Attached files
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| 8-K - ROWAN COMPANIES PLC | v215970_8-k.htm |
| EX-99.2 - ROWAN COMPANIES PLC | v215970_ex99-2.htm |
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ROWAN COMPANIES, INC.
OFFSHORE RIG FLEET AND CONTRACT STATUS
As of March 25, 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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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 late 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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2011
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Gulf of Mexico
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McMoRan
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Rig is under construction with delivery expected in September 2011. Received a verbal commitment from McMoRan for one ultra deep gas well in Gulf of Mexico (approximately one year) at a day rate in the low 180s.
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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 June 2011. Contract executed 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 by the date of shipyard delivery of the rig. The first installments of $15 million was received on February 17, 2011 and the second $15 million installment was received on February 25, 2011. 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 80s
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April 2011
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Low 140s
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May 2012
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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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Low 300s
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August 2011
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Rig completed construction in January 2011 and arrived in Stavanger, Norway in March 2011. Rig received an LOI for approximately 120 to 150 days for accommodation work in the Norwegian Sector of the North Sea. Commencement date is expected to occur in June 2011 upon receipt of Norwegian regulatory approval. Rig received a second LOI to drill three wells in the Norwegian sector of the North Sea at a day rate in the 310s and one well in the UK sector at a day rate in the low 240s. The combined duration for all four wells is expected to be 306 days commencing December 2011.
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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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November 2012
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Rig received an LOI from Total UK for approximately nineteen months estimated to commence in early April 2011 at day rate in the low 220s. Rig is in the shipyard undergoing modifications for Total UK.
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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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July 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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April 2011
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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 expected to depart GOM in Q3 2011 and commence operations on three-year contract in Q4 2011. If Ralph Coffman is further delayed the Company may substitute the Rowan Mississippi for Saudi Aramco work depending on which rig is released first. Day rate is subject to penalty of one half of the day rate for every day rig is late beyond June 15, 2011. The Contract includes a priced option for one additional year in the mid 190s.
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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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Egypt
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Available
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Rig was idle during the month of February 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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Gulf of Mexico
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McMoRan
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Low 180s
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April 2011
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Received a verbal commitment from McMoRan for one additional ultra deep gas well in the Gulf of Mexico (approximately one year) at a day rate in the low 180's commencing April 2011. See Ralph Coffman comment. If the Rowan Mississippi is substituted for the Ralph Coffman Saudi Aramco work, the Ralph Coffman will drill the additional ultra deep gas well.
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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 190s
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April 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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Low 180s
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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 190s
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April 2011
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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 late Q2 2011. Rig was idle during the month of February 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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December 2011
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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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High 90s
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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 January 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 110s
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June 2011
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Rig was idle during the month of February 2011.
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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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ADTI
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Mid 80s
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May 2011
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Rig is idle while undergoing scheduled regulatory inspections before commencing operations with ADTI expected in late March 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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Wintershall
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Mid 70s
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November 2011
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The Contract includes a priced option for one additional well at the same rate.
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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 60s
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June 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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May 2011
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Rig is expected to enter the shipyard in May 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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Available
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Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of February 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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Available
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Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of February 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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Available
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Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of February 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 February 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 February 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. Rig was idle for 16 days during the month of February 2011.
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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.
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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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