RDC - Rowan October Fleet Status And Backlog Analysis
(Image: Rowan Resolute from Balticshipping.com)
Investment Thesis
On October 9, 2018, Rowan Companies (RDC) and Ensco PLC (ESV) entered in an all-stock merger agreement. The combined offshore drilling company resulting from this agreement will be comprised of a fleet of 28 floating rigs - semi-submersibles and drillships - and 54 jack-ups (a total of 82 rigs). These numbers include two drillships and one jack-up rig still under construction and exclude the jack-ups which are part of Rowan’s ARO 50/50 joint venture in Saudi Arabia. As a side note, ARO Drilling owns seven jack-ups and also