Estimated read time: 4-5 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
[STK] NYSE:RDC
[IN] OIL UTI
[SU] PER
-- WITH PHOTO -- TO BUSINESS, AND ENERGY EDITORS:
Rowan Elects New CEO and Appoints Executive Chairman and New Lead
Director of the Board
HOUSTON, April 28, 2014 /PRNewswire/ -- As previously announced, Rowan
Companies plc ("Rowan" or the "Company") (NYSE: RDC) confirmed today
that on April 25, 2014, Dr. Thomas P. Burke was elected as the Chief
Executive Officer of the Company. In addition, Mr. H.E. Lentz retired
as the Chairman of the Board of Directors, Mr. W. Matt Ralls was
appointed as the Executive Chairman of the Board and Sir Graham Hearne
was appointed as the new Lead Director of the Board.
Mr. Ralls commented, "The Company could not be in better hands with
Tom as Chief Executive Officer. He has proven his leadership skills,
first as CEO of our manufacturing subsidiary and more recently as
President and Chief Operating Officer of the Company. Tom's keen
business sense, in-depth knowledge of our company and industry, and
clear vision for the future will serve the Company well in the years
to come. I look forward to watching Rowan flourish under Tom's strong
leadership."
Dr. Burke, age 46, most recently served as President and Chief
Operating Officer of the Company. He became Chief Operating Officer
in July 2011 and was promoted to President in March 2013. Dr. Burke
initially joined the Company in December 2009 to serve as President
and Chief Executive Officer of LeTourneau Technologies, Inc. and
served in such capacity until the sale of LeTourneau in June 2011.
Prior to such time, he was employed by Complete Production Services,
an oilfield services company, as a Division President from 2006 to
2009, and as Vice President Corporate Development from 2004 to 2006.
Before joining Complete, Dr. Burke held various positions at
Schlumberger and McKinsey & Company. He holds a DPhil (PhD) in
Engineering Science from Trinity College, Oxford and an MBA with High
Distinction from Harvard Business School.
Rowan Companies plc is a global provider of international and domestic
contract drilling services in the ultra-deepwater and shallow water
jack-up market with a fleet of 34 offshore drilling units, including
four ultra-deepwater drillships, three of which are currently under
construction, and 30 jack-up rigs, 19 of which are rated
high-specification. The Company's fleet is located worldwide,
including West Africa, the Middle East, the North Sea, Trinidad,
Egypt, Southeast Asia and the Gulf of Mexico. Three of the four
ultra-deepwater drillships are under three year contracts. The
Company's Class A Ordinary Shares are traded on the New York Stock
Exchange under the symbol "RDC." For more information on the Company,
please visit www.rowancompanies.com.
Statements herein that are not historical facts are 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 business, financial
performance and prospects of the Company. These forward-looking
statements are based on our current expectations and are subject to
certain risks, assumptions, trends and uncertainties that could cause
actual results to differ materially from those indicated by the
forward-looking statements. 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, variations in
energy demand, changes in day rates, cancellation by our customers of
drilling contracts, letter agreements or letters of intent or the
exercise of early termination provisions, risks associated with fixed
cost drilling operations, cost overruns or delays on shipyard repair,
construction or transportation of drilling units, maintenance and
repair costs, costs or delays for conversion or upgrade projects,
operating hazards and equipment failure, risks of collision and
damage, casualty losses and limitations on insurance coverage,
customer credit and risk of customer bankruptcy, conditions in the
general economy and energy industry, weather conditions and severe
weather in the Company's operating areas, increasing complexity and
costs of compliance with environmental and other laws and regulations,
changes in tax laws and interpretations by taxing authorities, civil
unrest and instability, terrorism and hostilities in our areas of
operations that may result in loss or seizure of assets, the outcome
of disputes and legal proceedings, effects of the change in our
corporate structure, and other risks disclosed in the Company's
filings with the U.S. Securities and Exchange Commission. Each
forward-looking statement speaks only as of the date hereof, and the
Company expressly disclaims any obligation to update or revise any
forward-looking statements, except as required by law.
Photo - http://photos.prnewswire.com/prnh/20140428/81088
Logo - http://photos.prnewswire.com/prnh/20120827/DA62568LOGO
SOURCE Rowan Companies plc
-0- 04/28/2014
/CONTACT: Suzanne M. Spera, Director, Investor Relations, +1-713-960-7517, sspera@rowancompanies.com
/Photo: http://photos.prnewswire.com/prnh/20120827/DA62568LOGO
http://photos.prnewswire.com/prnh/20140428/81088
PRN Photo Desk, photodesk@prnewswire.com
/Web Site: http://www.rowancompanies.com
(NYSE:RDC) /
CO: Rowan Companies plc
ST: Texas
IN: OIL UTI
SU: PER
PRN
-- DA13939 --
0000 04/28/2014 12:30:00 EDT http://www.prnewswire.com
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
