Rowan Cos. Inc., Houston, (NYSE: RDC) had net income of $94.3 million in the fourth quarter of 2008 compared to $138.5 million in the fourth quarter of 2007.

Revenues were $613 million in the fourth quarter of 2008, compared to $623.6 million in during the same period in 2007.

Fourth-quarter 2008 results included $111.2 million of impairment charges and other expenses, partially offset by $39.5 million of gains on asset disposals.

In 2008, Rowan earned net income of $427.6 million on revenues of $2.2 billion, compared to net income of $483.8 million on revenues of $2.1 billion in 2007.

Rowan’s drilling operations generated revenues of $386.7 million in the fourth quarter of 2008, up 4% over the same period in 2007, due to higher average offshore utilization and day rates.

Rowan president and chief executive officer Matt Ralls says, “We are very pleased with the strong performance of both our drilling and manufacturing operations in the fourth quarter of 2008, resulting in total year profitability that was the second highest in the Company's history. However, ongoing reductions by our customers in their spending plans for 2009 will put downward pressure on day rates until prices for oil and natural gas improve and credit markets begin to function more normally.

“Fortunately, we have a very strong financial position and have 67% of our total offshore rig days currently committed in 2009. And, despite the current weakness in worldwide rig markets, the combination of our high spec rig fleet, our highly skilled workforce, and our reputation for operational excellence gives us confidence that we can achieve above market day rates and utilization for our equipment in all market conditions.”

Rowan is a provider of international and domestic contract drilling services.