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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Ron Pratt who wrote (100831)6/6/2000 12:15:00 PM
From: debra vogt  Read Replies (2) of 120523
 
R&B Falcon Re-Activates Nine Offshore Rigs in Response to Strength in Natural Gas Drilling Markets


June 6, 2000 11:06 AM Eastern Time
HOUSTON, June 6 /PRNewswire/ -- R&B Falcon Corporation FLC announced that six of its shallow water jackups and three of its drill barges would re-enter active service in the near future. The 9 units were previously idle. To allow for crewing and final preparation for service, the activations are scheduled for the second and third quarters. Of the nine units re- entering service, 3 have firm contracts, 4 have contracts under negotiation, and 2 are in preliminary stages of discussions with operators. The units are being reintroduced to service based on the continued strength in demand for drilling for natural gas in the Gulf of Mexico. At the completion of this current re-activation effort, R&B Falcon will still have an additional 9 jackups and 15 drilling barges in the Gulf of Mexico that are capable of entering the active fleet as demand continues to strengthen. Paul B. Loyd, Jr., the Company's CEO and Chairman said, "With a fleet of 31 jackups and 34 drilling barges in the Gulf of Mexico, R&B Falcon will benefit substantially as the natural gas drilling market continues to improve. Current price and storage levels for natural gas for this time of year are almost unprecedented and are clearly signaling increased demand for our services. We believe these latest reactivations are in response to a trend that will ultimately result in full utilization of our entire shallow water fleet.
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 139 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 rigs and an offshore towing business.

SOURCE R&B Falcon Corporation
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