(Source: Datamonitor)
Rowan Companies, a provider of contract drilling services to oil and gas companies, has appointed John Quicke, a managing director and operating partner of Steel Partners, to its board. Mr Quicke's term will start immediately and end at the company's 2011 annual meeting of stockholders.
Pursuant to a letter agreement between the Rowan Companies and Steel Partners dated March 30, 2008, Roawn had agreed to expand the size of its board by one position should efforts to monetize its manufacturing subsidiary, LeTourneau Technologies (LTI), not be completed by December 31, 2008.
In November 2008, due to current financial market and industry conditions, Rowan announced that it was not pursuing any further negotiations with respect to a sale of LTI.
Rowan will continue to review all strategic options, including a spin-off of LTI to its stockholders, but does not anticipate that a transaction, if any, will be completed until capital markets and industry conditions improve significantly.
Steel Partners informed the company that it would fill its newly created board position with Mr Quicke, a managing director and operating partner of Steel Partners since 2005.
Mr Quicke has served in various capacities at Sequa Corporation. From 2004 to 2005, he served as vice chairman and executive officer, and was a director of Sequa from 1993 to 2005.
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