Rowan Companies (RDC) was the first among its peers to release its fleet status report this year. It released its fleet report on April 19, 2017.
The company hasn’t won any new significant contracts. However, the company could extend some of its contracts while some contracts were amended.
- Rowan’s ultra-deepwater drillship the Rowan Gorilla V will only operate until June 2017. Previously, it was expected to operate until July 2017. The drillship Gorilla VII will work until July 2017 versus a previous estimate of May 2017.
- The Gilbert Rowe drillship working in the Middle East’s contract was extended by three months up to June 2017.
- For the Rowan EXL III, the company exercised a 90-day option. The drillship is working in North America, and it will work until September 2017. The day rate was maintained at $55,000.
- For the Rowan Viking, the customer exercised a 90-day price option. The rig will now work up to February 2018 at a day rate in the range $180,000–$230,000. The previous day rate on this rig was $275,000.
As of February 14, 2017, Rowan Companies (RDC) had a backlog of $1.7 billion compared to $2.2 billion in October 2016 and $3.6 billion in January 2016. The backlog consists of $0.48 billion for floaters and $1.2 billion for jack-up rigs. The backlog for 2017 stood at $905 million, which is ~49% of Rowan Companies’ revenue for 2016. If the company isn’t able to secure new contracts, its revenue for 2017 could only be 49% of its revenue compared to 2016. The backlog for 2018 stands at $430 million, which is 23% of the revenue for the past four quarters. Rowan Companies’ backlog extends to 2024.