R&B Falcon Announces Deepwater Pathfinder Incident

Monday, November 15, 1999
R&B Falcon Corporation announced drillship Deepwater Pathfinder sustained damage when 20 joints of the vessel's riser and its blowout prevention equipment fell to the seabed in approximately 7,000 ft. of water while preparing to continue drilling operations in the Gulf of Mexico offshore Louisiana. None of the personnel aboard the drillship sustained any injury. The drillship's top drive and travelling equipment sustained damage, and an investigation is underway to ascertain the full extent of damages sustained. The marine integrity of the drillship was not affected. No environmental damage resulted from the incident. Deepwater Pathfinder is operated under a long-term bareboat charter by Deepwater Drilling L.L.C., a limited liability company in which affiliates of Conoco Inc. and R&B Falcon Corporation each own a 50 percent interest. The company believes the physical damage insurance coverage and business interruption insurance maintained by Deepwater Drilling L.L.C. on the drillship is adequate and the damages resulting from such loss will not have a material adverse impact on the company's business or financial condition.

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