Sted Garber News

Houston-based GlobalSantaFe Corporation announced that Global Marine Inc. and Santa Fe International Corporation completed their merger of equals. The ordinary shares of GlobalSantaFe will begin trading on the New York Stock Exchange on November 21, 2001, under the symbol "GSF". Global Marine and Santa Fe International shareholders approved the merger during separate shareholder meetings held earlier today. into 0.665 of an ordinary share of GlobalSantaFe. ordinary shares will trade as GlobalSantaFe ordinary shares. The combined company will have approximately 233 million shares outstanding. "This merger of two great companies creates the world's premier drilling contractor," GlobalSantaFe chairman, Robert E. "Bob" Rose, said.

Houston-based offshore drilling contractor GlobalSantaFe today reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for November 2001 was essentially level with the previous month's SCORE. GlobalSantaFe President and CEO Sted Garber said, "The worldwide SCORE remained stable in November, in spite of oil price uncertainties and continued weakness in the Gulf of Mexico. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle. In the 1980-1981 period, when SCORE averaged 100 percent, new contract dayrates equaled the sum of daily cash operating costs plus approximately $700 per day per million dollars invested.

Houston-based international offshore drilling contractor GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for December 2001 was down from the previous month's SCORE by 1.7 percent. Looking back at 2001, GlobalSantaFe President and CEO Sted Garber said, "SCORE clearly reflects some of the key trends in the major offshore drilling markets over the year. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle. In the 1980-1981 period, when SCORE averaged 100 percent, new contract dayrates equaled the sum of daily cash operating costs plus approximately $700 per day per million dollars invested.

Houston-based international drilling contractor GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for February 2002 was down from the previous month's SCORE by 1.1 percent. GlobalSantaFe President and CEO Sted Garber said, "Declines in the Gulf of Mexico SCORE have slowed considerably and the international SCORE remains near its highest level since early 1999. The improving U.S. economy, which has strengthened U.S. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980- 1981 peak of the offshore drilling cycle.

GlobalSantaFe Corporation reported net income for the quarter ended March 31, 2002, of $77.1 million, or $0.33 per diluted share, on revenues of $464.0 million. This compares to net income of $40.7 million, or $0.34 per diluted share, on revenues of $274.8 million for the quarter ended March 31, 2001. The 2001 financial results reflect only historical Global Marine, prior to the merger that formed GlobaSantaFe, so some comparisons to these results may not be meaningful. Santa Fe International into an industry leader," GlobalSantaFe President and CEO Sted Garber said. recording operating income of $97.5 million. largely insulated from the comparatively weak U.S. Gulf of Mexico drilling market.

0.5 percent. classes. erosion in jackup dayrates. 1980-1981 peak of the offshore drilling cycle. million dollars invested. regions to indicate the relative condition of rig markets. month, includes separate SCORE calculations for the U.S. Mexico, the North Sea, West Africa and Southeast Asia. include jackup and semisubmersible rigs.

Houston-based worldwide drilling contractor GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for May 2002 was up from the previous month's SCORE by one percent. GlobalSantaFe President and CEO Sted Garber said, "This month's SCORE shows continued improvement in the Gulf of Mexico jackup market, as the cash-flow sensitive independents ramp up their 2002 Gulf-based drilling programs following several months of stable U.S. natural gas prices. With heightened Gulf drilling activity reducing excess jackup capacity, the concern subsides that Gulf-based rigs will move internationally and upset the balance of rigs in those markets.

GlobalSantaFe reported net income for the quarter ended June 30, 2002, of $73.4 million, or $0.31 per diluted share, on revenues of $501.7 million, versus $84.3 million and $0.69 per diluted share for the corresponding 2001 quarter. For the six months ended June 30, 2002, GlobalSantaFe reported net income of $150.5 million, or $0.63 per diluted share, on revenues of $990.4 million. This compares to net income of $125.0 million, or $1.03 per diluted share, for the six months ended June 30, 2001. Comparisons to the 2001 financial results may not be meaningful as they reflect only the performance of Global Marine prior to the November 2001 merger that formed GlobalSantaFe.

Houston-based worldwide oil and gas drilling contractor GlobalSantaFe Corporation reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for July 2002 was up from the previous month's SCORE by 1.7 percent. GlobalSantaFe President and CEO Sted Garber said, "This month's SCORE showed real improvement in the Gulf of Mexico offshore rig market during July, as the supply for certain classes of jackup rigs in this region tightened and drove dayrates higher. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle.

GlobalSantaFe Corporation reported that executive vice president of finance and Administration Seals McCarty has elected to take early retirement from the company and will pursue other interests after a long and successful tenure with the organization. Effective immediately, chief financial wfficer Matt Ralls will report directly to President and Chief Executive Officer Sted Garber. McCarty's position will not be filled. McCarty, 56, was named to his current position, which included oversight of the company's finance, human resources, procurement and information technology departments, following the merger that formed GlobalSantaFe in November 2001. Prior to his recent position, McCarty was chief financial officer of Santa Fe International Corporation.

GlobalSantaFe Corporation reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for August 2002 was down from the previous month's SCORE by 4.5 percent. GlobalSantaFe President and CEO Sted Garber said, Worldwide SCORE showed continued weakness in August for the semisubmersible rig market.This was especially true in the North Sea, where overall softness continued to put downward pressure on semisubmersible dayrates. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle.In the 1980-1981 period…

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation has reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for September 2002 was down from the previous month's SCORE by 1.4 percent. GlobalSantaFe President and CEO Sted Garber said, "The Gulf of Mexico SCORE reversed from last month's dip. New, higher semisubmersible dayrates contributed to the area's improvement in September. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980- 1981 peak of the offshore drilling cycle. In the 1980-1981 period…

GlobalSantaFe Corp. reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for November 2002 was down from the previous month's SCORE by 1.0 percent. GlobalSantaFe President and CEO Sted Garber said, "Worldwide SCORE was essentially flat in November. SCORE in the various international markets continues to fluctuate. The offshore drilling rig market will likely be in a holding pattern until operators' 2003 exploration and production budgets provide some direction." GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle.

GlobalSantaFe Corporation reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for November 2002 was down from the previous month's SCORE by 1.0 percent. GlobalSantaFe President and CEO Sted Garber said, "Worldwide SCORE was essentially flat in November. SCORE in the various international markets continues to fluctuate. GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle. In the 1980-1981 period, when SCORE averaged 100 percent, new contract dayrates equaled the sum of daily cash operating costs plus approximately $700 per day per million dollars invested.

The course of corporate consolidation within the already tight offshore business took a dramatic turn over the holiday weekend, as Global Marine Inc. and Santa Fe International Corporation entered into a definitive agreement to merge in a stock-for-stock transaction that will create the world's second largest offshore drilling contractor. The new company, which will be named GlobalSantaFe Corporation, will be headquartered in Houston and will trade on the New York Stock Exchange under the ticker symbol "GSF". Based on Santa Fe's closing stock price on Friday, August 31, GlobalSantaFe would have a market value of approximately $6 billion.

GlobalSantaFe reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for January 2002 was down from the previous month's SCORE by 0.2 percent. previous month. dayrates show signs of leveling out in the Gulf of Mexico. to the profitability of dayrates at the 1980-1981 peak of the offshore drilling cycle. cash operating costs plus approximately $700 per day per million dollars invested. relative condition of rig markets. third Monday of each month, includes separate SCORE calculations for the U.S. Gulf of Mexico, the North Sea, West Africa, and Southeast Asia. Rig types include jackup and semisubmersible rigs.

GlobalSantaFe Corporation announced that its board of directors has elected Jon A. Marshall as president and chief executive officer of the company. In addition, Mr. Marshall was elected a director at the company's annual meeting of shareholders. Mr. Marshall, who previously held the title of chief operating officer, succeeds C. Stedman "Sted" Garber, Jr., who, earlier this year, announced his intention to retire from his position as president, chief executive officer and a director. Marshall joined the company in 1979 and has held numerous operational and management roles over his 24-year career. In 1992, he became president of Applied Drilling Technology Inc. (ADTI), the company's turnkey drilling service subsidiary and Challenger Minerals Inc.