|Monday, October 25, 1999
In response to the unfavorable outlook for drilling activity in the North Sea, Rowan is mobilizing two additional jack-up rigs to other areas. The Rowan-Halifax departed Rotterdam on October 16th for the Gulf of Mexico, where it will be upgraded to enable operations in water depths up to 350 feet. The rig will join Rowan's fleet of 16 offshore rigs in the Gulf of Mexico, two of which were mobilized from the North Sea during the second quarter. Rowan Gorilla V departed Dundee, Scotland on October 24th for eastern Canada, where it will join Gorilla II and Gorilla III offshore Sable Island, Nova Scotia. C. R. Palmer, Chairman and Chief Executive Officer, commented, "Rowan's offshore assets are described as Mobile Offshore Drilling Units -- which means they are mobile. We believe that the Gulf of Mexico and offshore eastern Canada will provide better revenue-producing opportunities than the North Sea, in the near to intermediate term. Rowan currently has only two rigs remaining in the North Sea -- the Arch Rowan, which is idle, and Gorilla IV, which is contracted through January 2000."