Rowan Companies

Rowan Companies plc
Public limited company
Traded as NYSE: RDC
S&P 400 Component
Industry Petroleum industry
Founded 1923
Headquarters Williams Tower
Houston, Texas, United States[1]
Key people

Thomas P. Burke, President and CEO [1]

Mark Keller EVP
Services offshore drilling and petroleum and natural gas well drilling
Revenue Increase US$2.137 billion (2015) [1]
Increase US$93.311 million (2015) [1]
Increase US$93.311 million (2015) [1]
Total assets Decrease US$8.347 billion (2015) [1]
Total equity Increase US$4.772 billion (2015) [1]
Number of employees
 3,496 (2015)[1]
Website http://www.rowancompanies.com

Rowan Companies plc, is an offshore drilling contractor that provides 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 of 31 rigs including 27 offshore drilling jackup rigs and 4 ultra-deepwater drillships. The company operates worldwide in the Gulf of Mexico, Trinidad, North Sea, Southeast Asia, Mediterranean, Middle East and Southeast Asia.[1]

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.[1]

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]

The company provides quarterly updates on the status of each rig in its fleet on its website.[2]

In 2015, 19% of the company's revenues came from Saudi Aramco, 13% of its revenues came from ConocoPhillips, and 10% of its revenues came from Anadarko Petroleum.[1]

History

Rowan Drilling Company, Inc. was founded in 1923 by brothers Charles and Arch Rowan as a contract drilling business.[3]

The company went public in 1967, issuing 323,000 shares.[3]

In 1971, the company changed its name to Rowan Companies, Inc.[3]

In 1994, Rowan acquired the assets of Marathon LeTourneau Company from General Cable for $52 million.[4]

In 2000, Rowan subsidiary LeTourneau, Inc. acquired The Ellis Williams Company, Inc., a manufacturer of mud pumps, for $9 million.[5]

In 2002, Rowan Electric, Inc. acquired Oilfield-Electric-Marine, Inc. for $8 million in stock. Oilfield-Electric-Marine, Inc. manufactured variable speed AC motors and variable frequency drive systems. Kevin R. Williams had been President of Oilfield-Electric-Marine, Inc., and he stayed on as President of Rowan Electric, Inc.[6]

In 2004, Rowan sold its aviation subsidiary business Era Aviation, Inc. for US$118.1 million in cash. The subsidiary chartered helicopter and fixed-wing services.[7]

In 2009, W. Matt Ralls became Rowan's President and Chief Executive Officer.[8]

In 2010, Rowan completed the acquisition of Skeie Drilling & Production ASA, including its three North Sea compliant (N-class) jack-up rigs under construction. Rowan adds three EXL class (enhanced LeTourneau Super 116E) rigs to its fleet and the first N-class rig comes into service.[9]

In 2013, Rowan completed the sales of its manufacturing subsidiary, LeTourneau Technologies, Inc., and its land drilling operations to Joy Global in a $1.1 billion transaction.[10] Joy Global subsequently sold LeTourneau's Drilling, Marine, and Power divisions to Cameron International for $375 million.[11]

In January 2014, Rowan took delivery its first ultra-deepwater drillship, the Rowan Renaissance.[12]

The company eventually took delivery of 4 ultra-deepwater drillships, at a cost of approximately $600 million each.[13]

In April 2014, Thomas P. Burke was named President and CEO. Matt Ralls became Executive Chairman.[14]

References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 Rowan Companies plc 2015 Form 10-K Annual Report
  2. ↑ Rowan Companies: Fleet Status
  3. 1 2 3 Rowan Companies: Our History
  4. ↑ "General Cable Completes Sale of Unit's Assets". New York Times. February 12, 1994.
  5. ↑ "Rowan Companies, Inc. Completes Purchase of The Ellis Williams Company, Inc.". PRNewswire. January 31, 2000.
  6. ↑ "Rowan Announces Completion of Oilfield-Electric-Marine Acquisition". PRNewswire. February 1, 2002.
  7. ↑ "Rowan Announces Agreement to Sell Era Aviation, Inc.". Business Wire. October 14, 2004.
  8. ↑ "Rowan Names W. Matt Ralls New CEO and President and Appoints Jack Lentz Chairman of the Board". CEO World. December 3, 2008.
  9. ↑ "Rowan Announces Intent to Purchase Skeie Drilling". PRNewswire. July 1, 2010.
  10. ↑ "Mining Equipment Maker Expands With $1.1 Billion Deal". New York Times. May 16, 2011.
  11. ↑ "Joy Global Inc. Announces Completion of Transaction to Sell Drilling Products Business". Business Wire. October 24, 2011.
  12. ↑ "Rowan Resolute drillship sailing to its first contract". Offshore Energy Today. August 28, 2014.
  13. ↑ "Rowan to Add Fourth Ultra-Deepwater Drillship to Fleet". Rig Zone. September 10, 2012.
  14. ↑ "Rowan Elects New CEO and Appoints Executive Chairman and New Lead Director of the Board". PRNewswire. April 28, 2014.
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