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March 27, 2009

LeTourneau to supply rig kits for two Petrobras jack-ups

Rowan Companies, Inc. (NYSE: RDC) reports that its manufacturing subsidiary, LeTourneau Technologies, Inc. ("LTI") has signed contracts valued at approximately US$185 million with a Brazilian construction consortium to provide the rig kit, rig design and drilling equipment for two LeTourneau Super 116E jack-up rigs.

Dan Eckermann, LTI's President and CEO, stated, "In this difficult market environment we are pleased to have been selected by the Brazilian consortium to provide the primary components for these new jack-up rigs. We plan to deliver to the consortium state-of-the-art rig kits, rig design and drilling equipment. This success also confirms the strength of our product slate and our ability to provide quality drilling products for offshore and land drilling applications."

The two Super 116E jack-up rigs are to be built at Petrobras' Maragojipe, Bahia, Brazil facility by the Consorcio Rio Paraguacu. The rig kits will be substantially delivered in 2009 while most of the drilling equipment will be provided in 2010.

The Super 116E Class is one of five current LTI jack-up rig designs, and is an evolution of LTI's industry workhorse 116-C Class design. The Super 116E provides for up to 2,000 kip greater payload than its predecessor. The rig is designed to drill in up to 350 feet of water in moderate environmental locations and can be outfitted to handle high temperature/high pressure wells.


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