Rowan bags new deals for jack-up rig

Offshore drilling contractor Rowan Companies has been awarded two contracts for one jack-up drilling rig, while the dayrate for Rowan’s other jack-up could be slashed retroactively if the client exercises its extension option. 

According to the offshore driller’s latest fleet status report, Rowan’s high-spec jack-up drilling rig Ralph Coffman was awarded an estimated three month contract in Suriname with Petronas at a day rate of $161,000 that started in mid-April.

In addition, the 2009-built Ralph Coffman was awarded a multiple well contract estimated for 10 months in Trinidad with EOG at a day rate of $135,000 starting in October 2016.

Rowan also reported that a reduced rate of $282,000 for its 2010-built jack-up rig Rowan Viking is retroactive to January 1, 2016 pending Lundin’s exercise of an option to extend the contract by 270 days for $275,000 per day following the firm term. The dayrate could be retroactively reduced from $362,000 to $282,000.

The strike date of the option is June 1, 2016 and the financial impact will be recognized in the period the customer exercises the option. Should the option not be exercised, the day rates under the original contract will remain effective.

Rowan’s ultra-deepwater drillship Rowan Renaissance went on standby rate in mid-March (98% of operating rate) amounting $619,000. The 2014-built drillship is under a contract with Repsol in the U.S. Gulf of Mexico until April 2017.

While in the U.S. Gulf of Mexico during year three of the contract, the dayrate will be $630,000. Alternatively, if the rig operates outside the U.S. Gulf of Mexico, the dayrate will be $660,000.

The revised rates for four Rowan’s jack-up rigs operating in Saudi Arabia for Saudi Aramco will remain in effect through the remainder of 2016.

Beginning March 1, 2015, the rate for Hank Boswell went from $180,000 to $163,000, for Bob Keller it went from $178,000 to $120,000, for Scooter Yeargain from $180,000 to $163,000, and for Bob Palmer from $235,000 to $198,000.

Rowan also said that its two high-spec jack-ups Rowan EXL IV and Rowan EXL I are without a contract and will relocate from Malaysia to Middle East in the second quarter of 2016.

Offshore Energy Today Staff

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