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Rowan Extends Consent Solicitation For 5% Senior Notes Due 2017 And 7.875% Senior Notes Due 2019

Stocks in this article: RDC





HOUSTON, April 16, 2012 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC) (the "Company") announced today that it has extended the expiration time of the previously announced consent solicitation (the "Consent Solicitation") by the Company and Rowan Companies Limited, a wholly owned subsidiary of the Company ("Rowan UK"), with respect to the Company's 5% Senior Notes due 2017 and 7.875% Senior Notes due 2019 (the "Notes"), which Consent Solicitation is being conducted in connection with the previously announced plan to change the Company's corporate structure.

(Logo: http://photos.prnewswire.com/prnh/20081031/DA43093LOGO)

The Consent Solicitation was initially scheduled to expire at 5:00 p.m., New York City time, on Friday, April 13, 2012.  The Company and Rowan UK have extended the deadline for the Consent Solicitation to 5:00 p.m., New York City time, on Thursday, April 19, 2012, unless further extended.

Except as set forth herein, the complete terms and conditions of the Consent Solicitation remain the same as set forth in the Consent Solicitation/Prospectus Supplement, dated March 16, 2012 (as may be amended or supplemented from time to time) (the "Consent Solicitation/Prospectus Supplement").  Any questions concerning the terms of the Consent Solicitation should be directed to William H. Wells, Senior Vice President, Chief Financial Officer and Treasurer, at 713-960-7645. Questions regarding consent procedures and requests for additional copies of this Consent Solicitation/Prospectus Supplement should be directed to Bondholder Communications Group, toll-free at (888) 385-2663, attention: Roberta Carson.

Rowan Companies, Inc. is a major provider of global offshore contract drilling services with a leading position in high-specification jack-up rigs. The Company's fleet of 31 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, Southeast Asia and the Gulf of Mexico. The Company will enter the ultra-deepwater market with three high-specification drillships expected to be delivered starting in late 2013.  The Company's stock is traded on the NYSE under the symbol "RDC." For more information on the Company, please visit www.rowancompanies.com.  

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements about the proposed change in corporate structure as well as 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, including changes in tax laws, whether our stockholders approve the merger to effect the change in the Company's corporate structure (and related transactions) and whether we achieve the benefits we expect from the proposed change in our corporate structure. Other relevant factors have been and will be disclosed in the Company's filings with the Securities and Exchange Commission ("SEC").  

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