Rowan Announces Record Quarterly Results

Friday, November 02, 2007
For the three months ended September 30, 2007, Rowan Companies, Inc. (NYSE:RDC) generated record net income of $130.8m, or $1.16 per share, compared to $87.0m, or 78 cents per share, in the third quarter of 2006 and $128.1m, or $1.14 per share, in the second quarter of 2007. Revenues were $502.2m in the third quarter of 2007, compared to $417.1m in the third quarter of 2006 and $507.0 million in the second quarter of 2007. The third quarter 2007 results included $1.1m, or 1 cent per share, of gains on asset sales, compared to $2.3m, or 2 cents per share, in the third quarter of 2006 and $14.6m, or 8 cents per share, in the second quarter of 2007. The prior-year results also included approximately $1.2m, or 1 cent per share, of after-tax income from the Company's discontinued aviation operations which were sold in 2004. Rowan's drilling operations generated record revenues of $368.8m during the third quarter of 2007, up by $79.2m, or 27%, from the third quarter of 2006 and by $15.7m, or 4%, from the second quarter of 2007. The Company's income from drilling operations improved to $183.5m, or 50% of revenues, during the third quarter of 2007, up by 44% from the third quarter of 2006 and by 1% from the second quarter of 2007. Rowan's offshore rig utilization was 99% during the third quarter of 2007, up from 91% in the third quarter of 2006 and 97% in the second quarter of 2007. The Company's average offshore day rate was $158,200 during the third quarter of 2007, up by $11,400, or 8%, from the third quarter of 2006 and by $1,100, or 1%, from the second quarter of 2007. Rowan's land rig utilization was 96% during the third quarter of 2007, down from 98% in the third quarter of 2006 and 97% in the second quarter of 2007, though the number of rig operating days increased between periods. The Company's average land rig day rate was $23,300 during the third quarter of 2007, up by $300, or 1%, from the third quarter of 2006 and by $900, or 4%, from the second quarter of 2007. Rowan's combined manufacturing operations generated revenues of $133.4m during the third quarter of 2007, up by $5.9m, or 5%, from the third quarter of 2006 and down by $20.5m, or 13%, from the second quarter of 2007. The Company's income from manufacturing operations improved to $14.6m, or 11% of revenues, during the third quarter of 2007, up by 232% from the third quarter of 2006 and by 12% from the second quarter of 2007.
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