England and Wales
|
98-1023315
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(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
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Identification No.)
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2800 Post Oak Boulevard, Suite 5450, Houston, Texas
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77056-6189
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(Address of principal executive offices)
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(Zip Code)
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Page
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March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 1,019,252 | $ | 1,024,008 | ||||
Receivables - trade and other
|
463,805 | 423,839 | ||||||
Prepaid expenses and other current assets
|
45,782 | 55,121 | ||||||
Deferred tax assets - net
|
26,146 | 26,628 | ||||||
Assets of discontinued operations
|
23,430 | 22,954 | ||||||
Total current assets
|
1,578,415 | 1,552,550 | ||||||
PROPERTY, PLANT AND EQUIPMENT:
|
||||||||
Drilling equipment
|
6,803,367 | 6,764,046 | ||||||
Construction in progress
|
786,128 | 756,308 | ||||||
Other property and equipment
|
145,017 | 140,739 | ||||||
Property, plant and equipment - gross
|
7,734,512 | 7,661,093 | ||||||
Less accumulated depreciation and amortization
|
1,635,889 | 1,589,364 | ||||||
Property, plant and equipment - net
|
6,098,623 | 6,071,729 | ||||||
Other assets
|
72,154 | 75,208 | ||||||
TOTAL ASSETS
|
$ | 7,749,192 | $ | 7,699,487 |
March 31,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable - trade
|
$ | 64,065 | $ | 83,004 | ||||
Deferred revenues
|
50,250 | 52,340 | ||||||
Accrued pension and other postretirement benefits
|
23,392 | 23,392 | ||||||
Accrued compensation and related employee costs
|
30,157 | 43,732 | ||||||
Accrued income taxes
|
14,138 | 26,088 | ||||||
Accrued interest
|
26,042 | 27,711 | ||||||
Other current liabilities
|
12,597 | 16,572 | ||||||
Liabilities of discontinued operations
|
21,255 | 21,255 | ||||||
Total current liabilities
|
241,896 | 294,094 | ||||||
Long-term debt
|
2,009,668 | 2,009,598 | ||||||
Other liabilities
|
391,651 | 390,199 | ||||||
Deferred income taxes - net
|
499,832 | 473,872 | ||||||
Commitments and contingent liabilities (Note 4)
|
- | - | ||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Class A Ordinary Shares, $0.125 par value, 124,752,407 and 124,740,407 shares issued at March 31, 2013, and December 31, 2012, respectively
|
15,594 | 15,593 | ||||||
Additional paid-in capital
|
1,378,905 | 1,372,135 | ||||||
Retained earnings
|
3,435,098 | 3,366,964 | ||||||
Cost of 584,327 and 529,387 treasury shares at March 31, 2013, and December 31, 2012, respectively
|
(5,998 | ) | (1,886 | ) | ||||
Accumulated other comprehensive loss
|
(217,454 | ) | (221,082 | ) | ||||
Total shareholders' equity
|
4,606,145 | 4,531,724 | ||||||
TOTAL LIABILITIES AND EQUITY
|
$ | 7,749,192 | $ | 7,699,487 |
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
REVENUES
|
$ | 394,238 | $ | 333,477 | ||||
COSTS AND EXPENSES:
|
||||||||
Direct operating costs (excluding items below)
|
209,469 | 182,139 | ||||||
Depreciation and amortization
|
64,616 | 58,966 | ||||||
Selling, general and administrative
|
29,431 | 23,056 | ||||||
Loss (gain) on disposals of property and equipment
|
308 | (56 | ) | |||||
Material charges and other operating expenses
|
- | 4,571 | ||||||
Total costs and expenses
|
303,824 | 268,676 | ||||||
INCOME FROM OPERATIONS
|
90,414 | 64,801 | ||||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest expense, net of interest capitalized
|
(18,581 | ) | (11,257 | ) | ||||
Interest income
|
359 | 114 | ||||||
Other - net
|
(794 | ) | 1,337 | |||||
Total other income (expense) - net
|
(19,016 | ) | (9,806 | ) | ||||
INCOME FROM CONTINUING OPERATIONS
|
||||||||
BEFORE INCOME TAXES
|
71,398 | 54,995 | ||||||
Provision (benefit) for income taxes
|
3,264 | (504 | ) | |||||
NET INCOME FROM CONTINUING OPERATIONS
|
68,134 | 55,499 | ||||||
DISCONTINUED OPERATIONS
|
||||||||
Income (loss) from discontinued operations, net of tax
|
- | (5,982 | ) | |||||
NET INCOME
|
$ | 68,134 | $ | 49,517 | ||||
INCOME (LOSS) PER SHARE - BASIC:
|
||||||||
Income from continuing operations
|
$ | 0.55 | $ | 0.45 | ||||
Discontinued operations
|
$ | - | $ | (0.05 | ) | |||
Net income
|
$ | 0.55 | $ | 0.40 | ||||
INCOME (LOSS) PER SHARE - DILUTED:
|
||||||||
Income from continuing operations
|
$ | 0.55 | $ | 0.45 | ||||
Discontinued operations
|
$ | - | $ | (0.05 | ) | |||
Net income
|
$ | 0.55 | $ | 0.40 |
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
NET INCOME
|
$ | 68,134 | $ | 49,517 | ||||
OTHER COMPREHENSIVE INCOME:
|
||||||||
Pension and other postretirement benefit adjustments, net of income taxes of $1,953 and $1,825, respectively:
|
||||||||
Amortization of net loss
|
4,412 | 4,087 | ||||||
Amortization of transition obligation
|
- | 77 | ||||||
Amortization of prior service cost
|
(784 | ) | (775 | ) | ||||
3,628 | 3,389 | |||||||
COMPREHENSIVE INCOME
|
$ | 71,762 | $ | 52,906 |
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
CASH PROVIDED BY OPERATIONS:
|
||||||||
Net income
|
$ | 68,134 | $ | 49,517 | ||||
Adjustments to reconcile net income to net cash provided by operations:
|
||||||||
Depreciation and amortization
|
64,616 | 58,966 | ||||||
Deferred income taxes
|
(396 | ) | (137 | ) | ||||
Provision for pension and postretirement benefits
|
7,332 | 7,571 | ||||||
Share-based compensation expense
|
7,530 | 5,165 | ||||||
Loss (gain) on disposals of property, plant and equipment
|
308 | (56 | ) | |||||
Postretirement benefit claims paid
|
(881 | ) | (738 | ) | ||||
Contributions to pension plans
|
(249 | ) | (22,542 | ) | ||||
Asset impairment charges
|
- | 2,896 | ||||||
Changes in current assets and liabilities:
|
||||||||
Receivables - trade and other
|
(15,081 | ) | (43,448 | ) | ||||
Prepaid expenses and other current assets
|
9,339 | 9,231 | ||||||
Accounts payable
|
(1,655 | ) | (4,864 | ) | ||||
Accrued income taxes
|
(11,950 | ) | 2,772 | |||||
Deferred revenues
|
(2,090 | ) | 150 | |||||
Other current liabilities
|
(23,778 | ) | (14,279 | ) | ||||
Net changes in other noncurrent assets and liabilities
|
2,000 | 13,077 | ||||||
Net cash provided by operations
|
103,179 | 63,281 | ||||||
CASH USED IN INVESTING ACTIVITIES:
|
||||||||
Capital expenditures
|
(111,965 | ) | (138,105 | ) | ||||
Increase in restricted cash
|
- | (10,621 | ) | |||||
Proceeds from disposals of property, plant and equipment
|
2,387 | 928 | ||||||
Net cash used in investing activities
|
(109,578 | ) | (147,798 | ) | ||||
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES:
|
||||||||
Repayments of borrowings
|
- | (12,312 | ) | |||||
Excess tax benefits from share-based compensation
|
112 | 276 | ||||||
Proceeds from exercise of share options
|
1,531 | 214 | ||||||
Net cash provided by (used in) financing activities
|
1,643 | (11,822 | ) | |||||
DECREASE IN CASH AND CASH EQUIVALENTS
|
(4,756 | ) | (96,339 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
1,024,008 | 438,853 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 1,019,252 | $ | 342,514 |
Shares outstanding
|
Class A ordinary shares/ Common stock
|
Additional paid-in capital
|
Retained earnings
|
Treasury shares
|
Accumulated other comprehensive income (loss)
|
Total shareholders' equity
|
||||||||||||||||||||||
Balance, January 1, 2012
|
123,581 | $ | 15,947 | $ | 1,478,233 | $ | 3,186,362 | $ | (128,884 | ) | $ | (225,671 | ) | $ | 4,325,987 | |||||||||||||
Net shares issued (acquired) under share-based compensation plans
|
561 | 1 | (19,609 | ) | - | 17,294 | - | (2,314 | ) | |||||||||||||||||||
Share-based compensation
|
- | - | 4,672 | - | - | - | 4,672 | |||||||||||||||||||||
Excess tax benefit from share-based compensation plans
|
- | - | 276 | - | - | - | 276 | |||||||||||||||||||||
Retirement benefit adjustments, net of taxes of $1,825
|
- | - | - | - | - | 3,389 | 3,389 | |||||||||||||||||||||
Net income
|
- | - | - | 49,517 | - | - | 49,517 | |||||||||||||||||||||
Balance, March 31, 2012
|
124,142 | $ | 15,948 | $ | 1,463,572 | $ | 3,235,879 | $ | (111,590 | ) | $ | (222,282 | ) | $ | 4,381,527 | |||||||||||||
Balance, January 1, 2013
|
124,211 | $ | 15,593 | $ | 1,372,135 | $ | 3,366,964 | $ | (1,886 | ) | $ | (221,082 | ) | $ | 4,531,724 | |||||||||||||
Net shares issued (acquired) under share-based compensation plans
|
(43 | ) | 1 | 1,083 | - | (4,112 | ) | - | (3,028 | ) | ||||||||||||||||||
Share-based compensation
|
- | - | 5,575 | - | - | - | 5,575 | |||||||||||||||||||||
Excess tax benefit from share-based compensation plans
|
- | - | 112 | - | - | - | 112 | |||||||||||||||||||||
Retirement benefit adjustments, net of taxes of $1,953
|
- | - | - | - | - | 3,628 | 3,628 | |||||||||||||||||||||
Net income
|
- | - | - | 68,134 | - | - | 68,134 | |||||||||||||||||||||
Balance, March 31, 2013
|
124,168 | $ | 15,594 | $ | 1,378,905 | $ | 3,435,098 | $ | (5,998 | ) | $ | (217,454 | ) | $ | 4,606,145 |
Three months ended March 31,
|
|||
2013
|
2012
|
||
Average common shares outstanding - basic
|
123,222
|
122,725
|
|
Effect of dilutive securities - share-based compensation
|
980
|
1,071
|
|
Average common shares - diluted
|
124,202
|
123,796
|
Three months ended March 31,
|
|||
2013
|
2012
|
||
Employee and director share options
|
42
|
42
|
|
Share appreciation rights
|
1,022
|
590
|
|
Total potentially dilutive shares
|
1,064
|
632
|
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Service cost
|
$ | 2,850 | $ | 2,721 | ||||
Interest cost
|
7,307 | 7,569 | ||||||
Expected return on plan assets
|
(9,461 | ) | (9,367 | ) | ||||
Amortization of net loss
|
6,774 | 6,245 | ||||||
Amortization of prior service cost
|
(1,168 | ) | (1,159 | ) | ||||
Total net pension cost
|
$ | 6,302 | $ | 6,009 |
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Service cost
|
$ | 352 | $ | 458 | ||||
Interest cost
|
714 | 942 | ||||||
Amortization of net loss
|
- | 81 | ||||||
Amortization of transition obligation
|
- | 118 | ||||||
Amortization of prior service cost
|
(36 | ) | (37 | ) | ||||
Total other postretirement benefit cost
|
$ | 1,030 | $ | 1,562 |
Scheduled delivery date
|
Total estimated project costs
|
Total costs incurred through March 31, 2013
|
Projected costs for the remainder of 2013
|
Projected costs in 2014
|
Projected costs in 2015
|
Total future costs
|
|||||||||||||||||||
Rowan Renaissance
|
December 2013
|
$ | 728 | $ | 209 | $ | 508 | $ | 11 | $ | - | $ | 519 | ||||||||||||
Rowan Resolute
|
June 2014
|
737 | 191 | 147 | 399 | - | 546 | ||||||||||||||||||
Rowan Reliance
|
October 2014
|
730 | 189 | 60 | 477 | 4 | 541 | ||||||||||||||||||
Rowan Relentless
|
March 2015
|
759 | 178 | 41 | 108 | 432 | 581 | ||||||||||||||||||
$ | 2,954 | $ | 767 | $ | 756 | $ | 995 | $ | 436 | $ | 2,187 |
|
·
|
Level 1 – Quoted prices for identical instruments in active markets,
|
|
·
|
Level 2 – Quoted market prices for similar instruments in active markets; quoted prices for identical instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets and
|
|
·
|
Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable, such as those used in pricing models or discounted cash flow methodologies, for example.
|
March 31, 2013
|
December 31, 2012
|
|||||||||||||||
Fair value
|
Carrying value
|
Fair value
|
Carrying value
|
|||||||||||||
5% Senior Notes, due 2017
|
$ | 444,028 | $ | 398,747 | $ | 445,568 | $ | 398,678 | ||||||||
7.875% Senior Notes, due 2019
|
623,892 | 497,923 | 617,076 | 497,842 | ||||||||||||
4.875% Senior Notes, due 2022
|
760,623 | 714,681 | 761,509 | 714,775 | ||||||||||||
5.4% Senior Notes, due 2042
|
398,033 | 398,317 | 406,493 | 398,303 | ||||||||||||
$ | 2,226,576 | $ | 2,009,668 | $ | 2,230,646 | $ | 2,009,598 |
Rowan Companies plc and Subsidiaries
|
||||||||||||||||||||
Condensed Consolidating Balance Sheets
|
||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Rowan Companies plc (Parent)
|
Rowan Companies, Inc. (Issuer)
|
Other non-guarantor subsidiaries
|
Consolidating adjustments
|
Consolidated
|
||||||||||||||||
CURRENT ASSETS:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 50,834 | $ | 266,202 | $ | 702,216 | $ | - | $ | 1,019,252 | ||||||||||
Receivables - trade and other
|
144 | 119,930 | 343,731 | - | 463,805 | |||||||||||||||
Other current assets
|
85 | 37,276 | 34,567 | - | 71,928 | |||||||||||||||
Assets of discontinued operations
|
- | 23,430 | - | - | 23,430 | |||||||||||||||
Total current assets
|
51,063 | 446,838 | 1,080,514 | - | 1,578,415 | |||||||||||||||
Property, plant and equipment - gross
|
- | 1,305,888 | 6,428,624 | - | 7,734,512 | |||||||||||||||
Less accumulated depreciation and amortization
|
- | 483,092 | 1,152,797 | - | 1,635,889 | |||||||||||||||
Property, plant and equipment - net
|
- | 822,796 | 5,275,827 | - | 6,098,623 | |||||||||||||||
Investments in subsidiaries
|
4,547,980 | 5,071,971 | - | (9,619,951 | ) | - | ||||||||||||||
Due from affiliates
|
14,370 | 1,882,819 | 774,718 | (2,671,907 | ) | - | ||||||||||||||
Other assets
|
- | 37,073 | 35,081 | - | 72,154 | |||||||||||||||
$ | 4,613,413 | $ | 8,261,497 | $ | 7,166,140 | $ | (12,291,858 | ) | $ | 7,749,192 | ||||||||||
CURRENT LIABILITIES:
|
||||||||||||||||||||
Accounts payable - trade
|
$ | 473 | $ | 17,293 | $ | 46,299 | $ | - | $ | 64,065 | ||||||||||
Deferred revenues
|
- | - | 50,250 | - | 50,250 | |||||||||||||||
Accrued liabilities
|
- | 63,812 | 42,514 | - | 106,326 | |||||||||||||||
Liabilities of discontinued operations
|
- | 21,255 | - | - | 21,255 | |||||||||||||||
Total current liabilities
|
473 | 102,360 | 139,063 | - | 241,896 | |||||||||||||||
Long-term debt
|
- | 2,009,668 | - | - | 2,009,668 | |||||||||||||||
Due to affiliates
|
8 | 1,189,031 | 1,482,868 | (2,671,907 | ) | - | ||||||||||||||
Other liabilities
|
6,787 | 320,092 | 64,772 | - | 391,651 | |||||||||||||||
Deferred income taxes - net
|
- | 121,034 | 378,798 | - | 499,832 | |||||||||||||||
Shareholders' equity
|
4,606,145 | 4,519,312 | 5,100,639 | (9,619,951 | ) | 4,606,145 | ||||||||||||||
$ | 4,613,413 | $ | 8,261,497 | $ | 7,166,140 | $ | (12,291,858 | ) | $ | 7,749,192 |
Rowan Companies plc and Subsidiaries
|
||||||||||||||||||||
Condensed Consolidating Balance Sheets
|
||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Rowan Companies plc (Parent)
|
Rowan Companies, Inc. (Issuer)
|
Other non-guarantor subsidiaries
|
Consolidating adjustments
|
Consolidated
|
||||||||||||||||
CURRENT ASSETS:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 58,628 | $ | 228,085 | $ | 737,295 | $ | - | $ | 1,024,008 | ||||||||||
Receivables - trade and other
|
107 | 95,386 | 328,346 | - | 423,839 | |||||||||||||||
Other current assets
|
293 | 46,614 | 34,842 | - | 81,749 | |||||||||||||||
Assets of discontinued operations
|
- | 22,954 | - | - | 22,954 | |||||||||||||||
Total current assets
|
59,028 | 393,039 | 1,100,483 | - | 1,552,550 | |||||||||||||||
Property, plant and equipment - gross
|
- | 1,311,987 | 6,349,106 | - | 7,661,093 | |||||||||||||||
Less accumulated depreciation and amortization
|
- | 487,147 | 1,102,217 | - | 1,589,364 | |||||||||||||||
Property, plant and equipment - net
|
- | 824,840 | 5,246,889 | - | 6,071,729 | |||||||||||||||
Investments in subsidiaries
|
4,562,016 | 1,355,968 | - | (5,917,984 | ) | - | ||||||||||||||
Due from affiliates
|
- | 4,524,480 | 391,008 | (4,915,488 | ) | - | ||||||||||||||
Other assets
|
- | 37,787 | 37,421 | - | 75,208 | |||||||||||||||
$ | 4,621,044 | $ | 7,136,114 | $ | 6,775,801 | $ | (10,833,472 | ) | $ | 7,699,487 | ||||||||||
CURRENT LIABILITIES:
|
||||||||||||||||||||
Accounts payable - trade
|
$ | 1,277 | $ | 23,210 | $ | 58,517 | $ | - | $ | 83,004 | ||||||||||
Deferred revenues
|
- | - | 52,340 | - | 52,340 | |||||||||||||||
Accrued liabilities
|
- | 73,443 | 64,052 | - | 137,495 | |||||||||||||||
Liabilities of discontinued operations
|
- | 21,255 | - | - | 21,255 | |||||||||||||||
Total current liabilities
|
1,277 | 117,908 | 174,909 | - | 294,094 | |||||||||||||||
Long-term debt
|
- | 2,009,598 | - | - | 2,009,598 | |||||||||||||||
Due to affiliates
|
88,043 | - | 4,827,445 | (4,915,488 | ) | - | ||||||||||||||
Other liabilities
|
- | 323,778 | 66,421 | - | 390,199 | |||||||||||||||
Deferred income taxes - net
|
- | 122,814 | 351,058 | - | 473,872 | |||||||||||||||
Shareholders' equity
|
4,531,724 | 4,562,016 | 1,355,968 | (5,917,984 | ) | 4,531,724 | ||||||||||||||
$ | 4,621,044 | $ | 7,136,114 | $ | 6,775,801 | $ | (10,833,472 | ) | $ | 7,699,487 |
Rowan Companies plc and Subsidiaries
|
||||||||||||||||||||
Condensed Consolidating Income Statements
|
||||||||||||||||||||
Three months ended March 31, 2013
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Rowan Companies plc (Parent)
|
Rowan Companies, Inc. (Issuer)
|
Other non-guarantor subsidiaries
|
Consolidating adjustments
|
Consolidated
|
||||||||||||||||
REVENUES
|
$ | - | $ | 34,359 | $ | 391,519 | $ | (31,640 | ) | $ | 394,238 | |||||||||
COSTS AND EXPENSES:
|
||||||||||||||||||||
Direct operating costs (excluding items below)
|
- | 11,318 | 229,791 | (31,640 | ) | 209,469 | ||||||||||||||
Depreciation and amortization
|
- | 12,641 | 51,975 | - | 64,616 | |||||||||||||||
Selling, general and administrative
|
9,212 | 714 | 19,505 | - | 29,431 | |||||||||||||||
Loss (gain) on disposals of property and equipment
|
- | 210 | 98 | - | 308 | |||||||||||||||
Total costs and expenses
|
9,212 | 24,883 | 301,369 | (31,640 | ) | 303,824 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
(9,212 | ) | 9,476 | 90,150 | - | 90,414 | ||||||||||||||
OTHER INCOME (EXPENSE):
|
||||||||||||||||||||
Interest expense, net of interest capitalized
|
- | (18,581 | ) | (38 | ) | 38 | (18,581 | ) | ||||||||||||
Interest income
|
42 | 76 | 279 | (38 | ) | 359 | ||||||||||||||
Other - net
|
2,499 | (2,468 | ) | (825 | ) | - | (794 | ) | ||||||||||||
Total other income (expense) - net
|
2,541 | (20,973 | ) | (584 | ) | - | (19,016 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
||||||||||||||||||||
BEFORE INCOME TAXES
|
(6,671 | ) | (11,497 | ) | 89,566 | - | 71,398 | |||||||||||||
(Benefit) provision for income taxes
|
- | (7,388 | ) | 10,652 | - | 3,264 | ||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
|
(6,671 | ) | (4,109) | 78,914 | - | 68,134 | ||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX
|
74,805 | 50,247 | - | (125,052 | ) | - | ||||||||||||||
NET INCOME
|
$ | 68,134 | $ | 46,138 | $ | 78,914 | $ | (125,052 | ) | $ | 68,134 |
Rowan Companies plc and Subsidiaries
|
||||||||||||||||||||
Condensed Consolidating Income Statements
|
||||||||||||||||||||
Three months ended March 31, 2012
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Rowan Companies plc (Parent)
|
Rowan Companies, Inc. (Issuer)
|
Other non-guarantor subsidiaries
|
Consolidating adjustments
|
Consolidated
|
||||||||||||||||
REVENUES
|
$ | - | $ | 41,888 | $ | 326,775 | $ | (35,186 | ) | $ | 333,477 | |||||||||
COSTS AND EXPENSES:
|
||||||||||||||||||||
Direct operating costs (excluding items below)
|
- | 6,612 | 210,713 | (35,186 | ) | 182,139 | ||||||||||||||
Depreciation and amortization
|
- | 12,882 | 46,084 | - | 58,966 | |||||||||||||||
Selling, general and administrative
|
641 | 6,029 | 16,386 | - | 23,056 | |||||||||||||||
Loss (gain) on disposals of property and equipment
|
- | 167 | (223 | ) | - | (56 | ) | |||||||||||||
Material charges and other operating expenses
|
1,675 | 1,363 | 1,533 | - | 4,571 | |||||||||||||||
Total costs and expenses
|
2,316 | 27,053 | 274,493 | (35,186 | ) | 268,676 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS
|
(2,316 | ) | 14,835 | 52,282 | - | 64,801 | ||||||||||||||
OTHER INCOME (EXPENSE):
|
||||||||||||||||||||
Interest expense, net of interest capitalized
|
- | (11,053 | ) | (204 | ) | - | (11,257 | ) | ||||||||||||
Interest income
|
5 | 43 | 66 | - | 114 | |||||||||||||||
Other - net
|
- | 36 | 1,301 | - | 1,337 | |||||||||||||||
Total other income (expense) - net
|
5 | (10,974 | ) | 1,163 | - | (9,806 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
||||||||||||||||||||
BEFORE INCOME TAXES
|
(2,311 | ) | 3,861 | 53,445 | - | 54,995 | ||||||||||||||
(Benefit) provision for income taxes
|
- | 2,128 | (2,632 | ) | - | (504 | ) | |||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
|
(2,311 | ) | 1,733 | 56,077 | - | 55,499 | ||||||||||||||
DISCONTINUED OPERATIONS, NET OF TAX
|
- | (5,982 | ) | - | - | (5,982 | ) | |||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX
|
51,828 | 50,386 | - | (102,214 | ) | - | ||||||||||||||
NET INCOME
|
$ | 49,517 | $ | 46,137 | $ | 56,077 | $ | (102,214 | ) | $ | 49,517 |
Rowan Companies plc and Subsidiaries
|
||||||||||||||||||||
Statements of Comprehensive Income
|
||||||||||||||||||||
Three months ended March 31, 2013
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Rowan Companies plc (Parent)
|
Rowan Companies, Inc. (Issuer)
|
Other non-guarantor subsidiaries
|
Consolidating adjustments
|
Consolidated
|
||||||||||||||||
NET INCOME
|
$ | 68,134 | $ | 46,138 | $ | 78,914 | $ | (125,052 | ) | $ | 68,134 | |||||||||
OTHER COMPREHENSIVE INCOME:
|
||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes
|
||||||||||||||||||||
Amortization of net loss
|
4,412 | 4,412 | - | (4,412 | ) | 4,412 | ||||||||||||||
Amortization of prior service credit
|
(784 | ) | (784 | ) | - | 784 | (784 | ) | ||||||||||||
3,628 | 3,628 | - | (3,628 | ) | 3,628 | |||||||||||||||
COMPREHENSIVE INCOME
|
$ | 71,762 | $ | 49,766 | $ | 78,914 | $ | (128,680 | ) | $ | 71,762 |
Rowan Companies plc and Subsidiaries
|
||||||||||||||||||||
Statements of Comprehensive Income
|
||||||||||||||||||||
Three months ended March 31, 2012
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Rowan Companies plc (Parent)
|
Rowan Companies, Inc. (Issuer)
|
Other non-guarantor subsidiaries
|
Consolidating adjustments
|
Consolidated
|
||||||||||||||||
NET INCOME
|
$ | 49,517 | $ | 46,137 | $ | 56,077 | $ | (102,214 | ) | $ | 49,517 | |||||||||
OTHER COMPREHENSIVE INCOME:
|
||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes
|
||||||||||||||||||||
Amortization of net loss
|
4,087 | 4,087 | - | (4,087 | ) | 4,087 | ||||||||||||||
Amortization of transition obligation
|
77 | 77 | - | (77 | ) | 77 | ||||||||||||||
Amortization of prior service credit
|
(775 | ) | (775 | ) | - | 775 | (775 | ) | ||||||||||||
3,389 | 3,389 | - | (3,389 | ) | 3,389 | |||||||||||||||
COMPREHENSIVE INCOME
|
$ | 52,906 | $ | 49,526 | $ | 56,077 | $ | (105,603 | ) | $ | 52,906 |
Rowan Companies plc and Subsidiaries
|
||||||||||||||||||||
Consolidated Statements of Cash Flows
|
||||||||||||||||||||
Three months ended March 31, 2013
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Rowan Companies plc (Parent)
|
Rowan Companies, Inc. (Issuer)
|
Other non-guarantor subsidiaries
|
Consolidating adjustments
|
Consolidated
|
||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$ | (5,076 | ) | $ | (12,150 | ) | $ | 120,405 | $ | - | $ | 103,179 | ||||||||
INVESTING ACTIVITIES:
|
||||||||||||||||||||
Property, plant and equipment additions
|
- | (20,709 | ) | (91,256 | ) | - | (111,965 | ) | ||||||||||||
Proceeds from disposals of property, plant and equipment
|
- | 2,202 | 185 | - | 2,387 | |||||||||||||||
Investments in consolidated subsidiaries
|
- | (86,531 | ) | - | 86,531 | - | ||||||||||||||
Net cash used in investing activities
|
- | (105,038 | ) | (91,071 | ) | 86,531 | (109,578 | ) | ||||||||||||
FINANCING ACTIVITIES:
|
||||||||||||||||||||
Advances (to) from affiliates
|
(4,249 | ) | 155,193 | (150,944 | ) | - | - | |||||||||||||
Contributions from parent
|
- | - | 86,531 | (86,531 | ) | - | ||||||||||||||
Proceeds from exercise of employee share options
|
1,531 | - | - | - | 1,531 | |||||||||||||||
Excess tax benefits from share-based compensation
|
- | 112 | - | - | 112 | |||||||||||||||
Net cash provided by (used in) financing activities
|
(2,718 | ) | 155,305 | (64,413 | ) | (86,531 | ) | 1,643 | ||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(7,794 | ) | 38,117 | (35,079 | ) | - | (4,756 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
58,628 | 228,085 | 737,295 | - | 1,024,008 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 50,834 | $ | 266,202 | $ | 702,216 | $ | - | $ | 1,019,252 |
Rowan Companies plc and Subsidiaries
|
||||||||||||||||||||
Consolidated Statements of Cash Flows
|
||||||||||||||||||||
Three months ended March 31, 2012
|
||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Rowan Companies plc (Parent)
|
Rowan Companies, Inc. (Issuer)
|
Other non-guarantor subsidiaries
|
Consolidating adjustments
|
Consolidated
|
||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
$ | (1,766 | ) | $ | (16,647 | ) | $ | 81,694 | $ | - | $ | 63,281 | ||||||||
INVESTING ACTIVITIES:
|
||||||||||||||||||||
Property, plant and equipment additions
|
- | (46,650 | ) | (91,455 | ) | - | (138,105 | ) | ||||||||||||
Proceeds from disposals of property, plant and equipment
|
- | - | 928 | - | 928 | |||||||||||||||
Increase in restricted cash
|
- | (10,038 | ) | (583 | ) | - | (10,621 | ) | ||||||||||||
Net cash used in investing activities
|
- | (56,688 | ) | (91,110 | ) | - | (147,798 | ) | ||||||||||||
FINANCING ACTIVITIES:
|
||||||||||||||||||||
Repayments of borrowings
|
- | (5,203 | ) | (7,109 | ) | - | (12,312 | ) | ||||||||||||
Advances (to) from affiliates
|
530 | (56,334 | ) | 55,804 | - | - | ||||||||||||||
Proceeds from exercise of employee share options
|
- | 214 | - | - | 214 | |||||||||||||||
Excess tax benefits from share-based compensation
|
- | 276 | - | - | 276 | |||||||||||||||
Net cash provided by (used in) financing activities
|
530 | (61,047 | ) | 48,695 | - | (11,822 | ) | |||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(1,236 | ) | (134,382 | ) | 39,279 | - | (96,339 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
21,472 | 184,677 | 232,704 | - | 438,853 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 20,236 | $ | 50,295 | $ | 271,983 | $ | - | $ | 342,514 |
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Utilization: (1)
|
||||||||
High specification jack-up (2)
|
94 | % | 94 | % | ||||
Premium jack-up(3)
|
70 | % | 50 | % | ||||
Conventional jack-up
|
19 | % | 33 | % | ||||
Average day rate: (4)
|
||||||||
High specification jack-up
|
$ | 201,944 | $ | 176,877 | ||||
Premium jack-up
|
$ | 97,975 | $ | 96,384 | ||||
Conventional jack-up
|
$ | 95,745 | $ | 73,811 | ||||
(1) Utilization is the number of revenue-producing days, including fractional days, divided by the aggregate number of calendar days in the period.
|
||||||||
(2) We define high-specification jack-ups as those that have hook load capacity of at least two million pounds.
|
||||||||
(3) We define premium jack-ups as those cantilevered rigs capable of operating in water depths of 300 feet or more.
|
||||||||
(4) Average day rate is computed by dividing day rate revenues by the number of revenue-producing days, including fractional days. Day rate revenues include the contractual rates and amounts received in lump sum, such as for rig mobilization or capital improvements, which are amortized over the initial term of the contract. Revenues attributable to reimbursable expenses are excluded from average day rates.
|
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Revenues (in thousands):
|
||||||||
Northern Europe
|
$ | 139,107 | $ | 122,981 | ||||
Middle East(1)
|
101,707 | 86,878 | ||||||
US GOM
|
50,263 | 69,637 | ||||||
Southeast Asia
|
50,640 | 23,151 | ||||||
Other international(2)
|
44,508 | 24,152 | ||||||
Subtotal - Day-rate revenues
|
386,225 | 326,799 | ||||||
Other revenues(3)
|
8,013 | 6,678 | ||||||
Total
|
$ | 394,238 | $ | 333,477 | ||||
Revenue-producing days:
|
||||||||
Northern Europe
|
521 | 540 | ||||||
Middle East
|
751 | 596 | ||||||
US GOM
|
380 | 589 | ||||||
Southeast Asia
|
317 | 182 | ||||||
Other international
|
261 | 181 | ||||||
Total
|
2,230 | 2,088 | ||||||
Average day rate:(4)
|
||||||||
Northern Europe
|
$ | 267,174 | $ | 227,743 | ||||
Middle East
|
$ | 135,422 | $ | 145,768 | ||||
US GOM
|
$ | 132,445 | $ | 118,229 | ||||
Southeast Asia
|
$ | 159,657 | $ | 127,203 | ||||
Other international
|
$ | 170,339 | $ | 133,436 | ||||
Total
|
$ | 173,221 | $ | 156,513 | ||||
Utilization:(5)
|
||||||||
Northern Europe
|
96 | % | 99 | % | ||||
Middle East
|
76 | % | 60 | % | ||||
US GOM
|
60 | % | 68 | % | ||||
Southeast Asia
|
88 | % | 100 | % | ||||
Other international
|
97 | % | 100 | % | ||||
Total
|
80 | % | 75 | % | ||||
(1) Our rigs operating in the Middle East are located in Saudi Arabia and Qatar.
|
||||||||
(2) "Other international" includes rigs operating in Egypt and Trinidad.
|
||||||||
(3) Other revenues are primarily revenues received for reimbursable expenses.
|
||||||||
(4) Average day rate is computed by dividing day rate revenues by the number of revenue-producing days, including fractional days. Day rate revenues include the contractual rates and amounts received in lump sum, such as for rig mobilization or capital improvements, which are amortized over the initial term of the contract. Revenues attributable to reimbursable expenses are excluded from average day rates.
|
||||||||
(5) Utilization is the number of revenue-producing days, including fractional days, divided by the aggregate number of calendar days in the period.
|
Three months ended March 31, 2013
|
Three months ended March 31, 2012
|
|||||||||||||||
Amount
|
% of Revenues
|
Amount
|
% of Revenues
|
|||||||||||||
Revenues
|
$ | 394.2 | 100 | % | $ | 333.5 | 100 | % | ||||||||
Operating costs
|
(209.5 | ) | -53 | % | (182.1 | ) | -55 | % | ||||||||
Depreciation expense
|
(64.6 | ) | -16 | % | (59.0 | ) | -18 | % | ||||||||
Selling, general and administrative expenses
|
(29.4 | ) | -7 | % | (23.0 | ) | -7 | % | ||||||||
Net loss on property disposals
|
(0.3 | ) | 0 | % | - | 0 | % | |||||||||
Material charges and other operating expenses
|
- | 0 | % | (4.6 | ) | -1 | % | |||||||||
Operating income
|
$ | 90.4 | 23 | % | $ | 64.8 | 19 | % |
Increase
|
||||
Higher average day rates for existing rigs
|
$ | 35.7 | ||
Higher utilization of existing rigs
|
15.1 | |||
Addition of the Joe Douglas
|
8.6 | |||
Revenues for reimbursable costs and other, net
|
1.3 | |||
Net increase
|
$ | 60.7 |
Increase
|
||||
Increase due to rigs operating in higher-cost locations
|
$ | 18.0 | ||
Higher operating costs of rigs previously in shipyard or in transit
|
2.6 | |||
Addition of the Joe Douglas
|
2.1 | |||
Expansion of foreign shorebases
|
2.1 | |||
Other, net
|
2.6 | |||
Net increase
|
$ | 27.4 |
April 18, 2013
|
February 21, 2013
|
|||||||
Northern Europe
|
$ | 1,513 | $ | 1,599 | ||||
Middle East
|
724 | 790 | ||||||
US GOM
|
566 | 594 | ||||||
West Africa
|
226 | 226 | ||||||
Southeast Asia
|
148 | 183 | ||||||
Other international
|
171 | 203 | ||||||
$ | 3,348 | $ | 3,595 |
2013
|
$ | 902 | ||
2014
|
1,028 | |||
2015
|
726 | |||
2016
|
574 | |||
2017
|
118 | |||
$ | 3,348 |
March 31, 2013
|
December 31, 2012
|
|||||||
Cash and cash equivalents
|
$ | 1,019.3 | $ | 1,024.0 | ||||
Current assets (excluding assets of discontinued operations)
|
$ | 1,555.0 | $ | 1,529.6 | ||||
Current liabilities (excluding liabilities of discontinued operations)
|
$ | 220.6 | $ | 272.8 | ||||
Current ratio (excluding assets and liabilities of discontinued operations)
|
7.05 | 5.61 | ||||||
Long-term debt
|
$ | 2,009.7 | $ | 2,009.6 | ||||
Shareholders' equity
|
$ | 4,606.1 | $ | 4,531.7 | ||||
Long-term debt/total capitalization
|
0.30 | 0.31 |
Three months ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Net cash provided by operating activities
|
$ | 103.2 | $ | 63.3 | ||||
Capital expenditures
|
(112.0 | ) | (138.1 | ) | ||||
Repayments of borrowings
|
- | (12.3 | ) | |||||
Increase in restricted cash
|
- | (10.6 | ) | |||||
Proceeds from disposals of property and equipment
|
2.4 | 0.9 | ||||||
Proceeds from exercise of share options
|
1.5 | 0.2 | ||||||
Other
|
0.1 | 0.3 | ||||||
Total net use
|
$ | (4.8 | ) | $ | (96.3 | ) |
|
·
|
$28.9 million towards construction of the ultra-deepwater drillships Rowan Renaissance, Rowan Resolute, Rowan Reliance and Rowan Relentless;
|
|
·
|
$66.8 million for improvements to the existing fleet, including contractually required modifications; and
|
|
·
|
$16.3 million for rig equipment inventory and other.
|
|
·drilling permit and operations delays, moratoria or suspensions, new and future regulatory, legislative or permitting requirements (including requirements related to certification and testing of blow-out preventers and other equipment or otherwise impacting operations), future lease sales, changes in laws, rules and regulations that have or may impose increased financial responsibility, additional oil spill contingency plan requirements and other governmental actions that may result in claims of force majeure or otherwise adversely affect our existing drilling contracts;
|
|
·governmental regulatory, legislative and permitting requirements affecting drilling operations in the areas in which our rigs operate;
|
|
·tax matters, including our effective tax rates, tax positions, results of audits, changes in tax laws, treaties and regulations, tax assessments and liabilities for taxes;
|
|
·changes in worldwide rig supply and demand, competition or technology, including as a result of delivery of newbuild drilling rigs and reactivation of rigs;
|
|
·variable levels of drilling activity and expenditures, whether as a result of global capital markets and liquidity, prices of oil and natural gas or otherwise, which may cause us to idle or stack additional rigs;
|
|
·downtime, lost revenue and other risks associated with rig operations, operating hazards, or rig relocations and transportation, including rig or equipment failure, collisions, damage and other unplanned repairs, the limited availability of transport vessels, hazards, self-imposed drilling limitations and other delays due to weather conditions or otherwise, and the limited availability or high cost of insurance coverage for certain offshore perils or associated removal of wreckage or debris;
|
|
·access to spare parts, equipment and personnel to maintain, upgrade and service our fleet;
|
|
·possible cancellation or suspension of drilling contracts as a result of force majeure, mechanical difficulties, delays, performance or other reasons;
|
|
·potential cost overruns and other risks inherent to shipyard rig construction, repair or enhancement, unexpected delays in rig and equipment delivery and engineering or design issues following shipyard delivery, or delays in the dates our rigs will enter a shipyard, be transported and delivered, enter service or return to service;
|
|
·actual contract commencement dates; contract terminations, contract extensions, contract option exercises, contract revenues, contract awards; the termination or renegotiation of contracts by customers or payment or operational delays by our customers;
|
|
·operating hazards, including environmental or other liabilities, risks, expenses or losses, whether related to storm or hurricane damage, losses or liabilities (including wreckage or debris removal), collisions, or otherwise;
|
|
·our ability to attract and retain skilled personnel on commercially reasonable terms, whether due to competition from other contract drillers, labor regulations or otherwise;
|
|
·governmental action and political and economic uncertainties, including uncertainty or instability resulting from civil unrest, political demonstrations, mass strikes, or an escalation or additional outbreak of armed hostilities or other crises in oil or natural gas producing areas of the Middle East or other geographic areas, which may result in extended business interruptions, suspended operations, or result in claims by our customers of a force majeure situation and payment disputes;
|
|
·terrorism, piracy, political instability, hostilities, acts of war, nationalization, expropriation, confiscation or deprivation of our assets or military action impacting our operations, assets or financial performance in our areas of operations, including the Middle East;
|
|
·the outcome of legal proceedings, or other claims or contract disputes, including any inability to collect receivables or resolve significant contractual or day rate disputes, any purported renegotiation, nullification, cancellation or breach of contracts with customers or other parties, and any failure to negotiate or complete definitive contracts following announcements of receipt of letters of intent;
|
|
·potential long-lived asset impairments;
|
|
·costs and uncertainties associated with our redomestication, or changes in foreign or domestic laws that could reduce or eliminate the anticipated benefits of the transaction;
|
|
·impacts of any global financial or economic downturn;
|
|
·effects of accounting changes and adoption of accounting policies;
|
|
·potential unplanned expenditures and funding requirements, including investments in pension plans and other benefit plans; and
|
|
·other important factors described from time to time in the reports filed by us with the Securities and Exchange Commission (the Commission), and the New York Stock Exchange (NYSE).
|
Month ended
|
Total number of shares purchased 1
|
Average price paid per share
|
Total number of shares purchased as part of publicly announced plans or programs 2
|
Approximate dollar value of shares that may yet be purchased under the plans or programs2
|
||||
Balance forward
|
$24,987,408
|
|||||||
January 31, 2013
|
4,983
|
$0.125
|
-
|
24,987,408
|
||||
February 28, 2013
|
29,966
|
$34.33
|
-
|
24,987,408
|
||||
March 31, 2013
|
99,042
|
$34.58
|
-
|
24,987,408
|
||||
Total
|
133,991
|
$33.24
|
-
|
|||||
1 The total number of shares purchased includes (i) shares purchased, if any, pursuant to a publicly announced share repurchase program described in note 2 below and (ii) shares acquired from employees and non-employee directors by an affiliated Employee Benefit Trust upon forfeiture of nonvested awards or in satisfaction of tax withholding requirements. There were no shares repurchased under the Company's share repurchase program during the first quarter of 2013.
|
||||||||
2 On July 25, 2012, the Board of Directors of Rowan Companies plc, as successor issuer to Rowan Companies, Inc., approved the continuation of its $150 million share repurchase program, of which approximately $25 million remained available. Share repurchases may be commenced or suspended from time to time without prior notice. Any shares acquired under the share repurchase program will be canceled.
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10.1†
|
2013 Rowan Companies plc Incentive Plan (incorporated by reference to Annex A to the Company’s Definitive Proxy Statement filed on March 13, 2013 (File No. 1-05491)).
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10.2†
|
Form of Restricted Share Unit Notice pursuant to the 2013 Rowan Companies plc Incentive Plan (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed April 30, 2013 (File No. 1-05491)).
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10.3†
|
Form of Share Appreciation Right Notice pursuant to the 2013 Rowan Companies plc Incentive Plan (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed April 30, 2013 (File No. 1-05491)).
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10.4†
|
Form of Performance Unit Award Notice pursuant to the 2013 Rowan Companies plc Incentive Plan (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed April 30, 2013 (File No. 1-05491)).
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10.5†
|
Form of Non-employee Director Restricted Share Unit Notice pursuant to the 2013 Rowan Companies plc Incentive Plan (incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K filed April 30, 2013 (File No. 1-05491)).
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31.1*
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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31.2*
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1*
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2*
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS*
|
XBRL Instance Document.
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
ROWAN COMPANIES PLC
|
||
(Registrant)
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||
Date: May 10, 2013
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/s/ J. KEVIN BARTOL
|
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J. Kevin Bartol
|
||
Executive Vice President,
|
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Chief Financial Officer and Treasurer
|
||
Date: May 10, 2013
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/s/ GREGORY M. HATFIELD
|
|
Gregory M. Hatfield
|
||
Vice President and Controller
|
||
(Chief Accounting Officer)
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