Hercules Offshore CFO switches to Rowan

Rowan Companies plc, a U.S.-based offshore drilling contractor, has announced today the appointment of Stephen M. Butz as Executive Vice President, Chief Financial Officer and Treasurer, effective December 1, 2014.  

Butz joins the Company from Hercules Offshore, Inc., where for the past nine years he has served in various corporate development, treasury and finance functions, most recently as Executive Vice President and Chief Financial Officer. Rowan says that Butz also has more than 10 years’ experience in commercial and investment banking.

Tom Burke, President and Chief Executive Officer of Rowan Companies, commented, “I am so pleased that Stephen will be joining Rowan. I believe his keen industry knowledge and vast experience will be instrumental as we complete our drillship newbuild program and consider our future capital allocation options. I am confident Stephen will quickly become a valued member of the Rowan team.”

Butz will take over from Kevin Bartol, whose resignation was previously announced and is effective as of November 30, 2014.

Meanwhile, Hercules Offshore has promoted ­­Troy L. Carson to Senior Vice President and Chief Financial Officer, effective November 21, 2014 in order to replace Butz.

Carson is currently serving as Senior Vice President and Chief Accounting Officer. He joined the company as Vice President and Corporate Controller in March 2007, was appointed to Principal Accounting Officer in July 2008, and was named Chief Accounting Officer in May 2010. At the same time, Craig M. Muirhead, currently serving as Vice President and Treasurer, has been appointed to Vice President of Investor Relations and Planning, while Son P. Vann, currently serving as Vice President of Investor Relations and Planning, will assume the role of Vice President Corporate Development and Treasurer.

John T. Rynd, Chief Executive Officer and President of Hercules Offshore, stated, “Stephen has been with Hercules since just after its founding, and over the past 10 years has been instrumental in our expansion to one of the leading shallow water service providers worldwide. He has successfully navigated the Company’s finances through some extremely challenging conditions and leaves our Company with a solid balance sheet and ample liquidity. While we will miss his contributions at Hercules, we wish him all the best in his new role at Rowan. The Board of Directors and I are confident that Troy is well-equipped to assume the role of Chief Financial Officer. I look forward to working with Troy and our finance team to maintain the strong financial foundation that we have developed over the past several years and position our Company to capitalize on future opportunities.”

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