GlobalSantaFe Signs LOI to Build Ultra-Deepwater Semisub

GlobalSantaFe has entered into a letter of intent with a customer to provide a new ultra-deepwater, semisubmersible drilling rig under a seven-year agreement valued at approximately $1 billion.

GlobalSantaFe has contracted Keppel FELS Ltd. to build the new rig, to be named the GSF Development Driller III, at its Singapore shipyard for delivery in early 2009. The estimated construction cost is approximately $590 million, including shipyard costs, owner-furnished equipment, project management costs and general contingencies.

GlobalSantaFe President and CEO Jon Marshall said, "We are very pleased to be able to expand our ultra-deepwater fleet with a state-of-the-art newbuild rig backed by a seven-year commitment that extends to 2016."

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