Capital Structure Transactions2001 & 2002 To Date

• Retired $1.2 billion of R&B Falcon high yield notes for TSF notes

• Swapped $1.6 billion from fixed to floating rate debt

  • floating rate debt equals approximately 40%
  • significant interest savings possible

• Exchanged substantially all publicly held R&B Falcon notes for TSF notes

  • provides greater operational and financial flexibility

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