Rowan provides fleet contract status update

Rowan Companies plc

Rowan Companies plc (NYSE: RDC) has updated its monthly report of drilling rig status and contract information, as of August 15. 

Included in the report is that, for the Rowan Reliance drillship, the company has entered into a three-year contract with Cobalt International Energy LP at an effective day rate of $602,000, including mobilization revenues. The drillship is expected to be delivered at the end of October 2014 and operate in the US Gulf of Mexico starting in late January 2015. The Rowan Reliance is one of four ultra-deepwater drillships being constructed for Rowan by the Hyundai Heavy Industries Co. Ltd. (HHI) shipyard in Ulsan, South Korea. 

With the award of this contract for the Rowan Reliance, three of the company's four ultra-deepwater drillships under construction at HHI are now under contract. The fourth remaining uncontracted drillship, the Rowan Relentless, is scheduled to be delivered from the shipyard at the end of March 2015.

Additionally, the company has a contract for the EXL III to drill a relief well for Walter Oil and Gas, estimated at 45 days in the Gulf of Mexico at $160,000 per day (no change from previous day rate). The Rowan Louisiana has been awarded a one-well contract for Northstar, estimated at 90 days in the Gulf of Mexico at $95,000 per day. 

The Gorilla VII has increased its 3Q 2013 off-rate time by 40 days to a total of 61 days (previously 21 days) for leg repairs that commenced in mid-July 2013. The Gorilla III has an extension for a 24-day well recompletion with EOG in Trinidad at $145,000 per day

For the Charles Rowan drillship, a previously scheduled 25 days off-rate time for repairs and inspections is expected to occur during 4Q 2013 instead of 3Q 2013.

Rowan Companies plc provides international and domestic contract drilling services with a leading position in high-specification jack-up rigs. Its fleet of 30 jack-up rigs is located worldwide, including in the Middle East, the North Sea, Trinidad, Egypt, Southeast Asia and the Gulf of Mexico. Rowan also has four ultra-deepwater drillships under construction, with three of the four drillships under three-year contracts. 

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