Rowan Profit Jumps as Offshore Rig Rates Rise

Reuters

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 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
Lead I&E Technician
Expertise: Instrumentation Technician
Location: Lafayette, LA
 
Lead Mechanic
Expertise: Mechanic
Location: Lafayette, LA
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours