HOUSTON, April 18, 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 April 18, 2013. The report titled "Monthly Fleet Status Report," can be found on the Company's website www.rowancompanies.com on the Home page.
Notable events in the current report include:
- Gorilla VII: Rig is expected to enter the shipyard in mid December 2013 (previously mid July 2013) for 140 days for repairs, upgrades and inspections. Total off rate time in 2013 is expected to be 15 days (previously 140 days). The balance of 125 days is expected in 1Q/2Q 2014.
- EXL III : Rig entered the shipyard at the beginning of 2Q 2013 for repairs due to a rapid leg penetration it experienced soon after commencing operations with Eni to workover two wells with an estimated duration of 45 days at a day rate in the low $160s. Contract provides for payment of day rate while rig is in the shipyard and reimbursement of repair costs by the customer.
- J.P. Bussell : Experienced 39 days off rate time in 1Q 2013 instead of the previously reported 28 days.
- Gorilla III : Rig is expected to be off rate sometime in 2014 for approximately 60-90 days for repairs and inspections.
- Gorilla II : Total off rate time in 2Q/3Q 2013 is expected to be 120 days (previously 70 days) for repairs, upgrades and inspections.
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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