GlobalSantaFe Extends Deepwater Contracts for $1.5 Billion

GlobalSantaFe has signed agreements with BHP Billiton to extend the contracts of two ultra-deepwater drilling rigs in the U.S. Gulf of Mexico for additional four- year terms with a combined total contract value of approximately $1.5 billion.

The GSF Development Driller I semisubmersible rig is scheduled to commence work under its contract extension in June 2008 and continue until June 2012. The GSF C.R. Luigs drillship contract extension is scheduled to begin in September 2009 and end in September 2013.

"We are extremely pleased to continue our successful relationship with BHP Billiton through contract extensions on these two high-performing rigs," said GlobalSantaFe President and CEO Jon Marshall. "These agreements reflect the great working relationship between GlobalSantaFe and BHP Billiton and the collaborative efforts of our organizations."

With the addition of the C.R. Luigs and Development Driller I contract extensions, GlobalSantaFe's total contract drilling revenue backlog has grown to approximately $11 billion from $4.8 billion at the start of 2006. Like most of GlobalSantaFe's long-term contracts, these two extensions provide dayrate escalation based on increases in certain costs above current levels and protection against loss due to early termination.

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