HOUSTON – Rowan Companies plc (NYSE: RDC) reports that one of its subsidiaries has entered into a two-year drilling contract for the Rowan Relentless, the fourth and final drillship in Rowan's current construction program.
The contract is with Freeport-McMoRan Oil & Gas LLC (FM O&G), a subsidiary of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), for operations in the US Gulf of Mexico. The contract is expected to begin in the third quarter of 2015 and will add $425 million to Rowan's current contract backlog.
The Rowan Relentless is the company's fourth ultra-deepwater drillship. All four drillships are based on a GustoMSC P10,000 hull design, capable of drilling wells to depths of 40,000 ft (12,192 m) in water depths up to 12,000 ft (3,658 m). The DP-3 compliant, dynamically positioned drillship will be equipped with retractable thrusters, two readily deployable seven-ram BOP systems,five mud pumps, dual mud systems, and a maximum hook-load capacity of 1,250 tons. All four of the company's ultra-deepwater drillships are now under long-term contracts.