Rowan Completes Sale of Era Aviation, Inc.

Rowan Companies, Inc. has completed the sale of 100% of the common stock of Era Aviation, Inc., a wholly-owned subsidiary, to SEACOR Holdings Inc., effective on December 31, 2004. The purchase price is approximately $118.1 million in cash, subject to post-closing working capital adjustments.

Era is a leading provider of helicopter services for oil and gas operations in the Gulf of Mexico and Alaska and also conducts firefighting, flightseeing and utility activities in the Western U.S. and Alaska. Era also operates a fixed wing commuter airline and charter business in Alaska. Era employs approximately 900 personnel and owns a fleet of 81 helicopters and 16 fixed wing aircraft.

As previously announced, Rowan will use a portion of the proceeds to make a $60 million contribution to its defined benefit pension plan and intends to pay a special dividend to shareholders of 25(cents) per share. The record and payment dates for the dividend will be determined later by the Company's Board of Directors.