HOUSTON, Sept. 2 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC)
announced today that Deepwater Drilling II L.L.C., a limited liability company
owned by affiliates of R&B Falcon and Conoco, had concluded a $270 million
project financing. The project financing proceeds will be used to finance the
construction cost of the ultra deepwater drillship, DEEPWATER FRONTIER, which
was delivered from Samsung Shipyard in South Korea in March 1999. The
10,000-foot water depth capable FRONTIER has already drilled one well in New
Zealand and is currently mobilizing to another location offshore West Africa.
A Bank of America affiliate, BA Leasing & Capital Corporation, was the agent
for the transaction.
Paul B. Loyd, Jr., the Company's Chairman and CEO, said, "Our association
with Conoco has produced two ultra deepwater drillships which are among the
most successful newbuild projects in the industry from both a commercial and
technical point of view. Completion of this particular financing culminates
Conoco's and R&B Falcon's joint efforts on the construction and financing of
these two ultra-deepwater vessels."
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 135 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
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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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