Rowan Companies PLC (NYSE:RDC) has appointed Charles L. Szews as a new member of the board bringing the total number of directors to ten. Szews joins the company with vast experience in financial matters as well as on operations given his background in manufacturing, technology and international markets.
The new director joins Rowan Companies having held a number of positions at Oshkosh Corporation, a designer, and manufacturer of specialty vehicles. He currently serves as a director of Commercial Metals Company having also served as a director at Denver Inc.
Stellar Q2 Earnings
The appointment comes on the heels of Rowan Company posting stellar results for its second quarter. Earnings in the quarter came in at 75 cents a share against consensus estimates of 70 cents a share. Revenues in the quarter were up, coming in at $611.9 million compared to $508.7 million posted a year earlier. The increase was as a result of an increase in drillship revenue. Revenues could have been much higher had the company not incurred a 22% decline in jack up revenue on lower utilization and lower day rates.
Net income for the quarter came in at $216.7 million more than double a net income of $84.7million reported for the same period last year. Total net income included $120 million from the Rowan Relentless contract Termination among other related items.
For the first six months of the year, capital expenditure totaled $64.6 million with full year expenditure expected to be in the range of between $145 million and $155 million. The increased expenditure would mostly be as a result of fleet maintenance, rig equipment, and spares costs.
The stellar earnings according to Chief Executive officer echoed the company’s ability to add significant backlog even in a challenging market environment. The sentiments come on Rowan Companies PLC (NYSE:RDC) securing over 700 contract days of new backlog. Thanks to the increased contracts, the company ended the quarter with the lowest total recordable incident rate.