ROWAN COMPANIES PLC - FORM 8-K - EX-99.1 - MONTHLY FLEET STATUS REPORT - APRIL 24, 2012 - April 25, 2012

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8-K - CURRENT REPORT - ROWAN COMPANIES PLCv310353_8-k.htm

                             
R O W A N    C O M P A N I E S ,    I N C
M O N T H L Y    F L E E T    S T A T U S    R E P O R T    A S    O F    A P R I L    2 5 ,    2 0 1 2
                                 
Revisions to Fleet Status Report Noted in Bold
                                 
                                 
                    Contract Status  
    Depth (feet)   Year in           Day Rate   Estimated    
Rig Class / Name   Water   Drilling   Service   Location   Customer   (in USD thousands)   Duration   Comments ($ in thousands)
                                 
Ultra Deepwater Drillships                          
GustoMSC 10,000                         
Rowan Reliance   12,000   40,000   2015       Available           Rig is contracted for construction by HHI with expected delivery in late 2014
Rowan Resolute   12,000   40,000   2014       Available           Rig is contracted for construction by HHI with expected delivery in mid 2014
Rowan Renaissance   12,000   40,000   2014       Available           Rig is contracted for construction by HHI with expected delivery in late 2013
                                 
Cantilever Jack-up Rigs:                        
N-Class                                
Rowan Norway * 400   35,000   2011   UK N. Sea   Xcite Energy   Low 250s   November 2012   Contract has 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. The period of production will not exceed 90 days. Xcite has agreed to release the rig following the initial term. Exercise date of the previously reported one year priced option in the low 250s has been deferred to eight months following the date operations under the initial term conclude. Any resulting rig requirement to be filled by an available rig selected by Rowan from the Super Gorilla Class or N-Class. Rig delivery to be within a nine month window commencing fourteen months from the option exercise date.
                Norway   ConocoPhillips   Low 350s   June 2016   Rig is expected to enter the shipyard in November 2012 for approximately 60 days prior to commencing a three and one-half year contract. The first 30 days in the shipyard is at zero day rate and the remainder is at a reduced day rate in the high 330s. The contract includes two priced options estimated at one year each. The first is at a day rate in the low 360s and the second is at a day rate in the low 370s.
Rowan Stavanger * 400   35,000   2011   Norway   Talisman Norway   High 330s   May 2012   Rig is conducting accommodations work in the Norwegian sector of the North Sea
                        Low 350s   September 2012    
                        Mid 310s   December 2012    
                UK N. Sea       Low 240s   June 2013    
                    Available       June 2014    
                    Lundin   Mid 340s   August 2015   Rig is contracted for 15 wells estimated to commence operations in the Norwegian sector of the North Sea in Q2 2014.  In the event the contract extends beyond 1000 days, the day rate increases to the mid 360s for the first 500-day extension and to the mid 370s for the second 500-day extension.  The Company may substitute a comparable rig depending on availability
                        Mid 350s   November 2016  
                               
Rowan Viking * 400   35,000   2011   UK N. Sea   Total UK   High 210s   January 2013   Rig is on standby day rate until operations resume at the Elgin platform
S116-E EXL                                 
Rowan EXL IV   350   35,000   2011   Malaysia   Carigali Hess Operating Company   Low 150s   December 2014   Rig is mobilizing to the Malaysia-Thailand Joint Development Area under contract for approximately 31 months commencing May 2012. Rig was idle for the month of March 2012.
Rowan EXL III   350   35,000   2011   Gulf of Mexico   McMoRan   Low 140s   May 2012    
Rowan EXL II   350   35,000   2011   Trinidad   BP Trinidad   Mid 130s   February 2014    
Rowan EXL I   350   35,000   2010   Gulf of Mexico   McMoRan   Low 140s   April 2012    
                Indonesia   Hess Indonesia High 200s   April 2013   Rig received a Letter of Award from Hess Indonesia for 251 days plus priced options for another 80 days commencing in July 2012.
240C                                 
Joe Douglas   375   35,000   2012   Gulf of Mexico   Rooster Petroleum   Mid 120s   June 2012   Rig has 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 180s.  
Ralph Coffman   375   35,000   2009   Gulf of Mexico   Energy XXI   Mid 120s   May 2012    
                Egypt   BG Egypt   Mid 220s   September 2014   Rig is expected to enter the shipyard in the Gulf of Mexico in May 2012 for approximately 45 days at a reduced day rate in the low 180s, with a reduction to the low 60s if the shipyard time exceeds 45 days. Rig is expected to commence operations in Egypt in September 2012. The contract includes a priced option for one additional well with an expected duration of 270 days in the low 200s.
Rowan-Mississippi   375   35,000   2008   Middle East   Saudi Aramco   Low 200s   June 2014   Company may be subject to penalty of up to one-half of the day rate for every day the rig was late beyond June 15, 2011, or approximately $21,000 per day, which is reflected in the indicated day rate. The Company has submitted a formal appeal to Aramco to reverse the penalty. The contract includes a priced option for one additional year in the mid 190s.
225C Tarzan                                 
J.P. Bussell   300   35,000   2008   Vietnam   Petronas Carigali   High 120s   July 2012    
                        Mid 120s   November 2012    
Hank Boswell   300   35,000   2006   Middle East   Saudi Aramco   High 120s   May 2014   Rig is expected to enter the shipyard for approximately 60-90 days in Q4 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
Bob Keller   300   35,000   2005   Middle East   Saudi Aramco   High 120s   May 2014   Rig is expected to enter the shipyard for approximately 60-90 days in Q3/Q4 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
Scooter Yeargain    300   35,000   2004   Middle East   Saudi Aramco   High 120s   August 2014   Rig is expected to enter the shipyard for approximately 90-120 days in early Q4 2012 for customer-required well control equipment and mud pump upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
224C Super Gorilla XL                      
Bob Palmer    550   35,000   2003   Middle East   Saudi Aramco   Low 270s   June 2014   The indicated day rate reflects an approximate $6000 per day penalty for late delivery of the rig. The Company has submitted a formal appeal to Aramco to reverse the penalty. The contract includes a priced option for one additional year in the mid 290s.
219C Super Gorilla                          
Rowan Gorilla VII    400   35,000   2002   UK N. Sea   Apache   Low 180s   May 2012   The contract includes two (2) six-month options at mutually-agreed rates with a cap of 120% of the current day rate.
Rowan Gorilla VI    400   35,000   2000   UK N. Sea   BG   Low 200s    December 2012   The contract includes priced option for one well estimated for 300 days in the low 220s
                Norway   ConocoPhillips   Low 350s   September 2016   Following the release of the rig from BG, it is expected to enter the shipyard for approximately 60 days prior to commencing a three and one-half year contract in late Q1 2013.  The first 30 days in the shipyard are at zero day rate and the remainder is at a reduced day rate in the high 330s.  The contract includes two priced options estimated at one year each.  The first is at a day rate in the low 360s and the second is at a day rate in the low 370s
Rowan Gorilla V    400   35,000   1998   UK N. Sea   Total   Low 180s   June 2012   Rig is suspending operations before repositioning to drill a relief well at the Elgin platform. Day rate would increase to the mid 200s.
                        Mid 200s    March 2013    
200C Gorilla                                
Rowan Gorilla IV    450   35,000   1986   Gulf of Mexico    Walter Oil & Gas   Mid 120s   June 2012   Rig is expected to enter the shipyard at the conclusion of the current contract for modifications through mid July 2012. Company will not realize any day rate revenue during this period.
                                We are in discussions with Pemex regarding the application and payment of the day rate charges for approximately 60 days of downtime occurring during August through November 2011. No day rate revenue was recognized during the periods of downtime.
Rowan Gorilla III    450   30,000   1984   Trinidad   Niko Resources / Bayfield Energy   Low 130s   November 2012   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.  
Rowan Gorilla II    350   30,000   1984   Malaysia   Petronas Carigali   High 110s   November 2012    
116C                                
Rowan-California   300   30,000   1983   Middle East   Wintershall   Mid 70s   November 2012   Rig was idle for 14 days during the month of March 2012.  
Cecil Provine    300   30,000   1982   Gulf of Mexico   Available     June 2012   Rig has been undergoing spud can inspections since early April 2012.  Rig is expected to enter the shipyard for repairs and upgrades through early June 2012.  Company will not realize any day rate revenue during this period
                    Apache     Mid 70s   July 2012     
                        Mid 80s   October 2012    
Gilbert Rowe    350   30,000   1981   Middle East   Shipyard       December 2012   Rig is in the shipyard for upgrades and was idle during the month of March 2012.
                    Saudi Aramco   Low 120s   December 2015    
Arch Rowan    350   30,000   1981   Middle East   Saudi Aramco   Low 80s   November 2014   Rig was in the shipyard for contractual upgrades for 2 days during the month of March 2012. Company may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011, which is reflected in the indicated day rate. Any such penalty would be recognized ratably over the remaining contract period.
Charles Rowan    350   30,000   1981   Middle East   Saudi Aramco   Low 80s   November 2014   Rig was in the shipyard for contractual upgrades for 12 days during the month of March 2012. Company may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011, which is reflected in the indicated day rate. Any such penalty would be recognized ratably over the remaining contract period.
Rowan-Paris    350   30,000   1980   Middle East   Available           Rig is in the shipyard and was idle during the month of March 2012. Company is considering possible upgrades.
Rowan-Middletown    350   30,000   1980   Middle East   Saudi Aramco   Low 80s   November 2014   Rig was in the shipyard for contractual upgrades during the month of March 2012. Rig commenced operations in late April 2012. Company may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011, which is reflected in the indicated day rate. Any such penalty would be recognized ratably over the remaining contract period.
Conventional Jack-ups                          
116 Slot                                
Rowan-Juneau    250   30,000   1977   Gulf of Mexico   Available           Rig was idle during the month of March 2012.
84 Slot                                
Rowan-Alaska    350   30,000   1975   Gulf of Mexico   Available           Rig was idle during the month of March 2012.
Rowan-Louisiana   350   30,000   1975   Gulf of Mexico   McMoRan   Low 70s   June 2012   Contract includes a priced option for one additional well estimated for 220 days at a day rate in the low 80s.  
                                 

"*" 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.
                                 
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.

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