Gulf Oil and Gas accountACCOUNT

Rowan Reports Record Revenues and Profits

Source: www.gulfoilandgas.com 2/28/2008, Location: North America

For the three months ended December 31, 2007, Rowan Companies generated record net income of $138.5 million or $1.23 per share, compared to $62.4 million or 56 cents per share in the fourth quarter of 2006 and $130.8 million or $1.16 per share in the third quarter of 2007. Revenues were a record $623.6 million in the fourth quarter of 2007, compared to $410.9 million in the fourth quarter of 2006 and $502.2 million in the third quarter of 2007.

The fourth quarter 2007 results included $0.7 million or less than 1 cent per share of gains on asset sales, compared to $1.1 million or 1 cent per share in the third quarter of 2007. There were no significant asset sales in the fourth quarter of 2006, though that period included $12.8 million or 10 cents per share of charges related to environmental matters.

For the year ended December 31, 2007, the Company generated record net income of $483.8 million or $4.31 per share on record revenues of $2.1 billion, compared to net income of $318.2 million or $2.85 per share on revenues of $1.5 billion during 2006. The prior-year results included approximately $1.2 million, or 1 cent per share, of after-tax income from the Company's discontinued aviation operations which were sold in 2004.

Rowan's offshore rig utilization was 97% during the fourth quarter of 2007, compared to 81% in the fourth quarter of 2006 and 99% in the third quarter of 2007. The Company's average offshore day rate was $164,300 during the fourth quarter of 2007, up by $19,900 or 14% from the fourth quarter of 2006 and by $6,100 or 4% from the third quarter of 2007. Rowan's land rig utilization was 94% during the fourth quarter of 2007, compared to 95% in the fourth quarter of 2006 and 96% in the third quarter of 2007, though the number of rig operating days increased between periods. The Company's average land rig day rate was $23,000 during the fourth quarter of 2007, up by $300 or 1% from the fourth quarter of 2006, but down by $300 or 1% from the third quarter of 2007.

Rowan's drilling operations generated record revenues of $372.4 million during the fourth quarter of 2007, up by $91.8 million or 33% from the fourth quarter of 2006 and by $3.6 million or 1% from the third quarter of 2007. The Company's income from drilling operations was $170.6 million or 46% of revenues during the fourth quarter of 2007, up by 91% from the fourth quarter of 2006, but down by 7% from the third quarter of 2007. The Company's current backlog of drilling contracts is estimated to be approximately $2.1 billion.

Rowan's combined manufacturing operations generated record revenues of $251.2 million during the fourth quarter of 2007, up by $120.9 million or 93% from the fourth quarter of 2006 and by $117.8 million or 88% from the third quarter of 2007. The Company's income from manufacturing operations improved to $38.3 million or 15% of revenues during the fourth quarter of 2007, up by 312% from the fourth quarter of 2006 and by 162% from the third quarter of 2007.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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