Rowan Companies Shifts to the Deepwaters

After decades as an onshore and shallow water drilling specialist, Rowan Companies plc (NYSE: RDC  ) is quickly shifting toward a mix of deepwater drillships. The company has four ultra-deepwater (UDW) drillships either recently starting operations or under construction. With the recent announcement of a contract for the last of the four drillships, the driller now has secured contracts for all of the UDW ships through mid-2017.

The recent contract signed with Freeport-McMoRan Copper & Gold (NYSE: FCX  ) has mostly positive indications for Rowan, which is good as the company began the year with a substantial amount of rigs rolling off contract. Also noteworthy, Noble Corp. (NYSE: NE  ) didn't obtain this contract after securing a couple of deals for new drillships with Freeport-McMoRan starting operations soon.

Read the full article here.

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