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Rowan Companies' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: RDC

I believe that Rowan is in a great position with a growing fleet of very high quality rigs, the best people in the industry and a renewed strategic focus on excellence in both jack-up and deepwater drilling. Also, as disclosed in our filing earlier this week, we believe we're on track to complete our redomestication to the U.K. through a transaction utilizing Class A shares rather than depository receipts. I believe that if we're successful in staying in the S&P 500 Index as expected, it will have been worth the effort and expense of using the Class A structure, notwithstanding any market turbulence that may have been associated with the uncertainty around that issue.

And finally, we had an incident this morning involving the EXL-I. As she was being towed toward the entrants of the Corpus Christi Ship Channel, a passing ship lost power and collided with the rig. All hands aboard the rig are safe and the situation is stable, but the port side of the rig was damaged and will require repairs prior to being able to be mobilized to Southeast Asia as planned. We will update our mobilization plan in the next fleet status report.

With that, I'll turn it over to Mark.

Mark A. Keller

Thanks, Matt, and good morning, everyone. In the first 4 months of 2012, we are proud to have added more to our total backlog than the entire year of 2011.

With recent commitments of additional jack-up contracts in Southeast Asia, the U.S. Gulf of Mexico and extensions in the North Sea and our previously announced ConocoPhilips and BG contacts, we have exceeded $1.5 billion in additional backlog. We are encouraged by these contracts and the positive market dynamics of the jack-up sector. Worldwide utilization is the highest it's been in over 2 years, average earned day rates worldwide were up approximately 10% among our peer group over the past 6 months, and tender activity for more capable jack-ups continues to remain strong.

Read the rest of this transcript for free on seekingalpha.com

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