Rowan Confirms the Rowan New Orleans Capsized

Rowan has located the wreckage of the Rowan-New Orleans, its LeTourneau 52-class slot jack-up rig which capsized and sank in 155 feet of water in Main Pass Block 185 offshore Louisiana during Hurricane Katrina.

As previously reported, the rig was insured for approximately $1.1 million more than its carrying value. Rowan is currently developing a plan for removal of the wreckage, the cost of which is expected to exceed the Company's $5 million annual insurance deductible. Damage to Rowan's other rigs resulting from Hurricane Katrina appears to be minimal. All offshore personnel had been safely evacuated from the Rowan-New Orleans prior to the storm.

Rowan has many employees who reside in the areas of Louisiana, Mississippi and Alabama that were in the path of Hurricane Katrina. The Company has not been notified of any serious injuries or deaths among its employees resulting from the storm. The majority of Rowan's personnel have indicated they are available to report for work and all of the Company's rigs are presently operating. In recognition of the immediate needs of its employees, Rowan has continued to pay wages for those off work and has otherwise assisted those employees whose lives have been dramatically affected. In addition, the Company has made contributions to several charitable organizations that are heavily involved in the relief efforts.

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