March 22, 2005

Rowan gets contract for second Tarzan jackup

Rowan Companies, Inc. (NYSE:RDC) announced today that it has been awarded a drilling contract by a large independent oil and gas company to drill a deep well on the outer continental shelf in the Gulf of Mexico, using its second Tarzan Class jack-up, the Bob Keller.

The one-well assignment should commence in September 2005. It is expected to last about seven months. Revenues from this contract are estimated to be approximately $20 million.

The Bob Keller is under construction at Rowan's Vicksburg, Miss., shipyard. Delivery is expected during the third quarter.

The Bob Keller is the second of what could be as many as four Tarzan Class rigs built by Rowan. The rigs are designed to tap the emerging ultra deep shelf gas market in the shallow waters of the Gulf of Mexico by offering the drilling capabilities of a Super Gorilla class rig at about one-half of the construction cost.

"Independent operators continue to dominate jack-up activity being carried out on the Gulf of Mexico's outer continental shelf," commented Rowan Chairman and CEO Danny McNease, "though several major operators have been planning ultra deep shelf wells that call for drilling beyond 25,000 feet."

Rowan is well-positioned to take advantage of expected growth in this market, he said, as it has the only four jack-ups with the capacity to handle the drill string required to reach the 25,000 ft depth.

"The Bob Keller will be our fifth Gulf of Mexico jack-up with a two million pound hook-load capacity," said McMease. "The timing for our introduction of the Tarzan Class jack-up into the marketplace could not have been better."

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