Rowan Companies’ backlog
Backlogs help us gauge what’s in store for an offshore drilling company in the future. As of February 13, 2018, Rowan Companies (RDC) had a backlog of $456 million—down from $1.7 billion in February 2017. The company’s backlog excludes the backlog associated with ARO Drilling. Rowan Companies’ current backlog consists of $366 million for floaters and $89 million for jack-up rigs.
Backlog for 2018–2019
Rowan Companies’ backlog for 2018 stands at $452 million, which is equal to ~35% of its 2017 revenues. If Rowan Companies isn’t able to secure new contracts, its revenue for 2018 could be 35% of its 2017 revenue. The company’s revenue was $1.2 billion in 2017.
Rowan Companies’ backlog for 2019 is $31 million, which is 2.5% of its revenue in 2017 revenue. Rowan Companies doesn’t have a backlog beyond 2019.
Rowan Companies’ backlog comes through contracts in the US Gulf of Mexico, the Middle East, the North Sea, Central America, and South America. About 39% of Rowan Companies’ backlog belongs to the Middle East, while 22% belongs to US Gulf of Mexico.