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GlobalSantaFe Drilling Company history
GlobalSantaFe Drilling Company company history timeline
Global Marine Founded 1953
Global grew rapidly, going public in 1962.
1962: Global Marine goes public.
1. To increase its cash flow, in 1963 Santa Fe entered into a joint venture with the Kuwait Drilling Company.
Finally in 1979, with oil prices rising, Global ordered 17 jack-up rigs for $400 million, to better compete for jobs in shallow waters.
In 1983 one of the firm's drillships, the Glomar China Sea, sank in a typhoon off the coast of China, killing its entire crew of 84.
Drilling picked up somewhat in 1987, but Global still had only about half of its rigs active, mostly in the Gulf of Mexico, while a worldwide oversupply of drilling rigs kept prices low.
Global emerged from bankruptcy in early 1989.
Santa Fe International had incorporated there in 1990.
The firm sold an additional 3.9 million shares of stock in January 1993, raising another $7.8 million.
In 1993, Russia reported that the US sub, dubbed the Glomar Explorer, had in fact recovered two of its nuclear warheads.
World demand for oil was 71.6 million barrels per day in 1996, up 25 percent in ten years.
1998: Glomar Explorer sets world drilling depth record of 7,718 feet.
In 1999 the drilling industry--vulnerable to many uncontrollable factors, including the demand for oil and fluctuations in oil prices--suffered a downturn that affected Santa Fe.
A new drillship, the Glomar Jack Ryan, was rolled out by Global Marine in October 2000.
In 2000, the company believed that if oil and gas prices remained at or around current levels, the offshore drilling market would improve somewhat in the near future.
GlobalSantaFe had 89 active rigs at the end of the year, compared to 33 at the end of 2000.
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