HOUSTON--(BUSINESS WIRE)--Aug. 29, 2006--Rowan Companies, Inc.
(NYSE:RDC) announced today that it has been awarded a contract to
drill four wells offshore Trinidad.
The Rowan Gorilla III will soon relocate to Trinidad to begin a
one-year term contract for EOG. The new contract is with another
operator and should extend the rig's stay in the area by about six
months to March 2008. The Company expects the new contract will
generate approximately $45 million of drilling revenues.
Danny McNease, Chairman and Chief Executive Officer, commented,
"We are pleased to extend our work commitment in Trinidad. This
contract reflects the continuing strength of the market for
high-specification jack-ups throughout the world."
Rowan Companies, Inc. is a major provider of international and
domestic contract drilling services. The Company also owns and
operates a manufacturing division that produces equipment for the
drilling, mining and timber industries. The Company's stock is traded
on the New York Stock Exchange and NYSE Arca. Common Stock trading
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, 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
CONTACT: Rowan Companies, Inc., Houston
William C. Provine, 713-960-7575
SOURCE: Rowan Companies, Inc.