Rowan Completes Acquisition

Rowan Companies, Inc. announced that Rowan Electric, Inc., a wholly owned subsidiary, has completed the purchase of certain assets of Oilfield-Electric-Marine, Inc. and Industrial Logic Systems, Inc., for a price of approximately $8 million in Rowan common stock.

Oilfield-Electric-Marine manufactures variable speed AC motors and variable frequency drive systems, DC motors and drive systems, and consoles for marine boats and lay barges, the oil and gas drilling industry, and the mining and dredging industries. Oilfield-Electric-Marine also manufactures medium voltage switchgear from 5KV through 38KV for the industrial and petrochemical markets.

Bob Palmer, Rowan Chairman and CEO, commented, "We view this acquisition as a 'bolt-on' addition to our manufacturing capabilities and believe it will increase the profitability of our manufacturing division, broaden our customer base, and expand our product line. We anticipate moving the operation to a larger Houston area plant with increased capacity.

"We are particularly pleased that Kevin R. Williams, President of Oilfield-Electric-Marine, Inc., has agreed to continue his involvement with product design, development and marketing in his new position as President of Rowan Electric, Inc. dba Oilfield-Electric-Marine."