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8-K - FORM 8-K - ROWAN COMPANIES PLCv314696_8k.htm

 

 
ROWAN COMPANIES PLC
MONTHLY FLEET STATUS REPORT AS OF MAY 30, 2012
 
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   Low 280s   June 2012   Rig is on a standby accommodations day rate in the Norwegian sector of the North Sea.
                        Low 350s   September 2012   Rig is expected to commence drilling operations in early June 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 commenced operations in early May 2012. Indicated day rate includes amortization of $6 million in mobilization revenue. Rig was idle for the month of April 2012.
Rowan EXL III            350       35,000   2011   Gulf of Mexico   McMoRan   Low 140s   June 2012    
Rowan EXL II            350       35,000   2011   Trinidad   BP Trinidad   Mid 130s   February 2014    
Rowan EXL I            350       35,000   2010   Indonesia   Hess Indonesia   High 200s   April 2013   Rig is scheduled to depart the Gulf of Mexico in mid June 2012 for Singapore and enter the shipyard for repairs and modifications.  Rig is expected to commence operations for a 251 day contract in mid December 2012 in Southeast Asia.  Indicated day rate includes amortization of $12 million in mobilization revenue.  Contract includes two priced options for another 80 days at a day rate in the low 160s.
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.  
                    Energy XXI   Low 140s   August 2012    
Ralph Coffman            375       35,000   2009   Gulf of Mexico   Energy XXI   Mid 120s   June 2012    
                Egypt   BG Egypt   Mid 220s   September 2014   Rig is expected to enter the shipyard in the Gulf of Mexico in June 2012 for approximately 60 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   Rig was idle for two days during the month of April 2012.
                                 
                        Low 250s   November 2014   Indicated day rate of Low 250s thru November 2014 includes rate increase from High 210s to Low 280s in May 2013.
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 on standby rate and is expected to resume operations at West Franklin in late June 2012.
                        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 July 2012.  Company will not realize any day rate revenue during this period.
                        Mid 160s   August 2013   Rig is expected to commence operations at the beginning of August 2012.
                                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    
Cecil Provine             300       30,000   1982   Gulf of Mexico       Shipyard   July 2012   Rig is in the shipyard for repairs and upgrades through early July 2012. Company will not realize any day rate revenue during this period. Rig was idle for 29 days during the month of April 2012.
                    Apache   Mid 70s   September 2012    
                        Mid 80s   December 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 April 2012.
                    Saudi Aramco   Low 120s   December 2015    
Arch Rowan             350       30,000   1981   Middle East   Saudi Aramco   Low 80s   November 2014   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   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 April 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 for 23 days during the month of April 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 April 2012.
84 Slot                                
Rowan-Alaska             350       30,000   1975   Gulf of Mexico   Available           Rig was idle during the month of April 2012.
Rowan-Louisiana            350       30,000   1975   Gulf of Mexico   McMoRan   Low 70s   July 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.