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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: iGregor who wrote (28222)	8/24/1998 9:24:00 AM
From: The Ox	Respond to of 95453

Santa Fe International Corporation Announces Delivery of Galaxy II Jackup DALLAS--(BUSINESS WIRE)--Aug. 24, 1998--Santa Fe International Corporation (NYSE:SDC) today announced it has taken delivery of Galaxy II, a Keppel FELS Mod VI design Universe Class, heavy duty harsh environment jackup. Keppel FELS of Singapore completed construction of Galaxy II in 21 months. Total construction cost was within 2% of budget. Sted Garber, Santa Fe's President and Chief Executive Officer commented "We are very pleased with the exceptional leadership and teamwork which was demonstrated by the Keppel FELS and Santa Fe project team. The on time delivery of Galaxy II reaffirms Santa Fe's strong project management capability. We are confident that this capability will be repeated with Galaxy III, which is scheduled to be delivered by Keppel FELS during the third quarter of 1999." Galaxy II is expected to arrive in Halifax Harbor, Nova Scotia, in mid October after an approximate 55 day transit. Following a brief dedication ceremony, the rig will commence a five year association with the Sable Offshore Energy project drilling production wells at Thebaud and North Triumph. Initial revenue will be approximately $130,000 per day. Santa Fe International Corporation is a leading international offshore and land contract driller. The Company owns and operates a high quality, technologically advanced fleet of 26 marine drilling rigs and 29 land drilling rigs and is a provider of drilling related services to the petroleum industry, including third party rig operations, incentive drilling, and drilling engineering and project management services. The Company currently operates in 15 countries throughout the world. Statements made in this document that state the Company's or management's intentions, hopes, plans, estimates, beliefs, expectations, anticipations or predictions of the future and words of similar import are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors with respect to such forward-looking statements, including risks and uncertainties that could cause actual results to differ materially from the Company's expectations are disclosed 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 F-1, the Company's Form 20-F report for the six months ended December 31, 1997, and the Company's Form 6-K report for the quarter ended June 30, 1998. Copies of these filings may be obtained by contacting the Company, the SEC, or through the SEC EDGAR system at the SEC web site. CONTACT: Santa Fe International Corporation, Dallas Investor Relations: Michelle Appleby, 972/701-7524 Fax: 972/701-7892 www.sfdrill.com