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A high-specification jackup rig of Rowan Companies plc RDC — Rowan EXL III — of EXL Class has been contracted by Cantium in the U.S. Gulf of Mexico.
The rig has been hired on a six-month contract, which is anticipated to begin in November 2018. Currently, EXL III is working with Cantium in the U.S. Gulf of Mexico through mid to late August 2018.
The contract strengthens Rowan’s fleet, which contributes to backlog amid commodity price volatility. The company focuses on boosting shareholders’ return and is open to all opportunities that add to revenues and earnings.
About Rowan EXL III
Commissioned in 2010, Rowan EXL III has a leg length of 477 feet. The rig has the capability to drill in a maximum water depth of 350 feet, with a maximum drilling depth of 35,000 feet. The hull length, width and depth are 243 feet, 206 feet and 26 feet, respectively.
The company mainly provides services related to contract drilling to the oil and gas industries. As of Aug 13, 2018, the fleet strength of the company comprised 27 rigs that can operate in the offshore oil and gas resources. The areas where the rigs primarily operate are the Middle East, Trinidad, North Sea’s Norwegian region, the Gulf of Mexico and the U.K. The premium fleet of Rowan includes 23 jackups and four ultra-deepwater units.
Rowan’s new offshore drilling entity — ARO Drilling —recently commenced activities. The company and Saudi Aramco have 50% ownership each in ARO. The new firm will be able to participate in the growing offshore drilling market of Saudi Arabia.
Rowan has outperformed the industry in the past year. The company’s shares have rallied 29.7% compared with the industry's 23.3% rise.
Zacks Rank & Stocks to Consider
Rowan currently carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Petroleo Brasileiro S.A. PBR, or Petrobras SA, Helix Energy Solutions Group, Inc HLX and TC Pipelines, LP TCP. All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Petroleo Brasileiro or Petrobras, is the largest integrated energy firm in Brazil and one of the largest in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Helix Energy offers specialty services to the offshore energy industry The company delivered an average positive earnings surprise of 66.7% in the trailing four quarters.
TC Pipelines purchases, owns and actively participates in the management of U.S.-based natural gas pipelines and related assets. The company delivered an average positive earnings surprise of 3.7% in the last four quarters.
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