Rowan amends agreement with Steel Partners

By Lisa Kerner

Charlotte, N.C., Feb. 20 - Rowan Cos., Inc. and Steel Partners II, LP amended their Feb. 5 letter agreement in which Rowan agreed to nominate a Steel Partners designee for election as a class III director to its board at the 2009 annual meeting of stockholders.

The parties agreed to extend the deadline by which Steel Partners must provide Rowan with the name and qualifications of its designee to March 2 from Feb. 20, according to a schedule 13D/A filed with the Securities and Exchange Commission.

It was previously reported that as part of the agreement, Steel Partners agreed not to seek to nominate any candidates to stand for election to the Houston-based contract drilling services company's board or solicit proxies for the election or removal of directors at the 2009 annual meeting.

Steel Partners and Rowan agreed that the shareholder designee or current director John J. Quicke will serve on the audit committee of the board and the other will serve on the board's compensation committee, the filing said.

Quicke, Steel Partners managing director, was named to Rowan's board as the result of a settlement agreement in January, it was previously reported.

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