Rowan Sells Jackup Rig

Rowan Companies has agreed to sell one of its LeTourneau 52-class jack-up rigs, the Rowan-Texas, for approximately $45 million in cash, after selling expenses.

The sale of the rig is expected to close within 60 days and the Company expects to record an after-tax gain on the transaction of approximately $25 million. Following its sale, the rig will be renamed and depart the Gulf of Mexico.

The Rowan-Texas is one of the Company's first jack-up rigs, having been delivered in 1973. The rig is one of the oldest LeTourneau units still performing as originally designed -- drilling wells to depths of up to 20,000 feet. For most of its 32-year history, the Rowan-Texas has operated on the Outer Continental Shelf in the shallow waters of the Gulf of Mexico.

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