Rowan Companies plc (NYSE:RDC) provides offshore oil and gas contract drilling services. The company operates a fleet of 29 mobile offshore drilling units, including 25 jack-up rigs and 4 ultra-deepwater drill ships. Of the 29 units, 7 rigs are idle and an additional 2 have been cold stacked. The company operates in the U.S. Gulf of Mexico, the UK, the North Sea, the Middle East, and Trinidad.
The downturn in the oil sector hasn't affected RDC's stock price as much as other companies in the offshore drilling market such as Diamond Offshore Drilling Inc. (NYSE:DO) and Noble Corporation plc (NYSE:NE). For the last year, the stock price for RDC has been neck-and-neck with the aggregate Oil & Gas Drilling subindustry, which includes land drilling.