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Rowan Provides Fleet Contract Status Update

Stocks in this article: RDC

HOUSTON, Nov. 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 November 21, 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:

  • Bob Keller
    • Awarded a 10-year extension with Saudi Aramco in the Middle East commencing in May 2014 at $177,500 per day, above its previous day rate at $127,500.
    • Previously scheduled 60 days off rate time for customer-required equipment upgrades expected to occur 4Q 2014. 
  • EXL I :  Awarded a one-year contract with Petronas in Indonesia that commenced at the end of October 2013 at $160,000 per day, in line with the previous day rate.
  • Gorilla VII:   Increased 4Q 2013 off rate time by 19 days to 57 days for leg repairs and weather delays.  Rig is expected to return to service at the beginning of December 2013.  Operating costs will be expensed during this period.  Incremental third party repair cost will be expensed and is expected to total approximately $2.5 million in 4Q 2013, above prior guidance of $1.9 million
  • Gorilla VI :  Increased 1Q 2014 off rate time by 46 days to 59 days for repairs, upgrades and inspections.  Rig is expected to return to service at the beginning of March 2014.
  • Rowan Viking:  Increased 1Q/2Q 2014 off rate time by 15 days to 120 days for inspections and equipment modifications expected to commence at the end of February 2014 instead of mid-February 2014.

The Company continues to expect out of service time to be 9% and 10% of available rig days for the fourth quarter of 2013 and full year 2013, respectively.  For the full year 2014 the Company continues to expect jack-up out of service time to be between 7% and 9% of available rig days.  The Company does not expect any out of service days in 2014 for the drillships, and is expecting operational downtime to be less than 5% after some break-in period, when operational downtime could be somewhat higher. 

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