GlobalSantaFe Announces Public Offering of Ordinary Shares

GlobalSantaFe Corporation (NYSE: GSF) has decided to issue 20,000,000 of its ordinary shares to Lehman Brothers Inc. The shares are being resold by Lehman Brothers to the public under GlobalSantaFe's shelf registration statement.

GlobalSantaFe intends to use the proceeds from the offering to purchase the 20,000,000 remaining GlobalSantaFe shares 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.

The Offering was made only by means of a prospectus and related prospectus supplement, a copy of which may be obtained from Lehman Brothers Inc., c/o ADP

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