Attached files
| file | filename |
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| 8-K - FORM 8-K - ROWAN COMPANIES PLC | v326964_8k.htm |
| EX-99.1 - EXHIBIT 99.1 - ROWAN COMPANIES PLC | v326964_ex99-1.htm |
| EX-99.2 - EXHIBIT 99.2 - ROWAN COMPANIES PLC | v326964_ex99-2.htm |
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| 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 O C T O B E R 3 1 , 2 0 1 2 |
| Revisions to Fleet Status Report Noted in Bold |
| Contract Status | |||||||||||||||||||||||||||||
| Estimated Planned Off Rate Days (4) | |||||||||||||||||||||||||||||
| Depth (feet) | Year in | Day Rate (2) | Estimated | 2012 | 2013 | ||||||||||||||||||||||||
| Rig Class (1) / Name | Water | Drilling | Service | Location | Customer | (in USD thousands) | Duration (3) | 4Q | 1Q | 2Q | 3Q | 4Q | Priced Options | Comments ($ in thousands) | |||||||||||||||
| Ultra Deepwater Drillships | |||||||||||||||||||||||||||||
| GustoMSC 10,000 | |||||||||||||||||||||||||||||
| Drillship #4 (to be named) | 12,000 | 40,000 | 2015 | 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 | Norway | ConocoPhillips | Low 350s | May 2016 | 30 | -- | -- | -- | -- | Two one year options at higher than current day rates. | Rig is in the shipyard for contract requirements and is expected to commence operations in mid December 2012 on a three and one-half year contract with Conoco Phillips. | |||||||||||||||
| Prior customer has a one year priced option in low 250s with an exercise date not later than eight months following October 6, 2012 and subject to other terms and conditions. Any resulting rig requirement to be filled by an available rig selected by Rowan from the Super Gorilla Class or N-Class. | |||||||||||||||||||||||||||||
| Rowan Stavanger | 400 | 35,000 | 2011 | Norway | Talisman Norway | Mid 310s | December 2012 | -- | In the event the rig operates in the U.K. sector of the North in 2013, the day rate will be in the mid 240s. | ||||||||||||||||||||
| Low 320s | January 2014 | -- | |||||||||||||||||||||||||||
| Norway | Lundin | Mid 340s | August 2015 | 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. | Rig will enter shipyard for inspections and equipment modifications for approximately 30 days prior to commencing its contract with Lundin for 15 wells estimated to commence operations in the Norwegian sector of the North Sea in Q1 2014. 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 | -- | -- | -- | -- | 35 | Two six-month options at mutually agreed rates not to exceed the mid 240s. | Expected 4Q 2013 off rate time for inspections. | |||||||||||||||
| EXL | |||||||||||||||||||||||||||||
| Rowan EXL IV | 350 | 35,000 | 2011 | Malaysia | Carigali Hess | Low 150s | December 2014 | -- | -- | -- | -- | -- | |||||||||||||||||
| Rowan EXL III | 350 | 35,000 | 2011 | Gulf of Mexico | McMoRan | Low 140s | November 2012 | -- | -- | -- | 20 | -- | Expected 3Q 2013 off rate time for inspections. | ||||||||||||||||
| Rowan EXL II | 350 | 35,000 | 2011 | Trinidad | BP Trinidad | Mid 130s | February 2014 | -- | -- | -- | 20 | -- | Expected 3Q 2013 off rate time for inspections. | ||||||||||||||||
| Rowan EXL I | 350 | 35,000 | 2010 | Indonesia | Hess Indonesia | High 200s | August 2013 | 21 | -- | -- | -- | -- | Two 40 day options each in the low 160s. | Rig went on a reduced move rate in the mid 150s in October 2012 and is expected to commence operations in mid November 2012. | |||||||||||||||
| 240C | |||||||||||||||||||||||||||||
| Joe Douglas | 375 | 35,000 | 2012 | Gulf of Mexico | BP | Low 150s | January 2013 | -- | -- | ||||||||||||||||||||
| LLOG | Low 160s | April 2013 | -- | -- | -- | -- | Rig has a verbal commitment from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a mutually agreed day rate. | ||||||||||||||||||||||
| Ralph Coffman | 375 | 35,000 | 2009 | Egypt | BG Egypt | Mid 210s | September 2014 | -- | -- | -- | -- | -- | 270 days in the low 200s. | ||||||||||||||||
| Rowan-Mississippi | 375 | 35,000 | 2008 | Middle East | Saudi Aramco | Low 200s | June 2014 | -- | -- | -- | -- | 25 | One year option in the mid 190s. | Expected 4Q 2013 off rate time for inspections and survey. | |||||||||||||||
| 225C Tarzan | |||||||||||||||||||||||||||||
| J.P. Bussell | 300 | 35,000 | 2008 | Vietnam | Petronas Carigali | Mid 120s | November 2012 | 20 | -- | -- | -- | -- | Rig is expected to enter the shipyard in Malaysia in early November 2012 for 20 days off rate time for inspections. | ||||||||||||||||
| Hank Boswell | 300 | 35,000 | 2006 | Middle East | Saudi Aramco | High 120s | May 2014 | -- | 30 | 75 | -- | -- | One year option at higher than current day rates. | Rig is currently expected to enter the shipyard in March 2013 for customer-required well control equipment upgrades. | |||||||||||||||
| Bob Keller | 300 | 35,000 | 2005 | Middle East | Saudi Aramco | High 120s | May 2014 | -- | 30 | 75 | -- | -- | Rig is currently expected to enter the shipyard in March 2013 for customer-required well control equipment upgrades. | ||||||||||||||||
| Scooter Yeargain | 300 | 35,000 | 2004 | Middle East | Saudi Aramco | High 120s | August 2014 | -- | 30 | 105 | -- | -- | One year option at higher than current day rates. | Rig is currently expected to enter the shipyard in March 2013 for customer-required well control equipment and mud pump upgrades. | |||||||||||||||
| 224C Super Gorilla XL | |||||||||||||||||||||||||||||
| Bob Palmer | 550 | 35,000 | 2003 | Middle East | Saudi Aramco | Low 270s | June 2014 | -- | 20 | -- | -- | -- | One year option at higher than current day rates. | Expected 1Q 2013 off rate time for inspections. | |||||||||||||||
| 219C Super Gorilla | |||||||||||||||||||||||||||||
| Rowan Gorilla VII | 400 | 35,000 | 2002 | UK N. Sea | Apache | Mid 250s | March 2015 | -- | 20 | 90 | -- | -- | Rig is expected to enter the shipyard in late 1Q 2013 for repairs and upgrades. | ||||||||||||||||
| Rowan Gorilla VI | 400 | 35,000 | 2000 | UK N. Sea | BG | Low 200s | November 2012 | 20 | Expected 4Q 2012 off rate time for inspections. | ||||||||||||||||||||
| Low 220s | August 2013 | -- | -- | 35 | 60 | Rig is expected to enter the shipyard in 3Q 2013 for repairs and upgrades. | |||||||||||||||||||||||
| Norway | ConocoPhillips | Low 350s | June 2017 | Two one year options at higher than current day rates. | Rig is expected to commence operations in early 1Q 2014. | ||||||||||||||||||||||||
| Rowan Gorilla V | 400 | 35,000 | 1998 | UK N. Sea | Total | Mid 200s | June 2013 | -- | -- | -- | 20 | -- | Expected 3Q 2013 off rate time for inspections and special survey. | ||||||||||||||||
| 200C Gorilla | |||||||||||||||||||||||||||||
| Rowan Gorilla IV | 450 | 35,000 | 1986 | Gulf of Mexico | Walter Oil & Gas/LLOG | Mid 160s | October 2013 | 11 | -- | -- | -- | -- | Rig commenced operations in mid October 2012. | ||||||||||||||||
| Rowan Gorilla III | 450 | 30,000 | 1984 | Trinidad | Niko Resources / Bayfield Energy/EOG | Low 130s | May 2013 | -- | -- | -- | -- | -- | Up to a total of seven wells and one recompletion estimated at 10 months cumulative in the low 130s. | ||||||||||||||||
| Rowan Gorilla II | 350 | 30,000 | 1984 | Malaysia | Petronas Carigali | High 110s | November 2012 | -- | |||||||||||||||||||||
| Mid 130s | June 2013 | -- | -- | -- | -- | -- | |||||||||||||||||||||||
| 116C | |||||||||||||||||||||||||||||
| Rowan-California | 300 | 30,000 | 1983 | Middle East | Wintershall | Mid 70s | January 2013 | -- | 75 | 75 | -- | -- | Rig is expected to enter the shipyard in January 2013 for repairs and upgrades. | ||||||||||||||||
| Cecil Provine | 300 | 30,000 | 1982 | Gulf of Mexico | Shipyard | November 2012 | 45 | Rig is in the shipyard for repairs and modifications. | |||||||||||||||||||||
| Apache | Mid 70s | January 2013 | 15 | Rig is expected to commence operations mid November 2012. | |||||||||||||||||||||||||
| Mid 80s | April 2013 | -- | -- | -- | -- | ||||||||||||||||||||||||
| Gilbert Rowe | 350 | 30,000 | 1981 | Middle East | Shipyard | April 2013 | 92 | 90 | 6 | Rig is in the shipyard for repairs, life enhancement and upgrades. | |||||||||||||||||||
| Saudi Aramco | Low 120s | December 2015 | -- | -- | -- | One year option in the low 100s. | 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. | ||||||||||||||||||||||
| Arch Rowan | 350 | 30,000 | 1981 | Middle East | Saudi Aramco | Low 80s | November 2014 | -- | -- | -- | -- | -- | One year option at higher than current day rates. | ||||||||||||||||
| Charles Rowan | 350 | 30,000 | 1981 | Middle East | Saudi Aramco | Low 80s | November 2014 | -- | 25 | -- | -- | -- | One year option at higher than current day rates. | Expected late 1Q 2013 off rate time for repairs and inspections. | |||||||||||||||
| Rowan-Paris | 350 | 30,000 | 1980 | Middle East | Available | ||||||||||||||||||||||||
| Rowan-Middletown | 350 | 30,000 | 1980 | Middle East | Saudi Aramco | Low 80s | November 2014 | -- | 25 | -- | -- | -- | One year option at higher than current day rates. | Expected late 1Q 2013 off rate time for repairs and inspections. | |||||||||||||||
| Conventional Jack-ups | |||||||||||||||||||||||||||||
| 116 Slot | |||||||||||||||||||||||||||||
| Rowan-Juneau | 250 | 30,000 | 1977 | Gulf of Mexico | Available | ||||||||||||||||||||||||
| 84 Slot | |||||||||||||||||||||||||||||
| Rowan-Alaska | 350 | 30,000 | 1975 | Gulf of Mexico | Available | ||||||||||||||||||||||||
| Rowan-Louisiana | 350 | 30,000 | 1975 | Gulf of Mexico | McMoRan | Low 70s | November 2012 | -- | -- | -- | -- | -- | |||||||||||||||||
(1) Rig Class denotes Keppel unit design constructed at Keppel FELS shipyard in Singapore for N-Class units. 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. Rowan EXL is an enhanced version of the Super 116E class. (2) Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues. (3) Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. (4) The estimated planned off rate represents those days where a rig will not be available to earn any revenue and includes operational downtime for historical periods and excludes mechanical downtime for forecasted periods.
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.
Statements herein that are not historical facts are 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 business, financial performance and prospects of the Company. These forward-looking statements are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, variations in energy demand, changes in day rates, cancellation by our customers of drilling contracts or letter agreements or letters of intent for drilling contracts or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair or transportation of rigs, maintenance and repair costs, costs or delays for conversion or upgrade projects, operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on insurance coverage, customer credit and risk of customer bankruptcy, conditions in the general economy and energy industry, weather conditions and severe weather in the Company’s operating areas, increasing complexity and costs of compliance with environmental and other laws and regulations, changes in tax laws and interpretations by taxing authorities, civil unrest and instability, terrorism and hostilities in our areas of operations that may result in loss or seizure of assets, the outcome of disputes and legal proceedings, effects of the change in our corporate structure, and other risks disclosed in the Company’s filings with the U.S. Securities and Exchange Commission. Each forward-looking statement speaks only as of the date hereof, and the Company expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law.