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

To: debra vogt who wrote (8026)	1/14/1998 1:07:00 PM
From: HH	Read Replies (1) \| Respond to of 95453

I personally Cramer is a back trader. I think his is more interested in hype. HH

To: debra vogt who wrote (8026)	1/15/1998 12:29:00 PM
From: debra vogt	Respond to of 95453

R&B Falcon Agrees to Renewal of Term Contracts for Eight Gulf of Mexico Drilling Units January 15, 1998 11:40 AM HOUSTON, Jan. 15 /PRNewswire/ -- R&B Falcon Corporation FLC announced today that it has executed an agreement for renewal of its term drilling contracts with Applied Drilling Technology Inc. ("ADTI") for eight of its offshore drilling units that are operating in the U.S. Gulf of Mexico. Under the terms of the renewal, Falrig 17 and Falrig 84, both jackups and Falrig 78, a submersible rig, are contracted through December 31, 1998; Falrig 19, Falrig 20 and Falrig 86, all jackups, are contracted through January 31, 1999; and Phoenix I and Phoenix III, both jackups, are contracted through February 28, 1999. ADTI will continue to have an option to extend the contracts for all eight rigs. The renewal provides for rate adjustments to be mutually agreed upon at three month intervals beginning April 1, 1998. The contract rates shall fall within the most recent applicable rate range as specified in the Offshore Data Services rig price survey, but are subject to floor prices. Mr. Steven A. Webster, President and CEO, commented: "We continue to have an excellent relationship with ADTI, which is the leading turnkey operator in the U.S. Gulf. These contracts are indicative of the health of the domestic drilling business. Most of our capacity in the Gulf is now committed for the year." R&B Falcon Corporation operates the world's largest fleet of marine-based drilling rigs for the international oil and gas industry. The combined rig fleet includes 12 drillships (including seven under construction), 11 semisubmersible rigs (including two under construction), a floating production vessel, 26 jackup rigs, three submersible rigs, two tender rigs and 55 barge drilling and workover rigs. Including units committed under long-term contract, but not yet in service, R&B Falcon actively markets 96 of these units in the offshore and inland waters worldwide. R&B Falcon also operates an inland marine towing and service business. SOURCE R&B Falcon Corporation