EX-99.1 2 v390096_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 
ROWAN COMPANIES PLC
MONTHLY FLEET STATUS REPORT AS OF SEPTEMBER 25, 2014
 

REVISIONS TO FLEET STATUS REPORT NOTED IN BOLD AND UNDERLINED

 

 

 

                    Contract Status    
                                Off Rate Days (4)        
    Depth (feet)   Year in           Day Rate (2)   Estimated   2014   2015        
Rig Class (1) / Name   Water   Drilling   Service   Location   Customer   (in USD thousands)   Duration (3)     3Q   4Q   1Q   2Q   3Q   4Q   Priced Options   Comments ($ in thousands)
                                                               
Ultra Deepwater Drillships                                                              
GustoMSC 10,000                                                              
Rowan Relentless   12,000   40,000   2015   South Korea   Shipyard             —   —   —   —   —   —       Rig is contracted for construction by HHI with expected delivery at the end of March 2015.
                Gulf of Mexico   Freeport-McMoRan Oil & Gas   582   July 2017                                 Rig is contracted for a two-year drilling term commencing early third quarter 2015.
Rowan Reliance   12,000   40,000   2015   South Korea   Shipyard             —   —   —   —   —   4       Rig is contracted for construction by HHI with expected delivery at the end of October 2014.
                Gulf of Mexico   Cobalt   602   January 2018                                 Rig is contracted for a three-year drilling term commencing in late January 2015.  Expected 4Q 2015 off rate time for annual dynamic positioning trials.
Rowan Resolute   12,000   40,000   2014   South Korea   Shipyard             —   —   —   —   4   —       Rig departed HHI shipyard on July 22, 2014.
                Gulf of Mexico   Anadarko   608   November 2017                                 Rig is contracted for a three-year drilling term commencing early November 2014.   Expected 3Q 2015 off rate time for annual dynamic positioning trials.
Rowan Renaissance   12,000   40,000   2014   West Africa   REPSOL   625   April 2017     12   —   4   —   —   —       Rig is currently operating offshore West Africa in Angola.  Rig experienced 24 days off rate time during 2Q/3Q 2014 for previously planned commissioning of late arriving equipment, which has been completed.  Expected 1Q 2015 off rate time for annual dynamic positioning trials.  Rig is expected to operate offshore West Africa during the first year at the indicated day rate.  In the event the rig operates in the U.S. Gulf of Mexico during years two and year three, the day rate will be $620 and $630, respectively.  Alternatively, if the rig operates in West Africa during years two and year three, the day rate will be $650 and $660, respectively.
Cantilever Jack-up Rigs                                                              
N-Class                                                              
Rowan Norway   400   35,000   2011   Norway   ConocoPhillips   361   July 2016     —   —   —   —   —   —   Two one year options at higher than current day rates.   Removed previously scheduled 30 days off rate time during 3Q 2014 for repairs and inspections.
Rowan Stavanger   400   35,000   2011   UK N. Sea   Talisman   223   April 2015     —   —   —   30   —   —       Previously scheduled off rate time for inspections expected to occur during 2Q 2015 instead of 3Q 2015.
Rowan Viking   400   35,000   2011   Norway   Lundin   347   January 2016     54   —   —   —   —   —   In the event the contract extends   Rig on rate late August 2014 with Lundin for 15 wells for a minimum of 900 days in the Norwegian sector of the North Sea.
                        357   February 2017                             beyond 1000 days, the day rate increases to a day rate higher than current day rates for the first 500-day extension and increases again to a day rate high than current day rates for the second 500-day extension.    
EXL                                                              
Rowan EXL IV   350   35,000   2011   Malaysia   Carigali Hess   151   December 2014     —   —   31   —   —   —       Expected 1Q 2015 off rate time for inspections.
                        160   December 2015                                  
Rowan EXL III   350   35,000   2011   Gulf of Mexico   Freeport-McMoRan Oil & Gas   180   December 2014     —   —   —   —   —   30       Previously scheduled off rate time for inspections expected to occur during 4Q 2015 instead of 3Q 2015.
Rowan EXL II   350   35,000   2011   Trinidad   BP Trinidad   180   March 2017     40   —   —   —   —   —       Rig was off rate as indicated during 3Q 2014 for inspections.
Rowan EXL I   350   35,000   2010   Indonesia   Petronas Indonesia   167   November 2014     —   45   —   —   —   —       Expected 4Q 2014 off rate time for inspections.
240C                                                              
Joe Douglas   350   35,000   2012   Gulf of Mexico   Freeport-McMoRan Oil & Gas   165   February 2015     —   —   —   —   —   —        
Ralph Coffman   350   35,000   2009   Tunisia   Rig share group   200   March 2015     —   14   —   —   —   —       Awarded a three-well contract for an estimated minimum 160 days which is anticipated to commence operations in late September 2014.  Previously scheduled off rate time for inspections  expected to occur during 4Q 2014 instead of 3Q 2014.
Rowan Mississippi   350   35,000   2008   Middle East   Saudi Aramco   210   December 2014     —   —   —   —   —   —       Awarded three-year contract extension commencing in December 2015.
                        195   December 2018                                  
225C Tarzan                                                              
J.P. Bussell   300   35,000   2008   Malaysia   Petrofac Malaysia   143   October 2014     —   —   —   —   —   14       Expected 4Q 2015 off rate time for inspections.
Hank Boswell   300   35,000   2006   Middle East   Saudi Aramco   180   August 2018     12   —   —           30       Awarded three-year contract extension commencing in August 2015. Expected 3Q 2014 off rate time for inspections. In addition, expected 4Q 2015 off rate time for inspections.
Bob Keller   300   35,000   2005   Middle East   Saudi Aramco   178   May 2024     7   —   —   —   31   —       Expected 3Q 2014 off rate time for inspections. In addition, expected 3Q 2015 off rate time for inspections.
Scooter Yeargain   300   35,000   2004   Middle East   Saudi Aramco   128   November 2014     —                           Awarded three-year contract extension commencing in November 2015.  Expected 2Q 2015 off rate time for inspections.
                        180   November 2018         —   —   30   —   —        
224C Super Gorilla XL                                                              
Bob Palmer   550   35,000   2003   Middle East   Saudi Aramco   235   August 2017     —   —   —   —   —   —       Awarded three-year contract extension commencing in August 2014.
219C Super Gorilla                                                              
Rowan Gorilla VII   400   35,000   2002   UK N. Sea   Apache   254   November 2014     —   7   —   —   —   —       Previously scheduled off rate time for inspections expected to occur during 4Q 2014 instead of 3Q 2014.  Indicated day rate of $254 is being recognized thru November 2014 and includes rate increase from $216 to $280.
                        280   June 2015                                  
Rowan Gorilla VI   400   35,000   2000   Norway   ConocoPhillips   355   February 2018     62   —   —   —   —   —   Two one year options at higher than current day rates.     Rig commenced operations at the beginning of September 2014.
Rowan Gorilla V   400   35,000   1998   UK N. Sea   Total   274   June 2015     —   7   —   —   —   —   One year option in a range that is above or below current day rates.   Expected 4Q 2014 off rate time for planned maintenance.
200C Gorilla                                                              
Rowan Gorilla IV   450   35,000   1986   Gulf of Mexico   Available       October 2014     30                           Rig is currently idle and off rate for previously indicated inspections during 3Q 2014 instead of 1Q 2015. Rig is expected to receive a standby day rate of $110 during the month of October 2014 and commence operations at the beginning of November 2014.
                    ExxonMobil   200   December 2014         —   —   —   —   —      
Rowan Gorilla III   450   30,000   1984   Trinidad   Rig share group   160   February 2015     —   —   —   —   —   —       Rig share group exercised option to extend the contract term for four months.  Contract is for a firm term of ten wells with an expected duration of 18 months.  Wells spud in the first year of the contract attract an operating rate of $160.  Wells spud in the second year of the contract attract an operating rate of $165.
                        165   August 2015                                
Rowan Gorilla II   350   30,000   1984   Indonesia   Pertamina   146   November 2014     —   —   —   —   —   —       Rig may be off rate for sometime in the first half of 2015 for a special survey. Scope of work, including amount of out of service days, is under review.
116C                                                              
Rowan California   300   30,000   1983   Middle East   Maersk   144   September 2016     —   —   —   —   —   —        
Cecil Provine   300   30,000   1982   Gulf of Mexico   Fieldwood Energy   130   December 2014     —   —   31   —   —   —       Expected 1Q 2015 off rate time for inspections.
Gilbert Rowe   350   30,000   1981   Middle East   Saudi Aramco   122   December 2015     —   —   —   —   —   —   One year option at lower than current day rates.    
Arch Rowan   350   30,000   1981   Middle East   Saudi Aramco   81   November 2014     —   —   —   —   —   —   One year option at higher than current day rates.    
Charles Rowan   350   30,000   1981   Middle East   Saudi Aramco   81   November 2014     —   —   25   —   —   —   One year option at higher than current day rates.   Expected 1Q 2015 off rate time for inspections.
Rowan Middletown   350   30,000   1980   Middle East   Saudi Aramco   80   November 2014     —   —   30   —   —   —   One year option at higher than current day rates.   Expected 1Q 2015 off rate time for inspections.
Conventional Jack-ups                                                              
116 Slot                                                              
Rowan Juneau   250   30,000   1977   Gulf of Mexico   Available                                         Rig is cold stacked.
84 Slot                                                              
Rowan Alaska   350   30,000   1975   Gulf of Mexico   Available                                         Rig is cold stacked.
Rowan Louisiana   350   30,000   1975   Gulf of Mexico   Energy XXI   108   October 2014     —   15   —   —   —   —       Expected 4Q 2014 off rate time for inspections.

 

 

(1) Rig Class denotes Keppel unit design constructed at Keppel FELS shipyard in Singapore for N-Class units. LeTourneau rig class designs include EXL, 240C, Tarzan, Super Gorilla, Gorilla and 116C. 200-C is a Gorilla class unit designed for 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. Rowan EXL is an enhanced version of the Super 116E class. (2) Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues. However, day rates exclude approximately $20-$30 million of other miscellaneous aggregate annual revenue the Company receives during rig operations. Day rates also exclude rebillable revenues which are equally offset by drilling expenses. (3) Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. (4) Off rate days include days for which no revenues are recognized other than cold stacked days and operational downtime in future periods.  Operational downtime is when a rig is under contract and unable to conduct planned operations due to equipment breakdowns or procedural failures. Significant operational downtime is included in the current quarter's off rate days and the company expects operational downtime to account for approximately 2.5% of in service days in future periods. The company may be compensated for certain out-of service days, such as for shipyard stays or for transit periods preceding a contract. However, recognition of any such compensation received is deferred and recognized over the period of drilling operations.

 

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.

 

Statements herein that are not historical facts are 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 business, financial performance and prospects of the Company. These forward-looking statements are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, variations in energy demand, changes in day rates, cancellation by our customers of drilling contracts or letter agreements or letters of intent for drilling contracts or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair, construction or transportation of drilling units, maintenance and repair costs, costs or delays for conversion or upgrade projects, operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on insurance coverage, customer credit and risk of customer bankruptcy, conditions in the general economy and energy industry, weather conditions and severe weather in the Company’s operating areas, increasing complexity and costs of compliance with environmental and other laws and regulations, changes in tax laws and interpretations by taxing authorities, civil unrest and instability, terrorism and hostilities in our areas of operations that may result in loss or seizure of assets, the outcome of disputes and legal proceedings, effects of the change in our corporate structure, and other risks disclosed in the Company’s filings with the U.S. Securities and Exchange Commission. Each forward-looking statement speaks only as of the date hereof, and the Company expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law.