Rowan Provides Fleet Contract Status Update
HOUSTON, Jan. 17, 2013
HOUSTON, Jan. 17, 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 January 17, 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:
oCecil Provine: Awardedtwo six-month contract extensions with Apache in
the Gulf of Mexico commencing in May 2013. The first six-months will be at
a day rate in the low $120s (above previous day rate in the mid $80s) and
the second at a day rate in the mid $120s.
oGorilla II: Rig is expected to enter the shipyard in 2Q/3Q 2013 for
approximately 70 days instead of the previously expected 45 days for
repairs and upgrades.
oJ.P. Bussell: Rig was off rate for 28 days in 4Q 2012 instead of the
previously expected 25 days. Rig is also expected to be off rate for 28
days instead of the previously expected five days in 1Q 2013 for repairs.
oRalph Coffman: Rig was off rate for 11 days in 4Q 2012 for repairs.
oRowan Norway: Changed day rate to low $360s (previously mid $350s) due to
upward revision in expected reimbursement for modifications.Rig commenced
operations in mid January 2013 and was off rate for 11 days during the
first month of the year.
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
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, 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
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
Contact: Suzanne M. Spera, Director of Investor Relations, +1-713-960-7517,
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