UPDATE 1-Rowan names ex-GlobalSantaFe exec as new CEO
SAN FRANCISCO, Dec 2 (Reuters) - Rowan Cos Inc (RDC.N), a U.S. contract oil and gas drilling company, has named a former GlobalSantaFe executive as its new chief executive to replace 34-year Rowan veteran Daniel McNease.
W. Matt Ralls takes the helm at Rowan at a tough time for the industry, with energy prices falling and a tight credit squeezing many drillers.
"The next few years should be exciting, challenging times as we focus on the company's continued growth and global expansion," Ralls said in a statement.
The company also said that Jack Lentz, 63, would take over as chairman of the board, on which he has served since 1990. Prior to that, Lentz was a managing director at Lehman Brothers.
Lentz and Ralls are due to start their new jobs on Jan. 1.
Ralls, 59, was GlobalSantaFe's chief operating officer before it was bought by Transocean Inc (RIG.N) a year ago, and had been chief financial officer at Global Marine Inc before the 2001 merger to create GlobalSantaFe.
The outlook for oilfield services companies has dimmed as the price of oil declined. Rowan shares have lost 62 percent of their value so far in 2008.
Rowan had been seeking a buyer for its manufacturing arm, LeTourneau Technologies, which accounts for more than a third of the Houston-based company's revenue, but said a month ago it would delay that plan until market conditions improved. (Reporting by Braden Reddall)
