LONDON, UK / ACCESSWIRE / June 12, 2018 / If you want access to our free research report on Rowan Cos. PLC (NYSE: RDC), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RDC as the Company’s latest news hit the wire. On June 07, 2018, the Company, which is an industry-leading, global drilling contractor, announced that one of its R-Class drillships, Rowan Relentless, has been awarded a contract by ExxonMobil Corp. (NYSE: XOM) to drill a prospect in the US Gulf of Mexico. Financial details of the contract remain undisclosed. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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The contract is expected to commence in September 2018 and last for 80 days, followed by four one-well, priced options.
Rowan’s Recent Contract
On April 30, 2018, the Company announced that four of its idle jack-ups would be leased to ARO Drilling to fulfill four three-year contracts that ARO Drilling was awarded by Saudi Aramco. ARO Drilling would 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 was during Q3 2018 for the EXL I and EXL IV, and late 2018 or early 2019 timeframe for the Bess Brants and Earnest Dees. Rowan would prepare the rigs for operations, including all contractually required modifications, and then lease the rigs to ARO Drilling who would operate the rigs in Saudi Arabia. The contract for the four rigs was awarded and was in the process of being finalized.
Rowan’s JVin the Arabian Gulf
Rowan is a 50/50 partner in a joint venture (JV) with Saudi Aramco, entitled ARO Drilling, a world-class offshore drilling contractor that owns, operates, and manages a fleet of five high-specification and premium jack-up rigs in Saudi Arabia. This JV marks a major milestone towards the development of a competitive Saudi energy sector. Saudi Aramco and Rowan have worked together continuously in the Saudi Arabian market since 2006, and this strengthened partnership ensures increased collaboration between the partners, increased efficiency of drilling operations, improved localization of the drilling industry in Saudi Arabia, and best-in-class drilling performance. ARO Drilling is committed to purchasing up to 20 newbuild jack-up rigs over 10 years, taking delivery of the first rig as early as 2021, in order to meet Saudi Aramco’s offshore drilling requirements in the Kingdom.
About Rowan Cos. PLC
Established in 1923, Rowan Cos. is a major provider of global offshore drilling services. The Company is a market leader with one of the youngest fleets in its industry, including four new ultra-deepwater drillships and 27 jack-up rigs, 19 of which are rated high-specification. Rowan's fleet operates worldwide, including the United States Gulf of Mexico, United Kingdom, and Norwegian sectors of the North Sea, the Middle-East, and Trinidad.
About Exxon Mobil Corp.
Founded in 1999 and headquartered in Irving, Texas, ExxonMobil is the world's largest publicly traded international oil and gas company, providing energy that helps underpin growing economies and improve living standards around the world. The Company holds an industry-leading inventory of resources and is one of the world’s largest integrated refiners, marketers of petroleum products and chemical manufacturers.
Stock Performance Snapshot
June 11, 2018 - At Monday’s closing bell, Rowan’s stock marginally climbed 0.37%, ending the trading session at $16.38.
Volume traded for the day: 1.77 million shares.
Stock performance in the last month – up 1.05%; previous three-month period – up 35.48%; past twelve-month period – up 36.73%; and year-to-date - up 4.60%
After yesterday’s close, Rowan’s market cap was at $2.07 billion.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry. This sector was up 0.5% at the end of the session.
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