For the three months ended June 30, 2016, Rowan Companies plc (NYSE: RDC) reported net income of $216.7 million, or $1.72 per diluted share, compared to $84.7 million, or $0.68 per diluted share, in the second quarter of 2015. Net income for the current quarter included a $120.0 million, or $0.95 per share, after-tax increase to net income for the Rowan Relentless contract termination and related items. The $120.0 million reflects the amount in excess of the Rowan Relentless drillship’s day rate for the three months ended June 30, 2016. Additionally, net income for the current quarter included a $1.8 million, or $0.01 per share, after-tax gain on early extinguishment of debt. Excluding the impact of these items, net income as adjusted was $94.9 million, or $0.75 per share.
Rowan’s revenues were $611.9 million in the second quarter of 2016, an increase of 20% from the prior-year quarter due to the aforementioned contract termination and related items as well as contributions from the ultra-deepwater drillships Rowan Relentless, which commenced operations in June of 2015, and Rowan Reliance, which experienced lower levels of downtime in the second quarter of 2016. The increase in drillship revenue was partially offset by a 22% decline in jack-up revenue due to lower utilization and lower day rates.
Tom Burke, President and Chief Executive Officer, commented, ‘Our ability to add significant backlog in a challenging market environment is a testament to our outstanding crews. I’m pleased that we secured over 700 contract days of new backlog between a blend and extend agreement on our ultra-deepwater drillship, the Rowan Resolute, and contract extensions in our jack-up fleet. We ended the second quarter with our lowest total recordable incident rate (TRIR) on record and our operational downtime was less than 2% for our fleet. Rowan believes safe, reliable and efficient operations are paramount in securing additional work with both new and existing customers.’
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