New Contracts for Rowan EXL III and Rowan Stavanger

Rowan Companies plc has announced it has secured new contracts for two of its offshore rigs.

Jack-up rig Rowan EXL III has been awarded an estimated 285-day contract with Freeport-McMoRan in the Gulf of Mexico starting mid-October 2013 at a standby rate of $150,000 per day and then at $180,000 per day beginning mid-December 2013, above its previous day rate of $160,000 per day.

Rowan Stavanger jack-up rig has secured a 120-day accommodation work with Talisman in the Norwegian sector of the North Sea starting May 2014 at $413,000 per day.

On the other side, Rowan said that the 3Q/4Q 2013 off rate time for Gorilla VII has increased by 38 days to 120 days for leg repairs that started in July 2013. Operating costs will be expensed during this period. Incremental third party repair cost will be expensed and is expected to total $9.3 million in 3Q 2013, above prior guidance of $6 million, and $1.9 million in 4Q 2013, above prior guidance of $1 million.

Offshore Energy Today Staff, October 25, 2013

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