Saudi Aramco extends contracts with Rowan for 3 Jackups

Rowan Companies has said  that Saudi Aramco has exercised options on three jackups currently working for them in the Persian Gulf when the firm provided an update on drilling rig and contract information on April 23, 2014.

Saudi Aramco extends the contract for jackup Rowan Mississippi for one year, beginning in December, in the Middle East at $195,000 per day, compared to the previous base day rate of $170,000 after excluding the impact of mobilization and capex fees.

The contracts for jackups Hank Boswell and Scooter Yeargain, both currently operating in the Middle East, were extended by a year, and with the day rate for both pegged at $180,000 compared to $128,000 under the previous agreements. The deal for Hank Boswell will be effective August, while the contract for Scooter Yeargin will commence in November.

Meanwhile, Rowan clinched a three-year contract from Repsol for Rowan Renaissance for operations offshore West Africa at an effective day rate of $619,000 during the first year, while Galp extended the contract for jackup Ralp Coffman on an 80-120 day assignment in Morocco from early May at a day rate of $243,000, above the previous rate of $227,000.