LeTourneau Obtains $74 Million Contract for New Land Rigs

Rowan Companies, Inc. (NYSE:RDC) announced today that its wholly owned manufacturing subsidiary, LeTourneau Technologies, Inc. (LTI), has entered into a contract with Weatherford Drilling International (BVI) Ltd. to construct four new 2000 horsepower land drilling rigs, at a total value of $74.4 million.

Construction is expected to start immediately with delivery of the first land rig in the third quarter of 2008, and should be completed by July of 2009. LTI will assemble the land rigs from its Jebel Ali, Dubai yard, located in the United Arab Emirates.

In making this announcement, Danny McNease, Rowan’s Chairman, President and Chief Executive Officer, stated, “We are pleased that Weatherford has involved LTI in the growth of their integrated land drilling business. These land rigs will feature LTI’s new AC drive technology and key drilling equipment that is well respected in the industry for providing high performance, reliability and low maintenance operations. This latest contract helps confirm LTI’s growing global position and commitment to delivering quality equipment on time.”

Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling services. The Company’s manufacturing division, LTI, 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.