Rowan wins new jack-up deal while also facing early terminations

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

Rowan (RDC +3.2%) is on the rise following its latest fleet status report, part of which includes news that the Rowan Gorilla V jack-up rig was awarded a contract extension from Total in Norway of eight months plus a six-month option.

Additionally, Rowan Reliance customer Cobalt Energy agrees to pay $96M in exchange for the right to terminate the contract as early as March 31, 2017, and Rowan Gorilla VI customer ConocoPhillips plans to terminate the contract for convenience at the end of 2017, and then will pay a $250K dayrate for the remaining term of the contract through March 2018.