Rowan Inks Deal with Devon for Gorilla II Jackup

Rowan Companies, Inc.

Rowan has signed a contract with Devon Energy Corporation for the Gorilla class jackup, Gorilla II, in the Gulf of Mexico.

The two-year commitment should begin in January 2009 and is expected to provide approximately $137 million of drilling revenues. The rig will be performing drilling services as well as assisting Devon with various construction projects.

Danny McNease, Rowan Chairman and Chief Executive Officer, commented, "On the heels of the record jackup day rate recently awarded to our first 240C class rig, the Rowan-Mississippi, the historically well-to-well Gulf of Mexico market has provided Rowan with a second two-year commitment in a matter of weeks. We believe that this market will continue to recognize and reward contractors with premium equipment and experienced drilling personnel, and we look forward to additional opportunities."