Rowan's 3Q Profit Doubles on Higher Rates

Contract driller Rowan Companies Plc (RDC)'s third-quarter profit more than doubled, helped by higher rates for its rigs and an income tax benefit.

The company's net income rose to $119.6 million, or 96 cents per share, in the quarter ended Sept. 30, from $51.9 million, or 42 cents per share, a year earlier.

Revenue rose about 22 percent to $467.7 million.

Reporting by Narottam Medhora