Rowan Wins Contract for Second Newbuild Jackup

Rowan Companies has been awarded a drilling contract by a large independent oil and gas company to drill a deep well on the outer continental shelf in the Gulf of Mexico, using its second Tarzan Class jack-up, the Bob Keller.

This one-well assignment should commence in September 2005 and is expected to last about seven months. Rowan estimates revenues from this contract will be approximately $20 million.

The Bob Keller is under construction at the Company's Vicksburg, Mississippi shipyard with delivery expected during the third quarter. The Bob Keller is the second of what could be as many as four Tarzan Class rigs built by Rowan. The rigs are designed to tap the emerging ultra deep shelf gas market in the shallow waters of the Gulf of Mexico by offering the drilling capabilities of a Super Gorilla class rig at about one-half of the construction cost.

Danny McNease, Chairman and Chief Executive Officer, commented, "Independent operators continue to dominate jack-up activity being carried out on the Gulf of Mexico's outer continental shelf, though several major operators have been planning ultra deep shelf wells that call for drilling beyond 25,000 feet. We believe that Rowan is well-positioned to take advantage of expected growth in this market, having the only four jack-ups with the capacity to handle the drill string required to reach this depth. The Bob Keller will be our fifth Gulf of Mexico jack-up with a two million pound hook-load capacity. The timing for our introduction of the Tarzan Class jack-up into the marketplace could not have been better."

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