courtes Rowan Companies Inc.

Houston-based drillling contractor Rowan Companies Inc. registered a 31-percent drop in net income to $94.3 million in the three months that ended when 2008 on slightly less business year-on-year.

Revenues reached $613.0 million in quarter, a $10 million drop over the same span in 2007. But the numbers were lower on accounting charges three times the proceeds of asset sales. One charge was $12 million against a cancelled new-build rig project.

Importantly, drilling income was up 21 percent in the quarter on day rates, helping the company mark "the second-highest" yearly profit in company history.

But Matt Ralls sounded a minor alarm in saying just 67 percent of offshore rig days were committed in 2009.

"Despite the current weakness in worldwide rig markets, the combination of our high spec rig fleet, our highly skilled workforce, and our reputation for operational excellence gives us confidence that we can achieve above market day rates and utilization for our equipment in all market conditions," he was quoted as saying.

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