United Nations Compensation Commission News

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation reported net income for the first quarter ended March 31, 2004, of $8.7 million, or $0.04 per diluted share, on revenues of $380.0 million, as compared to net income of $45.9 million, or $0.20 per diluted share, on revenues of $424.4 million for the same quarter in 2003. Net income for the first quarter 2003 included $22.1 million, or $0.10 per diluted share, from the settlement of a claim filed in 1993 with the United Nations Compensation Commission. Revenues for the first quarter of 2004, and 2003, exclude $26.9 million and $28.6 million, respectively, related to revenues from land rig drilling operations, which are reflected as discontinued operations.

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation (NYSE: GSF) today reported a net loss for the quarter ended December 31, 2004, of $7.6 million, or $0.03 per diluted share, on revenues of $498.3 million. The 2004 fourth quarter included a primarily non-cash tax charge of $42.5 million, or $0.18 per diluted share, related to a realignment of the company's subsidiary structure. Excluding this charge, the company had income of $34.9 million, or $0.15 per diluted share for the fourth quarter of 2004. For the year ended December 31, 2004, the company reported net income of $143.7 million, or $0.61 per diluted share, on revenues of $1.7 billion. In the fourth quarter of 2004, the company completed a transaction to create separate international and U.S.

GlobalSantaFe Corporation reported net income for the quarter ended June 30, 2003, of $43.9 million, or $0.19 per diluted share, on revenues of $497.4 million, as compared to net income of $73.4 million, or $0.31 per diluted share, on revenues of $501.7 million for the same quarter in 2002. For the six months ended June 30, 2003, GlobalSantaFe reported net income of $89.8 million, or $0.38 per diluted share, on revenues of $950.4 million, as compared to net income of $150.5 million, or $0.63 per diluted share, on revenues of $990.4 million for the corresponding period in 2002. The company's first half 2003 net income included $22.3 million…