Contract driller Rowan Cos. PLC said Oct. 10 that it concluded the sale of two LeTourneau TARZAN Class jack-up rigs to ARO Drilling for $90 million in cash and $176 million in shareholder notes.

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.

As per the Oct. 1 transaction date, the Scooter Yeargain and Hank Boswell rigs each will have commenced a new three-year contract with Saudi Arabian Oil Co.