ROWAN COMPANIES

FLEET STATUS REPORT AS OF JANUARY 20, 2016

REVISIONS TO FLEET STATUS REPORT NOTED IN BOLD AND UNDERLINED

Contract Status

Rig Name

Rig Class (1)

Estimated
Availability (3)

2015
x 4Q x

Off Rate Days (4)

2016
1Q x 2Q x 3Q

Country of Operation

Customer

Day Rate (2)

x (in USD thousands) x

620

April 2017

--

--

--

--

--

While in the U.S. Gulf of Mexico during years two and three of the contract, the day rate will be $620k
and $630k, respectively. Alternatively, if the rig operates outside the U.S. Gulf of Mexico, the day rate
will be $650k and $660k, respectively.
Expected off rate time in 1Q 2016 for repairs and inspections.

4Q

Comments

ULTRA-DEEPWATER DRILLSHIPS
U.S. Gulf of Mexico (4 Total)
Rowan Renaissance

R-Class

U.S. Gulf of Mexico

REPSOL

Rowan Resolute
Rowan Reliance

R-Class
R-Class

U.S. Gulf of Mexico

U.S. Gulf of Mexico

Anadarko
Cobalt

608
602

October 2017
February 2018

---

5
--

---

---

---

Rowan Relentless

R-Class

U.S. Gulf of Mexico

Freeport-McMoRan

596

June 2017

--

--

--

--

--

Rowan Norway

N-Class

Norway

ConocoPhillips

363

July 2016

--

--

--

45

--

Rowan Stavanger

N-Class

UK

Available

--

--

--

--

--

Rowan Viking

N-Class

Norway

Lundin

352
360

January 2016
February 2017

--

--

--

--

--

Rig on rate late August 2014 with Lundin for 15 wells for a minimum of 900 days. In the event the
contract extends beyond 1,000 days, the day rate increases to a day rate higher than current day rates
every 500 days. Rate adjusted due to updated lump sum fee amortization.

See Comment

December 2016

--

--

30

15

--

Awarded a contract extension to December 2016 at a 2015-2016 blended day rate of $181k. Four-month
priced option at the same day rate. Expected off rate time in 2Q/3Q 2016 for repairs and inspections.

--

--

--

--

--

Two one-year priced options at higher than current day rates. Rate adjusted due to additional lump sum
fee amortization.
Priced option for one well with an estimated duration of 260 days at a day rate higher than the firm term.
Expected off rate time in 3Q 2016 for repairs and inspections.

REPSOL

Rate adjusted due to additional lump sum fee amortization. Rig is currently on Standby rate (98% of
Operating Rate)

JACK-UP RIGS
North Sea (6 Total)

Lundin
Rowan Gorilla VII

Super Gorilla

UK

Apache
Apache

Two one-year priced options at higher than current day rates. Expected off rate time in 3Q 2016 for
repairs and inspections.

Rowan Gorilla VI

Super Gorilla

Norway

ConocoPhillips

362

March 2018

Rowan Gorilla V

Super Gorilla

UK

Total
Total

175

August 2016

--

--

--

30

--

240C

Saudi Arabia

Saudi Aramco

195

December 2018

--

--

--

35

--

Expected off rate time in 3Q 2016 for repairs and inspections.

Tarzan

Saudi Arabia

Saudi Aramco

163/180

August 2018

--

--

--

35

--

120/178

May 2024

--

40

--

--

--

163/180

November 2018

--

--

45

--

--

Revised operating rate to $163k from $180k beginning March 1, 2015. Currently, the contract outlines a
return to the original rate on March 1, 2016, however given current market conditions, we are in
discussions with the customer regarding the rate for the remainder of 2016. Expected off rate time in
3Q 2016 for repairs and inspections.
Revised operating rate to $120k from $178k beginning March 1, 2015. Currently, the contract outlines a
return to the original rate on March 1, 2016, however given current market conditions, we are in
discussions with the customer regarding the rate for the remainder of 2016. Expected 4Q 2015 off rate
time for repairs and inspections moved to 1Q 2016.
Revised operating rate to $163k from $180k beginning March 1, 2015. Currently, the contract outlines a
return to the original rate on March 1, 2016, however given current market conditions, we are in
discussions with the customer regarding the rate for the remainder of 2016. Expected 2Q 2016 off rate
time for repairs and inspections.

Available
Saudi Aramco

198/235

August 2017

---

---

-45

---

---

Middle East (11 Total)

Rowan Mississippi
Hank Boswell

Saudi Aramco
Bob Keller

Tarzan

Saudi Arabia

Saudi Aramco
Saudi Aramco

Scooter Yeargain

Tarzan

Saudi Arabia

Saudi Aramco
Saudi Aramco

J.P. Bussell
Bob Palmer

Tarzan
Super Gorilla XL

Bahrain
Saudi Arabia

Rowan California

116C

Qatar

Maersk

130

--

14

--

--

116C

Saudi Arabia

Saudi Aramco

69

September 2016
April 2016

--

Gilbert Rowe

21

--

--

--

--

Arch Rowan

116C

Saudi Arabia

Saudi Aramco

69

September 2018

--

21

--

--

--

Charles Rowan

116C

Saudi Arabia

Saudi Aramco

69

September 2018

--

--

21

--

--

Rowan Middletown

116C

Saudi Arabia

Saudi Aramco

69

September 2018

--

30

--

--

--

Page 1 of 2

Revised operating rate to $198k from $235k beginning March 1, 2015. Currently, the contract outlines a
return to the original rate on March 1, 2016, however given current market conditions, we are in
discussions with the customer to regarding the rate for the remainder of 2016. Expected off rate time in
2Q 2016 for repairs and inspections.
Mutually agreed dayrate reduction. Expected off rate time in 3Q 2016 for repairs and inspections.
One-year priced option at lower than current day rate. Rate adjusted due to additional lump sum fee
amortization. In accordance with the contract, the customer elected to extend the end date by four
months.
Awarded three-year extension to August 2018 at $69k. Expected off rate time in 1Q 2016 for repairs and
inspections.
Awarded three-year extension to August 2018 at $69k. Expected 2Q 2016 off rate time for repairs and
inspections.
Awarded three-year extension to August 2018 at $69k. Expected 1Q 2016 off rate time for repairs and
inspections.

ROWAN COMPANIES
FLEET STATUS REPORT AS OF JANUARY 20, 2016
REVISIONS TO FLEET STATUS REPORT NOTED IN BOLD AND UNDERLINED

Contract Status

Rig Name

Day Rate (2)

x (in USD thousands) x

Estimated
Availability (3)

2015
x 4Q x

Off Rate Days (4)

2016
1Q x 2Q x 3Q

Rig Class (1)

Country of Operation

Customer

4Q

Comments

Rowan EXL IV

EXL

Malaysia

Available

--

--

--

--

--

Rowan EXL I

EXL

Malaysia

Available

--

--

--

--

--

Ralph Coffman
Rowan EXL III

240C
EXL

Shipyard
Available

---

30
--

---

---

---

Expected 1Q 2016 off rate time for repairs and maintenance.

U.S. Gulf of Mexico

Rowan Gorilla IV

Gorilla

U.S. Gulf of Mexico

Energy XXI

70

January 2016

--

--

--

--

--

Awarded a multiple well contract commencing in late-June at a day rate of $70k.

Arena

See comment

November 2016
--

--

--

--

--

Awarded a 300-day contract commencing in direct continuation of the prior contract. The day rate
during each well of the contract will be either $70k or $75k depending on its location.

Southeast Asia (2 Total)

North America (3 Total)

Central & South America (2 Total)

Rowan EXL II
Joe Douglas

EXL
240C

Trinidad
Trinidad

BP Trinidad
BHP Billiton

180
231

March 2017
April 2016

--

--

--

--

--

--

--

--

--

BHP Billiton

157

June 2016

--

--

15

30

--

BP Trinidad

157

May 2017

--

--

--

--

--

Customer exercised options at mutually agreed rates. Expected 2Q/3Q 2016 off rate time for repairs
and inspections.
Awarded a 300-day estimated contract commencing around August 1, following time in the shipyard.

Cold Stacked (3 Total)

Rowan Louisiana
Cecil Provine
Rowan Gorilla II

116C
Gorilla

U.S. Gulf of Mexico

Malaysia

----

----

----

----

----

Rig was sold in 4Q 2015.

Cold stacked
Cold stacked

Rowan Gorilla III

Gorilla

U.S. Gulf of Mexico

--

--

--

--

--

Cold stacked

(1) The R-Class units are ultra-deepwater high-specification drillships; the N-Class, Super Gorilla, Super Gorilla XL and 240C units are high-B12specification jack-ups rated for hostile environments; the EXL and Tarzan units are high-specification jack-ups rated for non-hostile environments;
the Gorilla units are premium jack-ups rated for hostile environments; and the 116C, 116S and 84S units are standard jack-ups rated for non-hostile environments. For further details please visit our website at www.rowan.com. (2) Unless otherwise indicated, all day rates include estimated
amortization of contract mobilization/modification revenues. However, day rates exclude approximately $20-$30 million of other miscellaneous aggregate annual revenue the Company receives during rig operations. Day rates also exclude rebillable revenues which are equally offset by
drilling expenses. (3) The earliest expected end date for the unit's applicable firm contract term or scheduled out of service period. (4) Off rate days includes out-of-service days and significant known operational downtime in which no revenues are recognized. Out-of-service days are days
where a rig is (or is planned to be) out-of-service and is not able to earn revenue. Operational downtime is unbillable time when a rig is under contract and unable to conduct planned operations due to equipment breakdowns or procedural failures. The Company expects jack-up
operational downtime to account for approximately 2.5% of in-service days in current and future quarters. The Company continues to expect drillship operational downtime to be approximately 5% after a break-in period of approximately six months up to one year (during which drillship
operational downtime will likely be higher). The company may be compensated for certain out-of service days, such as for shipyard stays or for transit periods preceding a contract. However, recognition of any such compensation received is deferred and recognized over the period of
drilling operations.
ROWAN HEREBY ADVISES THAT THE TABLE SET FORTH ABOVE MAY CONTAIN INACCURATE, INCOMPLETE AND/OR INCORRECT INFORMATION AND IS SUBJECT TO CHANGE AT ANY TIME. THE INFORMATION SHOULD NOT BE RELIED UPON FOR ANY PURPOSE, AND ROWAN HEREBY
DISCLAIMS ANY LIABILITY RELATING TO THE USE OF THE INFORMATION SET FORTH ABOVE.
Statements herein that are not historical facts are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected business, financial performance and
prospects of the Company. These forward-looking statements are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among
the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, variations in energy demand, changes in day rates, cancellation by our customers of drilling contracts or letter agreements or letters of
intent for drilling contracts or the exercise of early termination provisions, risks associated with fixed cost drilling operations, cost overruns or delays on shipyard repair, construction or transportation of drilling units, maintenance and repair costs, costs or delays for conversion or upgrade
projects, operating hazards and equipment failure, risks of collision and damage, casualty losses and limitations on insurance coverage, customer credit and risk of customer bankruptcy, conditions in the general economy and energy industry, weather conditions and severe weather in the
Companys operating areas, increasing complexity and costs of compliance with environmental and other laws and regulations, changes in tax laws and interpretations by taxing authorities, civil unrest and instability, terrorism and hostilities in our areas of operations that may result in loss
or seizure of assets, the outcome of disputes and legal proceedings, effects of the change in our corporate structure, and other risks disclosed in the Companys filings with the U.S. Securities and Exchange Commission. Each forward-looking statement speaks only as of the date hereof, and
the Company expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law.

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