Rowan agrees to sell LeTourneau Technologies

Offshore staff

HOUSTON – The Rowan Co.s Inc. have agreed to sell LeTourneau Technologies Inc. to Joy Global Inc. for $1.1 billion.

“This transaction is consistent with our stated strategy to separate non-core businesses, and we expect that most of the after-tax proceeds, estimated at approximately $875 million, will ultimately be redeployed into our offshore drilling business, either through continued growth of our high-spec jack-up fleet or expansion into the ultra-deepwater drilling segment,” says Matt Ralls, president and CEO of Rowan.

05/16/2011



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