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8-K - 8-K CURRENT REPORT - ROWAN COMPANIES PLCv324429_8k.htm
EX-99.1 - EXHIBIT 99.1 - ROWAN COMPANIES PLCv324429_ex99-1.htm

                               

 

R O W A N    C O M P A N I E S    P L 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  S E P T E M B E R    2 6 ,    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                                
Deepwater #4 (to be named)    12,000       40,000   2014   South Korea   Available           Rig is contracted for construction by HHI with expected delivery at the end of March 2015.
Rowan Reliance      12,000       40,000   2015   South Korea   Available           Rig is contracted for construction by HHI with expected delivery at the end of October 2014.
Rowan Resolute      12,000       40,000   2014   South Korea   Available           Rig is contracted for construction by HHI with expected delivery at the end of June 2014.
Rowan Renaissance      12,000       40,000   2014   South Korea   Shipyard           Rig is contracted for construction by HHI with expected delivery at the end of December 2013.
                West Africa   REPSOL   High 610s   March 2015   Rig is contracted 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 high 610s.  In the event the rig operates in the U.S. Gulf of Mexico during years two and year three, the day rate will be in the mid 610s and mid 620s, respectively.  Alternatively, if the rig operates in West Africa during years two and year three, the day rate will be in the mid 640s and mid 650s, respectively.
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 for contract requirements in October 2012 for approximately 60 days prior to commencing a three and one-half year contract. The first 30 days in the shipyard at zero day rate and the remainder 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   December 2012    
                        Low 320s   April 2013    
                UK N. Sea       Mid 240s   December 2013    
                        Low 250s   January 2014    
                    Available       February 2014    
                 Norway    Lundin    Mid 340s   August 2015    Rig will enter shipyard for inspections and equipment modifications for approximately 30 days prior to commencing its contract for 15 wells estimated to commence operations in the Norwegian sector of the North Sea in Q1 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   Rig was idle for two days during the month of August 2012.
Rowan EXL III            350       35,000   2011   Gulf of Mexico   McMoRan   Low 140s   October 2012    
Rowan EXL II            350       35,000   2011   Trinidad   BP Trinidad   Mid 130s   February 2014   Rig is expected to enter the shipyard in Q3 2013 for approximately 14-21 days for inspections. Company will not realize any day rate revenue during this period. Rig was idle for five days during the month of August 2012.
Rowan EXL I            350       35,000   2010   Indonesia   Hess Indonesia   High 200s   August 2013   Rig is in the shipyard in Singapore for repairs and modifications before commencing operations in mid December 2012 for a 251 day contract. Contract includes two priced options for another 80 days at a day rate in the low 160s. Rig was idle during the month of August 2012.
240C                                
Joe Douglas            375       35,000   2012   Gulf of Mexico   Maritech   Low 150s   September 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. 
                    BP   Low 150s   November 2012    
Ralph Coffman            375       35,000   2009   Egypt   BG Egypt   Low 210s   September 2014   The contract includes a priced option for an additional period of 270 days in the low 200s. Rig was idle for the month of August 2012.
Rowan-Mississippi            375       35,000   2008   Middle East   Saudi Aramco   Low 200s   June 2014   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   October 2012   Rig is expected to enter the shipyard in mid October 2012 for approximately 21 days for inspections.  Company will not realize any day rate revenue during this period.
Hank Boswell            300       35,000   2006   Middle East   Saudi Aramco   High 120s   May 2014   Rig is currently expected to enter the shipyard for approximately 90 days in late Q1 2013 for customer-required well control equipment upgrades. Company will not realize any day rate revenue during this period. 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 90 days in late Q1 2013 for customer-required well control equipment upgrades. Company will not realize any day rate revenue during this period.
Scooter Yeargain            300       35,000   2004   Middle East   Saudi Aramco   High 120s   August 2014   Rig is currently expected to enter the shipyard for approximately 120 days starting late Q1 2013 for customer-required well control equipment and mud pump upgrades. Company will not realize any day rate revenue during this period. Contract includes a priced option for one additional year in the low 180s.
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. Rig was idle for one day during the month of August 2012.
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 repairs and life enhancement.  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   Rig was idle for six days during the month of August 2012.  Rig is expected to enter the shipyard in November 2012 for approximately 21 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.
                        Low 220s   October 2013    
                Norway   ConocoPhillips   Low 350s   August 2017   Following the release of the rig from BG, it is expected to enter the shipyard for approximately 110 days for repairs, upgrades and life enhancement 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   Rig is expected to enter the shipyard in Q3 or Q4 2013 for approximately 21 days for inspections. Company will not realize any day rate revenue during this period.
200C Gorilla                                
Rowan Gorilla IV            450       35,000   1986   Gulf of Mexico   Shipyard       October 2012   Rig is in the shipyard for repairs and modifications. Company will not realize any day rate revenue during this period. Rig was idle during the month of August 2012.
                    Walter Oil & Gas   Mid 160s   October 2013    
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   December 2012   Rig is expected to enter the shipyard in December 2012 for approximately 120 days for repairs and upgrades.  Company will not realize any day rate revenue during this period.
Cecil Provine            300       30,000   1982   Gulf of Mexico   Shipyard       November 2012   Rig is in the shipyard for repairs and modifications until mid November 2012. Company will not realize any day rate revenue during this period. Rig was idle during the month of August 2012.
                    Apache   Mid 70s   January 2013    
                        Mid 80s   April 2013    
Gilbert Rowe            350       30,000   1981   Middle East   Shipyard       March 2013   Rig is in the shipyard for repairs, life enhancement and upgrades. Rig was idle during the month of August 2012.
                    Saudi Aramco   Low 120s   December 2015   Company is subject to a penalty of up to one-half of the day rate for every day beyond December 11, 2012, which is reflected in the indicated day rate. 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   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   Contract includes a priced option for one additional year in the low 90s.
Rowan-Paris            350       30,000   1980   Middle East   Available           Rig was idle during the month of August 2012.
Rowan-Middletown            350       30,000   1980   Middle East   Saudi Aramco   Low 80s   November 2014   Contract includes a priced option for one additional year in the low 90s. Rig is expected to be idle while undergoing repairs in November 2012 for approximately 15 days. Company will not realize any day rate revenue during this period.
Conventional Jack-ups                                
116 Slot                                
Rowan-Juneau            250       30,000   1977   Gulf of Mexico   Available           Rig was idle during the month of August 2012.
84 Slot                                
Rowan-Alaska            350       30,000   1975   Gulf of Mexico   Available           Rig was idle during the month of August 2012.
Rowan-Louisiana            350       30,000   1975   Gulf of Mexico   McMoRan   Low 70s   November 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.