Rowan obtains four-year drilling contracts for two offshore rigs in Saudi Arabia
  by: OilOnline
  Thursday, August 31, 2006

Rowan Companies, Inc. has been awarded term drilling contracts by the Saudi Arabian Oil Company for two Tarzan Class jack-up drilling rigs to begin operating offshore Saudi Arabia in 2007.

Each contract is for a four-year term. The relocation of the two rigs from the Gulf of Mexico will begin in January 2007 and the rigs should be operational in Saudi Arabia by the end of the first quarter. Rowan estimates that revenues from the contracts will be in excess of $550 million.