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TheStreet Open House

Rowan Provides Fleet Contract Status Update

HOUSTON, June 20, 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 June 19, 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:

  • Rowan Resolute:   Entered into a three-year contract with Anadarko Petroleum Corporation  at an effective day rate in the high $600s.  The drillship is expected to be delivered at the end of the second quarter 2014 and operate in the U.S. Gulf of Mexico starting in the late third quarter 2014.  The Rowan Resolute is one of four ultra-deepwater drillships being constructed for Rowan by Hyundai Heavy Industries Co. Ltd. ("HHI") shipyard in Ulsan, South Korea.

With the award of this contract for the Rowan Resolute, two of the Company's four ultra-deepwater drillships under construction at HHI are now under contract.  The remaining two uncontracted drillships are scheduled to be delivered from the shipyard at the end of October 2014 and March 2015.

  • Gorilla II:  
    • Awarded a 170 day contract with Pertamina Hulu Energi in Indonesia at a day rate in the high $160s (above previous day rate in the mid $130s) expected to commence operation in September 2013. Day rate includes amortization of 20 days of rig mobilization compensation.
    • Delayed part of the out of service project to 2014 and reduced 2Q/3Q 2013 out of service days by 32 days to 88 days (previously 120 days) for repairs, upgrades, inspections and transit. Twenty of the 88 days are for transit to the well site in Indonesia and will be compensated by Pertamina Hulu Energi.

  • Rowan Gorilla VI:  Increased 4Q 2013 off rate time by 32 days to 75 days (previously 43 days) for repairs, upgrades and inspections.  Rig is scheduled to return to service in December 2013 after entering the yard June 2013 for 182 days (previously 150 days).
  • Rowan California:   Increased 3Q 2013 off rate time by 22 days to 52 days (previously 30 days) for repairs, upgrades and inspections.  Rig is scheduled to return to service in August 2013 after entering the shipyard in January 2013 for 180 days (previously 158 days).
  • Rowan Paris:  Rig sold for $40 million in June 2013.  The total net book value for the Rowan Paris was approximately $20 million

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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