Rowan Companies' CEO Discusses Q4 2011 Results - Earnings Call Transcript

So for us, this change continues the natural evolution of our business. Today, our U.K. group manages operations that will represent our largest source of revenues, or an estimated 38% in 2012 and is centrally located between our second and third largest regions, the Middle East and the Gulf of Mexico. This transaction will better facilitate oversight of our global operations and communications with both our management teams and customers.

Importantly, as we enter the ultra-deepwater business, this change will put us on the same footing with our major competitors, which should mean higher returns and greater resources to reinvest in growing our company. Our U.S. operations will not be affected by this change, and we expect to continue to invest in further growth and job creation, both here in the U.S. and overseas.

We anticipate completing the merger in the spring following a special meeting of shareholders, details of which can be found in the notice of special meeting of stockholders and proxy statement and prospectus that are on file with the SEC. Following shareholder approval, our ADSs will be traded on the New York Stock Exchange under our existing symbol.

In summary, we believe this transaction serves the best interest of our shareholders by supporting and advancing Rowan's evolution as a global contract driller. With that, I'll come back to the results for the quarter and year that we announced today.

Excluding the impact of some onetime charges, our earnings for the quarter came in at consensus. Admittedly, estimates have been coming down as we made analysts aware of rig relocations, shipyard stays and operational downtime impacting the quarter.

I'll now ask Tom Burke to give you a brief synopsis of our planned rig relocations and upgrades. Then after Mark updates you on rig markets, Bill will provide guidance and what we expect for 2012 expense and activity levels.

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