Rowan Nets Contract Offshore Saudi Arabia
Rowan Companies announced that its Tarzan Class jack-up, Bob Keller, has been awarded a term drilling contract for work offshore Saudi Arabia. The contract provides for a three-year term, over which the Company expects total revenues of approximately $201 million, and contains an option for a fourth year. The Bob Keller recently concluded work in the Gulf of Mexico and is en route to the Middle East. The rig is expected to commence drilling operations during the second quarter of 2008. Danny McNease, Rowan Chairman and Chief Executive Officer, commented, "We are pleased to grow our relationship with Saudi Aramco and again want to thank Rawabi Trading & Contracting Co. Ltd. for their continuing assistance. Just two years ago, we re-entered the Middle East market after a 25-year absence.
Rowan Obtains Drilling Contracts in Saudi Arabia
Rowan Companies, Inc. was awarded term drilling contracts by the Saudi Arabian Oil Company (Saudi ARAMCO) for two Tarzan Class jack-up drilling rigs to begin operating offshore Saudi Arabia in 2007. Each contract is for a four-year term. The relocation of the two rigs from the Gulf of Mexico will begin in January 2007 and the rigs should be operational in Saudi Arabia by the end of the first quarter. Rowan estimates that revenues from the contracts will be in excess of $550m. Danny McNease, Chairman and Chief Executive Officer, commented, "We are pleased to expand our relationship with Saudi ARAMCO and again want to thank Rawabi Trading & Contracting Co. Ltd. for their assistance.
