ESV - Rowan Companies: Two New Contracts Stock Weakness
On Monday, December 24, 2018, offshore drilling contractor Rowan Companies (RDC) announced that it has secured two new offshore drilling contracts. This continues the recent streak that we have been seeing of contract awards across the offshore drilling industry. It also shows us that Rowan continues to be the strongest company in the offshore drilling space, at least to my mind. The market though has not been particularly kind to the company as of late, which may partly be a function of the ongoing decline in oil prices that we have been seeing