Deepwater Drilling Ii Llc News

Deepwater Drilling II L.L.C., a limited liability company owned by affiliates of R&B Falcon Corporation and Conoco, has concluded a $270 million project financing. The project financing proceeds will be used to finance the construction cost of ultra deepwater drillship, Deepwater Frontier, which was delivered from Samsung Shipyard in South Korea in March 1999. The 10,000-ft. water depth capable Frotnier has already drilled one well in New Zealand and is currently mobilizing to another location offshore West Africa. A Bank of America affiliate, BA Leasing & Capital Corporation, was the agent for the transaction. Paul B. Loyd, Jr., R&B Falcon's chairman and CEO…

A subsidiary has purchased ConocoPhillips’ 40 percent interest in the Deepwater Frontier joint venture, Deepwater Drilling II L.L.C. The company, which already owns the other 60 percent interest in the joint venture is a party to a lease-financing arrangement for the drillship. The Deepwater Frontier joint venture will now be consolidated with Transocean’s financial statements and related lease obligation will be reflected on Transocean’s balance sheet.