Rowan gets contract from Freeport McMoRan, seen adding $425M to backlog

|About: Rowan Companies plc (RDC)|By:, SA News Editor

Rowan (RDC +0.9%) says it signed into a two-year drilling contract for the Rowan Relentless, the fourth and final drillship in its current construction program, with Freeport McMoRan (FCX) for operations in the Gulf of Mexico.

The contract is expected to take effect in Q3 2015 and add ~$425M to RDC's current contract backlog.

The four drillships are capable of drilling wells to depths of 40K ft. in water depths up to 12K ft.