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Rowan Provides Fleet Contract Status Update

HOUSTON, Feb. 21, 2013 /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 February 20, 2013.  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:
  • Rowan California :  Awarded a contract for three years with Maersk in Qatar at a day rate in the low $140s, above its previous day rate in the mid $70s, expected to commence operations in August 2013.
  • EXL III :  Awarded a contract for approximately 60 days with Nexen in the Gulf of Mexico at a day rate in the low $160s, above its previous day rate in the low $140s.  Rig commenced operations in early February 2013.
  • Rowan Louisiana: Awarded a contract for approximately 90 days with Pisces in the Gulf of Mexico at a day rate in the low $120s, above its previous day rate in the low $70s, expected to commence operations at the end of February 2013.
  • Rowan Norway:   Changed day rate to mid $360s (previously low $360s) due to upward revision in expected reimbursement for modifications. 
  • Ralph Coffman:   Changed day rate to high $220s (previously mid $220s) due to upward revision in expected reimbursement for modifications.
  • Gorilla VI:   Total off rate time in 2013 is expected to be approximately 125 days instead of the previously expected 95 days. 

The Company will not realize any day rate revenue during periods of off rate time, and crew costs will be capitalized during rig modifications and/or upgrades.

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