Rowan sees new, lower rates for jack-up rigs

  • Business & Finance

Rowan Companies, a Houston-based drilling contractor, has seen several revised operating rates for their rigs contracted by Saudi Aramco. 

According to its latest fleet status report, five of its jack-up rigs under contract with Saudi Aramco in Saudi Arabia, are under revised operating rates beginning March 1, 2015.

Namely, the operating rate for Hank Boswell high specification jack-up rig has been revised to $163,000 from $180,000. The revised rate for the Bob Keller jack-up is $120,000 from $177,500. In addition, the rate for the Scooter Yeargain jack-up rig was revised from $180,000 to $163,000.

Furthermore, the operating rate for Super Gorilla XL jack-up rig Bob Palmer was revised to $198,000 from $235,000 and Gilbert Rowe’s operating rate was revised to $106,000 from $122,000.

Rowan’s premium jack-up rig, the Charles Rowan, received adjusted expected contract duration for the primary term to June 2015 from April 2015.

The company further informs that Rowan Gorilla IV jack-up came off contract in mid April 2015. The rig was operating in the Gulf of Mexico.

Another jack-up, the Rowan Gorilla III received adjusted expected contract duration to February 2016 from January 2016. Rate is adjusted to $162,500 from $165,000 for the remainder of the contract, beginning with the well that started on March 6, 2015.

Drillships

Rowan’s ultra-deepwater drillship, the Rowan Reliance, is currently in operation for Cobalt on the North Platte #3 well in the Gulf of Mexico.

The Rowan Relentless drillship was delivered from Hyundai Heavy Industries on March 31, 2015 and is currently mobilizing to the Gulf of Mexico for Freeport-McMoRan. Rowan estimates that it will start in July 2015.

In addition, the Rowan Renaissance is expected to mobilize to the U.S. Gulf of Mexico from West Africa by 3Q 2015. The rig is under contract with Repsol.

Offshore Energy Today Staff

 

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