BP Petitions UK Court for Right to Appeal Rowan Judgment

Rowan Companies, Inc. has learned that on Friday, December 14, 2001, Amoco (UK) Exploration Company (Amoco) filed an Application for Permission to Appeal the Judgment handed down by the English Court on November 16, 2001. The English Court of Appeals will now consider, as a preliminary matter, whether or not to grant Amoco permission to appeal. Any substantive appeal will only be allowed to proceed if permission is granted.

Amoco has now paid to Rowan's subsidiary, British American Offshore Limited (BAO), the sums it was ordered to pay following the judgment of November 16, amounting to $88.6 million. A copy of Amoco's Application should be posted on our website on or about December 21, 2001.

Bob Palmer, Chairman and Chief Executive Officer, commented, "Notwithstanding the very clear finding by the English Court that Amoco's case 'fails on the facts at every point', BP and their attorneys have decided to prolong the agony."