EX-99.1 3 h91516ex99-1.txt NOBLE DRILLING CORPORATION - DATED 10-25-01 EXHIBIT 99.1 NEWS NOBLE DRILLING CORPORATION [NOBLE DRILLING 13135 SOUTH DAIRY ASHFORD, SUITE 800 CORPORATION LOGO] SUGAR LAND, TX 77478 PHONE: 281-276-6100 FAX: 281-491-2092 ================================================================================ NOBLE DRILLING REPORTS THIRD QUARTER 2001 RESULTS SUGAR LAND, Texas, October 25, 2001 -- Noble Drilling Corporation's reported net income increased 72 percent for the third quarter of 2001 to $77.0 million, or $0.58 per diluted share, on operating revenues of $272.8 million, compared to net income of $44.8 million, or $0.33 per diluted share, on operating revenues of $225.9 million for the third quarter of 2000. Net income for the nine months ended September 30, 2001 increased 75 percent to $199.4 million, or $1.48 per diluted share, on operating revenues of $741.8 million, compared to net income of $113.7 million, or $0.84 per diluted share, on operating revenues of $641.4 million for the nine months ended September 30, 2000. Results for the three and nine months ended September 30, 2001 include an extraordinary charge of $988,000, net of taxes of $532,000, related to the purchase and retirement of $43,305,000 principal amount of the Company's 7.50% Senior Notes due 2019 for $44,362,000. James C. Day, Chairman and Chief Executive Officer, said, "Despite the continued deterioration in industry fundamentals, we achieved record results for the quarter. Of course, the challenge will be responding to the uncertainty that lies ahead. The successful upgrades of our Noble EVA-4000(TM) semisubmersibles will provide a secure base of operations." The Company repurchased 925,000 shares of its common stock at a total cost of $26,307,000 during the third quarter of 2001. For the nine months ended September 30, 2001, the Company has repurchased 2,082,000 shares at a total cost of $70,788,000. At September 30, 2001, the Company's consolidated balance sheet reflected $1.72 billion in shareholders' equity, $179.4 million in cash and cash equivalents, and $617.8 million in total debt. Offshore contract drilling services revenues from deepwater drilling units (capable of drilling in 4,000 feet and greater) accounted for approximately 36 percent and 46 percent of the Company's total offshore contract drilling services revenues for the third quarter of 2001 and 2000, respectively. The Company currently operates five deepwater semisubmersibles in the Gulf of Mexico and one deepwater semisubmersible and three deepwater drillships offshore Brazil. Offshore contract drilling services revenues from international sources accounted for approximately 54 percent and 48 percent of the Company's total offshore contract drilling services revenues for the third quarter of 2001 and 2000, respectively. Dayrates in the Gulf of Mexico and certain international locations, especially West Africa and the North Sea, were significantly higher in the third quarter of 2001 than the same quarter of the prior year. Despite a recent weakening in the Gulf of Mexico jackup market, the average dayrate on the Company's domestic jackup rigs increased to $54,594 in the third quarter of 2001 from $39,108 in the third quarter of 2000. The average dayrate in West Africa increased to $54,279 in the third quarter of 2001, up 54 percent from the same quarter of the prior year, and the North Sea's average dayrate increased to $61,972, up 57 percent from the third quarter of 2000. Utilization of our domestic rigs was consistent with the third quarter of 2000 at 92 percent, whereas international utilization increased to 96 percent in the third quarter 2001 from 84 percent in the same quarter of the prior year. Day said, "While the word 'unique' is overused, I can think of no better description of the state of the industry. We have a great balance sheet and have been opportunistic during weak periods. I believe, however, that it's important for investors not to expect a quick turnaround in activity levels in the worldwide drilling markets, most particularly the Gulf of Mexico." Noble Drilling Corporation is a leading provider of diversified services for the oil and gas industry. Contract drilling services are performed with the Company's fleet of 49 offshore drilling units located in key markets worldwide. The Company's fleet of floating deepwater units consists of nine semisubmersibles and three dynamically positioned drillships, seven of which are designed to operate in water depths greater than 5,000 feet. The Company's premium fleet of 34 independent leg, cantilever jackup rigs includes 21 units that operate in water depths of 300 feet and greater, four of which operate in 360 feet and greater, and 11 units that operate in water depths of 250 feet. In addition, the Company's fleet includes three submersible units. Nine of the Company's units are capable of operating in harsh environments. Over 60 percent of the fleet is currently deployed in international markets, principally including the North Sea, Brazil, West Africa, the Middle East, India and Mexico. The Company also provides labor contract drilling services, well site and project management services, and engineering services. The Company's common stock is traded on the New York Stock Exchange under the symbol "NE". This news release may contain "forward-looking statements" about the business, financial performance and prospects of the Company. Statements about the Company's or management's plans, intentions, expectations, beliefs, estimates, predictions, or similar expressions for the future are forward-looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors, including risks and uncertainties, is set forth from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Additional information on Noble Drilling Corporation is available via the world wide web at http://www.noblecorp.com. ### NOBLE DRILLING CORPORATION AND SUBSIDIARIES SUMMARY OF RESULTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited)
Quarter Ended September 30, --------------------------- 2001 2000 --------- --------- Operating Revenues $ 272,792 $ 225,878 Operating Costs and Expenses (161,495) (154,582) --------- --------- Operating Income 111,297 71,296 Other Income (Expense), Net (8,041) (10,738) --------- --------- Income Before Income Taxes and Extraordinary Charge 103,256 60,558 Income Tax Provision (25,298) (15,745) --------- --------- Income Before Extraordinary Charge 77,958 44,813 Extraordinary Charge, Net of Tax (988) -- --------- --------- Net Income $ 76,970 $ 44,813 ========= ========= Earnings Per Share: Basic: Income Before Extraordinary Charge $ 0.59 $ 0.33 Extraordinary Charge (0.01) -- --------- --------- Net Income $ 0.58 $ 0.33 ========= ========= Diluted: Income Before Extraordinary Charge $ 0.59 $ 0.33 Extraordinary Charge (0.01) -- --------- --------- Net Income $ 0.58 $ 0.33 ========= ========= Weighted Average Common Shares Outstanding: Basic 132,053 133,778 Diluted 132,809 135,919
NOBLE DRILLING CORPORATION AND SUBSIDIARIES SUMMARY OF RESULTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited)
Nine Months Ended September 30, ------------------------------- 2001 2000 --------- --------- Operating Revenues $ 741,829 $ 641,421 Operating Costs and Expenses (450,324) (453,902) --------- --------- Operating Income 291,505 187,519 Other Income (Expense), Net (25,879) (31,289) --------- --------- Income Before Income Taxes and Extraordinary Charge 265,626 156,230 Income Tax Provision (65,202) (42,533) --------- --------- Income Before Extraordinary Charge 200,424 113,697 Extraordinary Charge, Net of Tax (988) -- --------- --------- Net Income $ 199,436 $ 113,697 ========= ========= Earnings Per Share: Basic: Income Before Extraordinary Charge $ 1.51 $ 0.85 Extraordinary Charge (0.01) -- --------- --------- Net Income $ 1.50 $ 0.85 ========= ========= Diluted: Income Before Extraordinary Charge $ 1.49 $ 0.84 Extraordinary Charge (0.01) -- --------- --------- Net Income $ 1.48 $ 0.84 ========= ========= Weighted Average Common Shares Outstanding: Basic 133,196 133,277 Diluted 134,604 135,396
------------------------ NDC-256 10/25/01 For additional information, contact: John T. Rynd, Vice President - Investor Relations, Noble Drilling Services Inc. Noble Drilling Corporation, 281-276-6100 [NOBLE DRILLING CORPORATION LOGO] NOBLE DRILLING CORPORATION QUARTER ENDED SEPTEMBER 30, 2001 SUPPLEMENTARY FINANCIAL AND OPERATIONAL DATA NOBLE DRILLING CORPORATION QUARTERLY CONSOLIDATED STATEMENTS OF INCOME QUARTER ENDED SEPTEMBER 30, 2001 AND CERTAIN PRECEDING QUARTERS (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
QUARTER ENDED -------------------------------------------------------------------------- 9/30/01 6/30/01 3/31/01 12/31/00 09/30/00 06/30/00 --------- --------- --------- --------- --------- --------- Operating revenues: Contract drilling services $ 257,926 $ 233,344 $ 210,427 $ 211,442 $ 190,450 $ 190,416 Labor contract drilling services 7,976 7,977 7,481 6,837 7,052 7,628 Turnkey drilling services -- -- -- 19,302 19,363 30,343 Engineering, consulting and other 6,890 5,325 4,483 3,598 9,013 2,337 --------- --------- --------- --------- --------- --------- 272,792 246,646 222,391 241,179 225,878 230,724 --------- --------- --------- --------- --------- --------- Operating costs and expenses: Contract drilling services 114,013 103,437 96,182 97,048 90,424 95,930 Labor contract drilling services 6,817 6,558 6,079 5,752 5,549 6,358 Turnkey drilling services -- -- -- 20,814 18,954 23,778 Engineering, consulting and other 5,237 3,807 2,856 1,796 5,949 1,847 Depreciation and amortization 30,314 29,116 27,939 28,308 28,250 27,865 Selling, general and administrative 5,114 6,330 6,525 6,356 5,456 5,594 --------- --------- --------- --------- --------- --------- 161,495 149,248 139,581 160,074 154,582 161,372 --------- --------- --------- --------- --------- --------- Operating income 111,297 97,398 82,810 81,105 71,296 69,352 Other income (expense): Interest expense (11,578) (12,401) (12,555) (13,405) (13,913) (13,761) Other, net 3,537 4,268 2,850 2,377 3,175 4,660 --------- --------- --------- --------- --------- --------- Income before income taxes and extraordinary charge 103,256 89,265 73,105 70,077 60,558 60,251 Income tax provision (25,298) (21,262) (18,642) (18,220) (15,745) (16,870) --------- --------- --------- --------- --------- --------- Income before extraordinary charge 77,958 68,003 54,463 51,857 44,813 43,381 Extraordinary charge, net of tax (1) (988) -- -- -- -- -- --------- --------- --------- --------- --------- --------- Net income $ 76,970 $ 68,003 $ 54,463 $ 51,857 $ 44,813 $ 43,381 ========= ========= ========= ========= ========= ========= Earnings per share-diluted: Income before extraordinary charge $ 0.59 $ 0.50 $ 0.40 $ 0.38 $ 0.33 $ 0.32 Extraordinary charge (0.01) -- -- -- -- -- --------- --------- --------- --------- --------- --------- Net income per common share-diluted $ 0.58 $ 0.50 $ 0.40 $ 0.38 $ 0.33 $ 0.32 ========= ========= ========= ========= ========= ========= Weighted average shares outstanding-diluted 132,809 135,457 135,547 135,655 135,919 135,616 ========= ========= ========= ========= ========= =========
------------------------------------ Notes to Statements of Income Follow on Next Page Page 2 NOBLE DRILLING CORPORATION QUARTERLY CONSOLIDATED STATEMENTS OF INCOME QUARTER ENDED SEPTEMBER 30, 2001 NOTES: (1) For the quarter ended September 30, 2001, the amount relates to the Company's purchase and retirement of $43.3 million principal amount of its 7.50% Senior Notes due 2019, net of income taxes of $0.5 million. Page 3 NOBLE DRILLING CORPORATION QUARTERLY CONSOLIDATED BALANCE SHEET DATA QUARTER ENDED SEPTEMBER 30, 2001 AND CERTAIN PRECEDING QUARTERS (IN THOUSANDS) (UNAUDITED)
AS OF --------------------------------------------------------------------------- 9/30/01 6/30/01 3/31/01 12/31/00 09/30/00 06/30/00 ---------- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents (1) $ 186,673 $ 225,790 $ 224,616 $ 177,124 $ 202,583 $ 130,532 Total current assets 438,367 452,634 406,181 379,132 420,863 330,703 Property and equipment (net) 2,139,907 2,084,579 2,087,123 2,095,129 2,054,887 2,073,086 Total assets 2,684,631 2,686,060 2,639,399 2,595,531 2,619,605 2,560,538 Total current liabilities 195,425 202,651 181,219 205,428 229,875 222,463 Short-term debt and current maturities of long-term debt 52,370 49,364 48,590 49,351 60,631 61,226 Total debt 617,800 673,152 685,011 699,642 747,626 761,812 Total liabilities 964,415 1,012,883 989,755 1,018,812 1,065,652 1,062,816 Shareholders' equity 1,720,216 1,673,177 1,649,644 1,576,719 1,553,953 1,497,722
--------------------------------- (1) Including amounts classified as restricted cash of $7.3 million at September 30, 2001, $7.2 million at June 30, 2001 and $3.9 million at each of the quarters ended June 30, 2000 through March 31, 2001. Does not include amount classified as investment in marketable securities of $26.1 million at September 30, 2001. Page 4 NOBLE DRILLING CORPORATION CONSOLIDATED FINANCIAL AND OPERATIONAL DATA (IN THOUSANDS, EXCEPT UTILIZATION AMOUNTS, OPERATING DAYS, AVERAGE DAYRATE, MARKETABLE RIGS AND TURNKEY WELLS)
UNAUDITED ------------------------------------------------------------------------------ 3RD QUARTER 2001 3RD QUARTER 2000 ------------------------------------- -------------------------------------- REVENUES Domestic International Triton Domestic International Triton --------------------- ------------------------------------- -------------------------------------- OFFSHORE Drilling $ 119,628 $ 138,298 $ - $ 98,417 $ 92,033 $ - Labor - 7,976 - - 7,052 - TURNKEY DRILLING - - - - - 19,363 ENGINEERING, CONSULTING AND OTHER 2,009 3,389 1,492 1,032 2,458 5,523 DIRECT EXPENSES --------------- OFFSHORE Drilling $ 42,619 $ 71,394 $ - $ 34,172 $ 56,252 $ - Labor - 6,817 - - 5,549 - TURNKEY DRILLING - - - - - 18,954 ENGINEERING, CONSULTING AND OTHER 1,741 2,247 1,249 621 279 5,049 STATISTICS ---------- OFFSHORE DRILLING Utilization 92% 96% - 92% 84% - Operating Days 1,552 2,398 - 1,479 2,104 - Average Dayrate $ 77,080 $ 57,672 $ - $ 66,543 $ 43,742 $ - Marketable Rigs - period end 18 29 - 17 28 - TURNKEY WELLS COMPLETED - - - - - 5 TURNKEY WELLS IN-PROGRESS - - - - - 4
UNAUDITED --------------------------------------- YTD SEPTEMBER 2001 --------------------------------------- REVENUES Domestic International Triton --------------------- --------------------------------------- OFFSHORE Drilling $ 358,192 $ 343,505 $ - Labor - 23,434 - TURNKEY DRILLING - - - ENGINEERING, CONSULTING AND OTHER 4,454 7,563 4,681 DIRECT EXPENSES --------------- OFFSHORE Drilling $ 122,146 $ 191,486 $ - Labor - 19,454 - TURNKEY DRILLING - - - ENGINEERING, CONSULTING AND OTHER 3,679 4,263 3,958 STATISTICS ---------- OFFSHORE DRILLING Utilization 96% 88% - Operating Days 4,861 6,264 - Average Dayrate $ 73,687 $ 54,838 $ - Marketable Rigs - period end 18 29 - TURNKEY WELLS COMPLETED - - - TURNKEY WELLS IN-PROGRESS - - -
Page 5 NOBLE DRILLING CORPORATION AND SUBSIDIARIES FLEET STATUS UPDATE AS OF OCTOBER 25, 2001
YEAR BUILT/ WATER RIG RIG DESIGN REBUILT DEPTH LOCATION OPERATOR --- ---------- ------- ----- -------- -------- U.S. GULF OF MEXICO (19) ------------------------ JACKUPS (10) ------------ Noble Eddie Paul MLT Class 84-E.R.C. (T) 1976/1995 390'-IC Main Pass 290 Apache Noble Leonard Jones MLT Class 53-E.R.C. (T) 1972/1998 390'-IC Eugene Island 354 Apache Noble Bill Jennings MLT Class 84-E.R.C. (T) 1975/1997 390'-IC Viosca Knoll 900 Chevron Noble Johnnie Hoffman BakMar BMC 300 IC (T) (Z) 1976/1993 300'-IC West Cameron 170 Nexen Noble Sam Noble Levingston Class 111-C (T) 1982 300'-IC Eugene Island 113 Stacked Noble Gene Rosser Levingston Class 111-C (T) 1977/1996 300'-IC Sabine Pass Stacked Noble John Sandifer Levingston Class 111-C (T) 1975/1995 300'-IC West Cameron 38 Stacked Noble Tom Jobe MLT Class 82-SD-C (T) (Z) 1982 250'-IC West Cameron 8 Stacked Noble Earl Frederickson MLT Class 82-SD-C (T) (Z) 1979 250'-IC Eugene Island 237 Halliburton/Chevron Noble Carl Norberg MLT Class 82-C (T) 1976/1996 250'-IC Eugene Island 252 Chevron SEMISUBMERSIBLES (6) -------------------- Noble Paul Romano Noble EVA 4000(TM) (T) 1981/1998 6,000' Miss. Canyon 899 Shell Noble Jim Thompson Noble EVA 4000(TM) (T) 1984/1999 6,000' Garden Banks 341 Shell Noble Amos Runner Noble EVA 4000(TM) (T) 1982/1999 6,600' Green Canyon 338 Murphy Noble Max Smith Noble EVA 4000(TM) (T) 1980/1999 6,000' Garden Banks 515 Marathon Noble Homer Ferrington F&G 9500 Enhanced Pacesetter (T) 1985/1999 6,000' Viosca Knoll 962 Mariner Noble Clyde Boudreaux F&G 9500 Enhanced Pacesetter 1987/1999 10,000' MS - F&G shipyard Shipyard SUBMERSIBLES (3) ---------------- Noble Fri Rodli Transworld 1979/1998 70'-C West Cameron 38 Stacked Noble Joe Alford Pace 85 1982 85'-C Ship Shoal 65 ADTI Noble Lester Pettus Pace 85 1982 85'-C Ship Shoal 72 PetroQuest INTERNATIONAL (30) ------------------ MEXICO JACKUPS (1) ------------------ Noble Lewis Dugger Levingston Class 111-C (T) 1977/1997 300'-IC Bay of Campeche Pemex BRAZIL JACKUPS (1) ------------------ Noble Dick Favor BakMar BMC 150 IC 1982/1993 150'-IC Brazil Petrobras BRAZIL SEMISUBMERSIBLES (1) --------------------------- Noble Paul Wolff Noble EVA 4000(TM) (T) 1981/1998 8,900' Brazil Petrobras BRAZIL DRILLSHIPS (3) --------------------- Noble Leo Segerius Gusto Engineering Pelican (T) 1981 5,000'-DP Brazil Petrobras Noble Roger Eason Neddrill (T) 1977 6,000'-DP Brazil Petrobras
ANTICIPATED CONTRACT DAYRATE RIG EXPIRATION ($000) COMMENTS --- ----------- ------- -------- U.S. GULF OF MEXICO (19) ------------------------ JACKUPS (10) ------------ Noble Eddie Paul 12/2001 65-67 Rate effective 8/27/2001, rate review every 90 days, next review 11/27/2001. Noble Leonard Jones 12/2001 65-67 Rate effective 8/22/2001, rate review every 90 days, next review 11/22/2001. Noble Bill Jennings 2/2002 34-36 New rate effective 10/19/2001 for +/-21 days. Then 90 days @ $32-34. Noble Johnnie Hoffman 1/2002 52-54 Six-month extension effective 7/10/2001. Noble Sam Noble Stacked ready. Rig released 8/30/2001. Noble Gene Rosser Stacked ready. Rig released 9/03/2001. Noble John Sandifer Stacked ready. Rig released 9/04/2001. Noble Tom Jobe Stacked ready. Next to Chevron on +/- 11/01/2001 for 30 days @ $22-24. Noble Earl Frederickson 11/2001 32-33 Rate effective 9/05/2001 for 60 days. Noble Carl Norberg 10/2001 27-29 New rate effective 8/27/2001 through +/- 10/31/2001. Rig will be released. SEMISUBMERSIBLES (6) -------------------- Noble Paul Romano 12/2003 134-136 Noble Jim Thompson 7/2002 158-160 Noble Amos Runner 8/2004 146-148 Noble Max Smith 1/2005 154-156 Marathon one well through +/- 11/15/2001. Then to Dominion for two wells @ $139-141. Noble Homer Ferrington 1/2005 99-101 Rig stacked from 10/04/2001 through 10/24/2001. One well for Mariner, +/- 35 days. Noble Clyde Boudreaux Engineering complete. SUBMERSIBLES (3) ---------------- Noble Fri Rodli Stacked ready. Rig released 9/12/2001. Noble Joe Alford 10/2001 22-23 Noble Lester Pettus 11/2001 19-21 Rig released from Forest on 10/24/2001. INTERNATIONAL (30) ------------------ MEXICO JACKUPS (1) ------------------ Noble Lewis Dugger 11/2001 62-64 On contract 6/25/2001. 145-day term. BRAZIL JACKUPS (1) ------------------ Noble Dick Favor 2/2002 38-40 On contract 2/04/2001. BRAZIL SEMISUBMERSIBLES (1) --------------------------- Noble Paul Wolff 5/2005 138-140 BRAZIL DRILLSHIPS (3) --------------------- Noble Leo Segerius 1/2004 61-63 Commence 3-year contract on +/- 1/01/2002 @ $108-110, then to shipyard for 90 days (+/- 4/01/2002-6/30/2002), then recommence contract @ $108-110. Noble Roger Eason 4/2003 74-76
Page 6 NOBLE DRILLING CORPORATION AND SUBSIDIARIES FLEET STATUS UPDATE AS OCTOBER 25, 2001
YEAR BUILT/ WATER RIG RIG DESIGN REBUILT DEPTH LOCATION OPERATOR --- ---------- ------- ----- -------- -------- Noble Muravlenko Gusto Engineering Ice Class (T) 1982/1997 4,000'-DP Brazil Petrobras NORTH SEA JACKUPS (8) --------------------- Noble Al White CFEM T-2005 C (T) 1982/1997 360'-IC Netherlands Elf Petroland Noble Byron Welliver CFEM T-2005 C (T) 1982 300'-IC Denmark Maersk Noble Kolskaya Gusto Engineering (T) 1985 330'-IC Denmark Maersk Noble George Sauvageau NAM (T) 1981 300'-IC Netherlands NAM Noble Ronald Hoope MSC/CJ46 (T) 1982 225'-IC Netherlands Elf Petroland Noble Piet van Ede MSC/CJ46 (T) 1982 205'-IC Netherlands Transcanada Noble Lynda Bossler MSC/CJ46 (T) (Z) 1982 205'-IC Netherlands Clyde Noble Julie Robertson Baker Marine Europe Class (T) 1981 390'-IC* United Kingdom Talisman NORTH SEA SEMISUBMERSIBLES (1) ------------------------------ Noble Ton van Langeveld Offshore SCP III Mark 2 (T) 1979/2000 1,500' United Kingdom Texaco WEST AFRICA JACKUPS (6) ----------------------- Noble Tommy Craighead F&G L-780 MOD II-IC (T) 1982/1990 300'-IC Nigeria Addax Noble Percy Johns F&G L-780 MOD II-IC (T) 1981/1995 300'-IC Nigeria ExxonMobil Noble Roy Butler F&G L-780 MOD II-IC (T) 1982 300'-IC Nigeria ChevronTexaco Noble Ed Noble MLT Class 82-SD-C (T) 1984/1990 250'-IC Nigeria ExxonMobil Noble Lloyd Noble MLT Class 82-SD-C (T) 1983/1990 250'-IC Nigeria ChevronTexaco Noble Don Walker BakMar BMC 150 IC (T) 1982 150'-IC Nigeria Shell ARABIAN GULF JACKUPS (6) ------------------------ Noble Kenneth Delaney F&G L-780 MOD II-IC (T) 1983/1998 300'-IC Abu Dhabi NDC Noble George McLeod F&G L-780 MOD II-IC (T) 1981/1995 300'-IC Abu Dhabi NDC Noble Gus Androes Levingston Class 111-C (T) 1982/1996 300'-IC Qatar Maersk Noble Chuck Syring MLT Class 82-C (T) 1976/1996 250'-IC Qatar Maersk Noble Crosco Panon Levingston Class 111-C (T) 1976/2001 300'-IC Qatar Elf Petroleum Qatar Noble Charles Copeland MLT Class 82-SD-C (T) 1979/2001 250'-IC Qatar BP Qatar INDIA JACKUPS (2) ----------------- Noble Jimmy Puckett F&G L-780 MOD II-IC 1982 300'-IC India Stacked Noble Ed Holt Levingston Class 111-C (T) 1981/1994 300'-IC India ONGC FAR EAST SEMISUBMERSIBLES (1) ----------------------------- Noble Dave Beard F&G 9500 Enhanced Pacesetter 1986 10,000' Dalian, China Shipyard
ANTICIPATED CONTRACT DAYRATE RIG EXPIRATION ($000) COMMENTS --- ----------- ------- --------- Noble Muravlenko 3/2003 58-60 NORTH SEA JACKUPS (8) --------------------- Noble Al White 3/2002 39-41 On new rate 8/24/2001, next well @ $51-52, then one well @ $72-74. Each well +/- 95 days. Noble Byron Welliver 8/2002 63-65 New rate of $63-65 effective 9/01/2001. Noble Kolskaya 4/2002 73-75 On contract 3/30/2001. Noble George Sauvageau 4/2002 86-88 Back to NAM on 9/30/2001 @ $78-80 through 10/09/2001, six month extension from 10/10/2001 @ $86-88. Noble Ronald Hoope 4/2002 75-77 On new rate 8/24/2001 for +/- 90 days, next well @ $71-73, then 90 days @ $78-80 from +/- 1/15/2002. Noble Piet van Ede 12/2001 54-56 Next one-year contract from 1/01/2002 @ $80-81 with Gaz de Franz. Noble Lynda Bossler 6/2002 68-70 Rate effective 7/01/2001. Off contract from 10/04/2001 - 10/18/2001 for spud can repairs. Six-month extension from 1/01/2002 @ $79-81. Noble Julie Robertson 12/2001 63-65 Commenced second well on 9/05/2001, plus 35-day option @ $63-65, then to BG for five wells, anticipated to be 12-14 months @ $87-88 commencing +/- 12/15/2001 - 1/15/2002. NORTH SEA SEMISUBMERSIBLES (1) ------------------------------ Noble Ton van Langeveld 12/2001 83-85 On new rate 10/15/2001. WEST AFRICA JACKUPS (6) ----------------------- Noble Tommy Craighead 4/2002 57-59 On contract 4/15/2001. Noble Percy Johns 4/2002 57-59 On contract 4/01/2001. Noble Roy Butler 4/2003 51-53 On contract 4/15/2001, year two at a mutually agreed dayrate. Noble Ed Noble 3/2002 51-53 On contract 3/01/2001. Noble Lloyd Noble 10/2002 57-59 ChevronTexaco Nigeria for one year @ $57-59. Rig down between contracts from 10/09/2001 - 10/23/2001. Noble Don Walker 11/2002 34-36 Two-year contract. Reprice year two dayrate in November 2001. ARABIAN GULF JACKUPS (6) ------------------------ Noble Kenneth Delaney 5/2002 53-54 On contract 5/21/2001. Noble George McLeod 6/2002 53-54 On contract 6/01/2001. Noble Gus Androes 12/2002 53-55 On contract 4/29/2001. Noble Chuck Syring 6/2002 50-52 On contract 6/06/2001. Noble Crosco Panon 2/2002 39-41 On contract 6/01/2001. Noble Charles Copeland 7/2002 57-59 Arrived in Qatar 9/19/2001 for a 270-day contract with BP Qatar. On contract 10/13/2001. INDIA JACKUPS (2) ----------------- Noble Jimmy Puckett Rig under dry tow to Sharjah for shipyard repairs, estimated arrival of 10/28/2001. Rig ready for service +/-3/01/2002. Noble Ed Holt 11/2002 33-35 FAR EAST SEMISUBMERSIBLES (1) ----------------------------- Noble Dave Beard Completing engineering.
(T) Denotes Top Drive. (Z) Denotes Zero Discharge. (*) Leg extensions being fabricated to enable the rig to operate in up to 390' of water in a non-harsh environment. Page 7