Noble Corporation

December 2011

Corporate Update

2

Forward Looking Statement

These presentations contain “forward-looking statements” about Noble’s business, financial performance, contracts and prospects. Statements regarding contract backlog, costs, benefits, opportunities, financial performance, anticipated timing and cost of newbuild rigs, fleet strategy, growth into new market segments, bidding activity, rig demand, contract commencements, dayrates, impact of future regulations, contract duration, fleet condition, capabilities or performance, shareholder value 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 actions by regulatory authorities or other third parties, costs and difficulties related to other integration of acquired businesses, delays, costs and difficulties related to the construction of newbuild rigs, market conditions, financial results and performance, ability to repay debt and timing thereof, actions by customers and other third parties, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, 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. The Company disclaims any duty to update the information presented here.

333

Today’s Agenda

Noble Today

Fleet Transformation Strategy

Value Impact from Strategy

Regional Update

Safety First

4

Noble Corp Highlights

Among the world’s largest offshore drilling contractors Globally diverse operations Significant fleet transformation underway Focus on technologically advanced drilling solutions Large contract backlog Compelling value

Enterprise Value (as of 12/2/2011)

Primary ExchangeShares Outstanding (ex. Treasury Shares)

Avg. Daily Trading Vol. (2011)

Debt/Total Capital Ratio (as of 9/30/11)

Debt Rating

$13.0 billionNYSE: NE

252.4 million4.8 million

32%A-/Baa1

55

Noble’s Global Footprint

14 – Semisubmersibles14 – Drillships49 – Jackups

2 – Submersibles79 Total Rigs + FPSO + Platform Operation

Source: Noble

66

World’s Second Largest MODU Fleet

77

28 2719

37

3 8 8

63

49 49

22

13

31 146

19

10

141

79 77

60

50

34 32

16

0

50

100

150Floating Rig Count

(1) Includes four floaters and three jackups held in North Atlantic Drilling Inc.

Source: Noble

Floaters

Jackups

Other

38

916 19 18

5 37 8 6 6 3 2

39

28 12 8

4 5 2

77

37

28 27

19

9 8 8 8 8 63 2

0

20

40

60

80Floating Rig Count

(1) Includes four floaters held in North Atlantic Drilling Inc.

Source: Noble, Competitor Public Filings

DP

Moored

7

Industry’s Largest Floating FleetsNoble Systematically Growing its DP Units

8

Geographically Diversified Revenue BaseAs of September 30, 2011

22%

20%

20%

3%

19%

15%2%

Middle East / India

Gulf Coast

Mexico

Brazil

North Sea

West Africa

Canada

Source: Noble 8

9

$23.5

$13.5 $12.8

$9.0$8.1

$2.4 $1.5

0

5

10

15

20

25

30

Second Largest Industry BacklogAs of September 2011

Transocean Seadrill Noble Ensco Diamond Atwood

* Seadrill backlog includes 75% of the backlog, associated with Seadrill’s equity ownership in North Atlantic Drilling.Note: Rig types include Arctic, Drillship, Jackup, Semisubmersible, Submersible, Tender. Noble backlog includes 75% performance bonus potential on rigs with bonus provisions. Includes paid shipyard time for the three drillship projects in Brazil. Backlog includes Letters of Intent and newbuild rigs with contracts. Our PEMEX contracts contain early termination rights.Source: Company Form 10-Q Filings at September 30, 2011

($ Billions)

Rowan

10

Total BacklogAs of September 30, 2011

* Remaining three months

$12.8 billion total

Source: Noble backlog includes 75% performance bonus potential on rigs with bonus provision

$0.8

$2.6

$2.1$2.0

$1.3

$0.9

$0.6 $0.6$0.6 $0.5$0.5

$0.2 $0.1

($ Millions)

11

North Sea Noble Ronald Hoope jackup received a one-year commitment through

December 2012 – Dayrate $113,000 Noble Piet Van Ede jackup received a 10-month commitment through

December 2012 – Dayrate $113,000 Noble Lynda Bossler jackup awarded four-month extension beginning early

June 2012 – Dayrate $118,000 Noble Julie Robertson jackup awarded one-year commitment through March

2013 – Dayrate $118,000 Noble Ton van Langeveld semisubmersible awarded five-month extension

beginning mid-2012 – Dayrate $247,500 Middle East

All 14 Noble jackup rigs are under contract, with six units contracted into 2014 Alaska

Two-year agreement reached with Shell to contract the Noble Discovererthrough December 2013 – Dayrate $240,000

Deepwater Repricing Opportunities in 2012

Recent Fleet DevelopmentsEvidence of Improving Market

Noble Jim Day Noble Clyde Boudreaux Noble Paul Romano

Noble Max Smith Noble Amos Runner Noble Homer Ferrington

1212

Fleet Strategy

Core Fleet

Add rigs with the latest technology, equipment, and

capabilities

Modify core rigs to their technical

limit

Continually evaluate potentially non-core, uncompetitive assets that could be: Sold Spun-off, or Retired

Maintain core rigs as long as

competitive

1313

Building a Noble Future

2011 2012 2013 2014

Deliveries of three drillships: Noble Bully I & II, Noble Globetrotter I

First JU3000N high specification jackup delivered

Noble Globetrotter II

Two HHI ultra-deepwater drillships delivered

Two JU3000N jackups delivered

Final two HHI ultra-deepwater drillships delivered

Final three JU3000N jackups delivered

Source: Noble

141414

Noble’s Floating FleetNoble Systematically Growing its DP Units

8 8 9 9 912 12 12 12 12

4 44 4 4

811 11

1416

12 12 13 13 13

20

23 23

2628

0

5

10

15

20

25

30

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Floating Rig Count

Noble Clyde Boudreaux

Frontier AcquisitionNoble Danny AdkinsNoble Dave BeardNoble Jim Day

Noble Bully INoble Bully IINoble Globetrotter I

HHI IHHI IINoble Globetrotter II

HHI IIIHHI IV

Source: Noble

DP

Moored

15

Unique Equipment Configuration and Drilling Center of Multi-Purpose Tower

Noble Globetrotter INoble Bully I

Benefits: Compact design vs. conventional derrick Allows for smaller hull size vs. other drillships of similar capacity Highly efficient Reduced obstacles on rig floor Increased safety Minimized equipment downtime

1616

Value Impact of Fleet TransformationEstimated Revenue Distribution by Asset Type

32%24%

33%6%5%

40%

22%

4%

10%

23%

Source: Noble

Ultra-deepwaterDeepwater

Other FloaterHigh Spec Jackup

Standard JackupOther

2011 Projection

2015 Projection

171717

Regional Updates

Alaska

Shell has filed for 2012 drilling permits, progress continues to be made

Noble has opened an Anchorage office to support drillship Noble Discoverer and Shell-owned/Noble-operated Kulluk

New two-year commitment on Noble Discoverer from Shell

US Gulf of Mexico

Heavy client pent-up demand

Permitting process improving

New deepwater discoveries support strong deepwaterpotential

All Noble active rigs have returned to full operating dayrates

Contract negotiations on semi Noble Jim Day progressingSource: Noble 17

181818

Regional Updates

Mexico

Pemex continuing to increase rig requirements

Multiple tenders expected in near-term

10 of 12 Noble jackups on contract and working, strong opportunities for continued work in 2012

Floating rig needs continue to develop

Brazil

Better than expected geology

Decision on additional deepwater capacity expected to be made by Petrobras in the near-term

Mid-water demand remains steady

Drillship Noble Leo Segerius upgrade to finish late-2011

Semi Noble Clyde Boudreaux contracted for approximately 800 days in Australia at $417,500 plus 17% bonus

Source: Noble 18

191919

Regional Updates

Africa

Deepwater rig demand expected to increase considerably beginning in the intermediate-term

Demand driven by increases in Angola, Nigeria and Ghana

Numerous emerging plays – Gulf of Guinea, East Africa, sub-salt in SW Africa

Opportunity for Noble’s deepwater fleet

North Sea

Jackup market remains tight, dayrates increasing

Operators optimistic on long-term prospects

Six of eight Noble jackupscommitted through 2012

Semi contract opportunities remain steady, extension for Noble Ton van Langeveld

Potential for newbuild HDHE jackups going forward

Source: Noble 19

202020

Regional Updates

Middle East

Increasing floating rig needs for Eastern Mediterranean

Black Sea being watched closely

Additional jackup tenders expected from Aramco

Noble’s jackup fleet in Saudi Arabia expands to four

Nine of 14 Noble jackups committed through 2012

JU3000N design an excellent fit for high-specification jackuprequirements

Source: Noble 20

Asia / Pacific

Expansive area with new offshore acreage awarded in Australia, Indonesia, Philippines and Vietnam

Jackups and floater opportunities expected to increase in India

Key area for expansion of Noble fleet

Opening office in Singapore

Deepwater emerging in South China Sea and Eastern Indonesia

2121

Noble’s Industry Leading Safety Efforts

More than just industry leading safety statistics!

The only drilling contractor to: Win the ExxonMobil sponsored Robert W.

Campbell Award for HSE excellence

Win the U.S. Minerals Management Service National SAFE Award for three consecutive years (2006, 2007, 2008)

Produce an annual sustainability report and be named to the Dow Jones Sustainability Index (DJSI)

Be granted approval work for Petrobras (Brazil) in the highly environmentally sensitive area of Aracaju

Be asked to present recommendations for improving offshore safety to the International Regulators Forum

Consistently receive the IADC North Sea Safety Excellence Awards for both jackup and semisubmersible categories

2222

Near-Term Performance Drivers

Three drillship deliveries

Progress on potential divestiture of non-core assets

Improving dayrates for ultra-deepwater rigs

Increasing strength in jackup business

Additional long-term contracts in Mexico

US Gulf of Mexico permitting progress

Noble Corporation

Dorfstrasse 19a6340 BaarSwitzerland

www.noblecorp.com

Investor contact:

Jeffrey L. Chastain Vice President Investor Relations281-276-6383