Current Report Filing (8-k)
September 16 2016 - 12:01PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): September 15, 2016
Rowan Companies plc
(Exact name of registrant as specified in
its charter)
England and Wales
(State or Other Jurisdiction of
Incorporation or Organization)
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1-5491
(Commission File Number)
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98-1023315
(I.R.S. Employer
Identification Number)
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Rowan
Companies plc
2800 Post Oak Boulevard
Suite 5450
Houston, Texas
(Address of Principal Executive Offices)
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77056-6189
(Zip Code)
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Registrant’s telephone number, including
area code:
(713) 621-7800
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 Regulation FD
On September 15, 2016, Rowan Companies
plc (“Rowan”) issued a press release announcing that it had entered into an amendment of the
Rowan Reliance
drilling contract with Cobalt International Energy, L.P. The press release is attached as Exhibit 99.1 to this Form 8-K.
Item 8.01 Other Events.
On September 15, 2016, Rowan, through
a wholly owned subsidiary, amended its contract with its customer, Cobalt International Energy, L.P. (“Cobalt”),
for the drillship
Rowan Reliance
, which contract was scheduled to conclude on February 1, 2018.
The amendment provides that Rowan will
receive cash payments totaling approximately $96 million, that the rig remains at its current day rate of approximately $582,000
and that the drilling contract may be terminated as early as March 31, 2017. Rowan received a cash payment of $45 million
on September 15, 2016, will receive an additional cash payment of approximately $31 million on October 3, 2016, and will
receive the final cash payment of approximately $20 million on or before March 31, 2017. In addition, if Cobalt continues its
operations with the
Rowan Reliance
after March 31, 2017, the day rate will be reduced to approximately $262,000 per day
for the remaining operating days through February 1, 2018 (subject to further adjustment thereafter). Cobalt International Energy,
Inc., the parent of Cobalt, also committed to use Rowan as its exclusive provider of comparable drilling services for a period
of five years.
Item 9.01 Financial Statements and Exhibits.
Exhibit
No.
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Description
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99.1
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Press release
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 16, 2016
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Rowan Companies plc
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By:
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/s/ Melanie M. Trent
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Melanie M. Trent
Executive Vice President, General Counsel,
Chief Administrative Officer and Company Secretary
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Index to Exhibits
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