Saudi Aramco Extends Contracts with Rowan for 3 Jackups to Work in ME

Rowan Companies plc reported Wednesday that Saudi Aramco has exercised options on three jackups currently working for the latter in the Persian Gulf when the firm provided an update on drilling rig and contract information April 23.

Saudi Aramco extends the contract for jackup Rowan Mississippi (375' ILC) for one year, beginning in December, in the Middle East at $195,000 per day, compared to the previous base day rate of $170,000 after excluding the impact of mobilization and capex fees.

The contracts for jackups Hank Boswell (300' ILC) and Scooter Yeargain (300' ILC), both currently operating in the Middle East, were extended by a year, with the day rate for both pegged at $180,000 compared to $128,000 under the previous agreements. The deal for Hank Boswell will be effective August, while the contract for Scooter Yeargin will commence in November.

Separately, Indonesia's national oil company PT Pertamina has awarded a 120-day contract to Rowan for Rowan Gorilla II (480' ILC) jackup at $150,000 per day, unchanged from the previous base day rate.

Meanwhile, Rowan clinched a three-year contract from Repsol for Rowan Renaissance (UDW drillship) April 22 for operations offshore West Africa at an effective day rate of $619,000 during the first year, while Galp extended the contract for jackup Ralph Coffman (375' ILC) on an 80-120 day assignment in Morocco from early May at a day rate of $243,000, above the previous rate of $227,000.


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