$90 Million Contract for New Land Rigs Obtained by LeTourneau
Posted on July 16, 2008 – 5:51 pm | by oilandgaspress.com
HOUSTON–(BUSINESS WIRE)–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.
Contacts
Rowan Companies, Inc., Houston
Vice-President – Investor Relations
William C. Provine, 713-960-7575
www.rowancompanies.com
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