GlobalSantaFe Sells Offshore Jackup Rig

Monday, February 25, 2002
GlobalSantaFe Corporation sold the Key Bermuda offshore jackup drilling rig to Nabors Drilling International Limited for about $29 million in an all cash transaction. The Key Bermuda was not considered a core asset in the company's worldwide fleet of offshore drilling rigs. GlobalSantaFe is a leading worldwide oil and gas drilling contractor offering a full spectrum of premium equipment and drilling management services. The company's diverse and technologically advanced fleet of 58 offshore rigs includes premium and heavy-duty, harsh-environment jackups; semisubmersibles; and dynamically positioned, ultra-deepwater drillships. Additionally, the company has two rigs currently under construction and two more on order. The company also has 31 land rigs and is the world's leading provider of turnkey drilling and drilling management services.

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