EXHIBIT 99.1
ROWAN COMPANIES, INC. | ||||||||||||||||||
OFFSHORE RIG FLEET AND CONTRACT STATUS | ||||||||||||||||||
As of October 25, 2006 | ||||||||||||||||||
OFFSHORE RIGS | Contract Status | |||||||||||||||||
Depth (feet) | Year in | Day Rate | Estimated | |||||||||||||||
Name | Class | Water | Drilling | Service | Location | Customer | (in thousands) | Duration | Comments | |||||||||
Cantilever Jack-up Rigs: | ||||||||||||||||||
240C #2 | 240-C | 400 | 35,000 | 2009 | TBD | TBD | TBD | TBD | Rig planned for construction, with delivery expected in early 2009. | |||||||||
240C #1 | 240-C | 400 | 35,000 | 2008 | TBD | TBD | TBD | TBD | Rig currently under construction, with delivery expected during 2nd Q 2008. | |||||||||
J.P. Bussell | 225-C | 300 | 35,000 | 2007 | TBD | TBD | TBD | TBD | Rig currently under construction, with delivery expected during 3rd Q 2007. | |||||||||
Hank Boswell | 225-C | 300 | 35,000 | 2006 | Gulf of Mexico | Maritech | Mid 160s | December 2006 | Rig commenced operations in GOM on September 27, 2006. | |||||||||
Middle East | Saudi Aramco | Low 190s | March 2011 | Day rate includes estimated amortization of related mobilization/modification revenues starting in March 2007; no revenues will be recorded during December-March mobilization/modification period (estimated 90-120 days, including +/- 30 days during 4th Q 2006). | ||||||||||||||
Bob Keller | 225-C | 300 | 35,000 | 2005 | Gulf of Mexico | El Paso | Low 170s | January 2007 | Rig incurred approximately 2 days of 3rd Q 2006 downtime due to equipment repairs. | |||||||||
Scooter Yeargain | 225-C | 300 | 35,000 | 2004 | Gulf of Mexico | Apache | Low 160s | December 2006 | ||||||||||
Middle East | Saudi Aramco | Low 190s | March 2011 | Day rate includes estimated amortization of related mobilization/modification revenues starting in March 2007; no revenues will be recorded during December-March mobilization/modification period (estimated 105-135 days, including +/- 45 days during 4th Q 2006). | ||||||||||||||
Bob Palmer | 224-C | 550 | 35,000 | 2003 | Gulf of Mexico | Dominion | Mid 170s | December 2006 | Rig incurred approximately 9 days of 3rd Q 2006 downtime due to equipment inspections. | |||||||||
Gulf of Mexico | BP | Low 220s | January 2009 | |||||||||||||||
Rowan Gorilla VII | 219-C | 400 | 35,000 | 2002 | North Sea | Maersk | Mid 250s | September 2007 | Rig incurred approximately 8 days of 3rd Q 2006 downtime due to equipment repairs. | |||||||||
Rowan Gorilla VI | 219-C | 400 | 35,000 | 2000 | E. Canada | Husky | Low 200s | December 2006 | ||||||||||
North Sea | Talisman | Mid 280s | November 2007 | Base day rate is shown, exclusive of mobilization revenues; ultimate rate depends upon operating area. No revenues will be recorded during November-January mobilization period (estimated 30-45 days, including +/- 30 days during 4th Q 2006). | ||||||||||||||
North Sea | BG | Mid 260s | May 2008 | Base day rate is shown, exclusive of mobilization revenues; ultimate rate depends upon operating area. | ||||||||||||||
Rowan Gorilla V | 219-C | 400 | 35,000 | 1998 | North Sea | Total Elf | Mid 130s | April 2007 | Rig incurred approximately 4 days of 3rd Q 2006 downtime due to equipment repairs. | |||||||||
North Sea | Total Elf | Mid 170s | November 2008 | |||||||||||||||
Rowan Gorilla IV | 200-C | 450 | 35,000 | 1986 | Gulf of Mexico | Newfield | Low 160s | October 2006 | ||||||||||
Gulf of Mexico | Arena | Mid 180s | February 2007 | |||||||||||||||
Rowan Gorilla III | 200-C | 450 | 30,000 | 1984 | Trinidad | EOG Trinidad | High 180s | September 2007 | Rig incurred approximately 12 days of 3rd Q 2006 downtime in advance of mobilization from GOM. | |||||||||
Trinidad | Petro-Canada | Low 250s | April 2008 | |||||||||||||||
Rowan Gorilla II | 200-C | 450 | 30,000 | 1984 | Gulf of Mexico | Apache | Low 160s | December 2006 | Rig incurred approximately 18 days of 3rd Q 2006 downtime due to equipment repairs and inspections. | |||||||||
Rowan-California | 116-C | 300 | 30,000 | 1983 | Middle East | Saudi Aramco | Mid 110s | April 2009 | ||||||||||
Cecil Provine | 116-C | 300 | 30,000 | 1982 | Gulf of Mexico | Apache | Mid 150s | October 2006 | ||||||||||
Gilbert Rowe | 116-C | 350 | 30,000 | 1981 | Gulf of Mexico | Shipyard | November 2006 | Rig entered GOM shipyard on August 19, 2006 in preparation for 2-year Qatar assignment. | ||||||||||
Middle East | Maersk | Low 190s | January 2009 | Day rate includes estimated amortization of related mobilization/modification revenues starting in January 2007; no revenues are recorded during August-January mobilization/modification period (estimated 135-150 days, including 43 days during 3rd Q 2006 and all of 4th Q 2006). | ||||||||||||||
Arch Rowan | 116-C | 350 | 30,000 | 1981 | Middle East | Saudi Aramco | Mid 110s | April 2009 | Rig incurred approximately 14 days of 3rd Q 2006 downtime due to equipment repairs. | |||||||||
Charles Rowan | 116-C | 350 | 30,000 | 1981 | Middle East | Saudi Aramco | Mid 110s | April 2009 | ||||||||||
Rowan-Paris | 116-C | 350 | 30,000 | 1980 | Gulf of Mexico | Shipyard | November 2006 | Rig entered GOM shipyard on August 31, 2006 in preparation for 2-year Qatar assignment. | ||||||||||
Middle East | Maersk | Low 190s | January 2009 | Day rate includes estimated amortization of related mobilization/modification revenues starting in January 2007; no revenues are recorded during August-January mobilization/modification period (estimated 125-140 days, including 31 days during 3rd Q 2006 and all of 4th Q 2006). | ||||||||||||||
Rowan-Middletown | 116-C | 350 | 30,000 | 1980 | Middle East | Saudi Aramco | Mid 110s | April 2009 | ||||||||||
Conventional Jack-up Rigs: | ||||||||||||||||||
Rowan-Juneau | 116 | 300 | 30,000 | 1977 | Gulf of Mexico | Newfield | Low 100s | November 2006 | Rig incurred approximately 9 days of 3rd Q 2006 downtime due to equipment inspections. | |||||||||
Rowan-Alaska | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Newfield | Low 140s | November 2006 | ||||||||||
Rowan-Louisiana | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | TBD | TBD | TBD | Rig is undergoing repairs following 2005 hurricane damage; should return to service during 4Q 2006. | |||||||||
Rowan-Anchorage | 52 | 250 | 20,000 | 1972 | Gulf of Mexico | Inspections/repairs | October 2006 | Rig is expected to return to service by early November 2006. | ||||||||||
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. 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 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 filiings with the U. S. Securities and Exchange Commission. |