Aban Loyd Chiles Completes Acquisition of Rowan Texas

Aban Loyd Chiles Offshore Ltd has completed acquisition of the Rowan Companies' jackup, Rowan Texas on September 2, 2005. The rig will be renamed the Aban VII.

The sale price of the LeTourneau 52-class jackup rig is approximately $45 million in cash, after selling expenses.

The Rowan Texas is one of Rowan's first jackup 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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