Plans [Abstract]

Employee Benefit Plans

Note 10 — Employee Benefit Plans

Pension costs include the following components:

	Three Months Ended June 30,
	2012						2011
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,111		$	2,375		$	1,153		$	2,152
Interest cost		1,350			2,164			1,440			2,143
Return on plan assets		(1,342	)		(2,793	)		(1,454	)		(2,768	)
Amortization of prior service cost		—			57			—			57
Amortization of transition obligation		—			—			19			—
Recognized net actuarial loss		201			1,793			123			843
Net pension expense	$	1,320		$	3,596		$	1,281		$	2,427
	Six Months Ended June 30,
	2012						2011
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,234		$	4,806		$	2,246		$	4,304
Interest cost		2,708			4,360			2,823			4,286
Return on plan assets		(2,688	)		(5,586	)		(2,857	)		(5,536	)
Amortization of prior service cost		—			114			—			113
Amortization of transition obligation		—			—			37			—
Recognized net actuarial loss		401			3,678			243			1,687
Net pension expense	$	2,655		$	7,372		$	2,492		$	4,854

During the three and six months ended June 30, 2012, we made contributions to our pension plans totaling $6 million and $10 million, respectively. We expect the funding to our non-U.S. and U.S. plans in 2012, subject to applicable law, to be approximately $21 million.

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Consolidated Statement of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Operating revenues
Contract drilling services	$ 848,237	$ 589,550	$ 1,594,547	$ 1,132,155
Reimbursables	30,812	24,122	65,953	46,413
Labor contract drilling services	19,863	14,012	35,871	27,559
Other	11	313	242	758
Total operating revenues	898,923	627,997	1,696,613	1,206,885
Operating costs and expenses
Contract drilling services	423,502	336,728	843,513	643,091
Reimbursables	24,970	18,723	55,571	35,826
Labor contract drilling services	11,847	8,750	21,079	17,273
Depreciation and amortization	183,615	163,119	354,692	321,241
Selling, general and administrative	25,404	21,632	48,530	45,347
Loss on impairment	18,345		18,345
Gain on contract settlements/extinguishments, net	(33,255)		(33,255)	(21,202)
Total operating costs and expenses	654,428	548,952	1,308,475	1,041,576
Operating income	244,495	79,045	388,138	165,309
Other income (expense)
Interest expense, net of amount capitalized	(20,652)	(14,829)	(31,148)	(33,870)
Interest income and other, net	1,188	(534)	2,973	2,058
Income before income taxes	225,031	63,682	359,963	133,497
Income tax provision	(46,356)	(9,508)	(67,945)	(24,867)
Net income	178,675	54,174	292,018	108,630
Net income/comprehensive income attributable to noncontrolling interests	(18,857)	(91)	(12,025)	(52)
Net income attributable to Noble Corporation	159,818	54,083	279,993	108,578
Net income per share
Basic	$ 0.63	$ 0.21	$ 1.10	$ 0.43
Diluted	$ 0.63	$ 0.21	$ 1.10	$ 0.43
Noble-Cayman [Member]
Operating revenues
Contract drilling services	848,237	589,550	1,594,547	1,132,155
Reimbursables	30,812	24,122	65,953	46,413
Labor contract drilling services	19,863	14,012	35,871	27,559
Other	11	313	242	758
Total operating revenues	898,923	627,997	1,696,613	1,206,885
Operating costs and expenses
Contract drilling services	421,598	330,204	836,744	631,036
Reimbursables	24,970	18,723	55,571	35,826
Labor contract drilling services	11,847	8,750	21,079	17,273
Depreciation and amortization	183,103	162,636	353,676	320,291
Selling, general and administrative	15,467	14,642	29,477	31,173
Loss on impairment	18,345		18,345
Gain on contract settlements/extinguishments, net	(33,255)		(33,255)	(21,202)
Total operating costs and expenses	642,075	534,955	1,281,637	1,014,397
Operating income	256,848	93,042	414,976	192,488
Other income (expense)
Interest expense, net of amount capitalized	(20,652)	(14,829)	(31,148)	(33,870)
Interest income and other, net	1,608	(147)	3,007	2,094
Income before income taxes	237,804	78,066	386,835	160,712
Income tax provision	(45,977)	(9,157)	(67,188)	(24,182)
Net income	191,827	68,909	319,647	136,530
Net income/comprehensive income attributable to noncontrolling interests	(18,857)	(91)	(12,025)	(52)
Net income attributable to Noble Corporation	$ 172,970	$ 68,818	$ 307,622	$ 136,478

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Property and Equipment

6 Months Ended

Jun. 30, 2012

Property and Equipment [Abstract]

Property and Equipment

Note 4 — Property and Equipment

Property and equipment, at cost, as of June 30, 2012 and December 31, 2011 consisted of the following:

	June 30,		December 31,
	2012		2011
Drilling equipment and facilities	$	12,572,630	$	10,974,943
Construction in progress		3,289,005		4,367,750
Other		193,533		197,485
	$	16,055,168	$	15,540,178

Capital expenditures, including capitalized interest, totaled $665 million and $1.4 billion for the six months ended June 30, 2012 and 2011, respectively. Capital expenditures for 2012 consisted of the following:

• $162 million for newbuild construction;

• $327 million for major projects, including $34 million in subsea related expenditures and $24 million to upgrade two drillships currently operating in Brazil;

• $99 million for other capitalized expenditures, including drilling equipment replacements and upgrades which generally have useful lives ranging from 3 to 5 years; and

• $77 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 $36 million and $77 million for the three and six months ended June 30, 2012, respectively, as compared to $29 million and $56 million for the three and six months ended June 30, 2011.

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Share Data

6 Months Ended

Jun. 30, 2012

Share Data [Abstract]

Share Data

Note 3 — Share Data

Share capital

The following is a detail of Noble-Swiss’ authorized share capital as of June 30, 2012 and December 31, 2011:

	June 30,		December 31,
	2012		2011
Shares outstanding and trading		252,507		252,352
Treasury shares		569		287
Total shares outstanding		253,076		252,639
Treasury shares held for share-based compensation plans		13,074		13,511
Total shares authorized for issuance		266,150		266,150
Par value per share (in Swiss Francs)		3.15		3.41

Repurchased treasury shares are recorded at cost, and include both shares repurchased pursuant to our Board of Directors approved share repurchase program and shares surrendered by employees for taxes payable upon the vesting of restricted stock. The number of shares that we may hold in treasury is limited under Swiss law. At June 30, 2012, 6.8 million shares remained available for repurchase under the authorization by the Board of Directors noted above. No shares were repurchased under this authorization during the six months ended June 30, 2012.

Our Board of Directors may further increase Noble-Swiss’ share capital through the issuance of up to 133.1 million authorized registered shares without obtaining shareholder approval. The issuance of these authorized registered shares is subject to certain conditions regarding their use.

In April 2012, our shareholders approved the payment of a dividend funded from our capital contribution reserve aggregating $0.52 per share to be paid in four equal installments scheduled for August 2012, November 2012, February 2013 and May 2013. These dividends will require us to make cash payments of approximately $66 million in 2012, based on the number of shares currently outstanding. In connection with this approval and the resulting obligation to shareholders, we recorded dividends payable of approximately $133 million during the second quarter of 2012. Any additional issuances of shares would further increase our obligation.

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,
	2012			2011			2012			2011
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	159,818		$	54,083		$	279,993		$	108,578
Earnings allocated to unvested share-based payment awards		(1,694	)		(572	)		(2,797	)		(1,083	)
Net income to common shareholders — basic	$	158,124		$	53,511		$	277,196		$	107,495
Diluted
Net income attributable to Noble Corporation	$	159,818		$	54,083		$	279,993		$	108,578
Earnings allocated to unvested share-based payment awards		(1,692	)		(572	)		(2,793	)		(1,082	)
Net income to common shareholders — diluted	$	158,126		$	53,511		$	277,200		$	107,496
Weighted average shares outstanding — basic		252,387			251,368			252,179			251,198
Incremental shares issuable from assumed exercise of stock options		358			700			425			737
Weighted average shares outstanding — diluted		252,745			252,068			252,604			251,935
Weighted average unvested share-based payment awards		2,704			2,688			2,555			2,554
Earnings per share
Basic	$	0.63		$	0.21		$	1.10		$	0.43
Diluted	$	0.63		$	0.21		$	1.10		$	0.43

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. At June 30, 2012, stock options totaling approximately 1.2 million were excluded from the diluted earnings per share as they were not dilutive as compared to 0.7 million at June 30, 2011.

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Accounting Pronouncements

6 Months Ended

Jun. 30, 2012

Accounting Pronouncements [Abstract]

Accounting Pronouncements

Note 15 — Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, which amends FASB Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures.” This amended guidance clarifies 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. Our adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In June 2011, the FASB issued ASU No. 2011-05, which amends ASC Topic 220, “Comprehensive Income.” This ASU 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. Our adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2012

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 are we a party to leveraged derivatives. During the six months ended June 30, 2011, we maintained certain foreign currency 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 have historically maintained short-term forward contracts settling monthly in their respective local currencies. At June 30, 2012, we had no outstanding derivative contracts.

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net unrealized gain/(loss) at beginning of period	$	(644	)	$	1,766		$	(3,061	)	$	1,970
Activity during period:
Settlement of foreign currency forward contracts during the period		644			(801	)		3,061			(1,382	)
Settlement of interest rate swaps during the period		—			—			—			(366	)
Net unrealized gain on outstanding foreign currency forward contracts		—			3,152			—			3,895
Net unrealized gain/(loss) at end of period	$	—		$	4,117		$	—		$	4,117

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, 2012 and December 31, 2011:

			Estimated fair value
	Balance  sheet classification		June 30, 2012		December 31, 2011
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts		Other current liabilities	$	—	$	3,061

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, 2012 and 2011:

	Gain/(loss) recognized through AOCL				Gain/(loss) reclassified from AOCL to “other income”					Gain/(loss) recognized through “other income”
	2012		2011		2012			2011		2012		2011
Cash flow hedges
Foreign currency forward contracts	$	—	$	3,152	$	(644	)	$	801	$	—	$	—

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 six months ended June 30, 2012 and 2011:

	Gain/(loss)  recognized through AOCL				Gain/(loss) reclassified from AOCL to “other income”					Gain/(loss) recognized through “other income”
	2012		2011		2012			2011		2012		2011
Cash flow hedges
Foreign currency forward contracts	$	—	$	3,895	$	(3,061	)	$	1,382	$	—	$	—
Non-designated derivatives
Foreign currency forward contracts	$	—	$	—	$	—		$	—	$	—	$	(546	)

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Receivables from Customers

6 Months Ended

Jun. 30, 2012

Receivables from Customers [Abstract]

Receivables from Customers

Note 7 — Receivables from Customers

In June 2010, a subsidiary of Frontier, which we acquired in July 2010, 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 contains 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, 2012. While we recently received a favorable arbitration ruling, this matter has not been finally resolved and these receivables continue to be classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet at June 30, 2012. We believe that if BP were to be successful in claiming the contract void ab initio, we may have an indemnity claim against the former shareholders of Frontier. We have put the former shareholders of Frontier on notice of this potential claim. We can make no assurances as to the outcome of this dispute.

At June 30, 2012, we had receivables of approximately $14 million related to the Noble Max Smith, which are being disputed by our customer, Pemex Exploracion y Produccion (“Pemex”). These receivables have been classified as long-term and are included in “Other assets” on our Consolidated Balance Sheet at June 30, 2012. The disputed amount relates to lost revenues due from Pemex for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig. In January 2012, we filed a lawsuit against Pemex in Mexican court seeking recovery of these amounts. While we can make no assurances as to the outcome of this dispute, we believe we are entitled to the disputed amounts.

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Guarantees of Registered Securities (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2010
Current assets
Cash and cash equivalents	$ 275,293	$ 239,196	$ 230,877	$ 337,871
Accounts receivable	693,533	587,163
Taxes receivable	97,900	75,284
Prepaid expenses	78,463	35,796
Total current assets	1,287,730	1,059,612
Property and equipment, at cost	16,055,168	15,540,178
Accumulated depreciation	(3,632,532)	(3,409,833)
Property and equipment, net	12,422,636	12,130,345
Other assets	325,650	305,202
Total assets	14,036,016	13,495,159	12,438,238
Current liabilities
Accounts payable	277,647	436,006
Accrued payroll and related costs	125,603	117,907
Interest payable	73,208	54,419
Taxes payable	89,262	94,920
Other current liabilities	108,714	123,928
Total current liabilities	807,113	827,180
Long-term debt	4,444,294	4,071,964
Deferred income taxes	238,045	242,791
Total liabilities	5,795,849	5,397,307
Commitments and contingencies
Total shareholders' equity	7,498,338	7,406,521
Noncontrolling interests	741,829	691,331
Total equity	8,240,167	8,097,852	7,820,368	7,287,634
Total liabilities and equity	14,036,016	13,495,159
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	95	146	41	42
Accounts receivable from affiliates	761,630	1,683,740
Other current assets	516
Total current assets	762,241	1,683,886
Notes receivable from affiliates	3,816,463	3,842,062
Investments in affiliates	7,322,022	6,969,201
Other assets	6,745	3,230
Total assets	11,907,471	12,498,379
Current liabilities
Short-term notes payables from affiliates	73,168	72,298
Accounts payable to affiliates	900,919	2,079,719
Interest payable	1,548	1,891
Total current liabilities	975,635	2,153,908
Long-term debt	449,966	1,274,949
Notes payable to affiliates	2,855,394	1,667,291
Other liabilities	19,929	19,929
Total liabilities	4,300,924	5,116,077
Commitments and contingencies
Total shareholders' equity	7,606,547	7,382,302
Total equity	7,606,547	7,382,302
Total liabilities and equity	11,907,471	12,498,379
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	267,870	235,056	224,917	333,399
Accounts receivable	693,533	587,163
Taxes receivable	97,745	75,284
Prepaid expenses	76,630	33,105
Other current assets	142,541	120,109
Total current assets	1,278,319	1,050,717
Property and equipment, at cost	16,019,544	15,505,994
Accumulated depreciation	(3,626,272)	(3,404,589)
Property and equipment, net	12,393,272	12,101,405
Other assets	325,733	305,283
Total assets	13,997,324	13,457,405	12,399,685
Current liabilities
Accounts payable	276,398	435,729
Accrued payroll and related costs	117,037	108,908
Interest payable	73,208	54,419
Taxes payable	84,893	91,190
Other current liabilities	108,676	123,399
Total current liabilities	660,212	813,645
Long-term debt	4,444,294	4,071,964
Deferred income taxes	238,045	242,791
Other liabilities	306,397	255,372
Total liabilities	5,648,948	5,383,772
Commitments and contingencies
Total shareholders' equity	7,606,547	7,382,302
Noncontrolling interests	741,829	691,331
Total equity	8,348,376	8,073,633	7,794,999	7,260,655
Total liabilities and equity	13,997,324	13,457,405
NHC and NDH Combined [Member]
Current assets
Cash and cash equivalents	331	385	291	146
Accounts receivable	15,595	10,810
Taxes receivable	4,566	4,566
Prepaid expenses	502	453
Short-term notes receivable from affiliates	119,476	119,476
Accounts receivable from affiliates	130,097	99,202
Other current assets	641	643
Total current assets	271,208	235,535
Property and equipment, at cost	2,326,256	2,737,764
Accumulated depreciation	(285,259)	(232,621)
Property and equipment, net	2,040,997	2,505,143
Notes receivable from affiliates	1,206,000	675,000
Investments in affiliates	9,407,807	9,101,938
Other assets	554	473
Total assets	12,926,566	12,518,089
Current liabilities
Short-term notes payables from affiliates	51,054	50,000
Accounts payable	3,141	5,577
Accrued payroll and related costs	4,530	2,897
Accounts payable to affiliates	4,342,182	4,166,021
Taxes payable	9,595	10,032
Total current liabilities	4,410,502	4,234,527
Notes payable to affiliates	1,039,500	1,147,500
Other liabilities	17,361	24,878
Total liabilities	5,467,363	5,406,905
Commitments and contingencies
Total shareholders' equity	7,459,203	7,111,184
Total equity	7,459,203	7,111,184
Total liabilities and equity	12,926,566	12,518,089
NDC [Member]
Current assets
Accounts receivable	3,325	3,371
Prepaid expenses	9	19
Accounts receivable from affiliates	973,381	879,581
Other current assets	196	196
Total current assets	976,911	883,167
Property and equipment, at cost	74,856	75,001
Accumulated depreciation	(56,410)	(54,599)
Property and equipment, net	18,446	20,402
Investments in affiliates	3,418,778	3,450,212
Other assets	435	483
Total assets	4,414,570	4,354,264
Current liabilities
Short-term notes payables from affiliates	110,770
Accounts payable	555	985
Accrued payroll and related costs	7,223	6,518
Accounts payable to affiliates	3,741	27,341
Other current liabilities	241	240
Total current liabilities	122,530	35,084
Notes payable to affiliates		85,000
Deferred income taxes	15,731	15,731
Total liabilities	138,261	135,815
Commitments and contingencies
Total shareholders' equity	4,276,309	4,218,449
Total equity	4,276,309	4,218,449
Total liabilities and equity	4,414,570	4,354,264
NHIL [Member]
Current assets
Cash and cash equivalents	4
Accounts receivable from affiliates	563,640	159,132
Other current assets		93
Total current assets	563,644	159,225
Notes receivable from affiliates	3,524,814	2,336,527
Investments in affiliates	7,016,530	6,605,771
Other assets	27,584	18,548
Total assets	11,132,572	9,120,071
Current liabilities
Accounts payable to affiliates	138,782	112,953
Interest payable	67,248	48,116
Total current liabilities	206,030	161,069
Long-term debt	3,792,633	2,595,320
Notes payable to affiliates	975,000	975,000
Total liabilities	4,973,663	3,731,389
Commitments and contingencies
Total shareholders' equity	6,158,909	5,388,682
Total equity	6,158,909	5,388,682
Total liabilities and equity	11,132,572	9,120,071
NDS6 [Member]
Current assets
Accounts receivable from affiliates	39,829	33,905
Total current assets	39,829	33,905
Notes receivable from affiliates	479,107	572,107
Investments in affiliates	2,219,318	2,141,450
Other assets	820	880
Total assets	2,739,074	2,748,342
Current liabilities
Accounts payable to affiliates	53,235	34,107
Interest payable	4,412	4,412
Total current liabilities	57,647	38,519
Long-term debt	201,695	201,695
Notes payable to affiliates	1,342,000	811,000
Total liabilities	1,601,342	1,051,214
Commitments and contingencies
Total shareholders' equity	1,137,732	1,697,128
Total equity	1,137,732	1,697,128
Total liabilities and equity	2,739,074	2,748,342
Other Non-guarantor Subsidiaries of Noble [Member]
Current assets
Cash and cash equivalents	267,440	234,525	224,585	333,211
Accounts receivable	674,613	572,982
Taxes receivable	93,179	70,718
Prepaid expenses	76,119	32,633
Short-term notes receivable from affiliates	234,992	122,298
Accounts receivable from affiliates	5,340,324	6,372,657
Other current assets	141,188	119,177
Total current assets	6,827,855	7,524,990
Property and equipment, at cost	13,618,432	12,693,229
Accumulated depreciation	(3,284,603)	(3,117,369)
Property and equipment, net	10,333,829	9,575,860
Notes receivable from affiliates	2,578,007	2,678,192
Other assets	289,595	281,669
Total assets	20,029,286	20,060,711
Current liabilities
Short-term notes payables from affiliates	119,476	119,476
Accounts payable	272,702	429,167
Accrued payroll and related costs	105,284	99,493
Accounts payable to affiliates	2,370,042	2,808,076
Taxes payable	75,298	81,158
Other current liabilities	108,435	123,159
Total current liabilities	3,051,237	3,660,529
Notes payable to affiliates	5,392,497	5,418,097
Deferred income taxes	222,314	227,060
Other liabilities	269,107	210,565
Total liabilities	8,935,155	9,516,251
Commitments and contingencies
Total shareholders' equity	10,352,302	9,853,129
Noncontrolling interests	741,829	691,331
Total equity	11,094,131	10,544,460
Total liabilities and equity	20,029,286	20,060,711
Consolidating Adjustments [Member]
Current assets
Short-term notes receivable from affiliates	(354,468)	(241,774)
Accounts receivable from affiliates	(7,808,901)	(9,228,217)
Total current assets	(8,163,369)	(9,469,991)
Notes receivable from affiliates	(11,604,391)	(10,103,888)
Investments in affiliates	(29,384,455)	(28,268,572)
Total assets	(49,152,215)	(47,842,451)
Current liabilities
Short-term notes payables from affiliates	(354,468)	(241,774)
Accounts payable to affiliates	(7,808,901)	(9,228,217)
Total current liabilities	(8,163,369)	(9,469,991)
Notes payable to affiliates	(11,604,391)	(10,103,888)
Total liabilities	(19,767,760)	(19,573,879)
Commitments and contingencies
Total shareholders' equity	(29,384,455)	(28,268,572)
Total equity	(29,384,455)	(28,268,572)
Total liabilities and equity	$ (49,152,215)	$ (47,842,451)

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Loss on Impairment

6 Months Ended

Jun. 30, 2012

Loss on Impairment [Abstract]

Loss on Impairment

Note 5 — Loss on Impairment

During the second quarter of 2012, we determined that our submersible rig fleet, consisting of two cold stacked rigs, was partially impaired due to the declining market outlook for drilling services for this rig type. We estimated the fair value of the rigs based on the salvage value of the rigs and a recent transaction involving a similar unit owned by a peer company (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $13 million for the three months ended June 30, 2012.

Also, during the second quarter of 2012, we determined that certain corporate assets were partially impaired due to a declining market for, and the potential disposal of, the assets. We estimated the fair value of the asset based on recent transactions involving similar units in the market (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $5 million for the three months ended June 30, 2012.

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Gain on Contract Settlements / Extinguishments, net

6 Months Ended

Jun. 30, 2012

Gain on Contract Settlements/Extinguishments, net [Abstract]

Gain on Contract Settlements/Extinguishments, net

Note 6 — Gain on Contract Settlements/Extinguishments, net

During the second quarter of 2012, we received approximately $5 million from the settlement of a claim relating to the Noble David Tinsley, which had experienced a “punch-through” while being positioned on location in 2009. We had originally recorded a $17 million charge during 2009 related to this incident. Additionally, during the second quarter of 2012, we settled an action against certain vendors for damages sustained during Hurricane Ike. We recognized a net gain of approximately $28 million related to this settlement. We also resolved all outstanding matters with Anadarko Petroleum Company (“Anadarko”) related to the previously disclosed force majeure action, Hurricane Ike matters and receivables relating to the Noble Amos Runner during the quarter.

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 connection with the cancellation 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 represented the unamortized fair value of the in-place contract at acquisition. As a result of the substitution, 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. We expect the actual substitution to take place in the third quarter of 2012 after the Noble Phoenix completes its shipyard work.

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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Debt

6 Months Ended

Jun. 30, 2012

Debt [Abstract]

Debt

Note 8 — Debt

Total debt consisted of the following at June 30, 2012 and December 31, 2011:

	June 30,		December 31,
	2012		2011
Wholly-owned debt instruments:
5.875% Senior Notes due 2013	$	299,966	$	299,949
7.375% Senior Notes due 2014		249,722		249,647
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,945		299,938
2.50% Senior Notes due 2017		299,836		—
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,840		498,783
4.625% Senior Notes due 2021		399,503		399,480
3.95% Senior Notes due 2022		399,054		—
6.20% Senior Notes due 2040		399,891		399,890
6.05% Senior Notes due 2041		397,598		397,582
5.25% Senior Notes due 2042		498,244		—
Credit facilities		150,000		975,000
Total long-term debt	$	4,444,294	$	4,071,964

During June 2012, we replaced our $575 million credit facility, which was scheduled to mature in 2013, with a new $1.2 billion credit facility which matures in 2017. We continue to maintain our $600 million credit facility, which matures in 2015, which combined with our new facility, gives us a total borrowing capacity under the two facilities (together referred to as the “Credit Facilities”) of $1.8 billion. 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. At June 30, 2012, our ratio of debt to total tangible capitalization was 0.35. We were in compliance with all covenants under the Credit Facilities as of June 30, 2012.

The Credit Facilities provide us with the ability to issue up to $375 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, 2012, we had no letters of credit outstanding under the Credit Facilities.

In February 2012, we issued, through our indirect wholly-owned subsidiary, Noble Holding International Limited (“NHIL”), $1.2 billion aggregate principal amount of senior notes in three separate tranches, with $300 million of 2.50% Senior Notes due 2017, $400 million of 3.95% Senior Notes due 2022, and $500 million of 5.25% Senior Notes due 2042. The weighted average coupon of all three tranches is 4.13%. The net proceeds of approximately $1.19 billion, after expenses, were primarily used to repay the then outstanding balance on our Credit Facilities.

Our 5.875% Senior Notes mature during the second quarter of 2013. We anticipate using availability under our Credit Facilities to repay the outstanding balance; therefore, we have continued to report the balance as long-term on our June 30, 2012 Consolidated Balance Sheet.

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, 2012, 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 2012, expect to remain in compliance during the year.

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 (Level 2 measurement). The following table presents the estimated fair value of our long-term debt as of June 30, 2012 and December 31, 2011.

	June 30, 2012				December 31, 2011
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Wholly-owned debt instruments
5.875% Senior Notes due 2013	$	299,966	$	312,362	$	299,949	$	317,586
7.375% Senior Notes due 2014		249,722		274,275		249,647		278,966
3.45% Senior Notes due 2015		350,000		367,465		350,000		363,571
3.05% Senior Notes due 2016		299,945		309,804		299,938		306,057
2.50% Senior Notes due 2017		299,836		303,649		—		—
7.50% Senior Notes due 2019		201,695		248,719		201,695		248,623
4.90% Senior Notes due 2020		498,840		538,532		498,783		531,437
4.625% Senior Notes due 2021		399,503		424,232		399,480		416,847
3.95% Senior Notes due 2022		399,054		404,017		—		—
6.20% Senior Notes due 2040		399,891		444,713		399,890		450,017
6.05% Senior Notes due 2041		397,598		436,205		397,582		443,308
5.25% Senior Notes due 2042		498,244		496,435		—		—
Credit Facilities		150,000		150,000		975,000		975,000
Total long-term debt	$	4,444,294	$	4,710,408	$	4,071,964	$	4,331,412

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Guarantees of Registered Securities (Details Textual) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012 5.875% Senior Notes due 2013 [Member]	Dec. 31, 2011 5.875% Senior Notes due 2013 [Member]	Jun. 30, 2012 7.375% Senior Notes due 2014 [Member]	Dec. 31, 2011 7.375% Senior Notes due 2014 [Member]	Jun. 30, 2012 3.45% Senior Notes due 2015 [Member]	Dec. 31, 2011 3.45% Senior Notes due 2015 [Member]	Jun. 30, 2012 3.05% senior notes due 2016 [Member]	Dec. 31, 2011 3.05% senior notes due 2016 [Member]	Jun. 30, 2012 2.50% Senior Notes due 2017 [Member]	Feb. 29, 2012 2.50% Senior Notes due 2017 [Member]	Jun. 30, 2012 7.50% Senior Notes due 2019 [Member]	Dec. 31, 2011 7.50% Senior Notes due 2019 [Member]	Jun. 30, 2012 4.90% Senior Notes due 2020 [Member]	Dec. 31, 2011 4.90% Senior Notes due 2020 [Member]	Jun. 30, 2012 4.625% senior notes due 2021 [Member]	Dec. 31, 2011 4.625% senior notes due 2021 [Member]	Jun. 30, 2012 3.95% Senior Notes due 2022 [Member]	Feb. 29, 2012 3.95% Senior Notes due 2022 [Member]	Jun. 30, 2012 6.20% Senior Notes due 2040 [Member]	Dec. 31, 2011 6.20% Senior Notes due 2040 [Member]	Jun. 30, 2012 6.05% senior notes due 2041 [Member]	Dec. 31, 2011 6.05% senior notes due 2041 [Member]	Jun. 30, 2012 5.25% Senior Notes due 2042 [Member]	Feb. 29, 2012 5.25% Senior Notes due 2042 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 5.875% Senior Notes due 2013 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 7.375% Senior Notes due 2014 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 3.45% Senior Notes due 2015 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 3.05% senior notes due 2016 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 2.50% Senior Notes due 2017 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 7.50% Senior Notes due 2019 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 4.90% Senior Notes due 2020 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 4.625% senior notes due 2021 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 3.95% Senior Notes due 2022 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 6.20% Senior Notes due 2040 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 6.05% senior notes due 2041 [Member]	Jun. 30, 2012 Noble-Cayman [Member] 5.25% Senior Notes due 2042 [Member]
Guarantees of Registered Securities (Textual) [Abstract]
Outstanding principal balance	$ 299,966	$ 299,949	$ 249,722	$ 249,647	$ 350,000	$ 350,000	$ 299,945	$ 299,938	$ 299,836		$ 201,695	$ 201,695	$ 498,840	$ 498,783	$ 399,503	$ 399,480	$ 399,054		$ 399,891	$ 399,890	$ 397,598	$ 397,582	$ 498,244		$ 300,000	$ 250,000	$ 350,000	$ 300,000	$ 300,000	$ 202,000	$ 500,000	$ 400,000	$ 400,000	$ 400,000	$ 400,000	$ 500
Interest rate on the notes	5.875%		7.375%		3.45%		3.05%		2.50%	2.50%	7.50%		4.90%		4.625%		3.95%	3.95%	6.20%		6.05%		5.25%	5.25%	5.875%	7.375%	3.45%	3.05%	2.50%	7.50%	4.90%	4.625%	3.95%	6.20%	6.05%	5.25%

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Net Change in Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2012

Net Change in Other Assets and Liabilities [Abstract]

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

	Noble-Swiss						Noble-Cayman
	Six months ended						Six months ended
	June 30,						June 30,
	2012			2011			2012			2011
Accounts receivable	$	(87,244	)	$	(122,605	)	$	(87,244	)	$	(122,572	)
Other current assets		(82,590	)		(55,141	)		(85,357	)		(46,895	)
Other assets		(10,452	)		(13,344	)		(10,454	)		(15,821	)
Accounts payable		9,776			(17,020	)		8,804			(17,050	)
Other current liabilities		(2,282	)		1,544			(1,997	)		(11,283	)
Other liabilities		33,608			16,030			33,608			16,004
	$	(139,184	)	$	(190,536	)	$	(142,640	)	$	(197,617	)

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Employee Benefit Plans (Details Textual) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Employee Benefit Plans (Textual) [Abstract]
Employer contributions	$ 6	$ 10
Non-U.S. [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to pension plans during 2012	21	21
U.S., Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution to pension plans during 2012	$ 21	$ 21

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 13 — Commitments and Contingencies

The Noble Homer Ferrington was under contract with a subsidiary of ExxonMobil Corporation (“ExxonMobil”), which entered into an assignment agreement with BP for a two well farmout 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 was fully ready to operate under the drilling contract. The rig operated under farmout arrangements from March 2011 to the conclusion of the contract in the second quarter of 2012. 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. The arbitration process is proceeding, and we 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 should the arbitration panel ultimately rule in our favor.

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. No revenue has been recognized under this contract. We have contracted the rig for much of the original term with other customers. 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.

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, 2012, there were 26 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. The U.S. Internal Revenue Service (“IRS”) has completed its audit examination of our 2008 U.S. tax return and proposed adjustments and deficiencies with respect to certain items that were reported by us for the 2008 tax year. We believe that we have accurately reported all amounts in our 2008 tax return, and have filed protests with the IRS Office of Appeals contesting the examination team’s proposed adjustments. We intend to vigorously defend our reported positions. Our 2009 tax return is under audit, and we expect to receive additional Information Document Requests in the coming months. In addition, a U.S. subsidiary of Frontier is also under audit by the IRS 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 disagree with those assessments based on the technical merits of the positions established at the time of the filing of the tax return. 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. We cannot predict or provide assurance as to the ultimate outcome of the existing or future assessments.

Our Mexican income tax returns have been examined for the 2002 through 2007 periods and audit claims have been assessed for approximately $297 million (including interest and penalties). During 2011, we received from the Regional Chamber of the Federal Tax Court adverse decisions with respect to approximately $5 million in assessments related to depreciation deductions, which we are appealing. We are also contesting all other assessments in Mexico. Tax authorities in Mexico and other jurisdictions may issue additional assessments or pursue legal actions as a result of tax audits and we cannot predict or provide assurance as to the ultimate outcome of such assessments and legal actions.

Additional audit claims of approximately $75 million attributable to customs and other business taxes have been assessed against us in other jurisdictions. We have contested, or intend to contest, these assessments, including through litigation if necessary, and we believe the ultimate resolution, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements.

We maintain certain insurance coverage against specified marine perils which includes physical damage and loss of hire. Damage caused by hurricanes has negatively impacted the energy insurance market, resulting in more restrictive and expensive coverage for U.S. named windstorm perils. Accordingly, we have elected to significantly reduce the named windstorm insurance on our rigs operating in the U.S. Gulf of Mexico. Presently we insure the Noble Jim Thompson, Noble Amos Runner and Noble Driller for “total loss only” when caused by a named windstorm. Our customer assumes the risk of loss on the Noble Bully I due to a named windstorm event up to $450 million per occurrence pursuant to the terms of the drilling contract relating to such vessel, provided that we are responsible for the first $25 million per occurrence for such named windstorm events. The remaining rigs in the U.S. Gulf of Mexico are self-insured for named windstorm perils. Our rigs located in the Mexico portion of the Gulf of Mexico remain covered by commercial insurance for windstorm damage. In addition, we maintain physical damage deductibles on our rigs ranging from $15 million to $25 million per occurrence, depending on location. 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.

In January 2012, we were assessed a fine by the Brazilian government in the amount of R$1.8 million (approximately $900,000) in connection with the inadvertent discharge of drilling fluid from one of our rigs offshore Brazil in September 2011. We have accepted the assessment.

In October 2011, we were assessed a fine by the Brazilian government in the amount of R$238,000 (approximately $120,000) in connection with the inadvertent discharge of drilling fluid from one of our rigs offshore Brazil in November 2010. We have accepted the assessment.

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 $3.1 billion at June 30, 2012.

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.

Nigerian Operations

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 previously informed the Nigerian Content Division of its position that we were 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 previously 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.

As previously disclosed, in November 2010 we finalized settlements with the SEC and the Department of Justice as the result 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 January 2011, a subsidiary of Noble-Swiss resolved an investigation by the Nigerian Economic and Financial Crimes Commission and the Nigerian Attorney General Office into these same activities. Any additional investigation by these or other agencies 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 additional investigations could be expensive and consume significant time and attention of our senior management.

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Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2012

Accounting Pronouncements [Abstract]

Fair Value Measurements and Disclosures

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, which amends FASB Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures.” This amended guidance clarifies 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. Our 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 ASU No. 2011-05, which amends ASC Topic 220, “Comprehensive Income.” This ASU 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. Our adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

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Income Taxes (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Income Taxes (Textual) [Abstract]
Reserves for uncertain tax positions net	$ 115	$ 118
Related tax benefits	8	8
Reduction in the provision for income taxes, if reserves not realized	$ 115
Operational period	12 months

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Property and Equipment (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Property and equipment, at cost
Property and equipment, at cost	$ 16,055,168	$ 15,540,178
Drilling equipment and facilities [Member]
Property and equipment, at cost
Property and equipment, at cost	12,572,630	10,974,943
Construction in progress [Member]
Property and equipment, at cost
Property and equipment, at cost	3,289,005	4,367,750
Other [Member]
Property and equipment, at cost
Property and equipment, at cost	$ 193,533	$ 197,485

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Consolidated Statement of Comprehensive Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net income	$ 178,675	$ 54,174	$ 292,018	$ 108,630
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(6,949)	1,375	(7,027)	4,382
Gain on foreign currency forward contracts	644	2,351	3,061	2,513
Loss on interest rate swaps				(366)
Amortization of deferred pension plan amounts (net of tax provision of $647 and $353 for the three months ended June 30, 2012 and 2011, respectively, and $1,367 and $705 for the six months ended June 30, 2012 and 2011, respectively)	1,404	689	2,826	1,375
Other comprehensive income/loss, net	(4,901)	4,415	(1,140)	7,904
Net income/comprehensive income attributable to noncontrolling interests	(18,857)	(91)	(12,025)	(52)
Comprehensive income attributable to Noble Corporation	154,917	58,498	278,853	116,482
Noble-Cayman [Member]
Net income	191,827	68,909	319,647	136,530
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(6,949)	1,375	(7,027)	4,382
Gain on foreign currency forward contracts	644	2,351	3,061	2,513
Loss on interest rate swaps				(366)
Amortization of deferred pension plan amounts (net of tax provision of $647 and $353 for the three months ended June 30, 2012 and 2011, respectively, and $1,367 and $705 for the six months ended June 30, 2012 and 2011, respectively)	1,404	689	2,826	1,375
Other comprehensive income/loss, net	(4,901)	4,415	(1,140)	7,904
Net income/comprehensive income attributable to noncontrolling interests	(18,857)	(91)	(12,025)	(52)
Comprehensive income attributable to Noble Corporation	$ 168,069	$ 73,233	$ 306,482	$ 144,382

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Consolidated Joint Ventures

6 Months Ended

Jun. 30, 2012

Consolidated Joint Ventures [Abstract]

Consolidated Joint Ventures

Note 2 — Consolidated Joint Ventures

We own a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell, PLC (“Shell”), for the construction and operation of our 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 interests are presented as noncontrolling interests on our Consolidated Balance Sheets.

In April 2011, the Bully joint venture partners entered into capital contribution agreements whereby capital calls up to a total of $360 million can be made for funds needed to complete the construction of the drillships. All contributions under these agreements were made during 2011 and the first quarter of 2012. No amounts remain available under these agreements.

At June 30, 2012, the combined carrying amount of the drillships was $1.4 billion, which was primarily funded through partners’ equity contributions.

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Segment and Related Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Summarized financial information of our reportable segments
Revenues from external customers	$ 898,923	$ 627,997	$ 1,696,613	$ 1,206,885
Depreciation and amortization	183,615	163,119	354,692	321,241
Segment operating income	244,495	79,045	388,138	165,309
Interest expense, net of amount capitalized	(20,652)	(14,829)	(31,148)	(33,870)
Income tax provision	(46,356)	(9,508)	(67,945)	(24,867)
Segment profit/ (loss)	159,818	54,083	279,993	108,578
Total assets (at end of period)	14,036,016	12,438,238	14,036,016	12,438,238	13,495,159
Contract Drilling Services [Member]
Summarized financial information of our reportable segments
Revenues from external customers	878,372	612,845	1,659,615	1,177,499
Depreciation and amortization	180,112	159,843	348,060	314,731
Segment operating income	246,161	77,309	386,428	162,025
Interest expense, net of amount capitalized	(105)	(683)	(194)	(1,768)
Income tax provision	(51,098)	(11,418)	(73,698)	(30,281)
Segment profit/ (loss)	178,094	64,939	303,578	131,414
Total assets (at end of period)	13,483,083	12,046,536	13,483,083	12,046,536
Other [Member]
Summarized financial information of our reportable segments
Revenues from external customers	20,551	15,152	36,998	29,386
Depreciation and amortization	3,503	3,276	6,632	6,510
Segment operating income	(1,666)	1,736	1,710	3,284
Interest expense, net of amount capitalized	(20,547)	(14,146)	(30,954)	(32,102)
Income tax provision	4,742	1,910	5,753	5,414
Segment profit/ (loss)	(18,276)	(10,856)	(23,585)	(22,836)
Total assets (at end of period)	552,933	391,702	552,933	391,702
Noble-Cayman [Member]
Summarized financial information of our reportable segments
Revenues from external customers	898,923	627,997	1,696,613	1,206,885
Depreciation and amortization	183,103	162,636	353,676	320,291
Segment operating income	256,848	93,042	414,976	192,488
Interest expense, net of amount capitalized	(20,652)	(14,829)	(31,148)	(33,870)
Income tax provision	(45,977)	(9,157)	(67,188)	(24,182)
Segment profit/ (loss)	172,970	68,818	307,622	136,478
Total assets (at end of period)	13,997,324	12,399,685	13,997,324	12,399,685	13,457,405
Noble-Cayman [Member] | Contract Drilling Services [Member]
Summarized financial information of our reportable segments
Revenues from external customers	878,372	612,845	1,659,615	1,177,499
Depreciation and amortization	180,112	159,843	348,060	314,731
Segment operating income	248,065	83,833	393,197	174,080
Interest expense, net of amount capitalized	(105)	(683)	(194)	(1,768)
Income tax provision	(51,098)	(11,418)	(73,698)	(30,281)
Segment profit/ (loss)	179,998	71,463	310,347	143,469
Total assets (at end of period)	13,483,083	12,046,536	13,483,083	12,046,536
Noble-Cayman [Member] | Other [Member]
Summarized financial information of our reportable segments
Revenues from external customers	20,551	15,152	36,998	29,386
Depreciation and amortization	2,991	2,793	5,616	5,560
Segment operating income	8,783	9,209	21,779	18,408
Interest expense, net of amount capitalized	(20,547)	(14,146)	(30,954)	(32,102)
Income tax provision	5,121	2,261	6,510	6,099
Segment profit/ (loss)	(7,028)	(2,645)	(2,725)	(6,991)
Total assets (at end of period)	$ 514,241	$ 353,149	$ 514,241	$ 353,149

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Share Data (Tables)

6 Months Ended

Jun. 30, 2012

Share Data [Abstract]

Noble-Swiss' authorized share capital

	June 30,		December 31,
	2012		2011
Shares outstanding and trading		252,507		252,352
Treasury shares		569		287
Total shares outstanding		253,076		252,639
Treasury shares held for share-based compensation plans		13,074		13,511
Total shares authorized for issuance		266,150		266,150
Par value per share (in Swiss Francs)		3.15		3.41

Computation of basic and diluted earnings per share for Noble-Swiss

	Three months ended						Six months ended
	June 30,						June 30,
	2012			2011			2012			2011
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	159,818		$	54,083		$	279,993		$	108,578
Earnings allocated to unvested share-based payment awards		(1,694	)		(572	)		(2,797	)		(1,083	)
Net income to common shareholders — basic	$	158,124		$	53,511		$	277,196		$	107,495
Diluted
Net income attributable to Noble Corporation	$	159,818		$	54,083		$	279,993		$	108,578
Earnings allocated to unvested share-based payment awards		(1,692	)		(572	)		(2,793	)		(1,082	)
Net income to common shareholders — diluted	$	158,126		$	53,511		$	277,200		$	107,496
Weighted average shares outstanding — basic		252,387			251,368			252,179			251,198
Incremental shares issuable from assumed exercise of stock options		358			700			425			737
Weighted average shares outstanding — diluted		252,745			252,068			252,604			251,935
Weighted average unvested share-based payment awards		2,704			2,688			2,555			2,554
Earnings per share
Basic	$	0.63		$	0.21		$	1.10		$	0.43
Diluted	$	0.63		$	0.21		$	1.10		$	0.43

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Share Data (Details) (CHF) In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Noble-Swiss' authorized share capital
Shares outstanding and trading	252,507	252,352
Treasury shares	569	287
Total shares outstanding	253,076	252,639
Treasury shares held for share-based compensation plans	13,074	13,511
Total shares authorized for issuance	266,150	266,150
Par value per share (in Swiss Francs)	3.15	3.41

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2012

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, 2012								December 31, 2011
			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	$	5,247	$	5,247	$	—	$	—	$	4,701	$	4,701
Liabilities -
Foreign currency forward contracts	$	—	$	—	$	—	$	—	$	3,061	$	3,061

At the time of valuation, the derivative instruments were 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.