Attached files
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| 8-K - ROWAN COMPANIES PLC | v226913_8k.htm |
| EX-99.2 - ROWAN COMPANIES PLC | v226913_ex99-2.htm |
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ROWAN COMPANIES, INC.
OFFSHORE RIG FLEET AND CONTRACT STATUS
As of June 27, 2011
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OFFSHORE RIGS
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Contract Status
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Depth (feet)
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Year in
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Day Rate
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Estimated
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Name
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Class
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Water
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Drilling
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Service
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Location
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Customer
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(in thousands)
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Duration
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Comments ($ in thousands)
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Ultra Deepwater Drillships:
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Drillship TBN/Hull 2560
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GustoMSC 10,000
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12,000
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40,000
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2014
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Available
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Rig is contracted for construction by HHI with expected delivery in mid 2014.
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Drillship TBN/Hull 2559
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GustoMSC 10,000
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12,000
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40,000
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2014
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Available
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Rig is contracted for construction by HHI with expected delivery in late 2013.
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Cantilever Jack-up Rigs:
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Rowan EXL IV
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S116-E
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350
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35,000
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2012
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Available
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Rig is under construction with delivery expected in November 2011.
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Joe Douglas
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240-C
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375
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35,000
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2012
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Gulf of Mexico
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McMoRan
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Rig is under construction with delivery expected in Q4 2011.
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Received a verbal commitment from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a day rate in the low 180's commencing early Q1 2012.
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Rowan Norway
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*
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N-Class
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400
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35,000
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2011
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UK North Sea
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Xcite Energy
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Low 250s
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June 2012
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Rig is under construction with delivery expected in late June 2011. Contract is for combined drilling and production operations with an initial term of 240 days followed by a one year priced option in the low $250s. Production fee of $1 per barrel of oil produced is also payable during the initial term. Customer is required to provide security for the initial term totaling $60 million and has provided $30 million to date. The final installment of $30 million is due upon delivery of the rig from the shipyard. Rig is expected to commence operations in November 2011.
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Rowan EXL III
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S116-E
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350
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35,000
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2011
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Gulf of Mexico
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McMoRan
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Low 140s
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May 2012
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Rowan Stavanger
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N-Class
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400
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35,000
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2011
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North Sea
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Talisman Norway
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Low 330s
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November 2011
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Rig commenced accommodations work in the Norwegian sector of the North Sea in mid June 2011.
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Mid 260s/330s
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October 2012
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Rig will drill three wells in the Norwegian sector of the North Sea at the higher day rate shown, and one well in the UK sector at the lower day rate shown. The combined duration for the four wells is expected to be 306 days commencing December 2011.
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Rowan Viking
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N-Class
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400
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35,000
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2011
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UK North Sea
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Total UK
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Low 220s
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January 2013
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Rig commenced operations in late June 2011.
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Rowan EXL II
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S116-E
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350
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35,000
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2011
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Trinidad
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BP Trinidad
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Mid 130s
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February 2014
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Rig was idle for four days during the month of May 2011.
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Rowan EXL I
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S116-E
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350
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35,000
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2010
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Gulf of Mexico
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McMoRan
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Low 140s
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August 2011
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Ralph Coffman
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240-C
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375
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35,000
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2009
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Gulf of Mexico
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McMoRan
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Low 180s
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December 2011
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J.P. Bussell
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225-C
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300
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35,000
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2008
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Cyprus
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Available
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Rig was idle during the month of May 2011.
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Rowan-Mississippi
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240-C
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375
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35,000
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2008
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Middle East
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Saudi Aramco
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Low 220s
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June 2014
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Rig entered the shipyard in the GOM in late June for modifications/upgrades for Saudi Aramco and is expected to depart for the Middle East in Q3 2011 before commencing operations on three-year contract in Q4 2011. Day rate may be subject to penalty of up to one half of the day rate for every day the rig is late beyond June 15, 2011. Any such penalty would be recognized ratably over the balance of the primary contract term. The contract includes a priced option for one additional year in the mid 190s.
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Hank Boswell
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225-C
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300
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35,000
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2006
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Middle East
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Saudi Aramco
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Low 180s
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August 2011
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High 120s
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August 2014
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Bob Keller
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225-C
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300
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35,000
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2005
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Middle East
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Saudi Aramco
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High 120s
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May 2014
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Rig obtained three-year term extension at indicated day rate in May 2011.
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Scooter Yeargain
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225-C
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300
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35,000
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2004
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Middle East
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Saudi Aramco
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Low 180s
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October 2011
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High 120s
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October 2014
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Bob Palmer
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224-C
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550
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35,000
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2003
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Middle East
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Saudi Aramco
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Mid 270s
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June 2014
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Rig is in the shipyard in the Middle East undergoing modifications/upgrades for Saudi Aramco before commencing operations on three-year contract in mid July 2011. The contract includes a priced option for one additional year in the mid 290s.
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Rowan Gorilla VII
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219-C
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400
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35,000
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2002
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UK North Sea
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Apache
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Low 180s
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May 2012
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The contract includes two (2) six-month options at mutually agreed rates with a cap of 120% of the current day rate.
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Rowan Gorilla VI
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219-C
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400
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35,000
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2000
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UK North Sea
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BG
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Low 200s
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March 2012
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Rowan Gorilla V
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219-C
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400
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35,000
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1998
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UK North Sea
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Total
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Low 180s
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February 2012
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Mid 200s
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February 2013
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Rowan Gorilla IV
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200-C
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450
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35,000
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1986
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Mexico
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PEMEX
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Mid 100s
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July 2011
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The day rate reprices every three months based on an index of jack-up rates. The day rate reflects Rig's repricing at the end of April 2011.
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Rowan Gorilla III
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200-C
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450
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30,000
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1984
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Gulf of Mexico
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Energy XXI
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Low 120s
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July 2011
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Trinidad
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Niko Resources /
Bayfield Energy
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Low 130s
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September 2012
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Rig is expected to commence operations in Q4 2011. Contract is for a firm term of eight wells with an expected duration of one year. Customer has the option to extend the contract for up to nine additional wells with an expected duration of one year. Wells spud in the second year of the contract attract a day rate in the low 130s.
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Rowan Gorilla II
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200-C
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350
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30,000
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1984
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Gulf of Mexico
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Available
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Rig was idle for nine days during the month of May 2011.
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Rowan-California
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116-C
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300
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30,000
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1983
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Middle East
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Available
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Cecil Provine
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116-C
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300
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30,000
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1982
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Gulf of Mexico
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Apache
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Low 70s
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October 2011
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Gilbert Rowe
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116-C
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350
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30,000
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1981
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Middle East
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Maersk
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Mid 70s
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July 2011
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Rig is expected to enter the shipyard in July 2011 for inspections and general maintenance for approximately 9-12 months.
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Arch Rowan
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116-C
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350
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30,000
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1981
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Middle East
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Saudi Aramco
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Low 80s
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November 2014
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Rig is expected to commence operations in November 2011. Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of May 2011.
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Charles Rowan
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116-C
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350
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30,000
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1981
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Middle East
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Saudi Aramco
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Low 80s
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November 2014
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Rig is expected to commence operations in November 2011. Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of May 2011.
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Rowan-Paris
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116-C
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350
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30,000
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1980
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Middle East
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Maersk
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Mid 70s
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September 2011
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Rig is expected to enter the shipyard in September 2011 for inspections and general maintenance for approximately 9-12 months.
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Rowan-Middletown
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116-C
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350
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30,000
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1980
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Middle East
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Saudi Aramco
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Low 80s
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November 2014
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Rig is expected to commence operations in November 2011. Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of May 2011.
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Conventional Jack-up Rigs:
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Rowan-Juneau
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116
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250
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30,000
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1977
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Gulf of Mexico
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Available
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Rig was idle during the month of May 2011.
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Rowan-Alaska
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84
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350
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30,000
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1975
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Gulf of Mexico
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Available
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Rig was idle during the month of May 2011.
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Rowan-Louisiana
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84
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350
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30,000
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1975
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Gulf of Mexico
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McMoRan
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Mid 50s
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July 2011
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Contract includes priced options for two wells. The first well is estimated for 150 days at a day rate in the low 70s and the second well is estimated for 150 days at a day rate in the low 80s.
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"*" Denotes Keppel unit design currently under construction at Keppel FELS shipyard in Singapore. Rig Class denotes LeTourneau, Inc. hull number. 200-C is a Gorilla class unit designed for extreme hostile environment capability. 219-C is a Super Gorilla class unit, an enhanced version of the Gorilla class, and 224-C is a Super Gorilla XL design. 225-C is a Tarzan Class unit. 240-C is LeTourneau's latest jack-up design. Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. Rowan EXL is an enhanced version of the Super 116E class. Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues.
ROWAN HEREBY ADVISES THAT THE TABLE SET FORTH ABOVE MAY CONTAIN INACCURATE, INCOMPLETE AND/OR INCORRECT INFORMATION AND IS SUBJECT TO CHANGE AT ANY TIME. THE INFORMATION SHOULD NOT BE RELIED UPON FOR ANY PURPOSE, AND ROWAN HEREBY DISCLAIMS ANY LIABILITY RELATING TO THE USE OF THE INFORMATION SET FORTH ABOVE.
This report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Relevant factors have been disclosed in the Company's filings with the U. S. Securities and Exchange Commission.
Revisions to Fleet Status Report Noted in Bold