Rowan Revises 3Q Business Outlook

Friday, October 12, 2001
With softness in the Gulf of Mexico and the U.S. apparently on the brink of war, Bob Palmer, Chairman and CEO of Rowan, said, "July earnings were better than expected and, through August, financial results were about as forecast. However, the outlook for September requires that we revise downward our 'best guess' for third quarter earnings to a range of 20-25 cents per share.

"Rowan's offshore rig utilization for the third quarter is currently estimated to be 70%, down from 90% during the second quarter. Our average offshore day rate for the third quarter should be about $57,000, down from $61,000 during the second quarter. For competitive reasons, we will not provide specific information regarding contract terms or day rates unless such contracts are considered to be material.

"We believe the worst soon will be behind us and, during the fourth quarter, our utilization and average day rates should begin to improve; but, obviously, the light in our crystal ball is powered by natural gas.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Offshore: Seacor Raises the Bar Again

Long acknowledged as a firm to watch in U.S. crewboat and fast supply boat innovation, Seacor Marine will be attracting industry attention once again when its latest

Miami Tugboat Oil Spill: Coast Guard Respond

The US Coast Guard says that its crewmembers are responding to a fuel spill in the vicinity of Government Cut in Miami, following a leak discovered aboard the 95-foot tugboat 'Neptune'.

Shipbuilding: Vigor Industrial Grows Stronger

Vigor Industrial has ballooned from a modest shipyard in Portland, Oregon, to the largest shipbuilder in the Pacific Northwest and Alaska. Vigor increasingly thinks big and builds big.

Finance

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

North Sea Crude-Forties eases, VLCC options narrow

Forties trades at parity with dated Brent; Competing Libyan barrels returning to market. Refining margins under pressure as capacity ramps up. North Sea Forties

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1009 sec (10 req/sec)