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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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1=QW@JDEQ$
SECURITIES AND EXCHANGE COMMISSION
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DELAWARE
1-5491
75-0759420
(State or other jurisdiction
(Commission file Number)
(IRS Employer
of incorporation)
Identification No.)
2800 POST OAK BOULEVARD
SUITE 5450
HOUSTON, TEXAS
77056-6127
(Address of principal executive offices)
(zip code)
(Registrants telephone number, including area code)
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))
Exhibit
Number
Exhibit Description
Presentation to be used with investors beginning April 7, 2008
ROWAN COMPANIES, INC.
By:
/s/
W. H. Wells
W. H. Wells,
Vice President - Finance and Chief Financial Officer
(Principal Financial Officer)
Exhibit
Number
Exhibit Description
Presentation to be used with investors beginning April 7, 2008
William H. Wells
Vice President, Finance & Chief Financial Officer
Howard Weil 36th Annual Energy Conference
New Orleans
April 2008
Rowan Companies, Inc.
2
Forward Looking Statement
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 are the following: oil, natural gas and
other commodity 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. Other relevant factors
have been disclosed in the Company's filings with the U. S. Securities
and Exchange Commission.
3
Rowan Companies, Inc. is a major provider of international and domestic
offshore and land contract drilling services. The Company also owns and
operates a manufacturing division that produces equipment for the drilling,
mining and timber industries.
NYSE: RDC
Market Cap: $4.5 billion
Headquarters: Houston, Texas
Employees: ~ 5,704
Corporate Overview
4
Revenue Breakdown
Offshore 57%
OFFSHORE LAND MANUFACTURING
East 0.6 0.11 0.29
2006
Offshore 60%
Manufacturing
29%
Land 11%
OFFSHORE LAND MANUFACTURING
East 0.51 0.1 0.39
Manufacturing
39%
2008 Est.
Land 10%
Offshore 51%
5
Rowan begins jack-up rig
drilling & enhancements to
its fleet
Rowan buys first
diesel electric rig
Rowan Drilling
Company founded by
brothers Charlie &
Arch Rowan
Rowan completes
initial public offering
on the American
Stock Exchange
LTI delivers
Rowan's first
Super Gorilla
class jack-up rig
Rowan acquires synergistic
manufacturing subsidiary, LTI
1984
Rowan & LTI invent the
first cantilever jack-up
drilling rig, the Rowan Fort
Worth
Rowan's first
crew sent to drill
in Alaska
Rowan brings in Simmons
No. 1, starting an oil boom
in Wortham, TX
2004
LTI delivers
Rowan's first
Tarzan Class rig
1998
1994
1978
1976
1970
1967
1957
1954
Rowan
undertakes first
platform-mounted
drilling job in
deep water
1935
1924
1923
History of Industry Firsts
Rowan listed on the
New York Stock
Exchange
LTI delivers the first
harsh environment
jack-up, the Rowan
Gorilla
2006
2007
Rowan moves 4
jack-ups to the
Middle East
Rowan
announces
construction of 6
new jack-ups
6
2004 2005 2006 2007
East 12200 18400 22600 22800
Average Land Day Rates
Average Jack-Up Day Rates
2004 2005 2006 2007
1st half 49100 78500 141300 156200
Rowan's High Spec Rig Fleet
29 high spec land rigs currently operating in Texas,
Louisiana, Oklahoma and Alaska
17 of the 29 rigs are on term contracts,
2007 average day rate: $ 22,800
2007 land rig utilization was 95%
Average Well Depth: 16,615'
Land
Offshore
2007: Own 8 of 12 high spec jack-up rigs (2 million lb.
hook load) in the world
2011: Will own 17 of 36 high spec rigs
21 jack-up rigs working in the GOM, the Middle East, North
Sea and Trinidad
17 premium cantilever jack-up rigs featuring 3 harsh
environment Gorilla class rigs, 4 enhanced Super Gorilla class
rigs and 3 Tarzan class rigs
4 conventional jack-up rigs, including 3 rigs with skid base
capability
Have capability of drilling to depths of up to 35,000 feet in
up to 550 feet of water
2007 average day rate: $156,200 with offshore rig
utilization of 94%
Rowan Peer Group
DR Current 123750 74941
DR Over time 98872 75259
$
$123,750
$98,872
$74,941
$75,259
Superior Day Rates and Utilization
100%
97%
98%
91%
Average Dayrate - Current
Average Dayrate - 2004-2007
U.S. Gulf of Mexico
Rowan Peer Group
DR Current 152500 95042
DR Over time 131898 84644
$
$152,500
$131,893
$95,042
$84,644
100%
78%
100%
Middle East*
100%
Rowan Peer Group
DR Current 220000 189473
DR Over time 178879 110218
$
$220,000
$178,879
$189,932
$110,218
100%
100%
95%
100%
North Sea
% Utilization
* Middle East statistics are for 2006-2007
Includes data supplied by ODS-Petrodata, Inc; Copyright 2008 and Rowan Companies, Inc. as of 04/02/08
8
Why Build Additional High Spec Jack-Ups?
Meet customer demand
Deep gas, extended reach, niche market jack-ups
earn higher dayrates and have higher utilization
Expand presence in the Middle East and North Sea,
and enter additional international markets
Invest for long-term growth at high rates of return
Increase shareholder value
High Spec Jack-Ups Will Be Required To Meet
The Operational Challenges Of The Future
Maersk- Al Shaheen Project Qatar
Rowan Paris II6-C- 24,300 ft.
Multilateral
High Spec Jack-Ups Will Be Required To Meet
The Operational Challenges Of The Future
Maersk- Tyra Platform
Offshore Denmark
Gorilla VII- 28,400 ft.
High Spec Jack-Up as Attractive as Floater Market
Current Fleet
New Builds
Major Markets
Pretax ROI
(New Build)
High Spec Jack-up
12
24
GOM, Brazil, ME,
W. Africa, North Sea
25%
High Spec Floater*
24
50
GOM, Brazil, ME,
W. Africa, North Sea
18%
Only 12 of the 421 jack-ups in the current worldwide fleet are high spec.
Rowan owns eight of these and is building nine more.
Includes data supplied by ODS-Petrodata
* High spec floaters are defined as 7800' water depth or greater
Contracted (384)
Not Contracted (37)
Worldwide Utilization: 91%
Current Forecasted Supply Deficit for 2008-2009 Projects: 44-58 jack-ups
Mediterranean: 100%
C & S America: 88%
US GOM: 76%
Mexico: 100%
West Africa: 96%
North Sea: 97%
Middle East: 90%
SE Asia: 100%
19
60
35
36
19
1st Qtr
East 30
West 1
Indian Ocean: 100%
35
Australia: 100%
1st Qtr
East 6
West 0.5
6
Eastern Canada
421 Total jack-ups
Offshore Worldwide Jack-up Supply & Demand
5-7 rig deficit
1 rig deficit
2-3 rig deficit
2-3 rig deficit
3-4 rig deficit
4-7 rig deficit
25-30 rig deficit
2-3 rig deficit
Includes data supplied by ODS-Petrodata, Inc; Copyright 2007 as of 04/02/08
33
0
1
19
0
26
1
42
0
0
88
10
0
14
2
2007 2008 2009 2010
East 9 34 29 8
82 Newbuild Jack-ups
2008 2009 2010 2011
East 32 31 16 3
32
31
16
3
Over 80% of the worldwide jack-up fleet is more
than 20 years old and attrition will continue
Newbuild jack-ups will not meet current supply
deficits until mid- 2009 at the earliest
Includes data supplied by ODS-Petrodata, Inc; Copyright 2008 as of 04/02/08
14
Average Jack-up Fleet Age, by Company
Rowan
21 Rigs
2008
Rowan
30 Rigs
*2011
ENSCO
44 Rigs
GSF
68 Rigs
Noble
39 Rigs
Pride
28 Rigs
Diamond
12 Rigs
Includes data supplied by ODS-Petrodata, Inc; Copyright 2008
* Includes Rowan's nine jackups under its newbuild program
15
2nd Quarter 2008
(Net Book Value Per Area)
4th Quarter 2006
The Middle East and the U.S. Gulf of Mexico are the
two dominant jack-up markets, together demanding
50% of the world fleet.
USGOM MID Nsea ECAN Trinidad
East 51 5 29 14 2
USGOM ME NSEA Trinidad WAFRICA
East 25 34 25 2 14
U.S. Gulf of Mexico
25%
Middle East
34%
North Sea
25%
Trinidad
2%
Trinidad
2%
USGOM MID Nsea ECAN Trinidad
East 51 5 29 14 2
International Expansion Continues
U.S. Gulf of Mexico
51%
North Sea
29%
Eastern Canada
13%
Middle East
5%
West Africa
14%
Rowan's Offshore Fleet
Gorilla Super 250 S 300-350 S 300-350 C TARZAN Class 240-C Enhanced 166-C
East 3 4 2 2 7 4 4 4
Gorilla Class
3 Rigs
10%
300-350' 116-C
7 Rigs
23%
350' Slot
2 Rigs
7%
250'- 300'
Slot
2 Rigs
7%
TARZAN Class
4 Rigs
13%
Super Gorilla
Class
4 Rigs
13%
240-C
4 Rigs
13%
375'116-C
4 Rigs
13%
2008: 21 Jack-ups
2011: 30 Jack-ups
Gorilla Super 250 S 300-350 S 300-350 C TARZAN Class
East 3 4 2 2 7 1
Gorilla Class
3 Rigs
14%
300-350'
116-C
7 Rigs
33%
350' Slot
2 Rigs
10%
250'- 300'Slot
2 Rigs
10%
TARZAN Class
3 Rigs
14%
Super Gorilla
Class
4 Rigs
19%
2005: 20 jack-ups
2008: 23 jack-ups
2011: 30 jack-ups
Total Fleet
Rowan's Offshore Fleet Location -
Past, Present and Future
West Africa
2008 - 1 Jack-up
2011 - 2-3 jack-ups
Middle East
2008 - 9-10 Jack-ups
2011 - 15-17 jack-ups
Mediterranean
2011 - 3 jack-ups
North Sea
2005 - 2 Jack-ups
2008 - 2-3 Jack-ups
2011 - 4-5 jack-ups
Eastern Canada
2005 - 1 jack-up
U.S. Gulf of Mexico
Mexico
2011 - 2 jack-ups
Trinidad
2008 - 1 Jack-up
2011 - 2 Jack-ups
2005 - 17 Jack-ups
2008 - 7-8 Jack-ups
2011 - 3-4 Jack-ups
18
Mining Products
Drilling Systems
Power Systems
Forestry Products
Steel Products
Offshore Products
LeTourneau Technologies, Inc.
Land Products
19
Forestry & Mining
Mining Distribution
Forestry Distribution
Drilling Products Distribution
LeTourneau Technologies, Inc. - Worldwide Operations
Unlocking the Value of LTI
Pursuing monetization of our investment
Evaluating public and private alternatives
A well-timed strategic transaction given LTI's record
results designed to:
Improve transparency of financial performance
Provide additional growth prospects
Increase opportunities for external sales
2004 2005 2006 2007
1st half 489 751 1100 2095
Consolidated Revenue
(In Millions)
2004 2005 2006 2007
1st half 87 291 452 812
Financial Performance
Year Ended December 31, 2007
Consolidated EBITDA
(In Millions)
$2,095
$1,511
$1,069
$680
$812
$555
$355
$135
22
State-of-the-art
Equipment
Experienced and
loyal workforce
International
Expansion &
Diversification
Loyal Customer
Base
Monetization of
Manufacturing
Business
Strong Financial
Performance &
Balance Sheet
Operational
Excellence
Attractive Valuation
Investment Highlights
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