1169055--2/27/2009--NOBLE

related topics

{operation, natural, condition}

{condition, economic, financial}

{cost, regulation, environmental}

{regulation, change, law}

{cost, contract, operation}

{personnel, key, retain}

{competitive, industry, competition}

The contract drilling industry is a highly competitive and cyclical business with intense price competition. If we are not able to compete successfully, our profitability may be reduced. The recent worldwide financial and credit crisis could lead to an extended worldwide economic recession and have a material adverse effect on our financial position, results of operations and cash flows. The global financial and credit crisis may have impacts on our liquidity and financial condition that we currently cannot predict. Construction, conversion or upgrades of rigs are subject to risks, including delays and cost overruns, which could have an adverse impact on our available cash resources and results of operations. We are subject to changes in tax laws. We could be adversely affected by violations of applicable anti-corruption laws. Failure to attract and retain highly skilled personnel or an increase in personnel costs could hurt our operations. We may have difficulty obtaining or maintaining insurance in the future and we cannot fully insure against all of the risks and hazards we face. Our business involves numerous operating hazards. Governmental laws and regulations, including environmental laws and regulations, may add to our costs or limit our drilling activity. Our non-U.S. operations involve additional risks not associated with U.S. Gulf of Mexico operations.

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1169055--2/27/2009--NOBLE_CORP