Noble Corporation Reports Rig Damage

Noble Corporation reports that its subsidiary's dynamically positioned drillship, the Noble Leo Segerius, currently located offshore Brazil and contracted to Petroleo Brasiliero S.A. (Petrobras), has sustained damage to its forward crane. No injuries to personnel were incurred as a result of this incident. The company is presently making final arrangements for expediting shipment of a new-built crane to Brazil for replacement of the damaged unit. The drillship has mobilized quayside to prepare for installation of the new-built crane. Noble currently estimates the rig returning to operation under its term contract with Petrobras by mid January 2003. The property damage to the unit and off contract time are risks inherent in the drilling business for which the company maintains insurance, subject to applicable deductible amounts, which in the case of loss-of-hire coverage represent the first 21 days off contract.