UPDATE 1-Noble rig damaged as legs sink in seabed off Qatar

* Noble insurance deductible $25 mln

* Rig was to serve as accommodation unit for rig workers
(Adds daily rate for rig)

SAN FRANCISCO, May 12 (Reuters) - All three legs of an oil
and gas drilling rig have penetrated the sea floor off the
coast of Qatar, causing severe damage to the jackup and its
legs, rig owner Noble Corp (NE.N) said.

The Noble David Tinsley experienced the "punch-through"
while conducting preloading operations on May 8, according to a
filing by Noble with U.S. financial regulators on Monday.

The rig was stable and no injuries or pollution had been
reported, Noble said.

Noble said its insurance deductible was $25 million for
such an event. Analysts had been expecting the company to earn
a profit before exceptional items of $392 million in the second
quarter, according to the average on Reuters Estimates.

The rig was going to serve as an accommodation unit for
offshore personnel, which normally brings in $52,000 per day.

Noble bought the jackup, which can drill to 25,000 feet
(7,600 meters) in 300 feet of water, from A.P. Moller-Maersk
(MAERSKb.CO) for more than $40 million in 2004.
(Reporting by Braden Reddall; Editing by Andre Grenon)