HOUSTON, Aug. 5 /PRNewswire-FirstCall/ -- Rowan Companies, Inc. ("Rowan" or the "Company") (NYSE: RDC) announced that it may make certain purchases of, or arrangements to purchase, ordinary shares of Skeie Drilling & Production ASA ("SKDP") from shareholders of SKDP from time to time. Such purchases of SKDP ordinary shares may include purchases in the open market at prevailing prices or in private transactions at negotiated prices or in exchange for shares of Rowan. Rowan will disclose any information regarding such purchases of SKDP ordinary shares in Norway and the United States through the electronic information system of the Norwegian Securities Dealers Association.
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These open market purchases will be made outside of the exchange offer described in the Rowan press release dated July 19, 2010. Rowan announced on July 19, 2010 that it will launch an exchange offer for 49.7% of SKDP's outstanding ordinary shares and expects to complete the exchange offer in September 2010, following the prospectus review of the Norwegian Financial Supervisory Authority. Under the terms of the exchange offer, Rowan will issue 0.00574 shares of its common stock for each outstanding ordinary share of SKDP held by the remaining SKDP shareholders (or 5,741.67 Rowan shares per one million SKDP shares), for a total of approximately 6,061,286 Rowan shares.
SKDP is a Norwegian entity that owns and manages the construction of three high-spec jack-up rigs, designated "N-class", designed and being built by Keppel FELS Ltd. in Singapore. The expected deliveries of the rigs are September 2010, December 2010 and June 2011.
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.
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.
SOURCE Rowan Companies, Inc.
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