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<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Note 15 — (Gain)/Loss on Asset Disposal/Involuntary Conversion, Net</b>
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<div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In May 2009, our jackup, the <i>Noble David Tinsley</i>, experienced a “punch-through” while the rig
was being positioned on location offshore Qatar. The incident involved the sudden penetration of
all three legs through the sea bottom, which resulted in severe damage to the legs and the rig. We
recorded a charge of $17 million during the quarter ended June 30, 2009 related to this involuntary
conversion, which includes approximately $9 million for the write-off of the damaged legs.
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<div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">In March 2009, we recognized a charge of $12 million related to the <i>Noble Fri Rodli</i>, a
submersible that has been cold stacked since October 2007. We recorded the charge as a result of a
decision to evaluate disposition alternatives for this rig.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During the third quarter of 2008, Hurricane Ike caused damage to certain of our rigs. The
$200 million aggregate insurance limit available to our rigs operating in the U.S. Gulf of Mexico
was sufficient to cover the loss, with the exception of the physical damage deductible and the loss
of hire waiting period. During 2008, we recorded a charge of $10 million, which represents our
deductible under our then existing insurance program.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">During the second quarter of 2008, we sold our North Sea labor contract drilling services
business to Seawell Holding UK Limited (“Seawell”) for $35 million plus working capital. This sale
included labor contracts covering 11 platform operations in the United Kingdom sector of the North
Sea. In connection with this sale, we recognized a gain of $36 million, net of closing costs.
This gain included approximately $5 million in cumulative currency translation adjustments.
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosure includes the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss, amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43-48
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