Rowan Awarded Contract for Fourth Ultra-Deepwater Drillship - KMPH FOX 26 | Central San Joaquin Valley News Source

Rowan Awarded Contract for Fourth Ultra-Deepwater Drillship

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Rowan Companies plc

HOUSTON, June 6, 2014 /PRNewswire/ -- Rowan Companies plc ("Rowan" or the "Company") (NYSE: RDC) announced today that one of its subsidiaries has entered into a two-year drilling contract for the Rowan Relentless, the fourth and final drillship in Rowan's current construction program.  The contract is with Freeport-McMoRan Oil & Gas LLC ("FM O&G"), a subsidiary of Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), for operations in the U.S. Gulf of Mexico. The contract is expected to commence in the third quarter of 2015 and will add approximately $425 million to Rowan's current contract backlog.  

Rowan Companies plc.

Tom Burke, Rowan's President and Chief Executive Officer, stated, "We are extremely proud that our fourth drillship will work for FM O&G in the U.S. Gulf of Mexico.  Our two companies have enjoyed a mutually beneficial and long-standing working relationship drilling ultra-deep Gulf of Mexico shelf gas wells, and we are delighted to have been selected for this important ultra-deepwater drilling program."

The Rowan Relentless is the Company's fourth ultra-deepwater drillship.  All four drillships are based on a GustoMSC P10,000 hull design, capable of drilling wells to depths of 40,000 feet in water depths up to 12,000 feet. The DP-3 compliant, dynamically positioned drillship will be equipped with retractable thrusters, two readily deployable seven-ram BOP systems, five mud pumps, dual mud systems and a maximum hook-load capacity of 1,250 tons.  All four of the Company's ultra-deepwater drillships are now under long-term contracts. 

Rowan Companies plc is a global provider of international and domestic contract drilling services in the ultra-deepwater and shallow water jack-up market with a fleet of 34 offshore drilling units, including four ultra-deepwater drillships, three of which are currently under construction, and 30 jack-up rigs, 19 of which are rated high-specification.  The Company's fleet is located worldwide, including West and North Africa, the Middle East, the North Sea, Trinidad, Southeast Asia and the U.S. Gulf of Mexico.  The Company's Class A Ordinary Shares are traded on the New York Stock Exchange under the symbol "RDC."  For more information on the Company, please visit www.rowancompanies.com

Statements herein that are not historical facts are 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 business, financial performance and prospects of the Company. These forward-looking statements are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements.  Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, variations in energy demand, changes in day rates, cancellation by our customers of drilling contracts, letter agreements or letters of intent or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair, construction or transportation of drilling units, maintenance and repair costs, costs or delays for conversion or upgrade projects, operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on insurance coverage, customer credit and risk of customer bankruptcy, conditions in the general economy and energy industry, weather conditions and severe weather in the Company's operating areas, increasing complexity and costs of compliance with environmental and other laws and regulations, changes in tax laws and interpretations by taxing authorities, civil unrest and instability, terrorism and hostilities in our areas of operations that may result in loss or seizure of assets, the outcome of disputes and legal proceedings, effects of the change in our corporate structure, and other risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission.  Each forward-looking statement speaks only as of the date hereof, and the Company expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law.

Logo - http://photos.prnewswire.com/prnh/20120827/DA62568LOGO

©2012 PR Newswire. All Rights Reserved.

  • Local NewsLocal NewsMore>>

  • A Baby Boy Is Born At A North Fork Gas Station

    A Baby Boy Is Born At A North Fork Gas Station

    A woman on her way to a doctor's appointment suddenly goes into labor and ends up giving birth in a North Fork gas station parking lot.
    More >>
    A woman on her way to a doctor's appointment suddenly goes into labor and ends up giving birth in a North Fork gas station parking lot.

    More >>
  • Dinuba Residents Want Answers: Why Are Streets Full Of Water?

    Dinuba Residents Want Answers: Why Are Streets Full Of Water?

    People living in Dinuba say for nearly two weeks water from a broken valve has been flowing down gutters into storm drains.Residents say city crews are not answering their questions and they want answers on when it will be fixed.More >>
    People living in Dinuba say for nearly two weeks water from a broken valve has been flowing down gutters into storm drains.Residents say city crews are not answering their questions and they want answers on when it will be fixed.More >>
  • Helms Power Plant Turns 30

    Helms Power Plant Turns 30

    The Helms Pumped Storage Plant is now 30 years old. The engineering marvel has been undergoing a renovation in the past few years. Wednesday P.G. E. gave KMPH Fox 26 News a rare glimpse inside the hidden power plant in the high Sierra. The plant is located 50 miles east of Fresno and sits underground near Wishon Reservoir. Back in the 70's it took construction crews seven years to bore a cavern through the mountain of granite and create the plant for P.G. E. It takes two reservoirs to make He...More >>
    The Helms Pumped Storage Plant is now 30 years old. The engineering marvel has been undergoing a renovation in the past few years. Wednesday P.G. E. gave KMPH Fox 26 News a rare glimpse inside the hidden power plant in the high Sierra. The plant is located 50 miles east of Fresno and sits underground near Wishon Reservoir. Back in the 70's it took construction crews seven years to bore a cavern through the mountain of granite and create the plant for P.G. E. It takes two reservoirs to make He...More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KMPH. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.