Rowan Announces Development in Gorilla V Contract Dispute

Rowan Companies, Inc. has learned that on Friday, December 14, Amoco (UK) Exploration Company filed an Application for Permission to Appeal the Judgement handed down by the English Court on November 16, 2001. The English Court of Appeals will now consider, as a preliminary matter, whether or not to grant Amoco permission to appeal. Any substantive appeal will only be allowed to proceed if permission is granted. Amoco has now paid to Rowan's subsidiary, British American Offshore Limited (BAO), the sums it was ordered to pay following the judgement of November 16, amounting to $88.6 million. A copy of Amoco's Application should be posted on Rowan’s website on or about December 21, 2001.