GlobalSantaFe Board Approves Quarterly Cash Dividend

Wednesday, March 3, 2004

PRESS RELEASE–HOUSTON, March 2 — GlobalSantaFe Corporation (NYSE: GSF – News) today announced that its board of directors has approved a regular cash dividend of $0.05 per ordinary share. This dividend is payable on April 15, 2004, to shareholders of record as of the close of business on March 31, 2004.

About GlobalSantaFe

GlobalSantaFe is a leading worldwide oil and gas drilling contractor offering a full range of premium equipment and drilling management services. The company’s diverse and technologically advanced fleet of 59 offshore rigs includes premium and heavy duty harsh environment jackups; semisubmersibles; and dynamically positioned ultra-deepwater drillships. Additionally, the company has three rigs under construction. The company also has 31 land rigs and is the world’s leading provider of turnkey drilling and drilling management services. More information can be found at: www.gsfdrill.com .

     Investors:                           Media:

     Brook Wootton                        Julie H. Tushingham

     Tel: 281 925 6442                    Tel:  281 925 6443

                                          Cell: 713 417 4763

Source: GlobalSantaFe Corporation

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