SUGAR LAND, Texas, July 11 /PRNewswire-FirstCall/ -- Noble Corporation (NYSE: NE) announced today that on July 10, 2003, it exercised its option to purchase the premium jackup drilling unit, the TRIDENT 19, from a subsidiary of Schlumberger for an exercise price of $25.2 million. As previously announced, in December of 2002 Noble paid an option fee of $10.8 million to the seller for the right to acquire the unit. Noble's aggregate purchase price for the MODEC 300C, independent leg, cantilever jackup is therefore $36.0 million. The TRIDENT 19 is currently in the territorial waters of the United Arab Emirates being assimilated into our Middle East fleet which is now comprised of 10 units. The unit has been renamed the Noble Gene House.

James C. Day, Chairman and Chief Executive Officer, said "This purchase is part of a consistent strategy of opportunistic acquisitions that fits the Company's long term strategic goals. We are confident the unit will be under contract by late third quarter of 2003."

Noble Corporation is a leading provider of diversified services for the oil and gas industry. Contract drilling services are performed with the Company's fleet, which stands at 59* mobile offshore drilling units located in key markets worldwide. The Company's fleet of floating deepwater units consists of 13 semisubmersibles and three dynamically positioned drillships, seven of which are designed to operate in water depths greater than 5,000 feet. The Company's premium fleet of 40* independent leg, cantilever jackup rigs includes 26* units that operate in water depths of 300 feet or greater, four of which operate in water depths of 360 feet or greater, and 11 units that operate in water depths up to 250 feet. In addition, the Company's fleet includes three submersible units. Nine of the Company's units are capable of operating in harsh environments. Over 70 percent of the fleet is currently deployed in international markets, principally including the North Sea, Brazil, West Africa, the Middle East, Mexico and India. The Company provides technologically advanced drilling-related products and services designed to create value for our customers. The Company also provides labor contract drilling services, well site and project management services, and engineering services. The Company's ordinary shares are traded on the New York Stock Exchange under the symbol "NE".

This news release may contain "forward-looking statements" about the business, financial performance and prospects of the Company. Statements about the Company's or management's plans, intentions, expectations, beliefs, estimates, predictions, or similar expressions for the future are forward- looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors, including risks and uncertainties, is set forth from time to time in the Company's filings with the U.S. Securities and Exchange Commission.

Additional information on Noble Corporation is available via the worldwide web at http://www.noblecorp.com .

* Assumes that Noble exercises its previously-disclosed options to

purchase one additional jackup from Schlumberger and two Maersk jackups

from a subsidiary of A.P. Moeller.

SOURCE  Noble Corporation
    -0-                             07/11/2003
    /CONTACT:  John T. Rynd, Vice President - Investor Relations, Noble
Drilling Services Inc. of Noble Corporation, +1-281-276-6100/
    /Photo:  Newscom:  http://www.newscom.com/cgi-bin/prnh/20020424/NEDLOGO
             AP Archive:  http://photoarchive.ap.org
             PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840/
    /Web site:  http://www.noblecorp.com /
    (NE)

CO:  Noble Corporation; Schlumberger
ST:  Texas
IN:  OIL
SU:



CJ-AP 
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9600 07/11/2003 08:52 EDT http://www.prnewswire.com