Rowan Wins Multi-Year Contracts for Six Land Rigs

Rowan Companies has been awarded term drilling contracts from three different operators covering six new LEWCO/SourceOne land rigs. The contracts provide a total of 14 rig years of work and should yield approximately $107 million of drilling revenues.

The 2000 HP rigs will be assembled by Rowan at its Sabine Pass, Texas facility, and will incorporate many products from its manufacturing division, including LEWCO drawworks, mud pumps and top drives and OEM motors and switchgear. The Company expects that the first rig will be completed in December 2005 and the other five will follow during the first quarter of 2006. The aggregate cost of the six rigs is estimated to be in the range of $70-75 million.