GlobalSantaFe to Resume Operations in Kuwait

April 11, 2003

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation is preparing to resume drilling operations in Kuwait. "After careful risk analysis and continued communications with our client, we believe that conditions in the area have stabilized to a level that allows us to resume the safe operation of our rigs," said Jon Marshall, Chief Operating Officer. Six rigs were secured and placed on standby mode effective March 17, 2003. The first rig is expected to resume operations by April 17, 2003, and the company anticipates eight of its land rigs to be fully operational by the end of the month. The eight rigs include two additional units, Rig 102 and Rig 155, that were not working when operations were suspended last month.

GlobalSantaFe to Resume Operations in Kuwait

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