SUGAR LAND, Texas, Nov. 15 /PRNewswire-FirstCall/ -- Noble Corporation (NYSE: NE) 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.

Noble Corporation is a leading provider of diversified services for the oil and gas industry. Contract drilling services are performed with the Company's fleet of 53 offshore drilling units located in key markets worldwide. The Company's fleet of floating deepwater units consists of 13 semisubmersibles and three dynamically positioned drillships, seven of which are designed to operate in water depths greater than 5,000 feet. The Company's premium fleet of 34 independent leg, cantilever jackup rigs includes 21 units that operate in water depths of 300 feet and greater, four of which operate in water depths of 360 feet and greater, and 11 units that operate in water depths up to 250 feet. In addition, the Company's fleet includes three submersible units. Nine of the Company's units are capable of operating in harsh environments. Over 60 percent of the fleet is currently deployed in international markets, principally including the North Sea, Brazil, West Africa, the Middle East, Mexico and India. The Company also provides labor contract drilling services, well site and project management services, and engineering services. The Company's ordinary shares are traded on the New York Stock Exchange under the symbol "NE".

This news release may contain "forward-looking statements" about the business, financial performance and prospects of the Company. Statements about the Company's or management's plans, intentions, expectations, beliefs, estimates, predictions, or similar expressions for the future are forward- looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors, including risks and uncertainties, is set forth from time to time in the Company's filings with the U.S. Securities and Exchange Commission.

Additional information on Noble Corporation is available via the worldwide web at http://www.noblecorp.com .

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SOURCE Noble Corporation

-0- 11/15/2002

/CONTACT: John T. Rynd, Vice President - Investor Relations, Noble Drilling Services Inc. of Noble Corporation, +1-281-276-6100/

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