Rowan Profit Jumps as Offshore Rig Rates Rise


Aug 6 (Reuters) - Offshore drilling contractor Rowan Companies Plc reported a 63 percent jump in quarterly profit as the rates paid for its rigs improved.

Net income from continuing operations rose to $82.8 million, or 67 cents per share, in the second quarter from $50.8 million, or 41 cents, a year earlier.

Net income for the quarter ended June 30 includes an after-tax gain of $12.5 million from sale of one of its shallow-water jack-up rigs.

Revenue rose 16 percent to $408.9 million.

Copyright 2016 Thomson Reuters. Click for Restrictions.


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