Rowan Provides Fleet Contract Status Update
HOUSTON, April 18, 2013 /PRNewswire/ -- Rowan Companies plc ("Rowan" or the "Company") (NYSE: RDC) announced today that its monthly report of drilling rig status and contract information has been updated as of April 18, 2013. The report titled "Monthly Fleet Status Report," can be found on the Company's website www.rowancompanies.com on the Home page.
Notable events in the current report include:
- Gorilla VII: Rig is expected to enter the shipyard in mid December 2013 (previously mid July 2013) for 140 days for repairs, upgrades and inspections. Total off rate time in 2013 is expected to be 15 days (previously 140 days). The balance of 125 days is expected in 1Q/2Q 2014.
- EXL III: Rig entered the shipyard at the beginning of 2Q 2013 for repairs due to a rapid leg penetration it experienced soon after commencing operations with Eni to workover two wells with an estimated duration of 45 days at a day rate in the low $160s. Contract provides for payment of day rate while rig is in the shipyard and reimbursement of repair costs by the customer.
- J.P. Bussell: Experienced 39 days off rate time in 1Q 2013 instead of the previously reported 28 days.
- Gorilla III: Rig is expected to be off rate sometime in 2014 for approximately 60-90 days for repairs and inspections.
- Gorilla II: Total off rate time in 2Q/3Q 2013 is expected to be 120 days (previously 70 days) for repairs, upgrades and inspections.
The Company will not realize any day rate revenue during periods of off rate time, and crew costs will be capitalized during rig modifications and/or upgrades.
This summary is provided as a courtesy and is not intended to replace a detailed review of the Monthly Fleet Status Report. While the Company has attempted to include items it believes are significant, we encourage you to review the Monthly Fleet Status Report in detail.
Rowan Companies plc 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 31 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, Egypt, Southeast Asia and the Gulf of Mexico. Rowan will enter the ultra-deepwater market with four high-specification drillships expected to be delivered starting in late 2013. The Company's Class A Ordinary Shares are traded on the New York Stock Exchange under the symbol "RDC". For more information on the Company, please visit www.rowancompanies.com.
Statements herein that are not historical facts are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected business, financial performance and prospects of the Company. These forward-looking statements are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, variations in energy demand, changes in day rates, cancellation by our customers of drilling contracts or letter agreements or letters of intent for drilling contracts or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair or transportation of rigs, maintenance and repair costs, costs or delays for conversion or upgrade projects, operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on insurance coverage, customer credit and risk of customer bankruptcy, conditions in the general economy and energy industry, weather conditions and severe weather in the Company's operating areas, increasing complexity and costs of compliance with environmental and other laws and regulations, changes in tax laws and interpretations by taxing authorities, civil unrest and instability, terrorism and hostilities in our areas of operations that may result in loss or seizure of assets, the outcome of disputes and legal proceedings, effects of the change in our corporate structure, and other risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission. Each forward-looking statement speaks only as of the date hereof, and the Company expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law.
SOURCE Rowan Companies plc