Rowan Companies, Inc. (NYSE: RDC) announced today that a subsidiary has entered into turnkey contracts for the construction of two ultra-deepwater drillships with a cost of approximately $605 million each. The drillships will be constructed by Hyundai Heavy Industries Co., Ltd. ("HHI") at its Ulsan shipyard, and are expected to be delivered in late 2013 and mid-2014. Matt Ralls, President and Chief Executive Officer, commented, "Our long-stated strategy has been to focus on and diversify our offshore drilling business, and we are excited to take this first step into the ultra-deepwater sector.