Rowan Companies Inc. (RDC) Wednesday reported an increase in first-quarter profit, as revenues surged on "solid demand" and higher day rates for the drilling contractor's high specification jack-up rigs.
Chief Executive Matt Ralls said, "During the first quarter, we continued to see solid demand and increasing day rates for high specification jack-ups in most markets. We were pleased to increase our Southeast Asia presence with commitments for two additional rigs, which will bring us to four rigs in the region."
Rowan said its revenues for the first quarter surged 62 percent to $333.5 million from $206 million last year. Revenue growth was driven mainly by incremental activity from fleet additions, higher utilization and increased day rates.
Average day rates increased to $156.5 thousand from $136.4 thousand, while rig utilization improved to 75 percent from 65 percent last year.
Houston-based Rowan's first-quarter net income rose to $49.5 million or $0.40 per share from $32.1 million or $0.25 per share last year.
On average, analysts polled by Thomson Reuters expected earnings of $0.34 per share on revenues of $315.07 million for the quarter. Analysts' estimates typically exclude special items.
Costs and expenses for the quarter increased to $268.7 million from $170.2 million last year.
RDC is currently trading at $34.71, up $0.18 or 0.52%, on a volume of 2.2 million shares.
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