Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Gary Burton who wrote (53435)	10/23/1999 4:18:00 PM
From: oilbabe	Read Replies (1) of 95453

HOUSTON, Oct. 22 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC - news) announced that the drillship ``Deepwater Pathfinder' sustained damage earlier today when 20 joints of the vessel's riser and its blowout prevention equipment fell to the seabed in approximately 7,000 feet of water while preparing to continue drilling operations in the Gulf of Mexico offshore Louisiana. None of the personnel aboard the drillship sustained any injury. The drillship's top drive and travelling equipment sustained damage, and an investigation is underway to ascertain the full extent of damages sustained. The marine integrity of the drillship was not affected. No environmental damage resulted from the incident. The ``Deepwater Pathfinder' is operated under a long term bareboat charter by Deepwater Drilling L.L.C., a limited liability company in which affiliates of Conoco Inc. and R&B Falcon Corporation each own a 50% interest. The Company believes that the physical damage insurance coverage and business interruption insurance maintained by Deepwater Drilling L.L.C. on the drillship is adequate and that the damages resulting from such loss will not have a material adverse impact on the Company's business or financial condition. 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 unites, internationally based land drilling rigs and an offshore towing business.

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