Rowan Gorilla III Moves to Gulf Of Mexico

Rowan's two rigs located offshore eastern Canada, Rowan Gorilla III and Rowan Gorilla V, will soon conclude their drilling assignments for PanCanadian Petroleum Ltd.

C. R. Palmer, Chairman and Chief Executive Officer, commented, "Notwithstanding PanCanadian's recent announcement of their highly successful natural gas finds in the Deep Panuke field offshore Nova Scotia, development plans have not yet been formulated and, as a result, further drilling is being delayed for several months.

"Accordingly, Rowan has elected to relocate Gorilla III from eastern Canada to the Gulf of Mexico. The rig will depart Halifax this week and, after arrival at Sabine Pass, Texas, will have its legs extended from 343 feet to 504 feet. Gorilla III should begin work in early January 2001. Currently, there are 177 offshore rigs contracted in the Gulf of Mexico, the highest rig count in over 14 years. Rowan has 21 of the contracted rigs in the area.

"Gorilla V will remain offshore eastern Canada working for Sable Offshore Energy, Inc. for a period of four to seven months. The new contract will begin upon the release of Gorilla V by PanCanadian, which we expect to occur in early December."