HOUSTON, Dec. 7 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC) ("R&B
Falcon") has completed its merger with Cliffs Drilling Company (NYSE: CDG)
("Cliffs Drilling"). As a result of the merger and exchange of shares of
Cliffs Drilling for shares of R&B Falcon, the Company now has 193.2 million
common shares outstanding.
Douglas E. Swanson, Chairman of the Board and CEO of Cliffs Drilling, will
head a third business unit of the Company, focusing on expanding business
opportunities in Venezuela and the international shallow water markets. In
this regard, the Cliffs Drilling well engineering and management services
group is expected to play a major role by expanding market opportunities via
turnkey and integrated services drilling contracts. Mr. Swanson has been
elected to the Board of Directors of R&B Falcon Corporation, bringing the
number of directors to eleven.
The addition of Cliffs Drilling's 16 jackup rigs and three self-contained
platform rigs will expand R&B Falcon's leadership position in the
international shallow water market. In fact, the Company's fleet of 42 jackup
rigs is the largest in the world.
Steven A. Webster, R&B Falcon's President & CEO, commented, "Our industry
is currently experiencing a slowdown in activity, particularly in shallow
water development drilling, which is likely to extend into 1999. We believe
the addition of Cliffs will strengthen our ability to compete in the current
environment. However, more importantly, this merger is in keeping with our
long-term strategy and will enhance our competitive position through the
addition of high quality rigs, strong presence in important international
markets and a proven track record in turnkey and integrated services."
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 units including the industry's largest fleet of
barge rigs and jackup rigs and a fleet of semisubmersibles and drillships
which is among the most capable in the world. R&B Falcon also operates mobile
production units, a leading fleet of towing vessels, internationally-based
land drilling rigs and provides turnkey and integrated services.
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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