Exhibit 99.1

Noble Corporation
Dorfstrasse 19a
6340 Baar
Switzerland

PRESS RELEASE

Noble Corporation Reports 2010 Earnings of $3.02 per Share on Revenues of $2.8 Billion

ZUG, Switzerland, January 26, 2011 — Noble Corporation (NYSE: NE) today reported fourth quarter 2010 earnings of $99 million, or $0.39 per diluted share, versus $446 million, or $1.72 per diluted share, for the fourth quarter of 2009. Contract drilling services revenues for the fourth quarter of 2010 were $614 million versus $894 million in the fourth quarter of 2009. Earnings for the full year 2010 totaled $3.02 per diluted share compared with $6.42 per diluted share in 2009.

“2010 will be remembered as one of the most challenging years this industry has ever experienced,” said David Williams, Chairman, President and Chief Executive Officer. “However, Noble’s core values and strengths enabled us to not only weather the storm, but to do so while maintaining operational excellence, improving safety, expanding our geographic diversity and adding significant contract backlog with key customers.”

Contract drilling services revenues for the fourth quarter 2010 were $614 million, down 31 percent from the year-earlier quarter. Contract drilling margins for the fourth quarter 2010 were approximately 46 percent, generating $369 million in net cash provided by operating activities during the quarter and $1.7 billion for full year 2010. The Company invested $537 million in capital projects during the quarter, bringing full-year capital spending for 2010 to $1.4 billion. Debt as a percentage of total capitalization increased slightly to 27.5 percent at December 31, 2010, from approximately 27.4 percent at the end of the third quarter 2010.

Fourth Quarter Highlights

At year end 2010, approximately 53 percent of the Company’s available rig operating days was committed for 2011 and approximately 31 percent was committed for 2012. The Company’s total backlog at December 31, 2010 was approximately $12.7 billion.

In the U.S. Gulf of Mexico, the Noble Danny Adkins resumed work for Shell on full rate in late December. The completion work being performed by the Adkins is expected to last until early February after which time the rig could return to standby rate if Shell does not have another work scope approved. Subsea systems in the Gulf of Mexico, including BOP stacks, have been certified by third parties on the Noble Amos Runner, Noble Clyde Boudreaux, Noble Danny Adkins, Noble Jim Day, Noble Paul Romano, and most recently, the Noble Jim Thompson.

In Mexico, the Noble John Sandifer and the Noble Sam Noble each received short-term extensions beginning early January at dayrates of $74,000-$76,000. In the North Sea, the Noble Byron Welliver received a contract for approximately six months plus two priced option wells beginning early June at a dayrate of $88,000-$91,000. The Noble Lynda Bossler’s work with its current customer has been extended by approximately three months. The Noble Homer Ferrington is expected to begin a two-well assignment at the end of the first quarter.

In West Africa, the Noble Lloyd Noble is expected to begin a six-month contract in early February 2011. In the Middle East, the Noble Roy Rhodes received a two—month contract beginning early April 2011 at a dayrate of $88,000-$90,000, after which it will move to a dayrate of $92,000-$94,000 for a five-month contract as of mid May 2011. Also during the quarter, the Noble Joe Beall began a six-month contract for accommodation work at a dayrate of $53,000-$55,000.

In December, Noble announced the construction of two JU3000N high-specification jackups with total costs of $220 million per rig. The Company has options to construct up to four additional units exercisable before year-end 2011. In January, Noble also announced plans to construct two ultra-deepwater drillships at a cost of $605 million per unit. This contract contains options for up to two additional units which must be exercised by early May 2011. One of the drillships has received a Letter of Intent to work for Shell upon delivery in 2013 at a base dayrate of $410,000. The unit will be eligible for a 15 percent performance bonus.

“These newbuild announcements reinforce our strategy of adding high-specification rigs to our fleet at investment levels we believe will generate solid returns,” said Williams. “Since 2005, we have more than doubled Noble’s floating fleet, and upon completion of our existing newbuild program, we expect to have twelve ultra-deepwater units deployed in major petroleum basins around the world. Likewise, the JU3000N units will continue the modernization of our jackup fleet and be some of the most capable rigs in the world. These newbuilds, each to be constructed under turnkey contracts with proven shipyards, are expected to deliver value for many years to come.”

About Noble

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 73 offshore drilling units (including eight drilling 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, West Africa and Asian Pacific. Noble also owns and operates a dynamically positioned floating production, storage, offloading vessel. 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 contract backlog, earnings, costs, revenue, rig demand, fleet condition or performance, shareholder value, timing of delivery of newbuilds, contract commitments, dayrates, contract commencements, contract extensions or renewals, letters of intent or award, industry fundamentals, customer relationships, 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, compliance with regulatory requirements, costs and difficulties relating to the integration of acquired businesses, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, delays in the construction of newbuilds, 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 also has scheduled a conference call and webcast related to its fourth-quarter and full-year 2010 results on Thursday, January 27, 2011, at 8:00 a.m. U.S. Central Standard Time. Interested parties are invited to listen to the call by dialing 1-866-461-7129, or internationally 1-706-679-3084, using access code: 27248251 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 Thursday, January 27, 2011, beginning at 11:00 a.m. U.S. Central Standard Time, through Thursday, February 10, 2011, ending at 5:00 p.m. U.S. Central Standard Time. The phone number for the conference call replay is 1-800-642-1687 or, for calls from outside of the U.S., 1-706-645-9291, using access code: 27248251. 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.”

1/26/2011

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								Twelve Months Ended
		December 31,								December 31,
		2010				2009				2010				2009
Operating revenues
Contract drilling services		$	614,418			$	894,184			$	2,695,493			$	3,509,755
Reimbursables			19,668				37,234				76,831				99,201
Labor contract drilling services			8,816				8,455				32,520				30,298
Other			883				253				2,332				1,530
			643,785				940,126				2,807,176				3,640,784
Operating costs and expenses
Contract drilling services			331,930				264,012				1,177,800				1,006,764
Reimbursables			14,955				32,954				59,414				85,035
Labor contract drilling services			5,486				4,928				22,056				18,827
Depreciation and amortization			154,463				112,667				539,829				408,313
Selling, general and administrative			20,736				19,361				91,997				80,262
Loss on asset disposal/involuntary conversion, net			—				(214	)			—				30,839
			527,570				433,708				1,891,096				1,630,040
Operating income			116,215				506,418				916,080				2,010,744
Other income (expense)
Interest expense, net of amount capitalized			(4,338	)			(424	)			(9,457	)			(1,685	)
Interest income and other, net			2,693				1,848				9,886				6,843
Income before income taxes			114,570				507,842				916,509				2,015,902
Income tax provision			(16,276	)			(61,427	)			(143,077	)			(337,260	)
Net income			98,294				446,415				773,432				1,678,642
Net income attributable to noncontrolling interests			464				—				(3	)			—
Net income attributable to Noble Corporation		$	98,758			$	446,415			$	773,429			$	1,678,642
Net income per share
Basic		$	0.39			$	1.72			$	3.03			$	6.44
Diluted		$	0.39			$	1.72			$	3.02			$	6.42

NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

		December 31,				December 31,
		2010				2009
ASSETS
Current assets
Cash and cash equivalents		$	337,871			$	735,493
Accounts receivable			387,414				647,454
Prepaid expenses and other current assets			105,443				100,243
Total current assets			830,728				1,483,190
Property and equipment
Drilling equipment and facilities			12,471,283				8,666,750
Other			172,583				143,477
Total property and equipment			12,643,866				8,810,227
Accumulated depreciation			(2,595,779	)			(2,175,775	)
Net property and equipment			10,048,087				6,634,452
Other assets			342,506				279,254
Total assets		$	11,221,321			$	8,396,896
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long term debt		$	80,213			$	—
Accounts payable			374,814				197,800
Accrued payroll and related costs			125,663				100,167
Taxes payable			15,382				68,760
Other current liabilities			124,309				67,220
Total current liabilities			720,381				433,947
Long-term debt			2,686,484				750,946
Deferred income taxes			258,822				300,231
Other liabilities			268,001				123,340
Total liabilities			3,933,688				1,608,464
Commitments and contingencies
Shareholders’ equity
Shares			917,684				1,130,607
Additional paid-in capital			39,006				—
Retained earnings			6,630,500				5,855,737
Treasury shares			(373,967	)			(143,031	)
Accumulated other comprehensive loss			(50,220	)			(54,881	)
Total shareholders’ equity			7,163,003				6,788,432
Noncontrolling interests			124,630				—
Total equity			7,287,633				6,788,432
Total liabilities and equity		$	11,221,321			$	8,396,896

NOBLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

		Twelve Months Ended
		December 31,
		2010				2009
Cash flows from operating activities
Net income		$	773,432			$	1,678,642
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			539,829				408,313
Loss on asset disposal/involuntary conversion, net			—				30,839
Deferred income tax provision			(41,409	)			36,866
Share-based compensation expense			34,930				37,995
Pension contributions			(16,464	)			(17,639	)
Net change in other assets and liabilities			364,058				(38,300	)
Net cash from operating activities			1,654,376				2,136,716
Cash flows from investing activities
New construction			(653,269	)			(717,148	)
Other capital expenditures			(666,673	)			(594,957	)
Major maintenance expenditures			(103,542	)			(119,393	)
Accrued capital expenditures			139,185				(63,561	)
Acquisition of FDR Holdings Limited, net of cash acquired			(1,629,644	)			—
Net cash from investing activities			(2,913,943	)			(1,495,059	)
Cash flows from financing activities
Borrowings on bank credit facilities			40,000				—
Payments of long-term debt			—				(172,700	)
Proceeds from issuance of joint venture partner notes			35,000				—
Proceeds from issuance of long-term debt, net			1,238,074				—
Proceeds from employee stock transactions			11,828				12,168
Settlements of interest rate swap agreements			(6,186	)			—
Dividends/par value reduction payments			(227,326	)			(47,939	)
Repurchases of employee shares for taxes			(10,115	)			(7,106	)
Repurchases of shares			(219,330	)			(203,898	)
Net cash from financing activities			861,945				(419,475	)
Net change in cash and cash equivalents			(397,622	)			222,182
Cash and cash equivalents, beginning of period			735,493				513,311
Cash and cash equivalents, end of period		$	337,871			$	735,493

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

		Three Months Ended December 31,																								Three Months Ended September 30,
		2010												2009												2010
		Contract												Contract												Contract
		Drilling												Drilling												Drilling
		Services				Other				Total				Services				Other				Total				Services				Other				Total
Operating revenues
Contract drilling services		$	614,418			$	—			$	614,418			$	894,184			$	—			$	894,184			$	584,919			$	—			$	584,919
Reimbursables			19,179				489				19,668				36,199				1,035				37,234				18,488				689				19,177
Labor contract drilling services			—				8,816				8,816				—				8,455				8,455				—				7,887				7,887
Other			883				—				883				253				—				253				635				—				635
		$	634,480			$	9,305			$	643,785			$	930,636			$	9,490			$	940,126			$	604,042			$	8,576			$	612,618
Operating costs and expenses
Contract drilling services		$	331,930			$	—			$	331,930			$	264,012			$	—			$	264,012			$	315,844			$	—			$	315,844
Reimbursables			14,483				472				14,955				31,967				987				32,954				13,696				655				14,351
Labor contract drilling services			—				5,486				5,486				—				4,928				4,928				—				5,302				5,302
Depreciation and amortization			151,256				3,207				154,463				110,054				2,613				112,667				140,199				3,083				143,282
Selling, general and administrative			20,571				165				20,736				19,297				64				19,361				25,220				262				25,482
Loss on asset disposal/involuntary conversion, net			—				—				—				—				(214	)			(214	)			—				—				—
		$	518,240			$	9,330			$	527,570			$	425,330			$	8,378			$	433,708			$	494,959			$	9,302			$	504,261
Operating income		$	116,240			$	(25	)		$	116,215			$	505,306			$	1,112			$	506,418			$	109,083			$	(726	)		$	108,357
Operating statistics
Jackups:
Average Rig Utilization			76	%											81	%											77	%
Operating Days			3,019												3,218												3,032
Average Dayrate		$	83,023											$	131,975											$	90,791
Semisubmersibles
Average Rig Utilization			69	%											100	%											90	%
Operating Days			826												997												1,057
Average Dayrate		$	241,483											$	396,302											$	172,727
Drillships:
Average Rig Utilization			90	%											100	%											100	%
Operating Days			495												276												468
Average Dayrate		$	302,753											$	269,615											$	229,963
FPSO/Submersibles:
Average Rig Utilization			11	%											0	%											26	%
Operating Days			31												—												64
Average Dayrate		$	465,616											$	—											$	304,000
Total:
Average Rig Utilization			73	%											83	%											79	%
Operating Days			4,371												4,491												4,621
Average Dayrate		$	140,554											$	199,122											$	126,581

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								Twelve Months Ended
		December 31,								December 31,
		2010				2009				2010				2009
Allocation of net income
Basic
Net income attributable to Noble Corporation		$	98,758			$	446,415			$	773,429			$	1,678,642
Earnings allocated to unvested share-based payment awards			(952	)			(4,647	)			(7,497	)			(16,811	)
Net income to common shareholders — basic		$	97,806			$	441,768			$	765,932			$	1,661,831
Diluted
Net income attributable to Noble Corporation		$	98,758			$	446,415			$	773,429			$	1,678,642
Earnings allocated to unvested share-based payment awards			(950	)			(4,628	)			(7,481	)			(16,758	)
Net income to common shareholders — diluted		$	97,808			$	441,787			$	765,948			$	1,661,884
Weighted average number of shares outstanding — basic			250,687				256,507				253,123				258,035
Incremental shares issuable from assumed exercise of stock options			687				1,090				813				856
Weighted average number of shares outstanding — diluted			251,374				257,597				253,936				258,891
Weighted average unvested share-based payment awards			2,439				2,699				2,438				2,611
Earnings per share
Basic		$	0.39			$	1.72			$	3.03			$	6.44
Diluted		$	0.39			$	1.72			$	3.02			$	6.42