Exhibit 99.1

Exhibit 99.1



Noble Corporation Dorfstrasse 19a 6340 Baar Switzerland

PRESS RELEASE

Noble Corporation Reports Second Quarter 2010 Earnings of $0.85 per Diluted Share

ZUG, Switzerland, July 19, 2010 — Noble Corporation (NYSE: NE) today reported second quarter 2010 earnings of $218 million, or $0.85 per diluted share, versus $392 million, or $1.49 per diluted share, for the second quarter of last year. Results for the quarter include approximately $0.06 per share due to a higher than anticipated effective tax rate of 19 percent versus 13 percent in the first quarter 2010 which resulted primarily from the current drilling restrictions in the U.S. Gulf of Mexico and a net after-tax charge of approximately $0.02 per share resulting from an accrual relating to the Company’s ongoing Nigeria FCPA investigation, a matter which has not yet been resolved.

Contract drilling services revenues for the second quarter of 2010 were $688 million versus $868 million in the second quarter of 2009. Contract drilling margins for the second quarter of 2010 were approximately 60 percent and the Company generated $510 million in net cash provided by operating activities in the quarter. Noble invested $193 million in capital projects during the quarter. The Company also reported that it still expects to close the previously announced acquisition of FDR Holdings Limited (“Frontier”) at the end of July 2010.

“Noble’s second-quarter revenues declined due to a combination of factors, not the least of which was the government-ordered drilling limitations in the U.S. Gulf of Mexico,” said David W. Williams, Chairman, President and Chief Executive Officer. “However, we have moved quickly on a variety of fronts to protect our backlog and shareholder value. At the same time, we were delighted to announce the acquisition of Frontier and separate agreements with Shell which, following the closing of the transaction, will add seven drilling units and an FPSO to the fleet, double our contract backlog, and provide further backlog protection for units operating in the Gulf.”

Operations Highlights

At the end of the second quarter 2010, approximately 61 percent of the Company’s available rig operating days were committed for the remainder of 2010 and approximately 35 percent were committed for 2011. The Company’s total backlog at June 30, 2010 was approximately $6.7 billion.

During the quarter, the Noble Jim Day, the Company’s last 10,000’ ultra-deepwater semisubmersible under construction, began its mobilization to the U.S. Gulf of Mexico from Singapore. It is expected to arrive during the third quarter and will undergo thruster installation, final testing and customer acceptance before commencing its contract.

Also, Noble secured additional work for a number of its jackup units in several different countries around the world. In Mexico, the Company obtained commitments on seven of our units through a combination of contract extensions and direct assignments. The Company also secured a letter of award for a 254-day contract at a dayrate of $63,500 for the Noble Roy Butler. In the North Sea, the Noble Hans Deul secured a two-year contract at a dayrate of $175,000 and the Noble Piet van Ede received a one-year extension at a dayrate of approximately $86,000. In West Africa, the Noble Percy Johns and Noble Ed Noble both secured two-year commitments at dayrates of $85,000. In the Middle East and India, the Noble Harvey Duhaney received an 18-month contract at a dayrate of approximately $60,000 and the Noble Kenneth Delaney will soon commence a three-year modified bareboat charter at a dayrate of approximately $50,000.

“Despite an uncertain environment in the U.S. Gulf, drilling continues around the world both in shallow and deepwater. We intend to maintain our focus on safety as we plan for the rapid integration of Frontier’s operations, and we are generally optimistic about opportunities during the remainder of the year,” Williams said.

About Noble Corporation

Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 62 offshore drilling units (including two rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the Mediterranean, the North Sea, Brazil, and West Africa. Noble’s shares are traded on the New York Stock Exchange under the symbol “NE”. Additional information on Noble Corporation is available via the worldwide web at http://www.noblecorp.com.

Statements regarding the Frontier transaction, including the closing, integration, contract backlog, fleet, and benefits, protection of the Company’s backlog and shareholder value, Shell agreements, contract backlog, completion and acceptance of the Noble Jim Day, earnings, costs, revenue, rig demand, fleet performance, contract commitments, dayrates, contract commencements, contract extensions or renewals, letters of award, industry fundamentals, future performance, growth opportunities, market outlook, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with operations outside of the U.S., actions by regulatory authorities, customers and other third parties, legislation and regulations affecting drilling operations, costs and difficulties relating to the integration of acquired businesses, consummation, availability and terms of any financing, satisfaction of any closing conditions, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, the future price of oil and gas and other factors detailed in the Company’s most recent Form 10-K, Form 10-Q’s and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Conference Call

Noble has scheduled a conference call and webcast related to its second quarter 2010 results on Tuesday, July 20, 2010, at 9:00 a.m. U.S. Central Daylight Time. Interested parties are invited to listen to the call by dialing from the U.S. 1-866-461-7129, or +1-706-679-3084 from outside the U.S., using access code: 38611304 or by asking for the Noble Corporation conference call. Interested parties may also listen over the Internet through a link posted in the Investor Relations section of the Company’s Web site.

A replay of the conference call will be available on Tuesday, July 20, 2010, beginning at 12:00 p.m. U.S. Central Daylight Time, through Tuesday, July 27, 2010, ending at 5:00 p.m. U.S. Central Daylight Time. The phone number for the conference call replay is 1-800-642-1687 from the U.S. or, for calls from outside of the U.S., +1-706-645-9291, using access code: 38611304. The replay will also be available on the Company’s Web site following the end of the live call. The conference call may include non-GAAP financial measures. Noble will post a reconciliation of any such measures to the most directly comparable GAAP measures in the “Investor Relations” section of the Company’s Web site under the heading “Regulation G Reconciliations.”

For additional information, contact:


For Investors:		Lee M. Ahlstrom, Vice President — Investor Relations and Planning,
		Noble Drilling Services Inc., 281-276-6440

For Media:		John S. Breed, Director of Corporate Communications,
		Noble Drilling Services Inc., 281-276-6729

NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)
(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
Operating revenues
Contract drilling services	$	687,510		$	868,205		$	1,496,156		$	1,740,602
Reimbursables		13,753			22,834			37,986			39,512
Labor contract drilling services		8,056			7,419			15,817			14,353
Other		603			414			814			556

		709,922			898,872			1,550,773			1,795,023

Operating costs and expenses
Contract drilling services		275,595			251,054			530,026			491,910
Reimbursables		10,365			19,281			30,108			33,364
Labor contract drilling services		5,380			4,881			11,268			9,257
Depreciation and amortization		126,227			99,417			242,084			192,401
Selling, general and administrative		23,808			21,484			45,779			39,201
Loss on asset disposal/involuntary conversion, net		—			16,943			—			28,977

		441,375			413,060			859,265			795,110

Operating income		268,547			485,812			691,508			999,913

Other income (expense)
Interest expense, net of amount capitalized		(510	)		(361	)		(975	)		(882	)
Interest income and other, net		1,006			1,318			4,632			2,390

Income before income taxes		269,043			486,769			695,165			1,001,421
Income tax provision		(51,118	)		(94,920	)		(106,514	)		(195,277	)

Net income	$	217,925		$	391,849		$	588,651		$	806,144


Net income per share
Basic	$	0.85		$	1.50		$	2.29		$	3.08
Diluted	$	0.85		$	1.49		$	2.28		$	3.08

NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)
(Unaudited)


	June 30,			December 31,
	2010			2009
ASSETS
Current assets
Cash and cash equivalents	$	1,083,112		$	735,493
Accounts receivable		471,348			647,454
Prepaid expenses and other current assets		132,036			100,243

Total current assets		1,686,496			1,483,190

Property and equipment
Drilling equipment and facilities		9,130,967			8,666,750
Other		161,046			143,477

Total property and equipment		9,292,013			8,810,227
Accumulated depreciation		(2,356,040	)		(2,175,775	)

Net property and equipment		6,935,973			6,634,452

Other assets		281,033			279,254

Total assets	$	8,903,502		$	8,396,896


LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	199,850		$	197,800
Accrued payroll and related costs		99,550			100,167
Taxes payable		56,557			68,760
Other current liabilities		80,870			67,220

Total current liabilities		436,827			433,947

Long-term debt		751,028			750,946
Deferred income taxes		288,389			300,231
Other liabilities		158,886			123,340

Total liabilities		1,635,130			1,608,464

Commitments and contingencies

Shareholders’ equity
Shares		1,107,281			1,130,607
Additional paid-in capital		20,856			—
Retained earnings		6,445,722			5,855,737
Treasury shares		(242,484	)		(143,031	)
Accumulated other comprehensive loss		(63,003	)		(54,881	)

Total shareholders’ equity		7,268,372			6,788,432

Total liabilities and shareholders’ equity	$	8,903,502		$	8,396,896

NOBLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)
(Unaudited)


	Six Months Ended
	June 30,
	2010			2009
Cash flows from operating activities
Net income	$	588,651		$	806,144
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		242,084			192,401
Loss on asset disposal/involuntary conversion, net		—			28,977
Deferred income tax provision		(11,842	)		6,431
Share-based compensation expense		16,285			17,294
Pension contributions		(4,947	)		(1,432	)
Net change in other assets and liabilities		184,193			(51,376	)

Net cash from operating activities		1,014,424			998,439


Cash flows from investing activities
New construction		(184,963	)		(275,153	)
Other capital expenditures		(305,751	)		(192,657	)
Major maintenance expenditures		(40,687	)		(57,750	)
Accrued capital expenditures		(17,848	)		(68,134	)

Net cash from investing activities		(549,249	)		(593,694	)


Cash flows from financing activities
Payments of long-term debt		—			(172,700	)
Proceeds from employee stock transactions		3,711			2,978
Dividends/par value reduction payments		(23,306	)		(10,470	)
Repurchases of employee shares for taxes		(9,309	)		(5,577	)
Repurchases of shares		(88,652	)		(60,867	)

Net cash from financing activities		(117,556	)		(246,636	)

Net increase in cash and cash equivalents		347,619			158,109
Cash and cash equivalents, beginning of period		735,493			513,311

Cash and cash equivalents, end of period	$	1,083,112		$	671,420

NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except utilization amounts, operating days and average dayrates)
(Unaudited)


	Three Months Ended June 30,															Three Months Ended March 31,
	2010								2009							2010
	Contract								Contract							Contract
	Drilling								Drilling							Drilling
	Services			Other			Total		Services			Other		Total		Services			Other			Total
Operating revenues
Contract drilling services	$	687,510		$	—		$	687,510	$	868,205		$	—	$	868,205	$	808,646		$	—		$	808,646
Reimbursables		12,989			764			13,753		22,295			539		22,834		23,303			930			24,233
Labor contract drilling services		—			8,056			8,056		—			7,419		7,419		—			7,761			7,761
Other		603			—			603		414			—		414		211			—			211

	$	701,102		$	8,820		$	709,922	$	890,914		$	7,958	$	898,872	$	832,160		$	8,691		$	840,851

Operating costs and expenses
Contract drilling services	$	275,595		$	—		$	275,595	$	251,054		$	—	$	251,054	$	254,431		$	—		$	254,431
Reimbursables		9,626			739			10,365		18,754			527		19,281		18,869			874			19,743
Labor contract drilling services		—			5,380			5,380		—			4,881		4,881		—			5,888			5,888
Depreciation and amortization		123,379			2,848			126,227		96,952			2,465		99,417		113,173			2,684			115,857
Selling, general and administrative		23,561			247			23,808		21,411			73		21,484		21,743			228			21,971
Loss on asset disposal/involuntary conversion, net		—			—			—		16,943			—		16,943		—			—			—

	$	432,161		$	9,214		$	441,375	$	405,114		$	7,946	$	413,060	$	408,216		$	9,674		$	417,890

Operating income	$	268,941		$	(394	)	$	268,547	$	485,800		$	12	$	485,812	$	423,944		$	(983	)	$	422,961

Operating statistics
*Jackups:*
Average Rig Utilization		81	%							80	%						81	%
Operating Days		3,183								3,076							3,141
Average Dayrate	$	96,677							$	157,381						$	116,498

*Semisubmersibles — (6,000 feet or greater):*
Average Rig Utilization		92	%							94	%						90	%
Operating Days		750								596							661
Average Dayrate	$	355,450							$	408,510						$	484,510

*Semisubmersibles — (less than 6,000 feet):*
Average Rig Utilization		100	%							100	%						100	%
Operating Days		273								273							270
Average Dayrate	$	253,697							$	251,945						$	250,254

*Drillships:*
Average Rig Utilization		67	%							100	%						92	%
Operating Days		182								273							247
Average Dayrate	$	242,045							$	226,187						$	222,306

*Submersibles:*
Average Rig Utilization		0	%							88	%						0	%
Operating Days		—								161							—
Average Dayrate	$	—							$	63,324						$	—

*Total:*
Average Rig Utilization		80	%							84	%						81	%
Operating Days		4,388								4,379							4,319
Average Dayrate	$	156,683							$	198,270						$	187,214

NOBLE CORPORATION AND SUBSIDIARIES
CALCULATION OF BASIC AND DILUTED NET INCOME
(In thousands, except per share amounts)
(Unaudited)

The following table sets forth the computation of basic and diluted net income per share:


	Three months ended						Six months ended
	June 30,						June 30,
	2010			2009			2010			2009
Allocation of net income
Basic
Net income	$	217,925		$	391,849		$	588,651		$	806,144
Earnings allocated to unvested share-based payment awards		(2,143	)		(4,174	)		(5,652	)		(7,671	)

Net income to common shareholders — basic	$	215,782		$	387,675		$	582,999		$	798,473

Diluted
Net income	$	217,925		$	391,849		$	588,651		$	806,144
Earnings allocated to unvested share-based payment awards		(2,137	)		(4,164	)		(5,632	)		(7,650	)

Net income to common shareholders — diluted	$	215,788		$	387,685		$	583,019		$	798,494


Weighted average number of shares outstanding — basic		254,224			258,487			254,671			258,874
Incremental shares issuable from assumed exercise of stock options		800			839			949			702

Weighted average number of shares outstanding — diluted		255,024			259,326			255,620			259,576


Weighted average unvested share-based payment awards		2,480			2,783			2,431			2,487


Earnings per share
Basic	$	0.85		$	1.50		$	2.29		$	3.08
Diluted	$	0.85		$	1.49		$	2.28		$	3.08