R&B Falcon subsidiaries sell US Gulf properties to Enterprise Oil

Jul 17, 2000 02:00 AM

R&B Falcon announced that its subsidiaries, Reading & Bates Development Co. ("DEVCO") and R&B Falcon Sub-sea Development ("R&B Sub-sea"), have concluded sales to Enterprise Oil of their Gulf of Mexico E&P properties, with an effective date of July 1, 2000.
Under the terms of the agreements, DEVCO has sold its 50 % working interest in the Boomvang field development and, subject to final closing and, where applicable, certain consents and preferential rights, will sell its interests in 19 other Gulf of Mexico deepwater exploration blocks and R&B Sub-sea will sell its 100 % working interest in Gyrfalcon field.
The total cash consideration for the sales is $ 127.25 mm. Paul B. Loyd, Jr., Chairman and CEO of R&B Falcon Corporation said, "We are very pleased to conclude this transaction with Enterprise for our Gulf of Mexico properties. DEVCO's exploration efforts have been very successful over the past year and one-half, and the DEVCO sale partially unlocks the considerable, unrecognised value we have built there.
We have been working for some time to monetise all or part of DEVCO, and we believe our patience in waiting for the right time and the right buyer has clearly paid off for R&B Falcon shareholders. Proceeds from the sales will be utilised to strengthen our balance sheet. We wish Enterprise success in their strategy of developing the Gulf of Mexico into a core business area."

R&B Falcon operates the world's largest fleet of marine-based drilling rigs servicing the international oil and gas industry. Its fleet is composed of 139 drilling units including the industry's largest fleets of barge and jack-up rigs, and a fleet of semi-submersibles and drillships which is among the cost capable in the world. R&B Falcon also provides turnkey and integrated services and operates mobile production units, internationally based land rigs and an offshore towing business.

Source: R&B Falcon Corporation
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