Rowan Provides Fleet Status Report Update
HOUSTON, April 19, 2018 Rowan Companies plc ("Rowan" or the "Company") (NYSE: RDC) announced today that its report of drilling rig status and contract information has been updated as of April 18, 2018. The report titled "Fleet Status Report" can be found on the Company's website at www.rowan.com. Rowan intends to provide quarterly updates to this report in advance of earnings.
Notable changes since the last report:
- Rowan Resolute: Two-well contract awarded from LLOG with an estimated duration of 85 days. Estimated commencement in late June / early July 2018. Priced option for two additional wells.
- Rowan Viking: Two new contracts i) Five-well contract awarded from Shell UK with an estimated duration of 100 days. Commencement expected to follow completion of Lundin contract. ii) Two-well contract awarded from MOL with an estimated duration of 110 days. First well expected to commence following the Shell UK contract and last approximately 55 days. Anticipate a three to six-month gap before commencement of the second well. Priced options for three additional wells.
- Rowan EXL III: Five-well contract commenced March 15, 2018 with an estimated duration of 105 days.
To honor Rowan's rich history, Rowan has renamed our newest rigs, two LeTourneau Super 116E jack-up rigs, after late Rowan retirees who significantly contributed to the Company's success. The P-59 is being renamed the Bess Brants, after one of the Company's first employees who retired in 1968 as Secretary – Treasurer and a member of the Board of Directors for both Rowan Drilling, Inc. and Rowan Oil Co. The P-60 is being renamed the Earnest Dees, honoring a dedicated Rig Manager who retired in 1994 after helping establish Rowan's international operations and mentoring countless crew members, many of whom became Rowan leaders in the decades to come.
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, the Middle East, and Trinidad. Additionally, the Company is a 50/50 partner in a joint venture with Saudi Aramco, entitled ARO Drilling, that owns a fleet of five self-elevating jack-up rigs that operate in the Arabian Gulf. 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.rowan.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 the anticipated commencement dates and durations of drilling programs. These forward-looking statements are based on our current expectations and are subject to numerous 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 and the impact of the economic climate; changes in the offshore drilling market, including fluctuations in supply and demand; variable levels of drilling activity and expenditures in the energy industry; changes in day rates; ability to secure future drilling contracts; cancellation, early termination or renegotiation by our customers of drilling contracts; customer credit and risk of customer bankruptcy; risks associated with fixed cost drilling operations; unplanned downtime; risks related to our joint venture with Saudi Aramco, including the timing and amount of future distributions from the joint venture or contributions to the joint venture; cost overruns or delays in transportation of drilling units; cost overruns or delays in maintenance, repairs, or other rig projects; operating hazards and equipment failure; risks of collision and damage; casualty losses and limitations on insurance coverage; weather conditions in the Company's operating areas; increasing costs of compliance with regulations; changes in tax laws and interpretations by taxing authorities; hostilities, terrorism, and piracy; impairments; cyber incidents; the outcomes of disputes, including tax disputes and legal proceedings; 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
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