Rowan Companies sells two jackups, enters into multiple contracts

Rowan Companies has provided an update on its fleet status.

Jul 21st, 2015

Offshore staff

HOUSTON –Rowan Companies has provided an update on its fleet status.

Effective July 1, the company has retiredRowan Alaskaand Rowan Juneau from service as drilling units as it entered into contracts to sell them. The report did not include perspective buyers. The contracts are expected to close by the end of the month, with the agreements prohibiting future use of the rig as a drilling unit.

TheRowan Louisiana jackup remains cold stacked.

The company also reported that theRowan Gorilla III jackup,working off Trinidadfor a rig share group, is expected to become available in mid-August due to an early contract termination.

Rowan also picked up several contracts since its last report. The Rowan Gorilla IVjackupwas awarded a multiple well contract by Energy XXI with an estimated total duration of three months that will keep it booked until September. Additionally, Rowan Gorilla V jackup received a priced option for one well with an estimated duration of 260 days at a day rate higher than the firm term. The rig is working for Total offshore the UK. Among other jackup contracts, Saudi Aramco offered extensions to three rigs working off Saudi Arabia.

Changes were also reported within Rowan’s four ultra-deepwater drillships.Rowan Renaissance, contracted by Repsol, is mobilizing to the Gulf of Mexico from offshore West Africa at a reduced day rate, with operations expected to commence in September.  After P&A’ing the North Platte #2 well for Cobalt in the GoM, Rowan Reliance is now at work on North Platte #3. Rowan and operator Cobalt are working toward a resolution that may include certain days at zero or reduced day rate.

07/21/2015

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