RDC - Rowan: New Rig Contract Reinforces Company Strength
On Tuesday, Dec. 18, Rowan Companies (RDC) announced that it received a new contract for the Ralph Coffman harsh-environment jack-up rig. This is the latest in a string of contract announcements that we have seen from a variety of offshore drilling contractors. The fact that this contract comes in spite of the sharp decline in oil prices over the past few weeks is a good sign as it indicates that exploration and production companies continue to have some interest in the space. It also represents a continuation of our industry recovery narrative,