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TheStreet Open House

Rowan Provides Fleet Contract Status Update

HOUSTON, Oct. 24, 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 October 24, 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:

  • EXL III :  Awarded an estimated 285-day contract with Freeport-McMoRan in the Gulf of Mexico commencing mid-October 2013 at a standby rate of $150,000 per day and then at $180,000 per day commencing mid-December 2013, above its previous day rate of $160,000 per day. 
  • Rowan Stavanger :  Awarded 120-day accommodation work with Talisman in the Norwegian sector of the North Sea commencing May 2014 at $413,000 per day. 
  • Gorilla VII :  Increased 3Q/4Q 2013 off rate time by 38 days to 120 days for leg repairs that started in July 2013.  Operating costs will be expensed during this period.  Incremental third party repair cost will be expensed and is expected to total $9.3 million in 3Q 2013, above prior guidance of $6 million, and $1.9 million in 4Q 2013, above prior guidance of $1 million.
  • J.P. Bussell :  Petrofac contract assigned to Newfield for remainder of term.  Rig is expected to be available at the end of its current contract term and off rate for an estimated 30 days during 4Q 2013 for maintenance and inspections. 

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. 

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