Rowan Announces Contract for Gorilla V

Rowan Companies, Inc. announced that an agreement has been reached with PanCanadian Petroleum Limited on a drilling contract for the Gorilla V.

The rig will be utilized offshore eastern Canada near Sable Island beginning in late June. The initial commitment, subject to certain conditions and regulatory approvals, is for two wells, which are expected to take about five months and provide around $23 million of total revenues. The contract also provides options to drill two additional wells.

C. R. Palmer, Chairman and Chief Executive Officer, commented, "This agreement reaffirms our confidence in the capability and marketability of our Heavy Duty Hostile Environment (HDHE) jack-up rigs. We look forward to continuing our 20 years of operation in the Sable Island area and to expanding our activities with PanCanadian."


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