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Houston CFO moves to the competitor’s team

Stephen Butz, who was named the CFO of the year by the Houston Business Journal, is leaving Hercules Offshore Inc. on November 21 to become Rowan Companies PLC’s new executive vice president, CFO and treasurer.

Rowan’s current CFO, J. Kevin Bartol, announced in September that he will be leaving the company to pursue other opportunities.

Rowan’s President and CEO, Tom Burke, commented on Butz joining the team and company:

I believe his (Butz’s) keen industry knowledge and vast experience will be instrumental as we complete our drillship new-build program and consider our future capital allocation options.

Hercules Offshore responded to Butz’s departure by promoting Tony Carson to senior vice president and CFO.  Carson is currently the company’s senior vice president and accounting officer.

Yet, even though the change in companies is bitter sweet, Hercules Offshores’ CEO and President, John Rynd, celebrated Butz on his new role at Rowan and defined him as a founding member of the company.

He (Butz) 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 (CFO).

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