A 2Q of Weak Gross Margin Dampens Operating Results Heading Into Rowan-Ensco Merger
No-moat Rowan posted a net loss of $14.3 million in fourth-quarter 2018 and closed the year with its first annual operating loss since the dawn of the offshore drilling downturn in 2014. Direct operating costs were flat for the company as a whole in 2018 vs. 2017, despite the sequential revenue decrease of 36%. In particular, the deepwater segment was weak (with a nearly negative 100% gross margin) owing to an average utilization rate of 30% for the year. Operating costs for the deepwater unit r...
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