Rowan Wins Two-Year Ultra Deep Shelf Drilling Contract

Rowan Companies has been awarded a two-year drilling contract by a major integrated oil and gas company to drill one or more ultra deep wells in the Gulf of Mexico.

Rowan has committed the Super Gorilla class jack-up rig Bob Palmer to the project, which should commence during the first quarter of 2007. Rowan estimates revenues from this contract will be approximately $160-170 million.

Danny McNease, Chairman and Chief Executive Officer, commented, "This contract reaffirms the market for drilling high pressure/high temperature wells deeper than 25,000 feet and provides the highest rate ever for a jack-up rig in the Gulf of Mexico."