Rowan Companies

Rowan Companies plc
Public limited company
Traded as NYSE: RDC (Class A)
S&P 400 component
Industry Petroleum industry
Founded 1923 (1923)
Headquarters Williams Tower
Houston, Texas
Key people
 William E. Albrecht, Chairman
Thomas P. Burke, CEO & President
Stephen M. Butz, CFO
Services Offshore drilling
Well drilling
Revenue Decrease $1.282 billion (2017)
Decrease $0.072 billion (2017)
Total assets Decrease $8.458 billion (2017)
Total equity Increase $5.386 billion (2017)
Number of employees
 2,800 (2017)
Website www.rowancompanies.com
Footnotes / references
[1]

Rowan Companies plc, is an offshore drilling contractor that provides well drilling services to the petroleum industry. The company is incorporated in England and Wales and headquartered in Houston, Texas.

Current operations

The company operates a fleet 23 offshore drilling jackup rigs and 4 ultra-deepwater drillships and has 5 jackup rigs in its joint venture with Saudi Aramco. Its offshore jackup rigs include cantilever jackup rigs that are designated as Gorilla Class rigs, Super Gorilla Class rigs, Tarzan Class rigs, 240C Class Rigs, EXL class rigs and N-class rigs, as well as conventional jackup rigs. Its ultra-deepwater drillships are based on the Gusto MSC P10,000 class with capacity for 12,000’ of riser and a variable deck load capacity of 20,000 tons.[1]

In 2017, 29% of the company's revenues came from Saudi Aramco, 17% of its revenues came from Anadarko Petroleum, 14% of its revenues came from Cobalt International Energy, 7% of its revenues came from each of Repsol and ConocoPhillips.[1]

History

Rowan Drilling Company, Inc. was founded in 1923 by brothers Charles and Arch Rowan as a contract drilling business.[2]

The company went public in 1967, issuing 323,000 shares.[2]

In 1971, the company changed its name to Rowan Companies, Inc.[2]

In 1994, the company acquired the assets of Marathon LeTourneau Company from General Cable for $52 million.[3]

In 2000, Rowan subsidiary LeTourneau, Inc. acquired The Ellis Williams Company, Inc., a manufacturer of mud pumps, for $9 million.[4]

In 2002, Rowan Electric, Inc. acquired Oilfield-Electric-Marine, a manufacturer of variable speed AC motors and variable frequency drive systems, for $8 million in stock.[5]

In 2004, the company sold its aviation subsidiary business, Era Aviation, which chartered helicopter and fixed-wing services, for $118.1 million in cash to SEACOR Holdings.[6]

In 2007, the company pleaded guilty to environmental violations caused by the Rowan-Midland drilling rig between 2002 and 2004 and agreed to pay $9 million in fines.[7]

In 2009, W. Matt Ralls was named chief executive officer & president of the company.[8]

In 2010, the company acquired Skeie Drilling & Production ASA, including its three North Sea compliant (N-class) jack-up rigs under construction.[9]

In April 2012, the company changes its corporate structure to become a subsidiary of a company based in the United Kingdom.[10]

In 2013, the company sold its manufacturing subsidiary, LeTourneau Technologies, Inc., and its land drilling operations to Joy Global in a $1.1 billion transaction.[11] Joy Global subsequently sold LeTourneau's Drilling, Marine, and Power divisions to Cameron International for $375 million.[12]

In April 2014, Thomas P. Burke was named chief executive officer & president of the company. Matt Ralls became Executive Chairman.[13]

In October 2017, the company launched ARO Drilling, a 50/50 joint venture with Saudi Aramco.[14]

In January 2018, the company acquired 2 rigs from Petrobras.[15]


References

  1. 1 2 3 "Rowan Companies plc 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 3 "Rowan Drilling Company, Inc". Harvard Business School.
  3. ↑ "General Cable Completes Sale of Unit's Assets". The New York Times. February 12, 1994.
  4. ↑ "Rowan Companies, Inc. Completes Purchase of The Ellis Williams Company, Inc" (Press release). PR Newswire. January 31, 2000.
  5. ↑ "Rowan Announces Completion of Oilfield-Electric-Marine Acquisition" (Press release). PR Newswire. February 1, 2002.
  6. ↑ "Rowan Announces Agreement to Sell Era Aviation, Inc" (Press release). Business Wire. October 14, 2004.
  7. ↑ "Rowan Companies Announces Entry of Plea" (Press release). Business Wire. October 9, 2007.
  8. ↑ "Rowan names CEO, chairman". American City Business Journals. December 3, 2008.
  9. ↑ "Rowan Announces Intent to Purchase Skeie Drilling" (Press release). PR Newswire. July 1, 2010.
  10. ↑ "Rowan Updates Timing of Change in Corporate Structure" (Press release). PR Newswire. April 12, 2012.
  11. ↑ RUSLI, EVELYN M. (May 16, 2011). "Mining Equipment Maker Expands With $1.1 Billion Deal". The New York Times.
  12. ↑ "Joy Global Inc. Announces Completion of Transaction to Sell Drilling Products Business" (Press release). Business Wire. October 24, 2011.
  13. ↑ "Rowan Elects New CEO and Appoints Executive Chairman and New Lead Director of the Board" (Press release). PR Newswire. April 28, 2014.
  14. ↑ "Rowan Announces Launch of ARO Drilling" (Press release). PR Newswire. October 19, 2017.
  15. ↑ "Rowan Announces Purchase of Two Modern Jack-up Rigs" (Press release). PR Newswire. January 5, 2018.
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