Rowan announced today that its wholly-owned subsidiary, LeTourneau Technologies, Inc. ("LTI") has entered into a contract to provide the rig kit, license and certain technical consultancy assistance to Vietnam's PetroVietnam Marine Shipyard J/S Company ("PetroVietnam Shipyard") for the construction of a newbuild LeTourneau Super 116E jack-up rig with 377 feet of leg. PetroVietnam Shipyard will construct the Super 116E jack-up for Vietnam Oil & Gas Group (PetroVietnam) in Vung Tau City, S. R. Vietnam.
Dan Eckermann, LTI's President and Chief Executive Officer, stated, "We are pleased to enter into this new market with PetroVietnam Shipyard and support the Vietnamese Government's interest in developing the nation's rig building industry to meet planned oil and gas export projects. This contract demonstrates our strong commitment for international growth through the supply of our state-of-the-art rig kits, rig designs and drilling equipment."
LTI's contract with PetroVietnam Shipyard, valued at approximately $40 million, provides key rig kit equipment, designed and fabricated by LTI, including the leg components, elevating system, controls, spud can materials, cantilever skidding system and hold-down structures. LTI will deliver the rig kit equipment in stages commencing in the fourth quarter of 2009 with the final shipment in the third quarter of 2010.
The Super 116E Class is one of five current LTI jack-up rig designs, and is an evolution of LTI's industry workhorse 116-C Class design. The Super 116E provides for up to 2,000 kips greater payload than its predecessor and is designed to drill in up to 350 feet of water in moderate environmental locations. The rig can be outfitted to handle high temperature/high pressure wells.
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