Rowan Prices Public Offering

Rowan has priced a public offering of $400 million of its 5.000% senior notes due 2017, in a registered public offering. Rowan expects the proceeds from the notes offering to be used for general corporate purposes, including the potential repayment of indebtedness of Skeie Drilling & Production ASA.

The notes will be issued at 99.504% percent of their principal amount and will have a fixed-rate interest rate of 5.000 percent per annum and a maturity date of September 1, 2017. The expected settlement date for the offering is August 30, 2010.

Citigroup Global Markets Inc., RBC Capital Markets Corporation, Wells Fargo Securities, LLC and DnB NOR Markets, Inc. acted as joint book-running managers in connection with the notes offering.


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