GlobalSantaFe Completes Redemption of Senior Notes Due 2007

GlobalSantaFe Corporation (NYSE: GSF) reports that its subsidiary, Global Marine Inc., completed the redemption of its 7 1/8% Senior Notes due 2007, with a face value of $300 million. The notes were redeemed on June 30, 2004 at 110.557% of face value, or $331.7 million, plus accrued and unpaid interest of $7.1 million. The company will recognize a loss on retirement of the notes of approximately $32.4 million, before taxes, in the second quarter of 2004. Substantially all of this loss relates to the make whole premium.