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NOVATION AGREEMENT dated as of November 27, 2007 (the “ Agreement ”), by and among GlobalSantaFe Corporation, a company incorporated under the laws of the Cayman Islands (the “ Transferor ”), Transocean Offshore Deepwater Drilling Inc., a Delaware corporation (the “ Transferee ”), and «NAME» (“Executive”). Words and expressions used in this Agreement and not defined shall have the meanings given to them in the Merger Agreement (as defined herein).
The parties hereto agree as follows:
1. Effective immediately prior to the Effective Time, the Transferor agrees to transfer to the Transferee, and the Transferee agrees to assume, in substitution for the Transferor and as if the Transferee was named as the