Type Public limited company Founded 1923 | Industry Petroleum industry Revenue 2.137 billion USD (2015) | |
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Traded as NYSE: RDC
S&P 400 Component Key people Thomas P. Burke, President and CEO Services offshore drilling and petroleum and natural gas well drilling Stock price RDC (NYSE) US$ 14.45 +0.13 (+0.91%)22 Mar, 4:01 PM GMT-4 - Disclaimer CEO W. Matt Ralls (1 Jan 2009–) Headquarters Houston, Texas, United States Subsidiaries LeTourneau Technologies, Rowan Drilling Co Inc | ||
Spotlight rowan companies
Rowan Companies plc, is a U.K. offshore drilling contractor that provides drilling services to the petroleum industry. The company is headquartered in Houston, Texas.
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Company profile rowan companies inc nyse rdc
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.
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.
The company provides quarterly updates on the status of each rig in its fleet on its website.
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.
History
Rowan Drilling Company, Inc. was founded in 1923 by brothers Charles and Arch Rowan as a contract drilling business.
The company went public in 1967, issuing 323,000 shares.
In 1971, the company changed its name to Rowan Companies, Inc.
In 1994, Rowan acquired the assets of Marathon LeTourneau Company from General Cable for $52 million.
In 2000, Rowan subsidiary LeTourneau, Inc. acquired The Ellis Williams Company, Inc., a manufacturer of mud pumps, for $9 million.
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.
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.
In 2009, W. Matt Ralls became Rowan's President and Chief Executive Officer.
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.
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. Joy Global subsequently sold LeTourneau's Drilling, Marine, and Power divisions to Cameron International for $375 million.
In January 2014, Rowan took delivery its first ultra-deepwater drillship, the Rowan Renaissance.
The company eventually took delivery of 4 ultra-deepwater drillships, at a cost of approximately $600 million each.
In April 2014, Thomas P. Burke was named President and CEO. Matt Ralls became Executive Chairman.