Rowan Companies, Inc. has received a letter of intent from W&T Offshore, Inc. for the jackup Gorilla IV.
The commitment is for two wells covering a minimum term of 150 days, which will begin when the rig is released from its current drilling assignment. Rowan expects to earn approximately $30 million of drilling revenues over the minimum term.
The Gorilla IV is currently drilling for McMoRan on the Blackbeard Prospect. The Company estimates that the rig will be available for W&T by early in the first quarter of 2009.
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