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]
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 American offshore drilling contractor that provides drilling services to the petroleum industry. The company is 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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