GlobalSantaFe Unable to Locate Two Jackups in Gulf of Mexico

GlobalSantaFe reported that two of its jackup rigs, the GSF Adriatic VII and GSF High Island III, could not be found on their drilling locations during a search by fixed-wing aircraft Sunday. There were no signs of any major damage from Hurricane Rita to the company's other rigs in the Gulf of Mexico.

GlobalSantaFe's fleet in the Gulf of Mexico includes nine jackup rigs, four semisubmersible rigs and one ultra-deepwater drillship, the GSF C.R. Luigs. The drillship relocated before the area was impacted by Hurricane Rita, and all other rigs were safely evacuated in advance of the storm.

All of the company's rigs are insured under a hull and machinery policy subject to a total deductible of $10 million for this event. The two missing jackup rigs had a combined net book value at June 30, 2005 of $22.2 million and are insured for a total of $125 million. The rigs contributed $5.3 million of the company's total $135.3 million of net income for the first six months of 2005.

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