SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 9, 1998
R&B FALCON CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-13729 76-0544217
--------------- ----------- -------------------
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
901 Threadneedle, Houston, TX 77079
-------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (281)496-5000
-------------
Item 5. Other Events
- --------------------
The customer that has contracted our Jack Bates semisubmersible rig through
December 2000 has recently alleged that we are in breach of certain
performance related provisions of our contract. If these alleged breaches
were not cured following written notice, the customer may seek to terminate
the contract. At this time, this customer is in the process of moving the
Jack Bates to its next drilling location. The contract provides a dayrate of
$115,000 through January 1999; $196,000 from January 1999 through December
1999; and $206,000 from January 2000 through December 2000. We believe that
if this customer terminates the contract, we will be able to find other
work for the Jack Bates. It is likely that any recontracting of this rig
could result in a significantly reduced contract dayrate and term, which
would reduce our future cash flow. If the customer attempts to terminate the
contract, we intend to enforce our rights under the contract.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
R&B FALCON CORPORATION
By /s/L. E. Moss
---------------------
Leighton E. Moss
Senior Vice President
Dated: December 10, 1998
