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.



WHAT DO YOU THINK?


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.