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CURRENT ISSUE

BEATING THE PIRATES
What's the best way for a shipowner to avoid having a ship hijacked by pirates?

Reroute the ship even if it means a huge diversion
Stay within recommended safe limits and patrolled areas
Hire an on-board security team
Just hope for the best

October 15, 2008

Two year contract for Rowan Gorilla II

Rowan Companies, Inc. (NYSE:RDC) has signed a contract with Devon Energy Corporation for the Gorilla class jack-up, 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 jack-up 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."


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