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Rowan Provides Fleet Contract Status Update

HOUSTON, July 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 July 18, 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 V:  Awarded two year extension with Total in the UK sector of the North Sea commencing late June 2013 at $274,000 per day (above previous day rate of $205,000).
  • EXL III:  Awarded a one well contract estimated at 60 days with McMoRan in the Gulf of Mexico at $160,000 per day (no change from previous day rate). 
  • Hank Boswell:  Previously scheduled 92 days out of service project for customer-required equipment upgrades is planned to start in July 2014 instead of October 2013. 
  • Bob Keller :  
    • Rig is expected to be off rate for 30 days in November 2013 for inspections. 
    • Previously scheduled out of service project for customer-required equipment upgrades is estimated for 60 days (previously 75 days) and is planned to start in the second half of 2014 instead of October 2013
  • Scooter Yeargain :  Previously scheduled 75 days out of service project for customer-required equipment upgrades is planned to start in April 2014 instead of October 2013.
  • Gorilla VII:  
    • Added 21 days off rate time in 3Q 2013 starting in mid-July 2013 for leg repairs. 
    • Previously scheduled 140 days out of service project for repairs, upgrades and inspections is planned to start the beginning of 1Q 2014 instead of mid-December 2013.

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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