EXHIBIT 99.1
ROWAN COMPANIES, INC. | ||||||||||||||||||
OFFSHORE RIG FLEET AND CONTRACT STATUS | ||||||||||||||||||
As of September 24, 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: | ||||||||||||||||||
240C #4 | 240-C | 400 | 35,000 | 2011 | TBD | TBD | TBD | TBD | Rig planned for construction with delivery expected in 2011. | |||||||||
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 #3 | 240-C | 400 | 35,000 | 2010 | TBD | TBD | TBD | TBD | Rig currently under construction with delivery expected in 2010. | |||||||||
Super 116E #2 | S116-E | 350 | 35,000 | 2010 | TBD | TBD | TBD | TBD | Rig currently under construction with delivery expected in 2010. | |||||||||
Super 116E #1 | S116-E | 350 | 35,000 | 2010 | TBD | TBD | TBD | TBD | Rig currently under construction with delivery expected in 2010. | |||||||||
Ralph Coffman | 240-C | 400 | 35,000 | 2009 | TBD | TBD | TBD | TBD | Rig currently under construction with delivery expected during 3Q 2009. | |||||||||
J.P. Bussell | 225-C | 300 | 35,000 | 2008 | TBD | TBD | TBD | TBD | Rig currently under construction with delivery expected during 4Q 2008. | |||||||||
Rowan-Mississippi | 240-C | 400 | 35,000 | 2008 | Gulf of Mexico | McMoran | Low 220s | November 2010 | 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 | ||||||||||
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 | BP | Low 220s | June 2009 | ||||||||||
Rowan Gorilla VII | 219-C | 400 | 35,000 | 2002 | West Africa | Cabinda | Low 330s | April 2010 | ||||||||||
Rowan Gorilla VI | 219-C | 400 | 35,000 | 2000 | North Sea | BG | Mid 260s | 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 | Rig entered shipyard in mid August for inspections/modifications and should return to service by the end of September. | |||||||||
Total | Low 260s | August 2010 | ||||||||||||||||
Rowan Gorilla IV | 200-C | 450 | 35,000 | 1986 | Gulf of Mexico | McMoRan | Mid 190s | October 2008 | ||||||||||
Rowan Gorilla III | 200-C | 450 | 30,000 | 1984 | Gulf of Mexico | Helix ERT | Low 120s | February 2009 | ||||||||||
Eastern Canada | EnCana | High 290s | December 2009 | Contract is expected to start in mid to late 2009, and Rowan has the right to substitute Gorilla II. Day rate includes estimated amortization of related mobilization/modification revenues. | ||||||||||||||
Rowan Gorilla II | 200-C | 450 | 30,000 | 1984 | Gulf of Mexico | El Paso | Mid 160s | October 2008 | ||||||||||
Rowan-California | 116-C | 300 | 30,000 | 1983 | Middle East | Saudi Aramco | Mid 110s | April 2009 | Customer has an option to extend the contract for one additional year at a day rate in the mid $110s. Rig experienced approximately seven (7) days of August downtime. | |||||||||
Cecil Provine | 116-C | 300 | 30,000 | 1982 | Gulf of Mexico | Apache | Mid 110s | December 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 | Customer has an option to extend the contract for one additional year at a day rate in the mid $110s. Rig experienced approximately three (3) days of August downtime. | |||||||||
Charles Rowan | 116-C | 350 | 30,000 | 1981 | Middle East | Saudi Aramco | Mid 110s | April 2009 | Customer has an option to extend the contract for one additional year at a day rate in the mid $110s. | |||||||||
Rowan-Paris | 116-C | 350 | 30,000 | 1980 | Middle East | Maersk | Low 190s | January 2009 | Day rate includes estimated amortization of related mobilization/modification revenues. | |||||||||
Maersk | Low 170s | January 2010 | ||||||||||||||||
Rowan-Middletown | 116-C | 350 | 30,000 | 1980 | Middle East | Saudi Aramco | Mid 110s | April 2009 | Rig recently returned to service after undergoing shipyard modifications during 36 days in July/August. Customer has an option to extend the contract for one additional year at a day rate in the mid $110s. | |||||||||
Rowan-Juneau | 116 | 300 | 30,000 | 1977 | Gulf of Mexico | Apache | Low 90s | December 2008 | ||||||||||
Rowan-Alaska | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Stone Energy | Mid 110s | October 2008 | ||||||||||
Rowan-Louisiana | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Helix ERT | Low 110s | October 2008 | ||||||||||
Rowan-Anchorage | 52 | 250 | 20,000 | 1972 | Gulf of Mexico | Rig was lost on September 13, 2008 during Hurricane Ike. |
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. |