EXHIBIT 99.1
ROWAN COMPANIES, INC. | ||||||||||||||||||
OFFSHORE RIG FLEET AND CONTRACT STATUS | ||||||||||||||||||
As of February 21, 2008 | ||||||||||||||||||
OFFSHORE RIGS | Contract Status | |||||||||||||||||
LeTourneau | Depth (feet) | Year in | Day Rate | Estimated | ||||||||||||||
Name | Class | Water | Drilling | Service | Location | Customer | (in thousands) | Duration | Comments ($ in thousands) | |||||||||
Cantilever Jack-up Rigs: | ||||||||||||||||||
Super 116E #4 | S116-E | 350 | 35,000 | 2011 | TBD | TBD | TBD | TBD | Rig planned for construction with delivery expected in 2011. | |||||||||
Super 116E #3 | S116-E | 350 | 35,000 | 2011 | TBD | TBD | TBD | TBD | Rig planned for construction with delivery expected in 2011. | |||||||||
240C #4 | 240-C | 400 | 35,000 | 2011 | TBD | TBD | TBD | TBD | Rig planned for construction with delivery expected in 2011. | |||||||||
Super 116E #2 | S116-E | 350 | 35,000 | 2010 | TBD | TBD | TBD | TBD | Rig planned for construction with delivery expected in 2010. | |||||||||
Super 116E #1 | S116-E | 350 | 35,000 | 2010 | TBD | TBD | TBD | TBD | Rig planned for construction with delivery expected in 2010. | |||||||||
240C #3 | 240-C | 400 | 35,000 | 2010 | TBD | TBD | TBD | TBD | Rig planned for construction with delivery expected in 2010. | |||||||||
240C #2 | 240-C | 400 | 35,000 | 2009 | TBD | TBD | TBD | TBD | Rig planned for construction with delivery expected in 2009. | |||||||||
Rowan Mississippi | 240-C | 400 | 35,000 | 2008 | TBD | TBD | TBD | TBD | Rig currently under construction with delivery expected during 3Q 2008. | |||||||||
J.P. Bussell | 225-C | 300 | 35,000 | 2008 | TBD | TBD | TBD | TBD | Rig currently under construction with delivery expected during 4Q 2008. | |||||||||
Hank Boswell | 225-C | 300 | 35,000 | 2006 | Middle East | Saudi Aramco | Low 190s | March 2011 | ||||||||||
Bob Keller | 225-C | 300 | 35,000 | 2005 | Middle East | Saudi Aramco | Low 180s | May 2011 | Rig commenced tow to Middle East on February 17. Day rate includes estimated amortization of related mobilization/modification revenues starting in May 2008; no revenues will be recorded during January to April 2008 mobilization/modification period (+/- 120 days). | |||||||||
Scooter Yeargain | 225-C | 300 | 35,000 | 2004 | Middle East | Saudi Aramco | Low 190s | March 2011 | ||||||||||
Bob Palmer | 224-C | 550 | 35,000 | 2003 | Gulf of Mexico | Shipyard | March 2008 | Rig entered the shipyard on January 30 for modifications and should resume drilling operations by early March. | ||||||||||
BP | Low 220s | June 2009 | ||||||||||||||||
Rowan Gorilla VII | 219-C | 400 | 35,000 | 2002 | North Sea | Shipyard | March 2008 | Rig entered shipyard for related modifications on December 19, 2007 and is expected commence tow to Angola by late March 2008 and resume drilling operations in April. Rig will earn reduced day rate during January - April 2008 mobilization/modification period (+/- 120 days). | ||||||||||
West Africa | Cabinda | Mid 230s | April 2008 | |||||||||||||||
Cabinda | Low 330s | April 2010 | ||||||||||||||||
Rowan Gorilla VI | 219-C | 400 | 35,000 | 2000 | North Sea | BG | Low 310s | April 2009 | ||||||||||
BG | Mid 300s | October 2009 | ||||||||||||||||
CNR | Mid 300s | March 2010 | ||||||||||||||||
Rowan Gorilla V | 219-C | 400 | 35,000 | 1998 | North Sea | Total | Mid 170s | March 2009 | ||||||||||
Total | Low 260s | August 2010 | ||||||||||||||||
Rowan Gorilla IV | 200-C | 450 | 35,000 | 1986 | Gulf of Mexico | McMoRan | Mid 190s | June 2008 | ||||||||||
Rowan Gorilla III | 200-C | 450 | 30,000 | 1984 | Trinidad | Petro-Canada | Low 250s | May 2008 | ||||||||||
Eastern Canada | EnCana | High 290s | December 2009 | Contract is expected to start in mid to late 2009, and Rowan has the right to utilize Gorilla II. Day rate includes estimated amortization of related mobilization/modification revenues. | ||||||||||||||
Rowan Gorilla II | 200-C | 450 | 30,000 | 1984 | Gulf of Mexico | Devon | Mid 170s | April 2008 | ||||||||||
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 80s | April 2008 | ||||||||||
Gilbert Rowe | 116-C | 350 | 30,000 | 1981 | Middle East | Maersk | Low 190s | January 2009 | ||||||||||
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 | ||||||||||
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 | Helix ERT | Mid 60s | April 2008 | ||||||||||
Apache | Mid 70s | September 2008 | ||||||||||||||||
Rowan-Alaska | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Stone Energy | Mid 90s | April 2008 | ||||||||||
Rowan-Louisiana | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Helix ERT | Mid 90s | April 2008 | ||||||||||
Rowan-Anchorage | 52 | 250 | 20,000 | 1972 | Gulf of Mexico | ADTI | Low 60s | February 2008 |
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. Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues. Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. |
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. |