HOUSTON, April 7 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC)
announced today that Steven A. Webster will step down as President and Chief
Executive Officer effective May 31, 1999. The board of directors has named
Paul B. Loyd, Jr. to replace Mr. Webster. Mr. Loyd will continue to serve as
Chairman of the board of directors.
Mr. Webster will remain a member of the board and will serve as its non-
executive Vice Chairman. The Company will establish an executive committee
consisting of Mr. Webster, who will serve as its Chairman, Mr. Loyd and
Charles Donabedian, a member of the board of directors.
In satisfaction of his current employment contract with the Company, the
board of directors also approved a settlement package pursuant to which
Mr. Webster will receive a combination of option and cash compensation,
together with continuation of certain benefits for an additional three years.
The Company plans to enter into a consulting arrangement with Mr. Webster.
Mr. Loyd commented, "Steve and I have worked successfully together over
many years and I want to thank him for his valued service to R&B Falcon as
CEO. In particular, his recent quarterbacking of our refinancing effort was
exceptional. We will, of course, continue our close working relationship.
I am committed to the success of R&B Falcon and anxious to assume my new
role as CEO. I will be providing the financial community with further updates
on our strategies and staffing in the coming weeks and months."
Mr. Webster commented, "This action will allow me to continue involvement
in the strategic direction of the Company while, at the same time, provide
time to pursue other interests. I believe this is a good transition point
since we have recently completed an important significant refinancing which
ensures capital availability to finish our deepwater construction program. I
believe R&B Falcon is well positioned to weather any prolonged downturn in
drilling activity and take advantage of improving industry fundamentals. I
have complete confidence in Paul and our senior management team."
R&B Falcon Corporation 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
fleets of barge and jackup rigs, and a fleet of semisubmersibles and
drillships which is among the most capable in the world. R&B Falcon also
provides turnkey and integrated services and operates mobile production units,
internationally-based land drilling rigs and an offshore towing business.
SOURCE R&B Falcon Corporation
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http://www.rbfalcon.com
Company News On-Call:
http://www.prnewswire.com/comp/118988.html or fax,
800-758-5804, ext. 118988
CONTACT:
Charles R. Ofner, Vice President of R&B
Falcon Corporation, 281-496-5000
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