Rowan Obtains Two-Year Gulf of Mexico Contract for Jack-up Gorilla II

Rowan Companies, Inc. (NYSE:RDC) announced today that it has signed a contract with Devon Energy Corporation for the Gorilla class jack-up, Gorilla II, in the Gulf of Mexico.

The two-year commitment should begin in January 2009 and is expected to provide approximately $137 million of drilling revenues. The rig will be performing drilling services as well as assisting Devon with various construction projects.

Danny McNease, Rowan Chairman and Chief Executive Officer, commented, “On the heels of the record jack-up day rate recently awarded to our first 240C class rig, the Rowan-Mississippi, the historically well-to-well Gulf of Mexico market has provided Rowan with a second two-year commitment in a matter of weeks. We believe that this market will continue to recognize and reward contractors with premium equipment and experienced drilling personnel, and we look forward to additional opportunities.”

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. Common Stock trading symbol: RDC.

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 Commission.