For all of the oil-patch anxiety that's going on with the recent price collapse in crude, one shallow-water driller continues to sign some dynamite deals. As of Tuesday, contract driller Rowan
Rowan's string of signings began with a two-year commitment from McMoRan Exploration
Rowan announced two more contract awards about two weeks ago -- one with Royal Dutch Shell
As with the McMoRan contract, the new one with Devon sports both strong revenue terms and a two-year engagement. Even though we've seen deepwater contracts stretch on for up to a decade, two years is a longer commitment than we typically see in the shallow-water Gulf of Mexico. These premium agreements are a true testament to Rowan's regal position in the jackup kingdom.