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

To: Chuzzlewit who wrote (25183)	7/6/1998 12:18:00 PM
From: sand wedge	Respond to of 95453

Here is another interesting link: discoveryplace.com

To: Chuzzlewit who wrote (25183)	7/6/1998 12:19:00 PM
From: BOGEY	Read Replies (1) \| Respond to of 95453

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.