Turnkey Drilling And Drilling Management Services News

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation (NYSE: GSF) today reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for April 2005 was up 5.5% from the previous month's SCORE. 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. In addition to a worldwide SCORE covering key types of competitive offshore drilling rigs in key drilling markets…

Iraq. rigs currently operating in Kuwait by March 17, 2003. The rigs will be secured and remain idle until the political climate in the area stabilizes. evacuate its 386 non-resident employees by that same time. have a material impact on the company's first quarter 2003 financial results. quarter that operations are suspended. range of premium equipment and drilling management services. dynamically positioned ultra-deepwater drillships. has four rigs under construction. services.

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.