Rowan intends to purchase Skeie Drilling

Rowan Co.s has entered into a share purchase agreement with Skeie Technology AS, Skeie Tech Invest AS, and Wideluck Enterprises Ltd., to purchase Skeie Drilling & Production ASA.

Offshore staff

HOUSTON-- Rowan Co.s has entered into a share purchase agreement with Skeie Technology AS, Skeie Tech Invest AS, and Wideluck Enterprises Ltd., to purchase Skeie Drilling & Production ASA.

The agreement is subject to due diligence and approval by Rowan's board of directors. Both steps must occur by July 19 or the agreement will terminate.

SKDP owns and manages the construction of three high-spec jackup rigs, designated "N-class", designed and being built by Keppel FELS Ltd. in Singapore. SKDP has a total of $530 million of first and second lien debt outstanding, secured by the rigs.

07/07/2010

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