Rowan's (RDC) Jack up Rig Receives Contract in Trinidad

Rowan's (RDC) jack up rig, Ralph Coffman, is currently hired by GulfSlope in the Gulf of Mexico.

Rowan Companies plcs RDC 240-C Class harsh environment jack up rig Ralph Coffman has received a 180-day contract in Trinidad.Previously, the company received a contract from CGX Resources for the same rig. The jack-up, which is capable of performing in harsh environments, is anticipated to initiate the contract in Trinidad in April 2019. Following the completion of the contract, the rig will directly initiate the contract with CGX Resources in Guyana.Currently, the rig is hired by oil and natural gas explorer GulfSlope Energy in the Gulf of Mexico. Ralph Coffman is expected to complete activities under the current contract in mid-January 2019.     Moreover, a two-well option has been exercised by BP plc (BP) for the jackup rig Joe Douglas. These exercised option wells are likely to continue until about May 2019.  Another two-well option has been received by the Joe Douglas.Apart from the awards, Rowan already has an impressive contract backlog. Notably, the companys recent merger agreement with Ensco plc (ESV) will strengthen the backlog position that has been estimated at roughly $2.7 billion. Overall, Rowan is well placed to boost cashflows, considering contract awards and revenue backlog.Houston, TX-based Rowan primarily provides services related to contract drilling to the oil and gas industries. As of Feb 13, 2018, the fleet strength of the company comprises 25 rigs that....

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