ROWAN COMPANIES PLC

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2018 10-K, filed Feb 27, 2019. Its latest SEC filing is a 15-12B from Apr 22, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Provides offshore contract drilling services to oil and gas companies, using ultra-deepwater drillships and high-specification and premium jack-up rigs.

How Did They Make Money?

Customers pay a fixed daily rate for each day Rowan performs drilling or related work; they may also pay some or all rig and crew moving costs.

FY2018 revenue

Who Were Their Customers?

Energy companies—including large international firms, smaller independent firms, and government-owned or controlled companies—contract directly for Rowan’s drilling services.

Customers above 10% of revenue, FY2018

of revenue from four customers (28%, 14%, 14%, 10%)

Did Revenues Turn Into Profits?

No. It lost $347.4M in FY2018.

Operating income, FY2018

−35% of revenue

▼ Now a loss vs FY2017 ($238.4M, 19%)

Net income, FY2018

−42% of revenue

▼ Now a loss vs FY2017 ($72.7M, 6%)

Free cash flow, FY2018

−40% of revenue

▼ Now a loss vs FY2017 ($199.2M, 16%)

How Were They Changing?

Since the FY2018 annual report

Apr 11, 2019 Rowan completed its merger with Ensco Rowan shareholders received Ensco shares, and Rowan shares ceased trading on the NYSE.

Shrank. Revenue fell 55% in 4 years, from $1.8B in FY2014 to $824.8M in FY2018, about 18% a year.

ARO joint venture Rowan's business expanded from the offshore drilling services and fleet described in the older report to include ARO, a joint venture with Saudi Aramco that owns, manages and operates offshore drilling units in Saudi Arabia.

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