Noble Corporation

2004 Robert W. Campbell Award Winner

Excerpts from Case Study

Noble Corporation (NYSE: NE) is a leading provider of diversified services for the oil and gas industry, performing contract drilling services with a fleet of 59 (includes options to buy 2 premium jackup rigs) mobile offshore drilling units worldwide. The Company is headquartered in Sugar Land, Texas. Noble is a member of the S&P 500 and holds an S&P investment rating of A- and a Moody’s Investors Service rating of Baa1.

Founded in 1921, today 70 percent of the Company’s fleet is deployed in international markets. Noble offers technologically advanced drilling-related products and services designed to create value for its customers, the Company also provides contract labor drilling services, wellsite and project management services, and engineering services.

Since 1986, Noble has expanded our fleet through a series of strategic acquisitions of companies and individual assets and subsequent deployment of these assets in proven offshore geological areas of oil and gas. These acquisitions have enabled Noble to assimilate an experienced and highly trained work force of 3,265 men and women of 38 different nationalities.

Noble possesses superior technology capabilities that complement our core drilling business. Through Noble Technology Services Division and its four subsidiaries, Noble customers benefit from advanced technology as well as from Noble’s operational and financial strength, safety focus, environmental stewardship and competent personnel.

Noble has a strong culture of teamwork and of developing leaders who possess a broad understanding of business, dedication to Company values, commitment to proactive practices, and strong HSE emphasis. For more than 80 years, Noble has emphasized that people are our most important asset. This value is articulated and communicated through the Noble Legacy for Management, Code of Business Conduct, Noble Paradigms and Sustainable Global Performance Reports issued in 2002 and 2003.

Noble regards our health, safety and environmental (HSE) performance to be paramount to our ability to conduct business and compete around the world. Therefore, HSE is thoroughly integrated into and aligned with the management and measurement of Noble’s business from the top level of corporate strategy down to the daily rig management level. In addition, we understand that we must maintain strong financial performance in order to reinvest in the training, equipment upgrades and initiatives that ensure our ability to operate safely and with minimal impact on the environment.

Health, Safety and Environment (HSE) and business management are integrated through the capital budgeting process; the computerized Noble Drilling Operations Report (NDOR); quarterly Health, Safety and Environment Committee meetings; weekly worldwide operations management conference calls; the SAP purchasing and accounting system; rig standardization initiatives; Safety Leadership Workshops; and other programs and initiatives.

Noble’s Health, Safety, Environment and Quality (HSEQ) Management System is certified to the ISO 14001 Environmental Management System Standard. It contains all HSEQ policies, procedures and standards in a web-based setting that is easy to update and widely accessible internally. The HSEQ system provides a common framework for determining and implementing policy, complying with all applicable regulatory and client requirements, setting goals and objectives, measuring and reporting key performance indicators, and providing feedback mechanisms to continually improve performance.

Noble’s HSE and business performance standards are based on accepted industry and international standards and guidelines, including ISO 14001, ISO 9001 and the International Safety Management Code. Many Noble assets are certified to one or more of these standards. The Company’s health and safety metrics primarily comply with or are based on guidance from the International Association of Drilling Contractors and National Safety Council. We comply with reporting requirements of all legal and regulatory authorities in every country where Noble operations.

Noble strives to lead the industry in HSE matters. The main driver of our HSE efforts is continuous improvement. We use a combination of leading and lagging performance indicators to develop performance baselines, track performance, identify trends and initiate continuous improvement opportunities. Noble has reduced both lost time incidents (LTI) and recordable incidents for the past 11 consecutive years. At year-end 2003, one-quarter of our rigs had worked five or more years without an LTI and 49 rigs, or 94 percent of our fleet, operated LTI-free for more than one year.

Business Profile

Noble Corporation is celebrating its 83rd year in business in 2004. Noble is a publicly traded company listed on the New York Stock Exchange (ticker symbol: NE) and a member of the S&P 500. We are a leading provider of diversified services for the oil and gas industry, performing contract drilling services with a fleet of 59 (includes options to buy 2 premium jackup rigs) mobile offshore drilling units worldwide. Currently, 70 percent of Noble’s fleet is deployed in international markets, principally the North Sea, Brazil, West Africa, the Middle East, Mexico, India and the Mediterranean Sea.

Noble offers technologically advanced drilling-related services designed to create value for our customers. These include labor contract drilling services, wellsite and project management services, and engineering services. Since 1986, Noble has expanded our fleet through a series of strategic acquisitions of companies and individual assets and subsequent deployment of these assets in proven offshore geological areas of oil and gas. These acquisitions have enabled Noble to assimilate an experienced and highly trained work force of 3,265 men and women of 38 different nationalities working in 14 countries.

Noble has recorded many energy “firsts” during our colorful history in the drilling industry. These include using an offshore submersible type drilling unit in the early 1930s in the United States Gulf of Mexico; managing a clandestine drilling program in England to supply oil during World War II; drilling offshore using electrical power from shore in the early 1950s; and achieving ISO 14001 Environmental Management System certification.

Noble possesses superior technology capabilities that complement our core drilling business to help customers improve performance and reduce costs. Through Noble Technology Services Division and its four subsidiaries, Noble customers benefit from advanced technology as well as from Noble’s operational and financial strength, safety focus, environmental stewardship and competent personnel.

Noble Technology Services’ four subsidiaries are:

Triton Energy Services Company provides project management, feasibility studies, drilling and completion engineering, reservoir studies, knowledge management and other services with an emphasis on operational and logistic efficiency.

Maurer Technology Inc. is a clearinghouse for state-of-the-art oil and gas drilling and completion technology through research. Often working with government agencies, Maurer focuses on new, cost-effective technology development applications for hundreds of clients worldwide.

Noble Engineering and Development Ltd. develops and provides technology based energy products and solutions that significantly improve safety and operational performance.

Noble Downhole Technology adds complementary drilling technologies to Noble’s portfolio with rotary steerable tools.

Noble is an industry leader in HSE initiatives and performance. Noble is annually among the performance leaders as recorded by the International Association of Drilling Contractors (IADC), with 11 consecutive years of improved safety results. In 2000, Noble was the first drilling contractor in the world to receive third party certification to ISO 14001. Noble is the only offshore drilling contractor to achieve ISO 14001 certification for assets in the Gulf of Mexico, Mexico, Brazil, Canada and the Middle East. Currently, 31 of Noble’s mobile offshore drilling units are ISO 14001 certified.

By pursuing a conservative financial policy, sustaining HSE excellence and successfully adapting to ever-changing world energy markets, Noble maintains our position as a global leader in the oil and gas services industry.