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Rowan Reports Second Quarter 2012 Operating Results

August 2, 2012

HOUSTON, Aug. 2, 2012 /PRNewswire/ — For the three months ended June 30, 2012, Rowan Companies plc (“Rowan” or the “Company”) (NYSE: RDC) generated net income from continuing operations of $50.9 million or $0.41 per share, compared to $44.4 million or $0.35 per share in the second quarter of 2011.

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Net income from continuing operations during the second quarter of 2012 included $17.8 million of unusual or one-time items, or $0.10 per share after tax, including losses on early redemption of Marad debt and transactional costs of the Company’s corporate redomestication, net of gains on asset disposals. Excluding such items, net income from continuing operations was $63.4 million or $0.51 per share during the second quarter of 2012. The prior year quarter included a net reduction of $4.7 million, or $0.03 per share after tax, from one-time charges and gains on asset disposals.

Net income totaled $49.4 million or $0.40 per share in the second quarter of 2012, compared to $465.9 million or $3.65 per share in the second quarter of 2011, as the prior year quarter included income from discontinued manufacturing and land drilling operations of $421.5 million or $3.30 per share, including the after-tax gain on the sale of manufacturing operations of $424.5 million.

Rowan’s revenues were $351.0 million in the second quarter of 2012, up by 57% over the prior-year quarter due primarily to incremental activity from fleet additions and higher utilization and day rates for existing rigs between periods. The Company’s operating income was $70.4 million in the second quarter of 2012, up by 36% over the prior-year quarter.

Matt Ralls, President and Chief Executive Officer, commented, “On top of the solid results for the second quarter, we were very pleased to receive a three-year commitment for the first of our three ultra-deepwater newbuild drillships, the Rowan Renaissance, at an effective day rate ranging from $614,000 to $624,000, depending on work location. We continue to be encouraged by customer interest in these very high specification rigs.”

Rowan will conduct its earnings conference call on Thursday, August 2, 2012, at 10:00 a.m. Central Daylight Time. Interested parties are invited to listen to the call by telephone or over the Internet. Individuals who wish to participate on the conference call by telephone can dial (877) 869-3847, or internationally (201) 689-8261. You should dial-in approximately five to 10 minutes prior to the scheduled start time. Alternatively, to access the online simulcast and rebroadcast of the conference call, please visit Rowan’s website at www.rowancompanies.com. You should connect to our website at least 15 minutes prior to the conference call to register, download and install any necessary software.

Rowan Companies plc is a major provider of international and domestic contract drilling services with a leading position in high-specification jack-up rigs. The Company’s fleet of 31 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, Southeast Asia and the Gulf of Mexico. Rowan will enter the ultra-deepwater market with three high-specification drillships expected to be delivered starting in late 2013. The Company’s Class A Ordinary Shares are traded on the New York Stock Exchange under the symbol “RDC”. For more information on the Company, please visit www.rowancompanies.com.

This report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, energy demand, the general economy, including inflation, weather conditions in the Company’s principal operating areas and environmental and other laws and regulations, including changes in tax laws, and whether we achieve the benefits we expect from the change in our corporate structure. Other relevant factors have been disclosed in the Company’s filings with the U.S. Securities and Exchange Commission.

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SOURCE Rowan Companies plc


Source: PR Newswire