LeTourneau Signs Exclusive Supply Agreement for Mining Equipment
Mon Dec 15, 9:00 AM
ca.news.finance.yahoo.com
HOUSTON, Dec. 15 /PRNewswire-FirstCall/ -- Rowan Companies, Inc. ("Rowan" or the "Company") (NYSE: RDC) announced today that its wholly owned manufacturing subsidiary, LeTourneau Technologies, Inc. ("LTI") has entered into a five-year Global Strategic Alliance with Companhia Vale do Rio Doce ("Vale") (NYSE: RIO), the second largest diversified metals and mining company in the world.
Under the agreement, LTI will be Vale's exclusive supplier of large front-end loaders, including all models from the L-950 to the L-2350, and will also provide spare parts, maintenance and repair services to Vale worldwide. LTI's current backlog includes two L-1850 loaders ordered by Vale under the agreement.
Dan Eckermann, LTI's President and Chief Executive Officer, stated, "We are delighted that Vale has chosen LTI as its exclusive supplier of large front-end loaders. This significant agreement validates LTI's long record of delivering quality mining products on time. We believe that this alliance will be mutually rewarding for many years to come."
Rowan Companies, Inc. is a worldwide provider of contract drilling services utilizing a fleet of 22 high-spec offshore jack-up rigs and 30 deep-well land drilling rigs. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. For more information on Rowan, please visit rowancompanies.com.
This report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, energy demand, the general economy, including inflation, capital markets conditions, weather conditions in the Company's principal operating areas and environmental and other laws and regulations. Other relevant factors have been disclosed in the Company's filings with the U. S. Securities and Exchange Commission.
SOURCE Rowan Companies, Inc. |
