Reaffirming Bearish View on Rowan as Offshore Market Weakness Prevails Over High-Spec Rig Fleet
Offshore driller Rowan continues to look highly overvalued, in our view, roughly in line with our assessment for the average driller. Although management has continued to articulate a view that the high-spec nature of its fleet will insulate it from the woes afflicting the broader rig market over the long run, we think this is overly optimistic. Rowan's shares are trading almost 50% above our fair value estimate.On the one hand, we've been impressed by Rowan's ability to maintain high pricing o...
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