Attached files
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| 8-K - CURRENT REPORT FORM 8-K - ROWAN COMPANIES PLC | v244245_8k.htm |
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ROWAN COMPANIES, INC.
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OFFSHORE RIG FLEET AND CONTRACT STATUS
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As of December 29, 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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Rowan Reliance
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GustoMSC 10,000
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12,000
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40,000
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2015
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Available
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Rig is contracted for construction by HHI with expected delivery in late 2014.
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Rowan Resolute
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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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Rowan Renaissance
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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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Gulf of Mexico
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Apache
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Mid 80s
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January 2012
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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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Available
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Rig was delivered in late December 2011 and will remain in the shipyard until late January 2012 for additional outfitting and crew training. 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. Rig would likely drill one or more shakedown wells prior to commencing McMoRan ultra deep gas work, which is not yet contracted.
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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 200s
Low 250s
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February 2012
October 2012
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Rig commenced operations under the contract at a standby rate at the beginning of December 2011. Contract is for combined drilling and production operations with an initial term of 240 days expected to commence in February 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.
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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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January 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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Norway
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Talisman Norway
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High 330s
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May 2012
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Rig is conducting accommodations work in the Norwegian sector of the North Sea.
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Low 350s
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July 2012
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UK North Sea
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Mid 270s
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April 2013
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Norway
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Low 320s
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June 2013
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Available
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June 2014
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Lundin
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Mid 340s
Mid 350s
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August 2015
November 2016
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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. 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.
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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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March 2012
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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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March 2012
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Rig was idle for three days during the month of November 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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Vietnam
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Petronas Carigali
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High 120s
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June 2012
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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 200s
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June 2014
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Rig commenced operations in late December 2011. The indicated day rate reflects an approximate $21,000 per day penalty for late delivery of the rig. The Company is in the process of filing a formal appeal to Aramco to reverse the penalty. The contract includes a priced option for one additional year in the mid 190s. The rig was idle during the month of November 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 is expected to enter the shipyard for approximately 60 days in late 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
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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 is expected to enter the shipyard for approximately 60 days in early 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
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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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Rig is expected to enter the shipyard for approximately 60 days in late 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.
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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 $6000 per day penalty for late delivery of the rig. The Company is in the process of filing a formal appeal to Aramco to reverse the penalty. 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 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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Low 180s
Mid 200s
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March 2012
March 2013
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Rig was idle for three days during the month of November 2011.
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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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Gulf of Mexico
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Walter Oil & Gas
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Mid 120s
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June 2012
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Rig is in the shipyard for inspections and modifications before commencing operations in mid January 2012. Rig will receive a reduced day rate in the mid 90s for approximately two weeks of the shipyard stay. Rig was idle for three days during the month of November 2011.
We are in discussions with Pemex regarding the application and payment of the day rate charges during the downtime occurring during August, September and October 2011. No day rate revenue was recognized during the periods of downtime.
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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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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. Rig was idle for two days during the month of November 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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Malaysia
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Petronas Carigali
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High 110s
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November 2012
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Rig was idle for four days during the month of November 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 a priced option with an expected duration of 30 days at a day rate in the low 60s.
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Wintershall
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Mid 70s
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August 2012
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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 during the month of November 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 was in the shipyard for contractual upgrades during the month of November 2011. Rig is expected to commence operations in mid January 2012. Rig may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011. Any such penalty would be recognized ratably over the remaining contract period.
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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 was in the shipyard for contractual upgrades during the month of November 2011. Rig is expected to commence operations in mid January 2012. Rig may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011. Any such penalty would be recognized ratably over the remaining contract period.
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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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Available
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Rig is in the shipyard. Company is considering possible upgrades. Rig was idle during the month of November 2011.
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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 was in the shipyard for contractual upgrades during the month of November 2011. Rig is expected to commence operations in late January 2012. Rig may be subject to a penalty of up to one-half of the day rate for every day beyond November 13, 2011. Any such penalty would be recognized ratably over the remaining contract period.
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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 November 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 November 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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Low 70s
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July 2012
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Contract includes a priced option for one additional well estimated for 220 days at a day rate in the low 80s. Rig was idle for eight days during the month of November 2011.
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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.
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