Rowan Obtains Three-Year Drilling Contract for Five Rigs in Saudi Arabia
Rowan Companies has been awarded a term drilling contract by the Saudi Arabian Oil Company for five Class 116-C jack-up drilling rigs to begin operating offshore Saudi Arabia in early 2006.
The contract is for a three-year term and contains options for one additional year. Each rig is currently under contract in the Gulf of Mexico. The relocation of rigs to the Middle East will begin late in the fourth quarter of this year and should be completed by the end of the first quarter of 2006.
Danny McNease, Chairman and Chief Executive Officer, commented,
"We are extremely pleased to be returning to the Middle East and look
forward to renewing our relationship with Saudi ARAMCO. I want to
personally thank Rawabi Trading & Contracting Co. Ltd. who greatly
assisted Rowan in this endeavor. This contract will bring more global
diversification to Rowan's drilling operations and, over time, should
improve the average return on our investments. However, Rowan remains
very committed to the Gulf of Mexico and we believe that this contract
will also improve business conditions for our 17 offshore rigs that
are currently slated to remain in that market."
Operates 44 Offshore Rigs
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Company: Rowan Companies more info
Manages 22 Offshore Rigs
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