Rowan to Resume Ultra Deep Gas Drilling Programs in Gulf of Mexico

Rowan Companies, Inc. has entered into a multi-well contract with McMoRan Oil & Gas Corporation LLC that includes re-entering the Blackbeard Prospect.

The Gorilla IV has been committed for a minimum of 90 days, and work on Blackbeard is priced at a day rate in the mid $190s. The initial Blackbeard well was drilled to a depth of just over 30,000 feet during 2005-2006 by Rowan's first Tarzan Class jack-up, the Scooter Yeargain.

Rowan's Super Gorilla class jack-up the Bob Palmer is undergoing final preparations for its initial assignment on British Petroleum's Eldorado Prospect. The rig will be drilling one or more wells targeting a depth of at least 28,000 feet.

Danny McNease, Rowan Chairman and Chief Executive Officer, commented, "These commitments both reaffirm the demand for ultra deep gas drilling in the Gulf of Mexico and help to dispel a common misconception outside this industry that 'a rig is just a rig'. Rowan has throughout its history prided itself on the quality of its assets, and we will continue to invest in equipment of the highest capability, maximizing both marketability and opportunities for meaningful shareholder returns."

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