Noble's Bingo 9000 Rig 3 receives commitment

Noble Corp. announced today that its Bingo 9000 Rig 3 semisubmersible hull has received a commitment for a four-year contract from Shell Exploration & Production Company.

Offshore staff

(US, GoM) - Noble Corp. announced today that itsBingo 9000 Rig 3 semisubmersible hull has received a commitment for a four-year contract from Shell Exploration & Production Company ("Shell"). The unit is one of two ultra deepwater Bingo 9000 semisubmersible hulls that Noble purchased in March 2002.

TheBingo 9000 Rig 3, which will be renamed the Noble Danny Adkins, will be completed as a dynamically positioned unit designed to operate in water depths up to 12,000 ft and drill to total depth of 35,000 ft. The semi will also be fitted with living accommodations for 200 persons.

The commitment includes the completion of negotiations for a definitive drilling contract by Feb. 9, 2006, unless extended by mutual agreement. The rig will be contracted for a primary term of four years, with Shell having an option for the unit upon contract expiration.

The drilling contractor estimates the contract value for the four-year primary term at between approximately $589 million and $594 million (exclusive of any mobilization costs agreed by Shell to be borne by it), based on assumed operations in the GoM and depending on the final contract equipment configuration.

The rig is currently in Dalian, China, where it has been maintained since it was purchased in 2002. The company estimates that the construction time to complete the unit will be 32 to 36 months from execution of a shipyard construction contract.

11/22/05

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