Rowan renovates shipyard, revives rig construction business. (Rowan Companies Inc.)

Only active U.S. facility will undergo $20 million refurbishment

Rowan Companies Inc. is breathing new life into the ailing rig construction business by investing $20 million to refurbish the only active U.S. shipyard that builds mobile offshore rigs.

Houston-based Rowan purchased the LeTourneau Inc. shipyard located in Vicksburg, Miss., last year.

Active shipyards that build offshore mobile figs are located in Singapore, Korea and Finland. During the past decade, the industry shrank by at least half. And even LeTourneau, which is credited with being the inventor of the jackup rig, was finally closed in 1992.

The shipyard's first customer after its …