LeTourneau Technologies And PetroVietnam Enter Contract For Newbuild Jack-Up Rig Kit And Services

Rowan Companies, Inc. Logo. (PRNewsFoto/Rowan Companies, Inc.)

HOUSTON, TX UNITED STATES

Houston, TX /PRNewswire-FirstCall/ -- Rowan Companies, Inc. ("Rowan" or the "Company") (NYSE: RDC) announced today that its wholly-owned subsidiary, LeTourneau Technologies, Inc. ("LTI") has entered into a contract to provide the rig kit, license and certain technical consultancy assistance to Vietnam's PetroVietnam Marine Shipyard J/S Company ("PetroVietnam Shipyard") for the construction of a newbuild LeTourneau Super 116E jack-up rig with 377 feet of leg. PetroVietnam Shipyard will construct the Super 116E jack-up for Vietnam Oil & Gas Group (PetroVietnam) in Vung Tau City, S. R. Vietnam.

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Dan Eckermann, LTI's President and Chief Executive Officer, stated, "We are pleased to enter into this new market with PetroVietnam Shipyard and support the Vietnamese Government's interest in developing the nation's rig building industry to meet planned oil and gas export projects. This contract demonstrates our strong commitment for international growth through the supply of our state-of-the-art rig kits, rig designs and drilling equipment."

LTI's contract with PetroVietnam Shipyard, valued at approximately $40 million, provides key rig kit equipment, designed and fabricated by LTI, including the leg components, elevating system, controls, spud can materials, cantilever skidding system and hold-down structures. LTI will deliver the rig kit equipment in stages commencing in the fourth quarter of 2009 with the final shipment in the third quarter of 2010.

The Super 116E Class is one of five current LTI jack-up rig designs, and is an evolution of LTI's industry workhorse 116-C Class design. The Super 116E provides for up to 2,000 kips greater payload than its predecessor and is designed to drill in up to 350 feet of water in moderate environmental locations. The rig can be outfitted to handle high temperature/high pressure wells.

LTI built the world's first jack-up drilling rig in 1955. Today, LTI is an acknowledged leader in the supply of offshore jack-up drilling rigs with a well-known track record of dependability, a reputation for the finest technology, and a company-wide commitment to innovation and customer responsiveness. For more information on LTI, please visit www.lti-offshore.com.

Rowan Companies, Inc. is a worldwide provider of contract drilling services utilizing a fleet of 22 high-spec offshore jack-up rigs and 32 deep-well land drilling rigs. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. For more information on Rowan, please visit www.rowancompanies.com.

This report contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs and future expected financial performance of the Company that are based on current expectations and are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected by the Company. Among the factors that could cause actual results to differ materially include oil and natural gas prices, the level of offshore expenditures by energy companies, energy demand, the general economy, including inflation, capital markets conditions, weather conditions in the Company's principal operating areas and environmental and other laws and regulations. Other relevant factors have been disclosed in the Company's filings with the U. S. Securities and Exchange Commission.

SOURCE Rowan Companies, Inc.

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