GlobalSantaFe Corp.

Houston, TX: (Feb-20-07) A patent dispute that arose between GlobalSantaFe Corp. and Transocean was resolved with the two companies entering into a settlement and licensing agreement. Under the agreement, GlobalSantaFe will pay a one-time license fee of $12 million related to the construction of three rigs and allow for the unrestricted use of dual drilling capabilities on three GlobalSantaFe semi submersible rigs. Apart from this, GlobalSantaFe has also agreed to pay approximately $3 million for royalties related to prior use of the two rigs it had operated with dual activity capabilities, as well as a 3 % royalty on the future earned day rates of all three rigs when operating in countries in which Transocean has a valid and non-expired patent. [EARTH TIMES: DRILL PATENT]

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