LeTourneau to Supply Rig Kits to Scorpion Offshore

Rowan Companies' subsidiary, LeTourneau, has entered into a contract to furnish vessel design and components (a LeTourneau kit) for the construction of two Super 116 Class jack-up drilling rigs. The rigs will be built by Keppel AmFELS for Scorpion Offshore. The LeTourneau kits, which comprise of the rig's legs, jacking systems, cranes and certain other components, will be delivered in stages in accordance with the construction schedules. Rowan expects the contract to provide approximately $55 million in revenue during 2006 and 2007.

Danny McNease, Chairman and Chief Executive Officer, commented, "These rig kit orders, together with our previously announced rig construction contract for Perforadora Central demonstrate that the LeTourneau designed jack-up rigs offer superior performance and value."

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