AARRGGGHHH! Will this never end?

yet another drillship ordered without a contract

[Rowan exercises option for third drillship

](Marine Log - Maritime News for the Marine Industry)The company…announced that it has exercised its option to build a third GustoMSC P10000 design ultra-deepwater drillship with Hyundai Heavy Industries Co., Ltd. (“HHI”) with delivery scheduled for the fourth quarter of 2014. The cost for this rig, including commissioning, project management and spares, but excluding capitalized interest is estimated to be approximately $600 million, or slightly below the cost of the first two, similarly equipped drillships ordered in June. As with those rigs, the cost of the additional owner furnished equipment plus training and ramp-up costs is estimated to be approximately $50 million, and total costs are anticipated to be paid out of cash flow and available funds. The agreement with HHI also includes an option, exercisable in February of 2012, for an additional drillship of the same specification for delivery in the first half of 2015.

Matt Ralls, President and CEO, commented, “On a positive note, demand for high specification offshore rigs continues to strengthen, for both jack-ups and ultra-deepwater. We are optimistic about finding term opportunities at attractive day rates for our high-spec jack-ups with availability in 2012. Likewise, recent fixtures for ultra-deepwater rigs, along with very positive feedback from potential customers regarding the drillships we are building, has led us to exercise our option to build a third drillship at Hyundai Heavy Industries.”

I’ve said it before and will say it again…MADNESS! I also have to say…BRING ON THEM JOBS!