Rowan Awarded Rig Construction Contract

Rowan Companies' wholly-owned subsidiary, LeTourneau, Inc., has been awarded a contract by Perforadora Central, S.A. de C.V., a Mexican drilling contractor, to construct a Super 116E class jack-up rig.

The rig will be an enhanced version of LeTourneau's Super 116-C class jack-up rig, with greater environmental and payload capacity. It will have 511 feet of leg, enabling operations in water depths up to 350 feet in areas like the Gulf of Mexico, Asia and the Persian Gulf. Construction of the rig will begin immediately at the Company's Vicksburg, Mississippi shipyard with delivery expected during the second quarter of 2007.

Danny McNease, Chairman and Chief Executive Officer, commented, "Since Rowan acquired LeTourneau in 1994, we have looked forward to this day with great anticipation. This rig will be the first built by LeTourneau for an outside customer since 1992. In the years since, LeTourneau has stayed busy developing new jack-up designs, including the Super Gorilla and Tarzan Class, and constructing such rigs for Rowan. We are very excited for this opportunity and, given the performance of the five LeTourneau rigs built for Rowan since 1998, are confident that the arrangement will be mutually rewarding."

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