GlobalSantaFe Board Approves Cash Dividend

Houston-based offshore drilling contractor GlobalSantaFe Corporation announced that its board of directors has approved a regular quarterly cash dividend of $0.0325 per ordinary share. The dividend is payable on January 15, 2002, to shareholders of record as of the close of business on December 31, 2001.

In connection with a recent merger, former Global Marine Inc. shareholders were mailed a transmittal form for the surrender of their common stock in exchange for GlobalSantaFe ordinary shares. Those shareholders who have not surrendered their common stock certificates and transmittal form for exchange by the payment date, will receive their dividend from the exchange agent when the shares are exchanged.