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, 2013

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) 949-8066

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, 2013: Noble Corporation (Switzerland) — 253,368,874

Number of shares outstanding at July 31, 2013: 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 Sheets as of June 30, 2013 and December 31, 2012		3
Consolidated Statements of Income for the three and six months ended June 30, 2013 and 2012		4
Consolidated Statements of Comprehensive Income for the three and six months ended June  30, 2013 and 2012		5
Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2012		6
Consolidated Statements of Equity for the six months ended June 30, 2013 and 2012		7
Noble Corporation (Noble-Cayman) Financial Statements:
Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012		8
Consolidated Statements of Income for the three and six months ended June 30, 2013 and 2012		9
Consolidated Statements of Comprehensive Income for the three and six months ended June  30, 2013 and 2012		10
Consolidated Statements of Cash Flows for the six months ended June 30, 2013 and 2012		11
Consolidated Statements of Equity for the six months ended June 30, 2013 and 2012		12
Notes to Combined Consolidated Financial Statements		13
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations		39
Item 3 Quantitative and Qualitative Disclosures About Market Risk		53
Item 4 Controls and Procedures		55
PART II OTHER INFORMATION
Item 1 Legal Proceedings		55
Item 1A Risk Factors		55
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds		56
Item 6 Exhibits		56
SIGNATURES		57
Index to Exhibits		58

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 SHEETS

(In thousands)

(Unaudited)

	June 30,			December 31,
	2013			2012
ASSETS
Current assets
Cash and cash equivalents	$	166,207		$	282,092
Accounts receivable		834,576			743,673
Taxes receivable		148,281			112,423
Prepaid expenses		71,824			43,962
Other current assets		123,338			123,175
Total current assets		1,344,226			1,305,325
Property and equipment, at cost		18,198,504			16,971,666
Accumulated depreciation		(4,354,168	)		(3,945,694	)
Property and equipment, net		13,844,336			13,025,972
Other assets		277,524			276,477
Total assets	$	15,466,086		$	14,607,774
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	344,468		$	350,147
Accrued payroll and related costs		126,267			132,728
Interest payable		67,255			68,436
Taxes payable		123,234			135,257
Dividends payable		256,420			66,369
Other current liabilities		168,946			158,512
Total current liabilities		1,086,590			911,449
Long-term debt		5,276,304			4,634,375
Deferred income taxes		218,513			226,045
Other liabilities		324,379			347,615
Total liabilities		6,905,786			6,119,484
Commitments and contingencies
Shareholders’ equity
Shares; 254,080 and 253,348 shares outstanding		712,183			710,130
Treasury shares, at cost; 764 and 589 shares		(28,146	)		(21,069	)
Additional paid-in capital		103,878			83,531
Retained earnings		7,135,980			7,066,023
Accumulated other comprehensive loss		(116,429	)		(115,449	)
Total shareholders’ equity		7,807,466			7,723,166
Noncontrolling interests		752,834			765,124
Total equity		8,560,300			8,488,290
Total liabilities and equity	$	15,466,086		$	14,607,774

See accompanying notes to the unaudited consolidated financial statements.

3

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Operating revenues
Contract drilling services	$	975,455		$	848,237		$	1,904,192		$	1,594,547
Reimbursables		28,260			30,812			49,434			65,953
Labor contract drilling services		13,603			19,863			34,657			35,871
Other		67			11			77			242
		1,017,385			898,923			1,988,360			1,696,613
Operating costs and expenses
Contract drilling services		491,983			423,502			976,070			843,513
Reimbursables		22,701			24,970			37,623			55,571
Labor contract drilling services		9,402			11,847			21,651			21,079
Depreciation and amortization		212,589			183,615			418,745			354,692
General and administrative		26,850			25,404			52,420			48,530
Loss on impairment		—			18,345			—			18,345
Gain on contract settlements/extinguishments, net		—			(33,255	)		(1,800	)		(33,255	)
		763,525			654,428			1,504,709			1,308,475
Operating income		253,860			244,495			483,651			388,138
Other income (expense)
Interest expense, net of amount capitalized		(24,665	)		(20,652	)		(51,966	)		(31,148	)
Interest income and other, net		955			1,188			530			2,973
Income before income taxes		230,150			225,031			432,215			359,963
Income tax provision		(36,824	)		(46,356	)		(71,176	)		(67,945	)
Net income		193,326			178,675			361,039			292,018
Net income attributable to noncontrolling interests		(16,706	)		(18,857	)		(34,359	)		(12,025	)
Net income attributable to Noble Corporation	$	176,620		$	159,818		$	326,680		$	279,993
Net income per share
Basic	$	0.69		$	0.63		$	1.28		$	1.10
Diluted	$	0.69		$	0.63		$	1.27		$	1.10

See accompanying notes to the unaudited consolidated financial statements.

4

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Net income	$	193,326		$	178,675		$	361,039		$	292,018
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments		(2,180	)		(6,949	)		477			(7,027	)
Foreign currency forward contracts		(3,529	)		644			(4,731	)		3,061
Amortization of deferred pension plan amounts (net of tax provision of $730 and $647 for the three months ended June 30, 2013 and 2012, respectively, and $1,460 and $1,367 for the six months ended June 30, 2013 and 2012, respectively)		1,632			1,404			3,274			2,826
Other comprehensive loss, net		(4,077	)		(4,901	)		(980	)		(1,140	)
Net comprehensive income attributable to noncontrolling interests		(16,706	)		(18,857	)		(34,359	)		(12,025	)
Comprehensive income attributable to Noble Corporation	$	172,543		$	154,917		$	325,700		$	278,853

See accompanying notes to the unaudited consolidated financial statements.

5

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended
	June 30,
	2013			2012
Cash flows from operating activities
Net income	$	361,039		$	292,018
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		418,745			354,692
Loss on impairment		—			18,345
Deferred income taxes		(7,505	)		(7,765	)
Amortization of share-based compensation		20,335			17,840
Net change in other assets and liabilities		(146,549	)		(139,184	)
Net cash from operating activities		646,065			535,946
Cash flows from investing activities
Capital expenditures		(1,244,311	)		(665,140	)
Change in accrued capital expenditures		(39,047	)		(159,134	)
Net cash from investing activities		(1,283,358	)		(824,274	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		941,653			(825,000	)
Repayment of long-term debt		(300,000	)		—
Proceeds from issuance of senior notes, net of debt issuance costs		—			1,186,636
Dividends paid to joint venture partner		(46,649	)		—
Contributions from joint venture partner		—			40,000
Financing costs on credit facilities		(1,912	)		(5,014	)
Par value reduction/dividend payments		(66,672	)		(71,897	)
Proceeds from employee stock transactions		2,065			9,465
Repurchases of employee shares surrendered for taxes		(7,077	)		(9,765	)
Net cash from financing activities		521,408			324,425
Net change in cash and cash equivalents		(115,885	)		36,097
Cash and cash equivalents, beginning of period		282,092			239,196
Cash and cash equivalents, end of period	$	166,207		$	275,293

See accompanying notes to the unaudited consolidated financial statements.

6

NOBLE CORPORATION (NOBLE-SWISS) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS 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, 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 employee stock transactions		—			—			(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
Balance at December 31, 2012		253,348		$	710,130		$	83,531		$	7,066,023		$	(21,069	)	$	(115,449	)	$	765,124		$	8,488,290
Employee related equity activity
Amortization of share-based compensation		—			—			20,335			—			—			—			—			20,335
Issuance of share-based compensation shares		601			1,688			(1,671	)		—			—			—			—			17
Exercise of stock options		131			365			3,161			—			—			—			—			3,526
Tax benefit of employee stock transactions		—			—			(1,478	)		—			—			—			—			(1,478	)
Restricted shares forfeited or repurchased for taxes		—			—			—			—			(7,077	)		—			—			(7,077	)
Net income		—			—			—			326,680			—			—			34,359			361,039
Net change in dividends payable		—			—			—			(256,723	)		—			—			—			(256,723	)
Dividends paid to joint venture partner		—			—			—			—			—			—			(46,649	)		(46,649	)
Other comprehensive loss, net		—			—			—			—			—			(980	)		—			(980	)
Balance at June 30, 2013		254,080		$	712,183		$	103,878		$	7,135,980		$	(28,146	)	$	(116,429	)	$	752,834		$	8,560,300

See accompanying notes to the unaudited consolidated financial statements.

7

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	June 30, 2013			December 31, 2012
ASSETS
Current assets
Cash and cash equivalents	$	162,029		$	277,375
Accounts receivable		834,576			743,673
Taxes receivable		148,158			112,310
Prepaid expenses		70,180			41,232
Other current assets		123,336			122,649
Total current assets		1,338,279			1,297,239
Property and equipment, at cost		18,161,913			16,935,147
Accumulated depreciation		(4,346,230	)		(3,938,518	)
Property and equipment, net		13,815,683			12,996,629
Other assets		277,609			276,558
Total assets	$	15,431,571		$	14,570,426
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	344,012		$	349,594
Accrued payroll and related costs		117,340			123,936
Interest payable		67,255			68,436
Taxes payable		120,622			130,844
Other current liabilities		168,946			158,499
Total current liabilities		818,175			831,309
Long-term debt		5,276,304			4,634,375
Deferred income taxes		218,513			226,045
Other liabilities		324,379			347,615
Total liabilities		6,637,371			6,039,344
Commitments and contingencies
Shareholders’ equity
Ordinary shares; 261,246 shares outstanding		26,125			26,125
Capital in excess of par value		482,637			470,454
Retained earnings		7,649,033			7,384,828
Accumulated other comprehensive loss		(116,429	)		(115,449	)
Total shareholders’ equity		8,041,366			7,765,958
Noncontrolling interests		752,834			765,124
Total equity		8,794,200			8,531,082
Total liabilities and equity	$	15,431,571		$	14,570,426

See accompanying notes to the unaudited consolidated financial statements.

8

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Operating revenues
Contract drilling services	$	975,455		$	848,237		$	1,904,192		$	1,594,547
Reimbursables		28,260			30,812			49,434			65,953
Labor contract drilling services		13,603			19,863			34,657			35,871
Other		67			11			77			242
		1,017,385			898,923			1,988,360			1,696,613
Operating costs and expenses
Contract drilling services		485,445			421,598			962,006			836,744
Reimbursables		22,701			24,970			37,623			55,571
Labor contract drilling services		9,402			11,847			21,651			21,079
Depreciation and amortization		212,232			183,103			417,983			353,676
General and administrative		15,588			15,467			30,431			29,477
Loss on impairment		—			18,345			—			18,345
Gain on contract settlements/extinguishments, net		—			(33,255	)		(1,800	)		(33,255	)
		745,368			642,075			1,467,894			1,281,637
Operating income		272,017			256,848			520,466			414,976
Other income (expense)
Interest expense, net of amount capitalized		(24,665	)		(20,652	)		(51,966	)		(31,148	)
Interest income and other, net		705			1,608			768			3,007
Income before income taxes		248,057			237,804			469,268			386,835
Income tax provision		(35,730	)		(45,977	)		(69,744	)		(67,188	)
Net income		212,327			191,827			399,524			319,647
Net income attributable to noncontrolling interests		(16,706	)		(18,857	)		(34,359	)		(12,025	)
Net income attributable to Noble Corporation	$	195,621		$	172,970		$	365,165		$	307,622

See accompanying notes to the unaudited consolidated financial statements.

9

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net income	$	212,327		$	191,827		$	399,524		$	319,647
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments		(2,180	)		(6,949	)		477			(7,027	)
Foreign currency forward contracts		(3,529	)		644			(4,731	)		3,061
Amortization of deferred pension plan amounts (net of tax provision of $730 and $647 for the three months ended June 30, 2013 and 2012, respectively, and $1,460 and $1,367 for the six months ended June 30, 2013 and 2012, respectively)		1,632			1,404			3,274			2,826
Other comprehensive loss, net		(4,077	)		(4,901	)		(980	)		(1,140	)
Net comprehensive income attributable to noncontrolling interests		(16,706	)		(18,857	)		(34,359	)		(12,025	)
Comprehensive income attributable to Noble Corporation	$	191,544		$	168,069		$	364,185		$	306,482

See accompanying notes to the unaudited consolidated financial statements.

10

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Six Months Ended June 30,
	2013			2012
Cash flows from operating activities
Net income	$	399,524		$	319,647
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		417,983			353,676
Loss on impairment		—			18,345
Deferred income taxes		(7,505	)		(7,765	)
Capital contribution by parent—share-based compensation		12,183			10,438
Net change in other assets and liabilities		(146,377	)		(142,640	)
Net cash from operating activities		675,808			551,701
Cash flows from investing activities
Capital expenditures		(1,244,239	)		(663,700	)
Change in accrued capital expenditures		(39,047	)		(159,134	)
Net cash from investing activities		(1,283,286	)		(822,834	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		941,653			(825,000	)
Repayment of long-term debt		(300,000	)		—
Proceeds from issuance of senior notes, net of debt issuance costs		—			1,186,636
Dividends paid to joint venture partner		(46,649	)		—
Contributions from joint venture partner		—			40,000
Financing costs on credit facilities		(1,912	)		(5,014	)
Distributions to parent company, net		(100,960	)		(92,675	)
Net cash from financing activities		492,132			303,947
Net change in cash and cash equivalents		(115,346	)		32,814
Cash and cash equivalents, beginning of period		277,375			235,056
Cash and cash equivalents, end of period	$	162,029		$	267,870

See accompanying notes to the unaudited consolidated financial statements.

11

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

(Unaudited)

					Capital in					Accumulated Other
	Shares				Excess of		Retained			Comprehensive			Noncontrolling			Total
	Balance		Par Value		Par Value		Earnings			Loss			Interests			Equity
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	)
Equity contribution by joint venture partner		—		—		—		—			—			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
Balance at December 31, 2012		261,246	$	26,125	$	470,454	$	7,384,828		$	(115,449	)	$	765,124		$	8,531,082
Net income		—		—		—		365,165			—			34,359			399,524
Capital contributions by parent—share-based compensation		—		—		12,183		—			—			—			12,183
Distributions to parent		—		—		—		(100,960	)		—			—			(100,960	)
Dividends paid to joint venture partner		—		—		—		—			—			(46,649	)		(46,649	)
Other comprehensive loss, net		—		—		—		—			(980	)		—			(980	)
Balance at June 30, 2013		261,246	$	26,125	$	482,637	$	7,649,033		$	(116,429	)	$	752,834		$	8,794,200

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

(Unaudited)

(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 offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of 79 mobile offshore drilling units located worldwide. We also own one floating production storage and offloading unit. Currently, our fleet consists of 14 semisubmersibles, 14 drillships, 49 jackups and two submersibles, including 10 units under construction as follows:

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

• seven high-specification heavy-duty, harsh environment jackups.

Our fleet is deployed globally in oil and gas producing regions. 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, 2012 Consolidated Balance Sheets presented herein are derived from the December 31, 2012 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, 2012, 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.

Proposed Transaction

In July 2013, we announced a proposed corporate reorganization transaction (the “Transaction”) of Noble-Swiss and the group of companies it controls. The Transaction would merge Noble-Swiss into a newly formed subsidiary incorporated under English law, Noble Corporation plc (“Noble-UK”), which would become our new holding company. The Transaction would effectively change the place of incorporation of the publicly traded parent company from Switzerland to the United Kingdom. We expect an extraordinary general meeting of Noble-Swiss shareholders to take place in October 2013 to consider the Transaction. If shareholders approve the Transaction at that meeting, and the other conditions to completing the Transaction are satisfied, the Transaction is expected to be completed in November 2013.

In the Transaction, all of the outstanding ordinary shares of Noble-Swiss will be cancelled, and Noble-UK will issue, through an exchange agent, one share of Noble-UK in exchange for each share of Noble-Swiss. Upon completion of the Transaction, Noble-UK will own and continue to conduct the same businesses through the Noble group as Noble-Swiss conducted prior to the Transaction, except that Noble-UK will be the parent company of the Noble group of companies. Noble-UK is expected to remain subject to SEC reporting requirements and will file an application with the New York Stock Exchange to have its ordinary shares listed.

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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)

Note 2 — Consolidated Joint Ventures

We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully-class drillships. 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 could be made for funds needed to complete the construction of the drillships. All contributions under these agreements have been made, with the final contribution made in the first quarter of 2012.

In June 2013, the Bully joint venture partners approved and paid a dividend totaling $93 million.

The combined carrying amount of the Bully-class drillships at both June 30, 2013 and December 31, 2012 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. During 2012, these rigs commenced operations. Operational results for the three and six months ended June 30, 2013 and 2012 are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Operating revenues	$	87,478	$	78,691	$	177,773	$	84,445
Net income	$	35,914	$	40,773	$	73,413	$	26,429

Note 3 — Share Data

Share capital

The following details Noble-Swiss’ share capital as of June 30, 2013 and December 31, 2012:

	June 30,		December 31,
	2013		2012
Shares outstanding and trading		253,316		252,759
Treasury shares		764		589
Total shares outstanding		254,080		253,348
Treasury shares held for share-based compensation plans		12,070		12,802
Total shares authorized for issuance		266,150		266,150
Par value per share (in Swiss Francs)		3.15		3.15

Repurchased treasury shares are recorded at cost, and relate to shares surrendered by employees for taxes payable upon the vesting of restricted stock.

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

In April 2012, our shareholders approved the payment of a dividend aggregating $0.52 per share, which was paid in four equal installments. The final payment of this obligation was made in May 2013.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

In April 2013, our shareholders approved the payment of a dividend aggregating $1.00 per share to be paid in four equal installments currently scheduled for August 2013, November 2013, February 2014 and May 2014. In connection with this approval, and the resulting obligation to shareholders, we recorded dividends payable of approximately $256 million during the second quarter of 2013. Our Board of Directors has the authority to accelerate the payment of any installment, or portions thereof, at its sole discretion at any time prior to payment of the final installment.

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,
	2013			2012			2013			2012
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	176,620		$	159,818		$	326,680		$	279,993
Earnings allocated to unvested share-based payment awards		(2,169	)		(1,694	)		(3,822	)		(2,797	)
Net income to common shareholders—basic	$	174,451		$	158,124		$	322,858		$	277,196
Diluted
Net income attributable to Noble Corporation	$	176,620		$	159,818		$	326,680		$	279,993
Earnings allocated to unvested share-based payment awards		(2,167	)		(1,692	)		(3,819	)		(2,793	)
Net income to common shareholders—diluted	$	174,453		$	158,126		$	322,861		$	277,200
Weighted average shares outstanding—basic		253,295			252,387			253,184			252,179
Incremental shares issuable from assumed exercise of stock options		261			358			265			425
Weighted average shares outstanding—diluted		253,556			252,745			253,449			252,604
Weighted average unvested share-based payment awards		3,150			2,704			2,998			2,555
Earnings per share
Basic	$	0.69		$	0.63		$	1.28		$	1.10
Diluted	$	0.69		$	0.63		$	1.27		$	1.10

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three months ended June 30, 2013 and 2012, stock options representing approximately 0.9 million and 1.2 million shares, respectively, were excluded from the diluted earnings per share as they were not dilutive.

Note 4 — Receivables from Customers

At June 30, 2013, 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. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 5 — Property and Equipment

Property and equipment, at cost, as of June 30, 2013 and December 31, 2012 consisted of the following:

	June 30,		December 31,
	2013		2012
Drilling equipment and facilities	$	14,461,241	$	14,099,628
Construction in progress		3,548,650		2,677,385
Other		188,613		194,653
Property and equipment, at cost	$	18,198,504	$	16,971,666

Capital expenditures, including capitalized interest, totaled $1.24 billion and $665 million for the six months ended June 30, 2013 and 2012, respectively. Interest is capitalized on construction-in-progress at the weighted average cost of debt outstanding during the period of construction. Capitalized interest was $32 million and $62 million for the three and six months ended June 30, 2013, respectively, as compared to $36 million and $77 million for the three and six months ended June 30, 2012.

Note 6 — Loss on Impairment

During the second quarter of 2012, 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 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 in 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 assets based on transactions involving similar units in the market (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $5 million in 2012.

Note 7 — 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”) in the second quarter of 2012 related to the previously disclosed force majeure action, Hurricane Ike matters and receivables relating to the Noble Amos Runner.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 8 — Debt

Total debt consisted of the following at June 30, 2013 and December 31, 2012:

	June 30,		December 31,
	2013		2012
Senior unsecured notes:
5.875% Senior Notes due 2013	$	—	$	299,985
7.375% Senior Notes due 2014		249,880		249,799
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,959		299,952
2.50% Senior Notes due 2017		299,869		299,852
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,960		498,900
4.625% Senior Notes due 2021		399,551		399,527
3.95% Senior Notes due 2022		399,136		399,095
6.20% Senior Notes due 2040		399,892		399,891
6.05% Senior Notes due 2041		397,630		397,613
5.25% Senior Notes due 2042		498,270		498,257
Total senior unsecured notes		3,994,842		4,294,566
Commercial paper program		1,281,462		339,809
Total long-term debt	$	5,276,304	$	4,634,375

Credit Facilities and Commercial Paper Program

We currently have two separate credit facilities with an aggregate maximum available capacity of $2.3 billion. One credit facility matures in 2015 and the other matures in 2017 (together, the “Credit Facilities”). In January 2013, we increased the maximum amount available under our credit facility maturing in 2015 from $600 million to $800 million and the maximum amount available under our credit facility maturing in 2017 from $1.2 billion to $1.5 billion. We have also established a commercial paper program, which allows us to issue up to $1.8 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by our Credit Facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. At June 30, 2013, we had approximately $1.02 billion of available capacity under the Credit Facilities.

The Credit Facilities provide us with the ability to issue up to $375 million in letters of credit in the aggregate. The issuance of letters of credit does not increase our borrowings outstanding under the Credit Facilities, but it does reduce the amount available. At June 30, 2013, we had no letters of credit issued under the Credit Facilities.

Senior Unsecured Notes

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, comprising $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 matured during the second quarter of 2013. We used proceeds from our commercial paper program to repay the $300 million outstanding balance.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Covenants

The Credit Facilities are guaranteed by our indirect wholly-owned subsidiaries, NHIL and Noble Drilling Corporation (“NDC”). 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, 2013, our ratio of debt to total tangible capitalization was approximately 0.38. We were in compliance with all covenants under the Credit Facilities as of June 30, 2013.

In addition to the covenants from the Credit Facilities noted above, 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, 2013, we were in compliance with all of our debt covenants. We continually monitor compliance with the covenants under our notes and, based on our expectations for 2013, 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, 2013 and December 31, 2012, respectively:

	June 30, 2013				December 31, 2012
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Senior unsecured notes:
5.875% Senior Notes due 2013	$	—	$	—	$	299,985	$	305,594
7.375% Senior Notes due 2014		249,880		260,845		249,799		269,008
3.45% Senior Notes due 2015		350,000		363,129		350,000		368,824
3.05% Senior Notes due 2016		299,959		308,116		299,952		316,268
2.50% Senior Notes due 2017		299,869		298,148		299,852		309,846
7.50% Senior Notes due 2019		201,695		242,129		201,695		249,358
4.90% Senior Notes due 2020		498,960		526,123		498,900		562,530
4.625% Senior Notes due 2021		399,551		412,416		399,527		442,776
3.95% Senior Notes due 2022		399,136		391,005		399,095		422,227
6.20% Senior Notes due 2040		399,892		417,943		399,891		477,327
6.05% Senior Notes due 2041		397,630		405,013		397,613		468,256
5.25% Senior Notes due 2042		498,270		453,567		498,257		533,422
Total senior unsecured notes		3,994,842		4,078,434		4,294,566		4,725,436
Commercial paper program		1,281,462		1,281,462		339,809		339,809
Total long-term debt	$	5,276,304	$	5,359,896	$	4,634,375	$	5,065,245

Note 9 — Income Taxes

At December 31, 2012, the reserves for uncertain tax positions totaled $125 million (net of related tax benefits of $10 million). At June 30, 2013, the reserves for uncertain tax positions totaled $116 million (net of related tax benefits of $2 million), and if not utilized, would reduce the provision for income taxes by $116 million.

It is possible that our existing liabilities related to our reserves for uncertain tax positions may change in the next 12 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,
	2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,349		$	2,681		$	1,111		$	2,375
Interest cost		1,252			2,262			1,350			2,164
Return on plan assets		(1,437	)		(3,276	)		(1,342	)		(2,793	)
Amortization of prior service cost		—			57			—			57
Recognized net actuarial loss		395			1,910			201			1,793
Net pension expense	$	1,559		$	3,634		$	1,320		$	3,596
	Six Months Ended June 30,
	2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,728		$	5,362		$	2,234		$	4,806
Interest cost		2,534			4,524			2,708			4,360
Return on plan assets		(2,908	)		(6,552	)		(2,688	)		(5,586	)
Amortization of prior service cost		—			114			—			114
Recognized net actuarial loss		800			3,820			401			3,678
Net pension expense	$	3,154		$	7,268		$	2,655		$	7,372

During the three and six months ended June 30, 2013, we made contributions to our pension plans totaling $5 million and $8 million, respectively.

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.

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. 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 periodically enter into forward contracts, all of which have a maturity of less than 12 months. The forward contracts maturing during the remainder of 2013 represent approximately 59 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $84 million at June 30, 2013. Total unrealized loss related to these forward contracts was approximately $5 million as of June 30, 2013 and was recorded as part of “Accumulated other comprehensive loss” (“AOCL”).

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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 loss related to our cash flow hedges included in AOCL and related activity is as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Net unrealized loss at beginning of period	$	(1,202	)	$	(644	)	$	—		$	(3,061	)
Activity during period:
Settlement of foreign currency forward contracts during the period		265			644			—			3,061
Net unrealized loss on outstanding foreign currency forward contracts		(3,794	)		—			(4,731	)		—
Net unrealized loss at end of period	$	(4,731	)	$	—		$	(4,731	)	$	—

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, 2013 and December 31, 2012:

		Estimated fair value
	Balance sheet classification	June 30, 2013		December 31, 2012
Asset derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current assets	$	700	$	—
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current liabilities	$	5,431	$	—

To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges through AOCL or through “other income” for the three months ended June 30, 2013 and 2012:

	Gain/(loss) recognized through AOCL					Gain/(loss) reclassified from AOCL to “other income”				Gain/(loss) recognized through “other income”
	2013			2012		2013		2012		2013		2012
Cash flow hedges
Foreign currency forward contracts	$	(3,794	)	$	—	$	265	$	644	$	—	$	—

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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 through AOCL or through “other income” for the six months ended June 30, 2013 and 2012:

	Gain/(loss) recognized through AOCL					Gain/(loss) reclassified from AOCL to “other income”				Gain/(loss) recognized through “other income”
	2013			2012		2013		2012		2013		2012
Cash flow hedges
Foreign currency forward contracts	$	(4,996	)	$	—	$	265	$	3,061	$	—	$	—

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, 2013
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets -
Marketable securities	$	6,178	$	6,178	$	—	$	—
Foreign currency forward contracts		700		—		700		—
Liabilities -
Foreign currency forward contracts	$	5,431	$	—	$	5,431	$	—
	December 31, 2012
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets -
Marketable securities	$	5,816	$	5,816	$	—	$	—

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Note 13 — Accumulated Other Comprehensive Loss

The following tables set forth the changes in AOCL by component for the three and six months ended June 30, 2013. All amounts within the tables are shown net of tax.

	Three months ended June 30, 2013
				Defined
	Losses on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at beginning of period	$	(1,202	)	$	(93,429	)	$	(17,721	)	$	(112,352	)
Activity during period:
Other comprehensive income/(loss) before reclassifications		(3,794	)		—			(2,180	)		(5,974	)
Amounts reclassified from AOCL		265			1,632			—			1,897
Net current period other comprehensive income/(loss)		(3,529	)		1,632			(2,180	)		(4,077	)
Balance at end of period	$	(4,731	)	$	(91,797	)	$	(19,901	)	$	(116,429	)
	Six months ended June 30, 2013
				Defined
	Losses on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at beginning of period	$	—		$	(95,071	)	$	(20,378	)	$	(115,449	)
Activity during period:
Other comprehensive income/(loss) before reclassifications		(4,731	)		—			477			(4,254	)
Amounts reclassified from AOCL		—			3,274			—			3,274
Net current period other comprehensive income/(loss)		(4,731	)		3,274			477			(980	)
Balance at end of period	$	(4,731	)	$	(91,797	)	$	(19,901	)	$	(116,429	)

(1) Losses on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “other income” on our Consolidated Statement of Income. See Note 11 for additional information.

(2) Defined benefit pension items relate to actuarial losses and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statement of Income through either “contract drilling services” or “general and administrative”. See Note 10 for additional information

Note 14 — 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, and ExxonMobil 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 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.

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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)

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. The suit is proceeding and we expect the trial to occur in the fourth quarter of 2013. We cannot predict the outcome of this lawsuit.

In November 2012, the U.S. Coast Guard in Alaska conducted an inspection of our drillship, the Noble Discoverer, and cited a number of deficiencies to be remediated, including issues relating to the main propulsion and safety management systems. We initiated a comprehensive effort to address the deficiencies identified by the Coast Guard and commenced an ongoing dialogue with the agency to keep it apprised of our progress. We began an internal investigation in conjunction with the Coast Guard inspection, and the Coast Guard then began its own investigation. We reported certain potential violations of applicable law to the Coast Guard identified as a result of our internal investigation. These related to what we believe were certain unauthorized disposals of collected deck and sea water from the Noble Discoverer, collected, treated deck water from the Kulluk and potential record-keeping issues with the oil record books for the Noble Discoverer, Kulluk and other rigs, and with the garbage log for the Kulluk. The Coast Guard referred the Noble Discoverer and Kulluk matters to the U.S. Department of Justice (“DOJ”) for further investigation. We are cooperating with the DOJ and Coast Guard in connection with their investigation, and are maintaining a dialogue with the DOJ. We cannot predict when the DOJ and Coast Guard will conclude the investigation and cannot provide any assurances with respect to the outcome. If the DOJ or Coast Guard determines that violations of applicable law have occurred, they could seek civil and criminal sanctions, including monetary penalties, against us and/or certain of our employees, as well as oversight of our operational compliance programs. Based on information obtained to date, we believe it is probable that we will have to pay some amount in fines and penalties to resolve this matter. However, at this time we cannot appropriately estimate the potential liability that may result and we have not made any accrual in our consolidated financial statements at June 30, 2013 related to the matter.

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, 2013, there were 33 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 4, 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 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 examination of our tax reporting for the taxable year ended December 31, 2008. In June 2013, the IRS examination team notified us that they were no longer proposing any adjustments with respect to our tax reporting for the taxable year ended December 31, 2008. We are due a refund for the 2008 tax year, and our refund claim is currently under review. The IRS began its examination of our tax reporting for the taxable year ended December 31, 2009. We believe that we have accurately reported all amounts in our 2009 tax returns. Furthermore, we are currently contesting several non-U.S. tax assessments and may contest future assessments. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments.

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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)

During the second quarter of 2013, we reached an agreement with the Mexican tax authorities resolving certain previously disclosed tax assessments. This settlement removes potential contingent tax exposure of $502 million in Mexico for periods prior to 2007, which includes the assessments for years 2002 through 2005 of approximately $348 million, as well as settlement for 2006. The settlement of these assessments did not have a material impact on our consolidated financial statements. 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.

Audit claims of approximately $115 million attributable to income, 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. For the Noble Bully I, our customer assumes the risk of loss due to a named windstorm event, pursuant to the terms of the drilling contract, through the purchase of insurance coverage (provided that we are responsible for any deductible under such policy) or, at its option, the assumption of the risk of loss up to the insured value in lieu of the purchase of such insurance. 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.

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

In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $2.7 billion at June 30, 2013.

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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)

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 2 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.

Under the Nigerian Industrial Training Fund Act of 2004, as amended, (the “Act”), Nigerian companies with five or more employees must contribute annually 1 percent of their payroll to the Industrial Training Fund (“ITF”) established under the Act to be used for the training of Nigerian nationals with a view towards generating a pool of indigenously trained manpower. We have not paid this amount on our expatriate workers employed by our non-Nigerian employment entity in the past as we did not believe the contribution obligation was applicable to them. In October 2012, we received a demand from the ITF for payments going back to 2004 and associated penalties in respect of these expatriate employees. In February 2013, the ITF filed suit seeking payment of these amounts. We do not believe that we owe the amount claimed. We are in discussions with the ITF to resolve the issue and do not believe the resolution of this matter will have a material adverse effect on our financial position or cash flows.

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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)

Note 15 — Segment and Related Information

We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil 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 due 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 conducts contract drilling operations in the United States, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India, Asia and Australia.

We evaluate the performance of our operating segment based on revenues from external customers and segment profit. Summarized financial information of our reportable segment for the three and six months ended June 30, 2013 and 2012 is 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. The consolidated financial statements of Noble-Swiss include the accounts of Noble-Cayman, and Noble-Swiss conducts substantially all of its business through Noble-Cayman and its subsidiaries. As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-Swiss.

	Three Months Ended June 30,
	2013									2012
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,003,522		$	13,863		$	1,017,385		$	878,372		$	20,551		$	898,923
Depreciation and amortization		209,082			3,507			212,589			180,112			3,503			183,615
Segment operating income/(loss)		253,610			250			253,860			246,161			(1,666	)		244,495
Interest expense, net of amount capitalized		(102	)		(24,563	)		(24,665	)		(105	)		(20,547	)		(20,652	)
Income tax (provision)/benefit		(40,600	)		3,776			(36,824	)		(51,098	)		4,742			(46,356	)
Segment profit/(loss)		196,439			(19,819	)		176,620			178,094			(18,276	)		159,818
Total assets (at end of period)		14,777,991			688,095			15,466,086			13,483,083			552,933			14,036,016
	Six Months Ended June 30,
	2013									2012
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,952,980		$	35,380		$	1,988,360		$	1,659,615		$	36,998		$	1,696,613
Depreciation and amortization		411,701			7,044			418,745			348,060			6,632			354,692
Segment operating income/(loss		478,744			4,907			483,651			386,428			1,710			388,138
Interest expense, net of amount capitalized		(222	)		(51,744	)		(51,966	)		(194	)		(30,954	)		(31,148	)
Income tax (provision)/benefit		(78,841	)		7,665			(71,176	)		(73,698	)		5,753			(67,945	)
Segment profit/(loss)		365,490			(38,810	)		326,680			303,578			(23,585	)		279,993
Total assets (at end of period)		14,777,991			688,095			15,466,086			13,483,083			552,933			14,036,016

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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)

Note 16 — Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, which amends FASB Accounting Standards Codification (“ASC”) Topic 220, “Comprehensive Income.” This amended guidance requires additional information about reclassification adjustments out of comprehensive income, including changes in comprehensive income balances by component and significant items reclassified out of comprehensive income. This guidance is effective for reporting periods beginning after December 15, 2012. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In March 2013, the FASB issued ASU No. 2013-05, which amends ASC Topic 830, “Foreign Currency Matters.” This ASU provides guidance on foreign currency translation adjustments when a parent entity ceases to have a controlling interest on a previously consolidated subsidiary or group of assets. The guidance is effective for fiscal years beginning on or after December 15, 2013. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In July 2013, the FASB issued ASU No. 2013-11, which amends ASC Topic 740, “Taxes.” This ASU provides guidance on the presentation of tax benefits when a net operating loss carryforward or other tax credit carryforward exists. The guidance is effective for fiscal years beginning on or after December 15, 2013. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

Note 17 — 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,
	2013			2012			2013			2012
Accounts receivable	$	(90,903	)	$	(87,244	)	$	(90,903	)	$	(87,244	)
Other current assets		(68,614	)		(82,590	)		(70,214	)		(85,357	)
Other assets		1,191			(10,452	)		1,145			(10,454	)
Accounts payable		32,125			9,776			32,222			8,804
Other current liabilities		(8,057	)		(2,282	)		(6,336	)		(1,997	)
Other liabilities		(12,291	)		33,608			(12,291	)		33,608
	$	(146,549	)	$	(139,184	)	$	(146,377	)	$	(142,640	)

Note 18 — Subsequent Event

In July 2013, we completed the sale of the Noble Lewis Dugger for $61 million to an unrelated third party in Mexico that owns and operates drilling units.

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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)

Note 19 — Guarantees of Registered Securities

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, 2013 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor(s)
$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.

Revision

As part of our worldwide asset consolidation completed in 2009, NDC received a limited partnership interest in one of our Other Non-Guarantor Subsidiaries of Noble. This limited partnership interest has historically been included as a component of Total Shareholder Equity and income attributable to this limited partnership interest has been included in Net Income Attributable to Noble Corporation in the Other Non-Guarantor Subsidiaries of Noble column in the condensed consolidating financial statements. We concluded these errors were not material individually or in the aggregate to any of the previously issued financial statements taken as a whole.

During the first quarter of 2013, we amended the presentation of this limited partnership interest in the Other Non-guarantor Subsidiaries of Noble column to correctly present it as a noncontrolling interest and to record the income attributable to NDC as Net Income Attributable to Noncontrolling Interests. We also made appropriate adjustments to the Consolidating Adjustments column. The following chart presents the impact of this change in presentation in the Other Non-Guarantor Subsidiaries of Noble and Consolidating Adjustments columns on the historical Condensed Consolidating Balance Sheet and Condensed Consolidating Statement of Income. The revisions below did not impact our Condensed Consolidating Statement of Cash Flows.

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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)

	Other Non-Guarantor Subsidiaries of Noble						Consolidating Adjustments
	As reported			As adjusted			As reported			As adjusted
December 31, 2010
Income statement- Twelve months ended
Net income	$	1,023,782		$	1,023,782		$	(2,963,512	)	$	(2,963,512	)
Net income attributable to noncontrolling interests		(3	)		(41,889	)		—			41,886
Net income attributable to Noble Corporation	$	1,023,779		$	981,893		$	(2,963,512	)	$	(2,921,626	)
December 31, 2011
Income statement- Twelve months ended
Net income	$	634,128		$	634,128		$	(1,758,285	)	$	(1,758,285	)
Net loss attributable to noncontrolling interests		7,273			(15,808	)		—			23,081
Net income attributable to Noble Corporation	$	641,401		$	618,320		$	(1,758,285	)	$	(1,735,204	)
Balance Sheet
Total shareholder equity	$	9,853,129		$	9,483,809		$	(28,268,572	)	$	(27,899,252	)
Noncontrolling interests		691,331			1,060,651			—			(369,320	)
Total equity	$	10,544,460		$	10,544,460		$	(28,268,572	)	$	(28,268,572	)
March 31, 2012
Income statement- Three months ended
Net income	$	173,657		$	173,657		$	(591,588	)	$	(591,588	)
Net income attributable to noncontrolling interests		6,832			(1,196	)		—			8,028
Net income attributable to Noble Corporation	$	180,489		$	172,461		$	(591,588	)	$	(583,560	)
June 30, 2012
Income statement- Three months ended
Net income	$	253,086		$	253,086		$	(662,439	)	$	(662,439	)
Net income attributable to noncontrolling interests		(18,857	)		(29,201	)		—			10,344
Net income attributable to Noble Corporation	$	234,229		$	223,885		$	(662,439	)	$	(652,095	)
Income statement- Six months ended
Net income	$	426,743		$	426,743		$	(1,254,027	)	$	(1,254,027	)
Net income attributable to noncontrolling interests		(12,025	)		(30,397	)		—			18,372
Net income attributable to Noble Corporation	$	414,718		$	396,346		$	(1,254,027	)	$	(1,235,655	)
September 30, 2012
Income statement- Three months ended
Net income	$	211,597		$	211,597		$	(569,368	)	$	(569,368	)
Net income attributable to noncontrolling interests		(14,906	)		(22,246	)		—			7,340
Net income attributable to Noble Corporation	$	196,691		$	189,351		$	(569,368	)	$	(562,028	)
Income statement- Nine months ended
Net income	$	638,340		$	638,340		$	(1,823,395	)	$	(1,823,395	)
Net income attributable to noncontrolling interests		(26,931	)		(52,643	)		—			25,712
Net income attributable to Noble Corporation	$	611,409		$	585,697		$	(1,823,395	)	$	(1,797,683	)

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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)

	Other Non-Guarantor Subsidiaries of Noble						Consolidating Adjustments
	As reported			As adjusted			As reported			As adjusted
December 31, 2012
Income statement- Twelve months ended
Net income	$	280,763		$	280,763		$	(1,891,202	)	$	(1,891,202	)
Net income attributable to noncontrolling interests		(33,793	)		(68,969	)		—			35,176
Net income attributable to Noble Corporation	$	246,970		$	211,794		$	(1,891,202	)	$	(1,856,026	)
Balance Sheet
Total shareholder equity	$	9,913,839		$	9,509,343		$	(29,719,135	)	$	(29,314,639	)
Noncontrolling interests		765,124			1,169,620			—			(404,496	)
Total equity	$	10,678,963		$	10,678,963		$	(29,719,135	)	$	(29,719,135	)

30

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2013

(in thousands)

	Noble- Cayman		NHC and NDH Combined			NDC			NHIL		NDS6		Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	5	$	244		$	—		$	2	$	—	$	161,778		$	—		$	162,029
Accounts receivable		—		57,034			3,303			—		—		774,239			—			834,576
Taxes receivable		—		46,297			—			—		—		101,861			—			148,158
Prepaid expenses		—		487			8			—		—		69,685			—			70,180
Short-term notes receivable from affiliates		—		119,476			—			—		586,770		331,498			(1,037,744	)		—
Accounts receivable from affiliates		1,268,524		161,799			1,108,461			503,656		51,560		6,714,765			(9,808,765	)		—
Other current assets		—		639			196			—		—		122,501			—			123,336
Total current assets		1,268,529		385,976			1,111,968			503,658		638,330		8,276,327			(10,846,509	)		1,338,279
Property and equipment, at cost		—		2,891,199			76,827			—		—		15,193,887			—			18,161,913
Accumulated depreciation		—		(313,094	)		(60,462	)		—		—		(3,972,674	)		—			(4,346,230	)
Property and equipment, net		—		2,578,105			16,365			—		—		11,221,213			—			13,815,683
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,110,379			(11,136,763	)		—
Investments in affiliates		8,205,962		10,353,399			3,313,219			7,879,478		1,952,694		—			(31,704,752	)		—
Other assets		6,390		443			360			24,231		696		245,489			—			277,609
Total assets	$	13,297,344	$	14,523,923		$	4,441,912		$	11,932,181	$	3,070,827	$	21,853,408		$	(53,688,024	)	$	15,431,571
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	90,314	$	127,036		$	114,149		$	—	$	—	$	706,245		$	(1,037,744	)	$	—
Accounts payable		—		4,393			521			—		—		339,098			—			344,012
Accrued payroll and related costs		—		7,327			8,628			—		—		101,385			—			117,340
Accounts payable to affiliates		1,023,571		5,573,240			3,404			190,753		100,405		2,917,392			(9,808,765	)		—
Interest payable		414		—			—			62,430		4,411		—			—			67,255
Taxes payable		—		11,476			9			—		—		109,137			—			120,622
Other current liabilities		—		—			241			—		—		168,705			—			168,946
Total current liabilities		1,114,299		5,723,472			126,952			253,183		104,816		4,341,962			(10,846,509	)		818,175
Long-term debt		1,281,462		—			—			3,793,147		201,695		—			—			5,276,304
Notes payable to affiliates		2,840,287		586,979			—			975,000		1,342,000		5,392,497			(11,136,763	)		—
Deferred income taxes		—		—			15,731			—		—		202,782			—			218,513
Other liabilities		19,930		8,864			—			—		—		295,585			—			324,379
Total liabilities		5,255,978		6,319,315			142,683			5,021,330		1,648,511		10,232,826			(21,983,272	)		6,637,371
Commitments and contingencies
Total shareholder equity		8,041,366		8,204,608			4,299,229			6,910,851		1,422,316		10,442,890			(31,279,894	)		8,041,366
Noncontrolling interest		—		—			—			—		—		1,177,692			(424,858	)		752,834
Total equity		8,041,366		8,204,608			4,299,229			6,910,851		1,422,316		11,620,582			(31,704,752	)		8,794,200
Total liabilities and equity	$	13,297,344	$	14,523,923		$	4,441,912		$	11,932,181	$	3,070,827	$	21,853,408		$	(53,688,024	)	$	15,431,571

31

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2012

(in thousands)

	Noble- Cayman		NHC and NDH Combined			NDC			NHIL		NDS6		Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	1,003	$	904		$	—		$	2	$	—	$	275,466		$	—		$	277,375
Accounts receivable		—		14,885			3,335			—		—		725,453			—			743,673
Taxes receivable		—		8,341			—			—		—		103,969			—			112,310
Prepaid expenses		—		396			9			—		—		40,827			—			41,232
Short-term notes receivable from affiliates		—		119,476			—			—		586,769		252,138			(958,383	)		—
Accounts receivable from affiliates		664,375		140,014			1,015,204			526,483		38,895		5,855,066			(8,240,037	)		—
Other current assets		235		639			196			—		—		121,579			—			122,649
Total current assets		665,613		284,655			1,018,744			526,485		625,664		7,374,498			(9,198,420	)		1,297,239
Property and equipment, at cost		—		2,735,223			76,428			—		—		14,123,496			—			16,935,147
Accumulated depreciation		—		(283,028	)		(58,411	)		—		—		(3,597,079	)		—			(3,938,518	)
Property and equipment, net		—		2,452,195			18,017			—		—		10,526,417			—			12,996,629
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,171,875			(11,198,259	)		—
Investments in affiliates		7,770,066		9,170,923			3,386,879			7,413,361		1,977,906		—			(29,719,135	)		—
Other assets		5,798		320			543			25,895		759		243,243			—			276,558
Total assets	$	12,257,940	$	13,114,093		$	4,424,183		$	11,490,555	$	3,083,436	$	20,316,033		$	(50,115,814	)	$	14,570,426
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	90,314	$	51,054		$	110,770		$	—	$	—	$	706,245		$	(958,383	)	$	—
Accounts payable		—		6,522			1,183			—		—		341,889			—			349,594
Accrued payroll and related costs		—		6,176			7,611			—		—		110,149			—			123,936
Accounts payable to affiliates		900,063		4,806,235			5,444			165,065		77,075		2,286,155			(8,240,037	)		—
Interest payable		1,594		—			—			62,430		4,412		—			—			68,436
Taxes payable		—		9,152			—			—		—		121,692			—			130,844
Other current liabilities		—		—			240			—		—		158,259			—			158,499
Total current liabilities		991,971		4,879,139			125,248			227,495		81,487		3,724,389			(9,198,420	)		831,309
Long-term debt		639,794		—			—			3,792,886		201,695		—			—			4,634,375
Notes payable to affiliates		2,840,287		648,475			—			975,000		1,342,000		5,392,497			(11,198,259	)		—
Deferred income taxes		—		—			15,731			—		—		210,314			—			226,045
Other liabilities		19,930		17,815			—			—		—		309,870			—			347,615
Total liabilities		4,491,982		5,545,429			140,979			4,995,381		1,625,182		9,637,070			(20,396,679	)		6,039,344
Commitments and contingencies
Total shareholder equity		7,765,958		7,568,664			4,283,204			6,495,174		1,458,254		9,509,343			(29,314,639	)		7,765,958
Noncontrolling interest		—		—			—			—		—		1,169,620			(404,496	)		765,124
Total equity		7,765,958		7,568,664			4,283,204			6,495,174		1,458,254		10,678,963			(29,719,135	)		8,531,082
Total liabilities and equity	$	12,257,940	$	13,114,093		$	4,424,183		$	11,490,555	$	3,083,436	$	20,316,033		$	(50,115,814	)	$	14,570,426

32

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	86,313		$	5,018		$	—		$	—		$	907,045		$	(22,921	)	$	975,455
Reimbursables		—			2,735			—			—			—			25,525			—			28,260
Labor contract drilling services		—			—			—			—			—			13,603			—			13,603
Other		—			—			—			—			—			67			—			67
Total operating revenues		—			89,048			5,018			—			—			946,240			(22,921	)		1,017,385
Operating costs and expenses
Contract drilling services		1,016			19,878			1,826			25,636			—			460,010			(22,921	)		485,445
Reimbursables		—			2,489			—			—			—			20,212			—			22,701
Labor contract drilling services		—			—			—			—			—			9,402			—			9,402
Depreciation and amortization		—			15,321			1,102			—			—			195,809			—			212,232
General and administrative		667			2,122			—			9,403			1			3,395			—			15,588
Total operating costs and expenses		1,683			39,810			2,928			35,039			1			688,828			(22,921	)		745,368
Operating income (loss)		(1,683	)		49,238			2,090			(35,039	)		(1	)		257,412			—			272,017
Other income (expense)
Equity earnings in affiliates, net of tax		233,129			105,472			5,715			240,658			87,425			—			(672,399	)		—
Interest expense, net of amounts capitalized		(37,472	)		(5,438	)		(506	)		(32,705	)		(11,669	)		(24,093	)		87,218			(24,665	)
Interest income and other, net		1,647			11,037			(7	)		45,031			6,361			23,854			(87,218	)		705
Income before income taxes		195,621			160,309			7,292			217,945			82,116			257,173			(672,399	)		248,057
Income tax provision		—			14,299			—			—			—			(50,029	)		—			(35,730	)
Net Income		195,621			174,608			7,292			217,945			82,116			207,144			(672,399	)		212,327
Net income attributable to noncontrolling interests		—			—			—			—			—			(27,183	)		10,477			(16,706	)
Net income attributable to Noble Corporation		195,621			174,608			7,292			217,945			82,116			179,961			(661,922	)		195,621
Other comprehensive loss, net		(4,077	)		—			—			—			—			(4,077	)		4,077			(4,077	)
Comprehensive income attributable to Noble Corporation	$	191,544		$	174,608		$	7,292		$	217,945		$	82,116		$	175,884		$	(657,845	)	$	191,544

33

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	133,270		$	10,009		$	—		$	—		$	1,804,284		$	(43,371	)	$	1,904,192
Reimbursables		—			3,321			—			—			—			46,113			—			49,434
Labor contract drilling services		—			—			—			—			—			34,657			—			34,657
Other		—			—			—			—			—			77			—			77
Total operating revenues		—			136,591			10,009			—			—			1,885,131			(43,371	)		1,988,360
Operating costs and expenses
Contract drilling services		1,935			36,303			3,611			49,849			—			913,679			(43,371	)		962,006
Reimbursables		—			2,823			—			—			—			34,800			—			37,623
Labor contract drilling services		—			—			—			—			—			21,651			—			21,651
Depreciation and amortization		—			30,183			2,203			—			—			385,597			—			417,983
General and administrative		1,292			4,014			1			18,116			1			7,007			—			30,431
Gain on contract settlements/extinguishments, net		—			—			—			—			—			(1,800	)		—			(1,800	)
Total operating costs and expenses		3,227			73,323			5,815			67,965			1			1,360,934			(43,371	)		1,467,894
Operating income (loss)		(3,227	)		63,268			4,194			(67,965	)		(1	)		524,197			—			520,466
Other income (expense)
Equity earnings in affiliates, net of tax		435,894			202,415			13,168			466,115			203,453			—			(1,321,045	)		—
Interest expense, net of amounts capitalized		(70,779	)		(13,000	)		(1,339	)		(67,265	)		(23,390	)		(47,427	)		171,234			(51,966	)
Interest income and other, net		3,277			21,851			—			84,792			12,666			49,416			(171,234	)		768
Income before income taxes		365,165			274,534			16,023			415,677			192,728			526,186			(1,321,045	)		469,268
Income tax provision		—			9,743			—			—			—			(79,487	)		—			(69,744	)
Net Income		365,165			284,277			16,023			415,677			192,728			446,699			(1,321,045	)		399,524
Net income attributable to noncontrolling interests		—			—			—			—			—			(54,721	)		20,362			(34,359	)
Net income attributable to Noble Corporation		365,165			284,277			16,023			415,677			192,728			391,978			(1,300,683	)		365,165
Other comprehensive loss, net		(980	)		—			—			—			—			(980	)		980			(980	)
Comprehensive income attributable to Noble Corporation	$	364,185		$	284,277		$	16,023		$	415,677		$	192,728		$	390,998		$	(1,299,703	)	$	364,185

34

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
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		—			—			—			—			—			(29,201	)		10,344			(18,857	)
Net income attributable to Noble Corporation		172,970			150,260			11,134			205,864			60,952			223,885			(652,095	)		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		$	218,984		$	(647,194	)	$	168,069

35

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
General and administrative		811			2,811			—			18,437			—			7,418			—			29,477
Loss on impairment		—			—			—			—			—			18,345						18,345
Gain on contract 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		—			—			—			—			—			(30,397	)		18,372			(12,025	)
Net income attributable to Noble Corporation		307,622			281,687			57,860			367,622			132,140			396,346			(1,235,655	)		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		$	395,206		$	(1,234,515	)	$	306,482

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NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments		Total
Cash flows from operating activities
Net cash from operating activities	$	(60,083	)	$	24,121		$	5,639		$	(48,774	)	$	(10,663	)	$	765,568		$	—	$	675,808
Cash flows from investing activities
New construction and capital expenditures		—			(804,500	)		(324	)		—			—			(478,462	)		—		(1,283,286	)
Net cash from investing activities		—			(804,500	)		(324	)		—			—			(478,462	)		—		(1,283,286	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		941,653			—			—			—			—			—			—		941,653
Repayment of long-term debt		(300,000	)		—			—			—			—			—			—		(300,000	)
Financing costs on credit facilities		(1,912	)		—			—			—			—			—			—		(1,912	)
Dividends paid to joint venture partner		—			—			—			—			—			(46,649	)		—		(46,649	)
Distributions to parent company, net		(100,960	)		—			—			—			—			—			—		(100,960	)
Advances (to) from affiliates		(479,696	)		779,719			(5,315	)		48,774			10,663			(354,145	)		—		—
Net cash from financing activities		59,085			779,719			(5,315	)		48,774			10,663			(400,794	)		—		492,132
Net change in cash and cash equivalents		(998	)		(660	)		—			—			—			(113,688	)		—		(115,346	)
Cash and cash equivalents, beginning of period		1,003			904			—			2			—			275,466			—		277,375
Cash and cash equivalents, end of period	$	5		$	244		$	—		$	2		$	—		$	161,778		$	—	$	162,029

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NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
New construction and capital expenditures		—			(182,619	)		(306	)		—			—			(639,909	)		—			(822,834	)
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
Net change in borrowings outstanding on bank credit facilities		(825,000	)		—			—			—			—			—			—			(825,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,186,636			—			—			—			1,186,636
Contributions from joint venture partner		—			—			—			—			—			40,000			—			40,000
Financing costs on credit facilities		(5,014	)		—			—			—			—			—			—			(5,014	)
Distributions to parent company, net		(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

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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, 2013, and our results of operations for the three and six months ended June 30, 2013 and 2012. 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, 2012 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, a potential spin-off of a portion of our fleet, a potential change in our corporate domicile, repayment of debt, borrowings under our credit facilities or other instruments, completion and acceptance of our newbuild rigs, future capital expenditures, contract commitments, dayrates, contract commencements, extension or renewals, contract tenders, the outcome of any dispute, litigation, audit 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, 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, the inability to consummate a potential spin-off transaction or change in corporate domicile or the inability to realize the benefits of such transactions, 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, 2012, 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 offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of 79 mobile offshore drilling units located worldwide. We also own one floating production storage and offloading unit. Currently, our fleet consists of 14 semisubmersibles, 14 drillships, 49 jackups and two submersibles, including 10 units under construction as follows:

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

• seven high-specification heavy-duty, harsh environment jackups.

Our fleet is deployed globally in oil and gas producing regions. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.

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Proposed Transaction

In July 2013, we announced a proposed corporate reorganization transaction (the “Transaction”) of Noble-Swiss and the group of companies it controls. The Transaction would merge Noble-Swiss into a newly formed subsidiary incorporated under English law, Noble Corporation plc (“Noble-UK”), which would become our new holding company. The Transaction would effectively change the place of incorporation of the publicly traded parent company from Switzerland to the United Kingdom. We expect an extraordinary general meeting of Noble-Swiss shareholders to take place in October 2013 to consider the Transaction. If shareholders approve the Transaction at that meeting, and the other conditions to completing the Transaction are satisfied, the Transaction is expected to be completed in November 2013.

In the Transaction, all of the outstanding ordinary shares of Noble-Swiss will be cancelled, and Noble-UK will issue, through an exchange agent, one share of Noble-UK in exchange for each share of Noble-Swiss. Upon completion of the Transaction, Noble-UK will own and continue to conduct the same businesses through the Noble group as Noble-Swiss conducted prior to the Transaction, except that Noble-UK will be the parent company of the Noble group of companies. Noble-UK is expected to remain subject to SEC reporting requirements and will file an application with the New York Stock Exchange to have its ordinary shares listed.

Outlook

The business environment for the first six months of 2013 has remained positive, with steady to higher drilling activity, especially for ultra-deepwater and jackup rigs. The overall contractual environment has been positive and underlying commodity prices have been stable, with Brent crude oil averaging $106 per barrel in the second quarter. The stability of crude oil prices remains a strong factor in support of customer exploration and production spending, positively influencing both shallow and deepwater drilling activity. Customer drilling activity, which continues to expand globally, has resulted in rig supply constraints in some regions, leading customers to contract rigs for longer durations.

We believe both the short-term and long-term outlook for the ultra-deepwater market remains positive. Market dayrates for new ultra-deepwater units consistently remained above $500,000 throughout the past 12 months, 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 2013. In addition, availability of ultra-deepwater units in 2014 continues to decrease. We have seen some early indications of softening in deepwater rates, as some units in the global deepwater fleet transition to new contracts. The lower dayrate environment reflects reduced customer demand and rig technical features that are inferior to the new ultra-deepwater capacity delivered in recent quarters. Utilization rates for jackups stabilized in 2011, and improved in most regions during 2012 and the first six months of 2013. We have seen encouraging market activity and anticipate a favorable environment for these rigs in the short-term. We continue to see differentiation in the jackup market, with high-specification units having utilization rates and dayrates exceeding those for units that entered service before 2000. We continue to see improvement in the standard capability jackup market with strong utilization and rising dayrates in most regions.

Despite the positive market conditions noted above, global economic risk remains. In addition, political instability, especially in the Middle East and North Africa, has further created uncertainty within the marketplace. While these factors create a potential risk for postponement or cancellation of some drilling opportunities, we believe the outlook remains positive.

Results and Strategy

Our goal is to be the preferred offshore drilling contractor for the oil and gas industry based upon the following core principles:

• operate in a manner that provides a safe working environment for our employees while protecting the environment and our assets;

• provide an attractive investment vehicle for our shareholders; and

• deliver exceptional customer service through a large, diverse and technically advanced fleet operated by competent personnel.

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Our business strategy also focuses on the active expansion of our worldwide deepwater capabilities through acquisitions, upgrades and modifications, the deployment of our drilling assets in important oil and gas producing areas throughout the world and potential divestitures of our standard specification drilling units.

We have actively expanded our offshore drilling and deepwater capabilities in recent years through the construction and acquisition of rigs. 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 and the ability to complete the increasingly more complex well programs required by our customers. During the first six months of 2013, we continued to execute our newbuild program, completing the following milestones:

• we completed construction of the Noble Don Taylor, a dynamically positioned, ultra-deepwater, harsh environment drillship that left the shipyard during the second quarter of 2013 and is scheduled to complete acceptance testing and begin operations under a long-term contract in the U.S. Gulf of Mexico in the third quarter of 2013;

• we completed construction of the Noble Globetrotter II, a dynamically positioned, ultra-deepwater, harsh environment Globetrotter-class drillship, which left the shipyard during the second quarter of 2013 and is scheduled to complete acceptance testing and begin operations under a long-term contract in West Africa in the fourth quarter of 2013;

• we continued construction of three additional dynamically positioned, ultra-deepwater, harsh environment drillships at Hyundai Heavy Industries Co. Ltd., the next of which is scheduled to be delivered by the shipyard in the fourth quarter of 2013;

• we continued construction of six high-specification, heavy duty, harsh environment jackups, the first of which is estimated to be delivered by the shipyard in the third quarter of 2013; and

• we began construction of one ultra-high specification jackup, which is estimated to be delivered by the shipyard in the second quarter of 2016.

Total capital expenditures, including expenditures related to our newbuild program, were $1.24 billion for the six months ended June 30, 2013.

As part of our ongoing strategic planning process, we have continued to analyze a potential divestment of certain of our standard specification units and related assets. While this divestment could take a number of forms, we are currently focusing on a potential spin-off transaction. As currently envisioned, the spin-off would result in most of our standard specification drilling rigs and related assets being spun off in a separate entity. However, the composition of the fleet that would be included in the potential spin-off would also be subject to certain exceptions.

In determining whether a unit will be included in the “standard specification” fleet to be part of the spin-off transaction, we will consider a number of different factors including:

• Age and capability of the unit. For both jackup and floating units, we will consider a combination of age and/or technical capability and operational flexibility.

• Customer relationships. We will consider our customer relationships globally and locally and may make certain fleet decisions based on such relationships.

• Location. We also will consider the current and expected geographical operating location of the unit, including the classification of other units in the same area.

• Current status. Finally, we will evaluate a unit’s current operating status (i.e., active or cold-stacked) as well as the prospects for reactivation of any cold-stacked assets.

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We have taken certain preparatory steps to pursue this potential spin-off. These steps include analyzing the internal restructuring steps necessary for a potential spin-off and related tax considerations, seeking certain tax rulings and commencing preparation of financial statements for a potential separate group to be spun off. We have not completed the work necessary to effect, nor has our board of directors approved, any such transaction. Any such spin-off would require, in addition to the approval of our board of directors, receipt of tax rulings from the U.S. Internal Revenue Service (“IRS”) as well as other approvals, and would be subject to other conditions. We expect that a spin-off, should we decide to pursue the transaction, would be completed during 2014, although this timing could change as we continue our analysis. We can give no assurances that we will ultimately undertake or consummate a spin-off or any other sale or separation transaction involving our standard specification assets or that we will realize the expected benefits from this transaction.

Demand for our services is a function of the worldwide supply of mobile offshore drilling units. Industry analysts widely acknowledge that a significant expansion of industry supply of both jackups and ultra-deepwater units has commenced, many of which currently have no contract. The introduction of non-contracted rigs into the marketplace will increase the supply of rigs which compete for drilling service contracts, which could negatively impact the dayrates we are able to achieve. Our strategy on newbuild construction has generally been to expand our drilling fleet in connection with a long-term drilling contract that covers a substantial portion of our capital investment and provides an acceptable return on our capital employed. However, in response to the addition of a significant number of new, technologically advanced units in the global fleet and changes in customer requirements and preferences, we believe that in order to maintain long-term competitiveness, it has become both necessary and desirable for us to engage in building highly advanced jackups and floating units on a speculative basis. Of the units we currently have under construction, three of the heavy-duty, harsh environment jackups are being constructed without customer contracts. We will attempt to secure contracts for these units prior to their completion. We may continue speculative building, even in the absence of contracts for our units already under construction.

From time to time, we evaluate individual rig transactions and business combinations with other parties where we believe we can create shareholder value. We will continue to consider business opportunities that promote our growth strategy and optimize shareholder value.

In July 2013, we completed the sale of the Noble Lewis Dugger for $61 million to an unrelated third party in Mexico that owns and operates drilling units.

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 believe we are well positioned within the industry and that our newbuild program will further strengthen our position, especially in deepwater drilling.

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, 2013, 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		2013 (1)			2014			2015			2016			2017-2023
	(In millions)
Contract Drilling Services Backlog
Semisubmersibles/Drillships (2) (6)	$	13,040	$	1,427		$	3,155		$	2,709		$	1,842		$	3,907
Jackups/Submersibles (3)		2,993		758			1,017			487			135			596
Total (4)	$	16,033	$	2,185		$	4,172		$	3,196		$	1,977		$	4,503
Percent of Available Operating Days
Committed (5)				78	%		60	%		33	%		15	%		5	%

(1) Represents a six-month period beginning July 1, 2013.

(2) Our drilling contracts with Petróleo Brasileiro S.A. (“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/drillships operating offshore Brazil for Petrobras, we have included in our backlog an amount equal to 75 percent of potential performance bonuses for such semisubmersibles. Our backlog for semisubmersibles/drillships includes approximately $159 million attributable to these performance bonuses.

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The drilling contracts with Royal Dutch Shell plc (“Shell”) for the Noble Globetrotter I, Noble Globetrotter II, Noble Jim Thompson, Noble Clyde Boudreaux, Noble Max Smith, Noble Don Taylor and Noble Jim Day 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. Our backlog for these rigs includes approximately $411 million attributable to these performance bonuses.

(3) Petróleos Mexicanos (“Pemex”) has the ability to cancel its drilling contracts on 30 days or less notice without Pemex’s making an early termination payment. As of June 30, 2013, we had eleven rigs contracted to Pemex in Mexico, and our backlog includes approximately $646 million related to such contracts.

(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 in the past on certain rigs contracted with Petrobras, we have not received any notification concerning contract cancellations 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 2013 through 2016.

(6) Noble and a subsidiary of Shell are involved in joint ventures that own and operate both the Noble Bully I and the Noble Bully II. Under the terms of the joint venture agreements, each party has an equal 50 percent share in both vessels. As of June 30, 2013, the combined amount of backlog for these rigs totals $2.1 billion, all of which is included in our backlog. Noble’s net interest in the backlog for these rigs is $1.1 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 to realize. A letter of intent is generally subject to customary conditions, including the execution of a definitive drilling contract. 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 materially different than the backlog amounts and backlog periods set forth in the table above due to various factors, including, but not limited to, shipyard and maintenance projects, unplanned downtime, achievement of bonuses, weather conditions and other factors that result in applicable dayrates lower than the full contractual operating dayrate. In addition, amounts included in the backlog may change because drilling contracts may be varied or modified by mutual consent or customers may exercise early termination rights contained in some of our drilling contracts or decline to enter into a drilling contract after executing a letter of intent. As a result, our backlog as of any particular date may not be indicative of our actual operating results for the periods for which the backlog is calculated.

As of June 30, 2013, we estimate Shell and Petrobras represented approximately 53 percent and 11 percent, respectively, of our backlog.

Nigerian Operations

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 to implement and monitor the law and develop regulations pursuant to the law. The Nigerian Content Development and Monitoring Board 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 Nigerian Content Development and Monitoring Board for future work in Nigeria. The law also establishes 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 new law may have on our existing or future operations in Nigeria, but the effect on our operations there could be significant.

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Results of Operations

For the Three Months Ended June 30, 2013 and 2012

Net income attributable to Noble-Swiss for the three months ended June 30, 2013 (the “Current Quarter”) was $177 million, or $0.69 per diluted share, on operating revenues of $1.02 billion, compared to net income for the three months ended June 30, 2012 (the “Comparable Quarter”) of $160 million, or $0.63 per diluted share, on operating revenues of $899 million.

As a result of Noble-Swiss conducting all of its business through Noble-Cayman and its subsidiaries, 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 2013 and 2012, are 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, 2013 and 2012 was $18 million and $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 results 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, 2013 and 2012:

	Average Rig Utilization (1)						Operating Days (2)							Average Dayrates
	Three Months Ended June 30,						Three Months Ended June 30,							Three Months Ended June 30,
	2013			2012			2013		2012		% Change			2013		2012		% Change
Jackups		92	%		79	%		3,594		3,073		17	%	$	116,266	$	97,612		19	%
Semisubmersibles		76	%		88	%		970		1,127		-14	%		370,117		349,163		6	%
Drillships		78	%		65	%		637		469		36	%		311,490		329,761		-6	%
Other		0	%		0	%		—		—		—			—		—		—
Total		83	%		76	%		5,201		4,669		11	%	$	187,537	$	181,663		3	%

(1) Information reflects our policy of reporting on the basis of the number of rigs in our fleet, excluding newbuild rigs not placed in service.

(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 results for our contract drilling services segment for the three months ended June 30, 2013 and 2012 (in thousands):

	Three Months Ended
	June 30,					Change
	2013		2012			$			%
Operating revenues:
Contract drilling services	$	975,455	$	848,237		$	127,218			15	%
Reimbursables (1)		28,000		30,124			(2,124	)		-7	%
Other		67		11			56			509	%
	$	1,003,522	$	878,372		$	125,150			14	%
Operating costs and expenses:
Contract drilling services	$	491,983	$	423,502		$	68,481			16	%
Reimbursables (1)		22,469		24,307			(1,838	)		-8	%
Depreciation and amortization		209,082		180,112			28,970			16	%
General and administrative		26,378		24,835			1,543			6	%
Loss on impairment		—		12,710			(12,710	)		**
Gain on contract settlements/extinguishments, net		—		(33,255	)		33,255			**
		749,912		632,211			117,701			19	%
Operating income	$	253,610	$	246,161		$	7,449			3	%

(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 11 percent increase in operating days increased revenue by $97 million while the 3 percent increase in average dayrates increased revenues by approximately $30 million.

The change in contract drilling services revenues primarily relates to our jackups and drillships, which generated approximately $118 million and $43 million more revenue, respectively, in the Current Quarter. These amounts were offset by decreases in revenues from our semisubmersibles, which declined $34 million from the Comparable Quarter.

The 19 percent increase in jackup average dayrates resulted in a $67 million increase in revenues, and the 17 percent increase in jackup operating days resulted in a $51 million increase in revenues from the Comparable Quarter. The increase in average dayrates resulted from improved market conditions in the global shallow water market. Additionally, revenue of $18 million was recognized in connection with the cancellation of a contract by our customer on the Noble Houston Colbert. The increase in utilization is primarily related to certain rigs in Mexico and the Noble George McLeod in the Far East, which were operating during the Current Quarter but not in the Comparable Quarter.

The increase in drillship revenues was driven by a 36 percent increase in operating days resulting in a $55 million increase in revenues, partially offset by a 6 percent decrease in average dayrates resulting in a $12 million decrease in revenues from the Comparable Quarter. The increase in operating days was the result of the Noble Bully II and Noble Globetrotter I, which commenced their contracts with Shell in April 2012 and July 2012, respectively. Additionally, the Noble Duchess and the Noble Leo Segerius operated during the Current Quarter after being off contract during the Comparable Quarter. These increases were partially offset by the Noble Roger Eason, which is currently in the shipyard to undergo its reliability upgrade project. The decrease in average dayrates was primarily attributable to the Noble Roger Eason project discussed above.

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The decrease in semisubmersible revenues of $34 million primarily relates to the Noble Paul Romano and the Noble Homer Ferrington, which were off contract during the Current Quarter but operated during the Comparable Quarter, coupled with downtime on the Noble Paul Wolff and the Noble Ton van Langeveld during the Current Quarter. These decreases were partially offset by favorable dayrate changes on new contracts across the semisubmersible fleet, as well as the Noble Max Smith, which operated during the Current Quarter after being off contract for the Comparable Quarter and the Noble Dave Beard, which operated at full capacity during the Current Quarter after experiencing shipyard time to undergo repairs and regulatory inspections during the Comparable Quarter.

Operating Costs and Expenses. Contract drilling services operating costs and expenses increased $68 million for the Current Quarter as compared to the Comparable Quarter. A portion of the increase was due to the crew-up and operating expenses for the recently completed newbuild drillships, which added approximately $30 million in expenses during the Current Quarter. Excluding the additional expenses related to these newbuilds, our contract drilling costs increased $38 million in the Current Quarter from the Comparable Quarter. This change was primarily driven by a $20 million increase in labor costs, an $11 million increase in shorebase support, a $5 million increase in repair and maintenance and a $2 million increase in other miscellaneous costs.

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 II and the Noble Globetrotter I.

Loss on impairment during the Comparable 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 Comparable Quarter included a $28 million gain on the settlement of an action with certain vendors for damages sustained during Hurricane Ike. Additionally, we recognized a $5 million gain 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 results for our other services for the three months ended June 30, 2013 and 2012:

	Three Months Ended June 30,					Change
	2013		2012			$			%
Operating revenues:
Labor contract drilling services	$	13,603	$	19,863		$	(6,260	)		-32	%
Reimbursables (1)		260		688			(428	)		-62	%
	$	13,863	$	20,551		$	(6,688	)		-33	%
Operating costs and expenses:
Labor contract drilling services	$	9,402	$	11,847		$	(2,445	)		-21	%
Reimbursables (1)		232		663			(431	)		-65	%
Depreciation and amortization		3,507		3,503			4			0	%
General and administrative		472		569			(97	)		-17	%
Loss on impairment		—		5,635			(5,635	)		**
		13,613		22,217			(8,604	)		-39	%
Operating income (loss)	$	250	$	(1,666	)	$	1,916			**

(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.

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Operating Revenues and Costs and Expenses. The decrease in both revenue and expense primarily relates to the cancellation of a project with our customer, Shell, for one of its rigs that was operating under a labor contract in Alaska. The project was cancelled on March 31, 2013.

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

Other Income and Expenses

Interest Expense, net of amount capitalized. Interest expense, net of amount capitalized, increased $4 million in the Current Quarter as compared to the Comparable Quarter. The increase is a result of lower capitalized interest in the Current Quarter as compared to the Comparable Quarter due primarily to the completion of construction on two of our newbuild drillships. During the Current Quarter, we capitalized approximately 56 percent of total interest charges versus approximately 64 percent during the Comparable Quarter.

Income Tax Provision. Our income tax provision decreased $10 million in the Current Quarter primarily as a result of a lower tax rate in the Current Quarter, partially offset by higher pre-tax income. The 22 percent decrease in the income tax rate during the Current Quarter decreased the income tax provision by $11 million. The decrease in the income tax rate was a result of a change in our geographic revenue mix. The increase in pre-tax income increased our income tax provision by $1 million.

For the Six Months Ended June 30, 2013 and 2012

Net income attributable to Noble-Swiss for the six months ended June 30, 2013 (the “Current Period”) was $327 million, or $1.27 per diluted share, on operating revenues of $2.0 billion, compared to net income for the six months ended June 30, 2012 (the “Comparable Period”) of $280 million, or $1.10 per diluted share, on operating revenues of $1.7 billion.

As a result of Noble-Swiss conducting all of its business through Noble-Cayman and its subsidiaries, 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 2013 and 2012, are 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, 2013 and 2012 was $37 million and $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 results 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, 2013 and 2012:

	Average Rig Utilization (1)						Operating Days (2)							Average Dayrates
	Six Months Ended June 30,						Six Months Ended June 30,							Six Months Ended June 30,
	2013			2012			2013		2012		% Change			2013		2012		% Change
Jackups		92	%		79	%		7,192		6,162		17	%	$	110,908	$	93,988		18	%
Semisubmersibles		80	%		87	%		2,023		2,219		-9	%		344,568		352,084		-2	%
Drillships		80	%		59	%		1,306		754		73	%		313,398		310,463		1	%
Other		0	%		0	%		—		—		—			—		—		—
Total		84	%		75	%		10,521		9,135		15	%	$	180,984	$	174,555		4	%

(1) Information reflects our policy of reporting on the basis of the number of rigs in our fleet, excluding newbuild rigs not placed in service.

(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 results for our contract drilling services segment for the six months ended June 30, 2013 and 2012 (in thousands):

	Six Months Ended June 30,						Change
	2013			2012			$			%
Operating revenues:
Contract drilling services	$	1,904,192		$	1,594,547		$	309,645			19	%
Reimbursables (1)		48,711			64,826			(16,115	)		-25	%
Other		77			242			(165	)		-68	%
	$	1,952,980		$	1,659,615		$	293,365			18	%
Operating costs and expenses:
Contract drilling services	$	976,070		$	843,513		$	132,557			16	%
Reimbursables (1)		36,938			54,480			(17,542	)		-32	%
Depreciation and amortization		411,701			348,060			63,641			18	%
General and administrative		51,327			47,679			3,648			8	%
Loss on impairment		—			12,710			(12,710	)		**
Gain on contract settlements/extinguishments, net		(1,800	)		(33,255	)		31,455			-95	%
		1,474,236			1,273,187			201,049			16	%
Operating income	$	478,744		$	386,428		$	92,316			24	%

(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 operating days and average dayrates. The 15 percent increase in operating days increased revenue by $242 million while the 4 percent increase in average dayrates increased revenues by approximately $68 million.

The change in contract drilling services revenues relates to our jackups and drillships, which generated approximately $219 million and $175 million more revenue, respectively, in the Current Period. These amounts were offset by decreases in revenues from our semisubmersibles, which declined $84 million from the Comparable Period.

The 18 percent increase in jackup average dayrates resulted in a $122 million increase in revenues, which was coupled with a 17 percent increase in operating days, resulting in a $97 million increase in revenues from the Comparable Period. The increase in average dayrates resulted from improved market conditions in the global shallow water market. Additionally, revenue of $18 million was recognized in connection with the cancellation of a contract by our customer on the Noble Houston Colbert. 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 a 73 percent increase in operating days and a 1 percent increase in average dayrates, resulting in a $171 million and a $4 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, Noble Bully II and Noble Globetrotter I, which commenced their contracts with Shell in March 2012, April 2012 and July 2012, respectively. Additionally, the Noble Duchess and the Noble Leo Segerius operated during the Current Period after being off contract during the Comparable Period. These increases were partially offset by the Noble Roger Eason, which is currently in the shipyard to undergo its reliability upgrade project.

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The decrease in semisubmersible revenues of $84 million primarily relates to the Noble Paul Romano and the Noble Homer Ferrington, which were off contract during the Current Period but operated during the Comparable Period, coupled with downtime on the Noble Paul Wolff and the Noble Therald Martin during the Current Period. These decreases were partially offset by favorable dayrate changes on new contracts across the semisubmersible fleet, as well as the Noble Max Smith, which experienced full utilization during the Current Period after being off contract during the Comparable Period.

Operating Costs and Expenses. Contract drilling services operating costs and expenses increased $133 million for the Current Period as compared to the Comparable Period. A portion of the increase was due to the crew-up and operating expenses for the recently completed newbuild drillships, which added approximately $65 million in expenses during the Current Period. Excluding the additional expenses related to these rigs, our contract drilling costs increased $68 million in the Current Period from the Comparable Period. This change was primarily driven by a $35 million increase in labor, the majority of which is due to rigs returning to work during the Current Period, a $16 million increase related to shorebase support, a $15 million increase in repair and maintenance and a $2 million increase in other miscellaneous costs.

The increase in depreciation and amortization in the Current Period from the Comparable Period was primarily attributable to assets placed in service, including a full period of depreciation on the newbuild drillships, the Noble Bully I, the Noble Bully II and the Noble Globetrotter I, which were placed in service in March 2012, April 2012 and July 2012, respectively.

Loss on impairment during the Comparable 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 Comparable Period included a $28 million gain on the settlement of an action with certain vendors for damages sustained during Hurricane Ike. Additionally, we recognized a $5 million gain 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 results for our other services for the six months ended June 30, 2013 and 2012:

	Six Months Ended June 30,				Change
	2013		2012		$			%
Operating revenues:
Labor contract drilling services	$	34,657	$	35,871	$	(1,214	)		-3	%
Reimbursables (1)		723		1,127		(404	)		-36	%
	$	35,380	$	36,998	$	(1,618	)		-4	%
Operating costs and expenses:
Labor contract drilling services	$	21,651	$	21,079	$	572			3	%
Reimbursables (1)		685		1,091		(406	)		-37	%
Depreciation and amortization		7,044		6,632		412			6	%
General and administrative		1,093		851		242			28	%
Loss on impairment		—		5,635		(5,635	)		**
		30,473		35,288		(4,815	)		-14	%
Operating income	$	4,907	$	1,710	$	3,197			**

(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 relates to the cancellation of a project with our customer, Shell, for one of its rigs operating under a labor contract in Alaska. The project was cancelled on March 31, 2013.

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

Other Income and Expenses

Interest Expense, net of amount capitalized. Interest expense, net of amount capitalized, increased $21 million in the Current Period as compared to the Comparable Period. The increase is a result of lower capitalized interest in the Current Period as compared to the Comparable Period due primarily to the completion of construction on three of our newbuild drillships, coupled with increased borrowings outstanding under our credit facilities and commercial paper program. During the Current Period, we capitalized approximately 54 percent of total interest charges versus approximately 71 percent during the Comparable Period.

Income Tax Provision. Our income tax provision increased $3 million in the Current Period primarily as a result of a higher pre-tax income, partially offset by a lower effective tax rate during the Current Period. The increase in pre-tax earnings generated a $13 million increase in tax expense while the decrease in the income tax rate during the Current Period decreased the income tax provision by $10 million. The decrease in the income tax rate was a result of a change in our geographic revenue mix.

Liquidity and Capital Resources

Net cash from operating activities for the Current Period was $646 million and $536 million in the Comparable Period. The increase in net cash from operating activities in the Current Period was primarily attributable to an increase in net income. We had working capital of $258 million and $394 million at June 30, 2013 and December 31, 2012, respectively. Our total debt as a percentage of total debt plus equity increased to 38.1 percent at June 30, 2013 from 35.3 percent at December 31, 2012 as a result of an increase in commercial paper outstanding during the Current Period.

Our principal source of capital in the Current Period was the $646 million in cash generated from operating activities noted above, coupled with borrowings through our commercial paper program. Cash generated during the Current Period was primarily used to fund our capital expenditure program.

Our currently anticipated cash flow needs may include the following:

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

• normal recurring operating expenses;

• discretionary capital expenditures, including various capital upgrades;

• 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, borrowings under our existing credit facilities and commercial paper program, borrowings under potential new credit facilities, or issuances of long-term debt. However, to adequately cover our expected cash flow needs, we may require capital in excess of the amount provided through these sources, and we may seek additional sources of liquidity and/or delay or cancel certain discretionary capital expenditures as necessary.

At June 30, 2013, we had a total contract drilling services backlog of approximately $16.0 billion. Our backlog as of June 30, 2013 reflects a commitment of 78 percent of available days for the remainder of 2013 and 60 percent for 2014. See additional information regarding our backlog at “Contract Drilling Services Backlog.”

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Capital Expenditures

Our primary use of available liquidity during 2013 is for capital expenditures. Capital expenditures, including capitalized interest, totaled $1.24 billion and $665 million for the six months ended June 30, 2013 and 2012, respectively.

At June 30, 2013, we had 10 rigs under construction, and capital expenditures, excluding capitalized interest, for new construction during the first six months of 2013 totaled $752 million, as follows (in millions):

Rig type/name
Currently under construction
Drillships
Noble Sam Croft	$	56.4
Noble Bob Douglas		28.1
Noble Tom Madden		3.2
Jackups
Noble Jackup VII (CJ70-Mariner)		179.1
Noble Mick O’Brien		10.4
Noble Regina Allen		5.6
Noble Houston Colbert		4.2
Noble Sam Turner		3.1
Noble Tom Prosser		1.9
Noble Sam Hartley		1.9
Recently completed construction projects
Noble Don Taylor		369.5
Noble Globetrotter II		82.6
Other		6.3
Total Newbuild Capital Expenditures	$	752.3

In addition to the newbuild expenditures noted above, capital expenditures during the first six months of 2013 consisted of the following:

• $430 million for capital expenditures, which includes major projects, subsea related expenditures and upgrades and replacements to drilling equipment; and

• $62 million in capitalized interest.

Our total capital expenditure estimate for 2013 is approximately $2.9 billion, including capitalized interest.

In connection with our capital expenditure program, as of June 30, 2013, we had outstanding commitments, including shipyard and purchase commitments, for approximately $2.7 billion, of which we expect to spend approximately $1.8 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 plan include delays and cost overruns in shipyards (including costs attributable to labor shortages), shortages of equipment, latent damage or deterioration to hull, equipment and machinery in excess of engineering estimates and assumptions, changes in governmental regulations and requirements and changes in design criteria or specifications during repair or construction.

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Dividends

Our most recent quarterly dividend payment to shareholders, totaling $33 million (or $0.13 per share), was declared on April 26, 2013 and paid on May 16, 2013 to holders of record on May 6, 2013. This payment represented the final tranche of our annual dividend payment to shareholders previously approved in April 2012.

In April 2013, our shareholders approved the payment of a dividend aggregating $1.00 per share to be paid in four equal installments currently scheduled for August 2013, November 2013, February 2014 and May 2014. In connection with this approval, during the second quarter of 2013, we recorded a payable of approximately $256 million, which represents this obligation to shareholders. Our Board of Directors has the authority to accelerate the payment of any installment, or portions thereof, at its sole discretion at any time prior to payment of the final installment.

The declaration and payment of dividends, or 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 Senior Unsecured Notes

Credit Facilities and Commercial Paper Program

We currently have two separate credit facilities with an aggregate maximum available capacity of $2.3 billion. One credit facility matures in 2015 and the other matures in 2017 (together, the “Credit Facilities”). In January 2013, we increased the maximum amount available under our credit facility maturing in 2015 from $600 million to $800 million and the maximum amount available under our credit facility maturing in 2017 from $1.2 billion to $1.5 billion. We have also established a commercial paper program, which allows us to issue up to $1.8 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by our Credit Facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. At June 30, 2013, we had approximately $1.02 billion of available capacity under the Credit Facilities.

The Credit Facilities provide us with the ability to issue up to $375 million in letters of credit in the aggregate. The issuance of letters of credit does not increase our borrowings outstanding under the Credit Facilities, but it does reduce the amount available. At June 30, 2013, we had no letters of credit issued under the Credit Facilities.

Senior Unsecured Notes

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, comprising $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 matured during the second quarter of 2013. We used proceeds from our commercial paper program to repay the $300 million outstanding balance.

Covenants

The Credit Facilities and commercial paper program are guaranteed by our indirect wholly-owned subsidiaries, NHIL and Noble Drilling Corporation (“NDC”). 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, 2013, our ratio of debt to total tangible capitalization was approximately 0.38. We were in compliance with all covenants under the Credit Facilities as of June 30, 2013.

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In addition to the covenants from the Credit Facilities noted above, 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, 2013, we were in compliance with all our debt covenants. We continually monitor compliance with the covenants under our notes and, based on our expectations for 2013, expect to remain in compliance during the year.

Other

At June 30, 2013, we had letters of credit of $51 million and performance and tax assessment bonds totaling $128 million supported by surety bonds outstanding. Additionally, certain of our subsidiaries issue guarantees to 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.

New Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, which amends FASB Accounting Standards Codification (“ASC”) Topic 220, “Comprehensive Income.” This amended guidance requires additional information about reclassification adjustments out of comprehensive income, including changes in comprehensive income balances by component and significant items reclassified out of comprehensive income. This guidance is effective for reporting periods beginning after December 15, 2012. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In March 2013, the FASB issued ASU No. 2013-05, which amends ASC Topic 830, “Foreign Currency Matters.” This ASU provides guidance on foreign currency translation adjustments when a parent entity ceases to have a controlling interest on a previously consolidated subsidiary or group of assets. The guidance is effective for fiscal years beginning on or after December 15, 2013. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In July 2013, the FASB issued ASU No. 2013-11, which amends ASC Topic 740, “Taxes.” This ASU provides guidance on the presentation of tax benefits when a net operating loss carryforward or other tax credit carryforward exists. The guidance is effective for fiscal years beginning on or after December 15, 2013. We are still evaluating what impact, if any, the adoption of this guidance will have 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, 2013, we had $1.28 billion in borrowings outstanding under our commercial paper program, which is supported by the Credit Facilities. Assuming our current level of debt, a change in LIBOR rates of 1 percent would increase our interest charges by approximately $13 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 $5.4 billion and $5.1 billion at June 30, 2013 and December 31, 2012, respectively. The increase in fair value was primarily a result of increased indebtedness outstanding under our commercial paper program coupled with changes in interest rates and market perceptions of our credit risk, partially offset by the repayment of our $300 million fixed rate senior note.

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Foreign Currency Risk

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

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

Our North Sea and Brazil operations have a significant amount of their cash operating expenses payable in local currencies. To limit the potential risk of currency fluctuations, we periodically enter into forward contracts, all of which have a maturity of less than 12 months. The forward contracts maturing during the remainder of 2013 represent approximately 59 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. dollars, was approximately $84 million at June 30, 2013. Total unrealized loss related to these forward contracts was $5 million as of June 30, 2013 and was recorded as part of AOCL. A 10 percent change in the exchange rate for the local currencies would change the fair value of these forward contracts by approximately $8 million.

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 (“IRC”) of 1986. Therefore, we maintain an unfunded, nonqualified excess benefit plan designed to maintain benefits for all employees at the formula level in the qualified U.S. plans.

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

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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, 2013. Noble-Swiss’ disclosure controls and procedures are designed to ensure that information required to be disclosed by Noble-Swiss in the reports that it files with or submits to the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and is accumulated and communicated to management as appropriate to allow timely decisions regarding required disclosure.

David W. Williams, President and Chief Executive Officer of Noble-Cayman, and Dennis J. Lubojacky, Vice President and Chief Financial Officer of Noble-Cayman, have evaluated the disclosure controls and procedures of Noble-Cayman as of the end of the period covered by this report. On the basis of this evaluation, Mr. Williams and Mr. Lubojacky have concluded that Noble-Cayman’s disclosure controls and procedures were effective as of June 30, 2013. 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, 2013 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 4, 7 and 14 to our consolidated financial statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q and is incorporated herein by reference.

Item 1A. Risk Factors

Risks Relating to Our Business

The risk factor below updates and supplements the risks described under “Risk Factors Relating to Our Business” in Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2012, and should be considered together with the risk factors described in that report.

We may not complete the proposed change in the place of incorporation of Noble-Swiss from Switzerland to the United Kingdom. If we do complete the change in the place of incorporation, we may not realize the benefits we anticipate from the migration, or the migration may adversely impact us or our shareholders.

We cannot assure that we will complete the announced change of place of incorporation of our parent company from Switzerland to the United Kingdom. We may choose to abandon the migration, or we may not be able to complete it because our shareholders do not approve the migration or certain other conditions, such as obtaining required regulatory approvals, are not satisfied.

Even if we complete the migration to the United Kingdom, we may not realize the benefits that we expect to realize from the migration. The migration may also expose us to certain risks that could have an adverse effect on us or our results of operations. Further, if the migration is completed, the rights of our shareholders as shareholders of an English company will differ from the rights they have currently as shareholders of a Swiss company.

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In connection with the proposed migration, we have filed with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that includes a preliminary proxy statement/prospectus, and we will be filing documents with the SEC that contain other relevant materials. A definitive proxy statement/prospectus will be mailed to our shareholders once the registration statement has been declared effective by the SEC. You should read the definitive proxy statement/prospectus carefully and any other materials when they become available because they will contain important information about us and the migration, including risks related thereto.

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:

Period	Total Number of Shares Purchased (2)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
April 2013		7,836	$	37.52		—		6,769,891
May 2013		1,107	$	41.93		—		6,769,891
June 2013		—	$	—		—		6,769,891

(1) All share purchases made in the open market and were pursuant to the share repurchase program which our Board of Directors authorized and adopted and our shareholders approved. Our repurchase program has no date of expiration.

(2) Amounts represent shares surrendered by employees for withholding taxes payable upon the vesting of restricted stock or exercise of stock options.

Item 6. Exhibits

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

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SIGNATURES

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

Noble Corporation, a Swiss corporation

/s/ David W. Williams David W. Williams Chairman, President and Chief Executive Officer (Principal Executive Officer)	August 5, 2013 Date
/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 David W. Williams President and Chief Executive Officer (Principal Executive Officer)	August 5, 2013 Date
/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	Merger Agreement, dated as of June 30, 2013, between Noble Corporation, a Swiss corporation (“Noble-Swiss”) and Noble Corporation Limited (“Noble-UK”) (filed as Exhibit 2.1 to Noble-Swiss’ Current Report on Form 8-K filed on July 1, 2013 and incorporated herein by reference).
2.2	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).
2.3	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).
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

Statuten der Noble Corporation mit Sitz in Baar	Articles of Association of Noble Corporation 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 25. April 2015 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 25, 2015, 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.

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

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(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
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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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(d)     eine genehmigte oder bedingte Kapitalerhöhung;	(d)     an increase in the amount of the authorized or conditional share capital;
(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.

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

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

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

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

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

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

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(b)     (1) das Recht hat, aufgrund eines Vertrags, einer Absprache oder einer anderen Vereinbarung, oder aufgrund der Ausübung eines Wandel-, Tausch-, Bezugs- oder Optionsrechts oder anderweitig Aktien zu erwerben (unabhängig davon, ob dieses Recht sofort ausübbar ist oder nur nach einer gewissen Zeit); vorausgesetzt, dass eine Person nicht als Eigentümerin derjenigen Aktien gilt, die im Rahmen eines Übernahme- oder Umtauschangebots, das diese Zivilrechtliche Person oder eine dieser Zivilrechtlichen Person Nahestehende Gesellschaft oder Nahestehende Person gemacht hat, angedient werden, bis diese Aktien verbindlich zum Kauf oder Tausch akzeptiert werden; oder (2) das Recht hat, die Stimmrechte dieser Aktien aufgrund eines Vertrags, einer Absprache oder einer anderen Vereinbarung auszuüben; vorausgesetzt, dass eine Zivilrechtliche Person nicht als Eigentümerin von Aktien gilt, sofern ihr Recht, das Stimmrecht auszuüben auf einem Vertrag, einer Absprache oder einer anderen Vereinbarung beruht, welche(r) nur aufgrund einer widerruflichen Vollmacht (proxy) oder Zustimmung zustande gekommen ist, die in Erwiderung auf eine an 10 oder mehr Zivilrechtliche Personen gemachte diesbezügliche Aufforderung ergangen ist; oder

(b)     has (1) the right to acquire such Shares (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Owner of Shares tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates until such tendered Shares are accepted for purchase or exchange; or (2) the right to vote such Shares pursuant to any agreement, arrangement or understanding; provided, however, that a Person shall not be deemed the Owner of any Shares because of such Person’s right to vote such Shares if the agreement, arrangement or understanding to vote such Shares arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more Persons; or

(c)     zwecks Erwerbs, Haltens, Stimmrechtsausübung (mit Ausnahme der Stimmrechtsausübung aufgrund einer widerruflichen Vollmacht (proxy) oder Zustimmung wie in diesen Statuten umschrieben) oder Veräusserung dieser Aktien mit einer anderen Zivilrechtlichen Person in einen Vertrag, eine Absprache oder eine andere Vereinbarung getreten ist, die direkt oder indirekt entweder selbst oder über ihr Nahestehende Gesellschaften oder Nahestehende Personen wirtschaftlich Eigentümerin dieser Aktien ist.

(c)     has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in these Articles of Association), or disposing of such Shares with any other Person that beneficially Owns, or whose Affiliates or Associates beneficially Own, directly or indirectly, such Shares.

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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.
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.

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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.
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.

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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.
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;

35

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

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

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

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

36

IX. Übergangsbestimmung	IX. Transitional Provision
Artikel 36: Sacheinlagevertrag	Article 36: Contribution in Kind Agreement
Die Gesellschaft übernimmt bei der Kapitalerhöhung vom 27. März 2009 von der Noble Corporation in Grand Cayman, Cayman Islands (“Noble-Cayman”), gemäss Sacheinlagevertrag vom 27. März 2009 (“Sacheinlagevertrag”) 261’245’693 Aktien (ordinary shares) der Noble-Cayman. Diese Aktien werden zu einem Übernahmewert von insgesamt Schweizer Franken 10’676’100’000 übernommen. Als Gegenleistung für diese Sacheinlage gibt die Gesellschaft einem Exchange Agent, handelnd auf Rechnung der Aktionäre der Noble-Cayman im Zeitpunkt unmittelbar vor Vollzug des Sacheinlagevertrages und im Namen und auf Rechnung der Noble-Cayman, insgesamt 276’245’693 voll einbezahlte Aktien mit einem Nennwert von insgesamt Schweizer Franken 1’381’228’465 aus. Die Gesellschaft weist die Differenz zwischen dem totalen Nennwert der ausgegebenen Aktien und dem Übernahmewert der Sacheinlage im Gesamtbetrag von Schweizer Franken 9’294’771’535 den Reserven der Gesellschaft zu.	In connection with the capital increase of March 27, 2009, and in accordance with the contribution in kind agreement dated as of March 27, 2009 (the “Contribution in Kind Agreement”), the Company acquires 261’245’693 ordinary shares of Noble Corporation, Grand Cayman, Cayman Islands (“Noble-Cayman”). The shares of Noble-Cayman have a total value of Swiss Francs 10’676’100’000. As consideration for this contribution, the Company issues to an exchange agent, acting for the account of the holders of ordinary shares of Noble-Cayman outstanding immediately prior to the completion of the Contribution in Kind Agreement and in the name and the account of Noble-Cayman, a total of 276’245’693 Shares with a total par value of Swiss Francs 1’381’228’465. The difference between the aggregate par value of the issued Shares and the total value of the contribution in the amount of Swiss Francs 9’294’771’535 is allocated to the reserves of the Company.
Zug, 26. April 2013	Zug, April 26, 2013

37

Inhaltsverzeichnis

Table of Contents

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

38

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

39

EX-31.1

EXHIBIT 31.1

Noble Corporation, a Swiss corporation

Noble Corporation, a Cayman Islands company

I, David W. Williams, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: August 5, 2013

/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 5, 2013

/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 5, 2013

/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, 2013, 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 5, 2013	/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, 2013, 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 5, 2013	/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, 2013, 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 5, 2013	/s/ Dennis J. Lubojacky
	Dennis J. Lubojacky
	Vice President and Chief Financial Officer of Noble Corporation, a Cayman Islands company

XML

Income Taxes

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Note 9 — Income Taxes

At December 31, 2012, the reserves for uncertain tax positions totaled $125 million (net of related tax benefits of $10 million). At June 30, 2013, the reserves for uncertain tax positions totaled $116 million (net of related tax benefits of $2 million), and if not utilized, would reduce the provision for income taxes by $116 million.

It is possible that our existing liabilities related to our reserves for uncertain tax positions may change in the next 12 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.

XML

Debt - Estimated Fair Value of Our Long Term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Total long-term debt, Estimated Fair Value	$ 5,359,896	$ 5,065,245
Total long-term debt, Carrying Value	5,276,304	4,634,375
5.875% Senior Notes due 2013 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value		299,985
Total long-term debt, Estimated Fair Value		305,594
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	249,880	249,799
Total long-term debt, Estimated Fair Value	260,845	269,008
3.45% Senior Notes due 2015 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	350,000	350,000
Total long-term debt, Estimated Fair Value	363,129	368,824
3.05% Senior Notes due 2016 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	299,959	299,952
Total long-term debt, Estimated Fair Value	308,116	316,268
2.50% Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	299,869	299,852
Total long-term debt, Estimated Fair Value	298,148	309,846
7.50% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	201,695	201,695
Total long-term debt, Estimated Fair Value	242,129	249,358
4.90% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	498,960	498,900
Total long-term debt, Estimated Fair Value	526,123	562,530
4.625% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	399,551	399,527
Total long-term debt, Estimated Fair Value	412,416	442,776
3.95% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	399,136	399,095
Total long-term debt, Estimated Fair Value	391,005	422,227
6.20% Senior Notes due 2040 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	399,892	399,891
Total long-term debt, Estimated Fair Value	417,943	477,327
6.05% Senior Notes due 2041 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	397,630	397,613
Total long-term debt, Estimated Fair Value	405,013	468,256
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	498,270	498,257
Total long-term debt, Estimated Fair Value	453,567	533,422
Total Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Total senior unsecured notes, Carrying Value	3,994,842	4,294,566
Total long-term debt, Estimated Fair Value	4,078,434	4,725,436
Commercial Paper Program [Member]
Debt Instrument [Line Items]
Total long-term debt, Estimated Fair Value	1,281,462	339,809
Total long-term debt, Carrying Value	$ 1,281,462	$ 339,809

XML

Consolidated Statements of Income (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Operating revenues
Contract drilling services	$ 975,455	$ 848,237	$ 1,904,192	$ 1,594,547
Reimbursables	28,260	30,812	49,434	65,953
Labor contract drilling services	13,603	19,863	34,657	35,871
Other	67	11	77	242
Total operating revenues	1,017,385	898,923	1,988,360	1,696,613
Operating costs and expenses
Contract drilling services	491,983	423,502	976,070	843,513
Reimbursables	22,701	24,970	37,623	55,571
Labor contract drilling services	9,402	11,847	21,651	21,079
Depreciation and amortization	212,589	183,615	418,745	354,692
General and administrative	26,850	25,404	52,420	48,530
Loss on impairment		18,345		18,345
Gain on contract settlements/extinguishments, net		(33,255)	(1,800)	(33,255)
Total operating costs and expenses	763,525	654,428	1,504,709	1,308,475
Operating income	253,860	244,495	483,651	388,138
Other income (expense)
Interest expense, net of amount capitalized	(24,665)	(20,652)	(51,966)	(31,148)
Interest income and other, net	955	1,188	530	2,973
Income before income taxes	230,150	225,031	432,215	359,963
Income tax provision	(36,824)	(46,356)	(71,176)	(67,945)
Net income	193,326	178,675	361,039	292,018
Net income attributable to noncontrolling interests	(16,706)	(18,857)	(34,359)	(12,025)
Net income attributable to Noble Corporation	176,620	159,818	326,680	279,993
Net income per share
Basic	$ 0.69	$ 0.63	$ 1.28	$ 1.10
Diluted	$ 0.69	$ 0.63	$ 1.27	$ 1.10
Noble-Cayman [Member]
Operating revenues
Contract drilling services	975,455	848,237	1,904,192	1,594,547
Reimbursables	28,260	30,812	49,434	65,953
Labor contract drilling services	13,603	19,863	34,657	35,871
Other	67	11	77	242
Total operating revenues	1,017,385	898,923	1,988,360	1,696,613
Operating costs and expenses
Contract drilling services	485,445	421,598	962,006	836,744
Reimbursables	22,701	24,970	37,623	55,571
Labor contract drilling services	9,402	11,847	21,651	21,079
Depreciation and amortization	212,232	183,103	417,983	353,676
General and administrative	15,588	15,467	30,431	29,477
Loss on impairment		18,345		18,345
Gain on contract settlements/extinguishments, net		(33,255)	(1,800)	(33,255)
Total operating costs and expenses	745,368	642,075	1,467,894	1,281,637
Operating income	272,017	256,848	520,466	414,976
Other income (expense)
Interest expense, net of amount capitalized	(24,665)	(20,652)	(51,966)	(31,148)
Interest income and other, net	705	1,608	768	3,007
Income before income taxes	248,057	237,804	469,268	386,835
Income tax provision	(35,730)	(45,977)	(69,744)	(67,188)
Net income	212,327	191,827	399,524	319,647
Net income attributable to noncontrolling interests	(16,706)	(18,857)	(34,359)	(12,025)
Net income attributable to Noble Corporation	$ 195,621	$ 172,970	$ 365,165	$ 307,622

XML

Consolidated Joint Ventures

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Consolidated Joint Ventures

Note 2 — Consolidated Joint Ventures

We maintain a 50 percent interest in two joint ventures, each with a subsidiary of Royal Dutch Shell plc (“Shell”), that own and operate the two Bully-class drillships. 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 could be made for funds needed to complete the construction of the drillships. All contributions under these agreements have been made, with the final contribution made in the first quarter of 2012.

In June 2013, the Bully joint venture partners approved and paid a dividend totaling $93 million.

The combined carrying amount of the Bully-class drillships at both June 30, 2013 and December 31, 2012 totaled $1.4 billion. These assets were primarily funded through partner equity contributions. During 2012, these rigs commenced operations. Operational results for the three and six months ended June 30, 2013 and 2012 are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Operating revenues	$	87,478	$	78,691	$	177,773	$	84,445
Net income	$	35,914	$	40,773	$	73,413	$	26,429

XML

Accounting Pronouncements

6 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Accounting Pronouncements

Note 16 — Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, which amends FASB Accounting Standards Codification (“ASC”) Topic 220, “Comprehensive Income.” This amended guidance requires additional information about reclassification adjustments out of comprehensive income, including changes in comprehensive income balances by component and significant items reclassified out of comprehensive income. This guidance is effective for reporting periods beginning after December 15, 2012. The adoption of this guidance did not have a material impact on our financial condition, results of operations, cash flows or financial disclosures.

In March 2013, the FASB issued ASU No. 2013-05, which amends ASC Topic 830, “Foreign Currency Matters.” This ASU provides guidance on foreign currency translation adjustments when a parent entity ceases to have a controlling interest on a previously consolidated subsidiary or group of assets. The guidance is effective for fiscal years beginning on or after December 15, 2013. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

In July 2013, the FASB issued ASU No. 2013-11, which amends ASC Topic 740, “Taxes.” This ASU provides guidance on the presentation of tax benefits when a net operating loss carryforward or other tax credit carryforward exists. The guidance is effective for fiscal years beginning on or after December 15, 2013. We are still evaluating what impact, if any, the adoption of this guidance will have on our financial condition, results of operations, cash flows or financial disclosures.

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Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) In Millions, unless otherwise specified	1 Months Ended
	Jul. 31, 2013
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of Noble Lewis Dugger business unit	$ 61

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Employee Benefit Plans - Pension Costs (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Non-U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,349	$ 1,111	$ 2,728	$ 2,234
Interest cost	1,252	1,350	2,534	2,708
Return on plan assets	(1,437)	(1,342)	(2,908)	(2,688)
Recognized net actuarial loss	395	201	800	401
Net pension expense	1,559	1,320	3,154	2,655
U.S. Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	2,681	2,375	5,362	4,806
Interest cost	2,262	2,164	4,524	4,360
Return on plan assets	(3,276)	(2,793)	(6,552)	(5,586)
Amortization of prior service cost	57	57	114	114
Recognized net actuarial loss	1,910	1,793	3,820	3,678
Net pension expense	$ 3,634	$ 3,596	$ 7,268	$ 7,372

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2013

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

Note 10 — Employee Benefit Plans

Pension costs include the following components:

	Three Months Ended June 30,
	2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,349		$	2,681		$	1,111		$	2,375
Interest cost		1,252			2,262			1,350			2,164
Return on plan assets		(1,437	)		(3,276	)		(1,342	)		(2,793	)
Amortization of prior service cost		—			57			—			57
Recognized net actuarial loss		395			1,910			201			1,793
Net pension expense	$	1,559		$	3,634		$	1,320		$	3,596
	Six Months Ended June 30,
	2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,728		$	5,362		$	2,234		$	4,806
Interest cost		2,534			4,524			2,708			4,360
Return on plan assets		(2,908	)		(6,552	)		(2,688	)		(5,586	)
Amortization of prior service cost		—			114			—			114
Recognized net actuarial loss		800			3,820			401			3,678
Net pension expense	$	3,154		$	7,268		$	2,655		$	7,372

During the three and six months ended June 30, 2013, we made contributions to our pension plans totaling $5 million and $8 million, respectively.

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Loss on Impairment - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Jun. 30, 2012 Submersible Rig Fleet [Member] Rigs	Dec. 31, 2012 Submersible Rig Fleet [Member] Significant Other Observable Inputs (Level 2) [Member]	Dec. 31, 2012 Corporate Assets [Member] Significant Other Observable Inputs (Level 2) [Member]
Loss Contingencies [Line Items]
Number of cold stacked rigs	2
Impairment related charges		$ 13	$ 5

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Employee Benefit Plans - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
Compensation And Retirement Disclosure [Abstract]
Employer contributions	$ 5	$ 8

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Guarantees of Registered Securities (Tables)

6 Months Ended

Jun. 30, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Guarantor Obligations

Noble-Cayman, or one or more subsidiaries of Noble-Cayman, are a co-issuer or guarantor or otherwise obligated as of June 30, 2013 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor(s)
$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

Summary of Impact of Change in Presentation on Historical Condensed Consolidating Balance Sheet and Condensed Consolidating Statement of Income

During the first quarter of 2013, we amended the presentation of this limited partnership interest in the Other Non-guarantor Subsidiaries of Noble column to correctly present it as a noncontrolling interest and to record the income attributable to NDC as Net Income Attributable to Noncontrolling Interests. We also made appropriate adjustments to the Consolidating Adjustments column. The following chart presents the impact of this change in presentation in the Other Non-Guarantor Subsidiaries of Noble and Consolidating Adjustments columns on the historical Condensed Consolidating Balance Sheet and Condensed Consolidating Statement of Income. The revisions below did not impact our Condensed Consolidating Statement of Cash Flows.

	Other Non-Guarantor Subsidiaries of Noble						Consolidating Adjustments
	As reported			As adjusted			As reported			As adjusted
December 31, 2010
Income statement- Twelve months ended
Net income	$	1,023,782		$	1,023,782		$	(2,963,512	)	$	(2,963,512	)
Net income attributable to noncontrolling interests		(3	)		(41,889	)		—			41,886
Net income attributable to Noble Corporation	$	1,023,779		$	981,893		$	(2,963,512	)	$	(2,921,626	)
December 31, 2011
Income statement- Twelve months ended
Net income	$	634,128		$	634,128		$	(1,758,285	)	$	(1,758,285	)
Net loss attributable to noncontrolling interests		7,273			(15,808	)		—			23,081
Net income attributable to Noble Corporation	$	641,401		$	618,320		$	(1,758,285	)	$	(1,735,204	)
Balance Sheet
Total shareholder equity	$	9,853,129		$	9,483,809		$	(28,268,572	)	$	(27,899,252	)
Noncontrolling interests		691,331			1,060,651			—			(369,320	)
Total equity	$	10,544,460		$	10,544,460		$	(28,268,572	)	$	(28,268,572	)
March 31, 2012
Income statement- Three months ended
Net income	$	173,657		$	173,657		$	(591,588	)	$	(591,588	)
Net income attributable to noncontrolling interests		6,832			(1,196	)		—			8,028
Net income attributable to Noble Corporation	$	180,489		$	172,461		$	(591,588	)	$	(583,560	)
June 30, 2012
Income statement- Three months ended
Net income	$	253,086		$	253,086		$	(662,439	)	$	(662,439	)
Net income attributable to noncontrolling interests		(18,857	)		(29,201	)		—			10,344
Net income attributable to Noble Corporation	$	234,229		$	223,885		$	(662,439	)	$	(652,095	)
Income statement- Six months ended
Net income	$	426,743		$	426,743		$	(1,254,027	)	$	(1,254,027	)
Net income attributable to noncontrolling interests		(12,025	)		(30,397	)		—			18,372
Net income attributable to Noble Corporation	$	414,718		$	396,346		$	(1,254,027	)	$	(1,235,655	)
September 30, 2012
Income statement- Three months ended
Net income	$	211,597		$	211,597		$	(569,368	)	$	(569,368	)
Net income attributable to noncontrolling interests		(14,906	)		(22,246	)		—			7,340
Net income attributable to Noble Corporation	$	196,691		$	189,351		$	(569,368	)	$	(562,028	)
Income statement- Nine months ended
Net income	$	638,340		$	638,340		$	(1,823,395	)	$	(1,823,395	)
Net income attributable to noncontrolling interests		(26,931	)		(52,643	)		—			25,712
Net income attributable to Noble Corporation	$	611,409		$	585,697		$	(1,823,395	)	$	(1,797,683	)
December 31, 2012
Income statement- Twelve months ended
Net income	$	280,763		$	280,763		$	(1,891,202	)	$	(1,891,202	)
Net income attributable to noncontrolling interests		(33,793	)		(68,969	)		—			35,176
Net income attributable to Noble Corporation	$	246,970		$	211,794		$	(1,891,202	)	$	(1,856,026	)
Balance Sheet
Total shareholder equity	$	9,913,839		$	9,509,343		$	(29,719,135	)	$	(29,314,639	)
Noncontrolling interests		765,124			1,169,620			—			(404,496	)
Total equity	$	10,678,963		$	10,678,963		$	(29,719,135	)	$	(29,719,135	)

Condensed Financial Statements

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2013

(in thousands)

	Noble- Cayman		NHC and NDH Combined			NDC			NHIL		NDS6		Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	5	$	244		$	—		$	2	$	—	$	161,778		$	—		$	162,029
Accounts receivable		—		57,034			3,303			—		—		774,239			—			834,576
Taxes receivable		—		46,297			—			—		—		101,861			—			148,158
Prepaid expenses		—		487			8			—		—		69,685			—			70,180
Short-term notes receivable from affiliates		—		119,476			—			—		586,770		331,498			(1,037,744	)		—
Accounts receivable from affiliates		1,268,524		161,799			1,108,461			503,656		51,560		6,714,765			(9,808,765	)		—
Other current assets		—		639			196			—		—		122,501			—			123,336
Total current assets		1,268,529		385,976			1,111,968			503,658		638,330		8,276,327			(10,846,509	)		1,338,279
Property and equipment, at cost		—		2,891,199			76,827			—		—		15,193,887			—			18,161,913
Accumulated depreciation		—		(313,094	)		(60,462	)		—		—		(3,972,674	)		—			(4,346,230	)
Property and equipment, net		—		2,578,105			16,365			—		—		11,221,213			—			13,815,683
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,110,379			(11,136,763	)		—
Investments in affiliates		8,205,962		10,353,399			3,313,219			7,879,478		1,952,694		—			(31,704,752	)		—
Other assets		6,390		443			360			24,231		696		245,489			—			277,609
Total assets	$	13,297,344	$	14,523,923		$	4,441,912		$	11,932,181	$	3,070,827	$	21,853,408		$	(53,688,024	)	$	15,431,571
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	90,314	$	127,036		$	114,149		$	—	$	—	$	706,245		$	(1,037,744	)	$	—
Accounts payable		—		4,393			521			—		—		339,098			—			344,012
Accrued payroll and related costs		—		7,327			8,628			—		—		101,385			—			117,340
Accounts payable to affiliates		1,023,571		5,573,240			3,404			190,753		100,405		2,917,392			(9,808,765	)		—
Interest payable		414		—			—			62,430		4,411		—			—			67,255
Taxes payable		—		11,476			9			—		—		109,137			—			120,622
Other current liabilities		—		—			241			—		—		168,705			—			168,946
Total current liabilities		1,114,299		5,723,472			126,952			253,183		104,816		4,341,962			(10,846,509	)		818,175
Long-term debt		1,281,462		—			—			3,793,147		201,695		—			—			5,276,304
Notes payable to affiliates		2,840,287		586,979			—			975,000		1,342,000		5,392,497			(11,136,763	)		—
Deferred income taxes		—		—			15,731			—		—		202,782			—			218,513
Other liabilities		19,930		8,864			—			—		—		295,585			—			324,379
Total liabilities		5,255,978		6,319,315			142,683			5,021,330		1,648,511		10,232,826			(21,983,272	)		6,637,371
Commitments and contingencies
Total shareholder equity		8,041,366		8,204,608			4,299,229			6,910,851		1,422,316		10,442,890			(31,279,894	)		8,041,366
Noncontrolling interest		—		—			—			—		—		1,177,692			(424,858	)		752,834
Total equity		8,041,366		8,204,608			4,299,229			6,910,851		1,422,316		11,620,582			(31,704,752	)		8,794,200
Total liabilities and equity	$	13,297,344	$	14,523,923		$	4,441,912		$	11,932,181	$	3,070,827	$	21,853,408		$	(53,688,024	)	$	15,431,571

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2012

(in thousands)

	Noble- Cayman		NHC and NDH Combined			NDC			NHIL		NDS6		Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	1,003	$	904		$	—		$	2	$	—	$	275,466		$	—		$	277,375
Accounts receivable		—		14,885			3,335			—		—		725,453			—			743,673
Taxes receivable		—		8,341			—			—		—		103,969			—			112,310
Prepaid expenses		—		396			9			—		—		40,827			—			41,232
Short-term notes receivable from affiliates		—		119,476			—			—		586,769		252,138			(958,383	)		—
Accounts receivable from affiliates		664,375		140,014			1,015,204			526,483		38,895		5,855,066			(8,240,037	)		—
Other current assets		235		639			196			—		—		121,579			—			122,649
Total current assets		665,613		284,655			1,018,744			526,485		625,664		7,374,498			(9,198,420	)		1,297,239
Property and equipment, at cost		—		2,735,223			76,428			—		—		14,123,496			—			16,935,147
Accumulated depreciation		—		(283,028	)		(58,411	)		—		—		(3,597,079	)		—			(3,938,518	)
Property and equipment, net		—		2,452,195			18,017			—		—		10,526,417			—			12,996,629
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,171,875			(11,198,259	)		—
Investments in affiliates		7,770,066		9,170,923			3,386,879			7,413,361		1,977,906		—			(29,719,135	)		—
Other assets		5,798		320			543			25,895		759		243,243			—			276,558
Total assets	$	12,257,940	$	13,114,093		$	4,424,183		$	11,490,555	$	3,083,436	$	20,316,033		$	(50,115,814	)	$	14,570,426
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	90,314	$	51,054		$	110,770		$	—	$	—	$	706,245		$	(958,383	)	$	—
Accounts payable		—		6,522			1,183			—		—		341,889			—			349,594
Accrued payroll and related costs		—		6,176			7,611			—		—		110,149			—			123,936
Accounts payable to affiliates		900,063		4,806,235			5,444			165,065		77,075		2,286,155			(8,240,037	)		—
Interest payable		1,594		—			—			62,430		4,412		—			—			68,436
Taxes payable		—		9,152			—			—		—		121,692			—			130,844
Other current liabilities		—		—			240			—		—		158,259			—			158,499
Total current liabilities		991,971		4,879,139			125,248			227,495		81,487		3,724,389			(9,198,420	)		831,309
Long-term debt		639,794		—			—			3,792,886		201,695		—			—			4,634,375
Notes payable to affiliates		2,840,287		648,475			—			975,000		1,342,000		5,392,497			(11,198,259	)		—
Deferred income taxes		—		—			15,731			—		—		210,314			—			226,045
Other liabilities		19,930		17,815			—			—		—		309,870			—			347,615
Total liabilities		4,491,982		5,545,429			140,979			4,995,381		1,625,182		9,637,070			(20,396,679	)		6,039,344
Commitments and contingencies
Total shareholder equity		7,765,958		7,568,664			4,283,204			6,495,174		1,458,254		9,509,343			(29,314,639	)		7,765,958
Noncontrolling interest		—		—			—			—		—		1,169,620			(404,496	)		765,124
Total equity		7,765,958		7,568,664			4,283,204			6,495,174		1,458,254		10,678,963			(29,719,135	)		8,531,082
Total liabilities and equity	$	12,257,940	$	13,114,093		$	4,424,183		$	11,490,555	$	3,083,436	$	20,316,033		$	(50,115,814	)	$	14,570,426

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	86,313		$	5,018		$	—		$	—		$	907,045		$	(22,921	)	$	975,455
Reimbursables		—			2,735			—			—			—			25,525			—			28,260
Labor contract drilling services		—			—			—			—			—			13,603			—			13,603
Other		—			—			—			—			—			67			—			67
Total operating revenues		—			89,048			5,018			—			—			946,240			(22,921	)		1,017,385
Operating costs and expenses
Contract drilling services		1,016			19,878			1,826			25,636			—			460,010			(22,921	)		485,445
Reimbursables		—			2,489			—			—			—			20,212			—			22,701
Labor contract drilling services		—			—			—			—			—			9,402			—			9,402
Depreciation and amortization		—			15,321			1,102			—			—			195,809			—			212,232
General and administrative		667			2,122			—			9,403			1			3,395			—			15,588
Total operating costs and expenses		1,683			39,810			2,928			35,039			1			688,828			(22,921	)		745,368
Operating income (loss)		(1,683	)		49,238			2,090			(35,039	)		(1	)		257,412			—			272,017
Other income (expense)
Equity earnings in affiliates, net of tax		233,129			105,472			5,715			240,658			87,425			—			(672,399	)		—
Interest expense, net of amounts capitalized		(37,472	)		(5,438	)		(506	)		(32,705	)		(11,669	)		(24,093	)		87,218			(24,665	)
Interest income and other, net		1,647			11,037			(7	)		45,031			6,361			23,854			(87,218	)		705
Income before income taxes		195,621			160,309			7,292			217,945			82,116			257,173			(672,399	)		248,057
Income tax provision		—			14,299			—			—			—			(50,029	)		—			(35,730	)
Net Income		195,621			174,608			7,292			217,945			82,116			207,144			(672,399	)		212,327
Net income attributable to noncontrolling interests		—			—			—			—			—			(27,183	)		10,477			(16,706	)
Net income attributable to Noble Corporation		195,621			174,608			7,292			217,945			82,116			179,961			(661,922	)		195,621
Other comprehensive loss, net		(4,077	)		—			—			—			—			(4,077	)		4,077			(4,077	)
Comprehensive income attributable to Noble Corporation	$	191,544		$	174,608		$	7,292		$	217,945		$	82,116		$	175,884		$	(657,845	)	$	191,544

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	133,270		$	10,009		$	—		$	—		$	1,804,284		$	(43,371	)	$	1,904,192
Reimbursables		—			3,321			—			—			—			46,113			—			49,434
Labor contract drilling services		—			—			—			—			—			34,657			—			34,657
Other		—			—			—			—			—			77			—			77
Total operating revenues		—			136,591			10,009			—			—			1,885,131			(43,371	)		1,988,360
Operating costs and expenses
Contract drilling services		1,935			36,303			3,611			49,849			—			913,679			(43,371	)		962,006
Reimbursables		—			2,823			—			—			—			34,800			—			37,623
Labor contract drilling services		—			—			—			—			—			21,651			—			21,651
Depreciation and amortization		—			30,183			2,203			—			—			385,597			—			417,983
General and administrative		1,292			4,014			1			18,116			1			7,007			—			30,431
Gain on contract settlements/extinguishments, net		—			—			—			—			—			(1,800	)		—			(1,800	)
Total operating costs and expenses		3,227			73,323			5,815			67,965			1			1,360,934			(43,371	)		1,467,894
Operating income (loss)		(3,227	)		63,268			4,194			(67,965	)		(1	)		524,197			—			520,466
Other income (expense)
Equity earnings in affiliates, net of tax		435,894			202,415			13,168			466,115			203,453			—			(1,321,045	)		—
Interest expense, net of amounts capitalized		(70,779	)		(13,000	)		(1,339	)		(67,265	)		(23,390	)		(47,427	)		171,234			(51,966	)
Interest income and other, net		3,277			21,851			—			84,792			12,666			49,416			(171,234	)		768
Income before income taxes		365,165			274,534			16,023			415,677			192,728			526,186			(1,321,045	)		469,268
Income tax provision		—			9,743			—			—			—			(79,487	)		—			(69,744	)
Net Income		365,165			284,277			16,023			415,677			192,728			446,699			(1,321,045	)		399,524
Net income attributable to noncontrolling interests		—			—			—			—			—			(54,721	)		20,362			(34,359	)
Net income attributable to Noble Corporation		365,165			284,277			16,023			415,677			192,728			391,978			(1,300,683	)		365,165
Other comprehensive loss, net		(980	)		—			—			—			—			(980	)		980			(980	)
Comprehensive income attributable to Noble Corporation	$	364,185		$	284,277		$	16,023		$	415,677		$	192,728		$	390,998		$	(1,299,703	)	$	364,185

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
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		—			—			—			—			—			(29,201	)		10,344			(18,857	)
Net income attributable to Noble Corporation		172,970			150,260			11,134			205,864			60,952			223,885			(652,095	)		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		$	218,984		$	(647,194	)	$	168,069

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
General and administrative		811			2,811			—			18,437			—			7,418			—			29,477
Loss on impairment		—			—			—			—			—			18,345						18,345
Gain on contract 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		—			—			—			—			—			(30,397	)		18,372			(12,025	)
Net income attributable to Noble Corporation		307,622			281,687			57,860			367,622			132,140			396,346			(1,235,655	)		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		$	395,206		$	(1,234,515	)	$	306,482

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments		Total
Cash flows from operating activities
Net cash from operating activities	$	(60,083	)	$	24,121		$	5,639		$	(48,774	)	$	(10,663	)	$	765,568		$	—	$	675,808
Cash flows from investing activities
New construction and capital expenditures		—			(804,500	)		(324	)		—			—			(478,462	)		—		(1,283,286	)
Net cash from investing activities		—			(804,500	)		(324	)		—			—			(478,462	)		—		(1,283,286	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		941,653			—			—			—			—			—			—		941,653
Repayment of long-term debt		(300,000	)		—			—			—			—			—			—		(300,000	)
Financing costs on credit facilities		(1,912	)		—			—			—			—			—			—		(1,912	)
Dividends paid to joint venture partner		—			—			—			—			—			(46,649	)		—		(46,649	)
Distributions to parent company, net		(100,960	)		—			—			—			—			—			—		(100,960	)
Advances (to) from affiliates		(479,696	)		779,719			(5,315	)		48,774			10,663			(354,145	)		—		—
Net cash from financing activities		59,085			779,719			(5,315	)		48,774			10,663			(400,794	)		—		492,132
Net change in cash and cash equivalents		(998	)		(660	)		—			—			—			(113,688	)		—		(115,346	)
Cash and cash equivalents, beginning of period		1,003			904			—			2			—			275,466			—		277,375
Cash and cash equivalents, end of period	$	5		$	244		$	—		$	2		$	—		$	161,778		$	—	$	162,029

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
New construction and capital expenditures		—			(182,619	)		(306	)		—			—			(639,909	)		—			(822,834	)
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
Net change in borrowings outstanding on bank credit facilities		(825,000	)		—			—			—			—			—			—			(825,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,186,636			—			—			—			1,186,636
Contributions from joint venture partner		—			—			—			—			—			40,000			—			40,000
Financing costs on credit facilities		(5,014	)		—			—			—			—			—			—			(5,014	)
Distributions to parent company, net		(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

XML

Guarantees of Registered Securities

6 Months Ended

Jun. 30, 2013

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Guarantees of Registered Securities

Note 19 — Guarantees of Registered Securities

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, 2013 as follows:

	Issuer
Notes	(Co-Issuer(s))	Guarantor(s)
$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.

Revision

As part of our worldwide asset consolidation completed in 2009, NDC received a limited partnership interest in one of our Other Non-Guarantor Subsidiaries of Noble. This limited partnership interest has historically been included as a component of Total Shareholder Equity and income attributable to this limited partnership interest has been included in Net Income Attributable to Noble Corporation in the Other Non-Guarantor Subsidiaries of Noble column in the condensed consolidating financial statements. We concluded these errors were not material individually or in the aggregate to any of the previously issued financial statements taken as a whole.

During the first quarter of 2013, we amended the presentation of this limited partnership interest in the Other Non-guarantor Subsidiaries of Noble column to correctly present it as a noncontrolling interest and to record the income attributable to NDC as Net Income Attributable to Noncontrolling Interests. We also made appropriate adjustments to the Consolidating Adjustments column. The following chart presents the impact of this change in presentation in the Other Non-Guarantor Subsidiaries of Noble and Consolidating Adjustments columns on the historical Condensed Consolidating Balance Sheet and Condensed Consolidating Statement of Income. The revisions below did not impact our Condensed Consolidating Statement of Cash Flows.

	Other Non-Guarantor Subsidiaries of Noble						Consolidating Adjustments
	As reported			As adjusted			As reported			As adjusted
December 31, 2010
Income statement- Twelve months ended
Net income	$	1,023,782		$	1,023,782		$	(2,963,512	)	$	(2,963,512	)
Net income attributable to noncontrolling interests		(3	)		(41,889	)		—			41,886
Net income attributable to Noble Corporation	$	1,023,779		$	981,893		$	(2,963,512	)	$	(2,921,626	)
December 31, 2011
Income statement- Twelve months ended
Net income	$	634,128		$	634,128		$	(1,758,285	)	$	(1,758,285	)
Net loss attributable to noncontrolling interests		7,273			(15,808	)		—			23,081
Net income attributable to Noble Corporation	$	641,401		$	618,320		$	(1,758,285	)	$	(1,735,204	)
Balance Sheet
Total shareholder equity	$	9,853,129		$	9,483,809		$	(28,268,572	)	$	(27,899,252	)
Noncontrolling interests		691,331			1,060,651			—			(369,320	)
Total equity	$	10,544,460		$	10,544,460		$	(28,268,572	)	$	(28,268,572	)
March 31, 2012
Income statement- Three months ended
Net income	$	173,657		$	173,657		$	(591,588	)	$	(591,588	)
Net income attributable to noncontrolling interests		6,832			(1,196	)		—			8,028
Net income attributable to Noble Corporation	$	180,489		$	172,461		$	(591,588	)	$	(583,560	)
June 30, 2012
Income statement- Three months ended
Net income	$	253,086		$	253,086		$	(662,439	)	$	(662,439	)
Net income attributable to noncontrolling interests		(18,857	)		(29,201	)		—			10,344
Net income attributable to Noble Corporation	$	234,229		$	223,885		$	(662,439	)	$	(652,095	)
Income statement- Six months ended
Net income	$	426,743		$	426,743		$	(1,254,027	)	$	(1,254,027	)
Net income attributable to noncontrolling interests		(12,025	)		(30,397	)		—			18,372
Net income attributable to Noble Corporation	$	414,718		$	396,346		$	(1,254,027	)	$	(1,235,655	)
September 30, 2012
Income statement- Three months ended
Net income	$	211,597		$	211,597		$	(569,368	)	$	(569,368	)
Net income attributable to noncontrolling interests		(14,906	)		(22,246	)		—			7,340
Net income attributable to Noble Corporation	$	196,691		$	189,351		$	(569,368	)	$	(562,028	)
Income statement- Nine months ended
Net income	$	638,340		$	638,340		$	(1,823,395	)	$	(1,823,395	)
Net income attributable to noncontrolling interests		(26,931	)		(52,643	)		—			25,712
Net income attributable to Noble Corporation	$	611,409		$	585,697		$	(1,823,395	)	$	(1,797,683	)
December 31, 2012
Income statement- Twelve months ended
Net income	$	280,763		$	280,763		$	(1,891,202	)	$	(1,891,202	)
Net income attributable to noncontrolling interests		(33,793	)		(68,969	)		—			35,176
Net income attributable to Noble Corporation	$	246,970		$	211,794		$	(1,891,202	)	$	(1,856,026	)
Balance Sheet
Total shareholder equity	$	9,913,839		$	9,509,343		$	(29,719,135	)	$	(29,314,639	)
Noncontrolling interests		765,124			1,169,620			—			(404,496	)
Total equity	$	10,678,963		$	10,678,963		$	(29,719,135	)	$	(29,719,135	)

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2013

(in thousands)

	Noble- Cayman		NHC and NDH Combined			NDC			NHIL		NDS6		Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	5	$	244		$	—		$	2	$	—	$	161,778		$	—		$	162,029
Accounts receivable		—		57,034			3,303			—		—		774,239			—			834,576
Taxes receivable		—		46,297			—			—		—		101,861			—			148,158
Prepaid expenses		—		487			8			—		—		69,685			—			70,180
Short-term notes receivable from affiliates		—		119,476			—			—		586,770		331,498			(1,037,744	)		—
Accounts receivable from affiliates		1,268,524		161,799			1,108,461			503,656		51,560		6,714,765			(9,808,765	)		—
Other current assets		—		639			196			—		—		122,501			—			123,336
Total current assets		1,268,529		385,976			1,111,968			503,658		638,330		8,276,327			(10,846,509	)		1,338,279
Property and equipment, at cost		—		2,891,199			76,827			—		—		15,193,887			—			18,161,913
Accumulated depreciation		—		(313,094	)		(60,462	)		—		—		(3,972,674	)		—			(4,346,230	)
Property and equipment, net		—		2,578,105			16,365			—		—		11,221,213			—			13,815,683
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,110,379			(11,136,763	)		—
Investments in affiliates		8,205,962		10,353,399			3,313,219			7,879,478		1,952,694		—			(31,704,752	)		—
Other assets		6,390		443			360			24,231		696		245,489			—			277,609
Total assets	$	13,297,344	$	14,523,923		$	4,441,912		$	11,932,181	$	3,070,827	$	21,853,408		$	(53,688,024	)	$	15,431,571
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	90,314	$	127,036		$	114,149		$	—	$	—	$	706,245		$	(1,037,744	)	$	—
Accounts payable		—		4,393			521			—		—		339,098			—			344,012
Accrued payroll and related costs		—		7,327			8,628			—		—		101,385			—			117,340
Accounts payable to affiliates		1,023,571		5,573,240			3,404			190,753		100,405		2,917,392			(9,808,765	)		—
Interest payable		414		—			—			62,430		4,411		—			—			67,255
Taxes payable		—		11,476			9			—		—		109,137			—			120,622
Other current liabilities		—		—			241			—		—		168,705			—			168,946
Total current liabilities		1,114,299		5,723,472			126,952			253,183		104,816		4,341,962			(10,846,509	)		818,175
Long-term debt		1,281,462		—			—			3,793,147		201,695		—			—			5,276,304
Notes payable to affiliates		2,840,287		586,979			—			975,000		1,342,000		5,392,497			(11,136,763	)		—
Deferred income taxes		—		—			15,731			—		—		202,782			—			218,513
Other liabilities		19,930		8,864			—			—		—		295,585			—			324,379
Total liabilities		5,255,978		6,319,315			142,683			5,021,330		1,648,511		10,232,826			(21,983,272	)		6,637,371
Commitments and contingencies
Total shareholder equity		8,041,366		8,204,608			4,299,229			6,910,851		1,422,316		10,442,890			(31,279,894	)		8,041,366
Noncontrolling interest		—		—			—			—		—		1,177,692			(424,858	)		752,834
Total equity		8,041,366		8,204,608			4,299,229			6,910,851		1,422,316		11,620,582			(31,704,752	)		8,794,200
Total liabilities and equity	$	13,297,344	$	14,523,923		$	4,441,912		$	11,932,181	$	3,070,827	$	21,853,408		$	(53,688,024	)	$	15,431,571

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2012

(in thousands)

	Noble- Cayman		NHC and NDH Combined			NDC			NHIL		NDS6		Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
ASSETS
Current assets
Cash and cash equivalents	$	1,003	$	904		$	—		$	2	$	—	$	275,466		$	—		$	277,375
Accounts receivable		—		14,885			3,335			—		—		725,453			—			743,673
Taxes receivable		—		8,341			—			—		—		103,969			—			112,310
Prepaid expenses		—		396			9			—		—		40,827			—			41,232
Short-term notes receivable from affiliates		—		119,476			—			—		586,769		252,138			(958,383	)		—
Accounts receivable from affiliates		664,375		140,014			1,015,204			526,483		38,895		5,855,066			(8,240,037	)		—
Other current assets		235		639			196			—		—		121,579			—			122,649
Total current assets		665,613		284,655			1,018,744			526,485		625,664		7,374,498			(9,198,420	)		1,297,239
Property and equipment, at cost		—		2,735,223			76,428			—		—		14,123,496			—			16,935,147
Accumulated depreciation		—		(283,028	)		(58,411	)		—		—		(3,597,079	)		—			(3,938,518	)
Property and equipment, net		—		2,452,195			18,017			—		—		10,526,417			—			12,996,629
Notes receivable from affiliates		3,816,463		1,206,000			—			3,524,814		479,107		2,171,875			(11,198,259	)		—
Investments in affiliates		7,770,066		9,170,923			3,386,879			7,413,361		1,977,906		—			(29,719,135	)		—
Other assets		5,798		320			543			25,895		759		243,243			—			276,558
Total assets	$	12,257,940	$	13,114,093		$	4,424,183		$	11,490,555	$	3,083,436	$	20,316,033		$	(50,115,814	)	$	14,570,426
LIABILITIES AND EQUITY
Current liabilities
Short-term notes payables from affiliates	$	90,314	$	51,054		$	110,770		$	—	$	—	$	706,245		$	(958,383	)	$	—
Accounts payable		—		6,522			1,183			—		—		341,889			—			349,594
Accrued payroll and related costs		—		6,176			7,611			—		—		110,149			—			123,936
Accounts payable to affiliates		900,063		4,806,235			5,444			165,065		77,075		2,286,155			(8,240,037	)		—
Interest payable		1,594		—			—			62,430		4,412		—			—			68,436
Taxes payable		—		9,152			—			—		—		121,692			—			130,844
Other current liabilities		—		—			240			—		—		158,259			—			158,499
Total current liabilities		991,971		4,879,139			125,248			227,495		81,487		3,724,389			(9,198,420	)		831,309
Long-term debt		639,794		—			—			3,792,886		201,695		—			—			4,634,375
Notes payable to affiliates		2,840,287		648,475			—			975,000		1,342,000		5,392,497			(11,198,259	)		—
Deferred income taxes		—		—			15,731			—		—		210,314			—			226,045
Other liabilities		19,930		17,815			—			—		—		309,870			—			347,615
Total liabilities		4,491,982		5,545,429			140,979			4,995,381		1,625,182		9,637,070			(20,396,679	)		6,039,344
Commitments and contingencies
Total shareholder equity		7,765,958		7,568,664			4,283,204			6,495,174		1,458,254		9,509,343			(29,314,639	)		7,765,958
Noncontrolling interest		—		—			—			—		—		1,169,620			(404,496	)		765,124
Total equity		7,765,958		7,568,664			4,283,204			6,495,174		1,458,254		10,678,963			(29,719,135	)		8,531,082
Total liabilities and equity	$	12,257,940	$	13,114,093		$	4,424,183		$	11,490,555	$	3,083,436	$	20,316,033		$	(50,115,814	)	$	14,570,426

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	86,313		$	5,018		$	—		$	—		$	907,045		$	(22,921	)	$	975,455
Reimbursables		—			2,735			—			—			—			25,525			—			28,260
Labor contract drilling services		—			—			—			—			—			13,603			—			13,603
Other		—			—			—			—			—			67			—			67
Total operating revenues		—			89,048			5,018			—			—			946,240			(22,921	)		1,017,385
Operating costs and expenses
Contract drilling services		1,016			19,878			1,826			25,636			—			460,010			(22,921	)		485,445
Reimbursables		—			2,489			—			—			—			20,212			—			22,701
Labor contract drilling services		—			—			—			—			—			9,402			—			9,402
Depreciation and amortization		—			15,321			1,102			—			—			195,809			—			212,232
General and administrative		667			2,122			—			9,403			1			3,395			—			15,588
Total operating costs and expenses		1,683			39,810			2,928			35,039			1			688,828			(22,921	)		745,368
Operating income (loss)		(1,683	)		49,238			2,090			(35,039	)		(1	)		257,412			—			272,017
Other income (expense)
Equity earnings in affiliates, net of tax		233,129			105,472			5,715			240,658			87,425			—			(672,399	)		—
Interest expense, net of amounts capitalized		(37,472	)		(5,438	)		(506	)		(32,705	)		(11,669	)		(24,093	)		87,218			(24,665	)
Interest income and other, net		1,647			11,037			(7	)		45,031			6,361			23,854			(87,218	)		705
Income before income taxes		195,621			160,309			7,292			217,945			82,116			257,173			(672,399	)		248,057
Income tax provision		—			14,299			—			—			—			(50,029	)		—			(35,730	)
Net Income		195,621			174,608			7,292			217,945			82,116			207,144			(672,399	)		212,327
Net income attributable to noncontrolling interests		—			—			—			—			—			(27,183	)		10,477			(16,706	)
Net income attributable to Noble Corporation		195,621			174,608			7,292			217,945			82,116			179,961			(661,922	)		195,621
Other comprehensive loss, net		(4,077	)		—			—			—			—			(4,077	)		4,077			(4,077	)
Comprehensive income attributable to Noble Corporation	$	191,544		$	174,608		$	7,292		$	217,945		$	82,116		$	175,884		$	(657,845	)	$	191,544

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments			Total
Operating revenues
Contract drilling services	$	—		$	133,270		$	10,009		$	—		$	—		$	1,804,284		$	(43,371	)	$	1,904,192
Reimbursables		—			3,321			—			—			—			46,113			—			49,434
Labor contract drilling services		—			—			—			—			—			34,657			—			34,657
Other		—			—			—			—			—			77			—			77
Total operating revenues		—			136,591			10,009			—			—			1,885,131			(43,371	)		1,988,360
Operating costs and expenses
Contract drilling services		1,935			36,303			3,611			49,849			—			913,679			(43,371	)		962,006
Reimbursables		—			2,823			—			—			—			34,800			—			37,623
Labor contract drilling services		—			—			—			—			—			21,651			—			21,651
Depreciation and amortization		—			30,183			2,203			—			—			385,597			—			417,983
General and administrative		1,292			4,014			1			18,116			1			7,007			—			30,431
Gain on contract settlements/extinguishments, net		—			—			—			—			—			(1,800	)		—			(1,800	)
Total operating costs and expenses		3,227			73,323			5,815			67,965			1			1,360,934			(43,371	)		1,467,894
Operating income (loss)		(3,227	)		63,268			4,194			(67,965	)		(1	)		524,197			—			520,466
Other income (expense)
Equity earnings in affiliates, net of tax		435,894			202,415			13,168			466,115			203,453			—			(1,321,045	)		—
Interest expense, net of amounts capitalized		(70,779	)		(13,000	)		(1,339	)		(67,265	)		(23,390	)		(47,427	)		171,234			(51,966	)
Interest income and other, net		3,277			21,851			—			84,792			12,666			49,416			(171,234	)		768
Income before income taxes		365,165			274,534			16,023			415,677			192,728			526,186			(1,321,045	)		469,268
Income tax provision		—			9,743			—			—			—			(79,487	)		—			(69,744	)
Net Income		365,165			284,277			16,023			415,677			192,728			446,699			(1,321,045	)		399,524
Net income attributable to noncontrolling interests		—			—			—			—			—			(54,721	)		20,362			(34,359	)
Net income attributable to Noble Corporation		365,165			284,277			16,023			415,677			192,728			391,978			(1,300,683	)		365,165
Other comprehensive loss, net		(980	)		—			—			—			—			(980	)		980			(980	)
Comprehensive income attributable to Noble Corporation	$	364,185		$	284,277		$	16,023		$	415,677		$	192,728		$	390,998		$	(1,299,703	)	$	364,185

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Three Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
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		—			—			—			—			—			(29,201	)		10,344			(18,857	)
Net income attributable to Noble Corporation		172,970			150,260			11,134			205,864			60,952			223,885			(652,095	)		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		$	218,984		$	(647,194	)	$	168,069

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF INCOME

Six Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
General and administrative		811			2,811			—			18,437			—			7,418			—			29,477
Loss on impairment		—			—			—			—			—			18,345						18,345
Gain on contract 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		—			—			—			—			—			(30,397	)		18,372			(12,025	)
Net income attributable to Noble Corporation		307,622			281,687			57,860			367,622			132,140			396,346			(1,235,655	)		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		$	395,206		$	(1,234,515	)	$	306,482

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2013

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating Adjustments		Total
Cash flows from operating activities
Net cash from operating activities	$	(60,083	)	$	24,121		$	5,639		$	(48,774	)	$	(10,663	)	$	765,568		$	—	$	675,808
Cash flows from investing activities
New construction and capital expenditures		—			(804,500	)		(324	)		—			—			(478,462	)		—		(1,283,286	)
Net cash from investing activities		—			(804,500	)		(324	)		—			—			(478,462	)		—		(1,283,286	)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities		941,653			—			—			—			—			—			—		941,653
Repayment of long-term debt		(300,000	)		—			—			—			—			—			—		(300,000	)
Financing costs on credit facilities		(1,912	)		—			—			—			—			—			—		(1,912	)
Dividends paid to joint venture partner		—			—			—			—			—			(46,649	)		—		(46,649	)
Distributions to parent company, net		(100,960	)		—			—			—			—			—			—		(100,960	)
Advances (to) from affiliates		(479,696	)		779,719			(5,315	)		48,774			10,663			(354,145	)		—		—
Net cash from financing activities		59,085			779,719			(5,315	)		48,774			10,663			(400,794	)		—		492,132
Net change in cash and cash equivalents		(998	)		(660	)		—			—			—			(113,688	)		—		(115,346	)
Cash and cash equivalents, beginning of period		1,003			904			—			2			—			275,466			—		277,375
Cash and cash equivalents, end of period	$	5		$	244		$	—		$	2		$	—		$	161,778		$	—	$	162,029

NOBLE CORPORATION (NOBLE-CAYMAN) AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

Six Months Ended June 30, 2012

(in thousands)

	Noble- Cayman			NHC and NDH Combined			NDC			NHIL			NDS6			Other Non-guarantor Subsidiaries of Noble			Consolidating 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
New construction and capital expenditures		—			(182,619	)		(306	)		—			—			(639,909	)		—			(822,834	)
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
Net change in borrowings outstanding on bank credit facilities		(825,000	)		—			—			—			—			—			—			(825,000	)
Proceeds from issuance of senior notes, net		—			—			—			1,186,636			—			—			—			1,186,636
Contributions from joint venture partner		—			—			—			—			—			40,000			—			40,000
Financing costs on credit facilities		(5,014	)		—			—			—			—			—			—			(5,014	)
Distributions to parent company, net		(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

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Subsequent Event

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Event

Note 18 — Subsequent Event

In July 2013, we completed the sale of the Noble Lewis Dugger for $61 million to an unrelated third party in Mexico that owns and operates drilling units.

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Property and Equipment - Property and Equipment, at Cost (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 18,198,504	$ 16,971,666
Drilling equipment and facilities [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	14,461,241	14,099,628
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	3,548,650	2,677,385
Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 188,613	$ 194,653

XML

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Value of Financial Instruments

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

	June 30, 2013
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets -
Marketable securities	$	6,178	$	6,178	$	—	$	—
Foreign currency forward contracts		700		—		700		—
Liabilities -
Foreign currency forward contracts	$	5,431	$	—	$	5,431	$	—
	December 31, 2012
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets -
Marketable securities	$	5,816	$	5,816	$	—	$	—

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Consolidated Joint Ventures - Additional Information (Detail) (USD $)	6 Months Ended			1 Months Ended
	Jun. 30, 2013 Rigs Joint_Ventures	Dec. 31, 2012	Apr. 30, 2011	Jun. 30, 2013 Bully Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
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
Dividend paid by Bully Joint Venture Partners				93,000,000
Carrying amount of the drillships	$ 1,400,000,000	$ 1,400,000,000

XML

Gain on Contract Settlements/Extinguishments, net - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Jun. 30, 2012	Dec. 31, 2009
Additional Expenditures by Other Contractual Commitments [Line Items]
Net gain recognized on settlement included in other income	$ 28
Incident charge		17
Noble David Tinsley [Member]
Additional Expenditures by Other Contractual Commitments [Line Items]
Net gain recognized on settlement included in other income	$ 5

XML

Debt (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Schedule of Debt

Total debt consisted of the following at June 30, 2013 and December 31, 2012:

	June 30,		December 31,
	2013		2012
Senior unsecured notes:
5.875% Senior Notes due 2013	$	—	$	299,985
7.375% Senior Notes due 2014		249,880		249,799
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,959		299,952
2.50% Senior Notes due 2017		299,869		299,852
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,960		498,900
4.625% Senior Notes due 2021		399,551		399,527
3.95% Senior Notes due 2022		399,136		399,095
6.20% Senior Notes due 2040		399,892		399,891
6.05% Senior Notes due 2041		397,630		397,613
5.25% Senior Notes due 2042		498,270		498,257
Total senior unsecured notes		3,994,842		4,294,566
Commercial paper program		1,281,462		339,809
Total long-term debt	$	5,276,304	$	4,634,375

Estimated Fair Value of Our Long-Term Debt

The following table presents the estimated fair value of our long-term debt as of June 30, 2013 and December 31, 2012, respectively:

	June 30, 2013				December 31, 2012
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Senior unsecured notes:
5.875% Senior Notes due 2013	$	—	$	—	$	299,985	$	305,594
7.375% Senior Notes due 2014		249,880		260,845		249,799		269,008
3.45% Senior Notes due 2015		350,000		363,129		350,000		368,824
3.05% Senior Notes due 2016		299,959		308,116		299,952		316,268
2.50% Senior Notes due 2017		299,869		298,148		299,852		309,846
7.50% Senior Notes due 2019		201,695		242,129		201,695		249,358
4.90% Senior Notes due 2020		498,960		526,123		498,900		562,530
4.625% Senior Notes due 2021		399,551		412,416		399,527		442,776
3.95% Senior Notes due 2022		399,136		391,005		399,095		422,227
6.20% Senior Notes due 2040		399,892		417,943		399,891		477,327
6.05% Senior Notes due 2041		397,630		405,013		397,613		468,256
5.25% Senior Notes due 2042		498,270		453,567		498,257		533,422
Total senior unsecured notes		3,994,842		4,078,434		4,294,566		4,725,436
Commercial paper program		1,281,462		1,281,462		339,809		339,809
Total long-term debt	$	5,276,304	$	5,359,896	$	4,634,375	$	5,065,245

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Commitments and Contingencies - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013 Rigs LegalMatter	Jun. 30, 2012	Jun. 30, 2013 Rigs LegalMatter	Jun. 30, 2012
Other Commitments [Line Items]
Number of semisubmersibles	14		14
Revenue recognized by drilling contract	$ 975,455,000	$ 848,237,000	$ 1,904,192,000	$ 1,594,547,000
Number of asbestos lawsuits in which we are one of many defendants	33		33
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
Loss of hire coverage applies only to rigs operating under dayrate			200,000
Number of days waiting period			45 days
Protection and indemnity policy, standard deductible (per occurrence)			10,000,000
Maximum liability coverage under protection and indemnity policy			750,000,000
Outstanding commitments including shipyard and purchase commitments	2,700,000,000		2,700,000,000
Years of effectiveness of employment agreements after the termination of employment			3 years
NIMASA surcharge on contracts performed by "vessels" in Nigerian coastal shipping trade; overturned and dismissed by Federal High Court of Nigeria			2.00%
Percentage of employees contribution to Industrial Training Fund			1.00%
Contingent Tax Assessment Year from Two Thousand Two to Two Thousand Five [Member]
Other Commitments [Line Items]
Potential contingent tax exposure settlement in Mexico			348,000,000
Contingent Tax Assessment Year Prior to Two Thousand Seven [Member]
Other Commitments [Line Items]
Potential contingent tax exposure settlement in Mexico			502,000,000
Customs and Other Business Taxes [Member]
Other Commitments [Line Items]
Audit claims, additional attributable to other business tax returns			115,000,000
Marathon Oil Company [Member]
Other Commitments [Line Items]
Drilling contract term			4 years
Revenue recognized by drilling contract			0
Libya [Member]
Other Commitments [Line Items]
Number of semisubmersibles	2		2
Operating dayrate (per day)			$ 538,000

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Guarantees of Registered Securities - Condensed Consolidating Statement of Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Operating revenues
Contract drilling services	$ 975,455	$ 848,237	$ 1,904,192	$ 1,594,547
Reimbursables	28,260	30,812	49,434	65,953
Labor contract drilling services	13,603	19,863	34,657	35,871
Other	67	11	77	242
Total operating revenues	1,017,385	898,923	1,988,360	1,696,613
Operating costs and expenses
Contract drilling services	491,983	423,502	976,070	843,513
Reimbursables	22,701	24,970	37,623	55,571
Labor contract drilling services	9,402	11,847	21,651	21,079
Depreciation and amortization	212,589	183,615	418,745	354,692
General and administrative	26,850	25,404	52,420	48,530
Loss on impairment		18,345		18,345
Gain on contract settlements/extinguishments, net		(33,255)	(1,800)	(33,255)
Total operating costs and expenses	763,525	654,428	1,504,709	1,308,475
Operating income (loss)	253,860	244,495	483,651	388,138
Other income (expense)
Interest expense, net of amounts capitalized	(24,665)	(20,652)	(51,966)	(31,148)
Interest income and other, net	955	1,188	530	2,973
Income before income taxes	230,150	225,031	432,215	359,963
Income tax provision	(36,824)	(46,356)	(71,176)	(67,945)
Net income	193,326	178,675	361,039	292,018
Net income attributable to noncontrolling interests	(16,706)	(18,857)	(34,359)	(12,025)
Net income attributable to Noble Corporation	176,620	159,818	326,680	279,993
Other comprehensive loss, net	(4,077)	(4,901)	(980)	(1,140)
Comprehensive income attributable to Noble Corporation	172,543	154,917	325,700	278,853
Noble-Cayman [Member]
Operating costs and expenses
Contract drilling services	1,016	1,256	1,935	2,439
General and administrative	667	454	1,292	811
Total operating costs and expenses	1,683	1,710	3,227	3,250
Operating income (loss)	(1,683)	(1,710)	(3,227)	(3,250)
Other income (expense)
Equity earnings in affiliates, net of tax	233,129	197,409	435,894	352,821
Interest expense, net of amounts capitalized	(37,472)	(25,294)	(70,779)	(45,900)
Interest income and other, net	1,647	2,565	3,277	3,951
Income before income taxes	195,621	172,970	365,165	307,622
Net income	195,621	172,970	365,165	307,622
Net income attributable to Noble Corporation	195,621	172,970	365,165	307,622
Other comprehensive loss, net	(4,077)	(4,901)	(980)	(1,140)
Comprehensive income attributable to Noble Corporation	191,544	168,069	364,185	306,482
NHC and NDH Combined [Member]
Operating revenues
Contract drilling services	86,313	38,348	133,270	81,339
Reimbursables	2,735	502	3,321	5,810
Total operating revenues	89,048	38,850	136,591	87,149
Operating costs and expenses
Contract drilling services	19,878	14,375	36,303	28,694
Reimbursables	2,489	338	2,823	5,425
Depreciation and amortization	15,321	15,238	30,183	30,077
General and administrative	2,122	1,465	4,014	2,811
Gain on contract settlements/extinguishments, net		(4,869)		(4,869)
Total operating costs and expenses	39,810	26,547	73,323	62,138
Operating income (loss)	49,238	12,303	63,268	25,011
Other income (expense)
Equity earnings in affiliates, net of tax	105,472	154,580	202,415	289,165
Interest expense, net of amounts capitalized	(5,438)	(14,003)	(13,000)	(28,917)
Interest income and other, net	11,037	10,867	21,851	18,691
Income before income taxes	160,309	163,747	274,534	303,950
Income tax provision	14,299	(13,487)	9,743	(22,263)
Net income	174,608	150,260	284,277	281,687
Net income attributable to Noble Corporation	174,608	150,260	284,277	281,687
Comprehensive income attributable to Noble Corporation	174,608	150,260	284,277	281,687
NDC [Member]
Operating revenues
Contract drilling services	5,018	4,819	10,009	9,880
Total operating revenues	5,018	4,819	10,009	9,880
Operating costs and expenses
Contract drilling services	1,826	1,839	3,611	3,610
Depreciation and amortization	1,102	1,061	2,203	2,097
General and administrative			1
Total operating costs and expenses	2,928	2,900	5,815	5,707
Operating income (loss)	2,090	1,919	4,194	4,173
Other income (expense)
Equity earnings in affiliates, net of tax	5,715	10,078	13,168	55,880
Interest expense, net of amounts capitalized	(506)	(842)	(1,339)	(2,188)
Interest income and other, net	(7)	(21)		(5)
Income before income taxes	7,292	11,134	16,023	57,860
Net income	7,292	11,134	16,023	57,860
Net income attributable to Noble Corporation	7,292	11,134	16,023	57,860
Comprehensive income attributable to Noble Corporation	7,292	11,134	16,023	57,860
NHIL [Member]
Operating costs and expenses
Contract drilling services	25,636	18,779	49,849	36,412
General and administrative	9,403	9,618	18,116	18,437
Total operating costs and expenses	35,039	28,397	67,965	54,849
Operating income (loss)	(35,039)	(28,397)	(67,965)	(54,849)
Other income (expense)
Equity earnings in affiliates, net of tax	240,658	230,830	466,115	410,758
Interest expense, net of amounts capitalized	(32,705)	(29,494)	(67,265)	(50,466)
Interest income and other, net	45,031	32,925	84,792	62,179
Income before income taxes	217,945	205,864	415,677	367,622
Net income	217,945	205,864	415,677	367,622
Net income attributable to Noble Corporation	217,945	205,864	415,677	367,622
Comprehensive income attributable to Noble Corporation	217,945	205,864	415,677	367,622
NDS6 [Member]
Operating costs and expenses
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	87,425	69,542	203,453	145,403
Interest expense, net of amounts capitalized	(11,669)	(11,405)	(23,390)	(19,188)
Interest income and other, net	6,361	2,815	12,666	5,925
Income before income taxes	82,116	60,952	192,728	132,140
Net income	82,116	60,952	192,728	132,140
Net income attributable to Noble Corporation	82,116	60,952	192,728	132,140
Comprehensive income attributable to Noble Corporation	82,116	60,952	192,728	132,140
Other Non-guarantor Subsidiaries of Noble [Member]
Operating revenues
Contract drilling services	907,045	824,684	1,804,284	1,542,760
Reimbursables	25,525	30,310	46,113	60,143
Labor contract drilling services	13,603	19,863	34,657	35,871
Other	67	943	77	1,174
Total operating revenues	946,240	875,800	1,885,131	1,639,948
Operating costs and expenses
Contract drilling services	460,010	405,895	913,679	805,953
Reimbursables	20,212	24,632	34,800	50,146
Labor contract drilling services	9,402	11,847	21,651	21,079
Depreciation and amortization	195,809	166,804	385,597	321,502
General and administrative	3,395	3,930	7,007	7,418
Loss on impairment		18,345		18,345
Gain on contract settlements/extinguishments, net		(28,386)	(1,800)	(28,386)
Total operating costs and expenses	688,828	603,067	1,360,934	1,196,057
Operating income (loss)	257,412	272,733	524,197	443,891
Other income (expense)
Interest expense, net of amounts capitalized	(24,093)	(20,076)	(47,427)	(39,972)
Interest income and other, net	23,854	32,919	49,416	67,749
Income before income taxes	257,173	285,576	526,186	471,668
Income tax provision	(50,029)	(32,490)	(79,487)	(44,925)
Net income	207,144	253,086	446,699	426,743
Net income attributable to noncontrolling interests	(27,183)	(29,201)	(54,721)	(30,397)
Net income attributable to Noble Corporation	179,961	223,885	391,978	396,346
Other comprehensive loss, net	(4,077)	(4,901)	(980)	(1,140)
Comprehensive income attributable to Noble Corporation	175,884	218,984	390,998	395,206
Consolidating Adjustments [Member]
Operating revenues
Contract drilling services	(22,921)	(19,614)	(43,371)	(39,432)
Other		(932)		(932)
Total operating revenues	(22,921)	(20,546)	(43,371)	(40,364)
Operating costs and expenses
Contract drilling services	(22,921)	(20,546)	(43,371)	(40,364)
Total operating costs and expenses	(22,921)	(20,546)	(43,371)	(40,364)
Other income (expense)
Equity earnings in affiliates, net of tax	(672,399)	(662,439)	(1,321,045)	(1,254,027)
Interest expense, net of amounts capitalized	87,218	80,462	171,234	155,483
Interest income and other, net	(87,218)	(80,462)	(171,234)	(155,483)
Income before income taxes	(672,399)	(662,439)	(1,321,045)	(1,254,027)
Net income	(672,399)	(662,439)	(1,321,045)	(1,254,027)
Net income attributable to noncontrolling interests	10,477	10,344	20,362	18,372
Net income attributable to Noble Corporation	(661,922)	(652,095)	(1,300,683)	(1,235,655)
Other comprehensive loss, net	4,077	4,901	980	1,140
Comprehensive income attributable to Noble Corporation	(657,845)	(647,194)	(1,299,703)	(1,234,515)
Noble-Cayman [Member]
Operating revenues
Contract drilling services	975,455	848,237	1,904,192	1,594,547
Reimbursables	28,260	30,812	49,434	65,953
Labor contract drilling services	13,603	19,863	34,657	35,871
Other	67	11	77	242
Total operating revenues	1,017,385	898,923	1,988,360	1,696,613
Operating costs and expenses
Contract drilling services	485,445	421,598	962,006	836,744
Reimbursables	22,701	24,970	37,623	55,571
Labor contract drilling services	9,402	11,847	21,651	21,079
Depreciation and amortization	212,232	183,103	417,983	353,676
General and administrative	15,588	15,467	30,431	29,477
Loss on impairment		18,345		18,345
Gain on contract settlements/extinguishments, net		(33,255)	(1,800)	(33,255)
Total operating costs and expenses	745,368	642,075	1,467,894	1,281,637
Operating income (loss)	272,017	256,848	520,466	414,976
Other income (expense)
Interest expense, net of amounts capitalized	(24,665)	(20,652)	(51,966)	(31,148)
Interest income and other, net	705	1,608	768	3,007
Income before income taxes	248,057	237,804	469,268	386,835
Income tax provision	(35,730)	(45,977)	(69,744)	(67,188)
Net income	212,327	191,827	399,524	319,647
Net income attributable to noncontrolling interests	(16,706)	(18,857)	(34,359)	(12,025)
Net income attributable to Noble Corporation	195,621	172,970	365,165	307,622
Other comprehensive loss, net	(4,077)	(4,901)	(980)	(1,140)
Comprehensive income attributable to Noble Corporation	$ 191,544	$ 168,069	$ 364,185	$ 306,482

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Accumulated Other Comprehensive Loss - Changes in AOCL by Component (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Equity [Abstract]
Losses on Cash Flow Hedges, Balance at beginning of period	$ (1,202)	$ (644)		$ (3,061)
Losses on Cash Flow Hedges, Activity during period:
Losses on Cash Flow Hedges, Other comprehensive income (loss) before reclassifications	(3,794)		(4,731)
Losses on Cash Flow Hedges, Amounts reclassified from AOCL	265
Losses on Cash Flow Hedges, Net current period other comprehensive income (loss)	(3,529)	644	(4,731)	3,061
Losses on Cash Flow Hedges, Balance at end of period	(4,731)		(4,731)
Defined Benefit Pension Items, Balance at beginning of period	(93,429)		(95,071)
Defined Benefit Pension Items, Activity during period:
Defined Benefit Pension Items, Other comprehensive income (loss) before reclassifications
Defined Benefit Pension Items, Amounts reclassified from AOCL	1,632	1,404	3,274	2,826
Defined Benefit Pension Items, Net current period other comprehensive income (loss)	1,632		3,274
Defined Benefit Pension Items, Balance at end of period	(91,797)		(91,797)
Foreign Currency Items, Balance at beginning of period	(17,721)		(20,378)
Foreign Currency Items, Activity during period:
Foreign Currency Items, Other comprehensive income (loss) before reclassifications	(2,180)		477
Foreign Currency Items, Amounts reclassified from AOCL
Foreign Currency Items, Net current period other comprehensive income (loss)	(2,180)	(6,949)	477	(7,027)
Foreign Currency Items, Balance at end of period	(19,901)		(19,901)
Balance at beginning of period	(112,352)		(115,449)
Activity during period:
Other comprehensive income/(loss) before reclassifications	(5,974)		(4,254)
Amounts reclassified from AOCL	1,897		3,274
Net current period other comprehensive income/(loss)	(4,077)	(4,901)	(980)	(1,140)
Balance at end of period	$ (116,429)		$ (116,429)

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Share Data - Additional Information (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified		3 Months Ended		1 Months Ended
	Jun. 30, 2013	Jun. 30, 2013 Stock options [Member]	Jun. 30, 2012 Stock options [Member]	Apr. 30, 2013 Dividend [Member] Installment	Apr. 30, 2012 Dividend [Member] Installment	Jun. 30, 2013 Dividend [Member]
Class of Stock [Line Items]
Additional authorized shares without obtaining shareholder approval	133.1
Dividend to be paid, per share				$ 1.00	$ 0.52
Number of installments by which the installments of dividends paid				4	4
Dividends payable						$ 256
Stock options excluded from the diluted net income per share		0.9	1.2

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Guarantees of Registered Securities - Guarantor Obligations (Parenthetical) (Detail) (USD $)	Jun. 30, 2013	Feb. 29, 2012
7.375% Senior Notes due 2014 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	7.375%
Senior notes, maturity date	2014
3.45% Senior Notes due 2015 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	3.45%
Senior notes, maturity date	2015
3.05% Senior Notes due 2016 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	3.05%
Senior notes, maturity date	2016
2.50% Senior Notes due 2017 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	2.50%	2.50%
Senior notes, maturity date	2017	2017
7.50% Senior Notes due 2019 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	7.50%
Senior notes, maturity date	2019
4.90% Senior Notes due 2020 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	4.90%
Senior notes, maturity date	2020
4.625% Senior Notes due 2021 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	4.625%
Senior notes, maturity date	2021
3.95% Senior Notes due 2022 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	3.95%	3.95%
Senior notes, maturity date	2022	2022
6.20% Senior Notes due 2040 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	6.20%
Senior notes, maturity date	2040
6.05% Senior Notes due 2041 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	6.05%
Senior notes, maturity date	2041
5.25% Senior Notes due 2042 [Member]
Guarantor Obligations [Line Items]
Interest rate on the notes	5.25%	5.25%
Senior notes, maturity date	2042	2042
Noble-Cayman [Member] | 7.375% Senior Notes due 2014 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	$ 250
Interest rate on the notes	7.375%
Senior notes, maturity date	2014
Noble-Cayman [Member] | 3.45% Senior Notes due 2015 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	350
Interest rate on the notes	3.45%
Senior notes, maturity date	2015
Noble-Cayman [Member] | 3.05% Senior Notes due 2016 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	300
Interest rate on the notes	3.05%
Senior notes, maturity date	2016
Noble-Cayman [Member] | 2.50% Senior Notes due 2017 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	300
Interest rate on the notes	2.50%
Senior notes, maturity date	2017
Noble-Cayman [Member] | 7.50% Senior Notes due 2019 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	202
Interest rate on the notes	7.50%
Senior notes, maturity date	2019
Noble-Cayman [Member] | 4.90% Senior Notes due 2020 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	500
Interest rate on the notes	4.90%
Senior notes, maturity date	2020
Noble-Cayman [Member] | 4.625% Senior Notes due 2021 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	400
Interest rate on the notes	4.625%
Senior notes, maturity date	2021
Noble-Cayman [Member] | 3.95% Senior Notes due 2022 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	400
Interest rate on the notes	3.95%
Senior notes, maturity date	2022
Noble-Cayman [Member] | 6.20% Senior Notes due 2040 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	400
Interest rate on the notes	6.20%
Senior notes, maturity date	2040
Noble-Cayman [Member] | 6.05% Senior Notes due 2041 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	400
Interest rate on the notes	6.05%
Senior notes, maturity date	2041
Noble-Cayman [Member] | 5.25% Senior Notes due 2042 [Member]
Guarantor Obligations [Line Items]
Outstanding principal balance	$ 500
Interest rate on the notes	5.25%
Senior notes, maturity date	2042

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Net Change in Other Assets and Liabilities

6 Months Ended

Jun. 30, 2013

Supplemental Cash Flow Elements [Abstract]

Net Change in Other Assets and Liabilities

Note 17 — 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,
	2013			2012			2013			2012
Accounts receivable	$	(90,903	)	$	(87,244	)	$	(90,903	)	$	(87,244	)
Other current assets		(68,614	)		(82,590	)		(70,214	)		(85,357	)
Other assets		1,191			(10,452	)		1,145			(10,454	)
Accounts payable		32,125			9,776			32,222			8,804
Other current liabilities		(8,057	)		(2,282	)		(6,336	)		(1,997	)
Other liabilities		(12,291	)		33,608			(12,291	)		33,608
	$	(146,549	)	$	(139,184	)	$	(146,377	)	$	(142,640	)

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Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Amortization of deferred pension plan, tax provision	$ 730	$ 647	$ 1,460	$ 1,367
Noble-Cayman [Member]
Amortization of deferred pension plan, tax provision	$ 730	$ 647	$ 1,460	$ 1,367

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Consolidated Statements of Equity (USD $) In Thousands, unless otherwise specified	Total	Noble-Cayman [Member]	Shares [Member]	Shares [Member] Noble-Cayman [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] Noble-Cayman [Member]	Retained Earnings [Member]	Retained Earnings [Member] Noble-Cayman [Member]	Treasury Shares [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Other Comprehensive Loss [Member] Noble-Cayman [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member] Noble-Cayman [Member]
Beginning Balance at Dec. 31, 2011	$ 8,097,852	$ 8,073,633	$ 766,595	$ 26,125	$ 48,356	$ 450,616	$ 6,676,444	$ 6,979,882	$ (10,553)	$ (74,321)	$ (74,321)	$ 691,331	$ 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 employee stock transactions	(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	319,647					279,993	307,622				12,025	12,025
Equity contribution by joint venture partner	40,000											40,000
Capital contributions by parent- share-based compensation		10,438				10,438
Distributions to parent		(92,675)						(92,675)
Other	(1,527)	(1,527)										(1,527)	(1,527)
Net change in dividends payable	(71,897)		(58,470)		(13,427)
Equity contribution by joint venture partner		40,000											40,000
Dividends payable	(132,679)						(132,679)
Other comprehensive loss, net	(1,140)	(1,140)								(1,140)	(1,140)
Ending Balance at Jun. 30, 2012	8,240,167	8,348,376	709,368	26,125	60,991	461,054	6,823,758	7,194,829	(20,318)	(75,461)	(75,461)	741,829	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 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
Beginning Balance at Dec. 31, 2012	8,488,290	8,531,082	710,130	26,125	83,531	470,454	7,066,023	7,384,828	(21,069)	(115,449)	(115,449)	765,124	765,124
Beginning Balance, (Shares) at Dec. 31, 2012			253,348	261,246
Employee related equity activity
Amortization of share-based compensation	20,335				20,335
Issuance of share-based compensation shares	17		1,688		(1,671)
Issuance of share-based compensation shares, Shares			601
Exercise of stock options	3,526		365		3,161
Exercise of stock options, Shares			131
Tax benefit of employee stock transactions	(1,478)				(1,478)
Restricted shares forfeited or repurchased for taxes	(7,077)								(7,077)
Net income	361,039	399,524					326,680	365,165				34,359	34,359
Capital contributions by parent- share-based compensation		12,183				12,183
Distributions to parent		(100,960)						(100,960)
Dividends paid to joint venture partner	(46,649)	(46,649)											(46,649)
Net change in dividends payable	(256,723)						(256,723)
Dividends paid to joint venture partner	(46,649)											(46,649)
Other comprehensive loss, net	(980)	(980)								(980)	(980)
Ending Balance at Jun. 30, 2013	8,560,300	8,794,200	712,183	26,125	103,878	482,637	7,135,980	7,649,033	(28,146)	(116,429)	(116,429)	752,834	752,834
Ending Balance (Shares) at Jun. 30, 2013			254,080	261,246
Beginning Balance at Mar. 31, 2013
Employee related equity activity
Net income	193,326	212,327
Other comprehensive loss, net	(4,077)	(4,077)
Ending Balance at Jun. 30, 2013	$ 8,560,300	$ 8,794,200		$ 26,125
Ending Balance (Shares) at Jun. 30, 2013				261,246

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Share Data

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Share Data

Note 3 — Share Data

Share capital

The following details Noble-Swiss’ share capital as of June 30, 2013 and December 31, 2012:

	June 30,		December 31,
	2013		2012
Shares outstanding and trading		253,316		252,759
Treasury shares		764		589
Total shares outstanding		254,080		253,348
Treasury shares held for share-based compensation plans		12,070		12,802
Total shares authorized for issuance		266,150		266,150
Par value per share (in Swiss Francs)		3.15		3.15

Repurchased treasury shares are recorded at cost, and relate to shares surrendered by employees for taxes payable upon the vesting of restricted stock.

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

In April 2012, our shareholders approved the payment of a dividend aggregating $0.52 per share, which was paid in four equal installments. The final payment of this obligation was made in May 2013.

In April 2013, our shareholders approved the payment of a dividend aggregating $1.00 per share to be paid in four equal installments currently scheduled for August 2013, November 2013, February 2014 and May 2014. In connection with this approval, and the resulting obligation to shareholders, we recorded dividends payable of approximately $256 million during the second quarter of 2013. Our Board of Directors has the authority to accelerate the payment of any installment, or portions thereof, at its sole discretion at any time prior to payment of the final installment.

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,
	2013			2012			2013			2012
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	176,620		$	159,818		$	326,680		$	279,993
Earnings allocated to unvested share-based payment awards		(2,169	)		(1,694	)		(3,822	)		(2,797	)
Net income to common shareholders—basic	$	174,451		$	158,124		$	322,858		$	277,196
Diluted
Net income attributable to Noble Corporation	$	176,620		$	159,818		$	326,680		$	279,993
Earnings allocated to unvested share-based payment awards		(2,167	)		(1,692	)		(3,819	)		(2,793	)
Net income to common shareholders—diluted	$	174,453		$	158,126		$	322,861		$	277,200
Weighted average shares outstanding—basic		253,295			252,387			253,184			252,179
Incremental shares issuable from assumed exercise of stock options		261			358			265			425
Weighted average shares outstanding—diluted		253,556			252,745			253,449			252,604
Weighted average unvested share-based payment awards		3,150			2,704			2,998			2,555
Earnings per share
Basic	$	0.69		$	0.63		$	1.28		$	1.10
Diluted	$	0.69		$	0.63		$	1.27		$	1.10

Only those items having a dilutive impact on our basic earnings per share are included in diluted earnings per share. For the three months ended June 30, 2013 and 2012, stock options representing approximately 0.9 million and 1.2 million shares, respectively, were excluded from the diluted earnings per share as they were not dilutive.

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Guarantees of Registered Securities - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net cash from operating activities	$ 646,065	$ 535,946
Cash flows from investing activities
Net cash from investing activities	(1,283,358)	(824,274)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	941,653	(825,000)
Proceeds from issuance of senior notes, net		1,186,636
Repayment of long-term debt	(300,000)
Contributions from joint venture partner		40,000
Financing costs on credit facilities	(1,912)	(5,014)
Net cash from financing activities	521,408	324,425
Net change in cash and cash equivalents	(115,885)	36,097
Cash and cash equivalents, beginning of period	282,092	239,196
Cash and cash equivalents, end of period	166,207	275,293
Noble-Cayman [Member]
Cash flows from operating activities
Net cash from operating activities	(60,083)	(39,135)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	941,653	(825,000)
Repayment of long-term debt	(300,000)
Financing costs on credit facilities	(1,912)	(5,014)
Distributions to parent company, net	(100,960)	(92,675)
Advances (to) from affiliates	(479,696)	(226,514)
Notes payable to affiliates		1,188,287
Net cash from financing activities	59,085	39,084
Net change in cash and cash equivalents	(998)	(51)
Cash and cash equivalents, beginning of period	1,003	146
Cash and cash equivalents, end of period	5	95
NHC and NDH Combined [Member]
Cash flows from operating activities
Net cash from operating activities	24,121	8,929
Cash flows from investing activities
New construction and capital expenditures	(804,500)	(182,619)
Net cash from investing activities	(804,500)	(182,619)
Cash flows from financing activities
Advances (to) from affiliates	779,719	173,636
Net cash from financing activities	779,719	173,636
Net change in cash and cash equivalents	(660)	(54)
Cash and cash equivalents, beginning of period	904	385
Cash and cash equivalents, end of period	244	331
NDC [Member]
Cash flows from operating activities
Net cash from operating activities	5,639	4,457
Cash flows from investing activities
New construction and capital expenditures	(324)	(306)
Net cash from investing activities	(324)	(306)
Cash flows from financing activities
Advances (to) from affiliates	(5,315)	(4,151)
Net cash from financing activities	(5,315)	(4,151)
NHIL [Member]
Cash flows from operating activities
Net cash from operating activities	(48,774)	(32,947)
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
Advances (to) from affiliates	48,774	34,602
Net cash from financing activities	48,774	1,221,238
Net change in cash and cash equivalents		4
Cash and cash equivalents, beginning of period	2
Cash and cash equivalents, end of period	2	4
NDS6 [Member]
Cash flows from operating activities
Net cash from operating activities	(10,663)	(13,203)
Cash flows from financing activities
Advances (to) from affiliates	10,663	13,203
Net cash from financing activities	10,663	13,203
Other Non-guarantor Subsidiaries of Noble [Member]
Cash flows from operating activities
Net cash from operating activities	765,568	623,600
Cash flows from investing activities
New construction and capital expenditures	(478,462)	(639,909)
Net cash from investing activities	(478,462)	(639,909)
Cash flows from financing activities
Contributions from joint venture partner		40,000
Dividends paid to joint venture partner	(46,649)
Advances (to) from affiliates	(354,145)	9,224
Net cash from financing activities	(400,794)	49,224
Net change in cash and cash equivalents	(113,688)	32,915
Cash and cash equivalents, beginning of period	275,466	234,525
Cash and cash equivalents, end of period	161,778	267,440
Consolidating Adjustments [Member]
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
Notes payable to affiliates		(1,188,287)
Net cash from financing activities		(1,188,287)
Noble-Cayman [Member]
Cash flows from operating activities
Net cash from operating activities	675,808	551,701
Cash flows from investing activities
New construction and capital expenditures	(1,283,286)	(822,834)
Net cash from investing activities	(1,283,286)	(822,834)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	941,653	(825,000)
Proceeds from issuance of senior notes, net		1,186,636
Repayment of long-term debt	(300,000)
Contributions from joint venture partner		40,000
Financing costs on credit facilities	(1,912)	(5,014)
Dividends paid to joint venture partner	(46,649)
Distributions to parent company, net	(100,960)	(92,675)
Net cash from financing activities	492,132	303,947
Net change in cash and cash equivalents	(115,346)	32,814
Cash and cash equivalents, beginning of period	277,375	235,056
Cash and cash equivalents, end of period	$ 162,029	$ 267,870

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Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Organization and Basis of Presentation

Note 1 — Organization and Basis of Presentation

Noble Corporation, a Swiss corporation (“Noble-Swiss”), is a leading offshore drilling contractor for the oil and gas industry. We perform contract drilling services with our fleet of 79 mobile offshore drilling units located worldwide. We also own one floating production storage and offloading unit. Currently, our fleet consists of 14 semisubmersibles, 14 drillships, 49 jackups and two submersibles, including 10 units under construction as follows:

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

• seven high-specification heavy-duty, harsh environment jackups.

Our fleet is deployed globally in oil and gas producing regions. 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, 2012 Consolidated Balance Sheets presented herein are derived from the December 31, 2012 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, 2012, 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.

Proposed Transaction

In July 2013, we announced a proposed corporate reorganization transaction (the “Transaction”) of Noble-Swiss and the group of companies it controls. The Transaction would merge Noble-Swiss into a newly formed subsidiary incorporated under English law, Noble Corporation plc (“Noble-UK”), which would become our new holding company. The Transaction would effectively change the place of incorporation of the publicly traded parent company from Switzerland to the United Kingdom. We expect an extraordinary general meeting of Noble-Swiss shareholders to take place in October 2013 to consider the Transaction. If shareholders approve the Transaction at that meeting, and the other conditions to completing the Transaction are satisfied, the Transaction is expected to be completed in November 2013.

In the Transaction, all of the outstanding ordinary shares of Noble-Swiss will be cancelled, and Noble-UK will issue, through an exchange agent, one share of Noble-UK in exchange for each share of Noble-Swiss. Upon completion of the Transaction, Noble-UK will own and continue to conduct the same businesses through the Noble group as Noble-Swiss conducted prior to the Transaction, except that Noble-UK will be the parent company of the Noble group of companies. Noble-UK is expected to remain subject to SEC reporting requirements and will file an application with the New York Stock Exchange to have its ordinary shares listed.

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Consolidated Joint Ventures - Schedule of Operational Results (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Schedule of Equity Method Investments [Line Items]
Operating revenues	$ 1,017,385	$ 898,923	$ 1,988,360	$ 1,696,613
Net income	193,326	178,675	361,039	292,018
Joint Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Operating revenues	87,478	78,691	177,773	84,445
Net income	$ 35,914	$ 40,773	$ 73,413	$ 26,429

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Consolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Schedule of Operational Results

Operational results for the three and six months ended June 30, 2013 and 2012 are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Operating revenues	$	87,478	$	78,691	$	177,773	$	84,445
Net income	$	35,914	$	40,773	$	73,413	$	26,429

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2013

Compensation And Retirement Disclosure [Abstract]

Pension Costs

Pension costs include the following components:

	Three Months Ended June 30,
	2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	1,349		$	2,681		$	1,111		$	2,375
Interest cost		1,252			2,262			1,350			2,164
Return on plan assets		(1,437	)		(3,276	)		(1,342	)		(2,793	)
Amortization of prior service cost		—			57			—			57
Recognized net actuarial loss		395			1,910			201			1,793
Net pension expense	$	1,559		$	3,634		$	1,320		$	3,596
	Six Months Ended June 30,
	2013						2012
	Non-U.S.			U.S.			Non-U.S.			U.S.
Service cost	$	2,728		$	5,362		$	2,234		$	4,806
Interest cost		2,534			4,524			2,708			4,360
Return on plan assets		(2,908	)		(6,552	)		(2,688	)		(5,586	)
Amortization of prior service cost		—			114			—			114
Recognized net actuarial loss		800			3,820			401			3,678
Net pension expense	$	3,154		$	7,268		$	2,655		$	7,372

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Guarantees of Registered Securities - Condensed Consolidating Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 166,207	$ 282,092	$ 275,293	$ 239,196
Accounts receivable	834,576	743,673
Taxes receivable	148,281	112,423
Prepaid expenses	71,824	43,962
Other current assets	123,338	123,175
Total current assets	1,344,226	1,305,325
Property and equipment, at cost	18,198,504	16,971,666
Accumulated depreciation	(4,354,168)	(3,945,694)
Property and equipment, net	13,844,336	13,025,972
Other assets	277,524	276,477
Total assets	15,466,086	14,607,774	14,036,016
Current liabilities
Accounts payable	344,468	350,147
Accrued payroll and related costs	126,267	132,728
Interest payable	67,255	68,436
Taxes payable	123,234	135,257
Other current liabilities	168,946	158,512
Total current liabilities	1,086,590	911,449
Long-term debt	5,276,304	4,634,375
Deferred income taxes	218,513	226,045
Other liabilities	324,379	347,615
Total liabilities	6,905,786	6,119,484
Commitments and contingencies
Total shareholder equity	7,807,466	7,723,166
Noncontrolling interest	752,834	765,124
Total equity	8,560,300	8,488,290	8,240,167	8,097,852
Total liabilities and equity	15,466,086	14,607,774
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	5	1,003	95	146
Accounts receivable from affiliates	1,268,524	664,375
Other current assets		235
Total current assets	1,268,529	665,613
Notes receivable from affiliates	3,816,463	3,816,463
Investments in affiliates	8,205,962	7,770,066
Other assets	6,390	5,798
Total assets	13,297,344	12,257,940
Current liabilities
Short-term notes payables from affiliates	90,314	90,314
Accounts payable to affiliates	1,023,571	900,063
Interest payable	414	1,594
Total current liabilities	1,114,299	991,971
Long-term debt	1,281,462	639,794
Notes payable to affiliates	2,840,287	2,840,287
Other liabilities	19,930	19,930
Total liabilities	5,255,978	4,491,982
Commitments and contingencies
Total shareholder equity	8,041,366	7,765,958
Total equity	8,041,366	7,765,958
Total liabilities and equity	13,297,344	12,257,940
NHC and NDH Combined [Member]
Current assets
Cash and cash equivalents	244	904	331	385
Accounts receivable	57,034	14,885
Taxes receivable	46,297	8,341
Prepaid expenses	487	396
Short-term notes receivable from affiliates	119,476	119,476
Accounts receivable from affiliates	161,799	140,014
Other current assets	639	639
Total current assets	385,976	284,655
Property and equipment, at cost	2,891,199	2,735,223
Accumulated depreciation	(313,094)	(283,028)
Property and equipment, net	2,578,105	2,452,195
Notes receivable from affiliates	1,206,000	1,206,000
Investments in affiliates	10,353,399	9,170,923
Other assets	443	320
Total assets	14,523,923	13,114,093
Current liabilities
Short-term notes payables from affiliates	127,036	51,054
Accounts payable	4,393	6,522
Accrued payroll and related costs	7,327	6,176
Accounts payable to affiliates	5,573,240	4,806,235
Taxes payable	11,476	9,152
Total current liabilities	5,723,472	4,879,139
Notes payable to affiliates	586,979	648,475
Other liabilities	8,864	17,815
Total liabilities	6,319,315	5,545,429
Commitments and contingencies
Total shareholder equity	8,204,608	7,568,664
Total equity	8,204,608	7,568,664
Total liabilities and equity	14,523,923	13,114,093
NDC [Member]
Current assets
Accounts receivable	3,303	3,335
Prepaid expenses	8	9
Accounts receivable from affiliates	1,108,461	1,015,204
Other current assets	196	196
Total current assets	1,111,968	1,018,744
Property and equipment, at cost	76,827	76,428
Accumulated depreciation	(60,462)	(58,411)
Property and equipment, net	16,365	18,017
Investments in affiliates	3,313,219	3,386,879
Other assets	360	543
Total assets	4,441,912	4,424,183
Current liabilities
Short-term notes payables from affiliates	114,149	110,770
Accounts payable	521	1,183
Accrued payroll and related costs	8,628	7,611
Accounts payable to affiliates	3,404	5,444
Taxes payable	9
Other current liabilities	241	240
Total current liabilities	126,952	125,248
Deferred income taxes	15,731	15,731
Total liabilities	142,683	140,979
Commitments and contingencies
Total shareholder equity	4,299,229	4,283,204
Total equity	4,299,229	4,283,204
Total liabilities and equity	4,441,912	4,424,183
NHIL [Member]
Current assets
Cash and cash equivalents	2	2	4
Accounts receivable from affiliates	503,656	526,483
Total current assets	503,658	526,485
Notes receivable from affiliates	3,524,814	3,524,814
Investments in affiliates	7,879,478	7,413,361
Other assets	24,231	25,895
Total assets	11,932,181	11,490,555
Current liabilities
Accounts payable to affiliates	190,753	165,065
Interest payable	62,430	62,430
Total current liabilities	253,183	227,495
Long-term debt	3,793,147	3,792,886
Notes payable to affiliates	975,000	975,000
Total liabilities	5,021,330	4,995,381
Commitments and contingencies
Total shareholder equity	6,910,851	6,495,174
Total equity	6,910,851	6,495,174
Total liabilities and equity	11,932,181	11,490,555
NDS6 [Member]
Current assets
Short-term notes receivable from affiliates	586,770	586,769
Accounts receivable from affiliates	51,560	38,895
Total current assets	638,330	625,664
Notes receivable from affiliates	479,107	479,107
Investments in affiliates	1,952,694	1,977,906
Other assets	696	759
Total assets	3,070,827	3,083,436
Current liabilities
Accounts payable to affiliates	100,405	77,075
Interest payable	4,411	4,412
Total current liabilities	104,816	81,487
Long-term debt	201,695	201,695
Notes payable to affiliates	1,342,000	1,342,000
Total liabilities	1,648,511	1,625,182
Commitments and contingencies
Total shareholder equity	1,422,316	1,458,254
Total equity	1,422,316	1,458,254
Total liabilities and equity	3,070,827	3,083,436
Other Non-guarantor Subsidiaries of Noble [Member]
Current assets
Cash and cash equivalents	161,778	275,466	267,440	234,525
Accounts receivable	774,239	725,453
Taxes receivable	101,861	103,969
Prepaid expenses	69,685	40,827
Short-term notes receivable from affiliates	331,498	252,138
Accounts receivable from affiliates	6,714,765	5,855,066
Other current assets	122,501	121,579
Total current assets	8,276,327	7,374,498
Property and equipment, at cost	15,193,887	14,123,496
Accumulated depreciation	(3,972,674)	(3,597,079)
Property and equipment, net	11,221,213	10,526,417
Notes receivable from affiliates	2,110,379	2,171,875
Other assets	245,489	243,243
Total assets	21,853,408	20,316,033
Current liabilities
Short-term notes payables from affiliates	706,245	706,245
Accounts payable	339,098	341,889
Accrued payroll and related costs	101,385	110,149
Accounts payable to affiliates	2,917,392	2,286,155
Taxes payable	109,137	121,692
Other current liabilities	168,705	158,259
Total current liabilities	4,341,962	3,724,389
Notes payable to affiliates	5,392,497	5,392,497
Deferred income taxes	202,782	210,314
Other liabilities	295,585	309,870
Total liabilities	10,232,826	9,637,070
Commitments and contingencies
Total shareholder equity	10,442,890	9,509,343
Noncontrolling interest	1,177,692	1,169,620
Total equity	11,620,582	10,678,963
Total liabilities and equity	21,853,408	20,316,033
Consolidating Adjustments [Member]
Current assets
Short-term notes receivable from affiliates	(1,037,744)	(958,383)
Accounts receivable from affiliates	(9,808,765)	(8,240,037)
Total current assets	(10,846,509)	(9,198,420)
Notes receivable from affiliates	(11,136,763)	(11,198,259)
Investments in affiliates	(31,704,752)	(29,719,135)
Total assets	(53,688,024)	(50,115,814)
Current liabilities
Short-term notes payables from affiliates	(1,037,744)	(958,383)
Accounts payable to affiliates	(9,808,765)	(8,240,037)
Total current liabilities	(10,846,509)	(9,198,420)
Notes payable to affiliates	(11,136,763)	(11,198,259)
Total liabilities	(21,983,272)	(20,396,679)
Commitments and contingencies
Total shareholder equity	(31,279,894)	(29,314,639)
Noncontrolling interest	(424,858)	(404,496)
Total equity	(31,704,752)	(29,719,135)
Total liabilities and equity	(53,688,024)	(50,115,814)
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	162,029	277,375	267,870	235,056
Accounts receivable	834,576	743,673
Taxes receivable	148,158	112,310
Prepaid expenses	70,180	41,232
Other current assets	123,336	122,649
Total current assets	1,338,279	1,297,239
Property and equipment, at cost	18,161,913	16,935,147
Accumulated depreciation	(4,346,230)	(3,938,518)
Property and equipment, net	13,815,683	12,996,629
Other assets	277,609	276,558
Total assets	15,431,571	14,570,426
Current liabilities
Accounts payable	344,012	349,594
Accrued payroll and related costs	117,340	123,936
Interest payable	67,255	68,436
Taxes payable	120,622	130,844
Other current liabilities	168,946	158,499
Total current liabilities	818,175	831,309
Long-term debt	5,276,304	4,634,375
Deferred income taxes	218,513	226,045
Other liabilities	324,379	347,615
Total liabilities	6,637,371	6,039,344
Commitments and contingencies
Total shareholder equity	8,041,366	7,765,958
Noncontrolling interest	752,834	765,124
Total equity	8,794,200	8,531,082	8,348,376	8,073,633
Total liabilities and equity	$ 15,431,571	$ 14,570,426

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Net Change in Other Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

Supplemental Cash Flow Elements [Abstract]

Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities

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

	Noble-Swiss						Noble-Cayman
	Six months ended						Six months ended
	June 30,						June 30,
	2013			2012			2013			2012
Accounts receivable	$	(90,903	)	$	(87,244	)	$	(90,903	)	$	(87,244	)
Other current assets		(68,614	)		(82,590	)		(70,214	)		(85,357	)
Other assets		1,191			(10,452	)		1,145			(10,454	)
Accounts payable		32,125			9,776			32,222			8,804
Other current liabilities		(8,057	)		(2,282	)		(6,336	)		(1,997	)
Other liabilities		(12,291	)		33,608			(12,291	)		33,608
	$	(146,549	)	$	(139,184	)	$	(146,377	)	$	(142,640	)

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Guarantees of Registered Securities - Summary of Impact of Change in Presentation on Historical Condensed Consolidating Balance Sheet and Condensed Consolidating Statement of Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended				3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended			3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended			3 Months Ended		6 Months Ended			3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended			3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	Dec. 31, 2011	Sep. 30, 2012 Other Non-guarantor Subsidiaries of Noble [Member] Scenario, Previously Reported [Member]	Jun. 30, 2012 Other Non-guarantor Subsidiaries of Noble [Member] Scenario, Previously Reported [Member]	Mar. 31, 2012 Other Non-guarantor Subsidiaries of Noble [Member] Scenario, Previously Reported [Member]	Jun. 30, 2012 Other Non-guarantor Subsidiaries of Noble [Member] Scenario, Previously Reported [Member]	Sep. 30, 2012 Other Non-guarantor Subsidiaries of Noble [Member] Scenario, Previously Reported [Member]	Dec. 31, 2012 Other Non-guarantor Subsidiaries of Noble [Member] Scenario, Previously Reported [Member]	Dec. 31, 2011 Other Non-guarantor Subsidiaries of Noble [Member] Scenario, Previously Reported [Member]	Dec. 31, 2010 Other Non-guarantor Subsidiaries of Noble [Member] Scenario, Previously Reported [Member]	Sep. 30, 2012 Other Non-guarantor Subsidiaries of Noble [Member] As Adjusted [Member]	Jun. 30, 2012 Other Non-guarantor Subsidiaries of Noble [Member] As Adjusted [Member]	Mar. 31, 2012 Other Non-guarantor Subsidiaries of Noble [Member] As Adjusted [Member]	Jun. 30, 2012 Other Non-guarantor Subsidiaries of Noble [Member] As Adjusted [Member]	Sep. 30, 2012 Other Non-guarantor Subsidiaries of Noble [Member] As Adjusted [Member]	Dec. 31, 2012 Other Non-guarantor Subsidiaries of Noble [Member] As Adjusted [Member]	Dec. 31, 2011 Other Non-guarantor Subsidiaries of Noble [Member] As Adjusted [Member]	Dec. 31, 2010 Other Non-guarantor Subsidiaries of Noble [Member] As Adjusted [Member]	Jun. 30, 2013 Consolidating Adjustments [Member]	Jun. 30, 2012 Consolidating Adjustments [Member]	Jun. 30, 2013 Consolidating Adjustments [Member]	Jun. 30, 2012 Consolidating Adjustments [Member]	Dec. 31, 2012 Consolidating Adjustments [Member]	Sep. 30, 2012 Consolidating Adjustments [Member] Scenario, Previously Reported [Member]	Jun. 30, 2012 Consolidating Adjustments [Member] Scenario, Previously Reported [Member]	Mar. 31, 2012 Consolidating Adjustments [Member] Scenario, Previously Reported [Member]	Jun. 30, 2012 Consolidating Adjustments [Member] Scenario, Previously Reported [Member]	Sep. 30, 2012 Consolidating Adjustments [Member] Scenario, Previously Reported [Member]	Dec. 31, 2012 Consolidating Adjustments [Member] Scenario, Previously Reported [Member]	Dec. 31, 2011 Consolidating Adjustments [Member] Scenario, Previously Reported [Member]	Dec. 31, 2010 Consolidating Adjustments [Member] Scenario, Previously Reported [Member]	Sep. 30, 2012 Consolidating Adjustments [Member] As Adjusted [Member]	Jun. 30, 2012 Consolidating Adjustments [Member] As Adjusted [Member]	Mar. 31, 2012 Consolidating Adjustments [Member] As Adjusted [Member]	Jun. 30, 2012 Consolidating Adjustments [Member] As Adjusted [Member]	Sep. 30, 2012 Consolidating Adjustments [Member] As Adjusted [Member]	Dec. 31, 2012 Consolidating Adjustments [Member] As Adjusted [Member]	Dec. 31, 2011 Consolidating Adjustments [Member] As Adjusted [Member]	Dec. 31, 2010 Consolidating Adjustments [Member] As Adjusted [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Net income	$ 193,326	$ 178,675	$ 361,039	$ 292,018			$ 211,597	$ 253,086	$ 173,657	$ 426,743	$ 638,340	$ 280,763	$ 634,128	$ 1,023,782	$ 211,597	$ 253,086	$ 173,657	$ 426,743	$ 638,340	$ 280,763	$ 634,128	$ 1,023,782	$ (672,399)	$ (662,439)	$ (1,321,045)	$ (1,254,027)		$ (569,368)	$ (662,439)	$ (591,588)	$ (1,254,027)	$ (1,823,395)	$ (1,891,202)	$ (1,758,285)	$ (2,963,512)	$ (569,368)	$ (662,439)	$ (591,588)	$ (1,254,027)	$ (1,823,395)	$ (1,891,202)	$ (1,758,285)	$ (2,963,512)
Net income attributable to noncontrolling interests	(16,706)	(18,857)	(34,359)	(12,025)			(14,906)	(18,857)	6,832	(12,025)	(26,931)	(33,793)	7,273	(3)	(22,246)	(29,201)	(1,196)	(30,397)	(52,643)	(68,969)	(15,808)	(41,889)	10,477	10,344	20,362	18,372										7,340	10,344	8,028	18,372	25,712	35,176	23,081	41,886
Net income attributable to Noble Corporation	176,620	159,818	326,680	279,993			196,691	234,229	180,489	414,718	611,409	246,970	641,401	1,023,779	189,351	223,885	172,461	396,346	585,697	211,794	618,320	981,893	(661,922)	(652,095)	(1,300,683)	(1,235,655)		(569,368)	(662,439)	(591,588)	(1,254,027)	(1,823,395)	(1,891,202)	(1,758,285)	(2,963,512)	(562,028)	(652,095)	(583,560)	(1,235,655)	(1,797,683)	(1,856,026)	(1,735,204)	(2,921,626)
Total shareholder equity	7,807,466		7,807,466		7,723,166							9,913,839	9,853,129							9,509,343	9,483,809		(31,279,894)		(31,279,894)		(29,314,639)						(29,719,135)	(28,268,572)							(29,314,639)	(27,899,252)
Noncontrolling interests	752,834		752,834		765,124							765,124	691,331							1,169,620	1,060,651		(424,858)		(424,858)		(404,496)														(404,496)	(369,320)
Total equity	$ 8,560,300	$ 8,240,167	$ 8,560,300	$ 8,240,167	$ 8,488,290	$ 8,097,852						$ 10,678,963	$ 10,544,460							$ 10,678,963	$ 10,544,460		$ (31,704,752)		$ (31,704,752)		$ (29,719,135)						$ (29,719,135)	$ (28,268,572)							$ (29,719,135)	$ (28,268,572)

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Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Reserves for uncertain tax positions net	$ 116	$ 125
Related tax benefits	2	10
Reduction in the provision for income taxes, if reserves not utilized	$ 116
Operational period	12 months

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Debt - Schedule of Debt (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Total long-term debt	$ 5,276,304	$ 4,634,375
5.875% Senior Notes due 2013 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes		299,985
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	249,880	249,799
3.45% Senior Notes due 2015 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	350,000	350,000
3.05% Senior Notes due 2016 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	299,959	299,952
2.50% Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	299,869	299,852
7.50% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	201,695	201,695
4.90% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	498,960	498,900
4.625% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	399,551	399,527
3.95% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	399,136	399,095
6.20% Senior Notes due 2040 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	399,892	399,891
6.05% Senior Notes due 2041 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	397,630	397,613
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	498,270	498,257
Total Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Total senior unsecured notes	3,994,842	4,294,566
Commercial Paper Program [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 1,281,462	$ 339,809

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Receivables from Customers - Additional Information (Detail) (Pemex Exploracion y Produccion [Member], USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Pemex Exploracion y Produccion [Member]
Receivables From Major Customers [Line Items]
Approximate receivables	$ 14

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Consolidated Balance Sheets (Parenthetical) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Ordinary shares, shares outstanding	254,080	253,348
Treasury shares	764	589
Noble-Cayman [Member]
Ordinary shares, shares outstanding	261,246	261,246

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Loss on Impairment

6 Months Ended

Jun. 30, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Loss on Impairment

Note 6 — Loss on Impairment

During the second quarter of 2012, 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 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 in 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 assets based on transactions involving similar units in the market (Level 2 fair value measurement). Based on these estimates, we recognized a charge of approximately $5 million in 2012.

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Net income	$ 193,326	$ 178,675	$ 361,039	$ 292,018
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments	(2,180)	(6,949)	477	(7,027)
Foreign currency forward contracts	(3,529)	644	(4,731)	3,061
Amortization of deferred pension plan amounts	1,632	1,404	3,274	2,826
Net current period other comprehensive income/(loss)	(4,077)	(4,901)	(980)	(1,140)
Net comprehensive income attributable to noncontrolling interests	(16,706)	(18,857)	(34,359)	(12,025)
Comprehensive income attributable to Noble Corporation	172,543	154,917	325,700	278,853
Noble-Cayman [Member]
Net income	212,327	191,827	399,524	319,647
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments	(2,180)	(6,949)	477	(7,027)
Foreign currency forward contracts	(3,529)	644	(4,731)	3,061
Amortization of deferred pension plan amounts	1,632	1,404	3,274	2,826
Net current period other comprehensive income/(loss)	(4,077)	(4,901)	(980)	(1,140)
Net comprehensive income attributable to noncontrolling interests	(16,706)	(18,857)	(34,359)	(12,025)
Comprehensive income attributable to Noble Corporation	$ 191,544	$ 168,069	$ 364,185	$ 306,482

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Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2011
Derivative [Line Items]
Percentage of forecasted local currency requirements of forward contract	59.00%
Total unrealized loss related to forward contracts and recorded as part of "Accumulated other comprehensive loss"	$ 4,731,000	$ 1,202,000	$ 644,000	$ 3,061,000
Price Risk Derivative [Member]
Derivative [Line Items]
Notional amount of forward contracts outstanding	84,000,000
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized loss related to forward contracts and recorded as part of "Accumulated other comprehensive loss"	$ 5,000,000

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Current assets
Cash and cash equivalents	$ 166,207	$ 282,092
Accounts receivable	834,576	743,673
Taxes receivable	148,281	112,423
Prepaid expenses	71,824	43,962
Other current assets	123,338	123,175
Total current assets	1,344,226	1,305,325
Property and equipment, at cost	18,198,504	16,971,666
Accumulated depreciation	(4,354,168)	(3,945,694)
Property and equipment, net	13,844,336	13,025,972
Other assets	277,524	276,477
Total assets	15,466,086	14,607,774
Current liabilities
Accounts payable	344,468	350,147
Accrued payroll and related costs	126,267	132,728
Interest payable	67,255	68,436
Taxes payable	123,234	135,257
Dividends payable	256,420	66,369
Other current liabilities	168,946	158,512
Total current liabilities	1,086,590	911,449
Long-term debt	5,276,304	4,634,375
Deferred income taxes	218,513	226,045
Other liabilities	324,379	347,615
Total liabilities	6,905,786	6,119,484
Commitments and contingencies
Shareholders' equity
Shares	712,183	710,130
Treasury shares, at cost; 764 and 589 shares	(28,146)	(21,069)
Additional paid-in capital	103,878	83,531
Retained earnings	7,135,980	7,066,023
Accumulated other comprehensive loss	(116,429)	(115,449)
Total shareholders' equity	7,807,466	7,723,166
Noncontrolling interests	752,834	765,124
Total equity	8,560,300	8,488,290
Total liabilities and equity	15,466,086	14,607,774
Noble-Cayman [Member]
Current assets
Cash and cash equivalents	162,029	277,375
Accounts receivable	834,576	743,673
Taxes receivable	148,158	112,310
Prepaid expenses	70,180	41,232
Other current assets	123,336	122,649
Total current assets	1,338,279	1,297,239
Property and equipment, at cost	18,161,913	16,935,147
Accumulated depreciation	(4,346,230)	(3,938,518)
Property and equipment, net	13,815,683	12,996,629
Other assets	277,609	276,558
Total assets	15,431,571	14,570,426
Current liabilities
Accounts payable	344,012	349,594
Accrued payroll and related costs	117,340	123,936
Interest payable	67,255	68,436
Taxes payable	120,622	130,844
Other current liabilities	168,946	158,499
Total current liabilities	818,175	831,309
Long-term debt	5,276,304	4,634,375
Deferred income taxes	218,513	226,045
Other liabilities	324,379	347,615
Total liabilities	6,637,371	6,039,344
Commitments and contingencies
Shareholders' equity
Shares	26,125	26,125
Additional paid-in capital	482,637	470,454
Retained earnings	7,649,033	7,384,828
Accumulated other comprehensive loss	(116,429)	(115,449)
Total shareholders' equity	8,041,366	7,765,958
Noncontrolling interests	752,834	765,124
Total equity	8,794,200	8,531,082
Total liabilities and equity	$ 15,431,571	$ 14,570,426

XML

Debt - Schedule of Debt (Parenthetical) (Detail)	Jun. 30, 2013	Feb. 29, 2012
5.875% Senior Notes due 2013 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	5.875%
Senior notes, maturity date	2013
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	7.375%
Senior notes, maturity date	2014
3.45% Senior Notes due 2015 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	3.45%
Senior notes, maturity date	2015
3.05% Senior Notes due 2016 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	3.05%
Senior notes, maturity date	2016
2.50% Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	2.50%	2.50%
Senior notes, maturity date	2017	2017
7.50% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	7.50%
Senior notes, maturity date	2019
4.90% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	4.90%
Senior notes, maturity date	2020
4.625% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	4.625%
Senior notes, maturity date	2021
3.95% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	3.95%	3.95%
Senior notes, maturity date	2022	2022
6.20% Senior Notes due 2040 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	6.20%
Senior notes, maturity date	2040
6.05% Senior Notes due 2041 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	6.05%
Senior notes, maturity date	2041
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	5.25%	5.25%
Senior notes, maturity date	2042	2042

XML

Share Data (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Noble-Swiss' Share Capital

The following details Noble-Swiss’ share capital as of June 30, 2013 and December 31, 2012:

	June 30,		December 31,
	2013		2012
Shares outstanding and trading		253,316		252,759
Treasury shares		764		589
Total shares outstanding		254,080		253,348
Treasury shares held for share-based compensation plans		12,070		12,802
Total shares authorized for issuance		266,150		266,150
Par value per share (in Swiss Francs)		3.15		3.15

Computation of Basic and Diluted Earning Per Share for Noble-Swiss

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

	Three months ended						Six months ended
	June 30,						June 30,
	2013			2012			2013			2012
Allocation of net income
Basic
Net income attributable to Noble Corporation	$	176,620		$	159,818		$	326,680		$	279,993
Earnings allocated to unvested share-based payment awards		(2,169	)		(1,694	)		(3,822	)		(2,797	)
Net income to common shareholders—basic	$	174,451		$	158,124		$	322,858		$	277,196
Diluted
Net income attributable to Noble Corporation	$	176,620		$	159,818		$	326,680		$	279,993
Earnings allocated to unvested share-based payment awards		(2,167	)		(1,692	)		(3,819	)		(2,793	)
Net income to common shareholders—diluted	$	174,453		$	158,126		$	322,861		$	277,200
Weighted average shares outstanding—basic		253,295			252,387			253,184			252,179
Incremental shares issuable from assumed exercise of stock options		261			358			265			425
Weighted average shares outstanding—diluted		253,556			252,745			253,449			252,604
Weighted average unvested share-based payment awards		3,150			2,704			2,998			2,555
Earnings per share
Basic	$	0.69		$	0.63		$	1.28		$	1.10
Diluted	$	0.69		$	0.63		$	1.27		$	1.10

XML

Segment and Related Information

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment and Related Information

Note 15 — Segment and Related Information

We report our contract drilling operations as a single reportable segment, Contract Drilling Services, which reflects how we manage our business, and the fact that all of our drilling fleet is dependent upon the worldwide oil 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 due 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 conducts contract drilling operations in the United States, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India, Asia and Australia.

We evaluate the performance of our operating segment based on revenues from external customers and segment profit. Summarized financial information of our reportable segment for the three and six months ended June 30, 2013 and 2012 is 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. The consolidated financial statements of Noble-Swiss include the accounts of Noble-Cayman, and Noble-Swiss conducts substantially all of its business through Noble-Cayman and its subsidiaries. As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-Swiss.

	Three Months Ended June 30,
	2013									2012
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,003,522		$	13,863		$	1,017,385		$	878,372		$	20,551		$	898,923
Depreciation and amortization		209,082			3,507			212,589			180,112			3,503			183,615
Segment operating income/(loss)		253,610			250			253,860			246,161			(1,666	)		244,495
Interest expense, net of amount capitalized		(102	)		(24,563	)		(24,665	)		(105	)		(20,547	)		(20,652	)
Income tax (provision)/benefit		(40,600	)		3,776			(36,824	)		(51,098	)		4,742			(46,356	)
Segment profit/(loss)		196,439			(19,819	)		176,620			178,094			(18,276	)		159,818
Total assets (at end of period)		14,777,991			688,095			15,466,086			13,483,083			552,933			14,036,016
	Six Months Ended June 30,
	2013									2012
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,952,980		$	35,380		$	1,988,360		$	1,659,615		$	36,998		$	1,696,613
Depreciation and amortization		411,701			7,044			418,745			348,060			6,632			354,692
Segment operating income/(loss		478,744			4,907			483,651			386,428			1,710			388,138
Interest expense, net of amount capitalized		(222	)		(51,744	)		(51,966	)		(194	)		(30,954	)		(31,148	)
Income tax (provision)/benefit		(78,841	)		7,665			(71,176	)		(73,698	)		5,753			(67,945	)
Segment profit/(loss)		365,490			(38,810	)		326,680			303,578			(23,585	)		279,993
Total assets (at end of period)		14,777,991			688,095			15,466,086			13,483,083			552,933			14,036,016

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Share Data - Computation of Basic and Diluted Earnings Per Share for Noble-Swiss (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Basic
Net income attributable to Noble Corporation	$ 176,620	$ 159,818	$ 326,680	$ 279,993
Earnings allocated to unvested share-based payment awards	(2,169)	(1,694)	(3,822)	(2,797)
Net income to common shareholders-basic	174,451	158,124	322,858	277,196
Diluted
Net income attributable to Noble Corporation	176,620	159,818	326,680	279,993
Earnings allocated to unvested share-based payment awards	(2,167)	(1,692)	(3,819)	(2,793)
Net income to common shareholders-diluted	$ 174,453	$ 158,126	$ 322,861	$ 277,200
Weighted average shares outstanding-basic	253,295	252,387	253,184	252,179
Incremental shares issuable from assumed exercise of stock options	261	358	265	425
Weighted average shares outstanding-diluted	253,556	252,745	253,449	252,604
Weighted average unvested share-based payment awards	3,150	2,704	2,998	2,555
Earnings per share
Basic	$ 0.69	$ 0.63	$ 1.28	$ 1.10
Diluted	$ 0.69	$ 0.63	$ 1.27	$ 1.10

XML

Debt - Estimated Fair Value of Our Long Term Debt (Parenthetical) (Detail)	Jun. 30, 2013	Feb. 29, 2012
5.875% Senior Notes due 2013 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	5.875%
Senior notes, maturity date	2013
7.375% Senior Notes due 2014 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	7.375%
Senior notes, maturity date	2014
3.45% Senior Notes due 2015 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	3.45%
Senior notes, maturity date	2015
3.05% Senior Notes due 2016 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	3.05%
Senior notes, maturity date	2016
2.50% Senior Notes due 2017 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	2.50%	2.50%
Senior notes, maturity date	2017	2017
7.50% Senior Notes due 2019 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	7.50%
Senior notes, maturity date	2019
4.90% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	4.90%
Senior notes, maturity date	2020
4.625% Senior Notes due 2021 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	4.625%
Senior notes, maturity date	2021
3.95% Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	3.95%	3.95%
Senior notes, maturity date	2022	2022
6.20% Senior Notes due 2040 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	6.20%
Senior notes, maturity date	2040
6.05% Senior Notes due 2041 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	6.05%
Senior notes, maturity date	2041
5.25% Senior Notes due 2042 [Member]
Debt Instrument [Line Items]
Interest rate on the notes issued to the joint venture partner	5.25%	5.25%
Senior notes, maturity date	2042	2042

XML

Segment and Related Information - Summarized Financial Information of Reportable Segment (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]
Revenues from external customers	$ 1,017,385	$ 898,923	$ 1,988,360	$ 1,696,613
Depreciation and amortization	212,589	183,615	418,745	354,692
Segment operating income/(loss)	253,860	244,495	483,651	388,138
Interest expense, net of amount capitalized	(24,665)	(20,652)	(51,966)	(31,148)
Income tax (provision)/benefit	(36,824)	(46,356)	(71,176)	(67,945)
Segment profit/(loss)	176,620	159,818	326,680	279,993
Total assets (at end of period)	15,466,086	14,036,016	15,466,086	14,036,016	14,607,774
Contract Drilling Services [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	1,003,522	878,372	1,952,980	1,659,615
Depreciation and amortization	209,082	180,112	411,701	348,060
Segment operating income/(loss)	253,610	246,161	478,744	386,428
Interest expense, net of amount capitalized	(102)	(105)	(222)	(194)
Income tax (provision)/benefit	(40,600)	(51,098)	(78,841)	(73,698)
Segment profit/(loss)	196,439	178,094	365,490	303,578
Total assets (at end of period)	14,777,991	13,483,083	14,777,991	13,483,083
Other [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	13,863	20,551	35,380	36,998
Depreciation and amortization	3,507	3,503	7,044	6,632
Segment operating income/(loss)	250	(1,666)	4,907	1,710
Interest expense, net of amount capitalized	(24,563)	(20,547)	(51,744)	(30,954)
Income tax (provision)/benefit	3,776	4,742	7,665	5,753
Segment profit/(loss)	(19,819)	(18,276)	(38,810)	(23,585)
Total assets (at end of period)	$ 688,095	$ 552,933	$ 688,095	$ 552,933

XML

Organization and Basis of Presentation - Additional Information (Detail)	Jun. 30, 2013 Rigs
Accounting Policies [Abstract]
Number of mobile offshore drilling units	79
Number of floating production storage and offloading units ("FPSO")	1
Number of semisubmersibles	14
Number of drillships	14
Number of jackups	49
Number of submersibles	2
Number of fleet units under construction	10
Number of ultra-deep water harsh environment drillships under construction	3
Number of harsh environment jackup Rigs under construction	7
Conversion Ratio	1

XML

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Changes in AOCL by Component

The following tables set forth the changes in AOCL by component for the three and six months ended June 30, 2013. All amounts within the tables are shown net of tax.

	Three months ended June 30, 2013
				Defined
	Losses on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at beginning of period	$	(1,202	)	$	(93,429	)	$	(17,721	)	$	(112,352	)
Activity during period:
Other comprehensive income/(loss) before reclassifications		(3,794	)		—			(2,180	)		(5,974	)
Amounts reclassified from AOCL		265			1,632			—			1,897
Net current period other comprehensive income/(loss)		(3,529	)		1,632			(2,180	)		(4,077	)
Balance at end of period	$	(4,731	)	$	(91,797	)	$	(19,901	)	$	(116,429	)
	Six months ended June 30, 2013
				Defined
	Losses on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at beginning of period	$	—		$	(95,071	)	$	(20,378	)	$	(115,449	)
Activity during period:
Other comprehensive income/(loss) before reclassifications		(4,731	)		—			477			(4,254	)
Amounts reclassified from AOCL		—			3,274			—			3,274
Net current period other comprehensive income/(loss)		(4,731	)		3,274			477			(980	)
Balance at end of period	$	(4,731	)	$	(91,797	)	$	(19,901	)	$	(116,429	)

(1) Losses on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “other income” on our Consolidated Statement of Income. See Note 11 for additional information.

(2) Defined benefit pension items relate to actuarial losses and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statement of Income through either “contract drilling services” or “general and administrative”. See Note 10 for additional information

XML

Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Summarized Financial Information of Reportable Segment

As a result, the summarized financial information for Noble-Cayman is substantially the same as Noble-Swiss.

	Three Months Ended June 30,
	2013									2012
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,003,522		$	13,863		$	1,017,385		$	878,372		$	20,551		$	898,923
Depreciation and amortization		209,082			3,507			212,589			180,112			3,503			183,615
Segment operating income/(loss)		253,610			250			253,860			246,161			(1,666	)		244,495
Interest expense, net of amount capitalized		(102	)		(24,563	)		(24,665	)		(105	)		(20,547	)		(20,652	)
Income tax (provision)/benefit		(40,600	)		3,776			(36,824	)		(51,098	)		4,742			(46,356	)
Segment profit/(loss)		196,439			(19,819	)		176,620			178,094			(18,276	)		159,818
Total assets (at end of period)		14,777,991			688,095			15,466,086			13,483,083			552,933			14,036,016
	Six Months Ended June 30,
	2013									2012
	Contract									Contract
	Drilling									Drilling
	Services			Other			Total			Services			Other			Total
Revenues from external customers	$	1,952,980		$	35,380		$	1,988,360		$	1,659,615		$	36,998		$	1,696,613
Depreciation and amortization		411,701			7,044			418,745			348,060			6,632			354,692
Segment operating income/(loss		478,744			4,907			483,651			386,428			1,710			388,138
Interest expense, net of amount capitalized		(222	)		(51,744	)		(51,966	)		(194	)		(30,954	)		(31,148	)
Income tax (provision)/benefit		(78,841	)		7,665			(71,176	)		(73,698	)		5,753			(67,945	)
Segment profit/(loss)		365,490			(38,810	)		326,680			303,578			(23,585	)		279,993
Total assets (at end of period)		14,777,991			688,095			15,466,086			13,483,083			552,933			14,036,016

XML

Property and Equipment

6 Months Ended

Jun. 30, 2013

Property Plant And Equipment [Abstract]

Property and Equipment

Note 5 — Property and Equipment

Property and equipment, at cost, as of June 30, 2013 and December 31, 2012 consisted of the following:

	June 30,		December 31,
	2013		2012
Drilling equipment and facilities	$	14,461,241	$	14,099,628
Construction in progress		3,548,650		2,677,385
Other		188,613		194,653
Property and equipment, at cost	$	18,198,504	$	16,971,666

Capital expenditures, including capitalized interest, totaled $1.24 billion and $665 million for the six months ended June 30, 2013 and 2012, respectively. Interest is capitalized on construction-in-progress at the weighted average cost of debt outstanding during the period of construction. Capitalized interest was $32 million and $62 million for the three and six months ended June 30, 2013, respectively, as compared to $36 million and $77 million for the three and six months ended June 30, 2012.

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Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) (Fair Value, Measurements, Recurring [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Quoted Prices in Active Markets (Level 1) [Member]
Assets -
Marketable securities	$ 6,178	$ 5,816
Significant Other Observable Inputs (Level 2) [Member]
Assets -
Marketable securities
Foreign currency forward contracts	700
Liabilities -
Foreign currency forward contracts	5,431
Significant Unobservable Inputs (Level 3) [Member]
Assets -
Marketable securities
Foreign currency forward contracts
Liabilities -
Foreign currency forward contracts
Carrying Amount [Member]
Assets -
Marketable securities	6,178	5,816
Foreign currency forward contracts	700
Liabilities -
Foreign currency forward contracts	$ 5,431

XML

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2013

Property Plant And Equipment [Abstract]

Property and Equipment, at Cost

Property and equipment, at cost, as of June 30, 2013 and December 31, 2012 consisted of the following:

	June 30,		December 31,
	2013		2012
Drilling equipment and facilities	$	14,461,241	$	14,099,628
Construction in progress		3,548,650		2,677,385
Other		188,613		194,653
Property and equipment, at cost	$	18,198,504	$	16,971,666

XML

Share Data - Noble-Swiss' Share Capital (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Equity [Abstract]
Shares outstanding and trading	253,316	252,759
Treasury shares	764	589
Total shares outstanding	254,080	253,348
Treasury shares held for share-based compensation plans	12,070	12,802
Total shares authorized for issuance	266,150	266,150
Par value per share (in Swiss Francs)	$ 3.15	$ 3.15

XML

Debt

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Debt

Note 8 — Debt

Total debt consisted of the following at June 30, 2013 and December 31, 2012:

	June 30,		December 31,
	2013		2012
Senior unsecured notes:
5.875% Senior Notes due 2013	$	—	$	299,985
7.375% Senior Notes due 2014		249,880		249,799
3.45% Senior Notes due 2015		350,000		350,000
3.05% Senior Notes due 2016		299,959		299,952
2.50% Senior Notes due 2017		299,869		299,852
7.50% Senior Notes due 2019		201,695		201,695
4.90% Senior Notes due 2020		498,960		498,900
4.625% Senior Notes due 2021		399,551		399,527
3.95% Senior Notes due 2022		399,136		399,095
6.20% Senior Notes due 2040		399,892		399,891
6.05% Senior Notes due 2041		397,630		397,613
5.25% Senior Notes due 2042		498,270		498,257
Total senior unsecured notes		3,994,842		4,294,566
Commercial paper program		1,281,462		339,809
Total long-term debt	$	5,276,304	$	4,634,375

Credit Facilities and Commercial Paper Program

We currently have two separate credit facilities with an aggregate maximum available capacity of $2.3 billion. One credit facility matures in 2015 and the other matures in 2017 (together, the “Credit Facilities”). In January 2013, we increased the maximum amount available under our credit facility maturing in 2015 from $600 million to $800 million and the maximum amount available under our credit facility maturing in 2017 from $1.2 billion to $1.5 billion. We have also established a commercial paper program, which allows us to issue up to $1.8 billion in unsecured commercial paper notes. Amounts issued under the commercial paper program are supported by our Credit Facilities and, therefore, are classified as long-term on our Consolidated Balance Sheet. At June 30, 2013, we had approximately $1.02 billion of available capacity under the Credit Facilities.

The Credit Facilities provide us with the ability to issue up to $375 million in letters of credit in the aggregate. The issuance of letters of credit does not increase our borrowings outstanding under the Credit Facilities, but it does reduce the amount available. At June 30, 2013, we had no letters of credit issued under the Credit Facilities.

Senior Unsecured Notes

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, comprising $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 matured during the second quarter of 2013. We used proceeds from our commercial paper program to repay the $300 million outstanding balance.

Covenants

The Credit Facilities are guaranteed by our indirect wholly-owned subsidiaries, NHIL and Noble Drilling Corporation (“NDC”). 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, 2013, our ratio of debt to total tangible capitalization was approximately 0.38. We were in compliance with all covenants under the Credit Facilities as of June 30, 2013.

In addition to the covenants from the Credit Facilities noted above, 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, 2013, we were in compliance with all of our debt covenants. We continually monitor compliance with the covenants under our notes and, based on our expectations for 2013, 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, 2013 and December 31, 2012, respectively:

	June 30, 2013				December 31, 2012
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Senior unsecured notes:
5.875% Senior Notes due 2013	$	—	$	—	$	299,985	$	305,594
7.375% Senior Notes due 2014		249,880		260,845		249,799		269,008
3.45% Senior Notes due 2015		350,000		363,129		350,000		368,824
3.05% Senior Notes due 2016		299,959		308,116		299,952		316,268
2.50% Senior Notes due 2017		299,869		298,148		299,852		309,846
7.50% Senior Notes due 2019		201,695		242,129		201,695		249,358
4.90% Senior Notes due 2020		498,960		526,123		498,900		562,530
4.625% Senior Notes due 2021		399,551		412,416		399,527		442,776
3.95% Senior Notes due 2022		399,136		391,005		399,095		422,227
6.20% Senior Notes due 2040		399,892		417,943		399,891		477,327
6.05% Senior Notes due 2041		397,630		405,013		397,613		468,256
5.25% Senior Notes due 2042		498,270		453,567		498,257		533,422
Total senior unsecured notes		3,994,842		4,078,434		4,294,566		4,725,436
Commercial paper program		1,281,462		1,281,462		339,809		339,809
Total long-term debt	$	5,276,304	$	5,359,896	$	4,634,375	$	5,065,245

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Receivables from Customers

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Receivables from Customers

Note 4 — Receivables from Customers

At June 30, 2013, 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. The disputed amounts relate to lost revenues for downtime that occurred after our rig was damaged when one of Pemex’s supply boats collided with our rig in 2010. 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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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities
Net income	$ 361,039	$ 292,018
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	418,745	354,692
Loss on impairment		18,345
Deferred income taxes	(7,505)	(7,765)
Amortization of share-based compensation	20,335	17,840
Net change in other assets and liabilities	(146,549)	(139,184)
Net cash from operating activities	646,065	535,946
Cash flows from investing activities
Capital expenditures	(1,244,311)	(665,140)
Change in accrued capital expenditures	(39,047)	(159,134)
Net cash from investing activities	(1,283,358)	(824,274)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	941,653	(825,000)
Repayment of long-term debt	(300,000)
Proceeds from issuance of senior notes, net of debt issuance costs		1,186,636
Dividends paid to joint venture partner	(46,649)
Contributions from joint venture partner		40,000
Financing costs on credit facilities	(1,912)	(5,014)
Par value reduction/dividend payments	(66,672)	(71,897)
Proceeds from employee stock transactions	2,065	9,465
Repurchases of employee shares surrendered for taxes	(7,077)	(9,765)
Net cash from financing activities	521,408	324,425
Net change in cash and cash equivalents	(115,885)	36,097
Cash and cash equivalents, beginning of period	282,092	239,196
Cash and cash equivalents, end of period	166,207	275,293
Noble-Cayman [Member]
Cash flows from operating activities
Net income	399,524	319,647
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	417,983	353,676
Loss on impairment		18,345
Deferred income taxes	(7,505)	(7,765)
Capital contribution by parent-share-based compensation	12,183	10,438
Net change in other assets and liabilities	(146,377)	(142,640)
Net cash from operating activities	675,808	551,701
Cash flows from investing activities
Capital expenditures	(1,244,239)	(663,700)
Change in accrued capital expenditures	(39,047)	(159,134)
Net cash from investing activities	(1,283,286)	(822,834)
Cash flows from financing activities
Net change in borrowings outstanding on bank credit facilities	941,653	(825,000)
Repayment of long-term debt	(300,000)
Proceeds from issuance of senior notes, net of debt issuance costs		1,186,636
Dividends paid to joint venture partner	(46,649)
Contributions from joint venture partner		40,000
Financing costs on credit facilities	(1,912)	(5,014)
Distributions to parent company, net	(100,960)	(92,675)
Net cash from financing activities	492,132	303,947
Net change in cash and cash equivalents	(115,346)	32,814
Cash and cash equivalents, beginning of period	277,375	235,056
Cash and cash equivalents, end of period	$ 162,029	$ 267,870

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Debt - Additional Information (Detail) (USD $)	1 Months Ended	6 Months Ended		6 Months Ended															6 Months Ended
	Feb. 29, 2012	Jun. 30, 2012	Jun. 30, 2013 CreditFacility	Jun. 30, 2013 Commercial Paper Program [Member]	Jun. 30, 2013 Revolving Credit Facility which Matures in 2015 [Member]	Jan. 31, 2013 Revolving Credit Facility which Matures in 2015 [Member] Minimum [Member]	Jan. 31, 2013 Revolving Credit Facility which Matures in 2015 [Member] Maximum [Member]	Jun. 30, 2013 Revolving Credit Facility which Matures in 2017 [Member]	Jun. 30, 2013 Revolving Credit Facility which Matures in 2017 [Member] Minimum [Member]	Jun. 30, 2013 Revolving Credit Facility which Matures in 2017 [Member] Maximum [Member]	Jun. 30, 2013 Credit Facilities [Member]	Jun. 30, 2013 2.50% Senior Notes due 2017 [Member]	Feb. 29, 2012 2.50% Senior Notes due 2017 [Member]	Jun. 30, 2013 3.95% Senior Notes due 2022 [Member]	Feb. 29, 2012 3.95% Senior Notes due 2022 [Member]	Jun. 30, 2013 5.25% Senior Notes due 2042 [Member]	Feb. 29, 2012 5.25% Senior Notes due 2042 [Member]	Jun. 30, 2013 5.875% Senior Notes due 2013 [Member]	Jun. 30, 2013 5.875% Senior Notes due 2013 [Member] Commercial Paper Program [Member]
Debt Instrument [Line Items]
Maximum amount available under our Credit Facilities			$ 2,300,000,000			$ 600,000,000	$ 800,000,000		$ 1,200,000,000	$ 1,500,000,000	$ 375,000,000
Credit facility maturity date					2015			2017
Outstanding notes value				1,800,000,000															300,000,000
Credit facilities borrowing capacity			1,020,000,000
Number of credit facilities			2
Borrowings outstanding											0
Face value of senior notes	1,200,000,000												300,000,000		400,000,000		500,000,000
Interest rate on the notes issued to the joint venture partner												2.50%	2.50%	3.95%	3.95%	5.25%	5.25%	5.875%
Senior notes maturity date												2017	2017	2022	2022	2042	2042	2013
Weighted average coupon of all three tranches	4.13%
Proceeds from issuance of senior notes, net of debt issuance costs	$ 1,190,000,000	$ 1,186,636,000
Maximum debt to tangible capitalization covenant			0.60
Line of credit facility debt to tangible capitalization ratio			0.38

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Property and Equipment - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Property Plant And Equipment [Abstract]
Capital expenditures			$ 1,240	$ 665
Capitalized interest on construction-in-progress	$ 32	$ 36	$ 62	$ 77

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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Net Unrealized Loss Related to Cash Flow Hedges Included in Accumulated Other Comprehensive Loss

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Net unrealized loss at beginning of period	$	(1,202	)	$	(644	)	$	—		$	(3,061	)
Activity during period:
Settlement of foreign currency forward contracts during the period		265			644			—			3,061
Net unrealized loss on outstanding foreign currency forward contracts		(3,794	)		—			(4,731	)		—
Net unrealized loss at end of period	$	(4,731	)	$	—		$	(4,731	)	$	—

Summarize Financial Statement Presentation and Fair Value of Derivative Positions

The following tables, together with Note 12, summarize the financial statement presentation and fair value of our derivative positions as of June 30, 2013 and December 31, 2012:

		Estimated fair value
	Balance sheet classification	June 30, 2013		December 31, 2012
Asset derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current assets	$	700	$	—
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current liabilities	$	5,431	$	—

Summarization of Recognized Gains and Losses of Cash Flow Hedges

To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges through AOCL or through “other income” for the three months ended June 30, 2013 and 2012:

	Gain/(loss) recognized through AOCL					Gain/(loss) reclassified from AOCL to “other income”				Gain/(loss) recognized through “other income”
	2013			2012		2013		2012		2013		2012
Cash flow hedges
Foreign currency forward contracts	$	(3,794	)	$	—	$	265	$	644	$	—	$	—

To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges through AOCL or through “other income” for the six months ended June 30, 2013 and 2012:

	Gain/(loss) recognized through AOCL					Gain/(loss) reclassified from AOCL to “other income”				Gain/(loss) recognized through “other income”
	2013			2012		2013		2012		2013		2012
Cash flow hedges
Foreign currency forward contracts	$	(4,996	)	$	—	$	265	$	3,061	$	—	$	—

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Net Change in Other Assets and Liabilities - Effect of Changes in Other Assets and Liabilities on Cash Flows from Operating Activities (Detail) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating Capital [Line Items]
Accounts receivable	$ (90,903)	$ (87,244)
Other current assets	(68,614)	(82,590)
Other assets	1,191	(10,452)
Accounts payable	32,125	9,776
Other current liabilities	(8,057)	(2,282)
Other liabilities	(12,291)	33,608
Net change in other assets and liabilities	(146,549)	(139,184)
Noble-Cayman [Member]
Operating Capital [Line Items]
Accounts receivable	(90,903)	(87,244)
Other current assets	(70,214)	(85,357)
Other assets	1,145	(10,454)
Accounts payable	32,222	8,804
Other current liabilities	(6,336)	(1,997)
Other liabilities	(12,291)	33,608
Net change in other assets and liabilities	$ (146,377)	$ (142,640)

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Derivative Instruments and Hedging Activities - Net Unrealized Loss Related to Cash Flow Hedges Included in Accumulated Other Comprehensive Loss (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended	6 Months Ended				3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Mar. 31, 2012	Dec. 31, 2011	Jun. 30, 2013 Forward Contracts [Member]	Jun. 30, 2013 Cash flow hedges [Member] Forward Contracts [Member]	Jun. 30, 2012 Cash flow hedges [Member] Forward Contracts [Member]	Jun. 30, 2012 Cash flow hedges [Member] Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Losses on Cash Flow Hedges, Balance at beginning of period	$ (1,202)		$ (644)	$ (3,061)	$ (5,000)
Activity during period:
Cash flow hedges, settlement, during the period						265	644	3,061
Net unrealized loss on outstanding foreign currency forward contracts	(3,794)	(4,731)
Losses on Cash Flow Hedges, Balance at end of period	$ (4,731)	$ (4,731)	$ (644)	$ (3,061)	$ (5,000)

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Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [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.

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. 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 periodically enter into forward contracts, all of which have a maturity of less than 12 months. The forward contracts maturing during the remainder of 2013 represent approximately 59 percent of these forecasted local currency requirements. The notional amount of the forward contracts outstanding, expressed in U.S. Dollars, was approximately $84 million at June 30, 2013. Total unrealized loss related to these forward contracts was approximately $5 million as of June 30, 2013 and was recorded as part of “Accumulated other comprehensive loss” (“AOCL”).

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Net unrealized loss at beginning of period	$	(1,202	)	$	(644	)	$	—		$	(3,061	)
Activity during period:
Settlement of foreign currency forward contracts during the period		265			644			—			3,061
Net unrealized loss on outstanding foreign currency forward contracts		(3,794	)		—			(4,731	)		—
Net unrealized loss at end of period	$	(4,731	)	$	—		$	(4,731	)	$	—

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, 2013 and December 31, 2012:

		Estimated fair value
	Balance sheet classification	June 30, 2013		December 31, 2012
Asset derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current assets	$	700	$	—
Liability derivatives
Cash flow hedges
Short-term foreign currency forward contracts	Other current liabilities	$	5,431	$	—

To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges through AOCL or through “other income” for the three months ended June 30, 2013 and 2012:

	Gain/(loss) recognized through AOCL					Gain/(loss) reclassified from AOCL to “other income”				Gain/(loss) recognized through “other income”
	2013			2012		2013		2012		2013		2012
Cash flow hedges
Foreign currency forward contracts	$	(3,794	)	$	—	$	265	$	644	$	—	$	—

To supplement the fair value disclosures in Note 12, the following summarizes the recognized gains and losses of cash flow hedges through AOCL or through “other income” for the six months ended June 30, 2013 and 2012:

	Gain/(loss) recognized through AOCL					Gain/(loss) reclassified from AOCL to “other income”				Gain/(loss) recognized through “other income”
	2013			2012		2013		2012		2013		2012
Cash flow hedges
Foreign currency forward contracts	$	(4,996	)	$	—	$	265	$	3,061	$	—	$	—

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Gain on Contract Settlements/Extinguishments, net

6 Months Ended

Jun. 30, 2013

Contractors [Abstract]

Gain on Contract Settlements/Extinguishments, net

Note 7 — 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”) in the second quarter of 2012 related to the previously disclosed force majeure action, Hurricane Ike matters and receivables relating to the Noble Amos Runner.

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Guarantees of Registered Securities - Guarantor Obligations (Detail) (Noble-Cayman [Member])	6 Months Ended
	Jun. 30, 2013
7.375% Senior Notes due 2014 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
3.45% Senior Notes due 2015 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
3.05% Senior Notes due 2016 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
2.50% Senior Notes due 2017 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
7.50% Senior Notes due 2019 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NDC; Noble Drilling Services 6 LLC (“NDS6”)
Guarantor(s)	Noble-Cayman; Noble Holding (U.S.) Corporation (“NHC”); Noble Drilling Holding LLC (“NDH”)
4.90% Senior Notes due 2020 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
4.625% Senior Notes due 2021 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
3.95% Senior Notes due 2022 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
6.20% Senior Notes due 2040 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
6.05% Senior Notes due 2041 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman
5.25% Senior Notes due 2042 [Member]
Guarantor Obligations [Line Items]
Issuer (Co-Issuer(s))	NHIL
Guarantor(s)	Noble-Cayman

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14 — 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, and ExxonMobil 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 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.

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. The suit is proceeding and we expect the trial to occur in the fourth quarter of 2013. We cannot predict the outcome of this lawsuit.

In November 2012, the U.S. Coast Guard in Alaska conducted an inspection of our drillship, the Noble Discoverer, and cited a number of deficiencies to be remediated, including issues relating to the main propulsion and safety management systems. We initiated a comprehensive effort to address the deficiencies identified by the Coast Guard and commenced an ongoing dialogue with the agency to keep it apprised of our progress. We began an internal investigation in conjunction with the Coast Guard inspection, and the Coast Guard then began its own investigation. We reported certain potential violations of applicable law to the Coast Guard identified as a result of our internal investigation. These related to what we believe were certain unauthorized disposals of collected deck and sea water from the Noble Discoverer, collected, treated deck water from the Kulluk and potential record-keeping issues with the oil record books for the Noble Discoverer, Kulluk and other rigs, and with the garbage log for the Kulluk. The Coast Guard referred the Noble Discoverer and Kulluk matters to the U.S. Department of Justice (“DOJ”) for further investigation. We are cooperating with the DOJ and Coast Guard in connection with their investigation, and are maintaining a dialogue with the DOJ. We cannot predict when the DOJ and Coast Guard will conclude the investigation and cannot provide any assurances with respect to the outcome. If the DOJ or Coast Guard determines that violations of applicable law have occurred, they could seek civil and criminal sanctions, including monetary penalties, against us and/or certain of our employees, as well as oversight of our operational compliance programs. Based on information obtained to date, we believe it is probable that we will have to pay some amount in fines and penalties to resolve this matter. However, at this time we cannot appropriately estimate the potential liability that may result and we have not made any accrual in our consolidated financial statements at June 30, 2013 related to the matter.

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, 2013, there were 33 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 4, 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 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 examination of our tax reporting for the taxable year ended December 31, 2008. In June 2013, the IRS examination team notified us that they were no longer proposing any adjustments with respect to our tax reporting for the taxable year ended December 31, 2008. We are due a refund for the 2008 tax year, and our refund claim is currently under review. The IRS began its examination of our tax reporting for the taxable year ended December 31, 2009. We believe that we have accurately reported all amounts in our 2009 tax returns. Furthermore, we are currently contesting several non-U.S. tax assessments and may contest future assessments. We believe the ultimate resolution of the outstanding assessments, for which we have not made any accrual, will not have a material adverse effect on our consolidated financial statements. We recognize uncertain tax positions that we believe have a greater than 50 percent likelihood of being sustained. We cannot predict or provide assurance as to the ultimate outcome of any existing or future assessments.

During the second quarter of 2013, we reached an agreement with the Mexican tax authorities resolving certain previously disclosed tax assessments. This settlement removes potential contingent tax exposure of $502 million in Mexico for periods prior to 2007, which includes the assessments for years 2002 through 2005 of approximately $348 million, as well as settlement for 2006. The settlement of these assessments did not have a material impact on our consolidated financial statements. 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.

Audit claims of approximately $115 million attributable to income, 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. For the Noble Bully I, our customer assumes the risk of loss due to a named windstorm event, pursuant to the terms of the drilling contract, through the purchase of insurance coverage (provided that we are responsible for any deductible under such policy) or, at its option, the assumption of the risk of loss up to the insured value in lieu of the purchase of such insurance. 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.

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

In connection with our capital expenditure program, we had outstanding commitments, including shipyard and purchase commitments of approximately $2.7 billion at June 30, 2013.

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 2 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.

Under the Nigerian Industrial Training Fund Act of 2004, as amended, (the “Act”), Nigerian companies with five or more employees must contribute annually 1 percent of their payroll to the Industrial Training Fund (“ITF”) established under the Act to be used for the training of Nigerian nationals with a view towards generating a pool of indigenously trained manpower. We have not paid this amount on our expatriate workers employed by our non-Nigerian employment entity in the past as we did not believe the contribution obligation was applicable to them. In October 2012, we received a demand from the ITF for payments going back to 2004 and associated penalties in respect of these expatriate employees. In February 2013, the ITF filed suit seeking payment of these amounts. We do not believe that we owe the amount claimed. We are in discussions with the ITF to resolve the issue and do not believe the resolution of this matter will have a material adverse effect on our financial position or cash flows.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [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, 2013
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets -
Marketable securities	$	6,178	$	6,178	$	—	$	—
Foreign currency forward contracts		700		—		700		—
Liabilities -
Foreign currency forward contracts	$	5,431	$	—	$	5,431	$	—
	December 31, 2012
			Estimated Fair Value Measurements
			Quoted		Significant
			Prices in		Other		Significant
			Active		Observable		Unobservable
	Carrying		Markets		Inputs		Inputs
	Amount		(Level 1)		(Level 2)		(Level 3)
Assets -
Marketable securities	$	5,816	$	5,816	$	—	$	—

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

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Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Jul. 31, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Entity Registrant Name	Noble Corp / Switzerland
Entity Central Index Key	0001458891
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		253,368,874
Noble-Cayman [Member]
Document Information [Line Items]
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		261,245,693

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Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Accumulated Other Comprehensive Loss

Note 13 — Accumulated Other Comprehensive Loss

The following tables set forth the changes in AOCL by component for the three and six months ended June 30, 2013. All amounts within the tables are shown net of tax.

	Three months ended June 30, 2013
				Defined
	Losses on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at beginning of period	$	(1,202	)	$	(93,429	)	$	(17,721	)	$	(112,352	)
Activity during period:
Other comprehensive income/(loss) before reclassifications		(3,794	)		—			(2,180	)		(5,974	)
Amounts reclassified from AOCL		265			1,632			—			1,897
Net current period other comprehensive income/(loss)		(3,529	)		1,632			(2,180	)		(4,077	)
Balance at end of period	$	(4,731	)	$	(91,797	)	$	(19,901	)	$	(116,429	)
	Six months ended June 30, 2013
				Defined
	Losses on			Benefit			Foreign
	Cash Flow			Pension			Currency
	Hedges(1)			Items(2)			Items			Total
Balance at beginning of period	$	—		$	(95,071	)	$	(20,378	)	$	(115,449	)
Activity during period:
Other comprehensive income/(loss) before reclassifications		(4,731	)		—			477			(4,254	)
Amounts reclassified from AOCL		—			3,274			—			3,274
Net current period other comprehensive income/(loss)		(4,731	)		3,274			477			(980	)
Balance at end of period	$	(4,731	)	$	(91,797	)	$	(19,901	)	$	(116,429	)

(1) Losses on cash flow hedges are related to our foreign currency forward contracts. Reclassifications from AOCL are recognized through “other income” on our Consolidated Statement of Income. See Note 11 for additional information.

(2) Defined benefit pension items relate to actuarial losses and the amortization of prior service costs. Reclassifications from AOCL are recognized as expense on our Consolidated Statement of Income through either “contract drilling services” or “general and administrative”. See Note 10 for additional information

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Derivative Instruments and Hedging Activities - Summarization of Recognized Gains and Losses of Cash Flow Hedges (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized through AOCL	$ (3,794)		$ (4,731)
Foreign currency forward contracts [Member] | Cash flow hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) recognized through AOCL	(3,794)		(4,996)
Gain/(loss) recognized through "other income"
Cash Flow Hedge Gain (Loss) Reclassified [Member] | Foreign currency forward contracts [Member] | Cash flow hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) reclassified from AOCL to "other income"	$ 265	$ 644	$ 265	$ (3,061)

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Derivative Instruments and Hedging Activities - Summarization of Financial Statement Presentation and Fair Value of Derivative Positions (Detail) (Short-term foreign currency forward contracts [Member], USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Other current assets [Member]
Asset derivatives
Cash flow hedges Short-term foreign currency forward contracts	$ 700
Other current liabilities [Member]
Liability derivatives
Cash flow hedges Short-term foreign currency forward contracts	$ 5,431