HOUSTON, May 19 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC)
announced today that it received notice from Petrobras of cancellation of the
drilling contract on the semisubmersible Falcon 100, based upon alleged late
delivery of the rig. The Company does not believe that Petrobras has the
right to cancel the contract and has engaged Brazilian counsel to pursue its
rights under the contract and intends to take legal action to enforce its
rights under the contract. Petrobras has also advised the Company that the
contract for which the Company had been the low bidder with its Peregrine VII
drillship had been awarded by Petrobras to another drilling contractor, for
the reason that Petrobras desired to commence such contract prior to the
expected delivery date of the Peregrine VII.
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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Related links:
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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