R&B Falcon Completes Project Financing

R&B Falcon Corporation announced that Deepwater Drilling II, owned by affiliates of R&B Falcon and Conoco, has concluded a $270 million project financing. All proceeds from the project will be used to finance the construction cost of the ultra deepwater drillship, Deepwater Frontier, delivered from Samsung Shipyard in South Korea last March. The 10,000-ft. (3,048 m) water depth capable Frontier has already drilled one well in New Zealand and is currently mobilizing to another location offshore West Africa.