Attached files
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| 8-K - 8-K CURRENT REPORT - ROWAN COMPANIES PLC | v237862_8k.htm |
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ROWAN COMPANIES, INC.
OFFSHORE RIG FLEET AND CONTRACT STATUS
As of October 26, 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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2011
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Apache
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Mid 80s
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January 2012
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Rig was delivered in October 2011 and is expected to commence operations at the beginning of 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 December 2011.
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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July 2012
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Rig arrived in the UK North Sea for commissioning and is expected to commence operations in December 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.
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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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Rig was at a reduced rate in the low 50s for approximately two weeks while in the shipyard for installation of well completion equipment.
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Rowan Stavanger
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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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North Sea
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Talisman Norway
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High 330s
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December 2011
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Rig is conducting accommodations work in the Norwegian sector of the North Sea.
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Mid 270s/Low 350s
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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 January 2012. Operator has designated first well location in the Norwegian sector.
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Norway
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Lundin
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Mid 340s
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August 2015
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Rig is contracted for 15 wells estimated to commence operations in the Norwegian sector of the North Sea in Q2 2014. The Company may substitute a comparable rig depending on availability.
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Mid 350s
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November 2016
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Rowan Viking
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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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Total UK
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Low 220s
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January 2013
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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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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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December 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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Verbal commitment received 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 estimated to commence Q1 2012.
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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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Vietnam
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Petronas Carigali
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High 120s
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May 2012
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Rig commenced operations in October 2011. Rig was idle during the month of September 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 is mobilizing to the Middle East and is expected to enter the shipyard in November 2011 before commencing operations in December 2011. Company 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. The rig was idle during the month of September 2011.
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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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High 120s
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May 2014
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Rig was idle for two days during the month of September 2011.
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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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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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High 120s
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August 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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Low 270s
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June 2014
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The indicated day rate reflects an approximate $6,000 per day penalty for late delivery of the rig. 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. Rig was idle for seven days during the month of September 2011.
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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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December 2012
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The contract includes priced option for one well estimated for 300 days in the low 220s.
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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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Mid 150s
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November 2011
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Rig is continuing operations on prior well at low 160s.
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Low 180s
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March 2012
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Mid 200s
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March 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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November 2011
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Rig was down for 17 days in August and all of September.
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Rig move to next location delayed due to weather. We are in discussions with the customer regarding the application and payment of the day rate charges during the downtime. No day rate revenue has been recognized over this period.
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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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Trinidad
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Sinopec
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High 130s
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November 2011
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Niko Resources / Bayfield Energy
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High 120s
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November 2012
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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. The day rate for wells spud in the second year of the contract is 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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Malaysia
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Petronas Carigali
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High 110s
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November 2012
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Rig is in the shipyard in Singapore and is expected to commencing operations on a one year contract in November 2011.
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Rig was idle during the month of September 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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Total Qatar
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Low 60s
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February 2012
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The contract includes two priced options with an expected duration of 30 days each at a day rate in the low 60s.
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Wintershall
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Mid 70s
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Customer has the right to exercise an option by January 2012 for one well with an estimated duration of six months.
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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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Mid 70s
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February 2012
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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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Available
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Rig is in the shipyard. Company is considering possible upgrades. Rig was idle for the month of September 2011.
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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 in the shipyard for general maintenance and upgrades and was in the shipyard during the month of September 2011.
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Rig is expected to commence operations in mid November 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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Mid 80s
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November 2014
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Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of September 2011.
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Rig is expected to commence operations in mid November 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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October 2011
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Rig is expected to enter the shipyard in late October 2011. Company is considering possible upgrades.
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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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Mid 80s
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November 2014
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Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of September 2011.
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Rig is expected to commence operations in mid November 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 September 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 September 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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November 2011
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Contract includes a priced option for one additional well estimated for 200 days at a day rate in the low 80s.
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Low 70s
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June 2012
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"*" Denotes Keppel unit design constructed 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.
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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.
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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.
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Revisions to Fleet Status Report Noted in Bold
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