Rowan Cos. (RDC) Misses Q2 EPS by 6c

Rowan Cos. (NYSE: RDC) reported Q2 EPS of $0.75, $0.06 worse than the analyst estimate of $0.81. Revenue for the quarter came in at $611.9 million versus the consensus estimate of $489.22 million.

Tom Burke, President and Chief Executive Officer, commented, "Our ability to add significant backlog in a challenging market environment is a testament to our outstanding crews. I'm pleased that we secured over 700 contract days of new backlog between a blend and extend agreement on our ultra-deepwater drillship, the Rowan Resolute, and contract extensions in our jack-up fleet. We ended the second quarter with our lowest total recordable incident rate (TRIR) on record and our operational downtime was less than 2% for our fleet. Rowan believes safe, reliable and efficient operations are paramount in securing additional work with both new and existing customers."

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