EX-99.1 3 h96262ex99-1.txt PRESS RELEASE - ANNOUNCING FINANCIAL RESULTS EXHIBIT 99.1 [NOBLE DRILLING LETTERHEAD] NOBLE DRILLING REPORTS FIRST QUARTER 2002 RESULTS SUGAR LAND, Texas, April 24, 2002 -- Noble Drilling Corporation reported net income for the first quarter of 2002 of $51.4 million, or $0.39 per diluted share, on operating revenues of $235.5 million, compared to net income of $54.5 million, or $0.40 per diluted share, on operating revenues of $222.4 million for the first quarter of 2001. At March 31, 2002, the Company's consolidated balance sheet reflected $1.85 billion in shareholders' equity, $180.5 million in cash and cash equivalents, and $593.1 million in total debt. James C. Day, Chairman and Chief Executive Officer, said, "While we are witnessing some modest improvements in dayrates in the Gulf of Mexico, clearly it's too soon to pronounce the recovery is at hand." Offshore contract drilling services revenues from deepwater drilling units (capable of drilling in 4,000 feet and greater) accounted for approximately 36 percent and 42 percent of the Company's total offshore contract drilling services revenues for the first quarter of 2002 and 2001, 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 67 percent and 45 percent of the Company's total offshore contract drilling services revenues for the first quarter of 2002 and 2001, respectively. Lower average dayrates and utilization rates on the Company's domestic jackup rigs, which were caused by weak market conditions in the U.S. Gulf of Mexico, more than offset improved operating results in certain international locations. The average dayrate on the Company's domestic jackup rigs was $28,352 in the first quarter of 2002, down 44 percent from the same quarter of the prior year. Utilization on these rigs decreased from 99 percent in the first quarter of the prior year to 74 percent in the first quarter of this year. However, dayrates in certain international markets, especially the North Sea, the Middle East and West Africa were significantly higher in the first quarter of 2001 than the same quarter of the prior year. The average dayrate for the Company's international rigs was $62,820 in the first quarter of 2002 compared to $50,269 in the first quarter of 2001. Day said, "Uncertainty continues in the North Sea, where a change in the tax regime by the U.K. government could negatively impact drilling." 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 53 offshore drilling units located in key markets worldwide. The Company's fleet of floating deepwater units consists of 13 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 water depths of 360 feet and greater, and 11 units that operate in water depths up to 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 March 31, ------------------------- 2002 2001 --------- --------- Operating Revenues $ 235,473 $ 222,391 Operating Costs and Expenses (164,868) (139,581) --------- --------- Operating Income 70,605 82,810 Other Income (Expense), Net (8,962) (9,705) --------- --------- Income Before Income Taxes 61,643 73,105 Income Tax Provision (10,213) (18,642) --------- --------- Net Income $ 51,430 $ 54,463 ========= ========= Earnings Per Share: Basic $ 0.39 $ 0.41 Diluted $ 0.39 $ 0.40 Weighted Average Common Shares Outstanding: Basic 132,071 133,669 Diluted 133,291 135,547
------------- NDC-268 4/24/02 For additional information, contact: John T. Rynd, Vice President - Investor Relations, Noble Drilling Services Inc. Noble Drilling Corporation, 281-276-6100 [NOBLE LOGO] NOBLE DRILLING CORPORATION QUARTER ENDED MARCH 31, 2002 SUPPLEMENTARY FINANCIAL AND OPERATIONAL DATA NOBLE DRILLING CORPORATION Quarterly Consolidated Statements of Income Quarter Ended March 31, 2002 and Certain Preceding Quarters (In thousands, except per share amounts) (Unaudited)
QUARTER ENDED -------------------------------------------------------------------------- 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01 12/31/00 --------- --------- --------- --------- --------- --------- OPERATING REVENUES: Contract drilling services $ 220,805 $ 244,252 $ 257,926 $ 233,344 $ 210,427 $ 211,442 Labor contract drilling services 7,924 7,858 7,976 7,977 7,481 6,837 Turnkey drilling services -- -- -- -- -- 19,302 Engineering, consulting and other 6,744 8,390 6,890 5,325 4,483 3,598 --------- --------- --------- --------- --------- --------- 235,473 260,500 272,792 246,646 222,391 241,179 --------- --------- --------- --------- --------- --------- OPERATING COSTS AND EXPENSES: Contract drilling services 114,132 118,132 114,013 103,437 96,182 97,048 Labor contract drilling services 6,327 6,291 6,817 6,558 6,079 5,752 Turnkey drilling services -- -- -- -- -- 20,814 Engineering, consulting and other 4,904 5,761 5,237 3,807 2,856 1,796 Depreciation and amortization 30,293 31,206 30,314 29,116 27,939 28,308 Selling, general and administrative 9,212 6,328 5,114 6,330 6,525 6,356 --------- --------- --------- --------- --------- --------- 164,868 167,718 161,495 149,248 139,581 160,074 --------- --------- --------- --------- --------- --------- OPERATING INCOME 70,605 92,782 111,297 97,398 82,810 81,105 OTHER INCOME (EXPENSE): Interest expense (10,700) (11,218) (11,578) (12,401) (12,555) (13,405) Other, net 1,738 2,802 3,537 4,268 2,850 2,377 --------- --------- --------- --------- --------- --------- INCOME BEFORE INCOME TAXES AND EXTRAORDINARY CHARGE 61,643 84,366 103,256 89,265 73,105 70,077 INCOME TAX PROVISION (10,213) (20,880) (25,298) (21,262) (18,642) (18,220) --------- --------- --------- --------- --------- --------- INCOME BEFORE EXTRAORDINARY CHARGE 51,430 63,486 77,958 68,003 54,463 51,857 EXTRAORDINARY CHARGE, NET OF TAX(1) -- -- (988) -- -- -- --------- --------- --------- --------- --------- --------- NET INCOME $ 51,430 $ 63,486 $ 76,970 $ 68,003 $ 54,463 $ 51,857 ========= ========= ========= ========= ========= ========= EARNINGS PER SHARE-DILUTED: INCOME BEFORE EXTRAORDINARY CHARGE $ 0.39 $ 0.48 $ 0.59 $ 0.50 $ 0.40 $ 0.38 EXTRAORDINARY CHARGE -- -- (0.01) -- -- -- --------- --------- --------- --------- --------- --------- NET INCOME PER COMMON SHARE-DILUTED $ 0.39 $ 0.48 $ 0.58 $ 0.50 $ 0.40 $ 0.38 ========= ========= ========= ========= ========= ========= WEIGHTED AVERAGE SHARES OUTSTANDING-DILUTED 133,291 132,882 132,809 135,457 135,547 135,655 ========= ========= ========= ========= ========= =========
---------- Notes to Statements of Income Follow on Next Page Page 2 NOBLE DRILLING CORPORATION QUARTERLY CONSOLIDATED STATEMENTS OF INCOME QUARTER ENDED MARCH 31, 2002 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 MARCH 31, 2002 AND CERTAIN PRECEDING QUARTERS (IN THOUSANDS) (UNAUDITED)
AS OF --------------------------------------------------------------------------- 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01 12/31/00 ---------- ---------- ---------- ---------- ---------- ---------- Cash and cash equivalents(1) $ 187,772 $ 246,075 $ 186,673 $ 225,790 $ 224,616 $ 177,124 Total current assets 462,044 494,049 438,367 452,634 406,181 379,132 Property and equipment (net) 2,227,723 2,149,217 2,139,907 2,084,579 2,087,123 2,095,129 Total assets 2,797,816 2,750,740 2,684,631 2,686,060 2,639,399 2,595,531 Total current liabilities 196,241 207,549 195,425 202,651 181,219 205,428 Current maturities of long-term debt 58,545 55,430 52,370 49,364 48,590 49,351 Total debt 593,127 605,561 617,800 673,152 685,011 699,642 Total liabilities 952,300 972,421 964,415 1,012,883 989,755 1,018,812 Shareholders' equity 1,845,516 1,778,319 1,720,216 1,673,177 1,649,644 1,576,719
---------- (1) Includes amounts classified as restricted cash of $7.2 million at March 31, 2002, $9.4 million at December 31, 2001, $7.3 million at September 30, 2001, $7.2 million at June 30, 2001 and $3.9 million at both of the quarters ended December 31, 2000 and March 31, 2001. Does not include amounts classified as investment in marketable securities of $39.8 million, $35.3 million and $26.1 million at March 31, 2002, December 31, 2001 and September 30, 2001, respectively. Page 4 NOBLE DRILLING CORPORATION CONSOLIDATED FINANCIAL AND OPERATIONAL DATA (IN THOUSANDS, EXCEPT UTILIZATION AMOUNTS, OPERATING DAYS, AVERAGE DAYRATE AND MARKETABLE RIGS)
UNAUDITED ------------------------------------------------------------- 1ST QUARTER 2002 1ST QUARTER 2001 YTD DECEMBER 2001 ---------------------------- ----------------------------- ----------------------------- REVENUES Domestic International Domestic International Domestic International ---------- ------------ ------------- ------------ ------------- ------------ ------------- OFFSHORE Drilling $ 72,800 $ 148,005 $ 116,274 $ 94,153 $ 450,079 $ 495,870 Labor -- 7,924 -- 7,481 -- 31,292 ENGINEERING, CONSULTING AND OTHER 3,717 3,027 2,555 1,928 13,212 11,876 DIRECT EXPENSES --------------- OFFSHORE Drilling $ 37,707 $ 76,425 $ 39,293 $ 56,889 $ 164,991 $ 266,773 Labor -- 6,327 -- 6,079 -- 25,745 ENGINEERING, CONSULTING AND OTHER 3,125 1,779 1,944 912 10,170 7,491 STATISTICS ---------- OFFSHORE DRILLING Utilization 74% 93% 99% 79% 90% 90% Operating Days 1,168 2,356 1,591 1,873 6,035 8,718 Average Dayrate $ 62,329 $ 62,820 $ 73,082 $ 50,269 $ 74,578 $ 56,879 Marketable Rigs - period end 17 29 20 27 18 29
Page 5 NOBLE DRILLING CORPORATION and Subsidiaries Fleet Status Update April 24, 2002
YEAR BUILT/ WATER RIG RIG DESIGN REBUILT DEPTH LOCATION OPERATOR --- ---------- ------- ----- -------- -------- U.S. GULF OF MEXICO(21) ----------------------- JACKUPS(10) ----------- Noble Eddie Paul MLT Class 84-E.R.C.(T) 1976/1995 390'-IC South Timbalier 295 Apache Noble Leonard Jones MLT Class 53-E.R.C.(T) 1972/1998 390'-IC Eugene Island 240 BP Noble Bill Jennings MLT Class 84-E.R.C.(T) 1975/1997 390'-IC Eugene Island 339 ChevronTexaco Noble Johnnie Hoffman BakMar BMC 300 IC(T)(Z) 1976/1993 300'-IC Ship Shoal 280 ADTI/Hellis Noble Sam Noble Levingston Class 111-C(T) 1982 300'-IC High Island A-316 El Paso Noble Gene Rosser Levingston Class 111-C(T) 1977/1996 300'-IC South Timbalier 164 Amerada Hess Noble John Sandifer Levingston Class 111-C(T) 1975/1995 300'-IC Eugene Island 305 Devon Noble Tom Jobe MLT Class 82-SD-C(T)(Z) 1982 250'-IC High Island 167 Spinnaker Noble Earl Frederickson MLT Class 82-SD-C(T)(Z) 1979 250'-IC West Cameron 168 ChevronTexaco Noble Carl Norberg MLT Class 82-C(T) 1976/1996 250'-IC Main Pass 74 ExxonMobil SEMISUBMERSIBLES(8) ------------------- Noble Paul Romano Noble EVA 4000(TM)(T) 1981/1998 6,000' Green Canyon 117 Shell Noble Jim Thompson Noble EVA 4000(TM)(T) 1984/1999 6,000' Mississippi Canyon 809 Shell Noble Amos Runner Noble EVA 4000(TM)(T) 1982/1999 6,600' Garden Banks 515 Marathon Noble Max Smith Noble EVA 4000(TM)(T) 1980/1999 6,000' Mississippi Canyon 773 Dominion Noble Homer Ferrington F&G 9500 Enhanced Pacesetter(T) 1985/1999 6,000' East Breaks 421 Samedan Noble Clyde Boudreaux F&G 9500 Enhanced Pacesetter 1987/1999 10,000' MS - F&G shipyard Shipyard Noble Lorris Bouzigard (ex-96) IPF Pentagone(T) 1975 4,000'** MS - F&G shipyard Shipyard Noble Therald Martin (ex-97) IPF Pentagone(T) 1977 4,000'** MS - F&G shipyard Shipyard SUBMERSIBLES(3) --------------- Noble Fri Rodli Transworld 1979/1998 70'-C West Cameron 38 Stacked ANTICIPATED CONTRACT DAYRATE RIG EXPIRATION ($000) COMMENTS --- ----------- --------- ------- U.S. GULF OF MEXICO(21) ----------------------- JACKUPS(10) ----------- Noble Eddie Paul 5/2002 35-37 Rate effective 4/01/2002 for 45 days. Noble Leonard Jones 7/2002 29-31 90 day extension @ $35-37, effective 5/01/2002. Noble Bill Jennings 6/2002 35-37 Rate effective 4/21/2002 for 45 days. Noble Johnnie Hoffman 8/2002 19-20 Rate effective 3/15/2002 through +/- 5/10/2002. Then to Stone Petroleum for 90 days @ 26-28. Noble Sam Noble 5/2002 17-19 Rate effective 3/30/2002 through +/- 5/03/2002, then to shipyard for +/- 20 days for spud can repairs. Noble Gene Rosser 5/2002 18-19 Rate effective on 4/10/2002 through +/- 5/03/2002. Then to Apache for +/- 45 days @ $22-23. Noble John Sandifer 6/2002 19-21 Rate effective on 3/18/2002 through +/- 5/15/2002, then one well extension @ $22-24. Noble Tom Jobe 6/2002 17-18 $17-18 for +/- 80 days, effective 2/11/2002. Next well @ $17-19, effective +/- 5/01/2002 for +/- 45 days. Noble Earl Frederickson 5/2002 19-21 Rate effective 4/17/2002 for +/- 45 days. Noble Carl Norberg 5/2002 17-19 Rate effective 3/24/2002 through +/- 5/01/2002. SEMISUBMERSIBLES(8) ------------------- Noble Paul Romano 12/2002 94-96 One year option at mutually agreed terms and conditions. Noble Jim Thompson 7/2004 158-160 Contract has been extended for 2-years @ $154-156 from 7/01/2002. Noble Amos Runner 8/2004 146-148 Noble Max Smith 1/2005 139-141 Dominion for three wells @ $139-141, 4th well @ $104-106, 5th well @ $102-103. Rig with Dominion through +/- 5/31/2002, plus one well option. Noble Homer Ferrington 1/2005 84-86 Samedan @ $84-86 on 2/13/2002 through 3/29/2002. Then @ $84-86 from 4/04/2002 for +/- 30 days. Noble Clyde Boudreaux Engineering complete. Structural steel work being carried out on hull. Procuring certain long lead time capital equipment. Noble Lorris Bouzigard (ex-96) Purchased March 26, 2002 for $15.5 million. Rig undergoing upgrade/refurbishment to living quarters and drilling equipment. Anticipate rig to be available for service in late 3Q 2002. Noble Therald Martin (ex-97) Purchased March 26, 2002 for $15.5 million. Anticipate rig to be available for service in late 4Q 2002 or 1Q 2003. SUBMERSIBLES(3) --------------- Noble Fri Rodli Stacked cold.
Page 6 NOBLE DRILLING CORPORATION and Subsidiaries Fleet Status Update April 24, 2002
YEAR BUILT/ WATER RIG RIG DESIGN REBUILT DEPTH LOCATION OPERATOR --- ---------- ------- ----- -------- -------- Noble Joe Alford Pace 85 1982 85'-C Eugene Island 113 Stacked Noble Lester Pettus Pace 85 1982 85'-C Eugene Island 110 LLOG INTERNATIONAL(32) ----------------- MEXICO JACKUP(1) ---------------- Noble Lewis Dugger Levingston Class 111-C(T) 1977/1997 300'-IC Bay of Campeche Pemex BRAZIL JACKUP(1) ---------------- Noble Dick Favor BakMar BMC 150 IC 1982/1993 150'-IC Brazil Petrobras BRAZIL SEMISUBMERSIBLE(1) ------------------------- Noble Paul Wolff Noble EVA 4000(TM)(T) 1981/1998 8,900'-DP 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 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 250'-IC Netherlands Elf Petroland Noble Piet van Ede MSC/CJ46(T) 1982 250'-IC Netherlands Gaz de Franz Noble Lynda Bossler MSC/CJ46(T)(Z) 1982 250'-IC Netherlands Clyde Noble Julie Robertson Baker Marine Europe Class(T) 1981 390'-IC* United Kingdom BG NORTHSEA -------- SEMISUBMERSIBLE(1) ------------------ Noble Ton van Langeveld Offshore SCP III Mark 2(T) 1979/2000 1,500' United Kingdom Kerr-McGee WEST AFRICA JACKUPS(6) ---------------------- Noble Tommy Craighead F&G L-780 MOD II-IC(T) 1982/1990 300'-IC Nigeria Addax ANTICIPATED CONTRACT DAYRATE RIG EXPIRATION ($000) COMMENTS --- ---------- ------ -------- Noble Joe Alford Stacked ready. Noble Lester Pettus 7/2002 18-20 Rate effective 4/09/2002. INTERNATIONAL(32) ----------------- MEXICO JACKUP(1) ---------------- Noble Lewis Dugger 7/2004 56-58 BRAZIL JACKUP(1) ---------------- Noble Dick Favor 3/2003 35-36 360 day contract extension @ $35-36 effective 3/26/2002. BRAZIL SEMISUBMERSIBLE(1) ------------------------- Noble Paul Wolff 5/2005 138-140 The rig was off rate from 3/01/2002 through 4/03/2002 for underwater survey. BRAZIL DRILLSHIPS(3) -------------------- Noble Leo Segerius 3/2005 107-109 Commenced 3-year contract on 12/15/2001 @ initial rate of $107-109. To shipyard for up to 90 days (+/- 5/15/2002-8/15/2002), then recommence contract @ $109-111. Rig will be equipped with aluminum alloy riser. Noble Roger Eason 4/2003 74-76 Noble Muravlenko 3/2003 58-60 NORTH SEA JACKUPS(8) -------------------- Noble Al White 12/2002 51-53 On new rate of $51-53 on 01/29/2002 through +/- 5/25/2002, then one well @ $72-74 and one well @ $80-82. Noble Byron Welliver 8/2002 63-65 Noble Kolskaya 5/2002 73-75 Discussing a one well extension, rig could be released +/- 5/15/2002. Noble George Sauvageau 4/2003 83-85 Rate effective from 4/10/2002 through 10/10/2002 @ $83-85. Market rate adjustment on 10/10/2002. Noble Ronald Hoope 8/2002 82-84 Dayrate of $78-80 for 1st Quarter 2002, then $82-84 for April and through +/- 5/01/2002. Then 100 days @ $69-71 with Gaz de Franz. Noble Piet van Ede 12/2002 80-81 Noble Lynda Bossler 6/2002 79-81 Well to well contract with Clyde from 7/01/2002, rate firm from 7/01/2002 through 9/30/2002 @ $76-78. Noble Julie Robertson 12/2002 87-88 NORTHSEA -------- SEMISUBMERSIBLE(1) ------------------ Noble Ton van Langeveld 6/2002 68-70 Rate effective 3/15/2002. First well @ $68-70, second well @ $71-73, plus 2 option wells. Option 1-@ $78-80, option 2-@ $83-85. Each well anticipated to be +/- 45 days. WEST AFRICA JACKUPS(6) ---------------------- Noble Tommy Craighead 4/2003 57-59 Contract recently extended for one year at same dayrate.
Page 7 NOBLE DRILLING CORPORATION and Subsidiaries Fleet Status Update April 24, 2002
YEAR BUILT/ WATER RIG RIG DESIGN REBUILT DEPTH LOCATION OPERATOR --- ---------- ------- ----- -------- -------- 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(7) ----------------------- Noble Kenneth Delaney F&G L-780 MOD II-IC(T) 1983/1998 300'-IC UAE NDC Noble George McLeod F&G L-780 MOD II-IC(T) 1981/1995 300'-IC UAE 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 Noble Jimmy Puckett F&G L-780 MOD II-IC(T) 1982/2002 300'-IC Qatar Dolphin Energy Ltd. INDIA JACKUP(1) --------------- Noble Ed Holt Levingston Class 111-C(T) 1981/1994 300'-IC India ONGC FAR EAST SEMISUBMERSIBLES(3) ------------------- Noble Dave Beard F&G 9500 Enhanced Pacesetter 1986 10,000' Dalian, China Shipyard Bingo 9000 - 3 Trosvik Bingo 9000 1999 10,000'*** Dalian, China Shipyard Bingo 9000 - 4 Trosvik Bingo 9000 1999 10,000'*** Dalian, China Shipyard ANTICIPATED CONTRACT DAYRATE RIG EXPIRATION ($000) COMMENTS --- ----------- ------ ----------- Noble Percy Johns 4/2003 57-59 Noble Roy Butler 4/2003 51-53 Contract recently extended for one year at same dayrate. Noble Ed Noble 3/2003 51-53 Noble Lloyd Noble 10/2002 57-59 Noble Don Walker 11/2002 59-60 ARABIAN GULF JACKUPS(7) ----------------------- Noble Kenneth Delaney 5/2002 53-54 Noble George McLeod 6/2002 53-54 Noble Gus Androes 12/2002 53-55 Noble Chuck Syring 6/2003 50-52 Noble Crosco Panon 8/2002 39-41 Noble Charles Copeland 8/2002 57-59 Noble Jimmy Puckett 9/2002 55-56 Rate effective 4/05/2002. One well, plus one well option. INDIA JACKUP(1) --------------- Noble Ed Holt 11/2002 33-35 FAR EAST SEMISUBMERSIBLES(3) ------------------- Noble Dave Beard Completing engineering. Bingo 9000 - 3 Baredeck hull. Rig 3 and Rig 4 purchased 3/27/2002 for $45.0 million. Seller has option to repurchase the rigs for $56.0 million. Option must be exercised by 12/27/2002 with a closing date of 3/27/2003. Bingo 9000 - 4 See Bingo 9000-3
(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. (**) Rig to be upgraded to 4,000' utilizing aluminum alloy riser. (***) Baredeck hull constructed as capable to operate in 10,000' of water. Page 8