Rowan Snags Contracts for Two Jackups

Rowan Companies has been awarded the following offshore drilling contracts:

The Gorilla VI is committed through November 2006 to drill up to four wells off the coast of Newfoundland. The rig recently completed work offshore eastern Canada and will soon mobilize to Mulgrave, Nova Scotia for maintenance. The new assignment, which Rowan expects to commence in early March, will generate revenues of approximately $53 million should it continue through November.

The Gorilla III has a one-year term assignment offshore Trinidad that is expected to generate revenues of approximately $68 million. The rig should fulfill its current commitment in the Gulf of Mexico late in the second quarter of this year and be relocated to Trinidad during the third quarter.

Danny McNease, Chairman and Chief Executive Officer, commented, "Rowan will continue to pursue opportunities to maximize returns, and we believe the Gorilla III contract offers exactly that. We are pleased to return to Trinidad, a jack-up market that we have had success working in many times before, and one that we currently view as having long-term sustainability."

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