Rowan Acquires Oilfield-Electric-Marine, Inc

Rowan Companies, Inc. has agreed, subject to the execution of a definitive purchase agreement, to buy Oilfield-Electric-Marine, Inc. and Industrial Logic Systems, Inc. for a price of approximately $8 million in Rowan common stock. Consummation of the purchase, subject to certain conditions, is expected to occur during the fourth quarter of 2001.

Oilfield-Electric-Marine manufactures variable speed AC motors and variable frequency drive systems, DC motors and drive systems, and filters and consoles for marine boats and lay barges, the oil and gas drilling industry, and the mining and dredging industries. Oilfield-Electric-Marine also manufactures medium voltage switchgear from 5KV through 38 KV for the industrial and petrochemical markets. Kevin R. Williams, president of Oilfield-Electric-Marine, has agreed to continue his involvement in the design, development and marketing for the Company.