Rowan Companies (RDC) Announces Decision to Recommence Construction of Third 240C Class Jack-up Rig
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Rowan Companies, Inc. (NYSE: RDC) announced that it will recommence construction of the third 240C class jack-up rig, the Joe Douglas, at its Vicksburg, Mississippi shipyard, with delivery expected in the third quarter 2011.
Matt Ralls, Rowan's President and Chief Executive Officer, commented, "Earlier this year we halted construction on this rig due to concerns over the turmoil in the credit markets and the downturn in jack-up drilling markets. Based on improvements in the credit markets and our confidence in our liquidity outlook through 2010, we have elected to resume construction. We believe that this very capable, high specification rig will generate an attractive return on capital based on its expected go forward cost of $150 million and will be met with widespread customer acceptance when it is delivered in 2011."
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