Santa Fe International Corporation Commits $75 Million to Add Four Land
Rigs in Venezuela
DALLAS--(BUSINESS WIRE)--Jan. 28, 1998--Santa Fe International
Corporation (NYSE:SDC - news) today announced it has committed $75
million to expand its land rig fleet in Venezuela following the receipt
of a letter of intent to provide two rigs and the signing of a contract
to provide an additional two rigs.
Under the terms of the contract, Santa Fe will provide two 2000 HP land
rigs to commence operations in June 1998. One rig will be contracted for
two years while the other will be for one year, each at a dayrate of
approximately $21,000. The letter of intent is for two 3000 HP land rigs
to commence operations in July and November 1998. Each of the rigs will
have an initial term of two years at dayrates of approximately $27,500.
Sted Garber, Santa Fe's President and CEO, stated, ''Santa Fe's
confidence in Venezuela's future drilling activity clearly is
demonstrated with our commitment to spend $75 million for four
additional land rigs.''
In addition to the growth in Venezuela, Santa Fe's land rig fleet in
Egypt will increase to seven units with the addition of one rig in
February 1998.
Santa Fe International Corporation is a leading international offshore
and land contract driller. The Company currently owns and operates a
high quality, technologically advanced fleet of 26 marine and 28 land
drilling rigs located in 16 countries and is a leading provider of
drilling related services to the petroleum industry worldwide.
For further information on Santa Fe International Corporation, contact
Richard Hoffman, Vice President, Investor Relations at 972/701-7950, or
visit our homepage at www.sfdrill.com.
Statements made in this release that state the Company's or management's
intentions, hopes, beliefs, expectations, anticipations or predictions
of the future are forward-looking statements. It is important to note
that the Company's actual results could differ materially from those
projected in such forward-looking statements. Additional information
concerning factors that could cause actual results to differ materially
from those in the forward-looking statements is contained from time to
time in the Company's SEC filings including but not limited to the
Company's prospectus dated June 9, 1997, incorporated in registration
statement No. 33-66912 on Form-1 and the Company's Form 20-F annual
report for the fiscal year ended June 30, 1997 and Form 6-K for quarter
ended September 31, 1997. Copies of these filings may be obtained by
contacting the Company or the SEC.
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Contact:
Santa Fe International Corporation, Dallas
Richard Hoffman, 972/701-7950 |
