1
EXHIBIT 10k
ROWAN COMPANIES, INC.
▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Via Fax 216 / ▇▇▇-▇▇▇▇
December 20, 1999
▇▇. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
President, ▇▇▇▇▇ Leasing Corporation
▇/▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Re: Bareboat Charter (Exhibit B) To
Participation Agreement dated
December 1, 1985 for the ▇▇▇▇▇ ▇▇▇▇▇▇▇
Dear ▇▇. ▇▇▇▇▇▇▇:
Reference is made to the Bareboat Charter dated as of December 1, 1985
between Rowan Companies, Inc., as Charterer, and Wilmington Trust Company, as
Owner Trustee for Eaton Leasing Corporation, relating to the ▇▇▇▇▇ ▇▇▇▇▇▇▇
drilling rig.
Rowan hereby serves notice of its election to renew the Bareboat
Charter after the Basic Term for an additional 7.5 years as specified under
Section 18.(a), the "Fixed Rental Renewal Option". As the charter hire payable
(Basic Hire) during such Fixed Rental Renewal Term, we agree to the calculation
of Basic Hire as submitted with your letter dated December 6, 1999, setting the
semi-annual installment of $2,445,150.23.
Sincerely,
ROWAN COMPANIES, INC.
/s/ ▇. ▇. ▇▇▇▇▇▇
▇. ▇. ▇▇▇▇▇▇
Senior Vice President
EET:sg
cc: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇. 302 / 651-8282
Corporate Trust Administrator 302 / ▇▇▇-▇▇▇▇ Fax
Wilmington Trust Company
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇.
▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
2
EXHIBIT 10k
[▇▇▇▇▇ CORPORATION LETTERHEAD]
December 22, 1999
▇▇. ▇. ▇. ▇▇▇▇▇▇ VIA FACSIMILE & COURIER MAIL
Senior Vice President
Rowan Companies, Inc.
5450 Transco Tower
▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Dear ▇▇. ▇▇▇▇▇▇:
SUBJECT: BAREBOAT CHARTER (EXHIBIT B TO
PARTICIPATION AGREEMENT
DATED AS OF DECEMBER 1, 1985
RE "▇▇▇▇▇ ▇▇▇▇▇▇▇"
This letter and the attachment will serve to acknowledge Eaton Leasing's receipt
of your December 20, 1999 letter on the subject, conveying Rowan Companies'
election, as of that date, to renew the Bareboat Charter of the ▇▇▇▇▇ ▇▇▇▇▇▇▇,
under the "Fixed Rental Renewal Option", for the maximum term of seven and
one-half years.
Eaton Leasing acknowledges and confirms its acceptance of that election by the
Rowan Companies, which will extend the lease from December 24, 2000 through June
23, 2008, at semi-annual payments of Charter Hire in the amount of $2,445,150.23
each.
For purposes of confirming this election, and for our mutual convenience, the
attached Schedule A shows the remaining lease payments under the "Basic Term"
lease, payable from today through December 23, 2000. That summation is followed
by a detailed schedule which shows the amounts and due dates of the fifteen
semi-annual installments of $2,445,150.23 in Charter Hire which will be due
during the "Fixed Rental Renewal: term.
If you or your associates have any questions about the dates or amounts of these
payment schedules, please let me know. Otherwise, we will assume that you are in
agreement with the schedule.
3
▇▇. ▇. ▇. ▇▇▇▇▇▇
December 22, 1999
Page 2
We are also forwarding a copy of this correspondence and the payment schedule to
▇▇. ▇▇▇▇▇ at Wilmington Trust so that he can update the Owner Trustee records.
Yours very truly,
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
President - Eaton Leasing
cc: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇.
Wilmington Trust Company
Attachment (1) - Schedule A
