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Rowan Provides Fleet Contract Status Update

HOUSTON, May 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 May 20, 2013.  The report titled "Monthly Fleet Status Report," can be found on the Company's website www.rowancompanies.com.

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

Notable events in the current report include:

  • Gorilla IV:  
    • Awarded a six month extension with Walter Oil & Gas in the low $180s (above previously day rate in the mid $160s) expected to commence operations in October 2013.
    • Awarded a 45 day contract with ExxonMobile in the low $200s (above previously day rate in the low $180s) starting in April 2014.
  • Gorilla VI:  Rig is expected to enter the shipyard in mid June 2013 (previously July 2013) for 150 days (previously 125 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.

Out of service days include shipyard stays and transit periods preceding contracts which are often compensated by a customer, but compensation is deferred and not included in current period earnings.  Out of service days also include shipyards stays and transit periods for inspection, maintenance and upgrades.  Out of service days do not include any operational downtime except for extraordinary events in the current quarter.  No operational downtime is included in projected out of service days, but the company expects operational downtime to account for approximately 2.5% of in service days in current and future quarters.

This summary is provided as a courtesy and is not intended to replace a detailed review of the Monthly Fleet Status Report.  While the Company has attempted to include items it believes are significant, we encourage you to review the Monthly Fleet Status Report in detail.

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