GlobalSantaFe Takes Delivery of New Jackup Rig

GlobalSantaFe Corporation has taken delivery of its new, high- performance jackup rig, Constellation I. Equipped with a dual activity pipe handling system and state-of-the-art drilling capabilities, the rig is designed to reduce critical path time to drill wells. Constructed in the PPL Shipyard in Singapore, the Constellation I is capable of drilling to 30,000 feet in water depths of up to 400 feet. A 75-foot reach cantilever with a combined drilling load capacity of 2.6 million pounds, enables the rig to operate over a large drilling pattern. The Constellation II, an identical rig, is scheduled to be delivered in the first quarter of 2004. "With the construction of the Constellation I, our goal is to provide our clients with a new generation of jackup rigs capable of meeting their future drilling needs. The Constellation I is designed to increase drilling efficiency and to perform beyond traditional exploration and development drilling requirements," said Jon A. Marshall, President and Chief Executive Officer of GlobalSantaFe. The Constellation I is contracted for a three-well program offshore Myanmar that is expected to commence in late July. The contract, estimated to take four months to complete, is valued at approximately $8.8 million.