New gigs pour in for Rowan rigs

Offshore driller Rowan Companies has been awarded several new contracts and extensions for its jack-up rigs while some of its other rigs have recently come off contracts. 

According to Rowan’s fleet status report on Thursday, the contract for the jack-up rig Rowan Norway with Repsol Sinopec in the UK ended on October 18, 2017, and the jack-up is now available for new work. The contract included off rate time in 3Q for repairs and inspections in advance of commencement.

The fleet status report further detailed that the jack-up rig Rowan Stavanger started its contract with Repsol Norge in early October. The contract is for approximately 225 days followed by six priced options of approximately 60 days each. Repsol paid accommodations rate for eight days for pre-commencement work. The rig will be available for new work in May next year.

The Rowan Viking jack-up rig is currently working for Lundin in Norway under a dayrate of $219,000, with an end date set for May 2018.

As explained in the report, Lundin previously extended the contract for a 90-day term (May 5, 2018 – August 3, 2018) at a rate of $206k with the right to cancel such extension with corresponding obligations, upon exercising such cancellation right, to make a lump sum payment of approximately $1.9M and to increase the dayrate as of September 1, 2017 from $206k to $219k until the contract’s expiration in May 2018. Lundin exercised the cancellation right resulting in payment of $1.9 million and the increase in the dayrate from $206k to $219k. The current contract is followed by four priced options.

In the UK, the contract end date with Perenco for the jack-up Rowan Gorilla VII was pushed from August to November 2017 due to well in progress. The contract has a priced option to extend for a period of 15 to 110 days. The dayrate has not been disclosed.

Starting from the second quarter 2018, the jack-up rig Rowan Gorilla VI will be working for Shell offshore Trinidad under an undisclosed dayrate. The end date is set for September 2018. The contract is estimated to last for 150 days and also includes priced options to extend for four additional wells.

Before starting with Shell, due to earlier contract termination by ConocoPhillips, Conoco pays $255,000 per day for the remaining term into March 2018. The rig is expected to have off rate time in 1Q 2018 for repairs and inspections.

Bob Palmer jack-up rig has received a contract extension with Saudi Aramco in Saudi Arabia. The contract end date is set for December 2017. The dayrate is $198,000.

The Rowan EXL III jack-up rig’s contract with Arena in the U.S. Gulf of Mexico ended on October 13. The rig has now been awarded a new contract with W&T Offshore for an undisclosed dayrate. This gig will end by December.

Rowan EXL II jack-up rig has been awarded a contract with BPTT for five wells with expected start date in late 1Q 2018 and expected
duration of one year. The dayrate has not been disclosed.

Furthermore, the Ralph Coffman jack-up has been awarded an extension by an unnamed client for an additional well offshore Trinidad. The rig comes off contract in January 2018.

Also in Trinidad, the Joe Douglas jack-up has received a contract extension for four wells with an estimated duration of one year followed by a priced option to extend for one additional well. The contract is with BP for an undisclosed dayrate.

Offshore Energy Today Staff

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Posted on October 19, 2017 with tags .

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