Profile: Rowan Companies PLC (RDC.N)
7 Mar 2014
Rowan Companies plc, formerly Rowan Companies, Inc., incorporated on October 11, 2011, is a provider of international and domestic offshore contract drilling services. The Company provides offshore contract drilling services utilizing a fleet of 31 self-elevating mobile offshore drilling platforms (jack-up rigs). Its primary focus is on jack-up rigs, which its customers uses for exploratory and development drilling and, in certain areas, well workover operations. In addition, it had three deepwater drillships, as of December 31, 2011, which was under construction. It conducts offshore drilling operations in various markets throughout the world, and as of February 27, 2012, it had 11 rigs in the Middle East, 10 in the United Sates Gulf of Mexico, six in the North Sea, two in Trinidad, and one each in Malaysia and Vietnam. On September 1, 2011, the Company completed the sale of its land drilling services business. On June 22, 2011, the Company completed the sale of its wholly owned manufacturing subsidiary, LeTourneau Technologies, Inc.
The Company operates jack-up rigs capable of drilling depths up to 35,000 feet in maximum water depths ranging from 250 to 550 feet, depending on rig size and location. As of December 31, 2011, its drilling fleet consisted of 19 high-specification cantilever jack-up rigs, which included one Gorilla class rig, three N-Class rigs, four enhanced Super Gorilla class rigs, four Tarzan Class rigs, three 240C class rigs and four EXL class rigs; nine premium cantilever jack-up rigs, which included two Gorilla class rigs and seven 116-C class rigs, and three conventional or slot jack-up rigs with skid-off capability. The Company’s three Gorilla class rigs, are capable of operating in water depths up to 328 feet in extreme hostile environments (winds up to 100 miles per hour and seas up to 90 feet), such as the North Sea and offshore eastern Canada. Gorillas II and III can drill to 30,000 feet, and Gorilla IV is equipped to reach 35,000 feet. The Company’s three 240C class rigs were designed for high-pressure/high-temperature (HPHT) drilling in water depths to 400 feet. The first and second 240Cs are the Rowan Mississippi and Ralph Coffman. The third 240C, the Joe Douglas, was added to the fleet, in 2011. The EXL IV was delivered, in 2011.
The N-Class rigs, which were designed for operation in the regulated Norwegian sector of the North Sea, can be equipped to perform drilling and production operations simultaneously. The Company's N-Class rig, the Rowan Stavanger and Rowan Norway were delivered in January 2011 and June 2011, respectively. The Company’s drilling contracts generally provide for a fixed amount of compensation per day, known as the day rate, and are usually obtained either through competitive bidding or individual negotiations. Its drilling contracts are either well-to-well, multiple-well or for a fixed term generally ranging from one month to multiple years. In addition, in 2011 the Company placed into service six acquired high-specification jack-ups, which included the EXL II, III and IV, and the Rowan Viking, Rowan Stavanger and Rowan Norway, and completed construction of the Joe Douglas. As of February 27, 2012, it had eight rigs under contract in Saudi Arabia and one rig under contract in Qatar.
Rowan Companies PLC
Suite 5450, 2800 Post Oak Blvd
HOUSTON TX 77056-6189