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Noble Corporation's CEO Presents At UBS Global Energy & Gas Conference (Transcript)

Stocks in this article: NE

So, I will put this picture up. It's a great picture, shows the Bully in the front, undergoing sea trials in the Gulf of Mexico as Globetrotter was sailing, the Gulf of Mexico passed it. A lot of you will think it’s a rig picture. It’s actually not, very rarely you get to a ship, so this is [Caliber] in the same picture. But it's a great picture I like it, so I felt that it (inaudible) alright.

Noble is a 91-year old company started at 1921 by [Samuel] Lloyd Noble, he actually borrowed money from his mother to buy used land rig and started drilling land, wells on shore in around the Ardmore area. We drilled our first well offshore in the 30s and actually one of our first overseas assignments was in World War II, we drilled 100 wells offshore with Forest, kind of author (inaudible) very interesting book called [A Secret Shore] was about drilling wells in the UK during the war.

Actually the onshore business in the mid 90s and today we operate a suite of exclusively offshore rigs. By rig account we are the second largest offshore drilling contractors with 79 units that counts 14 semis, 14 ships, 49 jackups and then we also have two submersibles which are stacked on a shelf in the US Gulf of Mexico. We also have an FPSO and we operate the [Harbania] platform of Eastern Canada for Exxon Mobil, we’ve operated that since the start.

Of those 79 rigs we have 11 rigs currently in a construction. I’ll talk about those in a little bit more detail here in a minute. We operate most of the major offshore regions around the world. On the floating side, it's primarily deep water. We only have three floating rigs that operate at less than 4000 feet of water. So we are almost exclusively a deep water contractor. We operate predominately in the US Gulf of Mexico and Brazil, but we also have operations -- floating operations in the North sea, the Mediterranean and we’ll soon start in Australia.

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