Document:

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                                                                   EXHIBIT 10.32

[LOGO]
Santa Fe International Corporation

                                                                 August 31, 2001

C. Stedman Garber, Jr.
3701 Lexington Avenue
Dallas, TX 7205

Dear Mr. Garber:

     In connection with the transaction contemplated by the Agreement and Plan
of Merger (the "Merger Agreement"), dated as of the date hereof, Santa Fe
International Corporation (the "Company") wishes to set forth your duties and
responsibilities on and following the Effective Time (as defined in the Merger
Agreement) and to amend the terms of your Executive Severance Protection
Agreement (the "Severance Agreement"), dated as of October 18, 1999, to reflect
such duties and make certain other changes.

     1. The provisions of this letter agreement (the "Letter Agreement") are
supplemental to and amend the provisions of the Severance Agreement, pursuant to
Section 8 thereof, and the Company Employee Severance Protection Plan, effective
as of May 2, 1997 (the "Severance Plan"), and, in the event of a conflict, the
provisions of this Letter Agreement shall govern. By this reference, the
Severance Plan is specifically incorporated herein and the defined terms and
definitions of said Severance Plan are incorporated herein mutatis mutandis.
Unless provided otherwise in this Letter Agreement, capitalized terms that are
not otherwise defined in this Letter Agreement shall have the meanings assigned
to them in the Severance Plan.

     2. On and following the Effective Time, you shall have complete authority
and responsibility over the business and affairs of the Company as Chief
Executive Officer ("CEO") of the Company, subject only to the oversight of the
Board of Directors of the Company (the "Board"). Such responsibilities shall be
consistent with your responsibilities as CEO of the Company in effect prior to
the Effective Time and shall also be consistent with the responsibilities of a
chief executive officer of a publicly-listed U.S. corporation. You shall also
serve on the Board. You shall report exclusively to the Board of Directors, and
all other officers of the Company (other than the Chairman of the Board) shall
report, directly or indirectly, to you. So long as Mr. Rose is Chairman of the
Board, the allocation of duties and responsibilities between you and Mr. Rose
shall be consistent with Schedule I attached hereto.

     3. Notwithstanding anything to the contrary in Section 2 of the Severance
Agreement, effective as of the Effective Time, the following clauses (i), (ii),
(iv), (v) and (vi) shall apply in lieu of the corresponding clauses in the
provisions of Section 2.13 of the Severance Plan ("Good Reason"):

          (i) without the express written consent of the Employee, the
     assignment to the Employee of any duties (including, without limitation,
     any reporting obligations) that are materially inconsistent with those set
     forth in Section 2 of this Letter Agreement;

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          (ii) without the express written consent of the Employee, any action
     by the Company occurs which results in a material diminution in the
     position, duties or status (including, without limitation, any reporting
     authority) of the Employee as set forth in Section 2 of this Letter
     Agreement;

          (iv) without the express written consent of the Employee, the removal
     of the Employee from the Board, the failure of the Employee to be nominated
     to the Board or the failure of the Employee to be elected to the Board;

          (v) the annual base salary of the Employee, as the same may hereafter
     be increased from time, is reduced; or

          (vi) the failure by the Company to provide the Employee with incentive
     compensation opportunities consistent with those provided for under each
     material incentive, plan, program and practice as in effect immediately
     prior to the Effective Date (or in effect following the Effective Date, if
     greater).

     4. Notwithstanding anything to the contrary in Section 4.1 of the Severance
Plan, the definition of the Designated Period is hereby amended to constitute
the period from a Change in Control (including the Effective Time) until the
later of (a) the third anniversary of such Change in Control and (b) the date
immediately subsequent to your 62nd birthday.

     5. Section 6(a) of the Severance Agreement is hereby deleted and replaced
with the following:

     "(a) Upon a termination of employment entitling the Executive Employee to a
Severance Benefit as provided in Section 4.2 of the Plan, the benefits accorded
to Executive Employee under his or her applicable Company pension plan (which,
for purposes of this Agreement, shall include any retirement plan sponsored by
the Company, including, but not limited to, qualified or non-qualified pension
plans, supplemental pension plans, supplemental executive retirement plans or
any other pension-type plans providing monthly or lump sum cash benefits at
retirement) shall be augmented by adding (i) three (3) years of service and (ii)
three (3) years of age (in any case, as if the Executive Employee had attained
age 62 while in the employ of the Company). In the event and to the extent such
payments cannot be paid under the pension plan due to limitations under Section
401 et seq. of the Internal Revenue Code, payment shall be made on an unfunded
basis by the Company."

     6. Section 6(b) of the Severance Agreement is hereby amended by inserting
the words "and/or financial planning services" after the words "outplacement
service" in such section.

     7. At the Effective Time, (a) all of your then outstanding options to
purchase shares of Company ordinary shares shall vest and become exercisable,
and (b) all your then outstanding restricted ordinary shares shall vest. In
addition, pursuant to this Letter Agreement, and notwithstanding anything to the
contrary in any stock option plan of the Company, if your employment is
terminated at any time in circumstances entitling you to a Severance Benefit
pursuant to Section 4.2 of the Severance Plan, your options shall remain
exercisable for three years following the date of the termination of your
employment (or until the expiration of the original terms of the options, if
earlier).

     8. The Severance Agreement and the Severance Plan shall continue in full
force and effect as amended herein.

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     9. This Letter Agreement may be amended or terminated only by a written
instrument signed by both parties hereto making specific reference to this
Letter Agreement and expressing the plan or intention to modify or terminate it.

     10. This Letter Agreement may be executed by the parties hereto in
counterparts, each of which shall be deemed an original, but both such
counterparts shall together constitute one and the same document.

If this Letter Agreement sets forth our agreement on the subject matter hereof,
kindly sign and return to the Company the enclosed copy of this Letter
Agreement, which will then constitute our agreement with each provision
contained herein.

                                              Sincerely,

                                              SANTA FE INTERNATIONAL CORPORATION

                                              By: /s/ Gordon M. Anderson
                                                  ------------------------------
                                                  Name: Gordon M. Anderson
                                                  Title: Chairman of the Board

ACCEPTED AND AGREED:

/s/ C. Stedman Garber, Jr.
------------------------------
C. Stedman Garber, Jr.

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                                   SCHEDULE I

                                Powers and Duties
                        of the Chairman of the Board and
                  of the Chief Executive Officer and President

Chairman of the Board:

     o    Presides at all meetings of the Board of Directors;

     o    Makes himself available to the Chief Executive Officer to provide
          advice and counsel in developing management's recommendations on the
          Company's positions on strategic issues (e.g., major business and
          corporate initiatives, and the selection, retention, compensation and
          termination of directors and senior officers), and leads the Board in
          establishing the Board's position on such issues;

     o    In consultation with the Chief Executive Officer and with the
          assistance of the Corporate Secretary, establishes agendas and makes
          arrangements for meetings of the Board of Directors and meetings of
          stockholders;

     o    Together with the Chief Executive Officer, has general responsibility
          for information flow to the Board and to committees of the Board;

     o    Assists the Chief Executive Officer in the integration of both
          companies following the merger;

     o    In coordination with the Chief Executive Officer, acts as senior
          company liaison with industry, community and political contacts
          regarding issues of concern to the Company; and

     o    Exercises and performs such other powers and duties as may from time
          to time be assigned to him by the Board of Directors or be prescribed
          by the Company's governing documents.

Chief Executive Officer and President:

     o    Has authority over the business and affairs of the Company, subject
          only to the oversight of the Board of Directors;

     o    In consultation with the Chairman of the Board, develops management's
          recommendations to the Board with respect to Company's positions on
          strategic issues (e.g., major business and corporate initiatives, and
          the selection, retention, compensation and termination of directors
          and senior officers);

     o    Assumes the duties and responsibilities of the Chairman of the Board
          in the absence of the Chairman of the Board; and

     o    Exercises and performs such other powers and duties as may be from
          time to time assigned to him by the Board Directors or prescribed by
          the Company's governing documents.<PAGE>
                                                                   EXHIBIT 10.39

TO:      Robert E. Rose                                DATE:   November 20, 2001

FROM:    James L. McCulloch

SUBJECT: Restricted Stock

On August 16, 2001, the Compensation Committee of the board of directors of
Global Marine Inc. granted to you a right to receive 250,000 shares of
restricted Global Marine Inc. common stock, contingent upon the consummation of
the transactions contemplated in the Agreement and Plan of Merger by and among
Santa Fe International Corporation, Silver Sub, Inc., Gold Merger Sub, Inc. and
Global Marine Inc. dated August 31, 2001. In satisfaction of that commitment,
166,250 GlobalSantaFe Corporation ordinary shares have been issued and
registered in your name, the shares being subject to the restrictions and other
terms and conditions set forth in the attachment to this memorandum. This grant
serves as consideration for your outstanding efforts in structuring a strategic
business combination involving Global Marine Inc. and Santa Fe International
Corporation, your continued employment through the period of transition
resulting from the transactions referenced above, and your execution of the
First Amendment to your Amended and Restated Employment Agreement, which waives
rights conferred by Section 9.6 of your Amended and Restated Employment
Agreement.

                                                 /s/ James L. McCulloch
                                                 -------------------------------
                                                 James L. McCulloch

Attachment

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                            GLOBALSANTAFE CORPORATION

                              TERMS AND CONDITIONS
                                       OF
                                RESTRICTED STOCK

On August 16, 2001, the Compensation Committee (the "GMI Compensation
Committee") of the board of directors of Global Marine Inc. ("GMI") granted to
you a right to receive 250,000 shares of restricted GMI common stock, contingent
upon the consummation of the transactions contemplated by the Agreement and Plan
of Merger by and among Santa Fe International Corporation ("Santa Fe"), Silver
Sub, Inc., Gold Merger Sub, Inc. and GMI (the "Merger"). Accordingly, pursuant
to Section 7.14(i) of the Agreement and Plan of Merger, GlobalSantaFe
Corporation (the "Company") has issued and registered in your name 166,250
ordinary shares of the Company, par value $0.01 per share (the "Ordinary
Shares"), in satisfaction of the commitment made by the GMI Compensation
Committee. This restricted stock grant (the "Grant") is intended to motivate you
to oversee a smooth integration of Santa Fe and GMI and is awarded in
consideration for your outstanding efforts as chief executive officer of GMI in
structuring the Merger, your continued dedication and service during the period
of transition resulting from the Merger, and your waiver of certain rights
conferred by Section 9.6 of the Amended and Restated Employment Agreement dated
August 16, 2001 by and among you, GMI and Global Marine Corporate Services Inc.
(the "Employment Agreement"), as contemplated by the First Amendment to the
Employment Agreement, dated as of August 31, 2001. The Company has established
the following terms and conditions (the "Terms and Conditions") under which it
has issued restricted Ordinary Shares to you under the Global Marine 1998 Stock
Option and Incentive Plan (the "Plan").

1. Restricted Share Grant. Effective as of the Closing Date of the Merger (the
"Grant Date"), you are granted 166,250 Ordinary Shares (the "Restricted
Shares"), subject to the restrictions and other terms and conditions outlined
herein and the terms and conditions of the Plan as amended from time to time in
accordance with its terms.

2. Vesting. Except as otherwise provided in Paragraph 8, your Restricted Shares
will vest on the third anniversary of the Grant Date provided that you remain
continuously employed with the Company or any of its affiliates throughout the
three-year period following the Grant Date. Restricted Shares that do not vest
shall be forfeited to the Company, and you shall not thereafter have any rights
(including dividend and voting rights) with respect to such forfeited Restricted
Shares.

3. Escrow of Shares. Effective as of the Grant Date, the Restricted Shares have
been issued and registered in your name. Such issuance and registration are
evidenced by an entry on the registry books of the Company and, if the Company
so elects, will be evidenced by a certificate issued by the Company.

4. Restrictions. You will have the right to receive all dividends and other
distributions made with respect to Restricted Shares registered in your name and
will have the right to vote or execute proxies with respect to such registered
Restricted Shares, unless and until the Restricted Shares are forfeited. Any
book entries and share certificates evidencing the Restricted Shares will carry
or be endorsed with a legend referring to the restrictions described herein. The
Secretary of the Company will retain possession of such certificates, if any,
until all vesting requirements with respect thereto shall have been fulfilled or
waived.

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Except as authorized by the following sentence, the Restricted Shares issued
hereunder may not be sold, assigned, pledged or otherwise transferred unless and
until all of the restrictions described in these Terms and Conditions and the
Plan have been removed and a new book entry evidencing the shares has been made
or certificate representing the Restricted Shares has been issued which does not
carry or is not endorsed with the legend regarding the restrictions. You may
transfer Restricted Shares to (i) your spouse, children or grandchildren
("Immediate Family Members"), (ii) a trust or trusts for your exclusive benefit
or the exclusive benefit of your Immediate Family Members, (iii) a partnership
in which you and/or your Immediate Family Members are the only partners, (iv) a
transferee pursuant to a judgment, degree or order relating to child support,
alimony or marital property rights that is made pursuant to a domestic relations
law of a state or country with competent jurisdiction (a "Domestic Relations
Order"), or (v) such other transferee as may be approved by a committee
described in Section 7 of the Plan (the "Committee") in its sole and absolute
discretion; provided, however, that (x) the Committee may prohibit any transfer
with or without cause in its sole and absolute discretion, and (y) subsequent
transfers of transferred Restricted Shares or any portion thereof are prohibited
except those to or by you in accordance with this Paragraph 4 or pursuant to a
Domestic Relations Order. Following any transfer, the Restricted Shares will
continue to be subject to the same restrictions described in these Terms and
Conditions as were applicable immediately prior to transfer, and any and all
other terms of these Terms and Conditions will apply to the transferee.

5. Notice of Transfer. Each transfer permitted in Paragraph 4 will be effected
by written notice thereof duly signed and delivered by the transferor to the
Secretary of the Company at the Company's principal business office. Such notice
will state the name and address of the transferee, the amount of restricted
stock being transferred, and such other information as may be requested by the
Secretary. The person or persons entitled to receive distributions and vote or
execute proxies with respect to the Restricted Shares and to receive a
certificate with respect to the vested Restricted Shares will be that person or
those persons appearing on the Company's registry books as the owner or owners
of the Restricted Shares, and the Company may treat the person or persons in
whose name or names the shares are registered as the owner or owners of the
shares for all purposes. The Company will have no obligation to, or liability
for any failure to, notify you or any transferee of any forfeiture of Restricted
Shares or of any event that will or might result in such forfeiture.

6. Code Section 83(b) Election. You are permitted to make an election, under
Code Section 83(b), to include an amount in income in respect of the Restricted
Shares. You are advised to consult a tax advisor before making such an election.

7. Delivery of Shares. Upon satisfaction of the vesting conditions set forth in
Paragraph 2, the Company shall issue and deliver to you a certificate or
certificates for the Restricted Shares as soon as administratively practicable
unless you hold such shares on an uncertificated basis through the Company's
stock transfer agent or such other agent as the Company may from time to time
designate.

8. Termination of Employment. Your Restricted Shares will vest upon your
termination of employment with the Company and/or its affiliates if (i) such
termination is by reason of Early Retirement, Normal Retirement, Disability or
death, (ii) your employment is involuntarily terminated other than for Cause, or
(iii) you voluntarily terminate your employment within three years following the
Grant Date and such termination constitutes a termination for Good Reason under
your Employment Agreement, as modified by the First Amendment to your Employment
Agreement. "Early Retirement"
<PAGE>

and "Normal Retirement" shall mean retirement on your Early Retirement Date or
Normal Retirement Date, as defined in the Global Marine Retirement Plan for
Employees (amended and restated as of January 1, 1989). For purposes of this
Paragraph 8, capitalized terms not defined in these Terms and Conditions shall
have the meaning set forth in the Employment Agreement.

9. Adjustments. The Restricted Shares are subject to adjustment (including,
without limitation, as to the number of Restricted Shares) in the sole
discretion of the Committee and in such manner as the Committee may deem
equitable and appropriate in connection with the occurrence of any of the events
described in Section 6.2(c) of the Plan following the Grant Date.

10. Limitation. Except as specifically provided herein, neither you, nor any
person claiming through you, shall have any right or interest in the Restricted
Shares, unless and until all the terms, conditions and provisions of these Terms
and Conditions and the Plan that affect you or such other person shall have been
complied with as specified herein.

11. Requirements of Law and Stock Exchanges. Your right to acquire the
Restricted Shares and the issuance and delivery of the Restricted Shares are
subject to compliance with all applicable requirements of law. In addition, the
Company will not be required to issue or deliver any certificate or certificates
for any of the Restricted Shares prior to the admission of such Restricted
Shares to listing on notice of issuance on any stock exchange on which shares of
the same class are then listed.

12. Wage Withholding and Employment Taxes. No certificates representing the
shares of Restricted Stock shall be delivered to or in respect of you by the
Company upon the expiration of the three-year period following the Grant Date
unless the amount of all federal, state and other governmental withholding tax
requirements imposed upon the Company with respect to the issuance of such
shares has been remitted to the Company or unless provisions to pay such
withholding requirements have been made to the satisfaction of the Committee
pursuant to Section 6.4 of the Plan. The Committee may make such provisions as
it may deem appropriate for the withholding of any taxes which it determines is
required in connection with the Grant. All Ordinary Shares withheld or
surrendered will be valued at their Fair Market Value (as defined in the Plan)
on the date the withholding obligation arises.

13. Continued Employment and Future Grants. Neither the grant of Restricted
Shares nor the other arrangements outlined herein give you the right to remain
in the employ of the Company or any of its affiliates or to be selected to
receive similar or identical grants in the future.

14. Company's Rights. The existence of the Grant shall not affect in any way the
right or power of the Company or its shareholders to undertake or accomplish any
corporate act.

15. Notices. Notice or other communication to the Company with respect to the
Grant or these Terms and Conditions must be made in writing and delivered to:
Secretary, GlobalSantaFe Corporation, 777 N. Eldridge Parkway, Houston, Texas
77079-4493.

16. Governing Law. The Grant and these Terms and Conditions shall be governed
by, and construed in accordance with, the laws of the state of Texas.

17. Global Marine 1998 Stock Option and Incentive Plan, the Board and the
Committee. The Restricted Shares are granted to you, and any issuance and
delivery of Restricted Shares are or will be

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made, under and pursuant to the Plan as the same shall have been amended from
time to time in accordance with its terms. The decision of the Company's board
of directors or the Committee on any questions concerning the interpretation or
administration of the Plan or any matters covered in these Terms and Conditions
will be final and conclusive. No amendment to the Plan or decision of the board
or the Committee will deprive you, without your consent, of any rights
hereunder.

A copy of the Plan in its present form is available at the Company's principal
office for inspection during business hours by you or other persons who may be
entitled to any of the Restricted Shares as contemplated herein.

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