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ROWAN COMPANIES, INC., ANNOUNCES AGREEMENT TO PURCHASE NET ASSETS OF MARATHON LETOURNEAU COMPANY

 HOUSTON, Nov. 9 /PRNewswire/ -- Rowan Companies, Inc. (NYSE: RDC), announced today that it has agreed in principle to purchase the net assets of Marathon LeTourneau Company, a subsidiary of General Cable Corporation, for a price of approximately $50 million, subject to certain adjustments. Following execution of a definitive agreement, and subject to regulatory approval and certain other conditions, the parties anticipate closing the purchase during the first quarter of 1994.
 Marathon LeTourneau, headquartered in Longview, Texas, manufactures and sells three primary product lines. The company operates a steel mill that recycles scrap and produces alloy steel and steel plate; a manufacturing facility that produces heavy equipment for the mining and timber industries including, among other things, front-end loaders up to 50 ton capacity and Titan trucks up to 240 ton capacity; and a marine division that has built over one-third of all mobile offshore jack-up drilling rigs, including all 20 operated by Rowan.
 Rowan Companies, Inc., is a major provider of international and domestic offshore contract drilling and helicopter services. The company's common stock is traded on the New York Stock Exchange and the Pacific Stock Exchange; the common stock trading symbol is RDC.
 -0- 11/9/93
 /CONTACT: E.E. Thiele of Rowan Companies, Inc., 713-621-7800/
 (RDC)


CO: Rowan Companies, Inc.; Marathon LeTourneau Company ST: Texas IN: OIL SU:

TW -- NY037 -- 2156 11/09/93 10:01 EST
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Publication:PR Newswire
Date:Nov 9, 1993
Words:229
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