Rowan Reports Improved Operating Results

Tuesday, July 16, 2002
For the three months ended June 30, 2002, Rowan incurred a net loss of $8.7 million, or $.09 per share, on revenues of $148.5 million, compared to net income $87.7 million, or $.92 per share, on revenues of $137.8 million in the first quarter of 2002, and net income of $34.3 million, or $.36 per share, on revenues of $210.4 million in the second quarter of 2001. First quarter 2002 results included net proceeds from the settlement of the Gorilla V contract dispute, which increased net income by approximately $102 million, or $1.07 per share. Excluding the effects of the settlement, the Company's first quarter 2002 results would have been a net loss of approximately $14 million, or $.15 per share. Rowan's offshore rig utilization was 87 percent during the second quarter of 2002, versus 80 percent in the first quarter and 90 percent in the year-earlier period, and our average offshore day rate of $30,500 decreased by $2,400, or 7 percent, from the first quarter and by $30,600, or 50 percent, from the year-earlier period. Land rig utilization was 68% during the second quarter of 2002, versus 84 percent in the year- earlier period, and our average land rig day rate of $10,200 decreased by $400, or 4 percent, from the first quarter and by $4,100, or 29 percent, from the year- earlier period.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Nicaragua Start China-led Canal to Rival Panama

Nicaragua on Monday broke ground on its Chinese-led $50 billion shipping canal, a massive infrastructure project that aims to rival Panama's waterway and revitalize

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

US Fleet to Pump $75m into Great Lakes Shipyards

U.S.-flag Great Lakes vessel operators plan to spend $75 million this winter to ready the fleet for the 2015 shipping season, the Lake Carriers’ Association (LCA) reported.

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0403 sec (25 req/sec)