Contract drilling operator Rowan Companies generated net income of US$90.9 million or US$0.79 per share for the second quarter of the 2010 financial year, a decrease on US$96.6 million or US$0.85 per share for the second quarter of 2009.
Revenues were US$490.1 million in the second quarter of 2010, compared to US$482.2 million in the second quarter of 2009.
Rowan's drilling operations generated revenues of US$328.3 million in the second quarter of 2010, up by two percent from the prior-year quarter as the impact of offshore fleet additions and higher land rig utilisation more than offset lower average day rates.
The company's gross drilling margin was 58 percent of revenues in the second quarter of 2010, up from 57 percent in the prior-year quarter as a result of continued focus on cost effectiveness. Income from drilling operations was US$124.0 million in the second quarter of 2010, down by three percent from the prior-year quarter due to higher depreciation and selling, general and administrative expenses.
