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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, March 20, 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
March 20, 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:
-- J.P. Bussell : Awarded an estimated 209 day contract with Petrofac
in Malaysia at $143,000 per day, above prior day rate at $140,000,
which commenced at the beginning of March 2014.
-- Gorilla VI: Increased off rate time by 61 days during 2Q 2014 for
additional repairs and testing that have been identified as the
project nears completion. Rig is currently expected to return to
service the end of June 2014.
-- Gorilla V: Increased off rate time by 12 days to 42 days during
the end of 1Q and early 2Q 2014 for repairs and inspections. As
previously scheduled, the rig is also expected to be off rate for
seven days during 2Q 2014 for planned maintenance.
-- Hank Boswell : Previously scheduled 28 days off rate time for
inspections has been deferred to 1Q 2015 from 2Q 2014.
-- Rowan Stavanger: Extended contract term one month to September
2014 with Talisman in the U.K. sector of the North Sea and deferred
previously scheduled 30 days out of service time to 4Q 2014 from 3Q
2014.
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. The Company does not currently expect any out of
service days in 2014 for the drillships, 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. No
operational downtime is included in projected out-of-service days, but
the company estimates operational downtime to account for
approximately 2.5% of in-service days in current and future quarters.
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- 03/20/2014
/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
-- DA87823 --
0000 03/20/2014 20:45:00 EDT http://www.prnewswire.com
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