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.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

CTruk Delivers Wind Farm Support Vessel

Shipbuilder CTruk Boats, a manufacturer of composite wind farm support vessels (WFSV), has delivered the second workboat in a two-craft order from CWind.   The

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

Finance

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.5602 sec (2 req/sec)