GlobalSantaFe to Make Public Share Offer

GlobalSantaFe (NYSE: GSF) intends to issue in a public offering approximately $1.2 billion of its ordinary shares to the public under the company's existing shelf registration statements. The ordinary shares are expected to be priced on April 14. The closing of the offering is expected on April 20.

GlobalSantaFe intends to use the net proceeds from the offering to purchase an equivalent number of the GlobalSantaFe shares currently held by Kuwait Petroleum Corporation (KPC). The shares purchased from KPC will be retired and there will be no increase in the total number of outstanding GlobalSantaFe shares.

Goldman, Sachs & Co. is acting as sole book-runner and lead manager with JPMorgan as joint-lead manager. Citigroup and Credit Suisse First Boston are serving as co-managers.

Copies of the preliminary prospectus supplement and accompanying base prospectus relating to 32,300,000 ordinary shares and, when available, the final prospectus supplement and accompanying base prospectus, relating to this offering may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, (212-902-1000), Attn: Prospectus Department.


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