For the year ended December 31, 2006, Rowan Companies, Inc. (NYSE:RDC - News) generated income from continuing operations of $317.0 million or $2.84 per share on revenues of $1,510.7 million, compared to income from continuing operations of $217.8 million or $1.97 per share on revenues of $1,068.8 million during 2005. Net income was $318.2 million or $2.85 per share in 2006, compared to $229.8 million or $2.08 per share in 2005.
For the three months ended December 31, 2006, the Company generated income from continuing operations of $62.4 million or 56 cents per share on $410.9 million of revenues, compared to income from continuing operations of $69.5 million or 63 cents per share on revenues of $317.4 million in the same period of 2005. Current quarter results included $12.8 million or 10 cents per share of charges related to environmental matters, while the prior year quarter included $24.3 million or 14 cents per share of gains on asset disposals.
Rowan's offshore rig utilization decreased to 81% during the fourth quarter of 2006, from 93% during the comparable 2005 period. The Company realized 164 net fewer operating days during the current quarter from five rigs that were either preparing for or mobilizing to overseas assignments. Rowan's overall average offshore day rate was $144,500 during the fourth quarter of 2006, up by $40,300 or 39% from the comparable 2005 period but down by $2,300 or less than 2% from the third quarter of 2006.
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