Rowan Reports Higher-Than-Expected First-Quarter Results in Imbalanced Market; FVE Unchanged
We are incorporating first quarter 2017 results into our Rowan model and updating it for our latest view on offshore drilling markets. For now, we are maintaining our $13 fair value estimate as the company reports earnings slightly higher than guidance. Sequentially, performance improved thanks largely to the performance of the deepwater segment.For the quarter, Rowan experienced stable deepwater utilization rates, with day rates climbing nearly $130,000. Although management recognized the pro...
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