Exhibit 99.1

Noble Corporation Dorfstrasse 19a 6340 Baar Switzerland

PRESS RELEASE

Noble Corporation Reports Third Quarter 2011 Earnings of $0.53 per Diluted Share
Higher Fleet Activity and Daily Revenues Drive Improvement Compared to Second Quarter 2011 Results

ZUG, Switzerland, October 19, 2011 — Noble Corporation (NYSE: NE) today reported third quarter 2011 earnings of $135 million, or $0.53 per diluted share, compared to $54 million, or $0.21 per diluted share, for the second quarter of 2011. Contract drilling services revenues totaled $705 million in the third quarter of 2011, up 20 percent from $590 million in the second quarter of 2011. Contract drilling margin percentage for the third quarter of 2011 improved to approximately 49 percent compared to 43 percent in the prior quarter, reflecting higher fleet utilization and average daily revenues. Third quarter results included a benefit of approximately $0.04 per diluted share relating to certain discrete tax items. Noble invested $559 million in capital projects during the third quarter, resulting in capital expenditures for the nine months ended September 30, 2011 of approximately $2 billion.

At September 30, 2011, approximately 81 percent of the Company’s available rig operating days in the floating rig fleet were committed to contracts for the remainder of 2011, with approximately 87 percent of the days committed for the jackup rig fleet. For 2012, approximately 62 percent and 52 percent of rig operating days were committed for the floating and jackup rig fleets, respectively.

David W. Williams, Chairman, President and Chief Executive Officer, noted, “The third quarter was highlighted by a number of accomplishments that further advance the strategic transformation of our fleet. Options for two additional JU3000N design high specification jackup rigs were exercised, bringing the total number of these units to six currently under construction. Additionally, we ordered a fourth ultra-deepwater drillship from Hyundai Heavy Industries Co. Ltd., increasing the total number of new, dynamically positioned drillships being added to our fleet to eight. Furthermore, this quarter our ongoing projects have achieved several milestones including the delivery of the drillship Noble Bully I, which is now in transit to the Gulf of Mexico. The drillship, Noble Bully II, has departed the dock to begin sea trials and the Noble Globetrotter I is undergoing the installation of topsides and commissioning.”

MORE

“During the quarter, there were a number of contract awards and extensions throughout our fleet of floating and jackup units. These awards contributed to a revenue backlog at September 30, 2011 of $12.8 billion, which was essentially flat with the measure at June 30, 2011,” Williams said.

Operations Highlights

In Mexico, where fleet utilization improved to 86 percent in the third quarter from 65 percent in the second quarter of 2011, two of the Company’s jackup rigs received contract extensions; the Noble Earl Fredrickson, to late December 2011, at a dayrate of $58,000, level with the previous contract, and the Noble Carl Norberg to late August 2014 at a dayrate of $68,000, up from $58,000 on the previous contract. Noble now has 11 of its 12 jackup rigs and the deepwater semisubmersible rig Noble Max Smith under contract in Mexico into late 2011 or beyond, with promising jackup contract opportunities in the region continuing into 2012.

In the North Sea, jackup fleet utilization remained at 100 percent in the third quarter, while the Company continued to benefit from steady customer demand, supporting an improving dayrate environment. The jackup rig Noble Lynda Bossler was awarded a contract extension to early December 2012 at a dayrate of $125,000, up from a previous dayrate of $105,000. Also, the Noble George Sauvageau was awarded a one-year contract at $115,000 per day, up from $92,000 per day on the previous contract. This rig, along with four of the Company’s other jackups in the region are now contracted through mid-2012 or beyond.

In the Middle East and India, where fleet utilization was 83 percent in the third quarter of 2011 compared to 75 percent in the second quarter of 2011, five of the Company’s jackup rigs were awarded contracts, including the Noble Jimmy Puckett, from April 2012 to April 2014 at a dayrate of $80,000; the Noble Gus Androes, from early October 2011 to late December 2011 at a dayrate of $58,000, while operating in accommodation mode; the Noble Harvey Duhaney, from early February 2012 to early August 2012 at a dayrate of $66,000; the Noble Dick Favor, from late November 2011 to late February 2012 at a dayrate of $95,000; and the drillship Noble Duchess, which has been contracted from mid-March 2012 to mid-March 2015 at a dayrate of $180,000. Both the Noble Dick Favor and Noble Duchess were previously stacked units and have, or will soon, begin reactivation efforts.

In closing, Williams commented, “We are witnessing an intensified effort by a number of customers to secure jackup and floating rigs for drilling operations in 2012 and beyond, supporting higher fleet utilization and improving dayrates, in spite of the unstable global macroeconomic picture. This effort, pertaining to jackup rig needs, remains most evident in Mexico, the North Sea, the Middle East and increasingly in Asia. In the floating rig fleet, especially ultra-deepwater rigs, the increased demand is apparent in numerous regions, but is most pronounced in Brazil, Africa, and the Gulf of Mexico, with all three regions displaying exceptional hydrocarbon potential.”

“Our fleet is well positioned to benefit from this continued increase in activity, with available jackup rig capacity in Mexico and the North Sea, along with available deepwater capacity expected in the Gulf of Mexico and Brazil, where the semisubmersible rigs Noble Jim Day and Noble Clyde Boudreaux, respectively, are expected to complete contracts in early 2012.”

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 79 offshore drilling units (including seven ultra-deepwater rigs and six 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 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, 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 third quarter 2011 results on Thursday, October 20, 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: 27255925, 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, October 20, 2011, beginning at 11:00 a.m. U.S. Central Daylight Time, through Thursday, November 3, 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: 27255925. 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.”

10/19/2011

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								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Operating revenues
Contract drilling services		$	704,892			$	584,919			$	1,837,047			$	2,081,075
Reimbursables			17,438				19,177				63,851				57,163
Labor contract drilling services			15,564				7,887				43,123				23,704
Other			8				635				766				1,449
			737,902				612,618				1,944,787				2,163,391
Operating costs and expenses
Contract drilling services			358,547				315,844				1,001,638				845,870
Reimbursables			13,971				14,351				49,797				44,459
Labor contract drilling services			8,053				5,302				25,326				16,570
Depreciation and amortization			166,213				143,282				487,454				385,366
Selling, general and administrative			27,536				25,482				72,883				71,261
Gain on contract extinguishments, net			—				—				(21,202	)			—
			574,320				504,261				1,615,896				1,363,526
Operating income			163,582				108,357				328,891				799,865
Other income (expense)
Interest expense, net of amount capitalized			(11,530	)			(4,144	)			(45,400	)			(5,119	)
Interest income and other, net			1,117				2,561				3,175				7,193
Income before income taxes			153,169				106,774				286,666				801,939
Income tax provision			(17,614	)			(20,287	)			(42,481	)			(126,801	)
Net income			135,555				86,487				244,185				675,138
Net income attributable to noncontrolling interests			(238	)			(467	)			(290	)			(467	)
Net income attributable to Noble Corporation		$	135,317			$	86,020			$	243,895			$	674,671
Net income per share
Basic		$	0.53			$	0.34			$	0.96			$	2.63
Diluted		$	0.53			$	0.34			$	0.96			$	2.62

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

		September 30,				December 31,
		2011				2010
ASSETS
Current assets
Cash and cash equivalents		$	197,015			$	337,871
Accounts receivable			601,161				387,414
Prepaid expenses and other current assets			203,268				186,509
Total current assets			1,001,444				911,794
Property and equipment			14,420,267				12,643,866
Accumulated depreciation			(2,999,235	)			(2,595,779	)
Property and equipment, net			11,421,032				10,048,087
Other assets			529,057				342,506
Total assets		$	12,951,533			$	11,302,387
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt		$	—			$	80,213
Accounts payable			320,053				374,814
Accrued payroll and related costs			124,317				125,663
Interest payable			22,129				40,260
Other current liabilities			183,351				180,497
Total current liabilities			649,850				801,447
Long-term debt			3,811,866				2,686,484
Deferred income taxes			299,625				258,822
Other liabilities			218,523				268,000
Total liabilities			4,979,864				4,014,753
Commitments and contingencies
Shareholders’ equity
Shares			796,067				917,684
Additional paid-in capital			49,010				39,006
Retained earnings			6,549,441				6,630,500
Treasury shares			(10,531	)			(373,967	)
Accumulated other comprehensive loss			(56,212	)			(50,220	)
Total shareholders’ equity			7,327,775				7,163,003
Noncontrolling interests			643,894				124,631
Total equity			7,971,669				7,287,634
Total liabilities and equity		$	12,951,533			$	11,302,387

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

		Nine Months Ended
		September 30,
		2011				2010
Cash flows from operating activities
Net income		$	244,185			$	675,138
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			487,454				385,366
Gain on contract extinguishments, net			(21,202	)			—
Deferred income taxes			(34,549	)			(29,586	)
Share-based compensation expense			26,857				26,906
Net change in other assets and liabilities			(228,299	)			227,873
Net cash from operating activities			474,446				1,285,697
Cash flows from investing activities
New construction			(1,280,577	)			(334,928	)
Other capital expenditures			(464,861	)			(435,833	)
Major maintenance expenditures			(154,330	)			(64,244	)
Capitalized interest			(88,220	)			(51,088	)
Refund from contract extinguishments			18,642				—
Change in accrued capital expenditures			(48,782	)			4,213
Acquisition of FDR Holdings, Ltd., net of cash acquired			—				(1,629,644	)
Net cash from investing activities			(2,018,128	)			(2,511,524	)
Cash flows from financing activities
Increase in bank credit facilities, net			675,000				—
Payments of other long-term debt			(693,494	)			—
Proceeds from issuance of senior notes, net of debt issuance costs			1,087,833				1,238,074
Contributions from joint venture partners			481,000				35,000
Settlements of interest rate swaps			(29,032	)			(2,041	)
Par value reduction payments			(114,453	)			(193,869	)
Repurchases of shares			—				(219,330	)
Financing costs on credit facilities			(2,835	)			—
Proceeds from employee stock transactions			9,018				9,703
Repurchases of employee shares surrendered for taxes			(10,211	)			(9,961	)
Net cash from financing activities			1,402,826				857,576
Net change in cash and cash equivalents			(140,856	)			(368,251	)
Cash and cash equivalents, beginning of period			337,871				735,493
Cash and cash equivalents, end of period		$	197,015			$	367,242

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

		Three Months Ended September 30,																								Three Months Ended June 30,
		2011												2010												2011
		Contract												Contract												Contract
		Drilling												Drilling												Drilling
		Services				Other				Total				Services				Other				Total				Services				Other				Total
Operating revenues
Contract drilling services		$	704,892			$	—			$	704,892			$	584,919			$	—			$	584,919			$	589,550			$	—			$	589,550
Reimbursables			14,646				2,792				17,438				18,488				689				19,177				22,982				1,140				24,122
Labor contract drilling services			—				15,564				15,564				—				7,887				7,887				—				14,012				14,012
Other			8				—				8				635				—				635				313				—				313
		$	719,546			$	18,356			$	737,902			$	604,042			$	8,576			$	612,618			$	612,845			$	15,152			$	627,997
Operating costs and expenses
Contract drilling services		$	358,547			$	—			$	358,547			$	315,844			$	—			$	315,844			$	336,728			$	—			$	336,728
Reimbursables			11,362				2,609				13,971				13,696				655				14,351				17,606				1,117				18,723
Labor contract drilling services			—				8,053				8,053				—				5,302				5,302				—				8,750				8,750
Depreciation and amortization			162,837				3,376				166,213				140,199				3,083				143,282				159,843				3,276				163,119
Selling, general and administrative			27,212				324				27,536				25,220				262				25,482				21,359				273				21,632
Gain on contract extinguishments, net			—				—				—				—				—				—				—				—				—
		$	559,958			$	14,362			$	574,320			$	494,959			$	9,302			$	504,261			$	535,536			$	13,416			$	548,952
Operating income		$	159,588			$	3,994			$	163,582			$	109,083			$	(726	)		$	108,357			$	77,309			$	1,736			$	79,045
Operating statistics
Jackups:
Average Rig Utilization			82	%											77	%											71	%
Operating Days			3,229												3,032												2,797
Average Dayrate		$	89,352											$	90,791											$	80,742
Semisubmersibles:
Average Rig Utilization			84	%											90	%											85	%
Operating Days			1,086												1,057												1,088
Average Dayrate		$	315,034											$	172,727											$	269,798
Drillships:
Average Rig Utilization			60	%											100	%											58	%
Operating Days			329												468												317
Average Dayrate		$	225,669											$	229,963											$	220,953
FPSO/Submersibles:
Average Rig Utilization			0	%											26	%											0	%
Operating Days			—												64												—
Average Dayrate		$	—											$	304,000											$	—
Total:
Average Rig Utilization			76	%											79	%											70	%
Operating Days			4,644												4,621												4,202
Average Dayrate		$	151,782											$	126,581											$	140,296

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								Nine months ended
		September 30,								September 30,
		2011				2010				2011				2010
Allocation of net income
Basic
Net income attributable to Noble Corporation		$	135,317			$	86,020			$	243,895			$	674,671
Earnings allocated to unvested share-based payment awards			(1,415	)			(828	)			(2,487	)			(6,416	)
Net income to common shareholders — basic		$	133,902			$	85,192			$	241,408			$	668,255
Diluted
Net income attributable to Noble Corporation		$	135,317			$	86,020			$	243,895			$	674,671
Earnings allocated to unvested share-based payment awards			(1,412	)			(825	)			(2,481	)			(6,394	)
Net income to common shareholders — diluted		$	133,905			$	85,195			$	241,414			$	668,277
Weighted average number of shares outstanding — basic			251,580				252,513				251,327				253,944
Incremental shares issuable from assumed exercise of stock options			449				671				640				855
Weighted average number of shares outstanding — diluted			252,029				253,184				251,967				254,799
Weighted average unvested share-based payment awards			2,658				2,453				2,589				2,438
Earnings per share
Basic		$	0.53			$	0.34			$	0.96			$	2.63
Diluted		$	0.53			$	0.34			$	0.96			$	2.62