GSF Development Driller I Wins Two Year Contract from BHP

GlobalSantaFe reports its newbuild ultra-deepwater semisubmersible drilling rig, GSF Development Driller I, has been awarded a two-year contract by BHP Billiton Petroleum (Americas) Inc. for work in the U.S. Gulf of Mexico. The multi-well exploration and development program is expected to commence in April 2005 and has a total contract value of approximately $157 million.

"We have enjoyed a successful relationship with BHP Billiton over the past several years and look forward to expanding our support in the deepwater Gulf of Mexico for this important customer," said GlobalSantaFe President and Chief Executive Officer Jon Marshall.

The GSF Development Driller I was designed to meet the requirements of drilling in the challenging deepwater arena and optimized for development drilling and subsea completion projects. Its efficient design includes 18,000 square feet of useable deck space and more than 7,000 metric tons of variable deck load. The rig's dynamic positioning and self-contained mooring systems can be supplemented with up to eight additional mooring lines for increased flexibility in varying conditions.