<PAGE> 1
EXHIBIT 99.1
NEWS RELEASE
[SANTA FE INTERNATIONAL CORPORATION LETTERHEAD]
FOR IMMEDIATE RELEASE
SANTA FE INTERNATIONAL CORPORATION
PUBLIC OFFERING OVERALLOTMENT OPTION EXERCISED
Dallas, July 28, 2000 -- Santa Fe International Corporation (NYSE:SDC)
announced today that SFIC Holdings (Cayman), Inc., the Company's principal
shareholder and a wholly owned subsidiary of Kuwait Petroleum Corporation,
has received notice that the underwriters of the secondary public offering
of the Company's ordinary shares have exercised their option to purchase an
additional one million ordinary shares to cover overallotments in
connection with the secondary public offering pursuant to the Company's
Prospectus dated June 27, 2000. Santa Fe International Corporation will not
receive any of the proceeds from the exercise of the option or the
offering.
Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated, Credit Suisse
First Boston Corporation and Salomon Smith Barney Inc. serve as
managing underwriters for the offering. A copy of the final prospectus
relating to these securities can be obtained from the offices of Goldman,
Sachs & Co., 85 Broad Street, New York, NY 10004 (telephone
212/902-5400).
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 27 marine drilling rigs and 33 land drilling rigs and is a
provider of drilling related services to the petroleum industry.
