Rowan plans to become UK company

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By Bill Lehane and news reports

 28 February 2012 14:32 GMT

Houston-based contract driller Rowan has revealed it is planning to change its home base to the UK to take advantage of better tax rates.

The company said the UK would be a much more efficient location to communicate with its rigs, 74% of which are located outside of the United States including the North Sea and Egypt.

Switching its registration to the UK, where it already has substantial operations, will consolidate its competitive position as a global contract driller and help it compete with the global tax rates of its peers, Rowan said.

The move will have no impact on jobs or American clients, the contractor said, adding the proposed change in corporate structure was expected to…

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