Rowan Companies (RDC) has two main operating segments—Ultra-Deepwater Drillships and Jack-Up Drilling Rigs. The company’s total drilling revenue for 4Q17 was $296 million—1.7% higher than $291 million in 3Q17. However, excluding rebillables, the 4Q17 revenue was $283 million—down from $288 million in the previous quarter.
From the previous quarter, Rowan Companies’ 4Q17 revenue decrease was driven by lower jack-up revenue. The company sold three units to ARO Drilling—partially offset by the addition of $7 million in transition services revenue received from ARO Drilling.
Jack-up and floater revenues
In 4Q17, ~68% of the company’s revenues came from the Jack-Up segment. Rowan Companies’ jack-up revenues in 4Q17 fell to $193 million from $203 million in 4Q17. Its jack-up fleet had 198 fewer revenue-producing days. The average day rate for the fleet was $123,300 in 4Q17—compared to $122,100 in the previous quarter.
Rowan Companies’ Deepwater revenues rose to $96.1 million from $88.4 million in 3Q17. The revenue-producing days dropped by to 125 from 184 in the previous quarter. However, Rowan Companies’ average day rates rose to $767,000 from $746,000.
Several offshore drilling companies (OIH) have already released their results for the quarter ending on December 31, 2017.
- Diamond Offshore’s (DO) 4Q17 revenues were $338.0 million—a 6.0% fall from 3Q17.
- Noble’s (NE) 4Q17 revenues totaled $291.0 million—a 9.3% rise from 3Q17.
- Transocean’s (RIG) 4Q17 revenues totaled $589.0 million—15.7% lower than in 3Q17.
- Ensco’s (ESV) 4Q17 revenues totaled $454 million—1.3% lower quarter-over-quarter.