Rowan nets new jack-up rig gigs

  • Business & Finance

Rowan Companies, a U.S.-based drilling contractor, has provided its monthly fleet status report according to which three of its rigs were awarded new contracts and one rig received contract extension. 

According to Rowan’s December fleet status report, the company’s high-specification jack-up rig Joe Douglas was awarded a one-well contract with Fieldwood in the Gulf of Mexico for an estimated duration of 30-40 days which is expected to start in late December 2014 at a day rate of $95,000.

In addition, the rig was awarded a three-well contract with BHP Billiton in Trinidad for an estimated duration of 120 days which is expected to start in September 2015 at an effective day rate of $231,000. The rig is currently idle, awaiting the start of the Fieldwood work.

The company’s high-spec jack-up Rowan Gorilla IV was awarded a two-well contract with Arena in the Gulf of Mexico for an estimated duration of 90-120 days which is expected to start early-to-mid January 2015 at a day rate of $110,000.

Furthermore, the report shows that Rowan’s premium jack-up Rowan Gorilla III was awarded contract extension with the rig share group in Trinidad by approximately six months from July 2015 to February 2016 at the day rate of $165,000.

In addition, Rowan’s premium jack-up Rowan Gorilla II was awarded a four-well contract with Vestigo in Malaysia for an estimated duration of 120 days which is expected to start in late March 2015 at a day rate of $128,000.

Out-of-service time

For the fourth quarter and full-year of 2014, the company continues to expect jack-up out-of-service time to be approximately 7% and 10%, respectively.

The company says it expects out-of-service time for the full-year of 2015 to be approximately 3-6% for its jack-ups and drillships, subject to fleet repositioning and market conditions.

Offshore Energy Today Staff

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