fwp
 

Filed Pursuant to Rule 433
Registration No. 333-131885
May 23, 2006
PRICING TERM SHEET
     
Issuer:
  Noble Corporation
Security Description:
  Senior Notes due 2013 
Distribution:
  SEC Registered
Face:
  $300,000,000 
Gross Proceeds:
  $299,742,000 
Net Proceeds (before offering expenses):
  $297,867,000 
Coupon:
  5.875% 
Maturity:
  June 1, 2013 
Price to Public (Offering Price):
  99.914% 
Underwriting Discount:
  0.625% 
Treasury Benchmark:
  UST 3.625% due May 15, 2013 
US Treasury Price:
  91-29 3/4% 
US Treasury Yield
  5.010% 
Re-offer Yield:
  5.890% 
Spread to Treasury:
  UST+88bps
Ratings:
  Baa1/A-
Interest Payment Dates:
  June 1 and December 1 
Beginning:
  December 1, 2006 
Record Dates:
  May 15 and November 15 
Optional Redemption:
  Make whole call @ TYield+15bps
Minimum Denomination:
  $1,000 x $1,000
Trade Date:
  May 23, 2006 
Settlement Date:
  May 26, 2006 
Day Count Convention:
  30/360 
CUSIP:
  G65422AA8 
ISIN:
  USG65422AA86 
Bookrunning Manager:
  Goldman, Sachs & Co.
Co-Manager:
  Simmons & Company International
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526.