Rowan reports on condition of offshore fleet following Hurricane Rita
  by: OilOnline
  Tuesday, September 27, 2005

Rowan Companies, Inc. has announced that, in the aftermath of Hurricane Rita, its jack-up rigs Rowan-Odessa and Rowan-Halifax were not at their pre-storm locations. In addition, the hull of the jack-up Rowan-Louisiana apparently detached from its legs and is aground offshore Louisiana. The Company was also unable to account for one rig, the Rowan-Fort Worth, via a high-altitude aerial survey conducted yesterday.

Each of the Company's other Gulf of Mexico rigs was identified, though an assessment of their condition will depend upon closer inspection. The Company will conduct more extensive aerial surveys as soon as weather conditions allow and will provide an update on the status of its Gulf of Mexico fleet once additional information is available.

The Rowan-Odessa, Rowan-Halifax and Rowan-Louisiana were operating under contracts that provided for total revenues of approximately $210,000 per day. The rigs are collectively insured for an amount that exceeds their aggregate carrying value. The Company does not maintain insurance against loss of revenue.