Rowan Cos. (RDC) Tops Q2 EPS by 33c, Revenues Beat

Rowan Cos. (NYSE: RDC) reported Q2 EPS of ($0.60), $0.33 better than the analyst estimate of ($0.93). Revenue for the quarter came in at $241.3 million versus the consensus estimate of $208.04 million.

Tom Burke, President and Chief Executive Officer, commented, "While overall market conditions for offshore drilling remain challenging, demand for rigs has improved year to date. Since the beginning of the second quarter 2018, Rowan has been awarded contracts for both drillships and jack-up rigs. Our recent drillship awards speak to our deepwater capabilities and asset quality. We also commenced operations on key work programs in the North Sea and Trinidad with our ultra-harsh environment jack-up rigs, where we believe we are well-positioned. Our confidence level in adding further backlog during the second half of 2018 for both our drillships and jack-ups continues to grow, based on tendering activity and improving market fundamentals. In the Middle East, our joint venture, ARO Drilling, continues to demonstrate the significant benefits of our partnership with Saudi Aramco, securing eleven new three year drilling contracts, of which two are for Rowan rigs to be sold to the joint venture later this year. Of the remaining nine, which we expect to lease to the joint venture, four are for rigs that were idle and not previously operating in Saudi Arabia and the remaining five are for rigs that are currently operating in Saudi Arabia and start their new contracts when their existing contracts conclude."

For earnings history and earnings-related data on Rowan Cos. (RDC) click here.

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