Rowan Extends North Sea Contract for Gorilla VII

Rowan Companies, Inc. has entered into a one-year extension of its drilling contract for the Rowan Gorilla VII in the North Sea. Gorilla VII is currently working offshore Denmark under a one-year term contract that contained an option for a second year. By the exercise of the option, the rig's commitment is now extended to August 2007. The extension will generate additional drilling revenues of approximately $93 million.