Rowan Companies layoffs, on the record
Every job cut, severance charge and restructuring Rowan Companies reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from 2,917 to approximately 3,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | 2,917 | At December 31, 2016 |
| 10-K for 2017 | approximately 2,800 | December 31, 2017 |
| 10-K for 2018 | approximately 3,300 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryThe filing says it will continue to focus on cost efficiencies that could include cold-stacking or retiring rigs, layoffs or other cost cutting initiatives; this is a possible future measure, not a completed layoff.
Word for word“While challenging market conditions persist, we continue to focus on operating and cost efficiencies which could include cold-stacking or retiring additional drilling rigs, layoffs or other cost cutting initiatives.” 10-K for 2016
Our summaryThe company reports that 2015 selling, general and administrative expenses fell due to cost-reduction measures that included headcount reductions.
Word for word“Selling, general and administrative expenses decreased primarily due to cost-reduction measures, which included reductions in headcount and fewer professional services.” 10-K for 2016
Our summaryOrganizational restructuring in 2016 produced a Luxembourg net operating loss and related tax effects, and the tax provision reflects a deferred tax benefit from current year restructuring.
Word for word“In 2016, organizational restructuring resulted in a Luxembourg net operating loss of $4,534 million resulting in a deferred tax asset of $1,180 million with an offsetting deferred tax liability for book over tax asset basis difference of $409 million and a valuation allowance of $747 million for the net deferred tax asset that is not expected to be realized.” 10-K for 2016
Our summaryThe company recorded a Luxembourg organizational restructuring in 2016 that produced a large net operating loss and related deferred tax asset, offset by a deferred tax liability and a valuation allowance.
Word for word“(2) In 2016, organizational restructuring resulted in a Luxembourg net operating loss of $4,534 million resulting in a deferred tax asset of $1,180 million with an offsetting deferred tax liability for book over tax asset basis difference of $409 million and a valuation allowance of $747 million for the net deferred tax asset that is not expected to be realized.” 10-K for 2018
Rowan Companies has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Rowan Companies’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2019-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.