Rowan Companies (NYSE:RDC) is a shallow-water offshore drilling specialist whose move into the deepwater environment could offer opportunities for investors as I discussed in a Seeking Alpha Pro article back in April. As the company has released its first quarter 2013 results and has given a presentation to investors since that time, I thought that it could be a good idea to revist the company and see if my original investment thesis is still valid.
Rowan owns and operates a fleet of 35 offshore drilling rigs comprised of four ultra-deepwater drillships and 31 standard, high-specification, and premium jack-up rigs. This fleet is quite well diversified internationally, operating in all major markets for shallow water rigs.
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