Rowan Companies, Inc. Prices $400 Million of 5% Senior Notes

HOUSTON, Aug. 19 /PRNewswire-FirstCall/ -- Rowan Companies, Inc. ("Rowan" or the "Company") today announced that it has priced a public offering of $400 million of its 5.000% senior notes due 2017, in a registered public offering. Rowan expects the proceeds from the notes offering to be used for general corporate purposes, including the potential repayment of indebtedness of Skeie Drilling & Production ASA.

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The notes will be issued at 99.504% percent of their principal amount and will have a fixed-rate interest rate of 5.000 percent per annum and a maturity date of September 1, 2017. The expected settlement date for the offering is August 30, 2010.

Citigroup Global Markets Inc., RBC Capital Markets Corporation, Wells Fargo Securities, LLC and DnB NOR Markets, Inc. acted as joint book-running managers in connection with the notes offering.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities is being made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the prospectus and preliminary prospectus supplement in respect of any of these securities may be obtained from Citigroup Global Markets Inc., Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Telephone: [phone] or by e-mailing [e-mail]; RBC Capital Markets, Three World Financial Center, 200 Vesey Street, New York, New York 10281, Attn: Debt Capital Markets or by calling 866-375-6829 or by emailing [e-mail]; and Wells Fargo Securities, LLC, Attn: Syndicate Operations, 1525 West W.T. Harris Boulevard, Charlotte, North Carolina 28262, Telephone: [phone].

Rowan Companies, Inc. is a worldwide provider of contract drilling services utilizing a fleet of 24 offshore jack-up rigs and 29 actively marketed deep-well land drilling rigs. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.

The press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are subject to a number of risks, uncertainties and assumptions, including the factors described in Rowan Companies, Inc.'s most recent periodic reports and other documents filed with the Securities and Exchange Commission, which are available free of charge at the SEC's web site at http://www.sec.gov/. Rowan Companies, Inc. cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements. There can be no assurance that the transactions contemplated in this press release will be completed. Rowan Companies, Inc. assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.

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Rowan Companies, Inc.

CONTACT: Suzanne McLeod of Rowan Companies, Inc., [phone]