Rowan Obtains 785-Day Contract for Jack-up Gorilla IV

HOUSTON, March 24 /PRNewswire-FirstCall/ -- Rowan Companies, Inc. (NYSE: RDC)
announced today that it has signed an agreement with Petroleos Mexicanos
("PEMEX") for Rowan's Gorilla IV, with work commencing in the second quarter
of 2009. The contract is expected to provide approximately $124 million of
drilling revenues.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081031/DA43093LOGO)

Matt Ralls, Rowan's President and Chief Executive Officer, commented, "We are
delighted for this opportunity to further diversify our global drilling
operations and look forward to working for PEMEX again."

Rowan Companies, Inc. is a worldwide provider of contract drilling services
utilizing a fleet of 22 high-spec offshore jack-up rigs and 32 deep-well land
drilling rigs. The Company's manufacturing division, LTI, produces equipment
for the drilling, mining and timber industries. For more information on
Rowan, please visit www.rowancompanies.com.

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.
Among the factors that could cause actual results to differ materially include
oil and natural gas prices, the level of offshore expenditures by energy
companies, energy demand, the general economy, including inflation, capital
markets conditions, weather conditions in the Company's principal operating
areas and environmental and other laws and regulations. Other relevant
factors have been disclosed in the Company's filings with the U. S. Securities
and Exchange Commission.

SOURCE Rowan Companies, Inc.

Suzanne M. McLeod, Director of Investor Relations of Rowan Companies, Inc.,
+1-713-960-7517, smcleod@rowancompanies.com