Noble Corporation Updates Status on Noble Jim Day Contract

Noble Corporation NE today reported that Marathon Oil Company has provided notice that it is terminating the drilling contract for the ultradeepwater semisubmersible drilling rig Noble Jim Day. Marathon's stated reason for the termination was that the rig had not been accepted by Marathon by December 31, 2010. Noble believes the rig is ready to commence operations and should have been accepted by Marathon. The contract was for four years and represented approximately $752 million in contract backlog to Noble.