| ROWAN COMPANIES, INC. OFFSHORE RIG FLEET AND CONTRACT STATUS As of October 25, 2010 | |
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| OFFSHORE RIGS | | | | | | | | | | | | Contract Status | | |
| | | | | Depth (feet) | | Year in | | | | | | Day Rate | | Estimated | | |
Name | | Class | | Water | | Drilling | | Service | | Location | | Customer | | (in thousands) | | Duration | | Comments ($ in thousands) |
| Cantilever Jack-up Rigs: | | | | | | | | | | | | | | | | | | |
| Rowan EXL IV | | S116-E | | | 350 | | | 35,000 | | 2012 | | TBD | | TBD | | TBD | | TBD | | Rig is under construction with delivery expected in January 2012. |
| Joe Douglas | | 240-C | | | 375 | | | 35,000 | | 2011 | | Gulf of Mexico | | TBD | | TBD | | TBD | | Rig is under construction with delivery expected in September 2011. |
| | | | | | | | | | | | | | | | | | | | | Received a verbal commitment from McMoRan for one ultra deep gas well in Gulf of Mexico (approximately one year) at a day rate in the low 180s. |
| Rowan Norway | * | N-Class | | | 400 | | | 35,000 | | 2011 | | TBD | | TBD | | TBD | | TBD | | Rig previously named SKDP III. Rig is under construction with delivery expected in June 2011. |
| Rowan EXL III | | S116-E | | | 350 | | | 35,000 | | 2011 | | Gulf of Mexico | | TBD | | TBD | | TBD | | Rig is under construction with delivery expected in January 2011. |
| | | | | | | | | | | | | | | | | | | | | Received a verbal commitment from McMoRan for one ultra deep gas well in Gulf of Mexico (approximately one year) at a day rate in the low 140s. |
| Rowan Stavanger | * | N-Class | | | 400 | | | 35,000 | | 2011 | | TBD | | TBD | | TBD | | TBD | | Rig previously named SKDP II. Rig is under construction with delivery expected in January 2011. |
| Rowan Viking | * | N-Class | | | 400 | | | 35,000 | | 2010 | | TBD | | TBD | | TBD | | TBD | | Rig previously named SKDP I. Rig completed construction in October 2010 and is expected to depart the shipyard mid November 2010 for the North Sea in anticipation of future contract work. |
| Rowan EXL II | | S116-E | | | 350 | | | 35,000 | | 2010 | | Trinidad | | BP Trinidad | | Mid 130s | | November 2013 | | Rig is expected to commence operations in mid November 2010. Day rate reflects average rate over the contract period and includes amortization of contract mobilization/modification revenues. |
| Rowan EXL I | | S116-E | | | 350 | | | 35,000 | | 2010 | | Gulf of Mexico | | McMoRan | | Low 140s | | July 2011 | | |
| Ralph Coffman | | 240-C | | | 375 | | | 35,000 | | 2009 | | Gulf of Mexico | | McMoRan | | Low 180s | | December 2010 | | Rig was idle for three days during the month of September 2010. |
| | | | | | | | | | | | | Middle East | | Saudi Aramco | | Low 220s | | June 2014 | | Rig is expected to depart GOM in early Q1 2011 and commence operations on three-year contract commencing in late Q2 2011. |
| J.P. Bussell | | 225-C | | | 300 | | | 35,000 | | 2008 | | Egypt | | Shell | | Low 180s | | May 2011 | | |
| Rowan-Mississippi | | 240-C | | | 375 | | | 35,000 | | 2008 | | Gulf of Mexico | | McMoRan | | Low 180s | | December 2010 | | Received a verbal commitment from McMoRan for one ultra deep gas well in the Gulf of Mexico (approximately one year) at a day rate in the low 180's. |
| Hank Boswell | | 225-C | | | 300 | | | 35,000 | | 2006 | | Middle East | | Saudi Aramco | | Low 190s | | March 2011 | | |
| Bob Keller | | 225-C | | | 300 | | | 35,000 | | 2005 | | Middle East | | Saudi Aramco | | Low 180s | | May 2011 | | |
| Scooter Yeargain | | 225-C | | | 300 | | | 35,000 | | 2004 | | Middle East | | Saudi Aramco | | Low 190s | | March 2011 | | |
| Bob Palmer | | 224-C | | | 550 | | | 35,000 | | 2003 | | Gulf of Mexico | | Shipyard | | | | October 2010 | | Rig was idle for 10 days during the month of September 2010. Rig entered the shipyard in mid September 2010 and is undergoing modifications for the Saudi Aramco work before departing the GOM in late October 2010. |
| | | | | | | | | | | | | Middle East | | Saudi Aramco | | Mid 270s | | April 2014 | | Rig will enter the shipyard in the Middle East for modifications/upgrades before commencing operations on three-year contract in early Q2 2011. |
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| Rowan Gorilla VII | | 219-C | | | 400 | | | 35,000 | | 2002 | | North Sea | | Shipyard | | | | October 2010 | | Rig is in the shipyard undergoing upgrades for Apache. Rig was idle in September 2010, but recognized a $3 million leg down lump sum fee from the prior customer. |
| | | | | | | | | | | | | | | Apache | | Low 180s | | February 2012 | | Rig is expected to commence operations in late October 2010. |
| Rowan Gorilla VI | | 219-C | | | 400 | | | 35,000 | | 2000 | | North Sea | | BG | | Low 200s | | July 2011 | | |
| Rowan Gorilla V | | 219-C | | | 400 | | | 35,000 | | 1998 | | North Sea | | Total | | Low 160s | | February 2011 | | |
| | | | | | | | | | | | | | | | | Low 180s | | February 2012 | | |
| | | | | | | | | | | | | | | | | See comment | | February 2013 | | Day rate at mutually agreed market rate between low 150s and mid 230s. |
| Rowan Gorilla IV | | 200-C | | | 450 | | | 35,000 | | 1986 | | Mexico | | PEMEX | | Mid 120s | | July 2011 | | The day rate reprices every three months based on an index of jack-up rates. The day rate reflects rig's repricing at the end of October 2010. |
| Rowan Gorilla III | | 200-C | | | 450 | | | 30,000 | | 1984 | | Eastern Canada | | Available | | | | | | |
| Rowan Gorilla II | | 200-C | | | 350 | | | 30,000 | | 1984 | | Gulf of Mexico | | NorthStar / ADTI | | Low 100s | | November 2010 | | Rig was idle for 19 days during the month of September 2010. |
| Rowan-California | | 116-C | | | 300 | | | 30,000 | | 1983 | | Middle East | | Wintershall | | Mid 70s | | June 2011 | | |
| Cecil Provine | | 116-C | | | 300 | | | 30,000 | | 1982 | | Gulf of Mexico | | Apache | | Low 60s | | December 2010 | | |
| Gilbert Rowe | | 116-C | | | 350 | | | 30,000 | | 1981 | | Middle East | | Maersk | | Mid 70s | | March 2011 | | |
| Arch Rowan | | 116-C | | | 350 | | | 30,000 | | 1981 | | Middle East | | Available | | | | | | Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of September 2010. |
| Charles Rowan | | 116-C | | | 350 | | | 30,000 | | 1981 | | Middle East | | Available | | | | | | Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of September 2010. |
| Rowan-Paris | | 116-C | | | 350 | | | 30,000 | | 1980 | | Middle East | | Maersk | | Mid 70s | | March 2011 | | |
| Rowan-Middletown | | 116-C | | | 350 | | | 30,000 | | 1980 | | Middle East | | Available | | | | | | Rig is in the shipyard for general maintenance and upgrades and was in the shipyard during the month of September 2010. |
| Conventional Jack-up Rigs: | | | | | | | | | | | | | | | | | | | | |
| Rowan-Juneau | | 116 | | | 250 | | | 30,000 | | 1977 | | Gulf of Mexico | | Available | | | | | | Rig was idle during the month of September 2010. |
| Rowan-Alaska | | 84 | | | 350 | | | 30,000 | | 1975 | | Gulf of Mexico | | Available | | | | | | Rig was idle during the month of September 2010. |
| Rowan-Louisiana | | 84 | | | 350 | | | 30,000 | | 1975 | | Gulf of Mexico | | McMoRan | | Mid 50s | | May 2011 | | Currently negotiating a standby day rate while rig is waiting on a permit. |
"*" Denotes Keppel unit design currently under construction at Keppel FELS shipyard in Singapore. Rig Class denotes LeTourneau, Inc. hull number. 200-C is a Gorilla class unit designed for extreme hostile environment capability. 219-C is a Super Gorilla class unit, an enhanced version of the Gorilla class, and 224-C is a Super Gorilla XL design. 225-C is a Tarzan Class unit. 240-C is LeTourneau's latest jack-up design. Estimated contract durations reflect either stated drilling periods or expected time required for the contracted well or wells. Rowan EXL is an enhanced version of the Super 116E class. Unless otherwise indicated, all day rates include estimated amortization of contract mobilization/modification revenues.
ROWAN HEREBY ADVISES THAT THE TABLE SET FORTH ABOVE MAY CONTAIN INACCURATE, INCOMPLETE AND/OR INCORRECT INFORMATION AND IS SUBJECT TO CHANGE AT ANY TIME. THE INFORMATION SHOULD NOT BE RELIED UPON FOR ANY PURPOSE, AND ROWAN HEREBY DISCLAIMS ANY LIABILITY RELATING TO THE USE OF THE INFORMATION SET FORTH ABOVE.
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. Relevant factors have been disclosed in the Company's filings with the U. S. Securities and Exchange Commission.
Revisions to Fleet Status Report Noted in Bold
