Rowan blames financial slide on idle Gulf rigsAltered drilling contract in the North Sea also cited; company incurred loss of $11.3 million on revenues of $170.5 million in first quarter Ray Tyson Petroleum News Houston Correspondent
Contract driller Rowan admits it performed poorly on the financial front during the 2004 first quarter, blaming idle rigs in the Gulf of Mexico and an altered drilling contract in the North Sea.
Rowan, first of the major drillers to report first-quarter results, said April 14 that it incurred a loss....
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Rowan expects upward pressure on day rates to intensify
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