(A report, "=Oil-Services Firm Rowan To Offer $375M In 10-Year Notes," published at 9:11 a.m. EDT, incorrectly said the company provides aviation services. A corrected version follows.)

 
    DOW JONES NEWSWIRES 
 

Rowan Cos. (RDC) said it will offer $375 million in 10-year senior unsecured notes as the oil-services provider becomes the latest company looking to tap the markets for fresh capital.

Many companies have been taking advantage of investor interest in stock and bond sales to raise capital in recent months.

Rowan, which provides offshore contract drilling, said it would use the proceeds from the offering for general corporate purposes.

The company has been seeing solid performance from its drilling and manufacturing units recently, but has still been looking to cut costs like many others in the industry. In May, it reported first-quarter earnings jumped 34% as revenue increased 19%.

Rowan said at the time that weakening demand for drilling services and equipment was continuing to pressure revenue.

Shares closed Tuesday at $18.77 and haven't traded premarket. The stock is off 55% in the last year.

-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; kerry.benn@dowjones.com

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