LeTourneau Lands $90MM Land Rig Contract

Rowan Companies, Inc. has announced that its wholly owned manufacturing subsidiary, LeTourneau Technologies, Inc. (LTI), has entered into a contract to provide major components for nine new 1500 horsepower land drilling rigs. The contract is with Nomac Drilling, Inc., a wholly owned subsidiary of Chesapeake Energy Corporation, and is valued at approximately $90 million.

Each of the rigs will feature AC drive technology and incorporate key LTI drilling equipment, including the mud pumps and drawworks. Delivery of the components is expected to begin in the fourth quarter of 2008 and be completed by mid 2009.