Rowan extends revolving credit facility

Rowan Companies plc (NYSE: RDC) has amended its revolving credit agreement to extend the maturity date by one year to Jan. 23, 2021, from Jan. 23, 2020.

Availability under the facility is $1.5 billion through Jan. 23, 2019, declining to $1.44 billion through Jan. 23, 2020, and to approximately $1.29 billion through the maturity in 2021. The facility is undrawn as of Jan. 27. Additionally, during the fourth quarter of 2015, the company retired approximately $98 million of outstanding senior notes which would have come due over the next four years, eliminating over $21 million of interest over this same time period.

Rowan also announced that its board of directors has eliminated the quarterly cash dividend of $0.10 per Class A ordinary share effective immediately, providing the company with additional liquidity of $50 million annually.

Rowan is a global provider of contract drilling services with a fleet of 31 mobile offshore drilling units, composed of 27 jackup rigs and four ultra-deepwater drillships.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...