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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

No Need to Change Tug Workers’ Hours -Study

The American Waterways Operators (AWO), the national trade association for the tugboat, towboat and barge industry, hailed a study conducted for the Transportation

MTS Assists Damen in Maersk Connector Sea Trials

Leading marine service provider, Marine and Towage Services Group Ltd. (MTS) has supported shipbuilder Damen during sea trials of its latest offshore cabling vessel, Maersk Connector.

The Mississippi River and the 2016 Flood’s Impact on Dredging

The Mighty Mississippi River connects 31 states and 2 Canadian Provinces by a liquid superhighway that includes over 250 tributaries and features more miles of

Finance

Funding Secured for Project to Deepen the Delaware River

Dennis Rochford, president of the Maritime Exchange for the Delaware River and Bay, announced that President Obama’s FY17 proposed budget includes $33 million for the Delaware River Deepening Project.

Top 10 Shipowning Nations by Value

VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the

Port of Hamburg Reports Bulk Cargo Jump in 2015

The Port of Hamburg reports higher bulk cargo throughput and strong growth in rail and inland waterway seaport-hinterland traffic in 2015 – downturn in container handling.

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.0736 sec (14 req/sec)