Key Developments: Rowan Companies PLC (RDC.N)
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Latest Key Developments (Source: Significant Developments)
Rowan Companies PLC Announces Tom Burke As President
Rowan Companies PLC announced that Thomas P. Burke, the Company's current Chief Operating Officer, has been promoted to President. He will remain as the Company's Chief Operating Officer. W. Matt Ralls will continue to serve as the Company's Chief Executive Officer until his retirement in mid-2014, when it is anticipated that Dr. Burke will succeed him as the Company's Chief Executive Officer and Matt Ralls will assume the role of Executive Chairman. Full Article
Rowan Companies, Inc. Updates Timing Of Change In Corporate Structure
Rowan Companies, Inc. reminds its stockholders that the special meeting to approve the previously announced plan to change Rowan's corporate structure will be held on April 16, 2012. The change in corporate structure would result in the Company becoming a wholly owned subsidiary of a new U.K. parent holding company to be named Rowan Companies plc (Rowan UK). The Board of Directors has previously unanimously approved the change as it believes the move will enhance stockholder value by improving Rowan's long-term competitive position as a global contract driller. Under the proposed plan, which must be approved by our stockholders at the April 16 meeting, Rowan's legal domicile would effectively change from Delaware to the United Kingdom, where it already has substantial and growing operations. The Company previously disclosed in its proxy statement that it might pursue a Class A Share structure instead of an American depositary share (ADS) structure, and confirms today that it is actively pursuing such a Class A Share structure. If successful in these efforts, Class A Shares of Rowan UK would ultimately be delivered to holders of our common stock in conjunction with the closing of the transaction. Full Article
Rowan Companies, Inc. Comments On Q4 2011 Revenue Guidance-Conference Call
Rowan Companies, Inc. announced that for the fourth quarter of 2011, it expects a significant increase in revenues during the fourth quarter, based on an anticipated 15% to 17% increase in operating days over the third quarter level. The start-up of eight rigs in four geographic regions during the fourth quarter should add $35 million of revenues during the period. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $298 million for the fourth quarter of 2011. Full Article
Rowan Companies, Inc. Expands Share Repurchase Program
Rowan Companies, Inc. announced that its Board of Directors has increased the previously announced share repurchase program from $100 million to $150 million in shares of its common stock. During the third quarter of 2011, the Company repurchased 2.5 million shares of its common stock at an average cost of $32.26. With this increase, the Company has approximately $69 million of authorization remaining. This increased program is effective immediately. Repurchases under this program will be made through the open market or in privately negotiated transactions and may be commenced or suspended from time to time without notice. Full Article
Ensign Energy Services Inc. To Buy Rowan Companies, Inc.'s Land Drilling Division For $510 Million-DJ
Dow Jones reported that Ensign Energy Services Inc. signed an agreement to acquire Rowan Companies, Inc.'s land drilling division for USD510 million plus working capital. The purchase price is payable in cash and will be funded its existing working capital, available lines of credit and a new term facility of up to USD400 million. The assets being acquired include 30 deeper capacity electric land- drilling rigs, all of which are equipped with top drives. The fleet is well suited for extended-reach drilling in the oil and natural gas resource plays of Texas, Louisiana, Alabama and Oklahoma. Full Article
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