Noble Drilling Reports 1998 Year-End, 4Q Results

August 31, 1999

Noble Drilling Corporation reported net income, excluding the effects of non-recurring items, for the fourth quarter of 1998 of $34.7 million on operating revenues of $187.9 million, compared to net income of $46.6 million on operating revenues of $187.9 million for the fourth quarter of 1997. Utilization of the Company's active rigs in the U.S. Gulf of Mexico averaged 61 percent for the fourth quarter of 1998 compared to 97 percent for the fourth quarter of 1997 and 64 percent for the third quarter of 1998. International offshore utilization averaged 92 percent for the fourth quarter of 1998 compared to 97 percent for the fourth quarter of 1997 and 89 percent for the third quarter of 1998. As of December 31, 1998, Noble operated 11 rigs under labor contracts in the U.K. North Sea and two rigs under a labor contract off the East Coast of Canada. These rigs are not owned or leased by the company. Additionally, the company announced the appointment of Robert D. Campbell, president of the company, to its Board of Directors.

Noble Drilling Reports 1998 Year-End, 4Q Results

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