Rowan bags new jack-up deals at lower rates

  • Business & Finance

Rowan Companies, a Houston-based provider of drilling services, has been awarded several contract extensions with lower day rates, and a new one-well contract.

According to its latest fleet status report, Rowan’s jack-up drilling rig Rowan Gorilla V was awarded a two-well extension estimated for an additional year with Total in the UK sector of the North Sea.

The day rate is revised from $274,000 to $170,000 effective January 1, 2015, and will increase to $175,000 on January 1, 2016, for the remainder of the term which is expected to end in August 2016.

Furthermore, jack-up rig Rowan Stavanger was awarded an extension estimated for 30 days to June 2015 with Talisman in the UK at the current day rate of $150,000.

In addition, another Rowan’s jack-up rig, Ralph Coffman, was awarded an extension estimated for 30 days beginning mid-May 2015 with BG. According to Rowan’s report, the day rate has been changed from $200,000 to $170,000.

New contract

Rowan’s high-specification jack-up rig the Rowan EXL III got a one-well contract with ExxonMobil in the Gulf of Mexico. The contract is estimated to last for 40 days at a day rate of $75,000, which started at the beginning of May 2015.

Offshore Energy Today Staff

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