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December 10, 2005

Fourth Tarzan jackup to be built by Signal

Rowan Companies is building its fourth Tarzan class jackup rig at Signal International, rather than at its own LeTourneau facility in Vicksburg, which built the first three Tarzan class rigs.

On December 2, Rowan announced it would build two rigs of a new LeTourneau 240 C design at the Vicksburg yard.

Now Signal International, L.L.C. says it has signed a contract with LeTourneau, Inc. to build a TARZAN CLASS jackup drill rig.

LeTourneau is procuring the rig, the fourth TARZAN CLASS rig built for Rowan Companies, Inc., its parent corporation.

Under the terms of the contract, LeTourneau will provide a license to Signal International and furnish the engineering and component kit for the elevating system, including, 445 ft leg length.

LeTourneau Ellis Williams Company, Inc., also a subsidiary of Rowan Companies Inc., will provide the drilling equipment package.

Dick Marler, President and CEO of Signal, said the TARZAN CLASS rig will be built at Signal's Texas facility in Orange, Texas. Delivery will be third quarter 2007.

Marler further stated, "The LeTourneau contract opens the door to establish Signal as a U.S. alternative to foreign designed rigs and building programs."

He added, "Signal has significant resources in both its Mississippi and Texas facilities to offer both newbuild jackups and semi submersibles with competitive pricing and schedules."

Signal International, headquartered in Pascagoula, Miss., that currently employ over 1,300 workers in its two production facilities in Mississippi and four in Texas.

Entering 2006, Signal has a sales backlog of over $200 million, and is offering long-term employment opportunities at all Signal locations.