GLOBALSANTAFE CORP
RESOLUTION OF THE COMPANY'S BOARD OF DIRECTORS
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<TYPE>EX-10.46
<SEQUENCE>6
<FILENAME>h13385exv10w46.htm
<DESCRIPTION>RESOLUTION OF THE COMPANY'S BOARD OF DIRECTORS
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<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.46


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">COMPANY:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GlobalSantaFe Corporation (the &#147;Company&#148;)</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ITEM:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preambles and Resolutions of the Board of Directors</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SUBJECT:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Employee Director Compensation</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DATE:,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;16, 2003</TD>
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Compensation Committee of this Board of Directors has
recommended a new schedule of compensation for the Company&#146;s non-employee
directors; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, having carefully considered the recommendations of the
Compensation Committee, this Board of Directors desires to approve a new
non-employee director compensation schedule;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, BE IT RESOLVED that, effective January&nbsp;1, 2004, and until
such time as revised by resolution of this Board of Directors, the Company&#146;s
non-employee directors shall be compensated for their services as directors of
the Company in accordance with the compensation schedule annexed hereto as
Exhibit&nbsp;A; and it was further


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOLVED that the proper officers of the Company be and hereby are
authorized and directed to do or cause to be done any and all such acts and
things, make any and all such payments, and negotiate, execute and deliver, for
and on behalf of the Company and in its name, any and all such documents,
papers, instruments and agreements as they may deem necessary or desirable to
effect the intent and purposes of these resolutions.


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<P align="right" style="font-size: 10pt">EXHIBIT A



<P align="center" style="font-size: 10pt">GLOBALSANTAFE CORPORATION



<P align="center" style="font-size: 10pt"><B>Schedule of Compensation for Non-Employee Directors<BR>
(Effective January&nbsp;1, 2004)</B>



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    <TD width="8%">&nbsp;</TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px">Annual Retainer </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Committee Chairman Annual Retainer:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Audit Committee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,500</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other Committees </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Board Meeting Fee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">2,000</TD>
    <TD nowrap>(1)</TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px">Committee Meeting Fee </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">2,000</TD>
    <TD nowrap>(1)</TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px">Special Assignment Fee (per day) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">New Member Stock Option Grant (#) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD nowrap>(2)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Annual Stock Option Grant (#) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD nowrap>(2)</TD>
</TR>

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    <TD><DIV style="margin-left:10px; text-indent:-10px">Annual Restricted Stock Grant (#) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD nowrap>(3)</TD>
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    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The fee will be $1,000 if participation is by telephone.</TD>
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<TR><TD>&nbsp;</TD></TR>

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    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">All stock options will vest 50% one year from date of grant and the
remaining 50% two years from date of grant. The other terms of the stock
options will be determined by the Compensation Committee, which will make the
annual grant at its discretion on the date of adjournment of each annual
general meeting of shareholders.</TD>
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<TR><TD>&nbsp;</TD></TR>

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    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">The terms of the restricted stock will be determined by the Compensation
Committee, which will make the annual grant at its discretion on the date of
adjournment of each annual general meeting of shareholders.</TD>
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