ARO Drilling Awarded Four Contracts from Saudi Aramco for Rowan Jack-ups

Source Press Release
Company Rowan Companies plcSaudi Aramco 
Tags Service Contracts
Date April 30, 2018

Rowan Companies plc ("Rowan" or the "Company") (NYSE: RDC) expects that four of its idle jack-ups will be leased to ARO Drilling to fulfill four three-year contracts that ARO Drilling has been awarded by  Saudi Aramco.

Tom Burke, President and Chief Executive Officer, commented, "Our partnership with Saudi Aramco in ARO Drilling and our operational track record in the Middle East have paved the way for these awards. We are pleased with this significant addition to our backlog. We believe these awards demonstrate the value ARO Drilling will create over the coming years."

ARO Drilling will lease the EXL I, EXL IV, Bess Brants and Earnest Dees (formerly named P-59 and P-60, respectively) from Rowan through a bareboat charter lease mechanism. The estimated commencement of the contracts is during the third quarter 2018 for the EXL I and EXL IV, and late 2018 or early 2019 timeframe for the Bess Brants and Earnest Dees. Rowan will prepare the rigs for operations, including all contractually required modifications, and then lease the rigs to ARO Drilling who will operate the rigs in Saudi Arabia. The contracts for the four rigs have been awarded and are in the process of being finalized.

For more information on the leasing structure between Rowan and ARO Drilling, please see the ARO Drilling Appendix of our Investor Presentation on our website, .

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd