-----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, NZ7YCvS9QrMSxtd7KMatdbH2lsv87vSCZRXxJQXzNB/gytKv+NFOqGXdXRvhv9Vt rSOVAPZkwMWyr3BTq0D0dg== 0000950129-96-001864.txt : 19960816 0000950129-96-001864.hdr.sgml : 19960816 ACCESSION NUMBER: 0000950129-96-001864 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960814 SROS: NYSE 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05491 FILM NUMBER: 96612216 BUSINESS ADDRESS: STREET 1: 5450 TRANSCO TWR STREET 2: 2800 POST OAK BLVD CITY: HOUSTON STATE: TX ZIP: 77056-6196 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 10-Q 1 ROWAN COMPANIES, INC. - FORM 10-Q - 06/30/96 1 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1996 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM_____TO_____ ROWAN COMPANIES, INC. --------------------- (Exact name of registrant as specified in its charter) Delaware 1-5491 75-0759420 - --------------------------------- ----------------- ---------------------- (State or other jurisdiction of Commission File (I.R.S. Employer incorporation or organization) Number Identification No.) 5450 Transco Tower, 2800 Post Oak Boulevard, Houston, Texas 77056-6196 - ----------------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (713) 621-7800 ------------------------------------------------------ Registrant's telephone number, including area code Inapplicable - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ---- The number of shares of common stock, $.125 par value, outstanding at July 31, 1996 was 85,481,872. 2 ROWAN COMPANIES, INC. INDEX
Page No. -------- PART I. Financial Information: Consolidated Balance Sheet -- June 30, 1996 and December 31, 1995 . . . . . . . . . . 2 Consolidated Statement of Operations -- Three and Six Months Ended June 30, 1996 and 1995 . . . . . . . . . . . . . . . . . . . . . . . 4 Consolidated Statement of Cash Flows -- Six Months Ended June 30, 1996 and 1995 . . . . . . . . 5 Notes to Consolidated Financial Statements . . . . . . 6 Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . . . . . . . . . . . 8 PART II. Other Information: Exhibits and Reports on Form 8-K . . . . . . . . . . . 12
3 PART I. FINANCIAL INFORMATION ROWAN COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (IN THOUSANDS EXCEPT SHARE AMOUNTS)
June 30, December 31, 1996 1995 ---------- ------------ (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents................... $ 63,595 $ 90,338 Receivables - trade and other............... 109,043 87,811 Inventories - at cost: Raw materials and supplies................ 57,916 51,898 Work-in-progress.......................... 27,632 23,015 Finished goods............................ 2,617 708 Prepaid expenses............................ 13,272 11,430 Cost of turnkey drilling contracts in progress............................... 3,490 8,259 ---------- ---------- Total current assets.................. 277,565 273,459 ---------- ---------- INVESTMENT IN AND ADVANCES TO 49% OWNED COMPANIES............................. 28,654 29,770 ---------- ---------- PROPERTY, PLANT AND EQUIPMENT - at cost: Drilling equipment.......................... 952,320 944,021 Aircraft and related equipment.............. 187,379 189,954 Manufacturing plant and equipment........... 27,142 25,037 Other property and equipment................ 93,883 91,089 Construction in progress.................... 22,866 ---------- ---------- Total................................. 1,283,590 1,250,101 Less accumulated depreciation and amortization.......................... 785,986 763,062 ---------- ---------- Property, plant and equipment - net... 497,604 487,039 ---------- ---------- OTHER ASSETS AND DEFERRED CHARGES............. 11,829 12,220 ---------- ---------- TOTAL................................. $ 815,652 $ 802,488 ========== ==========
See Notes to Consolidated Financial Statements. -2- 4
June 30, December 31, 1996 1995 -------- ------------ (Unaudited) LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Note payable and current maturities of long-term debt................. $ 670 $ 7,039 Accounts payable - trade.............................................. 25,268 21,774 Other current liabilities............................................. 55,880 44,058 -------- -------- Total current liabilities........................................ 81,818 72,871 -------- -------- LONG-TERM DEBT - less current maturities............................... 247,585 247,744 -------- -------- OTHER LIABILITIES...................................................... 23,768 36,227 -------- -------- DEFERRED CREDITS: Income taxes.......................................................... 4,543 4,146 Gain on sale/leaseback transactions................................... 10,759 12,345 -------- -------- Total deferred credits........................................... 15,302 16,491 -------- -------- STOCKHOLDERS' EQUITY: Preferred stock, $1.00 par value: Authorized 5,000,000 shares issuable in series: Series I Preferred Stock, authorized 6,500 shares, none issued Series II Preferred Stock, authorized 6,000 shares, none issued Series III Preferred Stock, authorized 10,300 shares, none issued Series A Junior Preferred Stock, authorized 1,500,000 shares, none issued Common stock, $.125 par value: Authorized 150,000,000 shares; issued 86,910,429 shares at June 30, 1996 and 86,353,792 shares at December 31, 1995............................................... 10,864 10,794 Additional paid-in capital............................................. 399,024 396,092 Retained earnings...................................................... 39,776 24,754 Less cost of 1,457,919 treasury shares................................. 2,485 2,485 -------- -------- Total stockholders' equity....................................... 447,179 429,155 -------- -------- TOTAL............................................................ $815,652 $802,488 ======== ========
See Notes to Consolidated Financial Statements. -3- 5 ROWAN COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
For The Three Months For The Six Months Ended June 30, Ended June 30, ---------------------- ----------------------- 1996 1995 1996 1995 -------- -------- -------- --------- (Unaudited) REVENUES: Drilling services.................................... $ 77,022 $ 61,921 $148,073 $108,791 Manufacturing sales and services..................... 31,719 33,083 67,667 63,058 Aircraft services.................................... 28,425 22,378 48,234 38,330 -------- -------- -------- -------- Total................................ 137,166 117,382 263,974 210,179 -------- -------- -------- -------- COSTS AND EXPENSES: Drilling services.................................... 50,040 48,288 102,804 96,046 Manufacturing sales and services..................... 29,050 30,694 61,522 58,495 Aircraft services.................................... 24,268 20,194 43,478 38,334 Depreciation and amortization........................ 11,983 12,945 24,030 25,680 General and administrative........................... 3,896 3,633 7,917 7,222 -------- -------- -------- -------- Total................................ 119,237 115,754 239,751 225,777 -------- -------- -------- -------- INCOME (LOSS) FROM OPERATIONS................................ 17,929 1,628 24,223 (15,598) -------- -------- -------- -------- OTHER INCOME (EXPENSE): Interest expense..................................... (6,904) (6,926) (13,811) (13,838) Less: interest capitalized........................... 352 559 Gain on disposals of property, plant and equipment... 411 336 2,006 1,077 Interest income...................................... 1,040 1,261 2,249 2,754 Other - net.......................................... 174 136 258 238 -------- -------- -------- -------- Other income (expense) - net......... (4,927) (5,193) (8,739) (9,769) -------- -------- -------- -------- INCOME (LOSS) BEFORE INCOME TAXES............................ 13,002 (3,565) 15,484 (25,367) Provision for income taxes........................... 337 141 462 74 -------- -------- -------- -------- NET INCOME (LOSS)............................................ $ 12,665 $ (3,706) $ 15,022 $(25,441) ======== ======== ======== ======== EARNINGS (LOSS) PER COMMON SHARE (Note 4).................... $ .15 $ (.04) $ .18 $ (.30) ======== ======== ======== ========
See Notes to Consolidated Financial Statements. -4- 6 ROWAN COMPANIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (IN THOUSANDS)
For The Six Months Ended June 30, ------------------------------- 1996 1995 -------- --------- (Unaudited) CASH PROVIDED BY (USED IN): Operations: Net income (loss)............................................ $ 15,022 $(25,441) Noncash charges (credits) to net income (loss): Depreciation and amortization.............................. 24,030 25,680 Gain on disposals of property, plant and equipment......... (2,006) (1,077) Compensation expense....................................... 2,232 2,162 Change in sale/leaseback payable........................... (7,034) (5,481) Amortization of sale/leaseback gain........................ (1,586) (1,585) Provision for pension and postretirement benefits.......... 4,411 3,535 Other - net................................................ 1,706 (653) Changes in current assets and liabilities: Receivables - trade and other.............................. (21,232) (13,111) Inventories................................................ (12,544) (11,963) Other current assets....................................... 2,927 (14,637) Current liabilities........................................ 5,726 8,209 Net changes in other noncurrent assets and liabilities....... 32 463 -------- -------- Net cash provided by (used in) operations...................... 11,684 (33,899) -------- -------- Investing activities: Property, plant and equipment additions.................... (40,006) (16,156) Repayments from affiliates................................. 32 535 Proceeds from disposals of property, plant and equipment... 3,046 1,857 -------- -------- Net cash used in investing activities.......................... (36,928) (13,764) -------- -------- Financing activities: Repayments of borrowings................................... (2,019) (142) Other - net................................................ 520 389 -------- -------- Net cash provided by (used in) financing activities............ (1,499) 247 -------- -------- DECREASE IN CASH AND CASH EQUIVALENTS........................... (26,743) (47,416) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD.................. 90,338 111,070 -------- -------- CASH AND CASH EQUIVALENTS, END OF PERIOD........................ $ 63,595 $ 63,654 ======== ========
See Notes to Consolidated Financial Statements. -5- 7 ROWAN COMPANIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. The consolidated financial statements of the Company included herein have been prepared without audit pursuant to generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission. Certain information and notes have been condensed or omitted pursuant to such rules and regulations and the Company believes that the disclosures included herein are adequate. It is suggested that these condensed financial statements be read in conjunction with the financial statements and related notes included in the Company's 1995 Annual Report to Stockholders incorporated by reference in the Form 10-K for the year ended December 31, 1995. 2. In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments and reclassifications, which are of a normal recurring nature, necessary to present fairly its financial position as of June 30, 1996 and December 31, 1995, and the results of its operations for the three and six months ended June 30, 1996 and 1995 and its cash flows for the six months ended June 30, 1996 and 1995. 3. The results of operations for the three and six months ended June 30, 1996 are not necessarily indicative of the results to be expected for the full year. -6- 8 4. Computation of primary and fully diluted earnings (loss) per share is as follows (in thousands except per share amounts):
For The For The Three Months Ended Six Months Ended June 30, June 30, -------------------- ---------------------- 1996 1995 1996 1995 -------- ------- -------- -------- Weighted average shares of common stock outstanding ................................ 85,301 84,519 85,143 84,411 Stock options and related (treasury stock method)... 2,042 (A) 494 (A) 1,692 (A) ------- ------- ------- -------- Weighted average shares for primary earnings (loss) per share calculation............. 87,343 85,013 86,835 84,411 Stock options and related (treasury stock method)... 5 (A) 375 (A) 266 (A) 585 (A) Shares issuable from assumed conversion of the Series II Convertible Subordinated Debenture ........................................ 400 (A) 400 (A) 400 (A) 400 (A) ------- ------- ------- -------- Weighted average shares for fully diluted earnings (loss) per share calculation ............ 87,748 85,788 87,501 85,396 ======= ======= ======= ======== Net income (loss) for primary calculation........... $12,665 $(3,706) $15,022 $(25,441) Subordinated debenture interest, net of income tax effect ................................ 80 92 162 183 ------- ----- ------- -------- Net income (loss) for fully diluted calculation ...................................... $12,745 $(3,614) $15,184 $(25,258) ======= ======= ======= ======== Earnings (loss) per share: Primary .......................................... $ .15 $ (.04) $.17 $ (.30) ======= ======= ======= ======== Fully diluted .................................... $ .15 $ (.04) $ .17 $ (.30) ======= ======= ======= ========
(A) Included in accordance with Regulation S-K Item 601 (b) (11) although not required to be provided by Accounting Principles Board ("APB") Opinion No. 15 because the effect is insignificant. Earnings (loss) per share computed under APB Opinion No. 15 is as set forth on the Consolidated Statement of Operations. -7- 9 ROWAN COMPANIES, INC. AND SUBSIDIARIES Management's Discussion and Analysis of Financial Condition and Results of Operations RESULTS OF OPERATIONS Six Months Ended June 30, 1996 Compared to Six Months Ended June 30, 1995 The Company achieved net income of $15.0 million in the first half of 1996 compared to a net loss of $25.4 million in the same period of 1995. The improvement in financial results was primarily due to increased drilling day rates and fleet utilization, in addition to the enhanced contributions made by the Company's manufacturing and aviation operations. A comparison of the revenues and operating profit (loss) from drilling, manufacturing, aviation and consolidated operations for the first half of 1996 and 1995, respectively, is reflected below (dollars in thousands):
Drilling Manufacturing Aviation Consolidated -------------- --------------- -------------- ---------------- 1996 1995 1996 1995 1996 1995 1996 1995 ---- ---- ---- ---- ---- ---- ---- ---- Revenues $148,073 $108,791 $ 67,667 $ 63,058 $ 48,234 $ 38,330 $263,974 $210,179 Percent of Consolidated Revenues 56% 52% 26% 30% 18% 18% 100% 100% Operating Profit (Loss)(1) $ 27,972 $ (6,254) $ 5,066 $ 3,769 $ (898) $ (5,891) $ 32,140 $ (8,376)
_____________ (1) Income (loss) from operations before deducting general and administrative expenses. As reflected above, the Company's consolidated operating results improved by $40.5 million when the first half of 1996 is compared to the first half of 1995. Day rate drilling revenues increased by $51.1 million between periods as the Company's offshore fleet achieved a 32% increase in average rates, or about $8,250 per day, while overall utilization improved from 85% to 97%. Offshore day rates began to improve in the second quarter of 1995 due to increasing demand for drilling services brought on by strengthening natural gas prices. Day rate drilling expenses increased by $16.9 million between periods. Turnkey drilling generated first half 1996 revenues of $8.2 million and an incremental operating loss of $1.6 million, compared to $20.0 million and a $.1 million profit, respectively, for the first half of 1995. The increases between periods in manufacturing revenues and operating profits of 7% and 34%, respectively, reflect improved business conditions in the intermodal, mining and timber industries and the Company's increased emphasis on marketing, product reliability and on-time deliveries. Manufacturing operations exclude approximately $11 million of products and services provided to the Company's drilling division during the first half of 1996, as compared to $3 million in the first half of 1995. The Company's aviation operating results in both periods reflect the normal reduced flying activity in Alaska throughout much of the first four months of the year, although the 1996 results were improved as demand for the Company's flying services increased in all markets. -8- 10 Three Months Ended June 30, 1996 Compared to Three Months Ended June 30, 1995 The Company achieved net income of $12.7 million in the second quarter of 1996 compared to a net loss of $3.7 million in the same period of 1995. The improvement in financial results was primarily due to increased drilling day rates coupled with continued strong fleet utilization, in addition to the positive contributions made by the Company's manufacturing and aviation operations. A comparison of the revenues and operating profit (loss) from drilling, manufacturing, aviation and consolidated operations for the second quarter of 1996 and 1995, respectively, is reflected below (dollars in thousands):
Drilling Manufacturing Aviation Consolidated ------------------ --------------------- --------------------- -------------------- 1996 1995 1996 1995 1996 1995 1996 1995 ------- ------ ------- ------- -------- -------- -------- -------- Revenues $77,022 $61,921 $31,719 $33,083 $ 28,425 $ 22,378 $137,166 $117,382 Percent of Consolidated Revenues 56% 53% 23% 28% 21% 19% 100% 100% Operating Profit (Loss) $18,420 $ 4,038 $ 2,076 $ 1,977 $ 1,329 $ (754) $ 21,825 $ 5,261
As reflected above, the Company's consolidated operating results improved by $16.6 million when the second quarter of 1996 is compared to the second quarter of 1995. Day rate drilling revenues increased by $24.1 million between periods as the Company's offshore fleet achieved a 40% increase in average rates, or about $10,500 per day, while overall utilization improved from 95% to 98%. Offshore day rates began to improve in the second quarter of 1995 due to increasing demand for drilling services brought on by strengthening natural gas prices. Day rate drilling expenses increased by $10.0 million between periods. Turnkey drilling yielded no completions and therefore no revenues or operating results in the second quarter of 1996 as compared to $9.0 million in revenues and an incremental operating profit of $.8 million for the second quarter of 1995. The Company's manufacturing operations achieved slightly less volume between quarters as significant construction of Rowan Gorilla V began. Manufacturing operations exclude approximately $11.0 million of products and services provided to the Company's drilling division during the second quarter of 1996, as compared to $.3 million in the second quarter of 1995. The Company's aviation operations experienced the normal seasonal improvement in flying activity in Alaska during both periods but second quarter 1996 operating results were enhanced as demand for the Company's flying services increased in all markets. -9- 11 Perceptible trends in the offshore drilling markets in which the Company is currently operating and the number of Company-operated rigs in each of those markets are as follows:
AREA RIGS PERCEPTIBLE INDUSTRY TRENDS - ------------------ ---------- ---------------------------------- Gulf of Mexico 16 Continuing high levels of exploration and development activity North Sea 4 Continuing high levels of drilling activity for jack-up rigs Eastern Canada 1 Improving demand
The preceding table reflects the relocation currently underway of Rowan Gorilla IV to the Gulf of Mexico from eastern Canada. Perceptible trends in the aviation markets in which the Company is currently operating and the number of Company aircraft based in each of those markets are as follows:
COMPANY-OWNED AREA AIRCRAFT (1) PERCEPTIBLE INDUSTRY TRENDS - ----------------- ------------- -------------------------------------- Alaska 63 Normal seasonal improvement Gulf of Mexico 43 Moderately improving market conditions China 2 Generally stable flight support activity North Sea (Dutch) 10 Generally stable flight support activity North Sea (U.K.) 5 Generally stable flight support activity
- ---------------------------- (1) Includes 13 units which are 49% owned. The drilling and aviation markets in which the Company competes frequently experience significant changes in supply and demand. Drilling utilization and day rates achievable in offshore markets are a function of the demand for drilling services, as measured by the level of exploration and development expenditures, and the supply of capable drilling equipment. These expenditures, which often fluctuate between markets, are affected by many factors such as existing and newly discovered oil and natural gas reserves, political and regulatory policies, seasonal weather patterns, contractual requirements under leases or concessions and, probably most influential, oil and natural gas prices. The Company's aviation operations are also affected by such factors, as flying in support of offshore energy operations remains a major source of business and Alaska operations are hampered each winter. The volatile nature of such factors prevents the Company from being able to predict whether existing market conditions or the perceptible market trends reflected in the preceding tables will continue. Assuming such conditions and trends prevail, however, the Company should remain profitable throughout 1996. The Company can, as it has done in the past, relocate its drilling rigs and aircraft from one geographic area to another in response to such changing market fundamentals, but only when these moves are economically justified. The Company's manufacturing operations are considerably less volatile than its drilling and aviation operations and, given current backlog levels and barring unforeseen circumstances, should continue to contribute positive operating results throughout the remainder of 1996. -10- 12 LIQUIDITY AND CAPITAL RESOURCES A comparison of key balance sheet figures and ratios as of June 30, 1996 and December 31, 1995 is as follows (dollars in thousands):
June 30, December 31, 1996 1995 -------- ------------ Cash and cash equivalents $ 63,595 $ 90,338 Current assets $277,565 $273,459 Current liabilities $ 81,818 $ 72,871 Current ratio 3.39 3.75 Note payable and current maturities of long-term debt $ 670 $ 7,039 Long-term debt $247,585 $247,744 Stockholders' equity $447,179 $429,155 Long-term debt/total capitalization .36 .37
Reflected in the comparison above are the effects in the first half of 1996 of net cash provided by operations of $11.7 million and capital expenditures of $40.0 million. The operating cash surplus was constrained by investments in receivables and inventories consistent with expanding operations. During the first half of 1996, the Company completed the design and began the construction of Rowan Gorilla V, an enhanced version of the Company's Gorilla Class jack-ups, which will be the world's largest bottom supported mobile offshore drilling unit. The rig is being constructed at the Company's Vicksburg, Mississippi shipyard and should be completed by mid-1998 at an estimated cost of $170 million. The Company expects to finance a significant portion of the construction cost and is currently evaluating credit alternatives. The reactivation of the Company's marine construction capability, principally through rebuilding of the Vicksburg shipyard, is expected to cost approximately $20 million. Capital expenditures during the first half of 1996 were primarily related to construction of Gorilla V and the reactivation of the Vicksburg shipyard. The Company estimates remaining 1996 capital expenditures will be between $40 million and $45 million, including approximately $25 million and $10 million, respectively, for Gorilla V and the Vicksburg shipyard. The Company may also spend amounts to acquire additional aircraft as market conditions justify and to upgrade existing offshore rigs. Based upon current operating levels and the previously discussed market trends, management believes that remaining 1996 operations, together with existing working capital, will generate sufficient cash flow to sustain planned capital expenditures and debt service requirements for the remainder of 1996. Under the terms of its 11 7/8% Senior Notes, the Company is prohibited from paying a cash dividend on its common stock. -11- 13 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K No reports on Form 8-K were filed by the Registrant during the second quarter of fiscal year 1996. 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 thereunto duly authorized. ROWAN COMPANIES, INC. (Registrant) Date: August 14, 1996 /s/ E. E. THIELE ------------------------------- E. E. Thiele Senior Vice President-Finance, Administration and Treasurer (Chief Financial Officer) Date: August 14, 1996 /s/ W. H. WELLS ------------------------------- W. H. Wells Controller (Chief Accounting Officer) -12- 14 INDEX TO EXHIBITS 27 -- Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF ROWAN COMPANIES, INC. FOR THE SIX MONTHS ENDED JUNE 30, 1996 INCLUDED IN ITS FORM 10-Q FOR THE QUARTERLY PERIOD THEN ENDED AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 63,595 0 109,043 0 88,165 277,565 1,283,590 785,986 815,652 81,818 247,585 10,864 0 0 436,315 815,652 64,282 263,974 51,957 239,751 0 0 13,252 15,484 462 15,022 0 0 0 15,022 0.18 0.18
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