1169055--3/14/2006--NOBLE

related topics

{operation, natural, condition}

{gas, price, oil}

{cost, regulation, environmental}

{cost, contract, operation}

{personnel, key, retain}

{operation, international, foreign}

{competitive, industry, competition}

Our business depends on the level of activity in the oil and gas industry, which is significantly affected by volatile oil and gas prices. The contract drilling industry is a highly competitive and cyclical business with intense price competition. Construction, conversion or upgrades of rigs may be subject to cost overruns and delays. Failure to retain highly skilled personnel 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. Demand for our drilling services may decrease due to events beyond our control. 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 international operations involve additional risks not associated with domestic operations.

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1169055--3/14/2006--NOBLE_CORP