Rowan board approves Skeie Drilling purchase

The Rowan Co. board of directors has approved Rowan’s purchase of all of the ordinary shares in Skeie Drilling & Production ASA.

Offshore staff

HOUSTON – The Rowan Co. board of directors has approved Rowan’s purchase of all of the ordinary shares in Skeie Drilling & Production ASA.

The company will launch a tender offer for the remaining 49.7% of SKDP's outstanding ordinary shares, and expects to complete the offer in Sept. 2010, following the prospectus review of the Norwegian Financial Supervisory Authority.

SKDP is a Norwegian entity that owns and manages the construction of three high-spec jackup rigs, designated "N-class.” The expected deliveries of the rigs are September 2010, December 2010, and June 2011.

07/19/2010

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