HOUSTON, June 18, 2018 /PRNewswire/ -- Rowan Companies plc
("Rowan" or the "Company") (NYSE: RDC) announced today that the
Bob Palmer, a Super Gorilla XL Class jack-up rig, has been
leased to ARO Drilling, the Company's joint venture with Saudi
Aramco, to fulfill a three-year contract that ARO Drilling has been
awarded by Saudi Aramco. The Bob Palmer was operating for
Saudi Aramco in Saudi Arabia and
will now do so through ARO Drilling.
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 to terms or commencement date of any lease
arrangements between the Company and ARO Drilling. 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