GlobalSantaFe Prices Public Offering of Common Stock

GlobalSantaFe Corporation (NYSE: GSF) has priced an offering of 23,500,000 of its ordinary shares at $34.45 per share. The closing of the offering is expected on April 20, 2005.

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.

A final prospectus supplement and accompanying base prospectus, relating to the public offering will be filed with the Securities and Exchange Commission and, when available, may be obtained from the offices of Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, (212-902-1000), Attn: Prospectus Department.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of the final prospectus supplement and related base prospectus.