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Cecil Provine News

05 Jan 2018

Rowan Buys Two Jack-up Rigs from Petrobras

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.

23 Dec 2012

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. 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).