Rowan Companies has announced that it has concluded the sale of two LeTourneau TARZAN Class jackup rigs, the Scooter Yeargain and the Hank Boswell, to ARO Drilling. The net economic impact of this transaction was that Rowan received approximately $90 million in cash and $176 million in shareholder notes from ARO Drilling as consideration for the two rigs. In addition to Rowan’s 50% equity stake in ARO Drilling, Rowan now has a total of $445 million of shareholder notes from ARO Drilling. By agreement of the parties, this transaction will be reflected to have occurred as of 1 October 2018, at which point the Scooter Yeargain and Hank Boswell each will be deemed to have commenced a new three-year contract with Saudi Aramco.
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