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Saturday, January 20, 2018

Rowan Companies News

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.

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. These repurchases may be commenced or suspended from time to time without prior notice. Rowan Companies, Inc. is a major provider of international and domestic contract drilling services with a leading position in high-specification jack-up rigs. The Company's fleet of 29 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, and the Gulf of Mexico.

Rowan Announces New Drilling Commitments

Rowan Companies, Inc. announced that it has signed a drilling contract for one of its Gorilla class rigs for approximately six months of work offshore eastern Canada that should begin in mid 2009.The company has committed either the Rowan Gorilla II or Rowan Gorilla III to this assignment, depending on first availability, and expects total revenues, including mobilization and modification fees, of approximately $56m. A six-month commitment for CNR expected to commence by the third quarter of 2009 and generate $55 million of drilling revenues. A subsequent six-month extension for BG expected to occur in 2010 and generate $55m of drilling revenues. Rowan Companies, Inc. is a major provider of international and domestic contract drilling services.

Jack-up Rig Gorilla VII Loaded in Rotterdam

The Rowan Gorilla VII Jack-up rig that was built by the Marathon LeTourneau Super Gorilla was loaded in the , The Netherlands, on board Mighty Servant 1. The operation started at 7.00 A.M. and the Rowan Gorilla VII was in position and lifted out of the water. The Mighty Servant 1 will depart for . After its voyage the Gorilla VII Jack-up rig will be discharged in . The Jack-up rig is operated by Rowan Companies Inc. The Rowan Gorilla VII is both a very large and heavy cargo: its overall length is 121.43 meters.

Rowan Wins North Sea Contract

Rowan Companies won a term drilling contract for use of the Rowan Gorilla VII in the North Sea commencing in August 2005. The contract provides for a one-year term with a minimum work commitment of nine months, and includes an option for a second year. Rowan estimates that contract revenues, based on a one-year term, will be approximately $65 million. As previously reported, Gorilla VII is currently carrying out decommissioning activities on the Ardmore Field in the North Sea which the Company expects to conclude during July.

Rowan - Ralls CEO, Lentz COB

Rowan Companies, Inc. (NYSE: RDC) announced that, effective January 1, 2009, its Board of Directors has named W. Matt Ralls as the company's new President, Chief Executive Officer and member of the Board of Directors, succeeding D.F. McNease, who announced his retirement in late October 2008. Mr. Ralls, 59, most recently served as Executive Vice President and Chief Operating Officer of GlobalSantaFe Corporation, an international contract drilling company, from June 2005 until the completion of the merger of GlobalSantaFe with Transocean, Inc. in November 2007. Prior to that time Mr. Ralls served as Senior Vice President and CFO of GlobalSantaFe. He joined Global Marine, Inc.

Rowan Extends North Sea Contract for Gorilla VII

Rowan Companies, Inc. has entered into a one-year extension of its drilling contract for the Rowan Gorilla VII in the North Sea. Gorilla VII is currently working offshore Denmark under a one-year term contract that contained an option for a second year. By the exercise of the option, the rig's commitment is now extended to August 2007. The extension will generate additional drilling revenues of approximately $93 million.

$45M Oil Well Contract for Trinidad

Rowan Companies announced a $45m contract to drill four offshore oil wells in Trinidad and Tobago. The Rowan Gorilla III will soon relocate to Trinidad to begin a one-year term contract. The new contract is with another operator and should extend the rig's stay in the area by about six months to March 2008. The company expects the new contract will generate approximately $45m of drilling revenues. (Source: Caribbean360.com)

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.

Rowan Enters Guilty Plea

Rowan Companies, Inc. (NYSE:RDC) announced that, pursuant to a plea agreement with the United States Department of Justice (DOJ), it entered guilty pleas to three felony counts in the United States District Court for the Eastern District of Texas, in connection with environmental violations related to maintenance and operations of the offshore drilling rig Rowan-Midland during the period from 2002 through 2004. The Rowan-Midland was sold by the company in January 2007. Specifically, the Company pleaded guilty to (i) causing the discharge of a pollutant, abrasive sandblast media, into U.S. navigable waters, thereby violating the Clean Water Act, (ii) failing to immediately report the discharge of waste hydraulic oil into U.S.

Rowan Rig is Missing

Rowan Companies, Inc. completed an initial aerial survey of its 22 rigs in the Gulf of Mexico. All of the company's rigs were located, with the exception of the Rowan-New Orleans. The company is undertaking efforts to locate the rig and fears it may have capsized and sunk offshore Louisiana. Rowan's other rigs in the area appear to have sustained minimal damage but a complete evaluation of their condition will require a closer inspection upon the return of the company's drilling personnel. The Rowan-New Orleans was a LeTourneau 52-class slot jack-up rig. The rig had been secured at its pre-storm location in Main Pass Block 185 and all personnel were evacuated prior to the arrival of Hurricane Katrina.

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 estimates that revenues from this contract will be as much as $26 million, depending upon the duration of the assignment. Danny McNease, Chairman and Chief Executive Officer…

Rowan 3Q Operating Results

For the three months ended September 30, 2008, Rowan Companies, Inc. (NYSE: RDC) generated net income of $114.1m or $1.00 per share, compared to $130.8m or $1.16 per share in the third quarter of 2007 and $120.6m or $1.06 per share in the second quarter of 2008. Revenues were $527.1m in the third quarter of 2008, compared to $502.2m in the third quarter of 2007 and $587.1m in the second quarter of 2008. The third quarter 2008 results included $21.4m, or $0.12 per share, of gains on asset sales, compared to $1.1m, or less than $0.01 per share, in the third quarter of 2007 and $1.5m, or $0.01 per share, in the second quarter of 2008. Rowan's offshore rig utilization was 95% during the third quarter of 2008…

Rowan Appoints Butz CFO

Rowan Companies (NYSE: RDC) appointed Stephen M. Butz as Executive Vice President, Chief Financial Officer and Treasurer, effective December 1, 2014.     Butz joins the company from Hercules Offshore, Inc., where for the past nine years he has served in various corporate development, treasury and finance functions, most recently as Executive Vice President and Chief Financial Officer.  Butz also has more than 10 years' experience in commercial and investment banking.   Butz will take over from Kevin Bartol, whose resignation was previously announced and is effective as of November 30, 2014.

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), the sums it was ordered to pay following the judgement of November 16, amounting to $88.6 million. A copy of Amoco's Application should be posted on Rowan’s website on or about December 21, 2001.

Rowan Resumes GOM UltraDeepwater Gas Ops

Rowan Companies entered into a multi-well contract with McMoRan Oil & Gas Corporation LLC that includes re-entering the Blackbeard Prospect. The Gorilla IV has been committed for a minimum of 90 days, and work on Blackbeard is priced at a day rate in the mid $190s. The initial Blackbeard well was drilled to a depth of just over 30,000 feet during 2005-2006 by Rowan's first Tarzan Class jack-up, the Scooter Yeargain. Rowan's Super Gorilla class jack-up the Bob Palmer is undergoing final preparations for its initial assignment on British Petroleum's Eldorado Prospect. The rig will be drilling one or more wells targeting a depth of at least 28,000 feet.

Rowan Obtains Contract for Jack-up Gorilla II

The two-year commitment is planned to begin in January 2009 and expected to provide approximately $137 million in drilling revenues. The rig will be performing drilling services as well as assisting with various construction projects. Rowan Companies Inc. provides international and domestic contract drilling services and owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.

Kramek Joins Rowan Board

Rowan Companies, Inc. announced the appointment of Robert E. Kramek to its Board of Directors. The Board intends to seek stockholder approval of Mr. Kramek's election at its May 2007 stockholder meeting. Mr. Kramek recently retired from the American Bureau of Shipping where he has served since 1998, most recently as President and Chief Operating Officer. Prior to joining ABS, Mr. Kramek was Commandant of the United States Coast Guard, from which he retired as a Four Star Admiral. Mr. Kramek is a naval architect and marine engineer and has received numerous honors and military awards during his distinguished career. Daniel F. McNease, the Company's Chief Executive Officer and Chairman of the Board stated “We are thrilled to have Bob join our Board today.

Rowan Takes Delivery of Super Gorilla Jack-Up

Rowan Companies, Inc. took delivery of its newest jack-up rig, the Bob Palmer on August 18. The rig's initial assignment will be to drill a 25,000 foot well in the Gulf of Mexico, which should begin within 30 days. The Bob Palmer is an enhanced version of our Super Gorilla class jack-up, designated a Super Gorilla XL. The rig is outfitted with 713 feet of leg, 139 feet more than Gorillas V, VI or VII, and has 30% larger spud cans enabling operation in the Gulf of Mexico in water depths up to 550 feet.

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. We view this as a very positive event, greatly reducing, for the moment, an uncertain outlook. We are particularly encouraged by the fact that about one- half of our Gulf of Mexico rigs are on deep Miocene prospects with well depths in the range of 15,000 to 22,000 feet.

Rowan Obtains Drilling Contracts

Rowan Companies, Inc. was awarded term drilling contracts for two Class 116-C jack-up drilling rigs to begin operating offshore Qatar in late 2006 or early 2007. Each contract is for a two-year term and contains an option for one additional year. Each rig is currently under contract in the Gulf of Mexico. The relocation of the two rigs to the Middle East will begin late in the third quarter and should be completed by the end of the year. Rowan estimates that revenues from the two contracts over the two-year term will be between $278m and $293m, depending upon when drilling operations begin.

Rowan Obtains $30m Commitment for Gorilla IV

Rowan Companies, Inc. has received a letter of intent from W&T Offshore, Inc. for the jack-up Gorilla IV. The commitment is for two wells covering a minimum term of 150 days, which will begin when the rig is released from its current drilling assignment. Rowan expects to earn approximately $30m of drilling revenues over the minimum term. The Gorilla IV is currently drilling for McMoRan on the Blackbeard Prospect. The Company estimates that the rig will be available for W&T by early in the first quarter of 2009.

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 Barbara Ladner, spouse of Mr Laron Ladner, Operations Construction Manager and employee of 41 years for Rowan. The rig is scheduled to depart Keppel AmFELS' yard in Brownsville, Texas in January 2011 to commence operations on an ultra deep gas well for McMoRan Exploration Company in the Gulf of Mexico. Mr David Russell, Rowan's Executive Vice President of Drilling Operations, said, "High-end jackups will have a key role in the future of offshore drilling. Demand for such units is strong.

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