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

Finance

Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling

Trelleborg Report Optimistic for Port Investment

The latest 'Barometer Report' from Trelleborg's marine operations business sector, discusses the issues impacting ports and terminals around the globe, and reveals

Upcoming Winter Tanker Market Same as Last Year?

Will the 2014/15 winter tanker market be a repeat of the previous one? Poten & Partners consider the question in their latest 'Poten Tanker Opinion'. As the

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Winch
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: 0.1113 sec (9 req/sec)