ROWAN COMPANIES



Rowan Companies, Inc. has reached an agreement with PanCanadian Petroleum Limited for contracts on the jackup rigs Gorilla III and Gorilla V. The rigs will be utilized offshore eastern Canada for abandonment of the Cohasset and Panuke Fields near Sable Island and for exploratory drilling. The initial contracts are expected provide as much as 12 months of work, producing as much as $41 million of total revenues. C. R. Palmer, Chairman and Chief Executive Officer, commented, "These contracts, when finalized, will reaffirm our confidence in the capability and marketability of our Heavy Duty Hostile Environment (HDHE) jackup rigs. We look forward to continuing our 19 years of operation in the Sable Island area and to expanding our activities with PanCanadian."