Maersk Extends Contract for Rowan Gorilla VII for One Year

Rowan Gorilla VII
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Rowan Companies, Inc. (NYSE:RDC) announced today that it has entered into a one-year extension of its drilling contract for the Rowan Gorilla VII in the North Sea.

Gorilla VII is currently working offshore Denmark under a one-year term contract to Maersk Oil that contained an option for a second year. By the exercise of the option, the rig's commitment is now extended to August 2007. The extension will generate additional drilling revenues of approximately $93 million.

Rowan Companies, Inc. is a major provider of international and domestic contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. The Company's stock is traded on the New York Stock Exchange and the Pacific Exchange -- Stock & Options. Common Stock trading symbol: RDC.
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