This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Rowan Provides Fleet Contract Status Update

HOUSTON, Aug. 15, 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 August 15, 2013.  The report titled "Monthly Fleet Status Report" can be found on the Company's website at www.rowancompanies.com.

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

Notable events in the current report include:

  • Rowan Reliance :  Entered into a three-year contract with Cobalt International Energy, L.P. at an effective day rate of $602,000, including mobilization revenues.  The drillship is expected to be delivered at the end of October 2014 and operate in the U.S. Gulf of Mexico starting in late January 2015.  The Rowan Reliance 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 Reliance, three of the Company's four ultra-deepwater drillships under construction at HHI are now under contract.  The fourth remaining uncontracted drillship, the Rowan Relentless, is scheduled to be delivered from the shipyard at the end of March 2015.   
  • EXL III:  Awarded a contract to drill a relief well for Walter Oil and Gas estimated at 45 days in the Gulf of Mexico at $160,000 per day (no change from previous day rate).  
  • Rowan Louisiana :  Awarded a one-well contract for Northstar estimated at 90 days in the Gulf of Mexico at $95,000 per day.  
  • Gorilla VII: 
    • Increased 3Q 2013 off-rate time by 40 days to a total of 61 days (previously 21 days) for leg repairs that commenced in mid-July 2013.  Operating costs will be expensed during this period. 
    • Previously scheduled 140 days out of service project for repairs, upgrades and inspections is planned to start at the beginning of 2Q 2014 instead of during 1Q 2014.
  • Gorilla III:  Awarded an extension for a 24-day well recompletion with EOG in Trinidad at $145,000 per day. 
  • Charles Rowan:  Previously scheduled 25 days off-rate time for repairs and inspections is expected to occur during 4Q 2013 instead of 3Q 2013.

Out-of-service days include days for which no revenues are recognized other than operational downtime and cold-stacked days.  The Company may be compensated for certain out-of-service days, such as for shipyard stays or for transit periods preceding a contract.  However, recognition of any such compensation received is deferred and recognized over the period of drilling operations.  Operational downtime is when a rig is under contract and unable to conduct planned operations due to equipment breakdowns or procedural failures.  No operational downtime is included in projected out-of-service days, but the company estimates operational downtime to account for approximately 2.5% of in-service days in current and future quarters. 

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs