GlobalSantaFe Reports 4Q and Full Year Results

Houston-based worldwide drilling contractor GlobalSantaFe Corporation reported net income for the quarter ended Dec. 31, 2001, of $11.7 million, or $0.07 per diluted share, on revenues of $384 million, as compared to net income of $40.9 million, or $0.34 per diluted share, on revenues of $332 million for the same quarter in 2000. For the year ended Dec. 31, 2001, the company reported net income of $198.8 million, or $1.50 per diluted share, on revenues of $1.3 billion. This compares to net income of $113.9 million, or $0.95 per diluted share, on revenues of $1.0 billion for the year ended Dec. 31, 2000. Net income for the fourth quarter and the full year 2001 included two significant nonrecurring charges - a restructuring charge of $22.3 million ($14.5 million after tax) related to the Global Marine and Santa Fe International merger completed in November 2001, and a noncash charge of $47.2 million to reduce the company's deferred tax asset position. Full year 2001 net income was additionally impacted by a $35.1 million ($22.8 million after tax) gain on the sale of a special-purpose Arctic drilling unit during the second quarter. Exclusive of these special items, net income for the quarter was $73.4 million, or $0.43 per share, and for the full year 2001 it was $237.7 million, or $1.78 per diluted share.