Rowan to Withdraw Pacific Exchange Listing
Rowan Companies, Inc. plans to withdraw the listing of its common stock from NYSE Arca, Inc., formerly the Pacific Exchange. Rowan's common stock will continue to be listed on the New York Stock Exchange.
Rowan has decided to withdraw its listing from NYSE Arca, Inc. to streamline operations and eliminate duplicative administrative requirements inherent with dual listings as a result of the NYSE Group's recent merger with Archipelago Holdings, the parent company of NYSE Arca. The withdrawal is expected to be effective within the next month.
Rowan does not believe that withdrawing its listing from NYSE Arca, Inc. will have any impact on the liquidity of its stock. NYSE Arca will continue to trade Rowan stock on an unlisted trading privilege basis.
Rowan Companies, Inc. is a major provider of international and domestic contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. The Company's stock is traded on the New York Stock Exchange and NYSE Arca.