Intrinsic value of Rowan Cos. - RDC

Previous Close

$18.03

  Intrinsic Value

$10.60

stock screener

  Rating & Target

sell

-41%

Previous close

$18.03

 
Intrinsic value

$10.60

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of RDC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,308
  1,339
  1,373
  1,412
  1,454
  1,501
  1,552
  1,608
  1,667
  1,731
  1,800
  1,873
  1,951
  2,033
  2,121
  2,214
  2,312
  2,416
  2,526
  2,642
  2,765
  2,894
  3,030
  3,174
  3,325
  3,484
  3,651
  3,828
  4,013
  4,208
Variable operating expenses, $m
  284
  290
  298
  306
  316
  326
  337
  349
  362
  376
  391
  406
  423
  441
  460
  480
  502
  524
  548
  573
  600
  628
  658
  689
  721
  756
  792
  831
  871
  913
Fixed operating expenses, $m
  965
  986
  1,008
  1,030
  1,053
  1,076
  1,099
  1,124
  1,148
  1,173
  1,199
  1,226
  1,253
  1,280
  1,308
  1,337
  1,367
  1,397
  1,427
  1,459
  1,491
  1,524
  1,557
  1,591
  1,626
  1,662
  1,699
  1,736
  1,774
  1,813
Total operating expenses, $m
  1,249
  1,276
  1,306
  1,336
  1,369
  1,402
  1,436
  1,473
  1,510
  1,549
  1,590
  1,632
  1,676
  1,721
  1,768
  1,817
  1,869
  1,921
  1,975
  2,032
  2,091
  2,152
  2,215
  2,280
  2,347
  2,418
  2,491
  2,567
  2,645
  2,726
Operating income, $m
  60
  62
  67
  75
  86
  100
  116
  135
  157
  182
  210
  241
  275
  312
  352
  396
  444
  495
  551
  610
  674
  742
  816
  894
  977
  1,066
  1,160
  1,261
  1,368
  1,481
EBITDA, $m
  470
  482
  498
  519
  543
  571
  604
  640
  681
  726
  775
  829
  887
  950
  1,018
  1,091
  1,170
  1,254
  1,344
  1,440
  1,542
  1,651
  1,767
  1,890
  2,021
  2,159
  2,306
  2,462
  2,627
  2,802
Interest expense (income), $m
  159
  151
  154
  158
  163
  169
  175
  182
  189
  197
  205
  215
  224
  235
  246
  258
  271
  284
  298
  313
  329
  345
  363
  381
  401
  422
  443
  466
  490
  515
  542
Earnings before tax, $m
  -91
  -92
  -91
  -88
  -83
  -75
  -65
  -54
  -40
  -23
  -5
  16
  40
  66
  94
  126
  160
  197
  238
  282
  329
  380
  434
  493
  555
  622
  694
  771
  852
  939
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  11
  18
  26
  34
  43
  53
  64
  76
  89
  102
  117
  133
  150
  168
  187
  208
  230
  254
Net income, $m
  -91
  -92
  -91
  -88
  -83
  -75
  -65
  -54
  -40
  -23
  -5
  12
  29
  48
  69
  92
  117
  144
  174
  206
  240
  277
  317
  360
  405
  454
  507
  563
  622
  686

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,520
  7,693
  7,891
  8,112
  8,358
  8,628
  8,922
  9,240
  9,583
  9,951
  10,344
  10,764
  11,211
  11,686
  12,190
  12,724
  13,290
  13,888
  14,520
  15,187
  15,891
  16,633
  17,416
  18,240
  19,108
  20,023
  20,985
  21,998
  23,063
  24,184
Adjusted assets (=assets-cash), $m
  7,520
  7,693
  7,891
  8,112
  8,358
  8,628
  8,922
  9,240
  9,583
  9,951
  10,344
  10,764
  11,211
  11,686
  12,190
  12,724
  13,290
  13,888
  14,520
  15,187
  15,891
  16,633
  17,416
  18,240
  19,108
  20,023
  20,985
  21,998
  23,063
  24,184
Revenue / Adjusted assets
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
  0.174
Average production assets, $m
  6,941
  7,101
  7,284
  7,488
  7,715
  7,965
  8,236
  8,529
  8,846
  9,185
  9,548
  9,936
  10,348
  10,787
  11,252
  11,745
  12,267
  12,819
  13,403
  14,018
  14,668
  15,354
  16,076
  16,837
  17,638
  18,482
  19,371
  20,305
  21,289
  22,323
Working capital, $m
  -30
  -31
  -32
  -32
  -33
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -97
Total debt, $m
  2,566
  2,638
  2,721
  2,813
  2,915
  3,027
  3,150
  3,282
  3,425
  3,578
  3,741
  3,916
  4,102
  4,299
  4,509
  4,731
  4,967
  5,215
  5,478
  5,756
  6,049
  6,357
  6,683
  7,026
  7,387
  7,768
  8,168
  8,589
  9,032
  9,498
Total liabilities, $m
  3,128
  3,200
  3,282
  3,375
  3,477
  3,589
  3,712
  3,844
  3,986
  4,139
  4,303
  4,478
  4,664
  4,861
  5,071
  5,293
  5,529
  5,777
  6,040
  6,318
  6,611
  6,919
  7,245
  7,588
  7,949
  8,329
  8,730
  9,151
  9,594
  10,060
Total equity, $m
  4,392
  4,493
  4,608
  4,738
  4,881
  5,039
  5,211
  5,396
  5,596
  5,811
  6,041
  6,286
  6,547
  6,825
  7,119
  7,431
  7,761
  8,110
  8,479
  8,869
  9,280
  9,714
  10,171
  10,652
  11,159
  11,693
  12,255
  12,847
  13,469
  14,123
Total liabilities and equity, $m
  7,520
  7,693
  7,890
  8,113
  8,358
  8,628
  8,923
  9,240
  9,582
  9,950
  10,344
  10,764
  11,211
  11,686
  12,190
  12,724
  13,290
  13,887
  14,519
  15,187
  15,891
  16,633
  17,416
  18,240
  19,108
  20,022
  20,985
  21,998
  23,063
  24,183
Debt-to-equity ratio
  0.580
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584
  0.584

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -91
  -92
  -91
  -88
  -83
  -75
  -65
  -54
  -40
  -23
  -5
  12
  29
  48
  69
  92
  117
  144
  174
  206
  240
  277
  317
  360
  405
  454
  507
  563
  622
  686
Depreciation, amort., depletion, $m
  411
  420
  431
  443
  457
  471
  487
  505
  523
  544
  565
  588
  612
  638
  666
  695
  726
  759
  793
  829
  868
  908
  951
  996
  1,044
  1,094
  1,146
  1,202
  1,260
  1,321
Funds from operations, $m
  320
  328
  340
  355
  374
  396
  422
  451
  484
  520
  560
  600
  641
  686
  735
  787
  843
  903
  967
  1,035
  1,108
  1,186
  1,268
  1,356
  1,449
  1,548
  1,653
  1,764
  1,882
  2,007
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  320
  329
  341
  356
  375
  397
  423
  452
  485
  522
  562
  602
  643
  688
  737
  789
  845
  905
  969
  1,038
  1,111
  1,189
  1,271
  1,359
  1,453
  1,552
  1,657
  1,768
  1,886
  2,011
Maintenance CAPEX, $m
  -403
  -411
  -420
  -431
  -443
  -457
  -471
  -487
  -505
  -523
  -544
  -565
  -588
  -612
  -638
  -666
  -695
  -726
  -759
  -793
  -829
  -868
  -908
  -951
  -996
  -1,044
  -1,094
  -1,146
  -1,202
  -1,260
New CAPEX, $m
  -135
  -160
  -182
  -205
  -227
  -249
  -271
  -294
  -316
  -339
  -363
  -388
  -413
  -439
  -465
  -493
  -522
  -552
  -583
  -616
  -650
  -685
  -722
  -761
  -802
  -844
  -888
  -935
  -983
  -1,034
Cash from investing activities, $m
  -538
  -571
  -602
  -636
  -670
  -706
  -742
  -781
  -821
  -862
  -907
  -953
  -1,001
  -1,051
  -1,103
  -1,159
  -1,217
  -1,278
  -1,342
  -1,409
  -1,479
  -1,553
  -1,630
  -1,712
  -1,798
  -1,888
  -1,982
  -2,081
  -2,185
  -2,294
Free cash flow, $m
  -217
  -241
  -262
  -280
  -295
  -308
  -319
  -329
  -336
  -341
  -345
  -351
  -357
  -363
  -367
  -370
  -372
  -373
  -373
  -371
  -369
  -365
  -360
  -353
  -345
  -336
  -325
  -313
  -299
  -283
Issuance/(repayment) of debt, $m
  56
  72
  82
  92
  102
  112
  122
  132
  143
  153
  164
  175
  186
  198
  210
  222
  235
  249
  263
  278
  293
  309
  326
  343
  361
  380
  400
  421
  443
  466
Issuance/(repurchase) of shares, $m
  171
  193
  206
  217
  226
  233
  237
  239
  240
  238
  234
  233
  232
  229
  225
  220
  213
  205
  195
  184
  171
  156
  140
  122
  102
  80
  55
  29
  0
  0
Cash from financing (excl. dividends), $m  
  227
  265
  288
  309
  328
  345
  359
  371
  383
  391
  398
  408
  418
  427
  435
  442
  448
  454
  458
  462
  464
  465
  466
  465
  463
  460
  455
  450
  443
  466
Total cash flow (excl. dividends), $m
  10
  23
  27
  30
  33
  37
  40
  43
  46
  50
  53
  57
  61
  64
  68
  72
  77
  81
  86
  90
  95
  101
  106
  112
  118
  124
  130
  137
  145
  183
Retained Cash Flow (-), $m
  -171
  -193
  -206
  -217
  -226
  -233
  -237
  -239
  -240
  -238
  -234
  -245
  -261
  -277
  -294
  -312
  -330
  -349
  -369
  -390
  -411
  -434
  -457
  -481
  -507
  -534
  -562
  -591
  -622
  -654
Prev. year cash balance distribution, $m
  1,075
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  913
  -169
  -180
  -187
  -193
  -196
  -197
  -196
  -193
  -188
  -181
  -188
  -200
  -213
  -226
  -240
  -254
  -268
  -283
  -299
  -316
  -333
  -351
  -370
  -389
  -410
  -432
  -454
  -478
  -471
Discount rate, %
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
  870
  -153
  -153
  -150
  -144
  -135
  -125
  -114
  -102
  -89
  -77
  -70
  -66
  -60
  -55
  -49
  -44
  -38
  -33
  -28
  -23
  -19
  -15
  -12
  -9
  -7
  -5
  -4
  -3
  -2
Current shareholders' claim on cash, %
  94.6
  89.0
  83.6
  78.3
  73.3
  68.6
  64.3
  60.3
  56.7
  53.5
  50.6
  47.9
  45.5
  43.4
  41.4
  39.7
  38.1
  36.7
  35.5
  34.4
  33.5
  32.7
  32.0
  31.5
  31.1
  30.8
  30.6
  30.5
  30.5
  30.5

Rowan Companies plc is a provider of offshore contract drilling services to the international oil and gas industry. The Company operates through two segments: deepwater and jack-ups. Its deepwater segment consists of drillship operations. As of December 31, 2016, the Company's fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships. The Company's fleet operates across the world, including the United States Gulf of Mexico (US GOM), the United Kingdom and Norwegian sectors of the North Sea, the Middle East and Trinidad. As of February 14, 2017, the Company's drilling fleet consisted of four ultra-deepwater drillships; 19 high-specification cantilever jack-up rigs, and six premium cantilever jack-up rigs. Its jack-ups are capable of drilling wells to maximum depths ranging from 25,000 to 40,000 feet and in maximum water depths ranging from 300 to 550 feet, depending on rig size, location and outfitting.

FINANCIAL RATIOS  of  Rowan Cos. (RDC)

Valuation Ratios
P/E Ratio 7
Price to Sales 1.2
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 2.9
Growth Rates
Sales Growth Rate -13.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -83.7%
Cap. Spend. - 3 Yr. Gr. Rate -27.9%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 49.9%
Total Debt to Equity 52.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 57.8%
Gross Margin - 3 Yr. Avg. 52.3%
EBITDA Margin 48.2%
EBITDA Margin - 3 Yr. Avg. 29.3%
Operating Margin 26.4%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 17.7%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 17.4%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 1.5%
Eff/ Tax Rate - 3 Yr. Avg. 32.9%
Payout Ratio 0%

RDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RDC stock intrinsic value calculation we used $1282.8 million for the last fiscal year's total revenue generated by Rowan Cos.. The default revenue input number comes from 0001 income statement of Rowan Cos.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RDC stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5%, whose default value for RDC is calculated based on our internal credit rating of Rowan Cos., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Rowan Cos..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RDC stock the variable cost ratio is equal to 21.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $944 million in the base year in the intrinsic value calculation for RDC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6% for Rowan Cos..

Corporate tax rate of 27% is the nominal tax rate for Rowan Cos.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RDC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RDC are equal to 530.5%.

Life of production assets of 16.9 years is the average useful life of capital assets used in Rowan Cos. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RDC is equal to -2.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5386.1 million for Rowan Cos. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 127.054 million for Rowan Cos. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Rowan Cos. at the current share price and the inputted number of shares is $2.3 billion.

RELATED COMPANIES Price Int.Val. Rating
RIG Transocean 12.27 6.88  sell
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COMPANY NEWS

▶ Rowan Provides Fleet Status Report Update   [Oct-18-18 06:00PM  PR Newswire]
▶ Offshore drillers eye recovery by 2020   [Oct-15-18 12:03PM  Reuters]
▶ Deal of the Week: Offshore drillers to combine in $2.4B all-stock deal   [Oct-12-18 01:00AM  American City Business Journals]
▶ Rowan Companies (RDC) Jumps: Stock Rises 5.3%   [Oct-10-18 09:00AM  Zacks]
▶ Company News For Oct 9, 2018   [10:50AM  Zacks]
▶ [$$] Offshore Firms Ensco and Rowan to Merge   [Oct-08-18 09:09PM  The Wall Street Journal]
▶ Stock Market News Daily Roundup October 8   [10:20AM  Market Exclusive]
▶ Ensco, Rowan to merge in offshore driller combination   [10:17AM  American City Business Journals]
▶ [$$] Offshore Firms Ensco and Rowan to Merge   [07:50AM  The Wall Street Journal]
▶ Rowan Norway Awarded Contract by Turkish Petroleum   [Sep-24-18 07:30AM  PR Newswire]
▶ Rowan to Present at Barclays CEO Energy-Power Conference   [Aug-28-18 06:00PM  PR Newswire]
▶ Rowan Reports Second Quarter 2018 Results   [06:45AM  PR Newswire]
▶ Rowan Provides Fleet Status Report Update   [Jul-18-18 07:32PM  PR Newswire]
▶ Rowan Awarded Drillship Contract by ExxonMobil   [Jun-07-18 04:45PM  PR Newswire]
▶ Rowan: 1Q Earnings Snapshot   [May-01-18 07:23AM  Associated Press]
▶ Rowan Reports First Quarter 2018 Results   [06:45AM  PR Newswire]
▶ Rowan Provides Fleet Status Report Update   [Apr-19-18 12:00AM  PR Newswire]
▶ Rowan Announces Contract with Shell for the Rowan Viking   [Apr-02-18 06:00PM  PR Newswire]
▶ What Is Rowan Companies plcs (NYSE:RDC) Share Price Doing?   [Feb-28-18 06:19PM  Simply Wall St.]
▶ Rowan Provides Fleet Status Report Update   [Feb-14-18 02:07AM  PR Newswire]
▶ Week 3: Revised Target Prices for Diamond Offshore and Noble   [Jan-26-18 07:34AM  Market Realist]
▶ Noble Corporations Latest Fleet Status Report   [Jan-25-18 02:50PM  Market Realist]
▶ Offshore Drillers: Analyzing Target Price Revisions   [Jan-17-18 12:15PM  Market Realist]
▶ Week 2: Moodys Downgraded Ensco   [10:45AM  Market Realist]
▶ US Offshore Rig Count Increased by 2   [09:12AM  Market Realist]
▶ One More Downgrade Comes in for Diamond Offshore   [Jan-16-18 03:25PM  Market Realist]
▶ Week 1 Update for Rowan Companies   [Jan-11-18 12:55PM  Market Realist]

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