This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rowan Provides Fleet Contract Status Update

HOUSTON, Nov. 27, 2012 /PRNewswire/ -- Rowan Companies plc ("Rowan" or the "Company") (NYSE: RDC) announced today that its monthly report of drilling rig status and contract information has been updated as of November 27, 2012.  The report, titled "Monthly Fleet Status Report," can be found on the Company's website,, on the Home page.


Notable events in the current report include:

New Contracts/Extensions

  • J .P. Bussell :  Awarded a contract for approximately one year of work in Malaysia at a day rate in the high $130s, above its previous day rate in the high $120s, expected to commence operations at the end of November 2012.

Planned Off Rate Days

  • Cecil Provine :  Off rate time in the 4Q 2012 was 57 days instead of the previously expected 45 days. 
  • Gorilla II :  Rig is expected to enter the shipyard in June 2013 for repairs for approximately 45 days.
  • EXL I :  Off rate time in the 4Q 2012 was 35 days instead of the previously expected 21 days and includes approximately 15 days of compensated transit time which is being deferred over the contract period and is reflected in the day rate in the mid $210s.
  • Ralph Coffman :  Approximately 60 days of compensated shipyard time (which occurred in the 2Q and 3Q 2012) is being deferred over the contract period and is reflected in the day rate in the mid $210s.  The Company will record a reduction in revenue of approximately $7 million, offset by a $2 million reduction in costs, in Q4 2012 to defer previously recognized amounts.  The day rate reflected has been increased to the mid $220s to recognize the deferred revenue over the contract period.
  • Gorilla VII :  Total off rate time in 2013 is expected to be approximately 131 days instead of the previously expected 110 days.
  • Rowan Stavanger : Rig is currently off rate for 16 days from mid November 2012 until the end of November 2012 for repairs.
  • Rowan Norway :  Rig is currently in the shipyard for contract requirements and is expected to commence operations in mid December 2012.  Approximately 30 days of compensated shipyard time in the 4Q 2012 is being deferred over the contract period and is reflected in the day rate in the mid $360s.

The Company will not realize any day rate revenue during these periods of off rate time, and crew costs will be capitalized.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,025.82 -9.11 -0.05%
S&P 500 2,104.33 +3.93 0.19%
NASDAQ 5,017.5760 +22.9740 0.46%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs