Rowan Resumes GOM UltraDeepwater Gas Ops

Rowan Companies entered into a multi-well contract with McMoRan Oil & Gas Corporation LLC that includes re-entering the Blackbeard Prospect. The Gorilla IV has been committed for a minimum of 90 days, and work on Blackbeard is priced at a day rate in the mid $190s. The initial Blackbeard well was drilled to a depth of just over 30,000 feet during 2005-2006 by Rowan's first Tarzan Class jack-up, the Scooter Yeargain. Rowan's Super Gorilla class jack-up the Bob Palmer is undergoing final preparations for its initial assignment on British Petroleum's Eldorado Prospect. The rig will be drilling one or more wells targeting a depth of at least 28,000 feet.