EXHIBIT 99.1
ROWAN COMPANIES, INC. | ||||||||||||||||||
OFFSHORE RIG FLEET AND CONTRACT STATUS | ||||||||||||||||||
As of February 22, 2007 | ||||||||||||||||||
OFFSHORE RIGS | Contract Status | |||||||||||||||||
LeTourneau | 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 2009. | |||||||||
240C #1 | 240-C | 400 | 35,000 | 2008 | TBD | TBD | TBD | TBD | Rig currently under construction, with delivery expected during 3rd Q 2008. | |||||||||
J.P. Bussell | 225-C | 300 | 35,000 | 2007 | TBD | TBD | TBD | TBD | Rig currently under construction, with delivery expected during 4th Q 2007. | |||||||||
Hank Boswell | 225-C | 300 | 35,000 | 2006 | Middle East | Saudi Aramco | Low 190s | March 2011 | Rig departed Gulf of Mexico on January 6, 2007 for four-year drilling contract. Day rate includes estimated amortization of related mobilization/modification revenues beginning in early April 2007. No revenues are being recorded during December 2006 - April 2007 mobilization/modification period. | |||||||||
Bob Keller | 225-C | 300 | 35,000 | 2005 | Gulf of Mexico | El Paso | Low 170s | January 2008 | ||||||||||
Scooter Yeargain | 225-C | 300 | 35,000 | 2004 | Middle East | Saudi Aramco | Low 190s | March 2011 | Rig departed Gulf of Mexico on January 6, 2007 for four-year drilling contract. Day rate includes estimated amortization of related mobilization/modification revenues beginning in early April 2007. No revenues are being recorded during November 2006 - April 2007 mobilization/modification period. | |||||||||
Bob Palmer | 224-C | 550 | 35,000 | 2003 | Gulf of Mexico | Dominion | Mid 170s | March 2007 | ||||||||||
BP | Low 220s | April 2009 | BP contract has been assigned to Petrobras for one well. Day rate includes estimated amortization of related mobilization/modification revenues starting in April 2007. No revenues will be recorded during +/- 45-day mobilization/modification period beginning in March 2007. | |||||||||||||||
Rowan Gorilla VII | 219-C | 400 | 35,000 | 2002 | North Sea | Maersk | Mid 250s | September 2007 | ||||||||||
Rowan Gorilla VI | 219-C | 400 | 35,000 | 2000 | North Sea | Talisman | Mid 280s | November 2007 | Base day rate is shown, exclusive of mobilization revenues; ultimate rate depends upon operating area. | |||||||||
Rig is en route from eastern Canada and should commence operations by early March; no revenues are being recorded during November 2006 - February 2007 shipyard/mobilization period (estimated +/- 100 days, including +/- 60 days during 1st Q 2007). | ||||||||||||||||||
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 | Mid 130s | April 2007 | ||||||||||
Total | Mid 170s | November 2008 | ||||||||||||||||
Rowan Gorilla IV | 200-C | 450 | 35,000 | 1986 | Gulf of Mexico | Arena | Mid 160s | April 2007 | ||||||||||
Plains | Mid 180s | October 2007 | ||||||||||||||||
Rowan Gorilla III | 200-C | 450 | 30,000 | 1984 | Trinidad | EOG Trinidad | High 180s | September 2007 | EOG contract has been assigned to Kerr-McGee for one well. | |||||||||
Petro-Canada | Low 250s | April 2008 | ||||||||||||||||
Rowan Gorilla II | 200-C | 450 | 30,000 | 1984 | Gulf of Mexico | Apache | Low 170s | February 2007 | ||||||||||
Dominion | Low 170s | April 2007 | ||||||||||||||||
Newfield | Low 170s | June 2007 | ||||||||||||||||
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 | Low 130s | March 2007 | ||||||||||
Gilbert Rowe | 116-C | 350 | 30,000 | 1981 | Middle East | Maersk | Low 190s | January 2009 | Rig commenced two-year drilling contract in late January 2007. Day rate includes estimated amortization of related mobilization/modification revenues; no revenues were recorded during August 2006 - January 2007 mobilization/modification period. | |||||||||
Arch Rowan | 116-C | 350 | 30,000 | 1981 | Middle East | Saudi Aramco | Mid 110s | April 2009 | ||||||||||
Charles Rowan | 116-C | 350 | 30,000 | 1981 | Middle East | Saudi Aramco | Mid 110s | April 2009 | ||||||||||
Rowan-Paris | 116-C | 350 | 30,000 | 1980 | Middle East | Maersk | Low 190s | January 2009 | Rig commenced two-year drilling contract in late January 2007. Day rate includes estimated amortization of related mobilization/modification revenues; no revenues were recorded during August 2006 - January 2007 mobilization/modification period. | |||||||||
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 | Seneca | Low 70s | March 2007 | ||||||||||
Rowan-Alaska | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Devon | Mid 120s | March 2007 | ||||||||||
Rowan-Louisiana | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Helix ERT | High 100s | April 2007 | ||||||||||
Dominion | Low 130s | August 2007 | ||||||||||||||||
Rowan-Anchorage | 52 | 250 | 20,000 | 1972 | Gulf of Mexico | Helix ERT | Mid 70s | March 2007 | Rig incurred approximately two days of January 2007 downtime. |
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. |