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Rowan Provides Fleet Contract Status Update

Stocks in this article: RDC

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, www.rowancompanies.com, on the Home page.

(Logo: http://photos.prnewswire.com/prnh/20120827/DA62568LOGO)

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.

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