Rowan enters into drillship contract with Freeport McMoRan

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

In its latest fleet status update, Rowan (RDC -1.7%) says it has entered into a two-year contract with Freeport McMoRan for the Rowan Relentless that will add ~$425M to RDC's current contract backlog, meaning that all four of RDC's ultra-deepwater drillships are now under long-term contracts.

The Relentless is expected to be delivered next March and operate in the Gulf of Mexico starting in Q3 2015.

RDC began operations on its Rowan Renaissance in April, experiencing 17 days off rate time during Q2.