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    Gorilla V contract dispute resolved

    News // April 12, 2002
    Rowan Companies reports that an agreement has been reached to resolve adispute over the Rowan Gorilla V contract between its subsidiary, BritishAmerican Offshore Limited (BAO), and Amoco (UK) Exploration Company (AmocoUK), now owned by BP.

    The settlement agreement was made between BP Amoco Corporation, BP Amoco, BP Exploration Operating Company, BP America, Amoco (UK) Exploration Company, Amoco Production Company, Amerada Hess Limited, Amerada Hess Corporation and Enterprise Oil (collectively, the BP Amoco Affiliated Parties) on the one hand, and Rowan Companies, LeTourneau and British American Offshore Limited (collectively, the "Rowan Affiliated Parties") on the other.

    Bob Palmer, Chairman and Chief Executive Officer, commented, "It's over!For Rowan, there is a sense of relief - but little joy - in thisannouncement, which represents over three years of wasted time, money andcommercial opportunities for everyone involved. Except, of course, for theattorneys and camp followers."

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