GlobalSantaFe Board Doubles Cash Dividend

GlobalSantaFe Corporation's (NYSE: GSF) Board of Directors has increased the company's quarterly cash dividend from $0.075 to $0.15 per ordinary share, payable July 15, 2005, to shareholders of record as of the close of business June 30, 2005.

"This action by our Board of Directors demonstrates both our commitment to improving shareholder returns and our confidence in the opportunities we see across the global markets we serve," said GlobalSantaFe President and CEO Jon Marshall. "Given our financial strength and increasing liquidity, we are very comfortable that doubling our dividend payout is sustainable for the long term, and we will be reviewing in future quarters the appropriateness of further increases."