By the OGJ Online Staff
HOUSTON, Feb. 1 -- Rowan Companies Inc. said Friday that Rowan Electric Inc., a wholly owned subsidiary, completed the purchase of certain assets of Oilfield-Electric-Marine Inc. and Industrial Logic Systems Inc. for $8 million in Rowan stock.
Oilfield-Electric-Marine makes variable speed AC motors and variable frequency drive systems, DC motors and drive systems, and consoles for marine boats and lay barges, the oil and gas drilling industry, and the mining and dredging industries. Oilfield-Electric-Marine also manufactures medium voltage switchgear from 5 kv through 38 kv for the industrial and petrochemical markets.
Bob Palmer, Rowan chairman and CEO, said, "We view this acquisition as a 'bolt-on' addition to our manufacturing capabilities and believe it will increase the profitability of our manufacturing division, broaden our customer base, and expand our product line. We anticipate moving the operation to a larger Houston area plant with increased capacity."
Kevin Williams, Oilfield-Electric-Marine president, will be president of Rowan Electric Inc., doing business as Oilfield-Electric-Marine.
Rowan Companies is a major provider of international and domestic offshore contract drilling and aviation services. It also has designed or built about a third of all mobile offshore jack-up drilling rigs, including all 23 it operates.
