Rowan Wins Two North Sea Drilling Contracts

Rowan Companies has been awarded consecutive drilling contracts from two UK-based oil and gas companies for its Super Gorilla class jackup rig Gorilla VI. The jobs are for work in the North Sea beginning early next year. Gorilla VI is scheduled to complete operations offshore eastern Canada during the fourth quarter of 2006, when it will be relocated to the North Sea.

Collectively, the contracts specify a minimum of 420 days of work and contain options for an additional 530 days. Mobilization fees are included, as are additional payments for any work performed in the Norwegian sector. Rowan estimates that minimum drilling revenues from these contracts will be approximately $127 million. Revenues could be as much as $311 million if all extension options are exercised including work offshore Norway.

Danny McNease, Chairman and Chief Executive Officer, commented, "We are pleased for this opportunity to move our third Super Gorilla to the North Sea, joining Gorillas V and VII. These contracts evidence our commitment to strategically relocate Rowan's fleet to those areas providing the highest returns, and reaffirm our belief that the Super Gorilla is the rig of choice for our customer's harsh environment work."

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