LeTourneau Technologies and Lamprell Energy Contract for Newbuild Jack-up Rig Kit

LeTourneau Technologies and Lamprell Energy Contract for Newbuild Jack-up Rig Kit

Rowan Companies, Inc. (NYSE:RDC – News) announced today that its wholly-owned subsidiary, LeTourneau Technologies, Inc., has entered into a contract to furnish a kit and license to Lamprell Energy, Ltd. for the construction of a third Super 116E class jack-up rig.

The rig will be built at Lamprell’s Jebel Ali facility located in the United Arab Emirates with delivery expected in June 2010. Lamprell currently has two additional Super 116E class jack-ups under construction under license from LTI. This transaction highlights the strong commitment for growth in the Middle East market by both parties working together.

LTI’s delivery of the kit, which includes the rig’s legs, jacking system, cranes and certain other components, will occur in stages in accordance with the rig construction schedule. The initial delivery is expected to occur in the fourth quarter of 2008 and the final delivery during the second quarter of 2009.

LTI built the world’s first jack-up drilling rig in 1955 and is an acknowledged leader in the supply of offshore jack-up drilling rigs today. LTI has designed or built approximately one-third of all jack-up rigs in service, including all 21 operated by Rowan.

This marks the 19th order for the Super 116 series of jack-ups. The Super 116 is one of five current LTI jack-up rig designs, and an evolution of LTI’s industry workhorse 116-C design. The Super 116E provides up to 2,000 kip greater payload than its predecessor. The rig is designed to drill in up to 350 feet of water in moderate environmental locations and can be outfitted to handle high temperature/high pressure wells.

Rowan Companies, Inc. is a major provider of international and domestic contract drilling services. The Company also owns and operates a manufacturing division, LTI, that produces equipment for the drilling, mining and timber industries. The Company’s stock is traded on the New York Stock Exchange. Common Stock trading symbol: RDC.

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