Seeking Alpha

Rowan beats Q2 estimates, but rig downtime hurts results

  • Rowan Cos. (NYSE:RDC) Q2 earnings fell 60% Y/Y to $32.8M but beat expectations, and revenues rose 3.5% to $423M as dayrates increased in the North Sea, Middle East and Gulf of Mexico.
  • RDC says Q2 revenues and operating results were significantly impacted by previously disclosed out-of-service periods which resulted in 13% out-of-service time vs. 8% in the prior-year quarter.
  • Average dayrates rose 8% Y/Y to $185,700, but total expenses jumped 21% to $360M.
  • Out-of-service days in Q2 rose to 363 from 344 in the year-ago quarter, with 182 days of cold-stacking vs. 180 days last year, but RDC expects out-of-service time for the jack-up fleet to reduce significantly in Q3.
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