HOUSTON, Feb. 10 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC)
("R&B Falcon") announced that Cliffs Drilling Company, its wholly-owned
subsidiary, purchased an aggregate of $328,000 of Cliffs Drilling Company's
outstanding 10.25% Senior Notes due 2003, Series B, on January 28, 1999, for
an aggregate purchase price of $331,280. The purchase was made in accordance
with a Notice of Change of Control and Offer to Purchase Notes Statement dated
December 21, 1998. Cliffs Drilling Company offered to purchase for cash all
of its outstanding 10.25% Senior Notes due 2003, Series B, and all of its
outstanding 10.25% Senior Notes due 2003, Series D, at a purchase price equal
to 101% of the principal amount, plus accrued and unpaid interest, as required
by the indentures governing such securities. Subsequent to the transaction,
an aggregate of $149,672,000 of 10.25% Senior notes due 2003, Series B, and
$50,000,000 of 10.25% Senior Notes due 2003, Series D, remains outstanding.
R&B Falcon operates the world's largest fleet of marine-based drilling
rigs servicing the international oil and gas industry. Its fleet is composed
of 136 marine-based drilling units including the industry's largest fleet of
barge rigs and jackup rigs and a fleet of semisubmersibles and drillships
which is among the most capable in the world. It also operates a leading
fleet of towing vessels. Cliffs Drilling Company is an international offshore
and land contract drilling company which provides daywork and turnkey drilling
services, mobile offshore production units and well engineering and management
services.
SOURCE R&B Falcon Corporation
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http://www.prnewswire.com/comp/118988.html or fax,
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CONTACT:
Charles R. Ofner of R&B Falcon Corporation,
281-496-5000
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