EXHIBIT 99.1
ROWAN COMPANIES, INC. | ||||||||||||||||||
OFFSHORE RIG FLEET AND CONTRACT STATUS | ||||||||||||||||||
As of October 22, 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 Q3 2009. | |||||||||
J.P. Bussell | 225-C | 300 | 35,000 | 2008 | TBD | TBD | TBD | TBD | Rig currently under construction with delivery expected during November 2008. | |||||||||
Egypt | Shell | Low 180s | April 2011 | Letter of intent for two wells (approximately 20 months) expected to commence during Q3 2009; day rate includes amortization of related mobilization/modification revenues. | ||||||||||||||
Rowan-Mississippi | 240-C | 400 | 35,000 | 2008 | Gulf of Mexico | McMoran | Low 220s | November 2010 | Rig currently under construction with delivery expected during November 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 | Rig is currently expected to enter the shipyard in early December for Norway upgrades and will receive a low $150s rate for up to two weeks. | |||||||||
BG | Mid 300s | October 2009 | ||||||||||||||||
CNR | Mid 300s | March 2010 | ||||||||||||||||
Rowan Gorilla V | 219-C | 400 | 35,000 | 1998 | North Sea | Total | Low 260s | August 2010 | Rig was in the shipyard from mid August until mid October undergoing upgrades. | |||||||||
Rowan Gorilla IV | 200-C | 450 | 35,000 | 1986 | Gulf of Mexico | McMoRan | Mid 190s | November 2008 | ||||||||||
Gulf of Mexico | W&T | Low 200s | May 2009 | Letter of intent for two wells (minimum 150 days) expected to commence during January 2009. | ||||||||||||||
Rowan Gorilla III | 200-C | 450 | 30,000 | 1984 | Gulf of Mexico | Helix ERT | Low 140s | February 2009 | ||||||||||
Eastern Canada | EnCana | High 290s | December 2009 | Contract is expected to start in mid to late 2009; 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 | ||||||||||
Gulf of Mexico | El Paso | Mid 170s | January 2009 | |||||||||||||||
Gulf of Mexico | Devon | High 180s | January 2011 | Two-year term contract including 21 days at low $120s rate. | ||||||||||||||
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. | |||||||||
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. | |||||||||
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 | Customer has an option to extend the contract for one additional year at a day rate in the mid $110s. | |||||||||
Conventional Jack-up Rigs: | ||||||||||||||||||
Rowan-Juneau | 116 | 300 | 30,000 | 1977 | Gulf of Mexico | Apache | Low 90s | December 2008 | ||||||||||
Gulf of Mexico | Newfield | High 90s | June 2009 | |||||||||||||||
Rowan-Alaska | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Stone Energy | Mid 110s | January 2009 | ||||||||||
Rowan-Louisiana | 84 | 350 | 30,000 | 1975 | Gulf of Mexico | Helix ERT | Low 110s | October 2008 | ||||||||||
Gulf of Mexico | Helis | Mid 110s | December 2008 | |||||||||||||||
Gulf of Mexico | Newfield | Low 120s | February 2009 |
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. |