Rowan Obtains Three-Year Drilling Contract for Five Rigs in Saudi Arabia

Rowan Companies has been awarded a term drilling contract by the Saudi Arabian Oil Company for five Class 116-C jack-up drilling rigs to begin operating offshore Saudi Arabia in early 2006.

The contract is for a three-year term and contains options for one additional year. Each rig is currently under contract in the Gulf of Mexico. The relocation of rigs to the Middle East will begin late in the fourth quarter of this year and should be completed by the end of the first quarter of 2006.

Danny McNease, Chairman and Chief Executive Officer, commented, "We are extremely pleased to be returning to the Middle East and look forward to renewing our relationship with Saudi ARAMCO. I want to personally thank Rawabi Trading & Contracting Co. Ltd. who greatly assisted Rowan in this endeavor. This contract will bring more global diversification to Rowan's drilling operations and, over time, should improve the average return on our investments. However, Rowan remains very committed to the Gulf of Mexico and we believe that this contract will also improve business conditions for our 17 offshore rigs that are currently slated to remain in that market."

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