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    GlobalSantaFe reports incident during systems testing on GSF Development Driller I

    News // May 28, 2004
    GlobalSantaFe has announced today that an incident involving the company's newbuild semisubmersible, the GSF Development Driller I, occurred Monday, May 24th 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 theincident. 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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