Jon Marshall News

The Greenbrier Companies, Inc. announced today the launch of Qamun, a 55,000-barrel shallow draft double hull petroleum tank barge built by Greenbrier Marine, a wholly-owned subsidiary of Greenbrier. Crowley Engineering Services provided on-site construction management using an Alaska-specific design by Jensen Maritime, its recently integrated naval architecture and marine engineering firm.The 350-foot barge, which will form part of an articulated tug-barge (ATB) unit, will be paired with the tug Aurora being constructed by Master Boat Builders Inc., Coden, Ala.

Houston-based offshore drilling contractor GlobalSantaFe Corporation reported that an 84-person crew was evacuated from one of its offshore drilling rigs that encountered a severe storm in the Mediterranean Sea offshore Israel. The Italian Navy and U.S. evacuation efforts. The offshore drilling rig remains afloat approximately 50 miles offshore Israel. At the time of the storm, the rig, named Key Singapore, was in the process of moving to a new location offshore Egypt. storm caused two of the three tugboats moving the rig to lose their towline connections. Four tugboats are currently on location, with one still attached to the rig. At this time, GlobalSantaFe said that it does not know of any significant damage to the rig. Previous media coverage erroneously reported the rig had sunk.

GlobalSantaFe Corporation Chief Executive Officer Jon Marshall will present at 8:40 a.m. CDT in New York on Thursday, September 4, 2003, at the Lehman Brothers Seventeenth Annual CEO Energy/Power Conference. Interested parties may listen to the presentation live over the Internet at http://www.lehman.com/conferences/200309ceo-energy-power/presenters.htm# . To listen to the live presentation, please go to the Web site at least 15 minutes early to register and to download and install any necessary audio software. A replay of the presentation will be available shortly after the conclusion of the presentation through GlobalSantaFe's Web site (http://www.gsfdrill.com/ ) until 5 p.m. CDT September 15, 2003.

Worldwide oil and gas drilling contractor GlobalSantaFe Corp. reported net income for the third quarter ended September 30, 2003, of $15.1 million, or $0.06 per diluted share, on revenues of $458.1 million, as compared to net income of $75.0 million, or $0.32 per diluted share, on revenues of $514.4 million for the same quarter in 2002. For the nine months ended September 30, 2003, GlobalSantaFe reported net income of $104.9 million, or $0.45 per diluted share, on revenues of $1,408.5 million, as compared to net income of $225.5 million, or $0.95 per diluted share, on revenues of $1,504.8 million for the corresponding period in 2002.

GlobalSantaFe Corporation Chief Executive Officer Jon Marshall will present at 8:25 a.m. EST in New York on Wednesday, November 5, 2003, at the Merrill Lynch 2003 Global Energy Conference.

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…

Worldwide oil and gas drilling contractor GlobalSantaFe Corporation today reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for December 2002 was down from the previous month's SCORE by 2.9 percent. GlobalSantaFe chief operating officer, Jon Marshall, said today at the company's annual SCORE press conference: "Though worldwide SCORE improved in December 2002, continued softness in the U.S. Gulf of Mexico drilling market and semisubmersibles rigs worldwide left SCORE near the year's lowest level. In the U.S. gulf, depressed drilling activity is having an impact on natural gas inventory levels, pushing prices higher.

GlobalSantaFe Corporation reported that the company's worldwide SCORE, or Summary of Current Offshore Rig Economics, for January 2003 was flat with 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, a separate SCORE is calculated for certain types of rigs and certain regions to indicate the relative condition of rig 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.

The course of corporate consolidation within the already tight offshore business took a dramatic turn over the holiday weekend, as Global Marine Inc. and Santa Fe International Corporation entered into a definitive agreement to merge in a stock-for-stock transaction that will create the world's second largest offshore drilling contractor. The new company, which will be named GlobalSantaFe Corporation, will be headquartered in Houston and will trade on the New York Stock Exchange under the ticker symbol "GSF". Based on Santa Fe's closing stock price on Friday, August 31, GlobalSantaFe would have a market value of approximately $6 billion.

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 Corporation reported that it has accounted for all five of its drilling rigs that were in the direct path of Hurricane Katrina. All personnel on the five rigs were safely evacuated prior to the storm's arrival. GlobalSantaFe rigs in the path of Hurricane Katrina included the GSF Development Driller II and GSF High Island VIII, which showed no signs of damage during a preliminary aerial inspection. The GSF Celtic Sea and GSF Development Driller I were listing slightly, and crews and equipment are arriving on location today to assess the condition of the rigs. The GSF Arctic I drifted off its original location and was grounded in shallow waters near the mouth of the Mississippi River. Marine surveyors will be dispatched to determine the condition of the rig.