Jeffrey L. Chastain Vice President Investor Relations and Corporate Communications

Jeffrey L. Chastain Vice President Investor Relations and Corporate Communications Jefferies Global Energy Conference Houston, Texas November, 204

2 Forward Looking Statement This presentation contains forward-looking statements about Noble s business, financial performance, contracts and prospects. Statements regarding contract backlog, costs, benefits, opportunities, financial performance, anticipated timing and cost of newbuild rigs, fleet strategy, growth into new market segments, bidding activity, rig demand, contract commencements, dayrates, impact of future regulations, contract duration, fleet condition, capabilities or performance, industry fundamentals, shareholder value, formation of a master limited partnership, special meeting of shareholders, timing or number of share repurchases, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to actions by regulatory authorities or other third parties, delays, costs and difficulties related to the construction of newbuild rigs, market conditions, financial results and performance, ability to repay debt and timing thereof, actions by customers and other third parties, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, violations of anti-corruption laws, hurricanes and other weather conditions, the future price of oil and gas and other factors detailed in the Company s most recent Form 0- K, Form 0-Q s and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. The Company disclaims any duty to update the information presented here.

3 Noble Highlights Established name in drilling dating back to 92 with offshore operations since 940 Spin-off of 42 standard capability rigs largely completes fleet transformation plan 35-rig fleet focused predominately on premium ultra-deepwater and high-spec jackup units Operating in 5 countries on six continents Advantageous industry positioning with excellent visibility - $0.6 billion backlog Positive FCF generation beginning in 205 $.50/share dividend, currently yielding 7.8% Seeking shareholder approval for new, meaningful share repurchase

Financial Performance Through the Cycle Unaudited ProForma Financials Total Revenues ($ millions) ($ millions) $4,000 $,000 Operating Income $3,000 $2,000 $2,200 $2,500 () $3,29 $2,428 $500 $622 $694 $728 $,000 $,400 $272 $0 20 202 203 204 To-Date $0 20 202 203 204 To-Date Source: Noble at September 30, 204 () Dotted segment of bar represents portion of backlog which could be collected in the fourth quarter of 204. 4

Company Overview Global Drilling Presence with Established Deep and Shallow Water Experience Global Fleet Composition Semisubmersibles Corporate Headquarters - UK 9 Drillships U.S. Operations 5 Jackups including 2 under construction 3 6 5 8 2 3 Source: Noble 5

Company Overview Geographically Diversified Revenues and Strong Customer Base Europe / Mediterranean Africa YTD September 30, 204 Total Revenues $2.4 Billion Middle & Far East 8% 4% 62% 7% 52% 9% 9% Brazil 9% Gulf of Mexico Source: Noble as of September 30, 204 6

Improved Competitive Positioning

8 Successful Transition to Premium Asset Base Revenue Dominated by High-Spec Assets Contract Drilling Revenues by Asset Type 2009(A) 5.8% 206(P) 206(P) 20.5% 2.% 58.4% 78.9% 4.5% 0.8% Ultra Deepwater Deepwater Other Floater High-Spec Jackup Standard Jackup Other Bottom Supported Premium Fleet Standard Fleet Note: Water depth rating: UDW 7,500+ DW 4,000 7,499 Other Floater - < 4,000 High-Spec Jackup JU2000E and JU3000N units Standard Jackup All other jackups Other Bottom Supported - Submersibles

Substantially Reduced Average Fleet Age 40 Fleet Age Comparison Years 30 27 3 30 25 25 27 20 0 4 2 3 6 20 20 5 0 0 Seadrill Atwood Noble Rowan Ensco Noble Diamond 3 9 (pre-spin) 5 0 ()(2) 203 206 206 206 (Pre-Spin) (Post-Spin) (Post-Spin) (3) () Includes five standard jackups with 36 years of average service time. (2) 52% reduction of average age of fleet. (3) Excludes five standard jackups with 36 years of average service time. Source: Noble 9

204 205 Large Backlog Providing Excellent Visibility 206 207 208 209-2023 Pro Forma Backlog At September 30, 204: $0.6 Billion Backlog by Client $4 $3 Estimated Annual Contribution $3. Anadarko 4.9% Statoil 6.0% Other 0.2% $2 $2.2 $.4 $2.2 Saudi Aramco 5.6% Shell 60.8% $ $0 $0.8 $0.9 Freeport- McMoRan 2.4% (Remaining) Note: Backlog includes between 25-50% performance bonus realization on rigs with bonus provisions. Source: Noble 0

Limited Floating Rig Exposure to Near-Term Market, With Availability in Outer Years Percentage of Available Operating Days Floating Rigs 204 205 206 26% 74% 3% 69% 54% 52% 48% Committed to Contracts Uncommitted to Contracts Source: Noble as of September 30, 204

2 Near-Term Market Exposure Floating Fleet Rig Location Comment Noble Homer Ferrington E. Med Cold stacked Not active in 205 Noble Paul Wolff SEA Shipyard program Not active in 205 Noble Max Smith SEA Shipyard Evaluating opportunities Noble Driller US GOM Available 4Q4 Evaluating opportunities Noble Paul Romano W. Africa Available 4Q4 Evaluating opportunities

Limited Jackup Exposure Through 205 Percentage of Available Operating Days 204 205 206 4% 79% 23% 3% 86% 77% 69% Note: Dashed line indicates recently signed contracts on the Noble Gene House and Noble Joe Beall. 45% Committed to Contracts Uncommitted to Contracts Source: Noble as of September 30, 204.

20 Floating Rigs Contract Visibility Noble Homer Ferrington Noble Paul Wolff Noble Max Smith Noble Driller Noble Paul Romano Noble Danny Adkins Noble Clyde Boudreaux Noble Amos Runner Noble Jim Day Noble Dave Beard Noble Jim Thompson () Noble Tom Madden () Noble Sam Croft Noble Discoverer Noble Don Taylor Noble Bully II Noble Bully I Noble Globetrotter II Noble Globetrotter I Noble Bob Douglas January 204 July 204 January 205 8 rigs contracted to mid 207 or later, including 3 rigs contracted beyond 2020 July 205 January 206 July 206 () Newbuild addition reflects period under construction prior to contract commencement.

() Newbuild addition reflects period under construction prior to contract commencement. 5 Jackup Rigs Contract Visibility Noble Sam Hartley Noble Mick O'Brien Noble Regina Allen Noble Charles Copeland Noble Alan Hay Noble David Tinsley Noble Houston Colbert Noble Tom Prosser Noble Sam Turner Noble Hans Deul Noble Lloyd Noble Noble Roger Lewis Noble Scott Marks Noble Gene House Noble Joe Beall () () () () () () Average contract length of 24 months per rig January 204 July 204 January 205 July 205 January 206 July 206

6 Offshore Market Status Excess rig supply and declining utilization in floater sector currently leading dayrates lower, although a leveling of rates could occur in first half of 205

Ultra-Deepwater vs. Deepwater Utilization 00% 95% 94.9% 90% 85% 84.75% 80% 75% UDW Fixtures DW Fixtures Source: IHS RigPoint 7

Ultra-Deepwater vs. Deepwater Fixtures $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 UDW Fixtures DW Fixtures Source: IHS RigPoint 8

Offshore Market Status Excess rig supply and declining utilization in floater sector currently leading dayrates lower, although a leveling of rates could occur in first half of 205 Jackup sector has been stable through first half of 204 Early signs of capacity build in some regions New capacity additions of concern 40 rigs on order Standard vs. new capability Level of speculative orders a medium term concern 9

Jackups Utilization High Specification vs. Standard Specification 00% 95% 95.60% 90% 87.72% 85% 80% 75% High Spec JU's (After 2007) Standard Spec JU's (Before 2007) Source: IHS RigPoint 20

Jackup Fixtures - High Specification vs. Standard Specification $300,000 $250,000 $200,000 $50,000 $00,000 $50,000 $0 Standard Spec JU's (Before 2007) High Spec JU's (After 2007) Source: IHS RigPoint 2

Offshore Market Status Excess rig supply and declining utilization in floater sector currently leading dayrates lower, although a leveling of rates could occur in first half of 205 Jackup sector has been stable through first half of 204 Early signs of capacity build in some regions New capacity additions of concern 40 rigs on order Standard vs. new capability Level of speculative orders a medium term concern Believe there are early signs of improvement which support our cyclical pause thesis, especially in floater sector Numerous UDW contract awards over 2Q4 GOM, Brazil, W. Africa driving improvement New deepwater discoveries confirm attractiveness of areas 22

Capital Allocation Flexibility

Well-Timed Shipyard Program Winding Down 203 204 Noble Don Taylor Globetrotter II Noble Bob Douglas Noble Houston Colbert Noble Sam Croft Noble Tom Madden Noble Mick O Brien Noble Regina Allen 206 Noble Sam Turner Noble Tom Prosser Noble Sam Hartley Noble Lloyd Noble Currently without a contract Source: Noble 24

Significant Aspect of Fleet Transformation $ Billion in Capital Committed or Spent To Date Rig Additions 7 6 5 4 3 2 0 2 New Rig Deliveries by Year and Newbuild Capex Rigs Added: 2 Semis and Drillships 0 Jackups 3 2 2 $.7 billion 3 3 $.5 billion 2007 2008 2009 200 20 202 203 204E 205E 206E 5 3 6 2 4 $.4 billion $0.5 billion Newbuild Capex ($ Millions) $2,000 $,600 $,200 $800 $400 $0 Newbuild Capex Jackup Floater Source: Noble 25

Capital Allocation With Increased Clarity and Flexibility Intent to sustain dividend through industry pause $.50/share, yield of 7.8% Share repurchase program Existing authorization 4.8 million shares at Sept. 30 Seek shareholder approval for increased authority 37 million shares, approx. 5% of shares outstanding Special shareholder meeting December 22 Development of MLP Subject to market conditions and final Board approval Offers increased flexibility 26

Believe Current Valuation Ignores Solid Long-Term Fundamentals 300% 250% 52 wk Low Price/TBV per Share Average Oil Prices ($/Bbl WTI) $20.00 $00.00 200% $80.00 50% $60.00 00% $40.00 50% Currently at 58% $20.00 0% $- Source: Factset 27

Final Thought: Key Long-Term Industry Fundamentals Intact Commodity price environment? Extended period of geologic success Deepwater drilling broadening geographically Growing backlog of field development projects Numerous potential catalysts Brazil Multiple frontier plays Political modifications Angola Nigeria Mexico energy reform 28

Noble is Favorably Positioned for Success Spin-off of standard-spec fleet is complete 35-rig fleet is younger, more versatile premium assets Well-timed newbuilds with exceptional program execution Excellent contracts in place, producing a sizable backlog of $0.6 billion Limited exposure to cyclical weakness through 205 Consistent operations execution with demonstrated cost control Positive FCF beginning in 205 Defined capital allocation strategy Where We Said We Would Be 29

Noble Corporation plc Devonshire House Mayfair Place London WJ 8AJ England www.noblecorp.com Investor contacts: Jeffrey L. Chastain Vice President Investor Relations 28-276-6383 John S. Breed Director Investor Relations 28-276-6729 Enterprise Value (as of /0/4) Exchange Listing Shares Outstanding (ex. Treasury Shares) 52-Week Average Daily Trading Volume Debt Rating $0.8 billion NYSE: NE 254.3 million 4.6 million BBB+/Baa2