Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Rowan Falls After Announcing Plans for U.K. Move: Houston Mover

Feb. 28 (Bloomberg) -- Rowan Companies Inc., the offshore-drilling contractor that shed $1.6 billion of its business units last year, fell the most in more than three months after announcing plans to move its legal headquarters to the United Kingdom.

Rowan, which owns 31 shallow-water rigs and is building 3 ultra-deepwater drillships, fell 5.9 percent to $36.24 at the close in New York, the biggest drop since Nov. 1.

The company, a member of the Standard & Poor’s 500 Index that is based in Houston and legally domiciled in Delaware, plans to exchange U.S. stock for American depositary shares and rename itself Rowan Companies Plc, the company said today in a statement. The plan is subject to shareholder approval.

“People are going to get out of it early before the S&P 500 removal gets announced,” Brian Uhlmer, an analyst at Global Hunter Securities LLC in Houston, said in a telephone interview. “There’s going to be a little bit of noise in the name as it gets put into a new European index.”

Rowan reported fourth-quarter adjusted earnings per share that was 2 cents higher than the average of 30 analysts’ estimates compiled by Bloomberg, according to a statement.

The company is moving to be closer to customers in the U.K., Europe and Egypt, according to a statement. Rowan estimates 81 percent of sales this year will come from outside the U.S., up from 10 percent in 2004.

No senior management will relocate to the U.K., Chief Executive Officer Matt Ralls said in a conference call with investors today.

To contact the reporter on this story: David Wethe in Houston at

To contact the editor responsible for this story: Susan Warren at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.