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[STK] NYSE:RDC
[IN] OIL UTI
[SU] CON
-- WITH PHOTO -- TO BUSINESS, AND ENERGY EDITORS:
Rowan Provides Fleet Contract Status Update
HOUSTON, April 23, 2014 /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
April 23, 2014. The report titled "Monthly Fleet Status Report" can
be found on the Company's website at www.rowancompanies.com.
Notable events in the current report include:
-- Rowan Renaissance : Commenced a three-year drilling contract with
Repsol on April 22, 2014 for operations offshore West Africa at an
effective day rate of $619,000 during the first year.
-- Rowan Mississippi: Saudi Aramco exercised its option to extend the
primary term for one year in the Middle East at $195,000 per day
commencing December 2014, above the previous base day rate of $170,000
after excluding the impact of mobilization and capex fees.
-- Hank Boswell : Saudi Aramco exercised its option to extend the
primary term for one year in the Middle East at $180,000 per day
commencing August 2014, above the previous effective day rate of
$128,000.
-- Scooter Yeargain : Saudi Aramco exercised its option to extend the
primary term for one year in the Middle East at $180,000 per day
commencing November 2014, above the previous effective day rate of
$128,000.
-- Rowan Gorilla II : Awarded a 120-day contract with Pertamina in
Indonesia at a day rate of $150,000 per day, no change from the
previous base day rate.
-- Ralph Coffman : Assigned an estimated 80-120 day contract with
Galp in Morocco commencing the beginning of May, 2014 at an effective
day rate of $243,000, above the previous effective day rate of
$227,000.
For the first quarter and full-year of 2014, the Company expects
jack-up out of service time to be approximately 13% and 7-9%,
respectively. No operational downtime is included in projected
out-of-service days, but the company estimates jack-up operational
downtime to account for approximately 2.5% of in-service days in
current and future quarters. The Company does not currently expect
any out of service days in 2014 for the Rowan Renaissance, and
following a break in period is expecting operational downtime to be
approximately 5%.
Out-of-service days include days for which no revenues are recognized
other than operational downtime and cold-stacked days. The Company
may be compensated for certain out-of-service days, such as for
shipyard stays or for transit periods preceding a contract. However,
recognition of any such compensation received is deferred and
recognized over the period of drilling operations. Operational
downtime is when a rig is under contract and unable to conduct planned
operations due to equipment breakdowns or procedural failures.
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 global provider of international and domestic
contract drilling services in the ultra-deepwater and shallow water
jack-up market with a fleet of 34 offshore drilling units, including
four ultra-deepwater drillships, three of which are currently under
construction, and 30 jack-up rigs, 19 of which are rated
high-specification. The Company's fleet is located worldwide,
including West Africa, the Middle East, the North Sea, Trinidad,
Egypt, Southeast Asia and the Gulf of Mexico. Three of the four
ultra-deepwater drillships are under three year contracts. 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 visit www.rowancompanies.com.
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, letter agreements or letters of intent or the
exercise of early termination provisions, risks associated with fixed
cost drilling operations, cost overruns or delays on shipyard repair,
construction or transportation of drilling units, 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.
Logo - http://photos.prnewswire.com/prnh/20120827/DA62568LOGO
SOURCE Rowan Companies plc
-0- 04/23/2014
/CONTACT: Suzanne M. Spera, Director, Investor Relations, (713) 960-7517, sspera@rowancompanies.com
/Photo: http://photos.prnewswire.com/prnh/20120827/DA62568LOGO
/Web Site: http://www.rowancompanies.com
(NYSE:RDC) /
CO: Rowan Companies plc
ST: Texas
IN: OIL UTI
SU: CON
PRN
-- DA11262 --
0000 04/23/2014 21:08:00 EDT http://www.prnewswire.com
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