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1、UH BAUER COLLEGE OF BUSINESS:MARCH 30,2006 PRESENTATIONRowan Companies,Inc.John Buvens,General Counsel Ted Gobillot,Associate General Counsel,Emma,Lindsay,Joe,Overview of Rowan Companies,Inc.Emerging Trends in the Offshore Drilling IndustryHow is an offshore well drilled?Oilco/Drillco Relationship:W
2、ho provides what?Risks:What can happen?What is an indemnity agreement?How do the parties allocate risk?,Overview of Rowan Companies,Inc.Founded in 1923 by Arch and Charlie RowanTwo units:Drilling and ManufacturingTotal workforce:4,500+employeesHQ at Williams Tower(ex-Transco Tower)On NYSE and public
3、ly-owned since 19672005:Revenue of over$1B;$4.5B market cap,DRILLING DIVISIONHQ in Houston;operations onshore in Texas,Louisiana,Mississippi and Oklahoma;offshore in the U.S.GOM,east coast of Canada,North Sea,Persian Gulf and Trinidad20 offshore rigs;17 land rigsAccounts for 75%of RCIs revenue,Land
4、Rig Locator Map,Land Rig Locator Map,TEXAS,LOUISIANA,MISS,LR-34,LR-54,LR-53,LR-14,LR-52,LR-15,LR-33,LR-9,29,35,LR-26,30,31,51,LR-18,LR-41,9-Texas 7-Louisiana 1-Oklahoma,17 Land Rigs OperatingCurrently 100%Utilized,Current Average Well Depth:15,980 ft.,LR-12,MANUFACTURING DIVISION,Acquisitions:LeTour
5、neau(1994),Ellis Williams(1999),OEM(2001)HQ in Longview,TX;manufacturing facilities in Vicksburg,MS and Houston,TXManufactures jack-up rigs,land rigs and rig component parts,equipment for the timber and mining industriesAccounts for 25%of RCIs revenues,LeTourneau Products,Worlds Largest Front-End Lo
6、ader,3000 HP Mud Pump,Drawworks,Rotary Table,Manufacturing Division,ROWANS RIG CONSTRUCTION PROGRAMLarge Fixed Capital InvestmentPurchase LeTourneauRestore Vicksburg,MS FacilityHire and Train WorkersRig Construction Cost:$180-$500 MillionOngoing Maintenance and Labor CostVolatile Revenue StreamDayra
7、tes Track Commodity PricesBoom-and-Bust BusinessGorilla V Experience,Worldwide Jack-up Newbuilds and Attrition 1950-2005,Additions to the fleet,Attrition,Source:ODS-Petrodata,Average Age of Retired Rigs:30 yearsNumber of Retired Rigs per year(20-year average):6 rigs,Scheduled Construction/On Order,2
8、009,55 Rigs Under Construction2006-102007 202008-20 2009-5,Land Dayrate History 1998-2005,$17,242,Dayrates through March 27,2006,Current Average Dayrate$22,559,CONSTRUCTION OF THE HANK BOSWELL:DECEMBER 2004,March 2005,June 2005,August 2005,September 2005,October 2005,November 2005,December 2005,Janu
9、ary 2006,February 2006,March 2006,Following Construction,Rig Walks into Mississippi River,Rig Travels Down Mississippi River,Rig Crosses Under Four Bridges En Route to U.S.GOM,Bob Palmer(2003)vs.Rowan-Texas(1973),Under Tow To Location,Jacked Up on Open Location,Jacked up on Location and Cantilevered
10、 out over Platform,Heavy-Lift Rig Hauler,Rig Floats Onto Submerged Deck,Single-Rig Dry Tow,Double-Rig Dry Tow,Transport of Rigs Overseas,Triple-Rig Dry Tow,Rowan Fleet Migrates to Saudi Arabia,35,000 Tons12,300 miles60 days,Sharjah Roads,Jacked up in Halifax Harbor,Nova Scotia,Canada,Emerging Trends
11、 in the Offshore Drilling IndustryCurrent StatusGlobal Supply and DemandSaudi Arabia as swing producerDeclining Production in GOMThe MoratoriumThe Stakeholders in GOMExtending Life of GOMEvolving TechnologyDeep Shelf and Deep WaterRoyalty Relief by MMSEmergence of Liquified Natural GasLaw of the Sea
12、 TreatyFallout from Hurricanes Katrina and Rita,E.Canada:100%,C&S America:82%,US GOM:82%,Mexico:100%,West Africa:100%,North Sea:100%,Middle East:98%,SE Asia:97%,85,2,0,27,3,32,21,0,80,2,31,1,19,14,0,Worldwide Jack-up Supply/Demand,Worldwide Utilization:92%,Source:ODS Petrodata,0,Indian Ocean:100%,25
13、,0,Total Number of Jack-up Rigs Worldwide:390,Houston Chronicle:March 23,2006DEEP-WATER EXPLORATION,DRILLING FLOURISH IN THE GULFNEW ORLEANS-Petroleum operators announced 10 new deep-water discoveries in the Gulf of Mexico in 2005 and the number of drilling rigs exploring in deep water has increased
14、 sevenfold in a year,a federal agency is reporting.Deep water is considered to be 1,000 feet or deeper.The deepest discovery reported last year was by BP in 9,576 feet of water.Last year continued to be a strong year for deep-water activity in the Gulf of Mexico,said Chris Oynes,the agencys Gulf of
15、Mexico regional director.There is intense interest in oil and gas potential in the deep water.In March,there were 42 rigs drilling or working on development wells in deep-water areas,including 10 rigs in 5,000 feet or more,the agency said.A year ago,there were six rigs in ultradeep water.On March 15
16、,petroleum exploration companies put$588.3 million in high bids for 405 offshore tracts off Louisiana,Mississippi and Alabama.The figure far exceeded last years auction by the agency,when$342 million in high bids were accepted for 403 tracts that exploration firms are betting on to produce in the ce
17、ntral Gulf of Mexico.,GlobalSantaFe Corp.,the worlds second-largest offshore driller by market value,said Thursday it reached an agreement with an unidentified customer to provide a new deep-water rig that would generate about$1 billion in revenue over seven years.Keppel Fels,a unit of Keppel Corp.,
18、has been contracted to build the rig at its Singapore shipyard at a cost of about$590 million,Houston-based GlobalSantaFe said.Delivery of the rig,to be named GSF Development Driller III,is expected in early 2009,the company said.The new rig may generate an average of about$390,000 a day for GlobalS
19、antaFe,based on the total revenue and duration of the agreement.,Houston Chronicle:March 2,2006,GLOBALSANTAFE WINS CONTRACT:DEEP-WATER RIG WILL COST$590 MILLION,Houston Chronicle:March 11,2006LOST LANGUAGE DRAINS BILLIONS:MYSTERIOUS ERROR TO COST GOVERNMENT ENERGY ROYALTIES,WASHINGTON How it happene
20、d or whos responsible is a mystery eight years after the fact.But what may have been a simple error or perhaps something more ominous has given a multimillion-dollar windfall to a group of oil and natural gas companies and could cost the government billions of dollars more in the years to come.The I
21、nterior Department disclosed this week that a provision was mysteriously deleted from hundreds of federal drilling leases in the late 1990s that would have required producers to pay royalties,once prices reached a certain level,on oil or gas taken from deep waters of the Gulf of Mexico.In 1995,Congr
22、ess exempted deep-water oil from royalty payments to spur development.But a price threshold was included in leases issued in 1996 and 1997 and again in leases sold in each year since 2000 that reinstates the royalties if market prices reach a certain level.For some reason the language“was inadverten
23、tly dropped”from an addendum attached to more than 1,100 leases the Interior Departments Minerals Management Service issued for 1998 and 1999,Walter Cruickshank,the agencys deputy director,told a House Government Reform subcommittee Wednesday.He said officials have not been able to determine who mad
24、e the change.“It is clear that there is no record telling people to take the language out,”he said,and it was widely known that the department wanted the price threshold restriction in any oil and gas leases as a matter of policy.In the late 1990s,when oil prices were well below the threshold,the is
25、sue may not have attracted attention.Rep.Darrell Issa,R-Calif.,the subcommittee chairman,called the whole matter“suspicious.”“This is a$7 billion word processing error,”Issa told reporters.He said some of the leases issued during those two years could remain in effect for as long as 85 years,so the
26、government will be unable to collect royalty payments from oil and gas taken from those leases because they lacked the threshold language.If prices remain high,lost royalties“will be in the billions of dollars,”he acknowledged.,Houston Chronicle:March 5,2006TRANSOCEAN HAS NEW DRILL SHIP IN THE WORKS
27、TRANSOCEAN,the worlds largest offshore oil and natural gas driller,has been awarded contracts from Chevron Corp.that will lead to construction of a new deep-water rig and generate as much as$1.7 billion in revenue.The contracts include a new drillship that will cost an estimated$650 million to build
28、 and will be used by Chevron for five years,Houston-based Transocean said Wednesday in a prepared statement.The drillship will be Transoceans first new deep-water rig since 2001 and will be among the most expensive ever built.Chevron also extended agreements to use two other deep-water rigs.Transoce
29、an and other drillers have been reluctant to build new rigs without first having multiyear contracts in place for their use.With the most prized deep-water rigs in short supply and producers racing to capitalize on soaring energy prices,rents have climbed to unprecedented highs.The new drillship,to
30、be named Discoverer Clear Leader,will be built at the Daewoo Shipbuilding and Marine Engineering Co.shipyard in South Korea,Transocean said.Construction is expected to take 30 months,and the contract with Chevron is scheduled to start in the second quarter of 2009.The rig may generate revenue of$493
31、 million for Transocean during the first three years,or an average rate of about$450,000 a day,company spokesman Guy Cantwell said.Rates during the final two years are linked to oil prices and are expected to range from$400,000 to$500,000 a day,he said.The Discoverer Clear Leader will be capable of
32、operating in waters as deep as 12,000 feet and will be able to drill wells as deep as 40,000 feet,the company said.,Less than 200m,Greater than 1,000 m,10,000,30,000,Llano,Cretaceous Shelf Edge,N,S,DEEPWATER,FLEX TREND(Shelf Edge),SHELF,Jason,ST172,Hickory,Conger,Pleistocene,Pliocene,Miocene,Mid.Mio
33、cene,Low.Miocene,Paleogene,Mesozoic,20,000,Salt,Salt,Basement Rock,Tahiti,ThunderHorse,TypicalShelf,Source:Newfield Exploration,How is an offshore well drilled?The Basic Rig Systems are:Power SystemHoisting SystemRotating SystemCirculating SystemWell Control System,Making a Drillstring Connection,La
34、nd Rig Substructure,Derrick,TYPES OF OFFSHORE RIGS,Drilling from beach(1890s)Drilling from wharves(1910s)Platform rig and barge(1920s)Submersible barge rig(1940s)Jackup rig(1950s)Semi-submersible rig(1970s)Drillship(1980s),Drilling from Wharf:Oil Rock City in Caspian Sea,Baku,Russia,Submersible Barg
35、e Rig,Jackup Drilling Rig,Semi-Submersible Drilling Rig,Drillship,Drillco Personnel,Roughnecks,Men Working on Well,Driller,Derrickman,Lease rights and drilling permitsWell programTransportation of rig to Oilcos wellsite“Company man”aboard rig 24/7Mud Engineer aboard rig 24/7Specialized servicesAir a
36、nd/or sea transportation for all personnel and equipmentFuelDrilling mudWell evaluation servicesProduction equipment(platforms,pipelines,compressors),OILCO PROVIDES:,THE EXCHANGEOilco pays Drillco a dayrate chargeDrillcos dayrate charges account for 40-60%of Oilcos total well costsOilco expects deli
37、very of well in compliance with Oilcos well program and in a safe and timely mannerOilco gets 83.3%of production,RisksWHAT BAD STUFF CAN HAPPEN?,Boat accidentsCrane accidentsEquipment defects and malfunctionLightning strikesHurricanesPipeline strikesPlatform strikesPunchthroughsBlowoutsHelicopter ac
38、cidentsSabotageNationalization/confiscationWar Risk/Terrorism,Lightning Strike,Hurricane Lili(October 2002),Rowan-Houston following Hurricane Lili,Salvage Operation Re Rowan-Houston,Salvage Operation Re Rowan-Houston,Seminal Spindletop Blowout(1900),Derrick Collapse,Land Rig Blowout,Offshore EgyptAu
39、gust 2004,Rig sinks and Platform is destroyed,New Risk:Icebergs and Ice Flows,Ivan,Katrina and Rita,Three of the worst hurricanes to ever hit the U.S.Gulf of Mexico.Struck within a 13-month period,devastating the offshore oil and gas industry,IVAN SCORECARD(September 2004),Approximately 33,000 miles
40、 of pipeline,4,000 platforms,135 drilling rigs and 30,000 offshore workers in GOM.Approximately 10,000 miles of pipeline,1,500 platforms and 40 drilling rigs in Ivans direct path.Total DamagePlatforms:31 destroyed or damagedPipelines:hundreds of miles of pipelines buried,snapped and/or damaged due t
41、o mudslides;production shut-in for monthsDrilling Rigs:6 damagedNo one injured or killed due to evacuations,Hurricane Ivan:September 2004,Hurricane Katrina 2005,Path of Rita,Path of Katrina,Hurricane Damage,Refinery Damage in Pascagoula,MS,Aviation Base in Venice,LA,Marine facility in Fourchon,LA,Sh
42、ell Mars Platform,Before,After,Chevron Typhoon Platform,Before,After,Diamond Ocean Warwick,GSF Adriatic VII,GlobalSantaFe High Island III,NOBLE THERALD MARTIN OFF COAST LOUISIANA,RIG DRIFTED 125 MILES DRAGGING 6 ANCHORS BEFORE BEACHING ITSELF IN VERMILLION,Before,After,ROWANS LOSSESRowan-New Orleans
43、(capsized and found)Rowan-Halifax(capsized and found)Rowan-Odessa(capsized and found)Rowan-Fort Worth(capsized and not found)Rowan-Louisiana(beached and destroyed),This 10-ton anchor was racked on the exterior of the hull 50 feet above the sea before the storm,Ex-President Clinton hard at work on a
44、rescue mission,Hurricanes Katrina/Rita Scorecard,Platforms:167 destroyed or damagedDrilling Rigs:8 destroyed;22 extensively damaged;19 knocked off station and adriftPipelines and Refineries:extensive damageNo one injured or killed in offshore industryFallout:(1)tight rig supply and price increases(2
45、)increase in oil and gas prices(3)government intervention(4)increase in insurance costs,Source:ODS-Petrodata,Katrina/Rita Fallout:Dayrate Increases,Katrina/Rita Fallout:Insurance,Big Losses:Hurricane Katrina results in the largest insured loss in history.Hurricane Rita is the most devastating storm
46、to hit the offshore drilling industry and particularly Rowan.Higher Premiums:The losses due to Hurricanes Katrina and Rita has caused an increase of between 300%and 500%in insurance premiums.Less Coverage:Insurers are requiring drillers to accept more risk in the form of higher deductibles and maxim
47、um aggregate windstorm coverages.,POTENTIAL DAMAGES,Injury and death to Oilcos and Drillcos personnelDamage to Oilcos propertyDamage to Drillcos rigThird-party damage(beaches,fishermen,reefs,oysterbeds,adjacent pipelines and reservoirs)Loss or damage to the holeWell control costsPollution control co
48、stsReservoir loss or damageDebris removal,Indemnity AgreementsFollowing an accident,management has three questions:,What happened?What does the contract say?Do we have insurance?,What is an indemnity agreement?,American system of liability is fault-basedContract-based allocation vs.fault-based alloc
49、ationIndemnity agreement is only as good as the financial resources of party who gives it and that partys insurerPrepare management for the possibility of a harsh resultIf used,the indemnifying party,its insurers and eventually the courts will closely scrutinize the indemnity agreementCarefully read
50、,review and re-review indemnity languageKnow the law,WHY ALLOCATE RISK?,Tailor risk to insurance coverage,but you should protect your coverage,loss-history and insurerAvoid insuring the same risk twicePossibility of acquiring insurance for an assumed but uninsured riskPreserve customer relationships
