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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Czechsinthemail who wrote (8086)	1/14/1998 4:38:00 PM
From: HH	Read Replies (1) \| Respond to of 95453

Momentum slowly changing: scalped from AOL For what it's worth Larry Rice, Chief Investment Strategist, Josephenthal & Co was interviewed today on the business new channel out of Los Angeles. He indicated they are now starting to buy oil drillers & oil services. Beaten down - nobody loves them - & they have the solid visible earnings going forward was the essence of his comments.

To: Czechsinthemail who wrote (8086)	1/14/1998 5:11:00 PM
From: Jim Robinson	Respond to of 95453

RDC's Earnings Rowan Companies, Inc. Announces Earnings January 14, 1998 09:42 AM HOUSTON, Jan. 14 /PRNewswire/ -- Rowan Companies, Inc. RDC reports a 22% increase in revenues and a 139% increase in net income for 1997. On the strength of its contract drilling business, the Company achieved record revenues of $695.3 million in 1997, which produced record net income of $146.7 million, or $1.65 per share. The comparable 1996 amounts were $571.2 million and $61.3 million, or $.70 per share, respectively. The 1997 results were after extraordinary charges from early debt redemption of $9.8 million, or $.11 per share, and a nonrecurring charge of $20.2 million, or $.23 per share, related to the Company's conclusion of its turnkey operations during the first quarter. The extraordinary charges incurred during 1997 resulted from the Company redeeming early its $200 million 11 7/8% Senior Notes due in 2001, and included $6.3 million, or $.07 per share, from the redemption of $150 million of notes during the fourth quarter. Net income for the three months ended December 31, 1997, after the extraordinary charge, was $47.6 million, or $.53 per share, compared to $23.6 million, or $.27 per share, in the fourth quarter of 1996. C. R. Palmer, Chairman and Chief Executive Officer, commented, "Our financial goals for 1997 have been achieved. The average day rate for the Company's offshore rigs increased to $59,300 during the fourth quarter of 1997, a $3,700 or 7% increase over the third quarter and an $18,100 or 44% increase over the fourth quarter of 1996. "The outlook for 1998 includes increasing day rates as well as improving financial results for the Company's manufacturing and aviation divisions. The refinancing of the Company's debt has reduced the Company's average cost of capital below 7% and should yield a $10 million reduction in 1998 interest cost. We believe the Company's 1998 results could attain record levels and improve by more than 50% over results for 1997. OUR TIME IS NOW!" Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling and aviation services. The Company also operates a mini-steel mill, a manufacturing facility that produces heavy equipment for the mining and timber industries, and a marine division that has designed and built over one-third of all mobile offshore jack-up drilling rigs. The Company's stock is traded on the New York Stock Exchange and the Pacific Stock Exchange. Common Stock trading symbol: RDC.