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Rowan provides fleet contract status update

Rowan Companies plc

Rowan Companies plc (NYSE: RDC) has issued its monthly fleet status report, updated as of Oct. 24. Notable events in the current report include:

  • EXL III : Awarded an estimated 285-day contract with Freeport-McMoRan in the Gulf of Mexico, beginning mid-October at a standby rate of $150,000 per day, and then at $180,000 per day starting mid-December, above its previous day rate of $160,000 per day. 
  • Rowan Stavanger: Awarded 120-day accommodation work with Talisman in the Norwegian sector of the North Sea, starting May 2014 at $413,000 per day. 
  • Gorilla VII : Increased 3Q/4Q 2013 off rate time by 38 days to 120 days for leg repairs that started in July. Operating costs will be expensed during this period. Incremental third-party repair costs will be expensed, and are expected to total $9.3 million in 3Q 2013, above prior guidance of $6 million, and $1.9 million in 4Q 2013, above prior guidance of $1 million.
  • J.P. Bussell: Petrofac contract assigned to Newfield for remainder of term. Rig is expected to be available at the end of its current contract term and off rate for an estimated 30 days during 4Q 2013 for maintenance and inspections. 

Rowan’s fleet of 30 jackup rigs is located worldwide, including the Middle East, the North Sea, Trinidad, Egypt, Southeast Asia and the Gulf of Mexico. Additionally, Rowan has four ultra-deepwater drillships under construction, with three of the four drillships under three-year contracts. 

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