Noble secures $4 billion in Petrobras contracts

Noble Corp. has secured a Memorandum of Understanding for contracts with a total revenue potential of $4 billion over 29 rig years on its five deepwater rigs currently operating offshore Brazil for Petroleo Brasileiro S.A.

Offshore staff

SUGAR LAND, Texas -- Noble Corp. has secured a Memorandum of Understanding for contracts with a total revenue potential of $4 billion over 29 rig years on its five deepwater rigs currently operating offshore Brazil for Petroleo Brasileiro S.A.

The five rigs' contract terms and potential revenues are:

--Noble Paul Wolff, a fourth-generation 9,200-ft (2,804-m) water depth, dynamically-positioned semisubmersible, with a five-year primary term beginning in November 2009. Including the one-year option and an 18% performance bonus, the total revenue potential is $1.08 billion

--Noble Roger Eason, a 7,200-ft (2,195-m) water depth, DP drillship, with a six-year term beginning March 2010 with revenue potential of $888 million including a 15% performance bonus

--Noble Leo Segerius, a 5,600-ft (1,707-m) water depth, DP drillship, with a six-year term beginning in 2Q or 3Q 2009 with revenue potential of $769 million including a 15% performance bonus

--Noble Muravlenko, a 4,900-ft (1,484-m) water depth, DP drillship, with a six-year term beginning March 2009 with revenue potential of $744 million including a 15% performance bonus

--Noble Therald Martin, a 3,900-ft (1,189-m) water depth, conventionally moored semisubmersible, with a five-year term beginning October 2010 with revenue potential of $542 million including a 10% performance bonus.

In addition to the five rigs mentioned above, Noble's newbuild deepwater semisubmersible, theNoble Dave Beard, is scheduled to begin its five-year contract with Petrobras offshore Brazil in 2009.

03/31/2008

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