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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (48026)	7/15/1999 10:07:00 AM
From: paul feldman	Read Replies (1) \| Respond to of 95453

July 14, 1999 Dow Jones Newswires R&B Falcon Gets U.K., Canadian Drilling Contracts HOUSTON -- R&B Falcon Corp.'s (FLC) R&B Falcon Inc. unit received a two-year, $74 million drilling contract from Petro-Canada (PCZ) to develop the Terra Nova field off eastern Canada. In a press release Wednesday, the company said Petro-Canada has an option to extend the contract for up to three additional years with rates to be determined. If the option is exercised, the contract could be worth up to $220 million, R&B Falcon said. The project will use the semisubmersible Henry Goodrich drilling rig, which is owned by Arcade Drilling AS. R&B Falcon owns a 74% stake in Arcade Drilling. The project will start in the first quarter of 2000 following the unit's completion of its U.K. pact with BP Amoco Plc (BPA). In addition, the company said Arcade Drilling received an extension with BP Amoco through late July 2000 for its Paul B. Loyd Jr. rig and to early October 1999 for the Henry Goodrich rig for the U.K. operations. BP Amoco may further extend the Loyd rig contract for up to two additional six-month periods. Estimated revenue for the Goodrich rig extension is $20.5 million. Estimated revenue for the Loyd rig extension is $66.2 million. R&B Falcon, with 1998 revenue of $1 billion, operates marine-based drilling rigs for the oil and gas industry. -Michael Goodman; 201-938-5400 -------------------------------------------------------------------------------- Briefing Book for: FLC \| PCZ \| T.PCA -------------------------------------------------------------------------------- Return to top of page \| Format for printing Copyright © 1999 Dow Jones & Company, Inc. All Rights Reserved.