Rowan is changing its legal domicile from Delaware to the UK under plans aimed at ‘improving its long-term competitive position as a global contract driller’. President and CEO W Matt Ralls commented: ‘The offshore drilling industry is a global business and we have been evolving into a much more geographically diversified company. With this change in our structure, we formally recognize that the base of operations we first established in the UK more than three decades ago is now a central and efficient location from which we manage the markets that will be our largest source of revenue this year.’ Collectively, the UK, Europe and Egypt, account for 59% of Rowan’s contract backlog, and the company estimates that over 80% of its revenues will come from non-US operations in 2012, compared with just 10% in 2004.
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