Document:

EXHIBIT 10.15

                        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 nonqualified 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)   "Disability"  means  Disability  as  defined   in  the
                Employment Agreement;  and

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

     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 134,253
          shares ("Option Shares") of the Company's Common Stock, at a
          price equal to $12.656 per share.

     4.   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 any number of shares  up  to  and
          including  the  aggregate number of shares subject  to  this
          Option,  irrespective of whether the Optionee is an employee
          of  the  Company at the time of any such exercise;  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.   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.

     8.  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.

     9.   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.

     10.  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.

          11.    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.

     12.  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.

     13.  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  7, 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.

     14.  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.

     15.  This   Agreement  is  subject  to  the Plan, a copy of which
          will be provided to the 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.

     16.  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 Section 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 Section  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 effective as of  the  28th  of
January, 2000.

                         R&B FALCON CORPORATION

                         By:_________________________________
                         Tim W. Nagle
                         Executive Vice President

                         OPTIONEE

                         ___________________________________
                         Paul B. Loyd, Jr.EXHIBIT 10.16

                      R&B FALCON CORPORATION
                       STOCK OPTION AGREEMENT

     This  Stock  Option Agreement ("Agreement") is made  between
R&B  Falcon Corporation, a Delaware corporation ("Company"),  and
Andrew   Bakonyi  ("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  August  25, 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  180,000  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

                              _________________________
                              Andrew Bakonyi

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]