Rowan Beats Expectations on 2Q Results; FVE Unchanged
Rowan posted second-quarter earnings with slightly higher-than-expected results. This was partly a byproduct of extended work carried out in the Gulf of Mexico. Despite this outperformance, RDC’s results were still down on a quarterly and annual basis. Globally, the market for drillships and jackups hasn’t changed much over the prior quarter. According to Rowan, market utilization for jackups held firm during the quarter, at 70%, but a number of new contracts were announced. Even with the noted ...
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