Rowan revises 3rd quarter outlook

News - September 21, 2001

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Describing the company's current outlook, Bob Palmer, Chairman and Chief Executive Officer of Rowan Industries said recently: "July earnings were better than expected and, through August, financial results were about as forecast. However, the outlook for September requires that we revise downward our 'best guess' for third quarter earnings to a range of 20-25 cents per share".

"Rowan's offshore rig utilisation for the third quarter is currently estimated to be 70 per cent, down from 90 per cent during the second quarter. Our averageoffshore day rate for the third quarter should be about $57,000, down from$61,000 during the second quarter".

"We believe the worst soon will be behind us and, during the fourth quarter, our utilisation and average day rates should begin to improve".

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