GlobalSantaFe Board Approves Quarterly Cash Dividend

GlobalSantaFe Corporation (NYSE: GSF) announced that its board of directors has approved the company's regular quarterly cash dividend of 22.5 cents per ordinary share. The dividend is payable on July 14, 2006, to shareholders of record as of the close of business on June 30, 2006.

About GlobalSantaFe

GlobalSantaFe is one of the world's largest providers of offshore oil and gas drilling and drilling management services. We own or operate 61 marine drilling rigs, including premium and heavy-duty, harsh-environment jackups, semisubmersibles, and dynamically positioned ultra-deepwater drillships, as well as two semisubmersibles operated for third parties under a joint venture agreement. Two of the jackup rigs in our fleet currently are unavailable for contract due to hurricane damage and may not return to service. During the first quarter of 2006, we entered into a contract to build an ultra-deepwater semisubmersible scheduled for delivery in early 2009.