This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Rowan Provides Fleet Contract Status Update

HOUSTON, Jan. 21, 2014 /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 January 21, 2014.  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:

  • Gorilla VI:   Increased 1Q 2014 off rate time by 31 days to 90 days for repairs, upgrades, customer required modifications and inspections.  Rig is currently expected to return to service the beginning of April 2014.  The expected off rate time may be extended further due to customer required equipment modifications currently under negotiations.  The Company may be compensated for the additional off rate time.  However, the recognition of any such compensation received will be deferred and recognized over the period of drilling operations. 
  • Gorilla VII:  Added 23 days off rate time during 1Q 2014.  The rig had been undergoing leg repairs which were substantially completed several weeks ago.  Continuing 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 late January 2014.  Incremental third party repair costs were expensed and totaled approximately $3.0 million in 4Q 2013, above prior guidance of $2.5 million.

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 approximately 5% after about a one-year break-in period when operational downtime could be somewhat higher. 

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs