Rowan Companies plc announced that one of its subsidiaries has entered into a two-year drilling contract for the Rowan Relentless, the fourth and final drillship in Rowan's current construction program. The contract is with Freeport-McMoRan Oil & Gas LLC (FM O&G), a subsidiary of Freeport-McMoRan Copper & Gold Inc., for operations in the U.S. Gulf of Mexico. The contract is expected to commence in the third quarter of 2015 and will add approximately $425 million to Rowan's current contract backlog.
Tom Burke, Rowan's President and Chief Executive Officer, stated, "We are extremely proud that our fourth drillship will work for FM O&G in the U.S. Gulf of Mexico. Our two companies have enjoyed a mutually beneficial and long-standing working relationship drilling ultra-deep Gulf of Mexico shelf gas wells, and we are delighted to have been selected for this important ultra-deepwater drilling program."