Rig: Rowan Relentless

Name Rowan Relentless
Owner Valaris PLC
Manager Valaris PLC
Rig Type Drillship
Sub Type Ultradeep Water
Jackup Type --
Max Water Depth (ft) 12000
Max Drill Depth (ft) 40000
Dimensions (ft) 752 x 118.1 x 59.6
Leg Length (ft) --
Competitive Yes

Current Location

Country USA
Region North America

Drilling Equipment

Drawworks Type National Oilwell Varco
Drawworks HP 9000
Mud Pumps Type National Oilwell Varco 14-P-220 Triplex
Top Drive National Oilwell Varco TDX-1250
Hookload Capacity (lbs) 2500000

Rig Construction Details

Rig Design Gusto MSC
Rig Model P10,000
Year Built 2015
Country of Build South Korea
Yard Name Ulsan Shipyard
Group Yard Name Hyundai Heavy Industries (HHI)

Rig Contract Details

Operating Status Operational
Operator ExxonMobil

News

23 May 2016

Rowan to receive $215 million payment plus potential $30 million in contingent payments

Rowan Companies plc (NYSE: RDC) today announced an agreement with its customer, Freeport-McMoRan Oil & Gas LLC (FMOG), and FMOG's parent company, Freeport-McMoRan Inc. (Freeport), in connection with a drilling contract for the drillship Rowan Relentless, which was scheduled to terminate in June 2017. The agreement provides that the drilling contract will be terminated immediately, and Freeport will pay Rowan $215 million in cash to settle outstanding receivables and early termination of the contract. Rowan may also receive additional contingent payments from Freeport of $10 million and $20 million, respectively, depending on the average price of oil over a 12-month period. In addition, Rowan expects to reduce its costs for the Rowan Relentless by efficient warm stacking of the rig. Freeport recently announced a restructuring of its oil and gas business, which is operated through FMOG. As disclosed in Freeport's public filings, FMOG has substantial debt and has been negatively impacted by the sustained downturn in oil prices. Tom Burke, President & CEO of Rowan, commented: "I am satisfied with this resolution given FMOG did not have any ongoing work for the Rowan Relentless. This accelerated payment provides additional liquidity to further strengthen our balance sheet and affords Rowan added flexibility as we review opportunities in this down market. The Rowan Relentless, our fourth high-specification ultra-deepwater drillship, had outstanding operational performance on this contract, delivering safe, reliable and efficient operations."

6 Jun 2014

Rowan secures contract for fourth drillship

Rowan Companies plc (Rowan) has announced that one of its subsidiaries has entered into a two-year drilling contract for the newbuild ‘Rowan Relentless’ drillship. The contract is with Freeport-McMoRan Oil & Gas LLC (FM O&G) a subsidiary of Freeport-McMoRan Copper & Gold Inc, for operations in the US Gulf of Mexico. The contract is expected to commence in the third quarter of 2015 and will add approximately UDS425 million to Rowan's current contract backlog. The ‘Rowan Relentless’, is the fourth and final drillship in Rowan’s current construction program and is due to be delivered at the end of March 2015. Upon delivery the unit will begin mobilisation to the USA for its contract with FM O&G. The unit is based on the same GustoMSC P10,000 hull design, as Rowan’s other newbuild drillships and is capable of drilling wells to depths of 40,000 feet in water depths up to 12,000 feet. The DP-3 compliant, dynamically positioned drillship will be equipped with retractable thrusters, two readily deployable seven-ram BOP systems, five mud pumps, dual mud systems and a maximum hook-load capacity of 1,250 tons.

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