Rowan Says All Its Offshore Rigs Are Under Contract

Rowan Companies says that all of its offshore rigs are currently under contract. The current contract status of its offshore drilling fleet is as follows:

Gorillas II, III, IV and VI and the Bob Palmer are each operating under well-to-well contracts in the Gulf of Mexico.

Gorilla VII continues on its drilling and production assignment with Tuscan Energy on the Ardmore Field development.

Gorilla V was recently contracted by Elf Exploration UK plc, a subsidiary of Total E&P UK plc, to drill a well in the Glenelg Field of the North Sea. The contract will span almost eleven months of drilling, mobilization and outfitting time and is estimated to provide approximately $38 million of revenues. Gorilla V should conclude its current drilling assignment offshore eastern Canada by mid- to late July, following which the rig will be mobilized to the North Sea to begin outfitting for the Glenelg well.

The Company's remaining 18 rigs in the Gulf of Mexico, including the newly-constructed Tarzan Class jack-up Scooter Yeargain, are operating under well-to-well contracts.

Danny McNease, Chairman and Chief Executive Officer, commented, "We are pleased that all 25 Rowan offshore rigs are now under contract -- for the first time in about six months. And we are thrilled with our recent agreement with Total.

"Total is the world's fourth largest international oil and gas company. They have been at the forefront of high-pressure/high-temperature technology and development in the central area of the North Sea. Rowan looks forward to this opportunity to forge a relationship that will lead to further development in this challenging area. This project will enable the return of a Super Gorilla class jack-up to the North Sea with premium equipment and highly trained crews to safely achieve our joint objectives."

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