-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DwsZytv6EVI7NF5pn/OVnExCigK1R01L4C6GOcmITEcu9iA0LLKOiigutjxfJsKl LJakRor51f/0463zko0dng== 0000950129-01-501424.txt : 20010619 0000950129-01-501424.hdr.sgml : 20010619 ACCESSION NUMBER: 0000950129-01-501424 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010618 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010618 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROWAN COMPANIES INC CENTRAL INDEX KEY: 0000085408 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 750759420 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05491 FILM NUMBER: 1662718 BUSINESS ADDRESS: STREET 1: 2800 POST OAK BLVD. STREET 2: SUITE 5450 CITY: HOUSTON STATE: TX ZIP: 77056-6127 BUSINESS PHONE: 7136217800 MAIL ADDRESS: STREET 1: 5450 TRANSCO TOWER STREET 2: 2800 POST OAK BOULEVARD CITY: HOUSTON STATE: TX ZIP: 77056-6196 FORMER COMPANY: FORMER CONFORMED NAME: ROWAN DRILLING CO INC DATE OF NAME CHANGE: 19711110 FORMER COMPANY: FORMER CONFORMED NAME: ROWAN DRILLING CO DATE OF NAME CHANGE: 19671112 8-K 1 h88479e8-k.txt ROWAN COMPANIES, INC. 1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ========= FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 18, 2001 ROWAN COMPANIES, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE (STATE OR OTHER JURISDICTION OF INCORPORATION) 1-5491 75-0759420 (COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.) ================== 2800 POST OAK BOULEVARD SUITE 5450 HOUSTON, TEXAS 77056-6127 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE, INCLUDING ZIP CODE) (713) 621-7800 (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) ================================================================================ 2 Item 5. Other Events The information set forth in the press release of the registrant dated June 18, 2001, which is filed as an exhibit hereto, is incorporated herein by reference. Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit Number Exhibit Description ------ ----------------------------------------------- 99.1 Company press release, dated June 18, 2001. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ROWAN COMPANIES, INC. By: -------------------------------------- E. E. Thiele, Senior Vice President - Finance, Administration and Treasurer and Principal Financial Officer Dated: June 18, 2001 3 INDEX TO EXHIBITS EXHIBIT DESCRIPTION Exhibit Number Exhibit Description ------ ------------------------------------------- 99.1 Company press release, dated June 18, 2001. EX-99.1 2 h88479ex99-1.txt PRESS RELEASE DATED 6/18/2001 1 EXHIBIT 99.1 ROWAN REVISES NEAR-TERM BUSINESS OUTLOOK HOUSTON, JUNE 18, 2001 -- C. R. Palmer, Chairman and Chief Executive Officer, commented, "While earnings for April and May were on target to meet our estimate of '45cents per share - mas o menos' made earlier this year on April 11th, our outlook for business in June will result in second quarter 2001 earnings in a range of 35-40cents per share. Such results would compare favorably with second quarter 2000 earnings of 12 cents per share and first quarter 2001 earnings of 33cents per share, and be our ninth consecutive quarter of improved financial performance. "Rowan's offshore rig utilization for the second quarter is currently estimated to be 90%, down from 97% during the first quarter. Our average offshore day rate for the second quarter should be about $61,000, up from $58,300 during the first quarter. Land rig utilization for the second quarter is estimated at 85% up from 76% during the first quarter, and our average land rig day rate is estimated to be about $14,500 during the second quarter versus $11,200 in the first quarter. For competitive reasons, we do not intend to provide specific information regarding contract terms or day rates unless such contracts are considered to be material. "We believe we will soon have commitments for our three available offshore rigs and that all of our 23 offshore rigs and 13 marketed land rigs will be operating around July 1st. As a result, we believe our third quarter drilling utilization and day rates will be improved over estimated second quarter levels. In addition, the seasonal increase in aviation activity is underway and that division is enjoying record activity. We expect our third quarter operating results will be substantially improved over the second quarter. "A conference call to discuss our actual second quarter performance and our outlook for the third quarter will be held at 8:30 (CST) on Thursday, July 12, 2001". Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling and aviation services. The Company also operates a mini-steel mill, a manufacturing facility that produces heavy equipment for the mining, timber and transportation industries, and a marine division that has designed or built about one-third of all mobile offshore jack-up drilling rigs, including all 22 operated by the Company. The Company's stock is traded on the New York Stock Exchange and the Pacific Stock Exchange. Common Stock trading symbol: RDC. Contact: William C. Provine, Vice-President - Investor Relations, 713-960-7575. Website: 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, 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. -----END PRIVACY-ENHANCED MESSAGE-----