Rowan Companies

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Rowan Companies
Type Public
Traded as NYSERDC
S&P 500 Component
Industry Oil & Gas Drilling & Exploration
Founded 1923
Headquarters Williams Tower
Houston, Texas, USA
Key people Thomas P. Burke, President and CEO
Revenue
  • Increase US$ 1,579.284 million (2013) [1]
  • Increase US$ 1,392.607 million (2012) [1]
Operating income
  • Increase US$ 331.676 million (2013) [1]
  • Increase US$ 255.052 million (2012) [1]
Net income
  • Increase US$ 252.576 million (2013) [1]
  • Decrease US$ 180.602 million (2012) [1]
Total assets
  • Increase US$ 7,975.761 million (2013) [2]
  • Increase US$ 7,699.487 million (2012) [1]
Total equity
  • Increase US$ 4,893.761 million (2013) [2]
  • Increase US$ 4,531.724 million (2012) [2]
Employees 4,846 (2009)[3]
Website http://www.rowancompanies.com

Rowan Companies plc, founded in 1923 and based in Houston, Texas, is an American S&P 500 company which provides contract oil well drilling services and rigs. Rowan Companies is located at 2800 Post Oak Boulevard, Suite 5450, in Houston, Texas. Thomas P. Burke is President and Chief Executive Officer.

The company operates a fleet of offshore drilling jackup rigs and ultra-deepwater drillships. The company operates worldwide in the Gulf of Mexico, Trinidad, North Sea, Southeast Asia, Mediterranean, Middle East and Southeast Asia.[4]

Corporate history[edit]

Rowan Companies[edit]

Rowan Drilling Company, Inc. was founded in 1923 by brothers Charles and Arch Rowan as a contract drilling business.[5]

In 1947, the drilling company was reorganized as Rowan Companies, Inc.[6]

In 1964, the company began paying a cash dividend to shareholders, which it continued without interruption for the next couple of decades. The company was publicly traded on the New York Stock Exchange under the ticker symbol RDC.[7]

In 1994, Rowan acquired the assets of Marathon LeTourneau Company.

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 2011, Rowan announced plans to enter the ultra-deepwater market with three high-specification drillships, expected to be delivered starting in late 2013. Rowan also completed the sales of its manufacturing subsidiary, LeTourneau Technologies, Inc., and its land drilling operations.

In January 2014, Rowan delivered its first ultra-deepwater drillship, the Rowan Renaissance. Additional drillships are expected to be delivered in June and October 2014 and March 2015.

In 2013, Thomas P. Burke became President of Rowan, while remaining Chief Operating Officer. W. Matt Ralls remained Chief Executive Officer.

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

Subsidiaries[edit]

LeTourneau Technologies[edit]

R. G. LeTourneau founded his company R.G. LeTourneau, Inc. in 1929 in California as a contractor of earthmoving equipment. LeTourneau manufactured products in Longview, Texas.[8] During World War II, the company provided 70% of the Allies' earthmoving equipment. In 1954, it built the first jack-up drilling platform. In 1955, it made the first log-stacker machine. In 1965, the company made the first intermodal crane.[9]

Marathon LeTourneau Company designed all of Rowan Companies' jack-up rigs, and delivered the last one to Rowan as an independent company in 1986.[6]

In 1994, Rowan Companies acquired the assets of Marathon LeTourneau Company.[6]

In 2004, LeTourneau formed an alliance with SourceOne Drilling Systems.[9]

In 2006, LeTourneau changed its name to LeTourneau Technologies, Inc.[9]

In 2011, Rowan announced the sale of LeTourneau Technologies to Joy Global.[10] The sale of LeTourneau Technologies to Joy Global was completed in late 2011. Joy Global subsequently sold LeTourneau's Drilling, Marine, and Power divisions to Cameron International in October 2011.[11]

LeTourneau Ellis Williams[edit]

Ellis Williams, Jr. founded the Ellis Williams Company, of Houston, Texas. Michael R. Williams served as President. EWCO, Inc. was a sibling company which operated as Traitex Machine Co. and made drilling mud pumps.[8][9]

On January 31, 2000, Rowan's subsidiary LeTourneau acquired Ellis Williams Company, and also its sibling company EWCO, Inc., for US$9 million.[9] After the acquisition, Ellis Williams, Jr. remained with the new subsidiary as a design consultant, and Michael R. Williams remained as Senior Vice President and General Manager.[8] The new subsidiary company was renamed LeTourneau Ellis Williams, Inc.

Oilfield-Electric-Marine[edit]

Oilfield-Electric-Marine, Inc. had been in business in Houston, Texas since the late 1970s. It made both AC and DC motors and drive systems, electric consoles for marine drilling industries, and medium voltage switchgear.[12]

On February 1, 2002, the Rowan Electric, Inc. subsidiary unit of Rowan Companies acquired assets of Oilfield-Electric-Marine, Inc., which operated as OEM Power Systems, and the Rowan subsidiary company also acquired Industrial Logic Systems, Inc. the same day. The deal was completed for US$8 million in Rowan common stock.[6][12][9]

Kevin R. Williams had been President of Oilfield-Electric-Marine, Inc., and he stayed on as President of Rowan Electric, Inc., which then became the Rowan subsidiary division Oilfield-Electric-Marine.[12]

Business areas[edit]

Drilling rigs[edit]

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.[4] 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.

References[edit]

  1. ^ a b c d e f g "ROWAN COMPANIES PLC 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. March 3, 2014. 
  2. ^ a b c "ROWAN COMPANIES PLC 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. May 12, 2014. 
  3. ^ http://finance.yahoo.com/q/pr?s=RDC
  4. ^ a b Rowan Companies Inc RDC (NYSE), Full Description, Reuters.com
  5. ^ Rowan Companies, Inc., Corporate Overview
  6. ^ a b c d ROWAN COMPANIES INC, Form:10-K, EdgarOnline, SEC Filing Date:3/16/2005
  7. ^ Standard & Poor's Stock Guide, various issues
  8. ^ a b c Rowan Companies Inc · 8-K · For 1/13/00, SECInfo.com, Filed On 2/14/00, SEC File 1-05491, Accession Number 950129-0-596
  9. ^ a b c d e f LeTourneau Technologies. A History of Innovation., LeTourneau Technologies, Inc.
  10. ^ "Rowan Announces Agreement to Sell LeTourneau Technologies, Inc.". May 2011. Retrieved 2011-05-17. 
  11. ^ http://investors.joyglobal.com/releaseDetail.cfm?ReleaseID=617482
  12. ^ a b c Rowan "bolts on" manufacturing capabilities, MarineLog.com, February 1, 2002

External links[edit]