EX-99.1 2 v322870_ex99-1.htm EXHIBIT 99.1

 

 
ROWAN COMPANIES PLC
MONTHLY FLEET STATUS REPORT AS OF SEPTEMBER 5, 2012
 
Revisions to Fleet Status Report Noted in Bold
 

 

                    Contract Status  
    Depth (feet)   Year in           Day Rate   Estimated    
Rig Class / Name   Water   Drilling   Service   Location   Customer   (in USD thousands)   Duration   Comments ($ in thousands)
                                 
Ultra Deepwater Drillships            
GustoMSC 10,000             
Rowan Reliance   12,000   40,000   2015   South Korea   Available           Rig is contracted for construction by HHI with expected delivery in late 2014.
Rowan Resolute   12,000   40,000   2014   South Korea   Available           Rig is contracted for construction by HHI with expected delivery in mid 2014.
Rowan Renaissance   12,000   40,000   2014   South Korea   Shipyard           Rig is contracted for construction by HHI with expected delivery in late 2013.
                    REPSOL            Rig is contracted for a three-year global drilling term commencing in Q1 2014. Rig is expected to operate offshore West Africa during the first year at a day rate in the high 610s. In the event the rig operates in the U.S. Gulf of Mexico during years two and year three, the day rate will be in the mid 610s and mid 620s, respectively. Alternatively, if the rig operates in West Africa during years two and year three, the day rate will be in the mid 640s and mid 650s, respectively.
                                 
Cantilever Jack-up Rigs:            
N-Class                                
Rowan Norway * 400   35,000   2011   UK N. Sea   Xcite Energy   Low 250s   October 2012   Contract has a one year priced option in the low 250s. Production fee of $1 per barrel of oil produced is also payable during the initial term.  The period of production will not exceed 90 days.  Xcite has agreed to release the rig following the initial term.  Exercise date of the previously reported one year priced option in the low 250s has been deferred to eight months following the date operations under the initial term conclude.  Any resulting rig requirement to be filled by an available rig selected by Rowan from the Super Gorilla Class or N-Class.  Rig delivery to be within a nine month window commencing fourteen months from the option exercise date.
                Norway   ConocoPhillips   Low 350s   May 2016   Rig is expected to enter the shipyard in October 2012 for approximately 60 days prior to commencing a three and one-half year contract. The first 30 days in the shipyard is at zero day rate and the remainder is at a reduced day rate in the high 330s. The contract includes two priced options estimated at one year each. The first is at a day rate in the low 360s and the second is at a day rate in the low 370s.
Rowan Stavanger * 400   35,000   2011   Norway   Talisman Norway   Low 350s   September 2012    
                        Mid 310s   December 2012    
                        Low 320s   April 2013    
                UK N. Sea       Mid 240s   December 2013    
                        Low 250s   January 2014    
                    Available       February 2014    
                Norway   Lundin   Mid 340s   August 2015   Rig will enter shipyard for equipment modifications for approximately 30 days prior to commencing its contract for 15 wells estimated to commence operations in the Norwegian sector of the North Sea in Q2 2014. In the event the contract extends beyond 1000 days, the day rate increases to the mid 360s for the first 500-day extension and to the mid 370s for the second 500-day extension. The Company may substitute a comparable rig depending on availability.
                        Mid 350s   November 2016  
                               
Rowan Viking * 400   35,000   2011   UK N. Sea   Total UK   Low 220s   January 2013   The contract includes two (2) six-month options at mutually-agreed rates not to exceed a day rate in the mid 240s.
S116-E EXL                                 
Rowan EXL IV   350   35,000   2011   Malaysia   Carigali Hess
Operating Company		   Low 150s   December 2014    
Rowan EXL III   350   35,000   2011   Gulf of Mexico   McMoRan   Low 140s   September 2012    
Rowan EXL II   350   35,000   2011   Trinidad   BP Trinidad   Mid 130s   February 2014   Rig is expected to enter the shipyard in Q3 2013 for approximately two to four weeks for inspections. Company will not realize any day rate revenue during this period. Rig was idle for five days in August 2012.
Rowan EXL I   350   35,000   2010   Indonesia   Hess Indonesia   High 200s   August 2013   Rig is in the shipyard in Singapore for repairs and modifications before commencing operations in mid December 2012 for a 251 day contract. Contract includes two priced options for another 80 days at a day rate in the low 160s. Rig was idle during the month of July 2012.
240C                                 
Joe Douglas   375   35,000   2012   Gulf of Mexico   Maritech   Low 150s   September 2012   Rig has a verbal commitment from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a day rate in the low 180s.  
Ralph Coffman   375   35,000   2009   Egypt   BG Egypt   Low 210s   September 2014   Rig arrived in Egypt and commenced operations in late August 2012. The contract includes a priced option for an additional period of 270 days in the low 200s.
Rowan-Mississippi   375   35,000   2008   Middle East   Saudi Aramco   Low 200s   June 2014   The indicated day rate reflects an approximate $21,000 per day penalty for late delivery of the rig.  The contract includes a priced option for one additional year in the mid 190s.  
225C Tarzan                                 
J.P. Bussell   300   35,000   2008   Vietnam   Petronas Carigali   Mid 120s   October 2012   Rig was idle for eight days during the month of July 2012.
Hank Boswell   300   35,000   2006   Middle East   Saudi Aramco   High 120s   May 2014   Rig is currently expected to enter the shipyard for approximately 60-90 days in Q4 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard. Contract includes a
priced option for one additional year in the low 180s.
Bob Keller   300   35,000   2005   Middle East   Saudi Aramco   High 120s   May 2014   Rig is currently expected to enter the shipyard for approximately 60-90 days in Q4 2012 for customer-required well control equipment upgrades. No day rate revenue will be recognized while the rig is in the shipyard.
Scooter Yeargain    300   35,000   2004   Middle East   Saudi Aramco   High 120s   August 2014   Rig is currently expected to enter the shipyard for approximately 90-120 days starting late Q4 2012 for customer-required well control equipment and mud pump upgrades. No day rate revenue will be recognized while the rig is in the shipyard. Contract includes a priced option for one additional year in the low 180s.
224C Super Gorilla XL            
Bob Palmer    550   35,000   2003   Middle East   Saudi Aramco   Low 270s   June 2014   The indicated day rate reflects an approximate $6,000 per day penalty for late delivery of the rig. The Company has submitted a formal appeal to Aramco to reverse the penalty. The contract includes a priced option for one additional year in the mid 290s.
219C Super Gorilla            
Rowan Gorilla VII    400   35,000   2002   UK N. Sea   Apache   Mid 250s   March 2015   Rig is expected to enter the shipyard in late Q1 2013 for approximately 110 days for repairs and life enhancement. Company will not realize any day rate revenue during this period.
Rowan Gorilla VI    400   35,000   2000   UK N. Sea   BG   Low 200s   December 2012    
                        Low 220s   October 2013   Rig is expected to enter the shipyard in January 2013 for approximately two to four weeks for inspections.  Company will receive day rate revenue for three days while the rig is in the shipyard.  The remaining period will be at zero day rate.
                Norway   ConocoPhillips   Low 350s   July 2017   Following the release of the rig from BG, it is expected to enter the shipyard for approximately 110 days for repairs and life enhancement prior to commencing a three and one-half year contract in early Q1 2014. The first 30 days in the shipyard are at zero day rate and the remainder is at a reduced day rate in the high 330s. The contract includes two priced options estimated at one year each. The first is at a day rate in the low 360s and the second is at a day rate in the low 370s.
Rowan Gorilla V    400   35,000   1998   UK N. Sea   Total   Mid 200s    June 2013   Rig is expected to enter the shipyard in Q3 or Q4 2013 for two to four weeks for inspections. 
200C Gorilla            
Rowan Gorilla IV    450   35,000   1986   Gulf of Mexico    Shipyard     September 2012   Rig is in the shipyard for repairs and modifications. Company will not realize any day rate revenue during this period. Rig was idle during the month of July 2012.
                     Walter Oil & Gas     Mid 160s    September 2013    
Rowan Gorilla III    450   30,000   1984   Trinidad   Niko Resources / Bayfield Energy   Low 130s   December 2012   Contract is for a firm term of eight wells with an expected duration of one year.  Customer has the option to extend the contract for up to nine additional wells with an expected duration of one year.  The day rate for wells spud in the second year of the contract is the low 130s.  
Rowan Gorilla II    350   30,000   1984   Malaysia   Petronas Carigali   High 110s   November 2012  
116C                                
Rowan-California       300   30,000   1983   Middle East   Wintershall   Mid 70s   November 2012    
Cecil Provine    300   30,000   1982   Gulf of Mexico   Shipyard       October 2012   Rig is in the shipyard for repairs and modifications through October 2012. Company will not realize any day rate revenue during this period. Rig was idle during the month of July 2012.
                    Apache   Mid 70s   December 2012    
                        Mid 80s   March 2013    
Gilbert Rowe    350   30,000   1981   Middle East   Shipyard       March 2013   Rig is in the shipyard for repairs, life enhancement and upgrades. Rig was idle during the month of July 2012.
                    Saudi Aramco   Low 120s   December 2015   Company may be subject to a penalty of up to one-half of the day rate for every day beyond December 11, 2012, which is reflected in the indicated day rate. Contract includes a priced option for one additional year in the low 100s.
Arch Rowan    350   30,000   1981   Middle East   Saudi Aramco   Low 80s   November 2014   The indicated day rate reflects an approximate $3,000 per day penalty for late delivery that is recognized ratably over the contract period. Contract includes a priced option for one additional year in the low 90s.
Charles Rowan    350   30,000   1981   Middle East   Saudi Aramco   Low 80s   November 2014   Indicated day rate reflects an approximate $4,000 per day penalty for late delivery of the rig. Contract includes a priced option for one additional year in the low 90s. Rig was idle for 16 days during the month of July 2012.
Rowan-Paris    350   30,000   1980   Middle East   Available           Rig was idle during the month of July 2012.
Rowan-Middletown    350   30,000   1980   Middle East   Saudi Aramco   Low 80s   November 2014   Indicated day rate reflects an approximate $6,000 per day penalty for late delivery of the rig. Contract includes a priced option for one additional year in the low 90s.
Conventional Jack-ups            
116 Slot                                
Rowan-Juneau    250   30,000   1977   Gulf of Mexico   Available           Rig was idle during the month of July 2012.
84 Slot                                
Rowan-Alaska    350   30,000   1975   Gulf of Mexico   Available           Rig was idle during the month of July 2012.
Rowan-Louisiana   350   30,000   1975   Gulf of Mexico   McMoRan   Low 70s   September 2012   Contract includes a priced option for one additional well estimated for 220 days at a day rate in the low 80s.  
                                 

 

 

 

"*" Denotes Keppel unit design constructed at Keppel FELS shipyard in Singapore.  Rig Class denotes LeTourneau, Inc. hull number. 200-C is a Gorilla class unit designed for extreme hostile environment capability. 219-C is a Super Gorilla class unit, an enhanced version of the Gorilla class, and 224-C is a Super Gorilla XL design.  225-C is a Tarzan Class unit.  240-C is LeTourneau's latest jack-up design.  Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. Rowan EXL is an enhanced version of the Super 116E class.  Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues. 

 

ROWAN HEREBY ADVISES THAT THE TABLE SET FORTH ABOVE MAY CONTAIN INACCURATE, INCOMPLETE AND/OR INCORRECT INFORMATION AND IS SUBJECT TO CHANGE AT ANY TIME.  THE INFORMATION SHOULD NOT BE RELIED UPON FOR ANY PURPOSE, AND ROWAN HEREBY DISCLAIMS ANY LIABILITY RELATING TO THE USE OF THE INFORMATION SET FORTH ABOVE. 

 

This report contains 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 financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Relevant factors have been disclosed in the Company's filings with the U. S. Securities and Exchange Commission.