Rowan Companies Q1 Profit Rises - Quick Facts

(RTTNews) - Rowan Companies plc (RDC) reported first-quarter net income of $123.7 million, or $0.99 per share, compared to $59.6 million, or $0.48 per share in the first quarter of 2014.

On average, 29 analysts polled by Thomson Reuters expected the company to report profit per share of $0.70 for the quarter. Analysts' estimates typically exclude special items.

Revenues were $547.0 million, an increase of 45% over the prior-year quarter due primarily to the contributions from three of the company's newbuild ultra-deepwater drillships. Analysts expected revenue of $533.08 million for the quarter.

Tom Burke, President and CEO, said, "We are pleased with our first quarter operating results which reflect higher earnings and better margins due to the contributions from three newbuild ultra-deepwater drillships, low out of service time and significant cost control efforts."

The company amended and restated its revolving credit agreement to increase the borrowing capacity from $1.0 billion to $1.5 billion and to extend the maturity date by one year to January 23, 2020.