If this is what a trough quarter looks like, then Rowan Companies
The contract driller and manufacturer, which is quite levered to the shallow water drilling market, naturally had some less-than-stellar results to report for the period ended Sept. 30. In the drilling business, revenue dropped 28% from the prior year, margins eroded a touch, and income was cut in half.
How does that stack up to peers? Well, we saw Hercules Offshore's
Hercules, working for relative table scraps for Gulf of Mexico operators like Chevron
So well done there, Rowan. I knew you had great depth. Whenever the market turns (recent increased bidding activity for premium jackups in the U.K. North Sea is a good start), you'll benefit handsomely. In the meantime, it's nice to see that Rowan can do better than just tread water.