Exhibit 99.1

Noble Corporation
Dorfstrasse 19a
6340 Baar
Switzerland

PRESS RELEASE

Noble Corporation Reports Second Quarter 2011 Earnings of $0.21 per Diluted Share

ZUG, Switzerland, July 20, 2011 — Noble Corporation (NYSE: NE) today reported second quarter 2011 earnings of $54 million, or $0.21 per diluted share, matching earnings reported for the first quarter of 2011. Results for the second quarter included a $0.04 per diluted share benefit relating to the settlement of certain discrete tax matters. First quarter 2011 results included a one-time after-tax net gain of $0.06 per diluted share relating to the substitution of the drillship Noble Phoenix for the drillship Noble Muravlenko in Brazil. Contract drilling services revenues totaled $590 million in the second quarter of 2011, up nine percent from $543 million in the first quarter of 2011. Contract drilling margin percentage for the second quarter of 2011 was approximately 43 percent compared to 44 percent in the prior quarter. Noble invested $815 million in capital projects during the second quarter.

At June 30, 2011, approximately 73 percent of the Company’s available rig operating days were committed for the remainder of 2011 and approximately 43 percent were committed for 2012. The Company’s total backlog at June 30, 2011 was approximately $13 billion.

David W. Williams, Chairman, President and Chief Executive Officer, noted, “Second quarter results were significantly hindered by several downtime events involving five rigs. Although we were disappointed by the interruption in service on these rigs, most of which pertained to subsea equipment and control systems, four out of five rigs returned to service prior to the end of the second quarter. Despite the fleet downtime, the quarter was characterized by an improvement in business fundamentals, as utilization and tendering activity improved for both jackups and deepwater units, and several Noble rigs returned to active status.”

Operations Highlights

In Mexico, six of Noble’s jackups returned to active status during the second quarter following the award of contracts, while a contract on the Noble Sam Noble is expected to commence by the end of July. Also, the Noble Roy Butler was awarded a three-year contract in July, which is expected to commence in September 2011 following the completion of a leg-extension project. Dayrates for the rigs that have or will soon return to work range from approximately $80,000 to $100,000. Noble now has all 12 of its jackup rigs in Mexico under contract, with 10 of the 12 units under contract into late 2011 or beyond.

In the North Sea, the jackup Noble Byron Welliver was awarded a three-well contract at a dayrate of $91,000, while the jackup Noble Lynda Bossler was awarded a two-well contract at a dayrate of $105,000. Both rigs are expected to commence their new contracts in or around January 2012.

The Company continued to build its presence in Saudi Arabia following the award of contracts for the jackups Noble Gene House and Noble Joe Beall. The three-year contracts are expected to commence in September 2011 with an operating dayrate for each rig of $81,000. With these awards, the Company now has four jackups committed to Saudi Aramco.

Finally, in the U.S. Gulf of Mexico, the semisubmersible Noble Jim Day began receiving its full contract dayrate of $485,000 on July 11 following the award to our client of permits necessary to commence well operations in the region. In addition, certification of the subsea control system on the semisubmersible Noble Driller was completed in July and the rig is expected to resume operations shortly at its full operating dayrate, pending receipt of a drilling permit. The Company now has certified subsea equipment and control systems on all six of its active semisubmersibles in the U.S. Gulf of Mexico.

“Offshore demand continues to build in most regions around the world, supporting expectations for gradually improving utilization and dayrates among our jackups and floating rigs,” said Williams. He added, “Additional client demand for jackups is visible in Mexico and the Middle East. In the deepwater sector, Petrobras continues to tender for dynamically positioned and moored rigs for offshore Brazil with contract lengths of three to five years and we continue to see client interest in some of the emerging deepwater frontiers.”

In closing, Williams stated, “Our fleet enhancement program, currently composed of the construction of seven ultra-deepwater drillships and four high-specification jackups, is transforming Noble into one of the industry’s most modern and capable offshore drilling contractors. As client demand in the offshore sector increases and expands geographically, so does the need for technically advanced, versatile and efficient rigs that address both shallow and deepwater prospects. We believe our strategic growth initiatives strongly position the Company to benefit from further client demand and offshore industry expansion.”

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 76 offshore drilling units (including seven ultra-deepwater rigs and four jackup 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’s shares are traded on the New York Stock Exchange under the symbol “NE”. Additional information on Noble Corporation is available on the Company’s Web site 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 has scheduled a conference call and webcast related to its second quarter 2011 results on Thursday, July 21, 2011, at 8:00 a.m. U.S. Central Daylight 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: 27255924 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, July 21, 2011, beginning at 11:00 a.m. U.S. Central Daylight Time, through Thursday, August 4, 2011, ending at 5:00 p.m. U.S. Central Daylight 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: 27255924. 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: Jeffrey L. Chastain, Vice President — Investor Relations,

Noble Drilling Services Inc., 281-276-6383

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,
		2011				2010				2011				2010
Operating revenues
Contract drilling services		$	589,550			$	687,510			$	1,132,155			$	1,496,156
Reimbursables			24,122				13,753				46,413				37,986
Labor contract drilling services			14,012				8,056				27,559				15,817
Other			313				603				758				814
			627,997				709,922				1,206,885				1,550,773
Operating costs and expenses
Contract drilling services			336,728				275,595				643,091				530,026
Reimbursables			18,723				10,365				35,826				30,108
Labor contract drilling services			8,750				5,380				17,273				11,268
Depreciation and amortization			163,119				126,227				321,241				242,084
Selling, general and administrative			21,632				23,808				45,347				45,779
Gain on contract extinguishments, net			—				—				(21,202	)			—
			548,952				441,375				1,041,576				859,265
Operating income			79,045				268,547				165,309				691,508
Other income (expense)
Interest expense, net of amount capitalized			(14,829	)			(510	)			(33,870	)			(975	)
Interest income and other, net			(534	)			1,006				2,058				4,632
Income before income taxes			63,682				269,043				133,497				695,165
Income tax provision			(9,508	)			(51,118	)			(24,867	)			(106,514	)
Net income			54,174				217,925				108,630				588,651
Net income attributable to noncontrolling interests			(91	)			—				(52	)			—
Net income attributable to Noble Corporation		$	54,083			$	217,925			$	108,578			$	588,651
Net income per share
Basic		$	0.21			$	0.85			$	0.43			$	2.29
Diluted		$	0.21			$	0.85			$	0.43			$	2.28

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

		June 30,				December 31,
		2011				2010
ASSETS
Current assets
Cash and cash equivalents		$	230,877			$	337,871
Accounts receivable			510,019				387,414
Prepaid expenses and other current assets			236,600				186,509
Total current assets			977,496				911,794
Property and equipment			13,926,052				12,643,866
Accumulated depreciation			(2,863,482	)			(2,595,779	)
Property and equipment, net			11,062,570				10,048,087
Other assets			398,172				342,506
Total assets		$	12,438,238			$	11,302,387
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt		$	—			$	80,213
Accounts payable			303,902				374,814
Accrued payroll and related costs			114,736				125,663
Interest payable			58,328				40,260
Other current liabilities			149,590				180,497
Total current liabilities			626,556				801,447
Long-term debt			3,521,770				2,686,484
Deferred income taxes			257,069				258,822
Other liabilities			212,475				268,000
Total liabilities			4,617,870				4,014,753
Commitments and contingencies
Shareholders’ equity
Shares			857,795				917,684
Additional paid-in capital			50,499				39,006
Retained earnings			6,739,078				6,630,500
Treasury shares			(383,344	)			(373,967	)
Accumulated other comprehensive loss			(42,316	)			(50,220	)
Total shareholders’ equity			7,221,712				7,163,003
Noncontrolling interests			598,656				124,631
Total equity			7,820,368				7,287,634
Total liabilities and equity		$	12,438,238			$	11,302,387

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

		Six Months Ended
		June 30,
		2011				2010
Cash flows from operating activities
Net income		$	108,630			$	588,651
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			321,241				242,084
Gain on contract extinguishments, net			(21,202	)			—
Deferred income taxes			(1,753	)			(11,842	)
Share-based compensation expense			16,388				16,285
Net change in other assets and liabilities			(177,968	)			179,246
Net cash from operating activities			245,336				1,014,424
Cash flows from investing activities
New construction			(1,017,190	)			(184,963	)
Other capital expenditures			(316,245	)			(305,751	)
Major maintenance expenditures			(95,348	)			(40,687	)
Refund from contract extinguishments			18,642				—
Change in accrued capital expenditures			(51,500	)			(17,848	)
Net cash from investing activities			(1,461,641	)			(549,249	)
Cash flows from financing activities
Borrowings on bank credit facilities			625,000				—
Payments on bank credit facilities			(240,000	)			—
Payments of other long-term debt			(693,494	)			—
Proceeds from issuance of senior notes, net of debt issuance costs			1,087,833				—
Contributions from joint venture partners			436,000				—
Settlements of interest rate swaps			(29,032	)			—
Par value reduction payments			(72,141	)			(23,306	)
Repurchases of shares			—				(88,652	)
Financing costs on credit facilities			(2,835	)			—
Proceeds from employee stock transactions			7,357				3,711
Repurchases of employee shares surrendered for taxes			(9,377	)			(9,309	)
Net cash from financing activities			1,109,311				(117,556	)
Net change in cash and cash equivalents			(106,994	)			347,619
Cash and cash equivalents, beginning of period			337,871				735,493
Cash and cash equivalents, end of period		$	230,877			$	1,083,112

NOBLE CORPORATION AND SUBSIDIARIES
FINANCIAL AND OPERATIONAL INFORMATION BY SEGMENT
(In thousands, except operating statistics)
(Unaudited)

		Three Months Ended June 30,																								Three Months Ended March 31,
		2011												2010												2011
		Contract												Contract												Contract
		Drilling												Drilling												Drilling
		Services				Other				Total				Services				Other				Total				Services				Other				Total
Operating revenues
Contract drilling services		$	589,550			$	—			$	589,550			$	687,510			$	—			$	687,510			$	542,605			$	—			$	542,605
Reimbursables			22,982				1,140				24,122				12,989				764				13,753				21,604				687				22,291
Labor contract drilling services			—				14,012				14,012				—				8,056				8,056				—				13,547				13,547
Other			313				—				313				603				—				603				445				—				445
		$	612,845			$	15,152			$	627,997			$	701,102			$	8,820			$	709,922			$	564,654			$	14,234			$	578,888
Operating costs and expenses
Contract drilling services		$	336,728			$	—			$	336,728			$	275,595			$	—			$	275,595			$	306,363			$	—			$	306,363
Reimbursables			17,606				1,117				18,723				9,626				739				10,365				16,440				663				17,103
Labor contract drilling services			—				8,750				8,750				—				5,380				5,380				—				8,523				8,523
Depreciation and amortization			159,843				3,276				163,119				123,379				2,848				126,227				154,888				3,234				158,122
Selling, general and administrative			21,359				273				21,632				23,561				247				23,808				23,449				266				23,715
Gain on contract extinguishments, net			—				—				—				—				—				—				(21,202	)			—				(21,202	)
		$	535,536			$	13,416			$	548,952			$	432,161			$	9,214			$	441,375			$	479,938			$	12,686			$	492,624
Operating income		$	77,309			$	1,736			$	79,045			$	268,941			$	(394	)		$	268,547			$	84,716			$	1,548			$	86,264
Operating statistics
Jackups:
Average Rig Utilization			71	%											81	%											62	%
Operating Days			2,797												3,183												2,381
Average Dayrate		$	80,742											$	96,677											$	80,866
Semisubmersibles:
Average Rig Utilization			85	%											94	%											69	%
Operating Days			1,088												1,023												868
Average Dayrate		$	269,798											$	328,286											$	277,859
Drillships:
Average Rig Utilization			58	%											67	%											70	%
Operating Days			317												182												361
Average Dayrate		$	220,953											$	242,045											$	301,647
FPSO/Submersibles:
Average Rig Utilization			0	%											0	%											0	%
Operating Days			—												—												—
Average Dayrate		$	—											$	—											$	—
Total:
Average Rig Utilization			70	%											80	%											61	%
Operating Days			4,202												4,388												3,610
Average Dayrate		$	140,296											$	156,683											$	150,294

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,
		2011				2010				2011				2010
Allocation of net income
Basic
Net income attributable to Noble Corporation		$	54,083			$	217,925			$	108,578			$	588,651
Earnings allocated to unvested share-based payment awards			(572	)			(2,143	)			(1,083	)			(5,652	)
Net income to common shareholders — basic		$	53,511			$	215,782			$	107,495			$	582,999
Diluted
Net income attributable to Noble Corporation		$	54,083			$	217,925			$	108,578			$	588,651
Earnings allocated to unvested share-based payment awards			(572	)			(2,137	)			(1,082	)			(5,632	)
Net income to common shareholders — diluted		$	53,511			$	215,788			$	107,496			$	583,019
Weighted average number of shares outstanding — basic			251,368				254,224				251,198				254,671
Incremental shares issuable from assumed exercise of stock options			700				800				737				949
Weighted average number of shares outstanding — diluted			252,068				255,024				251,935				255,620
Weighted average unvested share-based payment awards			2,688				2,480				2,554				2,431
Earnings per share
Basic		$	0.21			$	0.85			$	0.43			$	2.29
Diluted		$	0.21			$	0.85			$	0.43			$	2.28