Rowan Companies has received a letter of intent for its ultra-deepwater drillship Rowan Renaissance from Repsol beginning with delivery in late 2013.
The drillship, under construction in South Korea, will go on contract to Repsol at a dayrate ranging $614,000-$624,000, depending on the work location. The contract is expected to begin in Q1 2014 following delivery towards the end of next year.
Rowan Renaissance is the first of three sisters under construction at Hyundai Heavy Industries.
The GustoMSC P10000 class units will be capable of drilling wells to 12,190m (40,000ft) in water depths to 3,658m (12,000ft).
Mark Keller, Rowan’s VP business development, said of the win: “Immediately after delivery in South Korea in late 2013, the drillship is expected to mobilize to West Africa for the first year of its commitment at an effective dayrate of up to $624,000.
“Repsol currently plans to move the Renaissance to the US Gulf of Mexico for the remaining two years, at which point, the effective day rate will be $614,000. We look forward to our partnership with Repsol for this important milestone in Rowan’s history.
“We are encouraged, though not surprised, by the interest we’re getting in these very high-specification rigs from operators and remain optimistic about our ability to obtain attractive commitments for the other two drillships in the coming months.”
An option for a fourth vessel has been extended.