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Rowan Companies plc (RIG) is a UK-based company that operates as a global provider of contract drilling services to the oil and gas industry. The company conducts its operations through two reportable segments: Drilling Services and Completion & Production Services. The Drilling Services segment includes the operations of the company's floating rig fleet, including jack-ups, drillships, and semisubmersibles. The Completion & Production Services segment provides services related to the completion of oil and gas wells and the production of hydrocarbons.
As of the latest quarter (Q4 2022), Rowan's total revenue was $326 million, representing a decrease of 33% compared to the same period in the prior year. The decrease was primarily due to lower activity levels and lower dayrates in the Drilling Services segment. The company reported a net loss of $37 million for the quarter, compared to a net income of $28 million in Q4 2021.
Rowan's cash and cash equivalents as of December 31, 2022, were $111 million, compared to $106 million as of December 31, 2021. The company had long-term debt of $782 million as of December 31, 2022.
In terms of earnings growth, Rowan has struggled in recent years due to the prolonged downturn in the offshore drilling market. The company's earnings per share (EPS) have been negative for the past three years, with a loss of $1.79 per share in 2022. However, the company has taken steps to improve its competitiveness and financial position, including the divestiture of non-core assets, the reduction of its cost structure, and the renewal and extension of key contracts.
Looking ahead, Rowan's outlook remains uncertain due to ongoing market conditions in the offshore drilling industry. While there are signs of improvement in the market, including an increase in offshore drilling activity and dayrates, it remains to be seen how these trends will impact Rowan's financial performance in the coming quarters.
It's important to note that investing in stocks, including RIG, involves risks and potential losses, and it's recommended that prospective investors conduct their own research and consult with a financial professional before making any investment decisions.