Our Outlook and Fair Value Estimate Remain Intact After Rowan Meets Fourth-Quarter Expectations
No-moat Rowan's core drilling results were in agreement with our expectations, reflecting a 16% decline in revenue on a year-over-year basis. Drillship inactivity shouldered the brunt of overall rig downtime and placed deepwater utilization at 25%. Only Rowan's Resolute deepwater ship entered 2018 under contract, but received a notice of early termination, shortening the current agreement by five months. Separately, jackup utilization held firm above 75%. This excludes active rigs managed under ...
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