Rowan Companies Plc (NYSE: RDC) said Nov. 5 that the Rowan Renaissance, an R-Class ultradeepwater drillship, has been awarded a contract in Mexico by Total with a firm term of one well with an estimated duration of 60 days.
The agreement includes three one-well options that can be exercised by other Total affiliates. Operations are expected to commence in early 2019. The Rowan Renaissance is currently being reactivated from warm stack offshore Louisiana.
Rowan is a global provider of contract drilling services with a fleet of 25 mobile offshore drilling units, composed of 21 self-elevating jackup rigs and four ultradeepwater drillships. The company’s fleet operates worldwide, including the U.S. Gulf of Mexico, the U.K. and Norwegian sectors of the North Sea, the Middle East, the Mediterranean Sea, and Trinidad. Additionally, the company is a 50/50 partner in a joint venture with Saudi Aramco, entitled ARO Drilling, that owns a fleet of seven self-elevating jackup rigs that operate in the Arabian Gulf.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
The sale of the company’s pressure pumping business to ProPetro will bring Pioneer Natural Resources’ divestiture proceeds for the year to roughly $900 million.
Overall, 2018 was the Year of Consolidation as several E&Ps agreed to merge throughout the U.S., including inside and outside the prolific Permian Basin.