R&B Falcon Corporation Announces Management Change

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R&B Falcon Corporation Announces Management Change

    HOUSTON, May 20 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC)
announced today that the Board of Directors has elected the following officers
of the Company effective immediately:

    Paul B. Loyd, Jr.    Chairman and Chief Executive Officer

    Andrew Bakonyi       President and Chief Operating Officer

    Tim W. Nagle         Executive Vice President and Chief Financial Officer

    Bernie Stewart       Senior Vice President, Operations - Shallow Water
                         and Transition Zone Division

    Ron Toufeeq          Senior Vice President, Operations - International and
                         Deepwater Division

    Wayne K. Hillin      Senior Vice President and General Counsel

    Charles R. Ofner     Senior Vice President - Business Development and
                         Investor Relations

    Paul B. Loyd, Jr., the Company's Chairman and Chief Executive Officer,
commented, "We are very pleased to have this new management team on board.  I
have every confidence this group will be able to carry out the Company's focus
on conservative, lean and professional management through a difficult period
for the offshore drilling industry.  Our goal is to manage for cash, enhance
liquidity, complete our construction program successfully and effectively
manage marketed supply of our drilling units in order to position the Company
to participate in the recovery in the industry that we are confident will take
place.  We believe we have the greatest upside in the business, and our
mission is to ensure that our shareholders and employees realize that
potential."
    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

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 of R&B Falcon Corporation,
281-496-5000