HOUSTON, Aug. 10 /PRNewswire/ -- R&B Falcon Corporation ("R&B Falcon")
(NYSE:FLC) and Cliffs Drilling Company ("Cliffs Drilling") (NYSE:CDG)
announced today the signing of a letter of intent for the merger of Cliffs
Drilling with R&B Falcon. In the merger, each share of common stock, par
value $0.01 per share, of Cliffs Drilling will be exchanged for 1.7 shares of
common stock, par value $0.01 per share, of R&B Falcon in what is contemplated
to be tax-free reorganization which will be accounted for as a purchase. The
transaction is subject to, among other things, execution and delivery of a
definitive agreement and certain regulatory, third party and shareholder
approvals. The offering to Cliffs Drilling shareholders will be made only by
means of a prospectus.
SOURCE R&B Falcon Corporation
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Related links:
http://www.rbfalcon.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 118988
CONTACT:
Charles R. Ofner of R&B Falcon Corporation,
281-496-5000; or Edward A. Guthrie of Cliffs Drilling Company,
713-651-9426
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