Wednesday, October 17, 2018

Rowan Companies News

Rowan Norway Awarded Turkish Petroluem Contract

Rowan Companies plc announced that the Rowan Norway, an N-Class ultra-harsh environment jack-up rig, has been awarded a two-well contract in the Mediterranean Sea by Turkish Petroleum with an estimated duration 100-140 days. The contract is expected to commence in late 2018.The Rowan Norway is currently warm-stacked in the United Kingdom sector of the North Sea.

Cantium Contracts Rowan Jack-up

 Image: Rowan Companies plc

Rowan Companies plc announced that the Rowan EXL III, an EXL Class high specification jack-up rig, has been awarded a six-month contract from Cantium in the U.S. Gulf of Mexico.The contract is expected to commence in early November 2018. The EXL III is currently under contract with Cantium in the U.S. Gulf of Mexico through mid to late August 2018.

Rowan Sells Two Jack-up Rigs to ARO Drilling

Image: Rowan Companies

Texas-based offshore drilling contractor Rowan Companies announced that it has concluded the sale of two LeTourneau TARZAN Class jack-up rigs, the Scooter Yeargain and the Hank Boswell, to ARO Drilling.The net economic impact of this transaction was that Rowan received approximately $90 million…

Rowan Secures ExxonMobil Drillship Contract

Contract drilling services provider Rowan Companies plc announced that the one of its R-Class drillships, Rowan Relentless, has been awarded a contract by ExxonMobil to drill a prospect in the U.S. Gulf of Mexico.The contract is expected to commence in September 2018 and last for 80 days, followed by four one-well, priced options.

Rowan Revenue Jumps on New Rig Performance

Rowan Companies Plc's quarterly profit more-than doubled, helped by revenue from three new ultra-deepwater rigs. The company's revenue rose 45 percent to $547 million for the quarter ended March 31. Net income rose to $123.7 million, or 99 cents per share, from $59.6 million, or 48 cents per share, a year earlier. (Reporting by Sneha Banerjee in Bengaluru

Energy Debt Investors Reap Gains On Oil Rise, But Risks Loom

The rebound in oil prices since mid-March is paying off for holders of corporate bonds of energy companies, and investors are confident that they will outperform Treasuries this year, despite lingering risks. U.S. crude oil prices have rallied more than 32 percent to near their highest levels of the year…

Norway Unions in Wage Deal with Drillers

File Image (CREDIT: AdobeStock / (c) xmentoys)

Norwegian drilling rig operators have reached a wage deal with all three trade unions representing workers, averting the risk of a strike that could have hit exploration, the companies and the unions said on Friday. One of the three unions announced on Thursday afternoon it reached an agreement, while the two others followed later.

Rowan Viking Rig Upgrade Completed on Schedule

ROWAN VIKING RIG UPGRADE COMPLETED

Damen Shiprepair Vlissingen, part of Damen Shiprepair & Conversion, has completed a major upgrade of a Keppel Fels ‘N’ Class drilling rig, one of the largest in the North Sea, in thirty days less than was initially projected by the client. Owner Rowan Companies plc. projected that the work on the Rowan Viking would require 130 days…

Norwegian Oil Unions Threaten Strike

Nearly 300 employees on oil and gas drilling rigs off Norway could go on strike unless a wage deal is agreed by June 22, the country's state-appointed mediator said on Thursday. Rowan Companies' Viking and Gorilla rigs will be affected, one of the unions involved in the wage talks said. It was not clear if other rigs would be affected.

Norway Rig Workers Agree to Wage Deal

File Image: part of the Oseberg Statoil offshore operation (credit: Statoil)

Workers will get a 0.5 percent pay rise; those being laid off will have the right to be rehired. Workers on Norwegian offshore oil drilling rigs signed a new wage deal on Wednesday, avoiding a strike, labour unions and employers said in separate statements. Some 280 rig workers had threatened to strike if the talks failed…

ARO Drilling Commences Operations

ARO Drilling, a 50/50 joint venture between Rowan Companies plc and the Saudi Arabian Oil Company (Saudi Aramco), commenced operations on October 17, 2017. As part of the initial startup of ARO Drilling, Rowan and Saudi Aramco contributed equal amounts of cash into the joint venture. Following these contributions…

Rowan's 3Q Profit Doubles on Higher Rates

Contract driller Rowan Companies Plc's third-quarter profit more than doubled, helped by higher rates for its rigs and an income tax benefit. The company's net income rose to $119.6 million, or 96 cents per share, in the quarter ended Sept. 30, from $51.9 million, or 42 cents per share, a year earlier. Revenue rose about 22 percent to $467.7 million.

Szews Joins Rowan Board of Directors

Charles L. Szews has been appointed by Rowan Companies plc to the group’s board of directors, effective immediately. Szews was recommended to the company by one of its largest shareholders, Blue Harbour Group, L.P., which has entered into a support agreement in connection with Szews' appointment to the board.

Samson Bankruptcy Spotlights Offshore Rig Situation

The most significant bankruptcy of the current oil downturn has shone a spotlight on what is perhaps the most oversupplied corner of the energy world: the market for offshore rig services. Samson Resources Corp, an independent oil producer bought just four years ago for $7.2 billion, said in…

Rowan Buys Two Jack-up Rigs from Petrobras

Offshore driller Rowan Companies plc said it has purchased two LeTourneau Super 116E jack-up rigs, the P-59 and P-60, both delivered new into service in 2013, in a public auction from a subsidiary of Petroleo Brasileiro S.A. for $38.5 million per unit. As reported in May 2017, Rowan was the high…

ASRY Reaches 100 Rig Milestone

Photo courtesy of ASRY

ASRY, a ship and rig repair yard in the Arabian Gulf, has welcomed its 100th rig repair job to the yard, as 2016 posts the highest number of rig repair contracts in the yards history. The project is on the high specification jack-up rig ‘Bob Palmer’, one of the largest jack-up rigs in the world…

Tidewater Names Rynd President, CEO

Tidewater Inc. (NYSE: TDW) appointed John T. Rynd as the company's new President and CEO and a member of the Board of Directors effective March 5. He replaces Larry T. Rigdon who has served as interim President and Chief Executive Officer since October of 2017. Tom Bates, Chairman of the Board of Directors…

Albrecht Joins Rowan Board of Directors

William E. Albrecht has been appointed to the board of directors of Rowan Companies plc, effective October 28, 2015. Albrecht has served as executive chairman of California Resources Corporation, a publicly traded oil and natural gas exploration and production company, since July 2014. Albrecht has over 35 years of experience in the oil and energy industry…

Rowan, Saudi Aramco Form Offshore Drilling Joint Venture

Rowan Companies plc and the Saudi Arabian Oil Company have signed, through their subsidiaries, an agreement to create a 50/50 joint venture to own, operate and manage offshore drilling rigs in Saudi Arabia. The new joint venture company will use Rowan's established business in Saudi Arabia as…

Saudi Aramco in Deals with Foreign Firms in Push for Local Content

State oil giant Saudi Aramco signed deals with several foreign companies as part of a drive to expand the kingdom's industrial base and manufacture a bigger share of products domestically. Deals include setting up joint ventures with U.S.-listed firms Rowan Companies and Nabors Industries to own, manage, and operate drilling rigs in Saudi Arabia.