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| 8-K - FORM 8-K - ROWAN COMPANIES PLC | v319857_8k.htm |
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| ROWAN COMPANIES PLC | ||
| MONTHLY FLEET STATUS REPORT AS OF JULY 31, 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 | South Korea | Available | Rig is contracted for construction by HHI with expected delivery in late 2014. | ||||||||||
| Rowan Resolute | 12,000 | 40,000 | 2014 | South Korea | Available | Rig is contracted for construction by HHI with expected delivery in mid 2014. | ||||||||||
| Rowan Renaissance | 12,000 | 40,000 | 2014 | South Korea | Shipyard | Rig is contracted for construction by HHI with expected delivery in late 2013. | ||||||||||
| REPSOL | Rig received a binding Letter of Intent for a three-year global drilling term commencing in Q1 2014. Rig is expected to operate offshore West Africa during the first year at a day rate in the mid 620s. In the event the rig operates in the U.S. Gulf of Mexico the day rate will be in the mid 610s. | |||||||||||||||
| Cantilever Jack-up Rigs: | ||||||||||||||||
| N-Class | ||||||||||||||||
| Rowan Norway | * | 400 | 35,000 | 2011 | UK N. Sea | Xcite Energy | Low 250s | October 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 | May 2016 | Rig is expected to enter the shipyard in October 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 350s | September 2012 | ||||||||
| Mid 310s | January 2013 | |||||||||||||||
| UK N. Sea | Mid 240s | September 2013 | ||||||||||||||
| Norway | Low 320s | January 2014 | ||||||||||||||
| 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 | Low 220s | January 2013 | The contract includes two (2) six-month options at mutually-agreed rates not to exceed a day rate in the mid 240s. | |||||||
| S116-E EXL | ||||||||||||||||
| Rowan EXL IV | 350 | 35,000 | 2011 | Malaysia | Carigali Hess Operating Company |
Low 150s | December 2014 | |||||||||
| Rowan EXL III | 350 | 35,000 | 2011 | Gulf of Mexico | McMoRan | Low 140s | August 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 | August 2013 | Rig is mobilizing to Singapore where it will enter the shipyard for repairs and modifications before commencing operations in mid December 2012 for a 251 day contract. 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. Rig was idle during the month of June 2012. | ||||||||
| 240C | ||||||||||||||||
| Joe Douglas | 375 | 35,000 | 2012 | Gulf of Mexico | Energy XXI | Low 140s | August 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 | Egypt | BG Egypt | Low 210s | September 2014 | Rig is in the shipyard in the Gulf of Mexico for approximately 60 days at a reduced day rate in the low 180s for the first 45 days and then the low 60s thereafter. Rig is expected to commence operations in Egypt in late September 2012. The contract includes a priced option for an additional period of 270 days in the low 200s. Rig was idle for two days during the month of June 2012. | ||||||||
| Rowan-Mississippi | 375 | 35,000 | 2008 | Middle East | Saudi Aramco | Low 200s | June 2014 | The indicated day rate reflects an approximate $21,000 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 190s. | ||||||||
| 225C Tarzan | ||||||||||||||||
| J.P. Bussell | 300 | 35,000 | 2008 | Vietnam | Petronas Carigali | Mid 120s | November 2012 | |||||||||
| Hank Boswell | 300 | 35,000 | 2006 | Middle East | Saudi Aramco | High 120s | May 2014 | Rig is currently 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. Contract includes a priced option for one additional year in the low 180s. | ||||||||
| Bob Keller | 300 | 35,000 | 2005 | Middle East | Saudi Aramco | High 120s | May 2014 | Rig is currently expected to enter the shipyard for approximately 60-90 days in September 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard. Contract includes a priced option for one additional year in the low 170s. | ||||||||
| Scooter Yeargain | 300 | 35,000 | 2004 | Middle East | Saudi Aramco | High 120s | August 2015 | Rig is currently 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. Rig was idle for two days during the month of June 2012. | ||||||||
| 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 $6,000 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 | Mid 250s | March 2015 | Rig is expected to enter the shipyard in late Q1 2013 for approximately 110 days for upgrades. Company will not realize any day rate revenue during this period. | ||||||||
| Rowan Gorilla VI | 400 | 35,000 | 2000 | UK N. Sea | BG | Low 200s | December 2012 | |||||||||
| Low 220s | October 2013 | Rig is expected to enter the shipyard in January 2013 for approximately 14 days for inspections. Company will receive day rate revenue for three days while the rig is in the shipyard. The remaining period will be at zero day rate. | ||||||||||||||
| Norway | ConocoPhillips | Low 350s | July 2017 | Following the release of the rig from BG, rig is expected to enter the shipyard for approximately 60 days prior to commencing a three and one-half year contract in early Q1 2014. 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 | Mid 200s | June 2013 | |||||||||
| 200C Gorilla | ||||||||||||||||
| Rowan Gorilla IV | 450 | 35,000 | 1986 | Gulf of Mexico | Shipyard | September 2012 | Rig is in the shipyard for modifications. Company will not realize any day rate revenue during this period. Rig was idle for nine days during the month of June 2012. | |||||||||
| Walter Oil & Gas | Mid 160s | September 2013 | ||||||||||||||
| 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 | December 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 | October 2012 | Rig is in the shipyard for repairs and upgrades through October 2012. Company will not realize any day rate revenue during this period. Rig was idle during the month of June 2012. | |||||||||
| Apache | Mid 70s | December 2012 | ||||||||||||||
| Mid 80s | March 2013 | |||||||||||||||
| 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 June 2012. | |||||||||
| Saudi Aramco | Low 120s | December 2015 | Contract includes a priced option for one additional year in the low 100s. | |||||||||||||
| 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. Contract includes a priced option for one additional year in the low 90s. | ||||||||
| Charles Rowan | 350 | 30,000 | 1981 | Middle East | Saudi Aramco | Low 80s | November 2014 | Indicated day rate reflects an approximate $4,000 per day penalty for late delivery of the rig. Contract includes a priced option for one additional year in the low 90s. Rig was idle for six days during the month of June 2012. | ||||||||
| Rowan-Paris | 350 | 30,000 | 1980 | Middle East | Available | Rig was idle during the month of June 2012. | ||||||||||
| Rowan-Middletown | 350 | 30,000 | 1980 | Middle East | Saudi Aramco | Low 80s | November 2014 | Indicated day rate reflects an approximate $6,000 per day penalty for late delivery of the rig. Contract includes a priced option for one additional year in the low 90s. | ||||||||
| Conventional Jack-ups | ||||||||||||||||
| 116 Slot | ||||||||||||||||
| Rowan-Juneau | 250 | 30,000 | 1977 | Gulf of Mexico | Available | Rig was idle during the month of June 2012. | ||||||||||
| 84 Slot | ||||||||||||||||
| Rowan-Alaska | 350 | 30,000 | 1975 | Gulf of Mexico | Available | Rig was idle during the month of June 2012. | ||||||||||
| Rowan-Louisiana | 350 | 30,000 | 1975 | Gulf of Mexico | McMoRan | Low 70s | August 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.