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.