Offshore drilling contractor Rowan Companies saw a marginal decrease in net income and a 9% drop in revenues in the first quarter of 2016 when compared to the same period last year.
Namely, the company on Wednesday reported net income of $122.8 million, compared to $123.7 million in the first quarter of 2015.
Rowan’s revenues were $500.2 million in the first quarter of 2016, down by 9% from the prior-year quarter revenues of $547 million, due primarily to lower utilization of jack-up rigs.
The lower jack-up utilization was partially offset by contributions from the company’s third and fourth newbuild ultra-deepwater drillships, which began operating in February and June of 2015, respectively.
Tom Burke , President and Chief Executive Officer, commented, “Our first quarter results reflect our focus on safe and reliable operations with particular attention to careful cost control as we navigate a challenging 2016. Our offshore crews are striving to continuously improve our operational efficiency. Additionally, I’m pleased with our ability to secure some new contracts in a difficult market.”