Rowan Announces New Drilling Commitments

Wednesday, January 09, 2008
Rowan Companies, Inc. announced that it has signed a drilling contract for one of its Gorilla class rigs for approximately six months of work offshore eastern Canada that should begin in mid 2009.The company has committed either the Rowan Gorilla II or Rowan Gorilla III to this assignment, depending on first availability, and expects total revenues, including mobilization and modification fees, of approximately $56m. As previously reported, Rowan has also recently obtained additional North Sea drilling commitments for its Super Gorilla class rig, Rowan Gorilla VI, as follows: A six-month commitment for CNR expected to commence by the third quarter of 2009 and generate $55 million of drilling revenues. A subsequent six-month extension for BG expected to occur in 2010 and generate $55m of drilling revenues. Rowan Companies, Inc. is a major provider of international and domestic contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. The Company's stock is traded on the New York Stock Exchange. Common Stock trading symbol: RDC.
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