<PAGE> 1
EXHIBIT 99.1
NEWS NOBLE DRILLING CORPORATION
13135 SOUTH DAIRY ASHFORD, SUITE 800 [NOBLE LOGO]
SUGAR LAND, TX 77478
PHONE: 281-276-6100 FAX: 281-491-2092
================================================================================
NOBLE DRILLING REPORTS THIRD QUARTER 2000 RESULTS
SUGAR LAND, Texas, October 26, 2000 -- Noble Drilling Corporation's
reported net income increased 78 percent for the third quarter of 2000 to $44.8
million, or $0.33 per diluted share, on operating revenues of $225.9 million,
compared to net income of $25.2 million, or $0.19 per diluted share, on
operating revenues of $176.8 million for the third quarter of 1999. Net income
for the nine months ended September 30, 2000 increased 44 percent to $113.7
million, or $0.84 per diluted share, on operating revenues of $641.4 million,
compared to net income, excluding the effects of an extraordinary item, of $78.8
million, or $0.59 per diluted share, on operating revenues of $532.4 million for
the nine months ended September 30, 1999. Results for the nine months ended
September 30, 1999 included an extraordinary charge of $10.8 million, net of
taxes of $5.9 million, related to the Company's purchase and retirement of $125
million principal amount of its 9 1/8% Senior Notes due 2006.
James C. Day, Chairman and Chief Executive Officer, said, "The majority
of our operating regions continue to improve. Certainly, the degree of
improvement varies dramatically. As widely reported, the largest offshore
drilling market in the world, the Gulf of Mexico, has experienced some weakness
in dayrates."
The Company repurchased 500,000 shares of its common stock at a total
cost of $19,604,000 during the third quarter of 2000. At September 30, 2000, the
Company's consolidated balance sheet reflected $1.55 billion in shareholders'
equity, $202.6 million in cash and cash equivalents, and $747.6 million in total
debt.
- more -
<PAGE> 2
Offshore contract drilling services revenues from deepwater drilling
units (rigs capable of drilling in 3,000 feet and greater) accounted for
approximately 46 percent and 41 percent of the Company's total offshore contract
drilling services revenues for the third quarter of 2000 and 1999, respectively.
The higher percentage of revenues from deepwater drilling units in 2000 was
principally due to the activation of two of the Company's Noble EVA-4000(TM)
semisubmersibles during or after the third quarter of 1999 and the Noble Homer
Ferrington semisubmersible in March of 2000. Five of the Company's six deepwater
units activated since December 1998 are operating under long term contracts in
the Gulf of Mexico and one is operating offshore Brazil. Offshore contract
drilling services revenues from international sources accounted for
approximately 48 percent and 68 percent of the Company's total offshore contract
drilling services revenues for the third quarter of 2000 and 1999, respectively.
Day said, "We are continually asked why activity levels, and in turn
dayrates, are not higher, given the price of oil and natural gas.
Simplistically, the answer is many oil and gas operators are using a pricing
target of approximately one-half of the current levels and others do not have a
portfolio of projects ready to drill. Given the current level of inquiries and
the announced increases in drilling budgets for 2001, this current hiatus will
end next year. We have initiated phase one of the upgrade of the Noble Ilion
semisubmersible, which involves upgrading the hull. This phase of the project
will cost approximately $15 to $20 million. The unit is designed to moor in up
to 10,000 feet of water in benign environments. We anticipate the project to
require approximately 20 months to complete, depending on our client's
specifications. There is interest in the unit, however, before we initiate phase
two, a contract would be in place."
Noble Drilling Corporation is a leading provider of diversified
services for the oil and gas industry. Contract drilling services are performed
with a 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
- more -
<PAGE> 3
dynamically positioned drillships, seven of which are designed to operate in
water depths greater than 5,000 feet. Noble's fleet of 34 independent leg,
cantilever jackup rigs includes 21 premium units that operate in water depths of
300 feet and greater, four of which operate in water depths of 360 feet and
greater. In addition, the Company's fleet includes three submersible units.
Eleven 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, Africa, Brazil, the Middle East and Mexico.
Noble 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 contains forward-looking statements about the
business, financial condition and prospects of Noble Drilling. The actual
results of the Company could differ materially from those indicated by the
forward-looking statements because of various risks and uncertainties,
including, without limitation, volatility in crude oil and natural gas prices,
potential deterioration in the demand for our drilling services and resulting
declining dayrates, the cancellation by our customers of drilling contracts or
letter agreements or letters of intent for drilling contracts or their exercise
of early termination provisions generally found in our drilling contracts, risks
associated with fixed cost drilling operations, intense competition in the
drilling industry, political and economic conditions in international markets
where we operate, adverse weather (such as hurricanes) and seas, operational
risks (such as blowouts, fires and loss of production), limitations on our
insurance coverage, requirements and potential liability imposed by governmental
regulation of the drilling industry (including environmental regulation), and
other risks indicated in the Company's Securities and Exchange Commission
filings and reports. All of the foregoing
- more -
<PAGE> 4
risks and uncertainties are beyond the ability of the Company to control, and in
many cases, the Company cannot predict the risks and uncertainties that could
cause its actual results to differ materially from those indicated by the
forward-looking statements. When used in this news release, the words
"believes," "anticipates," "expects," "plans" and similar expressions as they
relate to the Company or its management are intended to identify forward-looking
statements.
Additional information on Noble Drilling Corporation is available via
the world wide web at http://www.noblecorp.com.
###
<PAGE> 5
NOBLE DRILLING CORPORATION AND SUBSIDIARIES
SUMMARY OF RESULTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Quarter Ended September 30,
---------------------------
2000 1999
--------- ---------
<S> <C> <C>
Operating Revenues $ 225,878 $ 176,825
Operating Costs and Expenses (154,582) (135,625)
--------- ---------
Operating Income 71,296 41,200
Other Income (Expense), Net (10,738) (7,188)
--------- ---------
Income Before Income Taxes 60,558 34,012
Income Tax Provision (15,745) (8,842)
--------- ---------
Net Income $ 44,813 $ 25,170
========= =========
Earnings Per Share:
Basic $ 0.33 $ 0.19
Diluted $ 0.33 $ 0.19
Weighted Average Common Shares Outstanding:
Basic 133,778 131,679
Diluted 135,919 132,961
</TABLE>
<PAGE> 6
NOBLE DRILLING CORPORATION AND SUBSIDIARIES
SUMMARY OF RESULTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
2000 1999
--------- ---------
<S> <C> <C>
Operating Revenues $ 641,421 $ 532,416
Operating Costs and Expenses (453,902) (410,298)
--------- ---------
Operating Income 187,519 122,118
Other Income (Expense), Net (31,289) (14,651)
--------- ---------
Income Before Income Taxes and Extraordinary Charge 156,230 107,467
Income Tax Provision (42,533) (28,673)
--------- ---------
Income Before Extraordinary Charge 113,697 78,794
Extraordinary Charge, Net of Tax (1) -- (10,833)
--------- ---------
Net Income $ 113,697 $ 67,961
========= =========
Earnings Per Share:
Basic:
Income Before Extraordinary Charge $ 0.85 $ 0.60
Extraordinary Charge (1) -- (0.08)
--------- ---------
Net Income $ 0.85 $ 0.52
========= =========
Diluted:
Income Before Extraordinary Charge $ 0.84 $ 0.59
Extraordinary Charge (1) -- (0.08)
--------- ---------
Net Income $ 0.84 $ 0.51
========= =========
Weighted Average Common Shares Outstanding:
Basic 133,277 131,391
Diluted 135,396 132,391
</TABLE>
----------
(1) The amount relates to the Company's purchase and retirement of $125 million
principal amount of its 9 1/8% Senior Notes due 2006.
NDC-236
10/26/00
For additional information, contact:
John Rynd - Vice President, Investor Relations, Noble Drilling Services Inc.
Noble Drilling Corporation, 281-276-6100
<PAGE> 7
[NOBLE DRILLING CORPORATION LOGO]
NOBLE DRILLING CORPORATION
QUARTER ENDED SEPTEMBER 30, 2000
SUPPLEMENTARY FINANCIAL AND OPERATIONAL DATA
<PAGE> 8
NOBLE DRILLING CORPORATION
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS
QUARTER ENDED SEPTEMBER 30, 2000 AND CERTAIN PRECEDING QUARTERS
(In thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
QUARTER ENDED
-------------------------------------------------------------------------------
09/30/00 06/30/00 03/31/00 12/31/99 09/30/99 06/30/99
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Contract drilling services $ 190,450 $ 190,416 $ 163,078 $ 147,715 $ 146,597 $ 142,093
Labor contract drilling services 7,052 7,628 7,963 6,986 7,916 9,747
Turnkey drilling services 19,363 30,343 13,039 18,053 21,095 21,879
Engineering, consulting and other 9,013 2,337 739 733 1,217 1,752
--------- --------- --------- --------- --------- ---------
225,878 230,724 184,819 173,487 176,825 175,471
--------- --------- --------- --------- --------- ---------
OPERATING COSTS AND EXPENSES: (1)
Contract drilling services 90,424 95,930 83,193 82,261 79,950 77,307
Labor contract drilling services 5,549 6,358 5,726 5,993 6,820 8,693
Turnkey drilling services 18,954 23,778 16,006 15,541 19,743 22,194
Engineering, consulting and other 5,949 1,847 282 240 414 609
Depreciation and amortization 28,250 27,865 26,364 24,988 24,119 20,781
Selling, general and administrative 5,456 5,594 6,377 9,142 4,579 3,900
Restructuring charge (2) -- -- -- 7,479 -- --
--------- --------- --------- --------- --------- ---------
154,582 161,372 137,948 145,644 135,625 133,484
--------- --------- --------- --------- --------- ---------
OPERATING INCOME 71,296 69,352 46,871 27,843 41,200 41,987
OTHER INCOME (EXPENSE):
Interest expense (13,913) (13,761) (15,371) (14,343) (14,502) (14,801)
Interest capitalized -- -- 1,872 3,734 4,218 7,260
Other, net 3,175 4,660 2,049 785 3,096 2,427
--------- --------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAXES 60,558 60,251 35,421 18,019 34,012 36,873
INCOME TAX PROVISION (3) (15,745) (16,870) (9,918) (1,511) (8,842) (9,588)
--------- --------- --------- --------- --------- ---------
NET INCOME $ 44,813 $ 43,381 $ 25,503 $ 16,508 $ 25,170 $ 27,285
========= ========= ========= ========= ========= =========
EARNINGS PER SHARE-DILUTED $ 0.33 $ 0.32 $ 0.19 $ 0.12 $ 0.19 $ 0.21
========= ========= ========= ========= ========= =========
WEIGHTED AVERAGE SHARES OUTSTANDING-DILUTED 135,919 135,616 134,622 133,216 132,961 132,341
========= ========= ========= ========= ========= =========
</TABLE>
-----------
Notes to Statements of Operations Follow on Next Page
Page 2
<PAGE> 9
NOBLE DRILLING CORPORATION
QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS
QUARTER ENDED SEPTEMBER 30, 2000 AND CERTAIN PRECEDING QUARTERS
NOTES:
(1) Certain reclassifications have been made to the prior quarter
consolidated statements of operations to conform to the classifications
used in the quarterly period ended September 30, 2000. These
reclassifications have no impact on operating income.
(2) For the quarter ended December 31, 1999, the amount relates to a
non-recurring restructuring charge for early retirement packages and
relocation of the Gulf Coast Marine division office in Lafayette to the
centralized Houston office, which was completed during the second
quarter of 2000.
(3) For the quarter ended December 31, 1999, the amount includes a
non-recurring tax benefit of $2.6 million.
Page 3
<PAGE> 10
QUARTERLY CONSOLIDATED BALANCE SHEET DATA
QUARTER ENDED SEPTEMBER 30, 2000 AND CERTAIN PRECEDING QUARTERS
($000S)
(UNAUDITED)
<TABLE>
<CAPTION>
AS OF
--------------------------------------------------------------------------------
09/30/00 06/30/00 03/31/00 12/31/99 9/30/99 6/30/99
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Total cash and marketable debt securities $ 202,583 $ 130,532 $ 61,624 $ 136,837 $ 153,408 $ 209,554
Total current assets 420,863 330,703 269,830 290,625 329,227 412,435
Property and equipment (net) 2,054,887 2,073,086 2,084,868 2,049,769 2,009,212 1,936,573
Total assets 2,619,605 2,560,538 2,500,098 2,432,324 2,433,449 2,446,154
Total current liabilities 229,875 222,463 218,757 233,336 249,167 261,371
Short-term debt and current installments of
long-term debt 60,631 61,226 59,009 59,460 59,905 59,100
Total debt 747,626 761,812 774,976 790,353 807,521 819,489
Total liabilities 1,065,652 1,062,816 1,055,280 1,034,282 1,068,907 1,093,496
Shareholders' equity 1,553,953 1,497,722 1,444,818 1,398,042 1,364,542 1,352,658
</TABLE>
-------------
Page 4
<PAGE> 11
NOBLE DRILLING CORPORATION
CONSOLIDATED OPERATIONAL FINANCIAL DATA
($000S EXCEPT UTILIZATION AMOUNTS, OPERATING DAYS, AVERAGE DAYRATE,
MARKETABLE RIGS AND TURNKEY WELLS)
<TABLE>
<CAPTION>
UNAUDITED
------------------------------------------------------------------------
3RD QUARTER 2000 3RD QUARTER 1999
--------------------------------- -----------------------------------
REVENUES Domestic International Triton Domestic International Triton
-------- -------- ------------- ------- -------- ------------- -------
<S> <C> <C> <C> <C> <C> <C>
OFFSHORE
Drilling $98,417 $92,033 $ -- $46,323 $100,274 $ --
Labor -- 7,052 -- -- 7,916 --
TURNKEY DRILLING -- -- 19,363 -- -- 21,095
ENGINEERING, CONSULTING AND OTHER 1,032 2,458 5,523 383 834 --
DIRECT EXPENSES
---------------
OFFSHORE
Drilling $34,172 $56,252 $ -- $22,458 $ 57,492 $ --
Labor -- 5,549 -- -- 6,820 --
TURNKEY DRILLING -- -- 18,954 -- -- 19,743
ENGINEERING, CONSULTING AND OTHER 621 279 5,049 172 242 --
STATISTICS
----------
OFFSHORE DRILLING
Utilization 92% 84% -- 72% 64% --
Operating Days 1,479 2,104 -- 893 1,728 --
Average Dayrate $66,543 $43,742 $ -- $51,873 $ 58,029 $ --
Marketable Rigs - period end 17 28 -- 11 30 --
TURNKEY WELLS COMPLETED -- -- 5 -- -- 7
TURNKEY WELLS IN-PROGRESS -- -- 4 -- -- 3
<CAPTION>
UNAUDITED
-----------------------------------
YTD SEPTEMBER 2000
------------------------------------
REVENUES Domestic International Triton
-------- -------- ------------- -------
<S> <C> <C> <C>
OFFSHORE
Drilling $272,428 $271,516 $ --
Labor -- 22,643 --
TURNKEY DRILLING -- -- 62,745
ENGINEERING, CONSULTING AND OTHER 1,482 3,940 6,667
DIRECT EXPENSES
---------------
OFFSHORE
Drilling $ 97,715 $171,832 $ --
Labor -- 17,633 --
TURNKEY DRILLING -- -- 58,738
ENGINEERING, CONSULTING AND OTHER 986 1,021 6,071
STATISTICS
----------
OFFSHORE DRILLING
Utilization 88% 78% --
Operating Days 4,148 5,891 --
Average Dayrate $ 65,677 $ 46,090 $ --
Marketable Rigs - period end 17 28 --
TURNKEY WELLS COMPLETED -- -- 15
TURNKEY WELLS IN-PROGRESS -- -- 4
</TABLE>
Page 5
<PAGE> 12
NOBLE DRILLING CORPORATION
AND SUBSIDIARIES
MONTHLY FLEET STATUS
AS OF OCTOBER 26, 2000
<TABLE>
<CAPTION>
YEAR
BUILT/ WATER
RIG RIG DESIGN REBUILT DEPTH LOCATION OPERATOR
--- ---------- ------- ----- -------- --------
JACKUP RIGS
DOMESTIC (10)
<S> <C> <C> <C> <C> <C>
Noble Eddie Paul MLT Class 84-E.R.C. (T) 1976/1995 390'-IC South Timbalier 295-A Apache
Noble Leonard Jones MLT Class 53-E.R.C. (T) 1972/1998 390'-IC Vermillion 321 Basin
Noble Bill Jennings MLT Class 84-E.R.C. (T) 1975/1997 390'-IC South Timbalier 265 Triton/Magnum Hunter
Noble Johnnie Hoffman BakMar BMC 300 IC (T) 1976/1993 300'-IC Main Pass 262 CXY
Noble Sam Noble Levingston Class 111-C (T) 1982 300'-IC High Island 116 Forest Oil
Noble John Sandifer Levingston Class 111-C (T) 1975/1995 300'-IC West Cameron 61 BHP
Noble Tom Jobe MLT Class 82-SD-C (T) (Z) 1982 250'-IC Mobile 1005 Spirit 76
Noble Earl Frederickson MLT Class 82-SD-C (T) 1979 250'-IC West Cameron 19 Halliburton/Chevron
Noble Carl Norberg MLT Class 82-C (T) 1976/1996 250'-IC Eugene Island 133 Chevron
Noble Charles Copeland MLT Class 82-SD-C (T) 1979/1995 250'-IC Pascagoula F&G Shipyard
INTERNATIONAL (24)
Noble Gene Rosser Levingston Class 111-C (T) 1977/1996 300'-IC Bay of Campeche Pemex
Noble Lewis Dugger Levingston Class 111-C (T) 1977/1997 300'-IC Bay of Campeche Pemex
Noble Dick Favor BakMar BMC 150 IC 1982/1993 150'-IC Lake Maracaibo Stacked
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 Chevron
Noble Ed Noble MLT Class 82-SD-C (T) 1984/1990 250'-IC Angola Texaco
Noble Lloyd Noble MLT Class 82-SD-C (T) 1983/1990 250'-IC Nigeria Tuskar
Noble Don Walker BakMar BMC 150 IC (T) 1982 150'-IC Nigeria Consolidated
Noble Jimmy Puckett F&G L-780 MOD II-IC 1982 300'-IC India ONGC
Noble Ed Holt Levingston Class 111-C (T) 1981/1994 300'-IC India Stacked
Noble Kenneth Delaney F&G L-780 MOD II-IC (T) 1983/1998 300'-IC Qatar Stacked
Noble George McLeod F&G L-780 MOD II-IC (T) 1981/1995 300'-IC Mozambique SASOL
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 India Cairn Energy
Noble Crosco Panon Levingston Class 111-S (T) 1976/2001 300'-IS Sharjah Lamprell Shipyard
<CAPTION>
CONTRACT DAYRATE
RIG EXPIRATION ($000) COMMENTS
--- ---------- ------ --------
JACKUP RIGS
DOMESTIC (10)
<S> <C> <C>
Noble Eddie Paul 11/00 54-56 Rate review every 90 days.
Noble Leonard Jones 11/00 54-56 Next to Apache for one year
Noble Bill Jennings 11/00 58-60
Noble Johnnie Hoffman 12/00 40-42
Noble Sam Noble 10/00 40-42 Next, one well at $42-44.
Noble John Sandifer 12/00 43-45 Next to Apache for one year.
Noble Tom Jobe 1/01 39-41
Noble Earl Frederickson 11/00 40-42
Noble Carl Norberg 12/00 29-31
Noble Charles Copeland Quarters refurbishment, available in 1Q.
INTERNATIONAL (24)
Noble Gene Rosser 1/01 38-40 Two year contract
Noble Lewis Dugger 1/01 48-50
Noble Dick Favor Contract expired on 7/1/00.
Noble Tommy Craighead 12/00 40-42 Six month contract.
Noble Percy Johns 1/01 29-31
Noble Roy Butler 12/00 40-42
Noble Ed Noble 11/00 35-37
Noble Lloyd Noble 10/00 33-35 Next to Shell at $34-36
Noble Don Walker 1/01 31-33
Noble Jimmy Puckett 4/01 17-19
Noble Ed Holt LOI from ONGC for 2 years at $33-35.
Noble Kenneth Delaney Contract terminated as of 8/31
Noble George McLeod 11/00 44-46 Bidding in Middle East in $40-44 range.
Noble Gus Androes 11/00 20-22 6 wells plus options
Noble Chuck Syring 12/00 40-42 Cairn Energy for 90 days
Noble Crosco Panon In shipyard for cantilever conversion
</TABLE>
Page 6
<PAGE> 13
NOBLE DRILLING CORPORATION
AND SUBSIDIARIES
MONTHLY FLEET STATUS
AS OF OCTOBER 26, 2000
<TABLE>
<CAPTION>
YEAR
BUILT/ WATER
RIG RIG DESIGN REBUILT DEPTH LOCATION
--- ---------- ------- ----- --------
<S> <C> <C> <C> <C>
Noble Al White CFEM T-2005 C (T) 1982/1997 360'-IC Netherlands
Noble Byron Welliver CFEM T-2005 C (T) 1982 300'-IC Denmark
Noble Kolskaya Gusto Engineering (T) 1985 330'-IC Denmark
Noble George Sauvageau NAM (T) 1981 300'-IC Netherlands
Noble Ronald Hoope MSC/CJ46 (T) 1982 225'-IC Netherlands
Noble Piet van Ede MSC/CJ46 (T) 1982 205'-IC Netherlands
Noble Lynda Bossler MSC/CJ46 (T) 1982 205'-IC Netherlands
Noble Julie Robertson Baker Marine Europe Class (T) 1981 180'-IC Netherlands
DRILLSHIPS (3)
Noble Leo Segerius Gusto Engineering Pelican (T) 1981 5,000'-DP Brazil
Noble Roger Eason Neddrill (T) 1977 6,000'-DP Brazil
Noble Muravlenko Gusto Engineering Ice Class (T) 1982/1997 4,000'-DP Brazil
SEMISUBMERSIBLE RIGS (9)
Noble Paul Romano Noble EVA 4000(TM) 1981/1998 6,000' Ewing Banks 1010
Noble Paul Wolff Noble EVA 4000(TM) 1981/1998 8,900' Brazil
Noble Jim Thompson Noble EVA 4000(TM) 1984/1999 6,000' Miss. Canyon 765
Noble Amos Runner Noble EVA 4000(TM) 1982/1999 6,600' Garden Banks 668
Noble Max Smith Noble EVA 4000(TM) 1980/1999 6,000' Miss. Canyon 711
Noble Ton van Langeveld Offshore SCP III Mark 2 (T) 1979/1986 1,500' U.K.
Noble Homer Ferrington F&G 9500 Enhanced Pacesetter 1985/1999 6,000' Miss. Canyon 585
Ilion F&G 9500 Enhanced Pacesetter 1987/1999 6,000' MS - F&G shipyard
Noble Dave Beard F&G 9500 Enhanced Pacesetter 1986 6,000' Dalian, China
SUBMERSIBLE RIGS (3)
Noble Fri Rodli Transworld 1979/1998 70'-C Eugene Island 76
Noble Joe Alford Pace 85 1982 85'-C West Delta 12
Noble Lester Pettus Pace 85 1982 85'-C Eugene Island 53
<CAPTION>
CONTRACT DAYRATE
RIG OPERATOR EXPIRATION ($000) COMMENTS
--- -------- ---------- ------- --------
<S> <C> <C> <C> <C>
Noble Al White Elf Petroland 2/01 33-35
Noble Byron Welliver Maersk 8/02 43-45 One year firm, then $63-65 from 9/1/2001 to 8/31/2002
Noble Kolskaya Danop-Am. Hess 12/00 38-40 Six months plus options.
Noble George Sauvageau NAM 4/01 39-41 60-80 day farmout @ $46-48 beginning mid-Nov.
Noble Ronald Hoope Elf Petroland 3/01 71-73 Rate firm through March 2001.
Noble Piet van Ede Transcanada 12/00 29-31 $54-56 for one year from Jan. 01.
Noble Lynda Bossler Clyde 12/00 46-48 $57-58 for 6 months from Jan. 01
Noble Julie Robertson Shipyard Bidding in North Sea
DRILLSHIPS (3)
Noble Leo Segerius Petrobras 10/01 61-63
Noble Roger Eason Petrobras 3/03 73-75
Noble Muravlenko Petrobras 3/02 58-60
SEMISUBMERSIBLE RIGS (9)
Noble Paul Romano Shell 12/03 116-118 Dayrate increases to $134-136 in 12/00.
Noble Paul Wolff Petrobras 5/05 138-140
Noble Jim Thompson Shell 7/02 158-160 Morgus project
Noble Amos Runner Kerr-McGee 8/04 145-147
Noble Max Smith Anadarko 1/05 154-156
Noble Ton van Langeveld Conoco 12/00 33-35
Noble Homer Ferrington Dominion E & P 1/05 104-106 Samedan farmout, on rate 10/8/00
Ilion Shipyard Engineering complete, begin structural work in 4Q
Noble Dave Beard Shipyard Completing engineering
SUBMERSIBLE RIGS (3)
Noble Fri Rodli Walter Oil & Gas 11/00 28-30
Noble Joe Alford Ocean Energy 12/00 29-31 One well
Noble Lester Pettus Forest Oil 11/00 31-33 One well
</TABLE>
Page 7
