GlobalSantaFe Corporation reported net income for the quarter ended June 30, 2006, of $248.5m, or $1.01 per diluted share, on revenues of $773.4m. The results compare with net income of $85.1m, or $0.35 per diluted share, on revenues of $574.8m for the same quarter of 2005. During the second quarter of 2006, GlobalSantaFe recognized insurance recoveries totaling $66.4m. This amount includes a book gain of $63.7m, or $0.26 per diluted share, on two offshore drilling rigs
, the GSF Adriatic VII and GSF High Island III, which were severely damaged during Hurricane Rita. Excluding this $63.7m gain, net income for the quarter was $184.8m, or $0.75 per diluted share. For the six months ended June 30, 2006, GlobalSantaFe reported net income of $411.4m, or $1.65 per diluted share, on revenues of $1.5b, compared with net income of $135.3m, or $0.56 per diluted share, on revenues of $1.1b for the corresponding six-month period of 2005. GlobalSantaFe continued to repurchase its ordinary shares during the second quarter under a $2b buyback program authorized by its board of directors on March 3. The company repurchased $515m of its shares through the close of the second quarter, including $131m purchased in March and $384m purchased during the second quarter.