HOUSTON -- Rowan Companies Inc. has received a letter of intent from Shell Egypt for the new Tarzan class jackup J. P. Bussell.
The commitment is for two wells that are estimated to require 20 months to drill, and contains options for three additional wells. The $111 million contract is expected to begin during 3Q 2009.
The vessel is currently at the company's Sabine Pass, Texas facility for final outfitting, and is scheduled for completion in early November. The rig should begin operations in the Gulf of Mexico soon thereafter, according to the company.