RIG ARRESTED

The government of South Africa seized the Peregrine III because of debt reportedly owed to a Portuguese shipyard on an unrelated project. The shipyard, Lisnave-Estaleiros Navals, alleges that R&B Falcon owes a $35 million debt for work on conversion of two other drilling rigs, the Peregrine VI and Peregrine VII. R&B Falcon canceled the contracts with the Portuguese shipyard after considerable increase in construction costs over original project budget estimates. The drillship was seized after the shipyard went to court in Cape Town. R&B Falcon is contesting the arrest.
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