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Rowan Provides Fleet Contract Status Update

HOUSTON, April 23, 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 April 23, 2014.  The report titled "Monthly Fleet Status Report" can be found on the Company's website at www.rowancompanies.com.
Rowan Companies plc

Notable events in the current report include:
  • Rowan Renaissance :  Commenced a three-year drilling contract with Repsol on April 22, 2014 for operations offshore West Africa at an effective day rate of $619,000 during the first year.
  • Rowan Mississippi:  Saudi Aramco exercised its option to extend the primary term for one year in the Middle East at $195,000 per day commencing December 2014, above the previous base day rate of $170,000 after excluding the impact of mobilization and capex fees.
  • Hank Boswell :  Saudi Aramco exercised its option to extend the primary term for one year in the Middle East at $180,000 per day commencing August 2014, above the previous effective day rate of $128,000.
  • Scooter Yeargain :  Saudi Aramco exercised its option to extend the primary term for one year in the Middle East at $180,000 per day commencing November 2014, above the previous effective day rate of $128,000.
  • Rowan Gorilla II :  Awarded a 120-day contract with Pertamina in Indonesia at a day rate of $150,000 per day, no change from the previous base day rate.  
  • Ralph Coffman :  Assigned an estimated 80-120 day contract with Galp in Morocco commencing the beginning of May, 2014 at an effective day rate of $243,000, above the previous effective day rate of $227,000.

For the first quarter and full-year of 2014, the Company expects jack-up out of service time to be approximately 13% and 7-9%, respectively.  No operational downtime is included in projected out-of-service days, but the company estimates jack-up operational downtime to account for approximately 2.5% of in-service days in current and future quarters.  The Company does not currently expect any out of service days in 2014 for the Rowan Renaissance, and following a break in period is expecting operational downtime to be approximately 5%.

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.  

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