Rowan Companies Plc News

Offshore drilling contractor Rowan Companies plc announced Monday that its drillship Rowan Reliance has been awarded a contract in the U.S. Gulf of Mexico by Fieldwood Energy LLC.The contract is for a firm term of one year plus three 90-day options, and is expected to commence the first quarter of 2019. The R-Class ultra-deepwater Rowan Reliance is currently warm stacked offshore Louisiana in the U.S. Gulf of Mexico.Tom Burke, Rowan's president and CEO, said, "We are excited to continue our long-standing relationship with Fieldwood, a premier offshore operator, and look forward to a successful, long-term partnership with this major player in the Gulf of Mexico."In addition, Cantium has extended its previously announced contract for the EXL III in the U.S. Gulf of Mexico by three months.

Rowan Companies plc announced that the Rowan EXL III, an EXL Class high specification jack-up rig, has been awarded a six-month contract from Cantium in the U.S. Gulf of Mexico.The contract is expected to commence in early November 2018. The EXL III is currently under contract with Cantium in the U.S. Gulf of Mexico through mid to late August 2018. 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…

Contract drilling services provider Rowan Companies plc announced that the one of its R-Class drillships, Rowan Relentless, has been awarded a contract by ExxonMobil to drill a prospect in the U.S. Gulf of Mexico.The contract is expected to commence in September 2018 and last for 80 days, followed by four one-well, priced options.

Offshore driller Rowan Companies plc said it has purchased two LeTourneau Super 116E jack-up rigs, the P-59 and P-60, both delivered new into service in 2013, in a public auction from a subsidiary of Petroleo Brasileiro S.A. for $38.5 million per unit. As reported in May 2017, Rowan was the high bidder in a Petrobras public auction with a bid price of $30 million per rig. While the high bid was not accepted by Petrobras, after negotiations, both parties agreed to the revised price. Rowan sad it intends to mobilize the jack-ups to the Middle East from their current location in Brazil in late first quarter 2018. Tom Burke, President and Chief Executive Officer, said, “We consider this purchase an opportunistic investment, made near a cyclical low, at a highly attractive price.

ARO Drilling, a 50/50 joint venture between Rowan Companies plc and the Saudi Arabian Oil Company (Saudi Aramco), commenced operations on October 17, 2017. As part of the initial startup of ARO Drilling, Rowan and Saudi Aramco contributed equal amounts of cash into the joint venture. Following these contributions, Rowan sold three of its jack-up drilling rigs to ARO Drilling, including the J.P. Bussell, which was previously idle, and Saudi Aramco sold one of its jack-up drilling rigs to ARO Drilling. Following the purchase of these drilling rigs, ARO Drilling distributed excess cash in the amount of approximately $88 million to each of Rowan and Saudi Aramco maintaining each party's 50% ownership interests in the joint venture.

With the support of Palfinger systems JUMP technology, Damen Shiprepair Vlissingen has completed an upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea, in 30 days less than was initially projected by the client. Rig owner Rowan Companies Plc projected that the work on the Rowan Viking would require 130 days, but due to the application of innovative project planning techniques and highly specialized equipment Dutch shipyard Damen was able to reduce this by nearly 25 percent.

Rowan Companies plc informed today that its monthly report of drilling rig status and contract details have been updated as of November 20, 2014. Rowan Louisiana: As previously indicated, awarded a one-well contract with an estimated minimum duration of 45 days with EnVen in the Gulf of Mexico at $85,000 per day, which commenced in mid-November 2014. Rowan Resolute: As previously indicated, commenced operations on October 16, 2014 in the US Gulf of Mexico. Increased previously planned 4Q 2014 off rate time by 20 days to a total of 27 days in order to complete certain commissioning tasks. Rowan Gorilla VI: As previously indicated, commenced operations in early September 2014. Increased off rate time by 19 days to a total of 26 days during 4Q 2014.

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. projected that the work on the Rowan Viking would require 130 days, but through the application of innovative project planning techniques and highly specialised equipment Damen was able to reduce this by nearly 25 percent. The scope of the project involved the extension of the three legs by 10 metres to 180 metres, a five-yearly special periodic survey and bringing the rig up to standard for the AoC (acknowledgement of compliance) certification required by the Norwegian authorities.

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. projected that the work on the Rowan Viking would require 130 days, but through the application of innovative project planning techniques and highly specialized equipment Damen was able to reduce this by nearly 25 percent.

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, which at 124 (l) x 95 (w) x 170 (h) metres is one of the largest of its type. Damen explains that because  the leg extension work will be done at great heights, DSV has contracted Palfinger Systems to use the latter’s unique JUMP Systems. JUMP stands for Jack Up Maintenance Platform. These are platforms that can be built around, and moved up and down, the legs. Mammoet’s largest PTC cranes will be used to hoist the 120-tonne leg extensions. The crane will be more than 200 metres high (nearly four times the height of the covered dock at the shipyard in Vlissingen).

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. The rig-leasing units are typically based in countries where their income is taxed lightly or not at all. A Reuters review of company accounts, shipping registers and other company statements…

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. Gorilla VI:  Off rate time in 4Q 2012 was eight days instead of the previously expected 25 days. Cecil Provine:  Off rate time in 4Q 2012 was 49 days instead of the previously expected 57 days. Rowan Norway:  Rig is currently in the shipyard for contract requirements and is expected to commence operations early January 2013 (previously mid December 2012).