Rowan Companies Inc receives letter of intent for Jack-up Gorilla IV

Fri. October 03, 2008; Posted: 04:57 AM

Oct 03, 2008 (M2 EQUITYBITES via COMTEX) -- RDC | Quote | Chart | News | PowerRating -- Rowan Companies Inc (NYSE:RDC), a provider of contract drilling services, declared on 2 October the receipt of a letter of intent from W&T Offshore Inc for the jack-up Gorilla IV for a minimum term of 150 days.

According to Rowan it expects to generate approximately USD30m of drilling revenues from two wells over the minimum term.

The Gorilla IV is currently drilling for McMoRan on the Blackbeard Prospect and the rig is expected to be available in the first quarter of 2009.

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For full details on Rowan Companies Inc (RDC) click here. Rowan Companies Inc (RDC) has Short Term PowerRatings of 5. Details on Rowan Companies Inc (RDC) Short Term PowerRatings is available at This Link.

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