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Rowan Provides Fleet Contract Status Update

Stocks in this article: RDC

HOUSTON, Dec. 19, 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 December 19, 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 II:  Awarded a three-year commitment with undisclosed customer in Trinidad commencing in March 2014 at $179,500 per day, above its previous day rate at $137,000.
  • Rowan Renaissance:  Rig is expected to commence a three-year term offshore West Africa with the current customer mid April 2014 instead of late March 2014 as previously indicated due to certain equipment delivery delays. 
  • Gorilla VII:  Increased 4Q 2013 off rate time by 35 days to 92 days.The rig had been undergoing leg repairs which were substantially completed several weeks ago. Unfortunately, inclement weather in the North Sea since then has delayed the rig being able to go on location.  Current expectations are that the rig will return to service at the beginning of January 2014.  Operating costs will be expensed during this period.  Incremental third party repair costs will also be expensed and are expected to total approximately $2.5 million in 4Q 2013, no change from prior guidance.
  • Hank Boswell:  Previously scheduled 92 days out of service project for customer-required equipment upgrades is expected to occur sometime during 2015 instead of commencing in 3Q 2014. 
  • Bob Keller:  Previously scheduled 60 days out of service project for customer-required equipment upgrades is expected to occur sometime during 2015 instead of commencing in 4Q 2014.
  • Scooter Yeargain :  Previously scheduled 75 days out of service project for customer-required equipment upgrades is expected to occur sometime during 2015 instead of commencing in 2Q 2014.

The Company expects out of service time to be approximately 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 approximately 7% and 9% of available rig days.  The Company does not currently 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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