Steel Partners buys 1.5 million shares of Rowan

By Lisa Kerner

Charlotte, N.C., Dec. 23 - Steel Partners II, LP upped its stake in Rowan Cos., Inc. to 8.8%, from 7.5% on Nov. 24, with the purchase of 1.5 million shares of the company's stock.

The shares were acquired on Dec. 19 and Dec. 22 priced at $15.33 and $14.8463 per share, respectively, according to a schedule 13D/A filed with the Securities and Exchange Commission.

In a prior SEC filing, the investor reported the sale of 2.0 million shares of Rowan on Nov. 17 for $16.20 each.

Steel Partners beneficially owns 9,993,717 shares of the Houston-based company.

In addition, Steel Partners holds call options to purchase 500,000 shares at a strike price of $35.00 per share and call options to purchase 2 million shares at a strike price of $10.00 per share. The call options expire on Jan. 17.

Rowan provides contract drilling services.

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