HOUSTON, Aug. 8, 2011 /PRNewswire/ -- Rowan Companies, Inc. ("Rowan" or the "Company") (NYSE: RDC) announced that the Company's board of directors has authorized the Company to repurchase up to $100 million in shares of its common stock.
Matt Ralls, Rowan's President and Chief Executive Officer, commented, "This share repurchase program is an expression of confidence in Rowan's long-term future and ability to continue to create shareholder value."
This program is effective immediately. Repurchases under this program will be made through the open market or in privately negotiated transactions. These repurchases may be commenced or suspended from time to time without prior notice.Rowan Companies, Inc. is a major provider of international and domestic contract drilling services with a leading position in high-specification jack-up rigs. The Company's fleet of 29 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, and the Gulf of Mexico. Rowan also has two additional high-specification jack-ups under construction to be delivered later this year and recently announced plans to enter the ultra-deepwater market with two high-specification drillships expected to be delivered in late 2013 and mid 2014. Rowan's stock is traded on the New York Stock Exchange under the 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.
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