Rowan Sells Two Jack-up Rigs to ARO Drilling

Laxman Pai
Wednesday, October 10, 2018

Texas-based offshore drilling contractor Rowan Companies announced that it has concluded the sale of two LeTourneau TARZAN Class jack-up rigs, the Scooter Yeargain and the Hank Boswell, to ARO Drilling.

The net economic impact of this transaction was that Rowan received approximately $90 million in cash and $176 million in shareholder notes from ARO Drilling as consideration for the two rigs.

In addition to Rowan's 50% equity stake in ARO Drilling, Rowan now has a total of $445 million of shareholder notes from ARO Drilling.

By agreement of the parties, this transaction will be reflected to have occurred as of October 1, 2018, at which point the Scooter Yeargain and Hank Boswell each will be deemed to have commenced a new three-year contract with Saudi Aramco.

Rowan is a global provider of contract drilling services with a fleet of 25 mobile offshore drilling units, composed of 21 self-elevating jack-up rigs and four ultra-deepwater drillships.

The Company's fleet operates worldwide, including the United States Gulf of Mexico, the United Kingdom and Norwegian sectors of the North Sea, the Middle East, the Mediterranean Sea, and Trinidad.

Additionally, the Company is a 50/50 partner in a joint venture with Saudi Aramco, entitled ARO Drilling, that owns a fleet of seven self-elevating jack-up rigs that operate in the Arabian Gulf.


Categories: Rigs North America Drilling Ship Sales

Related Stories

MDL Secures Cable Laying Job in Asia Pacific

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Brownfield Output Decline Accelerates, says IEA

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

CNOOC Finds Oil and Gas in South China Sea

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Current News

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Brownfield Output Decline Accelerates, says IEA

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com