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<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 4 — Marketable Securities</b>
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<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b><i>Marketable Equity Securities</i></b>
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<div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During 2008, we purchased investments that closely correlate to the investment elections made
by participants in the Noble Drilling Corporation 401(k) Savings Restoration Plan (“Restoration
Plan”) in order to mitigate the impact of the investment income and losses from the Restoration
Plan on our consolidated financial statements. The value of these investments held for our benefit
totaled $7 million and $8 million at December 31, 2010 and 2009, respectively. These assets were
classified as trading securities and carried at fair value in “Other current assets” with the
realized and unrealized gain or loss included in “Other income” in the accompanying Consolidated
Statements of Income. We recognized a gain of $0.7 million during 2010 and a loss of $2 million on these
investments in both 2009 and 2008.
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis item represents the entire disclosure related to Marketable Securities which may consist of all investments in certain debt and equity securities (and other assets).No authoritative reference available.falsefalse12Marketable SecuritiesUnKnownUnKnownUnKnownUnKnownfalsetrue