All appropriate regulatory agencies have been notified.
Rowan's other rigs in the area appear to have sustained minimal damage but a complete evaluation of their condition will require a closer inspection upon the return of the Company's drilling personnel.
The Rowan New Orleans was a LeTourneau 52-class slot jack-up rig. The rig had been secured at its pre-storm location in Main Pass Block 185 and all personnel were evacuated prior to the arrival of Hurricane Katrina. The rig was insured for $8.5 million and had a carrying value of approximately $7.4 million.
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