Drillships boost Rowan’s 2Q

Offshore drilling contractor Rowan reported net income of $84.7 million in the second quarter of 2015 compared to $32.8 million the second quarter of 2014.

Rowan’s revenues were $508.7 million in the second quarter of 2015, an increase of 20% over the prior-year quarter due primarily to the contributions from the company’s four newbuild ultra-deepwater drillships. All four drillships have started operations over the past year including the Company’s fourth drillship, the Rowan Relentless, which began operating in June 2015.

Tom Burke, President and Chief Executive Officer, commented, “We are pleased with the completion of our ultra-deepwater newbuild program and the early contract commencement of the Rowan Relentless, our fourth drillship. The additional operating days from our drillships coupled with continued cost control efforts provided solid results in the second quarter.

“Our industry is in the midst of a difficult downturn with an uncertain duration, but we believe our contractual backlog and strong balance sheet remain key strengths that will safeguard us until market recovery.”

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