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Rowan Provides Fleet Contract Status Update

HOUSTON, Feb. 20, 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 February 20, 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:

  • EXL IV Awarded a one-year extension with Carigali Hess in Malaysia commencing in late December 2014 at $159,500 per day, above previous day rate of $151,000.
  • Joe Douglas :  Awarded a one-well contract estimated at 75 days with LLOG in the Gulf of Mexico at $160,000 per day, in line with previous day rate, commencing late February 2014.  
  • Gorilla VI:   Increased off rate time by 30 days during 2Q 2014 for repairs, upgrades, customer required modifications and inspections.  Rig is currently expected to return to service the beginning of May 2014. 
  • Gorilla VII:  Rig returned to service mid-February 2014.  Added 19 days off rate time during 1Q 2014 for weather delays.  Previously scheduled 140 days out of service project for repairs, upgrades and inspections is planned to occur sometime after 2015.

For the full year 2014, the Company expects jack-up out of service time to be approximately 8% 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. 

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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