HOUSTON, March 24 /PRNewswire-FirstCall/ -- Rowan Companies, Inc. (NYSE: RDC) announced today that it has signed an agreement with Petroleos Mexicanos ("PEMEX") for Rowan's Gorilla IV, with work commencing in the second quarter of 2009. The contract is expected to provide approximately $124 million of drilling revenues.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081031/DA43093LOGO)

Matt Ralls, Rowan's President and Chief Executive Officer, commented, "We are delighted for this opportunity to further diversify our global drilling operations and look forward to working for PEMEX again."

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's manufacturing division, LTI, 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.

    -0-                           03/24/2009
    /CONTACT:  Suzanne M. McLeod, Director of Investor Relations of Rowan
Companies, Inc., +1-713-960-7517, smcleod@rowancompanies.com/
    /Photo:  http://www.newscom.com/cgi-bin/prnh/20081031/DA43093LOGO
             AP Archive:  http://photoarchive.ap.org
             PRN Photo Desk, photodesk@prnewswire.com/
    /Web Site:  http://www.rowancompanies.com /
    (RDC)

CO:  Rowan Companies, Inc.; Petroleos Mexicanos; PEMEX
ST:  Texas, Mexico
IN:  OIL UTI
SU:  CON

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