Rowan Eyeing Contract for 4th Drillship. Net Profit Rises

Rowan Drilling, a US-based offshore drilling contractor, today reported an increase in net income for the second quarter 2013. The company earned $82.8 million, up from $50.8 million earned in 2Q 2012.

The quarterly result includes a $12.5 million after-tax gain received from the sale of the Rowan Paris Jack-up rig in June 2013.

Furthermore, higher average day rates and higher utilization between periods lifted Rowan’s revenues to $408.9 million, up 16% when compared to the same period in 2012.

Matt Ralls, Chief Executive Officer, commented, “In addition to our strong second quarter operating results, we are very pleased to have recently received contracts for our second and third ultra-deepwater newbuild drillships at attractive rates. Our backlog is at an all-time high.”

He added that he was optimistic the company would secure a contract for its newbuild drillship in the months to follow. The company today announced it has secured a contract for its third under-construction drillship, the Rowan Reliance. The drillship, expected to be delivered in January 2015, will work for Cobalt International Energy in the U.S. Gulf of Mexico.

Ralls continued in optimistic tone: “Our high-spec jack-ups continue to roll over to new contracts at higher rates, which along with earnings from our newbuild drillships should provide strong earnings growth in 2014 and 2015.”