UPDATE 1-Noble Corp just latest firm to move to Switzerland

* Noble Corp shares down more than 2 pct

* Already-moved Transocean down sharply on leaving S&P 500

* Analyst eyes Nabors as possible next one to move

By Braden Reddall

SAN FRANCISCO, Dec 19 (Reuters) - Noble Corp (NE.N) became the latest company involved in offshore oil and gas drilling to abandon an island paradise for landlocked Switzerland to get closer to customers and ensure low taxes.

Shares of Noble, listed in New York but incorporated in the Cayman Islands, fell 2.3 percent after it announced on Friday plans to reincorporate in Switzerland.

Analysts said Noble looked set to be dropped from the U.S. benchmark S&P 500 index .SPX, just as Transocean Inc (RIG.N), the world's largest offshore drilling contractor, was after it decided to move to Switzerland from the Caymans.

Transocean, which completed its move on Friday, has seen its stock fall 20 percent since it was removed from the index on Dec. 11, compared with just a 5 percent decline in the Philadelphia Stock Exchange oil service index .OSX.

Foster Wheeler Ltd (FWLT.O), an energy-focused engineering company, and oilfield services company Weatherford International Ltd (WFT.N) both announced plans to move to Switzerland from Bermuda nine days ago.