Rowan Provides Contract Status of Offshore Rigs

Tuesday, September 24, 2002
Rowan Companies, Inc. announced that the current contract status of its offshore drilling fleet. In the Gulf of Mexico: Gorillas II, III, IV and VI are each operating under well-to-well contracts. Eastern Canada - Gorilla V completed a one-well contract on September 18 and is now in Halifax Harbor. Though the outlook for 2003 is favorable, the near-term outlook for additional work offshore eastern Canada is uncertain. North Sea - Gorilla VII completed a contract as an accommodation unit on September 12 and is currently under contract for a short-term construction program in the Norwegian Sector. With several bids in process, the near-term outlook for additional work in the North Sea, while uncertain, is, for the moment, more promising than eastern Canada. Other Rigs: The company's remaining 18 rigs in the Gulf of Mexico are under well-to-well contracts.
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