Rowan Dismissed From Anti-Trust Lawsuit

It was recently reported that twelve offshore drilling firms had agreed to pay $75 million collectively to settle an anti-trust lawsuit alleging that they conspired to fix offshore workers' wages and benefits over a period of several years. While named as a defendant in the lawsuit, Rowan Companies, Inc. did not participate in the settlement.

Rowan steadfastly and categorically denied any involvement in any wrongdoing. On October 23, 2001, the U. S. District Court in Houston signed an order dismissing Rowan from the lawsuit.

Bob Palmer, Chairman and Chief Executive Officer, commented, "We are pleased that justice prevailed."