Rowan wins three-year drilling contract off Saudi Arabia

Rowan Companies Inc.'s Tarzan Class jackup, Bob Keller, has won a three-year contract to drill offshore Saudi Arabia.

Offshore staff

HOUSTON -- Rowan Companies Inc.'s Tarzan Class jackup, Bob Keller, has won a three-year contract to drill offshore Saudi Arabia.

The company expects total revenues of $201 million. The contract contains an option for a fourth year. TheBob Keller recently concluded work in the Gulf of Mexico and is en route to the Middle East. The rig is expected to commence drilling operations during 2Q 2008.

"We are pleased to grow our relationship with Saudi Aramco and again want to thank Rawabi Trading & Contracting Co. Ltd. for their continuing assistance," says Danny McNease, Rowan chairman and CEO. "Just two years ago, we re-entered the Middle East market after a 25-year absence. This commitment expands our presence to nine jackup rigs in the area, and is further testament to the high performance of our drilling equipment and personnel throughout the world. Our Tarzan Class rigs, in particular, have demonstrated drilling capabilities that are well-suited to this environment, and all three of these rigs will soon be working offshore Saudi Arabia. We are confident that the Middle East market will require more quality drilling equipment in the future, and look forward to further opportunities for Rowan."

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