Noble Drilling comments on market activity

News - June 15, 2001

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Noble Drilling has provided information on recent market activity. Management at the company commented that the company's operations continue to perform consistently with its previously disclosed business plans and objectives.

Extensions under existing contracts and bid requests for services indicatecontinued solid drilling activity levels, the pace of drilling activity in theregions where the company operates remains strong, and crude oil and naturalgas prices remain at relatively high levels.

James C Day, Chairman and Chief Executive Officer, said, "The positive fundamentals for the offshore drilling sector remain intact. There have beenrecent reports of weakness in Gulf of Mexico jack-up day rates, however, at thisjuncture, the market for drilling services remains quite firm."

Day commented, "The recent statements by members of OPEC that it does not plan to increase production will at this time help oil prices remain in a range which will continue to encourage exploration and production efforts."

The Company reported that, in the Middle East region, two jack-up units, the Noble Kenneth Delaney and the Noble George McLeod, commenced their one-year contracts with the National Drilling Company of Abu Dhabi on 21 May and 01 June, respectively.

In Qatar, the Noble Crosco Panon commenced its contract with Elf Petroleum Qatar on 01 June and the Noble Chuck Syring was scheduled to commence its one-year contract with Maersk Oil Qatar AS on or about 06 June.

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