Rowan scoops rig deal extensions, faces slashed rates

Offshore drilling contractor Rowan Companies has been awarded several contracts extensions for its drilling rigs with a reduced dayrate. 

The drilling contractor’s drillship Rowan Resolute has been awarded blend and extend amendment with Anadarko in the U.S. Gulf of Mexico.

Extension is at a dayrate of $580,000 for an estimated 273 days, calculated by 1.3 times the numbers of days at a reduced dayrate. Starting July 1, 2016, dayrate will be reduced to $180,000 for an estimated 210 days followed by a return to the original dayrate of $608,000 for the remainder of the primary term.

The drillship us under the contract with Anadarko until July 2018.

Jack-up rig Rowan Viking has been awarded a contract extension with Lundin of 270 days for $275,000 per day following the primary term. The reduced rate is retroactive to January 1, 2016. The financial impact will be recognized in the second quarter. The rig’s previous rate was $282,000 and the contract is until November 2017.

In addition, Gilbert Rowe jack-up rig has been awarded a contract extension with Saudi Aramco in Saudi Arabia at the current rate of $69,000 to December 31, 2016.

Furthermore, dayrate for the jack-up Rowan Gorilla VII, under a contract with Apache in the UK, will be reduced to standby rate in mid-August (85% of operating rate).

Offshore Energy Today Staff

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Posted on July 1, 2016 with tags .

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