EXHIBIT 10.14




                     R&B FALCON CORPORATION
                     STOCK OPTION AGREEMENT



     This  Stock  Option Agreement ("Agreement") is made  between
R&B  Falcon Corporation, a Delaware corporation ("Company"),  and
Paul  B.  Loyd,  Jr.  ("Optionee") as of January  28,  2000  (the
"Effective Date").

                           WITNESSETH:

     WHEREAS,  the  Committee which administers  the  R&B  Falcon
Corporation  1999 Employee Long-Term Incentive Plan ("Plan")  has
selected  the  Optionee to receive a non-qualified  stock  option
under  the  terms of the Plan as an incentive to the Optionee  to
remain  in  the  employ  of the Company  and  contribute  to  the
performance  of  the  Company, on the terms and  subject  to  the
conditions provided herein;

     NOW  THEREFORE, for and in consideration of these  premises,
it is hereby agreed as follows:

     1.   As  used  herein,  the terms set forth below shall have
          the following respective meanings:

     (a)  "Cause"  means  Cause  as  defined  in  the  Employment
          Agreement;

     (b)  "Disability"   means  Disability  as  defined  in   the
          Employment Agreement;

     (c)  "Employment  Agreement"  means  that certain Employment
          Agreement dated September 14, 1999 between the Optionee
          and the Company;   and

     (d)  "Window Period" means Window Period as defined  in  the
          Employment Agreement.


     2.   The  option  awarded hereunder is issued in  accordance
          with  and  subject to all of the terms, conditions  and
          provisions    of    the    Plan   and    administrative
          interpretations  thereunder, if any,  which  have  been
          adopted by the Committee and are in effect on the  date
          hereof.  Capitalized terms used but not defined  herein
          shall  have the meanings assigned to such terms in  the
          Plan.

     3.   On  the  terms and subject to the conditions  contained
          herein,  the  Company hereby grants to the Optionee  an
          option (the "Option") for a term of ten years ending on
          January 28, 2010 ("Option Period") to purchase from the
          Company  425,000  shares  ("Option  Shares")   of   the
          Company's Common Stock, at a price equal to $12.656 per
          share.

          This  Option shall not be exercisable, except upon  the
          death  or  Disability of the Optionee,  until  after  6
          months  immediately following the Effective  Date,  and
          thereafter  shall be exercisable for  Common  Stock  as
          follows:

          (a)  On   January  1,  2001,  this  Option   shall   be
               exercisable  for any number of shares  up  to  and
               including,  but not in excess of, 33-1/3%  of  the
               aggregate number of shares subject to this Option;

          (b)  On   January  1,  2002,   this   Option  shall  be
               exercisable for any number  of shares  up  to  and
               including,  but  not  in excess of, 66-2/3% of the
               aggregate number of shares subject to this Option;
               and

          (c)  On   January  1,  2003,   this   Option  shall  be
               exercisable  for  any  number  of shares of Common
               Stock up to and including, but not in   excess of,
               100%  of the aggregate number of shares subject to
               this Option;

          provided  the number of shares as to which this  Option
          becomes exercisable shall, in each case, be reduced  by
          the number of shares theretofore purchased pursuant  to
          the terms hereof.

     5.   The  Option may be exercised by the Optionee, in  whole
          or   in   part,  by  giving  written  notice   to   the
          Compensation  and Benefits Department  of  the  Company
          setting  forth the number of Option Shares with respect
          to  which the option is to be exercised, accompanied by
          payment  for  the  shares  to  be  purchased  and   any
          appropriate  withholding  taxes,  and  specifying   the
          address to which the certificate for such shares is  to
          be  mailed (or to the extent permitted by the  Company,
          the  written  instructions  referred  to  in  the  last
          sentence  of this section).  Payment shall be by  means
          of  cash,  certified check, bank draft or postal  money
          order payable to the order of the Company.  As promptly
          as   practicable   after  receipt   of   such   written
          notification and payment, the Company shall deliver, or
          cause to be delivered, to the Optionee certificates for
          the  number of Option Shares with respect to which  the
          Option has been so exercised.

     6.   Subject  to  approval of the Committee, which shall not
          be unreasonably  withheld, the Optionee may pay for any
          Option  Shares  with  respect  to  which  the Option is
          exercised by tendering to the   Company other shares of
          Common  Stock  at the time of the exercise  or  partial
          exercise  hereof.  The  certificates  representing such
          other shares of Common Stock must  be  accompanied by a
          stock power  duly executed with signature guaranteed in
          accordance  with  market  practice.  The  value  of the
          Common Stock so tendered shall be its Fair Market Value.

     7.   A.   If  the Optionee's employment with the Company  is
          terminated by the Company for Cause or is terminated by
          the  Optionee   (other  than by reason  of  retirement,
          death,  Disability or Good Reason or  during  a  Window
          Period),   (a) the options herein granted to  him  that
          are  not exercisable on the date of his termination  of
          employment  shall  thereupon  terminate,  and  (b)  any
          options  herein granted to him that are exercisable  on
          the  date  of  his  termination of  employment  may  be
          exercised  by the Optionee during a three-month  period
          beginning on such date, unless the Option Period  shall
          expire   prior  to  such  date,  and  shall  thereafter
          terminate.

          B.  If  the  Optionee's employment with the Company  is
          terminated:   (i) by the Optionee for  Good  Reason  or
          during  a  Window Period; (ii) for any  reason  by  the
          Company  other  than for Cause or (iii)  by  reason  of
          retirement, death or Disability of Optionee,  then  (a)
          the options granted to him that are not exercisable  on
          the  date  of such termination of employment  shall  be
          thereupon  be  fully exercisable, and (b)  all  options
          then   held   by  the  Optionee,  whether   theretofore
          exercisable or exercisable by reason of the termination
          of  employment may be exercised by the Optionee  during
          the  full  remaining  term of  this  Option;  provided,
          however,  that  all  options  granted  hereunder  shall
          expire  and not be exercisable on the first anniversary
          of the Optionee's death.

     8.   The  Option  shall not be transferable by the  Optionee
          otherwise  than  as expressly permitted  by  the  Plan.
          During  the lifetime of the Optionee, the Option  shall
          be  exercisable only by her or him. No transfer of  the
          Option  shall  be effective to bind the Company  unless
          the  Company  shall  have been furnished  with  written
          notice  thereof  and  a copy of such  evidence  as  the
          Committee may deem necessary to establish the  validity
          of the transfer and the acceptance by the transferee or
          transferees of the terms and conditions hereof.

     9.   The Optionee shall have no rights as a stockholder with
          respect to any Option Shares until the date of issuance
          of  a  certificate for Option Shares purchased pursuant
          to this Agreement.  Until such time, the Optionee shall
          not be entitled to dividends or to vote at meetings  of
          the stockholders of the Company.

     10.  The  Company  may make such provisions as it  may  deem
          appropriate for the withholding of any taxes  which  it
          determines  is required in connection with  the  option
          herein  granted.   The Optionee  may  pay  all  or  any
          portion  of  the taxes required to be withheld  by  the
          Company or paid by the Optionee in connection with  the
          exercise  of  all or any portion of the  option  herein
          granted by electing to have the Company withhold shares
          of  Common  Stock,  or by delivering  previously  owned
          shares  of  Common  Stock, having a Fair  Market  Value
          equal  to  the amount required to be withheld or  paid.
          The  Optionee  must make the foregoing election  on  or
          before  the date that the amount of tax to be  withheld
          is  determined  ("Tax  Date").  Any  such  election  is
          irrevocable   and   subject  to  disapproval   by   the
          Committee.   If the Optionee is subject to  the  short-
          swing profits recapture provisions of Section 16(b)  of
          the Exchange Act, any such election shall be subject to
          the following additional restrictions:

          (a)  Such election may not be made within six months of
          the grant of this option, provided that this limitation
          shall not apply in the event of death or Disability.

          (b)    Such election must be made either in an Election
          Window  (as hereinafter defined) or at such other  time
          as may be consistent with Section 16(b) of the Exchange
          Act  and  the rules promulgated thereunder.  Where  the
          Tax  Date  in  respect of the exercise of  all  or  any
          portion  of  this Option is deferred until  after  such
          exercise and the Optionee elects stock withholding, the
          full amount of shares of Common Stock will be issued or
          transferred  to  the  Optionee upon  exercise  of  this
          Option,  but  the  Optionee  shall  be  unconditionally
          obligated to tender back to the Company on the Tax Date
          the  number  of  shares  necessary  to  discharge  with
          respect to such Option exercise the greater of (i)  the
          Company's  withholding obligation and (ii) all  or  any
          portion   of  the  holder's  federal  and   state   tax
          obligation  attributable to the  Option  exercise.   An
          Election  Window is any period commencing on the  third
          business  day  following  the Company's  release  of  a
          quarterly  or  annual summary statement  of  sales  and
          earnings  and  ending  on  the  twelfth  business   day
          following such release.

     11.  Upon  the  acquisition of any shares  pursuant  to  the
          exercise  of the Option, the Optionee will  enter  into
          such written representations, warranties and agreements
          as  the  Company  may reasonably request  in  order  to
          comply  with  applicable securities laws or  with  this
          Agreement.

     12.  The   certificates  representing  the   Option   Shares
          purchased  by exercise of an option will be stamped  or
          otherwise imprinted with a legend in such form  as  the
          Company or its counsel may require with respect to  any
          applicable  restrictions on sale or transfer,  and  the
          stock transfer records of the Company will reflect stop-
          transfer instructions, as appropriate, with respect  to
          such shares.

     13.  Unless   otherwise   provided  herein,   every   notice
          hereunder shall be in writing and shall be delivered by
          hand  or  by registered or certified mail.  All notices
          of the exercise by the Optionee of any option hereunder
          shall be directed to R&B Falcon Corporation, Attention:
          Benefits  and Compensation Department, at the Company's
          principal office address from time to time.  Any notice
          given by the Company to the Optionee directed to him or
          her  at  his  or her address on file with  the  Company
          shall  be effective to bind any other person who  shall
          acquire  rights hereunder.  The Company shall be  under
          no  obligation whatsoever to advise the Optionee of the
          existence,  maturity  or  termination  of  any  of  the
          Optionee's rights hereunder and the Optionee  shall  be
          deemed  to  have familiarized himself with all  matters
          contained  herein and in the Plan which may affect  any
          of the Optionee's rights or privileges hereunder.

     14.  Whenever  the  term  "Optionee" is  used  herein  under
          circumstances applicable to any other person or persons
          to  whom  this award, in accordance with the provisions
          of Paragraph 8, may be transferred, the word "Optionee"
          shall  be  deemed  to include such person  or  persons.
          References to the masculine gender herein also  include
          the feminine gender for all purposes.

     15.  Notwithstanding any of the other provisions hereof, the
          Optionee  agrees that he or she will not  exercise  the
          Option,  and that the Company will not be obligated  to
          issue  any  shares pursuant to this Agreement,  if  the
          exercise  of the Option or the issuance of such  shares
          of  Common  Stock would constitute a violation  by  the
          Optionee or by the Company of any provision of any  law
          or  regulation  of  any governmental authority  or  any
          national securities exchange.

     16.  This  Agreement is subject to the Plan, a copy of which
          will  be provided the to Optionee upon written request.
          The  terms  and  provisions of the Plan (including  any
          subsequent amendments thereto) are incorporated  herein
          by  reference.  In the event of a conflict between  any
          term  or  provision  contained herein  and  a  term  or
          provision  of  the  Plan,   the  applicable  terms  and
          provisions  of the Plan will govern and  prevail.   All
          definitions  of words and terms contained in  the  Plan
          shall be applicable to this Agreement.

     17.  In the event of a corporate merger  or  other  business
          combination in which the Company is not  the  surviving
          entity,  the  economic  equivalent number of the voting
          shares  of  common stock of, or participating interests
          in,  the  surviving  entity, based on the terms of such
          merger  or   other   business   combination,  shall  be
          substituted for the number of  Option  Shares  held  by
          the Optionee  hereunder,  and  the   exercise price per
          share set out in Paragraph 3 above  shall  be  likewise
          adjusted,  to reflect substantially  the  same economic
          equivalent value of the Option Shares  to  the Optionee
          prior to any such merger or other business combination.
          In  the  event of a  split-off,  spin-off  or  creating
          of  a  different  class  of common stock of the Company
          (including,  without  limitation,  a  tracking  stock),
          the  Optionee  shall  receive  an option to purchase an
          equivalent  number  of  the  shares  of common stock or
          voting interests of such  separate  entity being split-
          off or spun-off or of  the  shares  of the new class of
          common stock of the Company, as if Optionee  had  owned
          the shares underlying  the  Option Shares on the record
          date for any such split-off,  spin-off  or  creation of
          a new class of common stock of the  Company,   and  the
          exercise  price  set  out  in  Paragraph 3  hereof  and
          applicable  to  the  options  to purchase shares or the
          voting interests of the  new entity being split-off  or
          spun-off shall be adjusted to reflect substantially the
          same economic  equivalent value of the Option Shares to
          the Optionee  prior to  any such split-off, spin-off or
          creation of a new class of common stock of the Company.


     IN  WITNESS WHEREOF, this Agreement is executed this _ _  day  of
February 2000, effective as of the 28th day of January 2000.

                              R&B FALCON CORPORATION


                              By:_______________________
                              Paul B. Loyd, Jr.
                              Chairman and Chief Executive Officer


                              OPTIONEE


                              _________________________
                              Paul B. Loyd, Jr.