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, 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

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