HOUSTON, April 19, 2018 Rowan Companies plc ("Rowan" or
the "Company") (NYSE: RDC) announced today that its report of
drilling rig status and contract information has been updated as of
April 18, 2018. The report
titled "Fleet Status Report" can be found on the Company's website
at www.rowan.com. Rowan intends to provide quarterly updates to
this report in advance of earnings.
Notable changes since the last report:
- Rowan Resolute: Two-well contract awarded from LLOG with
an estimated duration of 85 days. Estimated commencement in late
June / early July 2018. Priced option
for two additional wells.
- Rowan Viking: Two new contracts i) Five-well contract
awarded from Shell UK with an estimated duration of 100 days.
Commencement expected to follow completion of Lundin contract. ii)
Two-well contract awarded from MOL with an estimated duration of
110 days. First well expected to commence following the Shell UK
contract and last approximately 55 days. Anticipate a three to
six-month gap before commencement of the second well. Priced
options for three additional wells.
- Rowan EXL III: Five-well contract commenced March 15, 2018 with an estimated duration of 105
days.
To honor Rowan's rich history, Rowan has renamed our newest
rigs, two LeTourneau Super 116E
jack-up rigs, after late Rowan retirees who significantly
contributed to the Company's success. The P-59 is being renamed
the Bess Brants, after one of the Company's first
employees who retired in 1968 as Secretary – Treasurer and a member
of the Board of Directors for both Rowan
Drilling, Inc. and Rowan Oil Co. The P-60 is being renamed
the Earnest Dees,
honoring a dedicated Rig Manager who retired in 1994 after helping
establish Rowan's international operations and mentoring countless
crew members, many of whom became Rowan leaders in the decades to
come.
Rowan is a global provider of contract drilling services with a
fleet of 27 mobile offshore drilling units, composed of 23
self-elevating jack-up rigs and four ultra-deepwater drillships.
The Company's fleet operates worldwide, including the United States
Gulf of Mexico, the United Kingdom
and Norwegian sectors of the North Sea, the Middle East, and Trinidad. Additionally, the Company is a 50/50
partner in a joint venture with Saudi Aramco, entitled ARO
Drilling, that owns a fleet of five self-elevating jack-up rigs
that operate in the Arabian Gulf. The Company's Class A Ordinary
Shares are traded on the New York Stock Exchange under the symbol
"RDC." For more information on the Company, please visit
www.rowan.com.
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 the anticipated commencement dates and durations of
drilling programs. These forward-looking statements are based on
our current expectations and are subject to numerous 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 and the impact of the economic climate; changes in the
offshore drilling market, including fluctuations in supply and
demand; variable levels of drilling activity and expenditures in
the energy industry; changes in day rates; ability to secure future
drilling contracts; cancellation, early termination or
renegotiation by our customers of drilling contracts; customer
credit and risk of customer bankruptcy; risks associated with fixed
cost drilling operations; unplanned downtime; risks related to our
joint venture with Saudi Aramco, including the timing and amount of
future distributions from the joint venture or contributions to the
joint venture; cost overruns or delays in transportation of
drilling units; cost overruns or delays in maintenance, repairs, or
other rig projects; operating hazards and equipment failure; risks
of collision and damage; casualty losses and limitations on
insurance coverage; weather conditions in the Company's operating
areas; increasing costs of compliance with regulations; changes in
tax laws and interpretations by taxing authorities; hostilities,
terrorism, and piracy; impairments; cyber incidents; the outcomes
of disputes, including tax disputes and legal proceedings; 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.
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SOURCE Rowan Companies plc