Lightweight Aluminum Solution Enables Deeper Drilling and Cost
Savings Benefits

NEW YORK–Alcoa (NYSE:AA) announced today that it has reached an agreement with
Noble Corporation to acquire Noble’s intellectual property pertaining to
welded aluminum risers used in offshore oil and gas exploration and
development. Noble, a leading drilling contractor, designs and deploys
welded aluminum riser systems using Alcoa’s advanced extrusions and
forgings, including the same highly engineered alloys used by the
aerospace industry. Advances in metallurgy and joining technology have
made aluminum risers more durable and corrosion resistant. This
acquisition enables Alcoa to partner with manufacturers in the oil and
gas industry to develop lightweight welded aluminum risers for deepwater
applications.

“We see this acquisition as a unique growth opportunity for Alcoa.
Lightweight and strength are attracting customers to aluminum risers. We
are moving ahead in the value chain, leveraging our aluminum alloy and
structural technology to provide innovative solutions to the oil and gas
industry,” said Mary Zappone, President, Alcoa Oil & Gas.

Aluminum risers offer several advantages for deepwater drilling.

• Offshore drilling contractors using either retrofits or new build
  vessels can explore in deeper depths of 20% or more versus
  conventional steel risers. Specifically, aluminum enables a lower
  cost, shallow water ship to drill at a greater depth. Technology
  improvements reduce the time and cost of modifying ships, providing
  operators with a cost-effective fleet of deepwater vessels.
• Welded aluminum risers weigh nearly 40% less than steel risers and
  require up to 40% less buoyancy material for similar depths.
• Due to the weight savings, aluminum risers are easier and less
  expensive to transport, store and deploy.

“It’s all about helping our customers address the escalating costs of
exploration and development. The industry is moving toward extended
range and deep water drilling projects because most easily accessible
oil and gas reservoirs have been exploited. This trend will require new
and innovative solutions to make these challenging reserves more
economical to access,” Zappone added.

In addition to the welded aluminum risers, Alcoa is also developing
aluminum solutions capable of reducing the weight of a conventional
drill ship, platform or other structure, allowing the industry to reach
reserves previously thought economically unviable.

To learn more about Alcoa Oil & Gas visit www.alcoaoilandgas.com

About Alcoa

Alcoa is the world leader in the production and management of primary
aluminum, fabricated aluminum and alumina combined, through its active
and growing participation in all major aspects of the industry. Alcoa
serves the aerospace, automotive, packaging, building and construction,
commercial transportation and industrial markets, bringing design,
engineering, production and other capabilities of Alcoa’s businesses to
customers. In addition to aluminum products and components including
flat-rolled products, hard alloy extrusions, and forgings, Alcoa also
markets Alcoa® wheels, fastening systems, precision and investment
castings, and building systems. The Company has been named one of the
top most sustainable corporations in the world at the World Economic
Forum in Davos, Switzerland and has been a member of the Dow Jones
Sustainability Index for seven consecutive years. More information can
be found at www.alcoa.com