GlobalSantaFe Finds Missing Jackup Rigs Off Louisiana Coast

GlobalSantaFe has located its two missing jackup rigs in shallow waters off the Louisiana coast, approximately 80 miles from their drilling sites. The GSF Adriatic VII and GSF High Island III appeared to have sustained severe damage during Hurricane Rita, but a thorough assessment is required before the company can determine the extent of damage and economic feasibility of repairs. Assessment teams have boarded and begun inspecting the rigs.

GlobalSantaFe safely evacuated all personnel from the nine jackup rigs and four semisubmersible rigs in its U.S. Gulf of Mexico fleet in advance of Hurricane Rita and relocated an ultra-deepwater drillship away from the storm’s path.

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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