Page 30: of Maritime Reporter Magazine (April 2006)

Chevron Affiliate Signs

Contract with Kongsberg

Star Deep Water Petroleum Limited, an affiliate of Chevron Corporation has awarded Kongsberg Maritime a contract for performing a Cargo Off-loading

Dynamic Simulation Study, for the

Agbami Project in Nigeria.

Kongsberg Maritime will establish an offloading and export dynamic simula- tor model based upon the current marine and offloading system specification. The model will be used to evaluate the offloading and export system design and it will be configured by use of the

Kongsberg Maritime dynamic process simulation tool, called ASSETT.

Agbami Field, located in 1500 m water depth, is about 112 km offshore

Nigeria. It is spread across two blocks,

OMLs 127 & 128. A 300 m newly built

FPSO vessel will be used to produce the field. The vessel will have processing capability for 250,000 b/d oil, 450

MMcf/d gas and storage of 2.15 million barrels. Topsides will weigh 38,000 tonnes. The field will be developed via 38 subsea production, gas injection and water injection wells.

Rowan Reports

Record Quarter

For the three months ended December 31, 2005, Rowan Companies, Inc. gen- erated income from continuing opera- tions of $69.5 million, compared to $16.4 million in the same period of 2004. Revenues were a record $317.4 million in the fourth quarter of 2005, compared to $190.7 million in the fourth quarter of 2004. The current period results included gains on asset sales and insurance recoveries in excess of hurri- cane losses that together contributed approximately 14 cents per share, net of tax. The company generated income from continuing operations of $217.8 million, or $1.97 per share, on revenues of $1.07 billion during the year ended

December 31, 2005, compared to income from continuing operations of $27.5 million, or 26 cents per share, on revenues of $679.7 million during 2004.

Net income was $229.8 million, or $2.08 per share, in 2005, compared to a net loss of $1.3 million, or 1 cent per share, in 2004.

Rowan's offshore rig utilization decreased to 93 percent during the fourth quarter of 2005, from 99 percent during the comparable 2004 period, as three rigs entered the shipyard in

December in preparation for their relo- cation to Saudi Arabia.

The company's average Gulf of

Mexico day rate was a record $92,100 during the fourth quarter of 2005, up $17,700 from the third quarter of 2005 and up $41,400 from the fourth quarter of 2004. As previously reported, during

Hurricanes Katrina and Rita, Rowan lost four jack-up rigs and had one jack-up severely damaged. During the fourth quarter, the company recognized the excess of insurance proceeds received over the carrying value of the lost equip- ment of approximately $23 million.

The company experienced 71 fewer rig operating days in December as a result of shipyard modifications made to three rigs contracted to Saudi Aramco prior to their January 2006 departure for

Saudi Arabia. Rowan will receive $44.7 million in fees for shipyard time, modi- fications and mobilization of the three rigs.

Circle 210 on Reader Service CardCircle 252 on Reader Service Card 30 Maritime Reporter & Engineering News

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Offshore Annual

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