GlobalSantaFe Unable to Locate Two Jackups in Gulf of Mexico


GSF Adriatic VII
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GSF High Island III
(Click to Enlarge)
GlobalSantaFe reported that two of its jackup rigs, the GSF Adriatic VII and GSF High Island III, could not be found on their drilling locations during a search by fixed-wing aircraft Sunday. There were no signs of any major damage from Hurricane Rita to the company's other rigs in the Gulf of Mexico.

GlobalSantaFe's fleet in the Gulf of Mexico includes nine jackup rigs, four semisubmersible rigs and one ultra-deepwater drillship, the GSF C.R. Luigs. The drillship relocated before the area was impacted by Hurricane Rita, and all other rigs were safely evacuated in advance of the storm.

All of the company's rigs are insured under a hull and machinery policy subject to a total deductible of $10 million for this event. The two missing jackup rigs had a combined net book value at June 30, 2005 of $22.2 million and are insured for a total of $125 million. The rigs contributed $5.3 million of the company's total $135.3 million of net income for the first six months of 2005.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
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