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    Santa Fe receives approval for newbuilds

    News // December 15, 2000
    Santa Fe International Corporation has confirmed that its Board of Directors has authorised the construction of two deepwater semi-submersibles and up to four high performance jack-up drilling rigs.

    The Company anticipates that the rig building programme will be funded using existing cash balances plus cash flow to be generated over the programme's duration; however, the company may borrow some of the required fundsif conditions warrant.

    While definitive construction schedules have yet to be agreed, both the semi and the jack-up programmes will have approximately the same start date and are expected to proceed simultaneously with follow-on jack-up construction starting at twelve month intervals and the second semi starting approximately eighteen months after the first.

    It is anticipated that the first jack-up will be delivered in late 2002 and the first semi in late 2003.

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