Santa Fe International Expands Board, Initiates Dividend.

DALLAS--(BUSINESS WIRE)--Sept. 8, 1997--Three new members were added to the Santa Fe International Corporation (NYSE:SDC) Board of Directors at its regularly scheduled meeting held in London today.

The Company had stated its intention to add the new Board members in the filing for its recent initial public offering of ordinary shares. Joining the Board of Directors are Ferdinand A. Berger, Sami Fahed Al-Rushaid, and Robert E. Wycoff. These additions make a total of nine Directors, filling three vacancies created by an earlier amendment to the Company's Articles of Association.

Gordon Anderson, Santa Fe's Chairman and CEO, stated, "We are extremely fortunate to have these individuals join our Board. The depth of knowledge of the international petroleum industry represented by these three new Directors is very impressive, and the Company will certainly benefit from their contributions."

Berger served from 1965 to 1996 with Shell International Petroleum Company Limited, holding many significant management positions. Since his retirement from Shell, Berger has accepted an executive directorship with Xpronet Inc., an oil and gas exploration company, and also consults for Pakhoed NV, a large international storage and distribution company. Berger, who has a Masters degree in law and resides in the United Kingdom, will serve as a Class II Director with a term expiring in 1999.

Al-Rushaid is Executive Assistant Managing Director of Planning and Finance for Kuwait National Petroleum Company (KNPC). A graduate of the University of Miami with a Bachelor of Science Degree in Industrial Engineering, Al-Rushaid has been with KNPC since 1978. He is also a Board member of Petrochemical Industries Company and a member of several professional organizations, including the Kuwait University Consultancy Council for the College of Engineering. Al-Rushaid, who will serve as a Class III Director with a term expiring in 2000, resides in Kuwait.

Wycoff was with Atlantic Richfield Company (ARCO) for 40 years prior to his retirement in 1993. During his tenure with ARCO he held various engineering and management positions, most recently serving as Vice Chairman, President and COO, as well as Director. Wycoff, a resident of San Marino, California, holds a BSME and an MSME from Stanford University, and will serve as a Class III Director.

The Santa Fe International Corporation Board of Directors announced the initiation of a regular quarterly dividend of $0.0325 per ordinary share. The dividend will be paid on Oct. 15, 1997 to shareholders of record as the close of business on Sept. 30.

The Company also announced that its Board of Directors approved a change in the Company's accounting period from a fiscal year ending June 30 to a fiscal year ending Dec. 31, effective Jan. 1, 1998. As a result of this change, Santa Fe is currently in a six month stub accounting period, extending from the previous fiscal year end, June 30, 1997, to the start of the next full fiscal year in January.

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 and 28 land drilling rigs located in 16 countries and is a leading provider of drilling related services to the petroleum industry worldwide.

CONTACT: Santa Fe International Corporation, Dallas

Richard Hoffman, 972/701-7950