LeTourneau Technologies Secures Significant Order for 15 Front-end Wheel Loaders
HOUSTON, Feb. 1, 2011 /PRNewswire/ -- Rowan Companies, Inc. ("Rowan" or the "Company") (NYSE: RDC) announced today that its wholly-owned subsidiary, LeTourneau Technologies, Inc. ("LeTourneau"), has received an order to manufacture and deliver 15 front-end wheel loaders, valued at approximately $85 million. The loaders, purchased by a single customer, are scheduled for delivery throughout 2011 and 2012 for iron ore mining operations in Brazil. The order includes four L-1350 Generation 1 loaders, eight L-1850 Generation 2 loaders, and three L-2350 Generation 2 loaders, and will increase LeTourneau's Mining backlog by about 60%, adding to a backlog that already increased by 87% during 2010.
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"This order, one of the largest loader orders we have ever received, shows the strength of the global mining equipment market and our increasingly strong foothold in Brazil. We believe 2011 will be a record year for our Mining Products business, and that Brazil will continue to be a strong growth market for us," commented Thomas Burke, President and CEO of LeTourneau.
Brad Rogers, Vice President and General Manager, Mining Products, added, "The customer chose our loaders over competing machines due to our new, revolutionary Generation 2 hybrid electric drive technology and our loaders' high reliability and low operating costs. We plan to roll out this new technology to our entire loader product range in 2011 and are very optimistic about the potential for increased market share."
Specifically, LeTourneau's new Generation 2 loader technology includes a full hybrid electric Switched Reluctance traction drive system, water cooled power electronics, and the proprietary LINCS II™ control system. These new Generation 2 loaders are anticipated to provide significant fuel savings to customers. Field tests have shown a potential 50% reduction in fuel consumption compared to a competitor's same payload capacity machine. Other benefits customers should see include reduced machine operating cost, increased productivity, and lower environmental impact.
LeTourneau produces equipment for the drilling and mining industries, and has been a leader in the earthmoving equipment industry since the 1920s. In 2000, LeTourneau unveiled the world's largest front-end wheel loader, the L-2350. For more information, please visit www.letourneautechnologies.com.
Rowan Companies, Inc. is a major provider of international and domestic contract drilling services. The Company also owns and operates a manufacturing division that 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. For more information on Rowan, please visit www.rowancompanies.com.
The press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are subject to a number of risks, uncertainties and assumptions, including the factors described in Rowan Companies, Inc.'s most recent periodic reports and other documents filed with the Securities and Exchange Commission, which are available free of charge at the SEC's web site at http://www.sec.gov. Rowan Companies, Inc. cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. There can be no assurance that the transactions contemplated in this press release will be completed. Rowan Companies, Inc. assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
SOURCE Rowan Companies, Inc.
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