ROWAN COMPANIES

Rowan Companies has announced that the jack-ups, Arch Rowan and Gorilla IV, will be relocated from the North Sea to the Gulf of Mexico. C. R. Palmer, Chairman and Chief Executive Officer, commented, "Once again the mobility of our drilling assets permits us to depart a declining market for greener pastures. We continue to be optimistic, longer term, for the North Sea drilling market, particularly for our Super Gorilla designs, but for the moment we must accept the reality of the marketplace and move on."
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