2008-07-16 08:05:00
HOUSTON–(EMWNews)–Rowan Companies, Inc. (NYSE:RDC) announced today that its wholly owned
manufacturing subsidiary, LeTourneau Technologies, Inc. (LTI), has
entered into a contract to provide major components for nine new 1500
horsepower land drilling rigs. The contract is with Nomac Drilling,
Inc., a wholly owned subsidiary of Chesapeake Energy Corporation, and is
valued at approximately $90 million.
Each of the rigs will feature AC drive technology and incorporate key
LTI drilling equipment, including the mud pumps and drawworks. Delivery
of the components is expected to begin in the fourth quarter of 2008 and
be completed by mid 2009.
Rowan Companies, Inc. is a major provider of international and domestic
offshore contract drilling services. The Company’s
manufacturing division, LTI, produces equipment for the drilling, mining
and timber industries. The Company’s stock is
traded on the New York Stock Exchange. Common Stock trading symbol: RDC.
This report contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, without
limitation, statements as to the expectations, beliefs and future
expected financial performance of the Company that are based on current
expectations and are subject to certain risks, trends and uncertainties
that could cause actual results to differ materially from those
projected by the Company. Among the factors that could cause
actual results to differ materially include oil and natural gas prices,
the level of offshore expenditures by energy companies, energy demand,
the general economy, including inflation, weather conditions in the
Company’s principal operating areas and
environmental and other laws and regulations. Other relevant
factors have been disclosed in the Company’s
filings with the U.S. Securities and Exchange Commission.
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Rowan Companies, Inc., Houston Investor Relations |
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