oble is a leading offshore driller, with customers around the globe. The Company’s customers are the world’s oil and gas exploration and development companies, which are known in the industry as operators. The Company’s core focus is to own and operate offshore drilling units and employ the crews needed to safely and efficiently meet the drilling needs of our customers.

For projects in waters deeper than 400 feet, operators must use “floaters,” which can be either semisubmersibles or drillships. The newest of these rigs are designed to operate in waters up to 12,000 feet. Noble has 16 floaters in its fleet — 13 semisubmersibles and three drillships. These units are currently working in the U.S. Gulf of Mexico, the North Sea and in the waters off Brazil and West Africa or are under construction with anticipated completion dates in 2008 and 2009.

 Jackup rigs have movable legs that rest on the ocean floor while lifting the drilling equipment and hull out of the water. Jackups are towed to the drill site and then the legs are “jacked” downward to the sea floor. Noble currently has 43 jackup units, which are either serving customers in Mexico, West Africa, the North Sea, the Middle East and India or are under construction. In addition we own three submersible units currently in the U.S. Gulf of Mexico.