Rowan Companies Provides Drilling Rig Status; Shares Dip 2%


Rowan Companies plc ( RDC ) is down 2.1% after issuing its monthly report of drilling rig status and contract information has been updated as of November 27, 2012.

J.P. Bussell: awarded a contract for approximately one year of work in Malaysia at a day rate in the high $130s, above its previous day rate in the high $120s, expected to commence operations at the end of November 2012. Cecil Provine's off rate time in the 4Q 2012 was 57 days instead of the previously expected 45 days. Gorilla II rig is expected to enter the shipyard in June 2013 for repairs for approximately 45 days. Ralph Coffman's: 60 days of compensated shipyard time (which occurred in the 2Q and 3Q 2012) is being deferred over the contract period and is reflected in the day rate in the mid $210s. RDC will record a reduction in revenue of approximately $7 million, offset by a $2 million reduction in costs, in Q4 2012 to defer previously recognized amounts. The day rate reflected has been increased to the mid $220s to recognize the deferred revenue over the contract period.

RDC is trading at $31.48 in a 52-week range of $28.61 - $39.40. Shares have increased 0.6% in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: RDC

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