Rowan Renaissance has started a three-year drilling contract with Repsol on April 22, 2014, for operations offshore West Africa at an effective dayrate of $619,000 during the first year.
Meanwhile, Rowan Mississippi is to stay put as Saudi Aramco exercised its option to extend the primary term for one year in the Middle East at $195,000 per day commencing December 4, above the previous base dayrate of $170,000 after excluding the impact of mobilisation and capex fees.
Saudi Aramco exercised its option to extend the Frank Boswell’s primary term for one year in the Middle East at $180,000 per day commencing August 2014, above the previous effective dayrate of $128,000. Also SA exercised its option to extend the primary term for the Scooter Yeargain for one year at $180,000 per day commencing in November.
Rowan Gorilla II has been awarded a 120-day contract with Pertamina in Indonesia at a dayrate of $150,000, while the Ralph Coffman has been assigned an estimated 80-120 day contract with Galp in Morocco starting this month at an effective dayrate of $243,000.
For the first quarter and full-year of 2014, Rowan expects jack-up out-of-service time to be about 13% and 7-9%, respectively.
No operational downtime is included in projected out-of-service days, but the company estimates jack-up operational downtime to account for around 2.5% of in-service days in current and future quarters.
The company does not currently expect any out-of-service days in 2014 for the Rowan Renaissance, and following a break-in period is expecting operational downtime to be approximately 5%.
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