The company reported revenues of $485.5 million for the first quarter of 2008, compared to $462.3 million for the same period of 2007 and $623.6 million in the fourth quarter of 2007. Rowan’s offshore rig utilization was 91% during the first quarter of 2008, up from 84% in the same period of 2007 but down from 97% in the fourth quarter of 2007.
Rowan’s drilling operations generated revenues of $340.4 million during the first quarter of 2008, up by 18% from the same period of 2007 but down by 9% from the fourth quarter of 2007.
Rowan’s manufacturing operations generated external revenues of $145.1 million during the first quarter of 2008, down by 17% from the same period of 2007 and by 42% from the fourth quarter of 2007.
Danny McNease, chairman and CEO of Rowan, said: As we announced two weeks ago, our first quarter operating results were adversely affected by several timing events that we believe will have no impact on the long-term prospects for our drilling and manufacturing businesses. Our strategic redeployment of assets is continuing, and Rowan’s drilling operations are more geographically diversified than ever before.
