Rowan ‘cautiously optimistic’ about improvements in offshore rig demand

Offshore drilling contractor Rowan Companies sank to a loss in the fourth quarter of 2018 from a profit in the year-before period. The driller says it is cautiously optimistic when it comes to improvements in overall offshore rig demand.

For the quarter ended December 31, 2018, Rowan Companies reported a net loss of $14.3 million compared to net income of $112 million in the fourth quarter of 2017.

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