Their strategy is to use capital to finish building the drillships they commissioned and get those operating around the Middle East and Africa where they have good relations with customers. The Gulf of Mexico and Asia are softer markets with more competition where they are seeing the majority of drops in dayrates so they aren't expecting long term contracts to come from there.
Interestingly Rowan sees their stock price as undervalued and considered initiating a share buyback. As CEO Thomas Burke mentions "we like the idea of doing a share repurchase, and we believe that where our stock price is, it's a good use of capital" but they opted to wait and use the capital for longer term revenue generation. "To just stay the course at the moment is more about getting our drillships out on contract and not borrowing additional funds in these uncertain times" is a smart plan when you consider their current market cap. Rowan is growth focused and once they establish layered long term contracts with deep water drillships they can shift focus on share buybacks and increasing the dividend.
