abilityability

abilityAccountProfit

Sustain

Noble Corporationsustainability report 2006

volume 5

Chairman’s Letter 1

Worldwide Fleet Distribution 2Noble’s operating locations and Management SystemCertification levels around the globe.

About Noble Corporation 5Key information about the Company,HSE management system and structure.

Responsibility to Our Workforce 9Noble’s highest responsibility is to our workforce through recruiting,retention, training and development, rewards, safety and health and wellness programs.

Responsibility to Society 15To preserve the environment for future generations, Nobleworks to continuously improve our environmental performance.

Responsibility to Our Customers 21Noble is dedicated to helping our customers find and produceoil and gas safely and cost-effectively.

Responsibility to Our Shareholders 25Successful execution of our financial policy and business strategyallows Noble to add value for our shareholders.

Data Tables 30Third-Party Certifications, Safety Statistics andEnvironmental, Recycling and Safety & Health data

Chairman’s AwardTheNoble Gene Rosser and theNoble Ronald Hoopewon the 2006 Chairman’s Award for the

WesternHemisphereandEasternHemisphere, respectively.Theannual award ispresented toNoblerigs that achieve outstanding results in operations andhealth, safety and the environment.

CrewsontheNoble Gene Rosser, a jackuprigcontractedwithPetróleosMexicanos inMexico, had worked 3,547 days without an LTI and 3,015dayswithout a recordable incident at year-end 2006. The rig posted a 100percent employee retention rate in 2006 and successfully maintained itscertification to the International Safety Management (ISM) Code andrecertification to ISO 14001:2004.

The jackupNoble Ronald Hoope is contracted toGazdeFrance in theNorth Sea. By year-end 2006, the rig had worked 1,986 days without anLTIand1,365dayswithout a recordable incident.TheNoble Ronald Hoopeachievedcrewcompetenceof 100percent and turnoverunder sixpercent,oneof the lowest turnover rates inNoble’sNorthSeafleet. Inaddition, theNoble Ronald Hoope iscertifiedtoISO9001,ISO14001andOHSAS18000.

Table of Contents

1

Whenwepublished the firstNoble SustainabilityReport in 2002, suchreports were somewhat novel. At that point, many companies expressed a“wait and see” attitude—with some wondering if the cost of publishing areport would be balanced by the benefits of increasing transparency in thisimportant area. Still others believed sustainability reporting was a fad thatwould soon fade.

One of these assumptions is true and the other is not. The benefits ofproducing this report far outweigh the costs and, in my view, sustainabilityreporting ishere to stay.AtNoble,webelievemeasuringandmonitoringkeysustainability indicatorsgivesusapowerful tool for improvement.At thesametime, disclosing our sustainability results helps the investing public makeinformedchoicesaboutNoble, armedwithmore than justknowledgeofhowmuchmoneywe earn but howwe go about earning it.

Inreadingourreport thisyear, youwillnoteseveral examplesofwherewetriednewideasandconcepts,some ofwhichwere not successful. AtNoble, our goal is to create andmaintain a culturewhere continu-ous improvement ismeasurednotby thenumberof ideas implemented,but ratherby thenumberof ideasgenerated and tested.No thoughtful idea or concept tested is ever considered to be a failure atNoble.

As a result, wemade progress in improving the safety of our employees, protecting the environmentand positioning the Company for future challenges. No single program, policy or practice drove theseresults. Instead, our culture instills safety as a value, considers environmental stewardship a top priorityand focuses our attention on long-term results.

While recognition is not our motivation for developing this approach to sustainability, our effortswerewidelynotedbyothers in2006.Onceagain,Noble isproudtobe listedontheDowJonesSustainabilityIndex.ThepublisherofOccupationalHazardsmagazinehonoredusasoneof“America’sSafestCompanies.”Within our own industry,we received theOEAAHealth, Safety andEnvironmental Award.

Beyond awards and accolades, however, Noble employees everywhere can share in the pride thatcomes froma jobwell done.We serve our customers, our investors andourselves bestwhenwe focus ondelivering outstanding and sustainable safety and environmental performance.

Looking ahead to 2007, we have reaffirmed our commitment to safety. Likewise, Noble employeesworldwideremainfocusedonminimizingtheenvironmental impactofouroperations.Asaresult, Iamconfi-dentwewill continue tomakeprogress in termsofboth safetyperformanceandenvironmental protection.

Mark A. JacksonPresident, Chief ExecutiveOfficer andChairman of the Board

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ISO 9001ISO 14001

ISO 14001

ISO 14001

ISO 9001ISO 14001OHSAS 18001

ISO 14001ISM Code

ISO 14001ISM Code

Fleet Distribution

DS Drillship JU JackupP Platform SS SemisubmersibleSP Shipyard Project S Submersible

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Worldwide Fleet

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ISO 14001

ISO 14001

Management System CertificationsNoble proactively and voluntarily seeks certification to the highest international standards forquality, environmental, and occupational health and safety management. These third-partycertifications ensure that Noble operates to the highest standards, continually improvesperformance, lowers our business risk and heightens customer and shareholder confidence.

Distribution& Management System Certifications

4

“AtNoble, peoplecan and domake a

difference.”

Therald Martin

is the Drilling Superintendentfor two premier semisub-mersibles in the Gulf of Mexico,and the namesake of a semi-submersible working in Brazil.His success since joiningNoble’s land operations as afloorman in 1981 comes downto his fit with the Noble culture:People who perform are recog-nized. “You are allowed tomakedecisions and grow from them,”he says. “You can work within ateam and still be responsibleindividually.”

Noble is a leading provider of diversified services for the offshore oil and gasindustry. The Company’s fleet has grown from one land rig in 1921 to 62 mobileoffshore drilling units around theworld.

Noble’s place in the energy industryThe demand for oil and natural gas grows every year, and drillingwells is the

predominant method for finding and extracting these resources from the earth.Noblesupplies thepeople,equipmentandtechnology thatexplorationandproduc-tion companies need to locate and access hydrocarbons.

Noble’sfleet comprises 13 semisubmersible rigs, threedynamicallypositioneddrillships, 43 jackups and three submersibles. About 86 percent of our assets aredeployed in theMiddleEast, India,Mexico, theNorthSea,Brazil, andWestAfrica.Our international presence has grownby93 percent since 2000.

Thefleet count includes threeenhancedpremiumnewbuild jackups and foursemisubmersibles that areunderconstructionandscheduled fordeliverybetweenthe secondquarter of 2007 and late 2009.

Health, safety and environmental managementNoble has a comprehensive Health, Safety and Environmental (HSE)

Management System to ensure that our policies are planned, implemented andmanagedeffectively, and that theycomplywithall applicable local, state, federal andinternational laws and regulations. TheHSEManagement System is available onCDand theCompany intranet, so that employees can easily access corporate anddivision policies, procedures, standards andbest practices.

Noble’shealth, safety andenvironmentalperformance is crucial toourabilitytoconductbusinessaround theworld.As such, theNobleBoardofDirectorsplaysa key oversight role in HSE by monitoring our performance and endorsing ourHSE policies, practices and programs. The Chairman of the Board is an activemember of Noble’s Health, Safety and Environmental Committee, along withother key Noble senior management. TheHSECommittee performs a quarterlyreview of HSEmetrics, initiatives, progress, results and areas for improvement.This committee focused onNoble’s back-to-basics approach to safety in 2006.

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AboutNoble Corporation

Noble’s audit plan provides additional oversight. Audits help Noble ensurethat all levels of ourorganization complywith corporate policies andprocedures;government rules and regulations; and international regulations and standardssuch as ISO 14001, ISO 9001, OHSAS 18001 and the International SafetyManagement (ISM)Code.

The audit plan includes formal, regularly scheduled rig audits by divisionmanagement, aswell as informal audits that occur daily onour rigs.Noble corpo-ratemanagement’s goal is to audit every divisiononceper year to ensure that theyare adhering to our corporate standards. Audits in 2006 focused on assessingcompliance with policies and procedures such as Job Safety Analysis (JSA) andPermit toWork. Based onour audit results, we are continuing this approach.

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Noble named one of “America’s Safest Companies”OccupationalHazardsmagazine selectedNoble for its “America’sSafest

Companies” honor in 2006. We joined DuPont, Alcoa, ExxonMobil,Motorola, Frito-Lay and other companies recognized as the nation’s corpo-rate safety leaders since 2002.

TobeconsideredoneofAmerica’sSafestCompanies,organizationsmustdemonstrate their support of the concept that safety is essential to businesssuccess. Selection is based on support from management and employeeinvolvement; innovative solutions tosafety challenges; injuryand illness rates

lower than the average for theirindustries; comprehensive safety-related educational programs foremployees; evidence that preven-tion of fatalities, injuries andillnesses is the cornerstone of thesafety process; good communica-tion with workers about the valueof safety; and away to substantiatethe benefits of the safety process.

TheOffshore Energy Achievement Awards (OEAA)highlightoutstandingcontributionsof theoffshore indus-try to the culture, community and economy of the world.NoblewontheHealth,SafetyandEnvironmentAwardbasedon improvements in our safety performance in 2006compared to2005andourlong-standingcommitmenttoHSEexcellence.

Nobleachievedourbest safetyperformance in2006whileworking thehighestnumberofhours inourhistoryandadding522 new employees. Training, a focus on safety fundamentalsand vigilance enabledNoble employees to record only two losttime incidents in 12.7millionwork hours in 2006.

Panelsof recognized industry subjectmatterexperts reviewedall applications for OEAA recognition. As one of the three final-ists in the HSE category, Noble presented our performance andhowweachieved it toapanelof judges representingmore than700years of industry experience.

In recent years, Noble has won the Safety in Seas Award fromtheNationalOceanIndustriesAssociationand the inauguralRobertW. Campbell Award sponsored by the National Safety Council andExxonMobil. Third-party endorsements such as these increase ourconfidence thatour safetyphilosophyandongoingstrategy to integrateHSE standards with business objectives are valued by ourindustry partners.

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NobleWins offshore

energy achievementaward

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Deborah Birdsong

came to Noble with U.S. CoastGuard experience and a bach-elor’s degree in finance. Hermilitary background includedsmall-boat search and rescueand oil spill and hazardousmaterials response, making theoffshore sector a natural careerchoice. The discipline andtraining in marine safety, vesselinspections, meteorology andoceanography she brought toNoble helped Birdsong adaptto Noble quickly.

“MyU.S.CoastGuardtraining applies directlytomy job atNoble.”

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Noble’s highest responsibility is to our workforce.We provide training anddevelopment opportunities to help our employees excel as individuals and asmembers of customer-focused teams.

Nobleemployed6,336menandwomenworldwideat year-end2006,a recordin our 86-year history. This includes 1,753 contract workers on our rigs.Wehired522newemployeesduring theyear to staffouroperations tomeet customerneeds.

We employ people frommore than 45 countries, including Brazil, Canada,Mexico, theNetherlands,Nigeria,Pakistan, thePhilippines, theUnitedKingdomand theUnitedStates.Toensure thatourvibrant corporate culture endures asourworkforce grows, Noble emphasizes the importance of “The NobleWay” witheveryworker, regardless of nationality, native language orwork location.

High standards for recruitingOver thenext fewyears,Nobleexpects tohireabout4,500workers, theequiv-

alent of threenewemployees everyday.We face the samehiring challenges asourdrilling industry competitors, the oilfield services sector and our customers asupstreamactivity increases alongwith global energy demand.

In 2006, we stepped up our existing program to recruit former and transi-tioningmid-careermilitary personnel byhiringmilitary recruiters, visiting transi-tioncenters andadvertising in targetedpublicationsandwebsites. In recent years,thesedisciplined,highly trainedand technically adept individualshaveaccountedfor approximately 10percentofournewhires.Wenowemployworkers trained intheU.S.Navy,U.S.MarineCorps,U.S.AirForce,U.S.ArmyandU.S.CoastGuard.

Successful retention strategyThe personnel turnover rate in our fleet worldwide was under 10 percent in

2006, which is exceptionally low in light of the tight labor market. Among otherinitiatives, our retentionplan, targetingemployees at various levelsofoperations,contributed to our success in this area.

Responsibilityto our Workforce

Significant safety training effortNoble clients can depend on us to operate safely, in large part because of the

safety andoperations trainingweprovideouremployees. In2006,4,760employ-eesworldwidecompletedNobleand third-party traininganddevelopmentcourses.

Newrigworkers leave theNobleTrainingCenter inLouisianawith 33 certifi-cates for completed training, including the IADC RigPass andWellCAPdesigna-tions. During the course of a year, experienced operations employees have theopportunity to take additional safety and operations training.

Noble launched a rigorous Supervisor HSE Awareness course in 2006. Atotal of 147 employees with supervisory responsibilities attended the seven-dayworkshop in our Louisiana training facility. The curriculum includes in-depthsafety and operations classes.

Becausehighactivity levels create advancementopportunities,we focusedondeveloping staff who are moving into management and leadership roles. TheCompany launched a First Time Supervisors Course to teach new and potentialmanagers the skills theyneed tobuildandretain strongcrewmembers.Thecoursecovers the supervisor’s role in safety; delegation; discipline;motivation; coachingandmentoring;problem-solvinganddecision-making;communicationskills; team-building; diversity; performance appraisal; conflict resolution; and planning andmanagement. Employees throughout our global operations attended the coursein 2006.

Employeesworldwideparticipated inNoble’s teambuilding training in2006.Thecoursestrengthensrelationshipsandimprovesperformancethroughbettermoti-vation, communication, support and trust.

Safety LeadershipWorkshop (SLW) remains the cornerstone of our work-forcedevelopmentefforts.The themeofSLW,attendedby2,461employeesworld-wide in 2006, was professional excellence. Theworkshop series was held for thefirst time inourWestAfricadivision, training620employees in the fundamentalsofHSEperformance improvement,management and leadership. Itwas alsoheldfor the first time in theMiddle East and India and in the Portuguese language fornon-supervisors inBrazil.

Noble’s Competency Assurance Program is designed to assess and verify anemployee’s competence toperformhisorher current jobandreadiness toadvancetothenextposition.Itprovidesaprocess fordocumentingevidencethatanemployeeis ready forpromotion,knows therequirements, canaccomplish the required tasksand demonstrates needed skills. Our Competency Assurance Program is fullyimplemented in our Europe, Gulf of Mexico and Canada operations, and is invarious stages of implementation in other regions.

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200620052004

Total Work Hours(in millions)

Back-to-basics approach to safetyNoble’s safety performance in 2006

improved significantly compared to2005, evenwhileouremployeesworked862,757morehoursyear-over-year. We recorded two LTIs and 49recordable incidents in 2006, compared to 15LTIs and 69 recordables in 2005. For the 13thconsecutive year, Noble’s safety performancewas better than the industry average, as meas-ured by IADC.

NoblecompletedJuly2006withnorecord-able incidents, while posting more than1,000,000 work hours. This accomplishmentdemonstrated that we can work without safetyincidents.Thechallengenowis tosustain injury-free performance.

We reduced our incident rates primarilythrough a back-to-basics approach to safety andafocusoncoreprogramssuchasSafetyTrainingObservation Program (STOP™), AdvancedSTOP™, Job Safety Analysis, Permit toWorksystemandpre-jobplanning.

Our approach included a review of thecrucial roleofSafety&TrainingSupervisor (STS).The job was refocused to providemore on-the-spot safety supervision on our rigs. The STS isresponsible forbeing a visible supervisoryHSEpresence on Noble rigs, assuring conformanceto our HSEmanagement system and perform-ing all HSE training, among other importantduties. We believe that standardizing this roleacross thefleetwillbeapowerful tool inbringingNoble closer to being an injury-freeworkplace.

During theyear,Noble standardizedon theDet Norske Veritas (DNV) Systematic CauseAnalysisTechnique (SCAT) for root causeanaly-sis to ensure a consistent method of analyzingrecordable and high-potential incidents. TheSCATprocess leads investigators through stepsto determine the immediate and basic causes ofincidents.

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0.0

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IADC

Noble

0605040302010099989796959493

Worldwide Lost Time Incident Rate(Incidents per 200,000 hours worked)

0

1

2

3

4

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TRIR

LTIR

0605040302010099989796959493

Noble Worldwide Incident RatesLost Time Incident Rate (LTIR) and

Total Recordable Incident Rate (TRIR)(Incidents per 200,000 hours worked)

Our Brazil, Canada, Europe, Gulf Coast andWestAfrica divisions recordedno lost time incidents(LTI) during 2006. Remarkably, six Noble rigs havenow worked over 10 years without an LTI. They aretheNobleMaxSmith,NobleJohnnieHoffman,NobleLewisDugger,NobleSamNoble,NobleEdHolt andNobleChuck Syring.

Regional safety programsNoble divisions share best practices during an

annualHSEManagementWorkshop.Representativesfrom every operating business unit attend the work-shop, which includes discussions with executivemanagement.

Inaddition tocompany-wideefforts,Nobledivi-sionsdevelop safetyprograms targeting their specificneeds. For example, a review of safety observationtrends inWest Africa showed that personnel wereperforming routine tasks at heights using safetyharnesses.

To provide a safe alternative, the division estab-lishedastandardoperatingprocedure for scaffolding.It takes intoaccount the fact thatNigeriahasno regu-lations for erecting scaffolding and no quality stan-dards for the requiredmaterials.Trainingandcertify-ing division employees to erect scaffolding ensuresstructuralquality andeliminates theneedandcosts tobring third parties onto our rigs to build them.Thescaffolding isquickandeasy touseandprovidesa safeplatform fromwhich personnel can work above thedeck level.

Prior to the start-up of the Noble Carl Norbergin summer 2006,West Africa operations trained 57nationals from Equatorial Guinea who are contractworkersontherig infirefightingandothersafety skills.Wedid thisproactively toensure theyare fully trainedto Noble standards. Personnel from our Gulf CoastandMexico operations assisted theWest Africa staffin conducting the training in English and the crew’snative language, Spanish.

OntheHiberniaplatforminCanada,Noblepres-ents threemonthly awards to employees for demon-

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2006 Lost Time Incident Rate by Region

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❖Division achieved a zero lost time incident rate.

*For comparison to the IADC Central and South America rate,data from the Mexico and Brazil divisions has been combined.

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IADC - OffshoreNoble

2006 Recordable Incident Rate by Region

Middle East & India

Centra

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Europe

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*For comparison to the IADC Central and South America rate,data from the Mexico and Brazil divisions has been combined.

strating leadership, safety program participation, mentoring and outstandingperformance. The division is also developing a program to produce Job SafetyAnalysesonvideotape.This formatwillmake it easier, especially fornewemploy-ees, to see step-by-step demonstrations of tools, equipment and hazards beforeperforming tasks.

In Europe, 27Noble electricians and assistant electricians took the initiativeto earn the DNV Certificate of Competence. They are certified to the level ofInstallation Responsible Person, the highest level of certification available inEuropeanNorm(EN)50110(OperationofElectrical Installations).EN50110spec-ifies guidelines on electrical installations, operations procedures for electricalequipment, and tools and safework practices formaintenance and repair of elec-trical systems.They are thefirst drilling contractor electricians in theNorthSea toearn theCertificate ofCompetence.

Health and wellness programsWhendesigningourcompanywidehealthandwellnessprograms,Noble tries

tobalanceaffordability andaccess toquality services.Ourbenefits includemedicaland dental coverage; an Employee Assistance Program; life insurance and acci-dental death and dismemberment coverage; a voluntary disease managementprogram; and various retirement savings programs.

Aswithsafety,ourdivisionsdevelophealthandwellnessprogramsthataddressspecific needs in their regions. For example, in theMiddle East, where tempera-tures canexceed 120°F in the summer, employees takemandatorycool-downrota-tions and hydrate frequently. Supervisors continually monitor crews for symp-toms of heat-related ailments.

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To promote wellness and physical fitness for our crews, fitness centers are installed ona space-available basis on rigs in our fleet.

Chidi Madu

joined Noble in his nativeNigeria in 1998. While workinghis way up from roustabout,Madu received a post graduatedegree in environmental man-agement. In 2004, he beganperforming ISO 14001 audits inWest Africa. Madu traveled toDubai, United Arab Emirates, totrain with DNV as an ISO14001 auditor. It was his firsttime away from the shores ofNigeria. Today, as Noble’s HSECoordinator in West Africa,Madu ensures that Noble’s rigsand operations comply with allnational and internationalHSE regulations and Noble’sEnvironmental ManagementSystem. We mourn the loss ofChidi Madu, who died of can-cer shortly after telling his story.

“I contribute to improving ourenvironmental performance.”

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SOCIETY

Tofulfill our responsibility to society,Nobleproudly takesa leadership role inreducing the impact of drilling operations on the environment. Our approach isto be proactive, act voluntarily and go above and beyond regulatory compliance.We often partner with customers and manufacturers to develop solutions thatimprove environmental performance.

Many of our environmental efforts are driven by our certification to the ISO14001 Environmental Management System standard. Every eligible Noble rigworldwide, as well as Noble’s EnvironmentalManagement Plans, is certified tothis international standard for environmental management and protection. Tomaintaincertification,wemust showcontinual improvement inourenvironmentalperformance.

Improving engine efficiencyDiesel engines that supplypower toour rigs are theprimary sourceofNoble’s

air emissions, including greenhouse gases. These gases include carbon dioxide,methaneandnitrousoxide.Criteriapollutants include smog-producingmaterialssuch as nitrogen oxide, sulfur dioxide, carbonmonoxide, ozone, lead and partic-ulates.

To reduce thevolumeof air emissionswegenerate,Noble focusesonmakingour engines runmore efficiently. An efficient engine consumes less fuel, therebygenerating feweremissionsandreducing fuel costs.After several yearsof testingoilproducts, fuel additives andenginemodels,wehave identified several keyways toimprove engine efficiency.

Noble initiatedaprogramtoreplaceourexistingdiesel enginesasneededwiththe best available technology for the particular application. One example is thenewCaterpillar C280diesel engine, which iswell suited to power our large semi-submersibles. ThefirstC280engines ever installed in amarinepower generationcapacity arenowaboard theNoble Dave Beard. TheC280engines exceed the rele-vantU.S.EnvironmentalProtectionAgency (EPA)andEuropeanUnionenviron-mental requirements for engine emissions.

Responsibilityto Society

Noblecontinually testnewconcepts for reducingemissions, suchasa recentlyconcluded testof syntheticoils. After carefully considering themaintenance impli-cationsandworldwide supply capabilities,weelectednot toutilize syntheticoil asourworldwide standard, as the results were not consistent across engine brands.Our reason formentioning this test is to emphasizeourphiliosophy that continu-ous improvement ismeasurednotby thenumberof ideas implemented,but ratherby the number of ideas generated and tested. No thoughtful idea tested is everconsidered to be a failure.

In addition to our corporate efforts, Noble divisions carried out projects toimprove energy efficiency, addressing conditions unique to their regions. Forexample, theWestAfricadivisionaddedoil centrifuges toenginesonall of its rigs.The equipment significantly reduces the amount of dirt in engine oil, extends theperiod between oil changes andminimizeswaste oil creation, all ofwhich reducecosts for Noble and our customers. Extending oil life also lowers the risks fromtransporting drums and tote tanks to offshore locations.

Greenhouse gas emissions reductionsNoblewas the first drilling contractor tomeasure and report greenhouse gas

emissions.Wehavebeenestimating theseemissions for six yearsbasedonour fuelconsumption using SANGEA™Emissions Estimation Software.

Our estimated daily carbon dioxide equivalent (CO2e) emissions in 2006were two percent lower than in 2005. Our engine efficiency improvements andoutstandingmaintenancecontributed to thedecline.Duetoa threepercent increasein operating days and the associated increase in fuel consumption in 2006, totalCO2e volume increased to 574,622 tonnes, one percent higher than 2005.

Noble voluntarily registers our greenhouse gas emissions with the EPA’sClimateLeadersProgram.Weare theonlydrilling contractorparticipating in thisgovernment-industry partnership.

Continual improvement in environmental performanceNoble aims to achieve the highest international standards of excellence for

health, safety andenvironmental performance.Wewere thefirst drilling contrac-tor to certify our entire global fleet to the ISO 14001 standard and today, all oper-ating rigs have attained this certification.

In addition, our operations in Canada and Europe are certified to the ISO9001quality standard, andnine rigs andour shorebases inEuropeare certified toOHSAS18001, the recognized international standard foroccupationalhealthandsafety. InMexicoandBrazil, 15 rigshaveattainedcertification to the InternationalSafetyManagement (ISM) Code for the Safe Operation of Ships and PollutionPrevention. Noble pursued all of thesemanagement system certifications volun-tarily, as Brazil is the only countrywhich requires ISMCode certification.

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Total Emissions CO2e(in thousands of tonnes)

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CO2e Emissions per Operating Day

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SOCIETY

Ourdivisionsworktoshowcontinual improvement inenvironmentalperform-ance toensure thatNoblemaintainsour certified status.Wesystematically assess,plan, test, implement changes and improve our performance.

Forexample,ourEuropedivisiondevelopeda systemtomeasureandcontroltheuse and leakageof various refrigerant gases fromair conditioners, icemakers,refrigerators and other equipment.We began replacing existing equipment andgases withmore environmentally friendly substitutes. As a result, discharges andemissions of refrigerant gases decreased almost 39 percent from 2003 to 2006 intheEurope division.

To proactively remove contaminents from deck drainage on our rigs, Nobleneededaspecializedoil andwater separator,butnonewereavailable in themarket.Noblepartneredwithamanufacturerofmarineoil andwater separators todevelopa unit specifically for our drilling rigs. The Europe division tested a custom-madeunit aboard theNoble Al White and identified changes to improve performance.Modified units incorporating these changes are nowbeingmanufactured for theNoble Clyde Boudreaux,Noble Ronald Hoope andNoble Ton van Langeveld.

After experiencingminor spillsduring supplyvessel transfers, theWestAfricadivision tookaction topreventdischargeswhentransferringhydrocarbonsbetweenrigs andsupplyvessels.Thedivision implementeda standardoperatingprocedurefor supplyvesselhandlingandswitched toahoseconnectionwithaonewaycheckvalve that closes automaticallywhen thehose isdisconnected.This arrangement isbeing implemented companywide.

Based on its outstanding environmental track record, Petrobras chose theNobleMuravlenko todrill explorationwells in theenvironmentally sensitiveAracajuarea.TheNobledrillship is theonlymobileoffshoredrillingunit in thearea locatedoffshore the state of Sergipe, Brazil. Aracaju is home to many species of whales,dolphinsandsea turtles,allmonitoredbyabiologistonboard theNobleMuravlenko.This work for Petrobras requires constant vigilance to prevent spills that couldharm sea life in this pristine region.

Halon removalByyear-end2008,weexpect thatallNoblerigswillbeequippedwithwatermist

systemsorother environmentally friendlymethodsoffire suppression.This is theresultofaprogramweinitiated in2001 toproactivelyremoveallhalonfromourfleet.While many companies and industries continue to use this ozone-depletingmaterial,Noble has voluntarily removedmore than 7,000pounds of halon.

Unplanned spillsIn 2006, we experienced nine overboard spills, resulting in approximately

1,794gallonsofhydrocarbon-basedproducts reaching the sea.The largest releaseaccounted for 96percent of this total.

To continually improve, Noble tracks alldischarges,whether theyare containedonboardourrigs or reach the environment. This voluntary actionthat exceeds our regulatory compliance obligationshas allowed us to identify root causes for spills andimplement maintenance practices, improved deckcollection methods and other preventive measures.Our goal continues to be tominimize our impact onthe environment.

Recycling progressThrough recycling,Noble seeks tominimize the

wastewegenerateonour rigs and to recycleoil, lubri-cants, paper products, glass, aluminum, plastic andmetal to theextentpossible.Sixofour sevendivisions

haveactive recyclingprograms.Thesedivisions recycled668,824gallonsofoil andlubricantsandapproximately3.5millionpoundsofpaperproducts,glass,aluminum,plastic andmetal in 2006, compared to 662,188 gallons of oil and lubricants andabout 3.3million pounds of other recyclables in 2005.

Noblehasbeenrecyclingsince2002,whenwebecamethefirstdrillingcontrac-tor to implement a comprehensive recycling program in the Gulf ofMexico.Weparticipate in the award-winningRecycle theGulf® program that encourages therecyclingofwaste fromoffshoreoperations.Recyclables fromall programpartic-ipants are donated to the Association of RetardedCitizens (ARC) ofNew Iberia,Louisiana,whereARCclientsprocess thematerials.Recyclingbrings in revenuesfor the nonprofit association and provides employment for 40 developmentallychallenged individuals.OurGulf Coast division has a strong commitment to thisprogram, having collected over 100 tons of recyclablematerials on our rigs in theGulf in the past year.

Community relationsNoble’s community relations efforts and donations are concentrated on the

well-being and education of children. Our divisions and locations choose chari-ties and causes that fulfill local needs. For example, theMexico division supportsa schoolandachildren’shomeinCiudaddelCarmen,Campeche,Mexico.CAPEP,the Center for Psycho Pedagogic Attention for Preschool Education, provides afree education for about 80 childrenwith special educational needs. CasaHogarPara Niños A.C. San Pedro Pescador houses 83 abandoned, maltreated, abusedand orphanedminors.Noble oversees repairs, supplies paint and buildingmate-rials, replacesbroken furniture andequipment andpurchases educational equip-ment for both charities.

TheMiddleEastandIndiadivisioncontributed to thepurchaseofblanketsandother supplies to aid victims of theOctober 2005 earthquake in Pakistan.

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Post-consumer RecyclingTotal Volume in 2006 - 940,645 lbs.

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SOCIETY

During the 2006-2007 school year, employees from our Sugar Land, Texasheadquarters officeparticipated in JuniorAchievement. This nonprofit organiza-tion educates and inspires young people to value free enterprise, business andeconomics to improve thequality of their lives. In addition,Nobleparticipated inthe Loaned Executive program during the Houston area’s 2006 UnitedWaycampaign.

For the eighth year, the Canada division organized a golf tournament bene-fiting theNewfoundlandandLabradorDownSyndromeSociety.The tournament,whichbrings togetheroil andgascompanies to supportprograms forchildrenwithDown Syndrome, has raised more than $115,000 over the years. Employees inNoble’soffice inSt. John’s,Newfoundland, supporteda low-incomesingleparentfamily with food, clothing and gifts during the holidays. Staff also volunteer forJunior Achievement and many provincial and national charitable organizationsand their boards.

Noblemadefinancialdonations to numerousnonprofitorganizations in2006,including the Shell Houston Open, the University of Oklahoma Foundation,AmericanHeartAssociation,MentalHealthAssociationofHouston,PalmerDrugAbuseProgram,HolocaustMuseumHouston,FriendsofScouting, theOklahomaCentennial Commemoration Fund, Nature Conservancy of Texas Water forTomorrow,TeachforAmerica,YESPrepPublicSchool,AlleyTheatre,andHoustonBallet.

Mexico division HSE & Quality Manager Heath Luper presents a check to the director of an orphanage inCiudad del Carmen, Campeche, Mexico. It is one of several children’s charities that Noble supports.

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The Noble Amos Runner

crews set a new world recordwater depth for a convention-ally moored rig. Before drilling,the crews conducted studies toensure the riser and mooringsystems could withstand poten-tially dangerous currents. Theydeveloped special proceduresfor keeping the rig in positionand a hurricane timeline andevacuation plan. Drilled with nosafety or environmental inci-dents in 127 days, the wellreached a total depth of 26,536feet, with water depth of 7,650feet in the Green Canyon areaof the Gulf of Mexico. It was adiscovery for our customer,AnadarkoPetroleumCorporation.

“Planning and teamwork helpedus set a newworld record.”

At Noble, everything we do is aimed at improving customer service. Fromemployee policies to HSE practices to operational performance, Noble is dedi-cated to helping our customers find and produce oil and gas safely and cost effec-tively.We are proud of the long-standing relationships and mutually successfulpartnershipswehavewithmany of our customers.

Rig upgrade and construction statusNoble currently has a $2 billion global shipyard program underway. The

programgoal is tobuildnewrigs andupgradeour existing assets quickly andcost-effectively so they can go to work for our customers, finding oil and gas to meetconsumer demand.

We completed 13 shipyard projects in 2006. The shipyard program came inslightly under budget andonly 3.6 percent over the time target, impressive resultsgiven thehigh levelof activity in shipyards in2006.Theupgradeswereperformedin shipyards inBrazil, theMiddle East and theUnited States.

The largestproject completedwasanenhancementof theNoble Jim Thompsonmooringsystemto theNC-5SMstandard.Thiswascompleted in theSignalShipyardinPascagoula,Mississippi. TheNoble Jim Thompsonwas thefirst premiumNoblesemisubmersible to receive a mooring system upgrade as part of a proactive fiverigprogram.Theupgradewill improve therigs’mooringperformanceduringhurri-canes andothermajor storms.NC-5SM mooring systemupgrades are planned fortheNoble Amos Runner andNoble Paul Romano in 2007. The NC-5SM design isbased on the API RP 2SK permanent mooring standard for floating productionsystems.

Noble’s newbuild rigs, valued at a total of $2 billion, are on budget and onschedule.ThesemisubmersibleNoble Clyde Boudreaux is scheduled to leaveSignalShipyard in the secondquarter of 2007 andbeginworking for Shell in theGulf ofMexico. The jackupNoble Roger Lewis is scheduled for completion in 2007 andmobilization to theMiddleEast towork forShell, aswell. TheNoble Hans Deul, ajackup,andNobleDave Beard, a semisubmersible, aredue forcompletion in2008.TheNoble Hans Deulwill mobilize to the North Sea to work for Shell while theNoble Dave Beardwill work for Petrobras inBrazil. The semisubmersiblesNoble

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Pictured (L-R): Safety and Training Supervisor Jeff Manning, Rig Manager William Smith,Assistant Rig Manager Robert Waldron and Barge Engineer Ron Fleming.

Danny Adkins andNoble Jim Day are slated for delivery in 2009 andwillmobilizeto theGulfofMexico.TheNobleDanny Adkinswillwork forShellwhile theNobleJim Day currently has a Letter of Intent to work forMarathon. TheNoble ScottMarks jackupwill join theNorthSeafleetupondelivery in2009toworkforVenture.

Withmanymanufacturers working at capacity, equipment deliveries will beachallenge forourconstructionprogramin2007.Noblehasa largeglobal teaminplace to visit ourmanufacturers’ facilities andmonitor the progress of our equip-mentorders.Wewill continue to relyon thesuperiorplanningandexecutioncapa-bilities of our projectmanagement staff and shipyard crews to keepour construc-tion programon track in 2007.

Cost-saving technologyNoble seeks to capitalize on cost-effective drilling technologies that help our

customers increase production.Our patented aluminum alloy drilling riser is anexcellent example of our technology expertise and capabilities. This lightweightequipmentallows forcost-effective, efficientandsaferdrillingoperations indeeperwaters than canbe achievedwith conventional steel riser.

A 75-foot long aluminum alloy riser joint with a 11⁄4-inch wall thickness isapproximately40percent lighter inwater thanaconventionalsteeldrillingriser joint.This reducesweight on the rig and the tension system.Compared to steel drillingriser,more aluminumalloy riser can be stored on deckwithout exceedingweightandhandling limitationsof existingequipment and the structure.Aluminumalloyriser iscurrentlydeployedonthreeunits inBrazil andoneunit in theGulfofMexico.All ofournewbuild semisubmersibleswill beequippedwithaluminumalloy riserwhen they depart the shipyard.

TheAmericanSocietyofMechanicalEngineersandits InternationalPetroleumTechnology Institute presented Noble the 23rd AnnualWoelfel BestMechanicalEngineeringAchievementAward forour lightweight riser.Thehonor, conveyedatthe 2006Offshore Technology Conference, recognizes a product or system thatdemonstrates a practical solution to an engineering challenge in offshore tech-nology.

Rig standardizationNobleactively seeksopportunities to standardize equipment,parts, consum-

ables and services on our rigs.Our focus is tomaximize rig uptime;minimize thetotal cost of ownership; and reduce costs associated with maintenance, logisticsand inventory levels.Standardization improvessafetyandoperationalefficiencyandreduces costs for our customers and forNoble.

In 2006, we standardized on primary drive direct current traction motors,wellheadconnectors, siliconecontrol rectifier (SCR)systemconfiguration, travelingblocks and hook adaptors, and rotary tables.We also established guidelines forstandard safety and operational enhancements for newderricks.

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Going the extra mile for customersAnoperational highlight in 2006was thenewworld recordwater depth for a

conventionally moored rig set by theNoble Amos Runner in the Gulf ofMexico.TheEVA-4000™semisubmersiblemoored in7,650feetofwater inGreenCanyonBlock955 for theMissionDeepproject forAnadarkoPetroleumCorporation.TheNoble Amos Runner set this record using its existingmooring system, rather thanpresetmooring systems that require anchors or suctionpiles tobe inplacebeforethe rig arrives.

Depthwasnot theonly challenge thecrew faced in theMissionDeepproject.Thedrillingoccurred inapartof theGulf knownforadangerous loopcurrent thatforces rigs to shut down when it is in the vicinity. Noble conducted several engi-neering studies to ensure the rig’s riser andmooring systemwould standup to theloopcurrent.TheNoble Amos Runnercrewsalsodevisedprocedures tohold the rigover the topof thewellheadandprevent extensivemovementdespite longanchorlines. The angle of the riser at the blowout preventer on the sea floor could notexceed twodegrees foroperations tocontinue.This angle averaged three-quartersofonedegreeoverfivemonths,neverexceeding1.5degrees.Therig’shorizontaloffsetfrom thewellhead never exceeded 58 feet during the project.

In thesevenyears theNoble AmosRunnerhasbeencontracted toAnadarkoandits subsidiaries, it has been involved in seven discoveries. The rig also reached sixyearswithout a lost time incidentwhile drilling the latest discoverywell.

SEPCo selects Noble George Sauvageau for annual awardTheNoble George Sauvageau earned the title of Shell JackupRig of the Year for 2006, out of

seven jackupscontracted toShell InternationalExploration&ProductionInc.The rig consistentlyachieved top quartile performance on all projects on a range of key operational andHSE indica-tors.

Based in the North Sea, the rig demonstrated superior operational performance, includingdrilling three wells ahead of schedule and under budget. This allowed Shell to complete an extra

project. In2006, theNoble George Sauvageaualsodrilled the fastest 5-kilometerwell inShell’sNorth Sea operations in the past three years.

Witha focusonprevention, crewson theNoble George Sauvageau recorded no LTIs in2006. Noble implemented an active trainingstrategy to ensure and maintain the compe-tencyof therig’s crews. Inaddition,Shellnotedthe dedication, detailed planning, excellentteamwork, communication and commitmentfromthecrewsof theNobleGeorge Sauvageau.

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Tony Luna

audited Noble HSE manage-ment systems around the world,giving him the right experienceto oversee HSE cases for ourGulf Coast Division. HSE casesallow Noble to identify gapsbetween our HSE systems andthose of our customers, andthen close the gaps to minimizerisk and exposure.

“HSE cases improveproductivity and safety,and that adds value.”

In a competitive and cyclical industry,Noble succeeds by pursuing a conser-vative financial policy. Our business strategy is to expand our fleet by acquiringrigs and securing customer commitments to build new assets, upgrading existingassets and deploying our rigs in key international geologic regions. Noble is apioneer in integratinghealth, safetyandenvironmentalperformance intoourbusi-ness strategy as awayofmanaging risk. The successful executionof these policiesand strategies allowsNoble to add value for our shareholders.

Code of Business Conduct and EthicsTheNobleCorporationCodeofBusinessConduct andEthics codifies, clar-

ifies and amplifies theCompany’s long-standingpolicies related tobusiness prac-tices.EveryNobleemployee is responsible forobserving thestandardsandrequire-ments of theCode in his or her dailywork.

The Code covers compliance with laws, rules and regulations; honest andethical conduct and conflicts of interest; insider trading; competition and fairdealing;discriminationandharassment;healthandsafety;procedures forexpress-ing concerns about accounting and auditing matters; confidentiality; protectionandproperuseofCompanyassets;payments togovernmentpersonnelandothers;waiversof theCode; reportingany illegalorunethicalbehavior; full and fairdisclo-sure; periodic reports and government filings; compliance procedures; andotherprovisions applicable to covered executives and financial professionals.

Tosupport employees in their efforts toupholdourCodeofConduct,weoffertheNobleLine resource.Employeescancall theNobleLine toll-freeorcollect fromanycountrywherewehaveoperations, at any time, anddiscusspossible violationsof laws or Company policies, questionable accounting or auditing matters, HSEconcerns, actions that threatenNoble’s integrityor securityandmanyother issues.NobleLine is available 24 hours a day, seven days a week, and employees remainanonymouswhen they call.

Integrating HSE and business practicesContinual improvement in health, safety and environmental performance

and strongfinancial results gohand-in-hand.Noble consistentlyoutperforms thedrilling industry in HSE results, which helps us market and contract our assets

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Responsibilityto our Shareholders

around the world.We invest in enhancing and expanding our fleet, training anddeveloping our people,maintaining programs to further improveHSE andoper-ational performance, and developing technologies to advance the search for oiland gas.

Within the industry, the Health, Safety and Environmental Case is growingin importance as a way of integrating HSE performance with business strategy.HSECases demonstrate the adequacy of a rig’smanagement system; capabilitiesfor compliance, audit, reviewandrisk identification, assessmentandmanagement;and identification of safety-critical elements and tasks. In the North Sea, whereHSECases are a regulatory requirement,Noble voluntarily took the lead indevel-oping the industry-standardHSECase.

Tocomplywith regulationsorwithcustomercontracts,Noblecurrentlymain-tainsHSECases for 15 rigs.Work isunderwayon theHSECase for tworigsunderconstruction, both to fulfill contractual requirements. Having an HSE Case inplace assures customers that we have systems and processes in place to operatesafely and effectively.

TheCompany encourages and supports our divisions and rigs in proactivelydeveloping HSE Cases in anticipation of future regulatory or customer require-ments. AllNobleHSECases are designed to transferwith a rig to any division.

Managing costsMaximizing the productivity of our fleet, while managing costs and working

safely, is goodstewardshipofour assetsonbehalf of shareholders andcustomers.Noble’s goal is to spendmoney effectively andwith clear value attached.

Ouroperations staff executed thisplanwell in2006, focusingonseveral costmanagement strategies.Our long-termpracticeof standardizingonrig equipmentcontinued to keep costs in line and improve safety and operational efficiency.Strategic vendor alliances allowed us to capture volume pricing and prepurchaselong lead items, an advantage given thehighdemand for equipment and supplies.Close contact with our vendors helped ensure that equipment deliveries are ontime andonbudget, with the qualitywe expect.

Retaining our well-trained employees is another strategy that maximizesproductivity, reduces costs and improves safety. Noble expanded our employeedevelopmentprograms in2006toretainkeypersonnel forourcommitments today,as well as to assure that we have trained crews for our newbuild rigs as they arecommissioned.Whenwestaffnewassetsmonths inadvance,weconsider itmoneywell spent for the safety and efficiency of the rig, starting its first day on the job.

With90percent of our fleet booked through 2007,Noble’s revenues for theyear are largely locked-in.Consequently, continueddiligent costmanagementandattention to safetywill be critical to delivering goodmargins again in 2007.

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The Noble Roger Lewis, one ofthree newbuild JU-2000E jackups,is scheduled for delivery in 2007.

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Sarbanes-Oxley Act complianceNoblehasa longhistoryof strict compliancewithfinancial reporting require-

ments. We adhere to these procedures in all instances. Our financial reportingresponsibilities include complying with the Sarbanes-Oxley Act of 2002. TheUnited States Congress enacted this law to enhance corporate responsibility andfinancial disclosures and to combat corporate and accounting fraud.

Noble conducted an evaluation of the effectiveness of our internal controlover financial reporting, based on the Internal Control-Integrated FrameworkissuedbytheCommitteeofSponsoringOrganizationsof theTreadwayCommission.Itwasmanagement’s assessment that theCompanymaintained effective internalcontroloverfinancial reportingasofDecember31, 2006.PricewaterhouseCoopersLLP, the independentregisteredpublicaccountingfirmthataudited theCompany’sfinancial statements andmanagement’s assessment of the effectiveness of internalcontrol over financial reporting, concluded that the Companymaintained, in allmaterial respects,effectivecontroloverfinancial reportingasofDecember31,2006.

Financial performanceNoble earned record operating revenues of $2.1 billion and achieved record

net income of $731.9million, or $5.33 per diluted share, in 2006.High rig utiliza-tion of 96 percent and an average dayrate of $97,936 contributed to revenues,while superior execution of shipyard projects and successful operational costmanagementmeasureswere factors in our high net income.

With our free cashflow,Noble has considerable options.Weplan to expandour fleet by fully funding newbuild construction and asset upgrades. Our strongbalance sheetmay enable us to acquire assets opportunistically.

Wealsohavetheoptiontocontinuereturningcashtoourshareholdersbyrepur-chasingordinaryshares.Noblehasboardauthorizationtorepurchaseupto15,262,000ordinary shares. In 2006, we repurchased approximately 3.8million shares at anaverage price of $70.27. Through year-end 2006,Noble had repurchased a total of9,738,000ordinary sharesunder its repurchaseprogramannounced in2002.

Forward-Looking Statements

This Noble Corporation Sustainability Report 2006 contains certain “forward-looking state-ments” about the business, financial performance and prospects of the company. Statements aboutour plans, intentions, expectations, beliefs, estimates, predictions or similar expressions for the futureare forward-looking statements. No assurance can be given that the outcome of any forward-lookingstatement will be realized, and actual results could differ materially from those expressed. Thecompany’s filings with the U.S. Securities and Exchange Commission, which are accessible fromNoble’s website, discuss the risks and uncertainties in our business and industry and the variousfactors that could keep the outcome of any forward-looking state from being realized.

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Financial Highlights

(in thousands, except per-share amounts) Year Ended December 31,2006 2005 2004

Operating revenues $ 2,100,239 $ 1,382,137 $ 1,066,231

Operating income 927,430 373,045 187,172

Income before income taxes 921,287 364,092 161,817

Net income 731,866 296,696 146,086

Per diluted share 5.33 2.16 1.09

Net cashprovidedbyoperating activities 988,715 529,010 332,221

Capital expenditures 1,122,061 545,436 333,989

Return on capital employed 25% 12% 7%

At year end:Total assets 4,585,914 4,346,367 3,307,973

Property and equipment, net 3,858,393 2,999,019 2,743,620

Total debt 694,098 1,138,297 511,649

Shareholders’ equity 3,228,993 2,731,734 2,384,434

Book value per share 23.99 19.94 17.74

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200620052004

Revenues(in billions)

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Market Cap at Year-End(in billions)

$

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200620052004

Earnings Per Share(diluted)

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Third-Party Certifications

ISO14001

ISO9001

OHSAS18001

ISMCODE

Brazil Division � � 384 0.00 1.17 1,533,717Noble Leo Segerius (DS) � � 384 0.00 1.39 288,272

Noble Muravlenko (DS) � � 1,834 0.00 2.01 299,060

Noble Paul Wolff (SS) � � 836 0.00 0.00 289,604

Noble Roger Eason (DS) � � 422 0.00 2.00 299,876

Noble Therald Martin (SS) � � 573 0.00 0.92 218,204

Canada Division � � 1,253 0.00 1.15 347,388Hibernia M-71 (P) � � 2,839 0.00 2.58 155,204

Hibernia M-72 (P) � � 1,253 0.00 0.00 149,108

Europe Division � � � 590 0.00 1.00 2,787,819Noble Al White (JU) � � � 706 0.00 1.02 196,064

Noble Byron Welliver (JU) � � � 611 0.00 0.00 207,092

Noble George Sauvageau (JU) � � � 2,056 0.00 1.01 197,690

Noble Julie Robertson (JU) � � � 2,095 0.00 0.99 202,376

Noble Kolskaya (JU) � � � 2,304 0.00 0.97 205,148

Noble Lynda Bossler (JU) � � � 2,185 0.00 2.04 196,436

Noble Piet van Ede (JU) � � � 3,301 0.00 0.00 173,828

Noble Ronald Hoope (JU) � � � 1,986 0.00 0.00 194,960

Noble Ton van Langeveld (SS) � � � 2,554 0.00 1.66 240,884

BP Clair (P) � 899 0.00 0.00 122,900

Brae Alpha 43 (P) � 778 0.00 0.00 7,958

Brae Alpha 44 (P) � 590 0.00 1.85 108,092

Brae Bravo (P) � 900 0.00 0.00 71,324

East Brae (P) � 1,005 0.00 0.00 69,678

Captain (P) � 902 0.00 3.30 121,088

CT Alba (P) � 3,476 0.00 0.00 10,220

Forties Alpha (P) � 3,012 0.00 3.32 60,272

Forties Bravo (P) � 915 0.00 3.35 50,748

Forties Charlie (P) � 2,448 0.00 2.23 89,864

Forties Delta (P) � 2,751 0.00 0.00 77,084

Gulf Coast Division � 645 0.00 0.93 2,154,796Noble Amos Runner (SS) � 2,170 0.00 0.00 247,892

Noble Fri Rodli (S) � 908 0.00 1.54 129,524

Noble Jim Thompson (SS) � 645 0.00 0.75 265,556

Noble Joe Alford (S) � 2,058 0.00 2.80 142,604

Noble Lester Pettus (S) � 3,496 0.00 2.87 139,340

Noble Lorris Bouzigard (SS) � 1,731 0.00 0.00 22,004

Noble Max Smith (SS) � 3,767 0.00 0.83 240,884

Noble Paul Romano (SS) � 1,572 0.00 0.80 249,440

Days sincelast LTI

LTIRate TRIR

HoursWorked

2006 Safety Statistics

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ISO14001

ISO9001

OHSAS18001

ISMCODE

Mexico Division � � 308 0.30 0.60 670,648Noble Bill Jennings (JU) � � 2,601 0.00 0.00 53,060

Noble Earl Frederickson (JU) � � 1,981 0.00 0.00 47,948

Noble Eddie Paul (JU) � � 3,522 0.00 0.00 81,544

Noble Gene Rosser (JU) � � 3,547 0.00 0.00 52,292

Noble John Sandifer (JU) � � 3,156 0.00 0.00 54,176

Noble Johnnie Hoffman (JU) � � 4,317 0.00 0.00 54,788

Noble Leonard Jones (JU) � � 308 3.84 7.67 52,124

Noble Lewis Dugger (JU) � � 3,741 0.00 0.00 53,720

Noble Sam Noble (JU) � � 3,703 0.00 0.00 53,324

Noble Tom Jobe (JU) � � 1,904 0.00 2.81 71,180

Middle East/India Division � 82 0.06 0.30 3,345,144Noble Cees van Diemen (JU) � 1,492 0.00 0.00 196,880

Noble Charles Copeland (JU) � 803 0.00 0.97 207,044

Noble Charlie Yester (JU) � 522 0.00 0.00 35,096

Noble Chuck Syring (JU) � 3,844 0.00 0.00 203,432

Noble David Tinsley (JU) � 1,932 0.00 0.00 192,872

Dhabi II (JU) � 407 0.00 0.00 174,932

Noble Dick Favor (JU) � 1,562 0.00 0.00 191,756

Noble Ed Holt (JU) � 3,786 0.00 0.00 20,552

Noble Gene House (JU) � 1,519 0.00 0.00 206,180

Noble George McLeod (JU) � 2,418 0.00 0.00 201,584

Noble Gus Androes (JU) � 82 0.97 1.94 206,600

Noble Harvey Duhaney (JU) � 2,045 0.00 0.00 212,276

Noble Jimmy Puckett (JU) � 724 0.00 0.00 189,704

Noble Kenneth Delaney (JU) � 1,386 0.00 0.00 186,656

Noble Mark Burns (JU) � 923 0.00 1.84 217,508

Noble Roy Rhodes (JU) � 635 0.00 0.00 222,560

West Africa Division � 635 0.00 0.67 1,783,420Noble Carl Norberg (JU) � 2,782 0.00 0.00 65,032

Noble Don Walker (JU) � 635 0.00 0.97 205,460

Noble Ed Noble (JU) � 3,609 0.00 0.96 208,316

Noble Homer Ferrington (SS) � 2,095 0.00 0.75 265,592

Noble Lloyd Noble (JU) � 1,196 0.00 1.72 232,748

Noble Percy Johns (JU) � 2,905 0.00 0.00 219,680

Noble Roy Butler (JU) � 2,284 0.00 0.00 227,912

Noble Tommy Craighead (JU) � 2,785 0.00 0.96 207,572

Noble Corporation 82 0.03 0.77 12,696,413

Notes:Rig totals are calculated regardless of operating status.Divisional totals are calculated to include only operating rigs, yard and administrative activities.Corporate totals are calculated to include all rig, yard, administrative, shipyard and subsidiary activities.

(DS) Drillship (JU) Independent Leg Jackup (P) Platform (S) Submersible (SS) Semisubmersible

Third-Party Certifications 2006 Safety Statistics

Days sincelast LTI

LTIRate TRIR

HoursWorked

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Environmental Data 2006 2005 *2004

Carbon Dioxide (CO2) Tonnes 558,241 549,558 513,404

Methane (CH4) Tonnes 27 27 25

Nitrous Oxide (N2O) Tonnes 2.7 2.7 2.5

Global Warming Potential (CO2e) Tonnes CO2 Equivalent 574,622 569,091 535,909

Sulfur Dioxide (SO2) Tonnes 842 829 775

Nitrogen Oxide (NO2) Tonnes 7,625 7,515 9,161

Carbon Monoxide (CO) Tonnes 2,863 2,819 2,633

Particulate Matter (PM) Tonnes 337 332 310

Diesel Consumption Gallons 54,197,687 53,354,671 49,844,627

Energy Million BTUs 7,110,220 6,999,624 6,539,140

Unplanned Discharge Events � 9 10 5

Recycling Data 2006 2005 2004

Oil and Lubes Gallons 668,824 662,188 579,044

Paper and Paper Products Pounds 515,069 447,992 506,868

Glass Pounds 53,562 29,903 67,407

Aluminum / Tin Pounds 40,501 45,405 42,533

Plastics Pounds 331,513 230,472 234,435

Metal Pounds 2,562,306 2,590,909 2,742,390

Safety & Health Data 2006 2005 2004

Hours Worked 12,696,413 11,833,656 11,008,012

Recordable Incidents 49 69 41

Medical Treatment 20 16 21

Restricted Work Case 27 38 14

Lost Time Injury 2 15 6

Fatalities 1 1 0

Lost Time Incident Rate 0.03 0.25 0.11

Total Recordable Incident Rate 0.77 1.17 0.74

First Aid Incidents 228 286 268

� Note: The 2004 Environmental Data totals have been adjusted from the previous Sustainability Report. As of 2004, refrigerantand shore based electrical power consumption will be included in the Company’s emissions figures.

�Hydrocarbon liquids lost overboard.

Printed on recycled paper.

NOBLE CORPORATION13135 South Dairy Ashford, Suite 800

Sugar Land, TX 77478281.276.6100

www.noblecorp.com