Lehman Brothers Collection - Contemporary Business Archives

Harvard Business School Baker Library Historical Collections

Lehman Brothers Collection

Twentieth-Century Business Archives

Rowan Drilling Company, Inc. Deal - Lehman Brothers Collection

Rowan Drilling Company, Inc.

Company Dealpublic offering of 419,100 shares of common stock
Transaction TypeCommon Stock
Deal DescriptionRowan Drilling Company, Inc., used a portion of the proceeds from this transaction to expand ERA's air fleet. Another portion was used to retire the balance of short-term and long-term bank indebtedness, which was borrowed in 1969 for working capital purposes. Another portion of the proceeds was contributed to Rowan International for part payment for, and equipment on, its mobile offshore platform and for working capital purposes. The balance of the proceeds was used for working capital and general corporate purposes. Such purposes may have included the possible purchase of one or more skycranes and the possible acquisition of two new air mobile rigs for use on the North Slope.
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