fwp
Filed Pursuant to Rule 433
Registration Statement No. 333-171965
Registration Statement No. 333-171965-01
January 31, 2011
NOBLE HOLDING INTERNATIONAL LIMITED
UNCONDITIONALLY GUARANTEED BY
NOBLE CORPORATION (CAYMAN ISLANDS)
3.050% SENIOR NOTES DUE 2016
4.625% SENIOR NOTES DUE 2021
6.050% SENIOR NOTES DUE 2041
     
Issuer:
  Noble Holding International Limited
 
    
Guarantor:
  Noble Corporation (Cayman Islands)
             
    SENIOR NOTES DUE   SENIOR NOTES DUE   SENIOR NOTES DUE
    2016   2021   2041
Security Description:
   3.050% Senior Notes   4.625% Senior Notes   6.050% Senior Notes
 
   due 2016   due 2021   due 2041
 
            
Principal Amount:
   $300,000,000   $400,000,000   $400,000,000
 
            
Maturity Date:
   March 1, 2016   March 1, 2021   March 1, 2041
 
            
Benchmark Treasury:
   2.000% due January   2.625% due November   3.875% due August
 
   2016   2020   2040
 
            
Benchmark Treasury Yield:
   1.955%   3.392%   4.594%
 
            
Spread to Benchmark Treasury:
   +110 bps   +125 bps   +150 bps
 
            
Yield to Maturity:
   3.055%   4.642%   6.094%
 
            
Coupon:
   3.050%   4.625%   6.050%
 
            
Initial Price to Public:
   99.975% per Senior   99.860% per Senior   99.389% per Senior
 
   Note   Note   Note
 
            
Proceeds to Issuer before expenses:
   $298,125,000   $396,840,000   $394,056,000
 
            
Optional Redemption Provisions:
   Make-whole call at   Make-whole call at   Make-whole call at
 
   any time at a   any time at a   any time at a
 
   discount rate of   discount rate of   discount rate of
 
   Treasury plus 20   Treasury plus 20   Treasury plus 25
 
   bps   bps   bps
 
            
CUSIP / ISIN:
   65504LAE7/   65504LAF4/   65504LAG2/
 
   US65504LAE74   US65504LAF40   US65504LAG23
 
            
Interest Payment Dates:   Semi-annually on March 1 and September 1, commencing on September 1, 2011
 
            
Trade Date:   January 31, 2011
 
            
Settlement Date:   February 3, 2011
 
            
Ratings* (S&P/Moody’s/Fitch):   A- (negative outlook) / Baa1 (stable) / A- (negative outlook)
 
            
Legal Format:   SEC Registered
 
            
Denominations:   $2,000 and integral multiples of $1,000 in excess thereof
 
            
Joint Book-Running Managers:   Barclays Capital Inc.
Wells Fargo Securities, LLC
SunTrust Robinson Humphrey, Inc.
 
            
Co-Managers:   HSBC Securities (USA) Inc.
Goldman, Sachs & Co.
Mitsubishi UFJ Securities (USA), Inc.
BNP Paribas Securities Corp.
DnB NOR Markets, Inc.
Citigroup Global Markets Inc.
     *Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
     The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (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 and the guarantor have filed with the SEC for more complete information about the issuer, the guarantor and this offering. You may get these documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you a copy of the prospectus if you request it by calling Barclays Capital Inc. toll-free at 1-888-603-5847, Wells Fargo Securities, LLC toll-free at 1-800-326-5897 or SunTrust Robinson Humphrey, Inc. toll-free at 1-800-685-4786.