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ROWAN COMPANIES

Rowan Gorilla V Contract Dispute Is Resolved

Rowan Companies, Inc. reported that an agreement has been reached to resolve a dispute over the Rowan Gorilla V contract between its subsidiary, British American Offshore Limited (BAO), and Amoco (UK) Exploration Company (Amoco UK), now owned by BP p.l.c. The settlement agreement was made between BP Amoco Corporation, BP Amoco p.l.c., BP Exploration Operating Company, BP America, Inc., Amoco (UK) Exploration Company ("Amoco UK"), Amoco Production Company, Amerada Hess Limited, Amerada Hess Corporation and Enterprise Oil p.l.c. (collectively, the "BP Amoco Affiliated Parties") on the one hand, and Rowan Companies, Inc., LeTourneau, Inc. and British American Offshore Limited ("BAO") (collectively, the "Rowan Affiliated Parties") on the other. Without the admission of fault by either party, the essence of the agreement is as follows: "To the extent that any negative allegations and/or communications have been made by any representative of any of the BP Amoco Affiliated Parties relating to Gorilla V, those allegations and communications shall be and are hereby retracted;" the BP Amoco Affiliated Parties shall drop their Application for Permission to Appeal the English Court judgement; the Rowan Affiliated Parties shall dismiss the lawsuit in Houston, Texas; the BP Amoco Affiliated Parties shall pay Rowan a total of $175 million, comprised of $90.8 million previously awarded by the English court plus $84.2 million.


Rowan Wins Contract for Offshore Newfoundland

Rowan Companies, Inc. was awarded a contract to drill two wells on the Grand Banks of Newfoundland, using a Super Gorilla class rig. The contract provides an option for a third well. This assignment, which is subject to certain regulatory approvals, should commence around mid-year and is expected to last into December 2005. After undergoing modifications, Rowan Gorilla VI will be relocated from the Gulf of Mexico to eastern Canada during the second quarter


Rowan Announces Development in Gorilla V Contract Dispute

Rowan Companies, Inc. has learned that on Friday, December 14, Amoco (UK) Exploration Company filed an Application for Permission to Appeal the Judgement handed down by the English Court on November 16, 2001. The English Court of Appeals will now consider, as a preliminary matter, whether or not to grant Amoco permission to appeal. Any substantive appeal will only be allowed to proceed if permission is granted. Amoco has now paid to Rowan's subsidiary, British American Offshore Limited (BAO)


Rowan Announces All Offshore Rigs are Under Contract

Rowan Companies, Inc. announces all six Gorilla Class rigs are now under contract -- Gorillas II, III, IV and VI are operating on well-to-well contracts in the Gulf of Mexico and Gorillas V and VII should commence operation in eastern Canada and the North Sea early in the third quarter. Bob Palmer, Chairman and Chief Executive Officer, commented, "All 24 Rowan offshore rigs are now under contract -- for the first time in over one year


Keppel AmFELS Delivers Third Rowan Rig

Keppel AmFELS Inc., a wholly-owned US subsidiary of Keppel Offshore & Marine Ltd, has delivered the third of four EXL jackup rigs to a subsidiary of Rowan Companies, Inc. ahead of schedule and within budget. The jackup was christened Rowan EXL-III yesterday by Barbara Ladner, spouse of Laron Ladner, Operations Construction Manager and employee of 41 years for Rowan. The rig is scheduled to depart Keppel AmFELS' yard in Brownsville


Ultra-deepwater Drillship Contract for HHI

Rowan Companies exercises option to build a fourth GustoMSC P10,000 design ultra-deepwater drillship with Hyundai Heavy Industries Co., Ltd. The cost for this rig, including commissioning, project management and spares, but excluding capitalized interest, is estimated to be approximately $620 million, with delivery scheduled for March 2015. Rowan plans to equip its drillships with 2,000 feet of additional riser to enable operations in water depths up to 12,000 feet upon delivery


Drilling Rig Status Update from Rowan

Rowan Companies plc gives an update on notable events. EXL I:  Changed day rate to mid $220s (previously mid $210s) due to amortization adjustment. J.P. Bussell:  Rig is expected to be off rate for five days in 1Q 2013. Scooter Yeargain:  Rig is expected to enter the shipyard in January 2013 (previously March 2013) for 105 days (previously 135 days) for customer-required equipment upgrades.


Rowan Announces Construction of New Rigs

Rowan Companies, Inc. announced plans for the construction of two jack-up rigs to add to its offshore fleet. The rigs will be a new design called the LeTourneau 240C. This design has enhanced environmental and drilling capabilities to meet the ever increasing operational requirements of worldwide exploration and production. Each rig will cost approximately $165 million and will be constructed at Rowan's Vicksburg, Mississippi facility


UK Clamp Down on North Sea Drilling Tax Holiday

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A planned change in the way Britain taxes North Sea drillers exposes the loophole in a system that allowed an industry with annual revenues of 2 billion pounds to pay almost no corporation tax for two decades, prompting accusations that the UK tax authority is falling down on the job. The change, announced by Finance Minister George Osborne in March, caps the amount a UK company can deduct from profit for leasing drilling rigs from an overseas unit in the same group


Rowan Contracts to Build Two Drillships

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Rowan Companies, Inc. (NYSE: RDC) announced today that a subsidiary has entered into turnkey contracts for the construction of two ultra-deepwater drillships with a cost of approximately $605 million each. The drillships will be constructed by Hyundai Heavy Industries Co., Ltd. ("HHI") at its Ulsan shipyard, and are expected to be delivered in late 2013 and mid-2014. Matt Ralls, President and Chief Executive Officer, commented


Rowan Viking Rig Upgrade Completed on Schedule

ROWAN VIKING RIG UPGRADE COMPLETED

  Damen Shiprepair Vlissingen, part of Damen Shiprepair & Conversion, has completed a major upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea, in thirty days less than was initially projected by the client. Owner Rowan Companies plc


Rowan Viking Rig Upgrade Completed

Photo courtesy of Damen

Damen Shiprepair Vlissingen, part of Damen Shiprepair & Conversion, has completed the upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea, in thirty days less than was initially projected by the client. Owner Rowan Companies plc


Damen to Convert the Massive 'Rowan Viking' Offshore Rig

Offshore rig leg: Image courtesy of Damen

Damen Shiprepair Vlissingen (DSV), part of Damen Shiprepair & Conversion, says it has been awarded a contract by a subsidiary of Rowan Companies plc to remodel the 'Rowan Viking', a Keppel Fels ‘N’ Class Drilling Rig. The rig


Dron & Dickson Secures Electrical Equipment Contract

Rowan Drilling Gorilla 6 Rig

Dron & Dickson  has secured a two-year contract with Rowan Drilling for a project that will see Dron & Dickson provide lighting and electrical equipment to Rowan Drilling’s offshore assets in the U.K. North Sea for the next two years.


GofM Oil Well Loss of Control Update

Jack-up Rowan Louisiana: Photo courtesy of Rowan Companies

Bureau of Safety and Environmental Enforcement (BSEE) has clarified its earlier announcement concerning the loss of control over a well being drilled by operator EnVen from the jack-up rig 'Rowan Louisiana' in the Gulf of Mexico, saying "that the flow [of natural gas] was diverted overboard


Nautronix Deliver First Systems of $10M Order to Rowan

Rowan Reliance

Nautronix have successfully delivered the first two NASDrill RS925 and NASeBOP (Emergency BOP Acoustic Control) systems from their current order of four systems for two of Rowan’s new ultra-deepwater drillships, the Rowan Relentless and the Rowan Reliance


Keppel Scores S$100 Million Upgrade and Repair Projects

Photo: Keppel

Keppel Offshore & Marine Ltd., through its wholly-owned subsidiaries, Keppel FELS and Keppel Verolme, has secured upgrade and repair contracts totaling about S$100million from repeat customers. Keppel FELS in Singapore will be undertaking the upgrade and modification of a semisubmersible


Nautronix to Supply Rowan’s Third New Ultra-Deepwater Drillship

Nautronix has been awarded another contract to supply NASDrill RS925 deepwater acoustic positioning system, for Rowan’s third new ultra-deepwater drillship. The vessel will be constructed at Hyundai Heavy Industries shipyard in Ulsan, Korea and will be based on a Hyundai Gusto P1000 design


Nautronix Wins DP Contract from Rowan

Nautronix will supply their NASDrill RS925 Positioning System to Rowan’s new Ultra-Deepwater Drillships.   Nautronix have been awarded a contract to supply NASDrill RS925 deepwater acoustic positioning system for Rowan’s new ultra-deepwater drillships


Keppel AmFELS Delivers Rowan Rig Ahead of Schedule

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has completed the delivery of its fourth EXL jack-up rig to a subsidiary of Rowan Companies, Inc. (Rowan) (NYSE: RDC) with a perfect safety record, four months ahead of schedule and within budget


Rowan Authorized to Repurchase Common Stock

Rowan Companies, Inc's board of directors has authorized the company to repurchase up to $100 million in shares of its common stock. Repurchases under this program, effective immediately, will be made through the open market or in privately negotiated transactions


Rowan Elects Two New Executive Officers

Rowan Companies, Inc. (NYSE: RDC) announced that Thomas P. Burke has been appointed to serve as the Company's Chief Operating Officer, and Melanie M. Trent has been appointed to serve as Senior Vice President, Chief Administrative Officer and Corporate Secretary.


Keppel Receives US$8 Million From QGOG For Early Delivery of Alpha Star

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The DSSTM 38 ultra deepwater semisubmersible rig was delivered a record four months ahead of schedule. Keppel FELS Limited (Keppel FELS) has delivered Alpha Star, the second of two DSSTM 38 semisubmersible rigs, to Brazil's Queiroz Galvão Óleo e Gás (QGOG) four months ahead


Keppel Delivers Second KFELS N-Class Jack-up to Rowan

Keppel FELS Limited (Keppel FELS) has delivered the KFELS N-Class jack-up rig, the Rowan Stavanger, to Rowan Companies, Inc. (Rowan) (NYSE: RDC) safely, on time and within budget. The second of three KFELS N-Class rigs being built for Rowan, this high-specification jack-up design is a product of


Keppel AmFELS Delivers Third Rowan Rig

Keppel AmFELS Inc., a wholly-owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the third of four EXL jackup rigs to a subsidiary of Rowan Companies, Inc. (Rowan) ahead of schedule and within budget. The jackup was christened Rowan EXL-III yesterday by Mrs






 
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