| Deal Description | Rowan 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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