Rowan Commits to Work Offshore Canada
Rowan Companies has signed a drilling contract for one of its Gorilla class rigs for approximately six months of work offshore eastern Canada that should begin in mid 2009.
The Company has committed either the Rowan Gorilla II or Rowan Gorilla III to this assignment, depending on first availability, and expects total revenues, including mobilization and modification fees, of approximately $56 million.
As previously reported, Rowan has also recently obtained additional North Sea drilling commitments for its Super Gorilla class rig, Rowan Gorilla VI, as follows:
--A six-month commitment for CNR expected to commence by the third quarter of 2009 and generate $55 million of drilling revenues
--A subsequent six-month extension for BG expected to occur in 2010 and generate $55 million of drilling revenues
Danny McNease, Rowan Chairman and Chief Executive Officer, commented, "Demand for high specification drilling equipment remains strong throughout the world, and Rowan's quality fleet continues to benefit. These commitments enhance our future earnings visibility and are further testament to our long-held strategy of building and maintaining a diverse fleet of highly-capable jackup rigs."