Freeport-McMoRan charters Rowan drillship

Rowan Companies plc announced that one of its subsidiaries has entered into a two-year drilling contract for the Rowan Relentless, the fourth and final drillship in Rowan’s current construction program.

The contract is with Freeport-McMoRan Oil & Gas LLC (“FM O&G”), a subsidiary of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), for operations in the U.S. Gulf of Mexico.

The contract is expected to start in the third quarter of 2015 and will add approximately $425 million to Rowan’s current contract backlog.

Tom Burke, Rowan’s President and Chief Executive Officer, stated, “We are extremely proud that our fourth drillship will work for FM O&G in the U.S. Gulf of Mexico. Our two companies have enjoyed a mutually beneficial and long-standing working relationship drilling ultra-deep Gulf of Mexico shelf gas wells, and we are delighted to have been selected for this important ultra-deepwater drilling program.”

The Rowan Relentless is the Company’s fourth ultra-deepwater drillship. All four drillships are based on a GustoMSC P10,000 hull design, capable of drilling wells to depths of 40,000 feet in water depths up to 12,000 feet.

The DP-3 compliant, dynamically positioned drillship will be equipped with retractable thrusters, two readily deployable seven-ram BOP systems, five mud pumps, dual mud systems and a maximum hook-load capacity of 1,250 tons. All four of the Company’s ultra-deepwater drillships are now under long-term contracts.