Offshore driller Rowan Companies PLC (NYSE:RDC) has reportedly offered one if its jack-up drilling rigs to ADES in Egypt. As per data provided by VesselsValue, an online site offering intel on offshore and shipping segment, the company offered its earlier jack-up drilling rig named Rowan Gorilla IV for an unrevealed price on March 6, 2018.
The 1986-made drilling rig was cold stacked after conclusion of its deal with Arena in December 2017. Advanced Energy Systems is a Middle Eastern conglomerate based in Egypt. It has consolidated upstream services and projects, both offshore and onshore, in the oil and gas segment into one group.
In the last week of February, Rowan posted results for the quarter closed December 31, 2017. Net income came at $112.0 million versus a net loss of $24.4 million, in the same quarter of 2016. As per the update, the net income for the fourth quarter comprised a $151.7 million after tax, gain on the assets sale to ARO Drilling.
The company reported that net loss for the previous-year quarter constituted a $33.6 million after tax, loss on extinguishment of debt of $463.9 million. The 2017 Tax Cuts & Jobs Act in the Unite States did not led in any net impact on their 2017 income tax expense.
Tom Burke, the CEO and President, expressed that they are delighted with their accomplishments in 2017, counting the successful release of ARO Drilling, the implementation of fleet high grading as well as renewal, and their steadfast emphasis on a robust balance sheet as they managed through another tough year for the offshore drilling market.
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While the industry is showing indications of improvement, they remain aware of the significance of cost focus and operational integrity. ARO Drilling, of which Rowan Companies owns 50%, net income and generated revenue of $1.7 million and $48.6 million, respectively, for the period between October 17, 2017 and December 31, 2017.