Rowan Cos CEO tells Reuters of spin-off plans, shares rise more than 6 percent

In an exclusive interview with Reuters on March 30 the CEO of Rowan Cos outlined plans to focus more on offshore drilling by spinning off its land drilling operations and manufacturing operations ‘when the right time comes.’ Rowan’s shares shot up more than 6 percent to a fresh year-high in heavy trade within 10 minutes of the headlines being sent. The news was picked up by a brokerage MKM Partners in their morning note with an attribution to Reuters and the shares rose further over the rest of the week