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.
Energy A&D Transactions from the Week of Feb. 1, 2023
2023-02-01 - Here’s a snapshot of recent energy deals including Diamondback Energy completing its $1.55 billion deal to acquire Midland Basin acreage and E&P Arena Energy LLC closing its acquisition of Cox Operating LLC's interests in the Eugene Island 330 and South Marsh 128 oil blocks.
Energy A&D Transactions from the Week of Jan. 25, 2023
2023-01-25 - Here’s a snapshot of recent energy deals including Chesapeake Energy’s $1.4 billion deal to sell Eagle Ford Shale acreage in the Brazos Valley region to WildFire Energy, and Matador Resource’s $1.6 billion bolt-on acquisition in the northern Delaware Basin.
Marketed: Galley NM Assets LLC Delaware Basin Royalty Interests
2023-01-11 - Galley NM Assets LLC retained Detring Energy Advisors to market for sale its oil and gas overriding royalty interests in the core of the New Mexican Delaware Basin.
Energy A&D Transactions from the Week of Jan. 11, 2023
2023-01-11 - Here’s a snapshot of recent energy deals including Northern Oil & Gas (NOG) closed on an upsized acquisition of working interests in Midland-Petro D.C. Partners LLC and Phillips 66 $3.8 billion deal with DCP Midstream LP.
Chord Energy Divests Multi-region Package, Heavy on the Permian
2023-01-18 - Chord’s Permian position spans the Midland and Delaware basins and the Central Basin Platform, with most of the company’s assets described as stable operations from conventional reservoirs and waterflood assets with horizontal development potential.