ROWAN COMPANIES, INC. OFFSHORE RIG FLEET AND CONTRACT STATUS As of October 25, 2010

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.

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