A Review of the Nigerian Energy Industry

US’ firm Rowan takes Aramco rate cuts

23 April 2015, News Wires – Saudi Aramco has secured further rig rate reductions, with US owner Rowan seeing a plethora of units switched onto lower rates.

Saudi_Aramco-300x1761Four jack-ups are now to come off their current dayrate to a lower rate for a whole year from 1 April, when they will go back on the previous rate.

The four are: the Hank Boswell (dropping from $180,000 to $163,000); the Bob Keller (dropping from $178,000 to $120,000); the Scooter Yeargain (going from $180,000 to $163,000); and the Bob Palmer (sinking from $235,000 to $198,000).

The jack-up Gilbert Row, which Aramco has on charter until the end of the year, is to drop from $122,000 to $106,000 for the remainder of the term.

The Saudi giant has, however, extended its contract with the jack-up Charles Rowan to now end in June instead of April.

The jack-ups Cecil Provine and Rowan Gorilla III have also had very minor extensions, but not from Aramco.

Earlier this month, Aramco secured rate cuts on seven Ensco jack-ups for a portion of their contract periods.

– Upstream

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