Rowan to stack drillship after Repsol terminates contract

Rowan to stack drillship after Repsol terminates contract

Houston-based offshore drilling contractor Rowan on Tuesday said it has to warm stack one of its drillships after Spanish oil firm Repsol terminated its contract early.

Rowan said it will continue to be paid by Repsol for the Rowan Renaissance rig – but at a rate slightly reduced from the standby rate, which was 98% of the $630,000-a-day operating rate – through to the original contract ending date of April 22, 2017. The standby rate had been in effect since mid-March.

Repsol had used the Rowan Renaissance to drill at its Leon well in the Keathley Canyon Block, 352 kilometres offshore Louisiana in the deep-water US Gulf of Mexico.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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