Falcon Announces two new contracts.....
HOUSTON, July 6 /PRNewswire/ -- R&B Falcon Corporation (NYSE:FLC)
announced today that it has finalized two contracts for its deepwater fleet.
A contract has been signed with Petrobras for the dynamically positioned
offshore production unit, "SEILLEAN." The total estimated contract value over
the six-year primary term of the contract is approximately $206 million. It
is estimated that operations will commence November 1, 1998, after completion
of modifications currently in progress.
In addition, agreement has been reached with Statoil to extend the
drilling contract for the "DEEPWATER MILLENNIUM," the Company's third
dynamically positioned drillship under construction at Samsung's yard in
Korea. R&B Falcon had previously announced a 30-month contract with Statoil
for the "MILLENNIUM" for deepwater drilling operations in the Gulf of Mexico.
The "MILLENNIUM" is on schedule for delivery in the third quarter of 1999.
The original commitment from Statoil has been lengthened by 18 months
increasing the total contract term to four years and the estimated total
contract value from approximately $166 million to approximately $266 million
for the four-year period.
Steve Webster, the Company's CEO, said, "These contract commitments
emphasize the continued strength in the deepwater market, a business segment
where R&B Falcon has emerged as a clear industry leader. Both Statoil and
Petrobras are valued clients, and we are pleased to extend our relationship
with them through these additional contract commitments."
R&B Falcon Corporation operates the world's largest fleet of marine-based
drilling rigs for the international oil and gas industry consisting of twelve
drillships (including seven under construction), eleven semisubmersible rigs
(including two under construction), 26 jackups, three submersible rigs, two
tender rigs, 60 barge drilling and workover rigs and a floating production
vessel. R&B Falcon actively markets 101 of these units in the offshore and
inland waters worldwide. R&B Falcon also operates an inland marine towing and
service business. |
