I believe that Rowan is in a great position with a growing fleet of very high quality rigs, the best people in the industry and a renewed strategic focus on excellence in both jack-up and deepwater drilling. Also, as disclosed in our filing earlier this week, we believe we're on track to complete our redomestication to the U.K. through a transaction utilizing Class A shares rather than depository receipts. I believe that if we're successful in staying in the S&P 500 Index as expected, it will have been worth the effort and expense of using the Class A structure, notwithstanding any market turbulence that may have been associated with the uncertainty around that issue.And finally, we had an incident this morning involving the EXL-I. As she was being towed toward the entrants of the Corpus Christi Ship Channel, a passing ship lost power and collided with the rig. All hands aboard the rig are safe and the situation is stable, but the port side of the rig was damaged and will require repairs prior to being able to be mobilized to Southeast Asia as planned. We will update our mobilization plan in the next fleet status report.
Rowan Companies' CEO Discusses Q1 2012 Results - Earnings Call Transcript
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts