Rowan Companies (NYSE:RDC) is an offshore drilling company specializing in the shallow water jack-up market. However, the company has begun making a push into the ultra-deepwater market by ordering four drillships, which are currently under construction. These drillships will hopefully allow Rowan to gain a foothold in and participate in the outsize profits, which are present in the ultra-deepwater market. Considering the present dynamics in the ultra-deepwater market (which will be discussed later), this move has the potential to be very beneficial to the company and its shareholders.
Rowan has four ultra-deepwater drillships under construction with delivery dates scheduled from December 2013 until March 2015.
(click to enlarge)
Source: Rowan Companies
This delivery schedule should result in...