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May 26, 2004

Newbuild semi faces delay

GlobalSantaFe says that an incident involving the company's newbuild semisubmersible, the GSF Development Driller I, occurred Monday, May 24, 2004, at the JSL Shipyard in Singapore.

According to initial reports, a structural failure occurred in the derrick beams during a routine load test, causing damage to equipment within the derrick. An investigation team has been established and is in the process of determining the cause of the incident.

A recovery team has also been established to assess and expedite repairs. The rig was expected to be delivered during July of this year.

Based on the initial assessment of the damage, it is anticipated that the delivery of the rig will not be delayed by more than 60 days.

The costs of repairing the damage are expected to be paid by the equipment manufacturer or its insurer, and the delay is not expected to have an adverse impact on the company's financial results for 2004.

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