Rowan reports improved financial results

Company News - May 22, 2000

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Rowan Companies Inc has reported enhanced financials for the first quarter of this year.

In the three months ending March 31 2000 the company generated net income of $6.1 million, or $.07 per share, on revenues of $127.7 million, compared to a net loss of $10.0 million, or $.12 per share, on revenues of $100.1 million in the first quarter of1999.

The improvement in results between the first quarters of 1999 and 2000 was largely due to the contribution of the drilling division. Results for the first quarter of 2000 were adversely affected by mobilisation expenses of approximately $3.2 million, orabout $.02 per share, relocating Gorilla IV and the Arch Rowan from the North Sea to the Gulf of Mexico.

C R Palmer, Chairman and Chief Executive Officer, commented, "Quarter-to-quarter comparisons reflect the volatility in the contract drilling business. Rowan's offshore rig utilisation was 86 per cent during the first quarter of 2000, versus 49 per centin the first quarter of 1999 and 83 per cent in the fourth quarter of 1999. Our average offshore day rate during the first quarter of 2000 was $42,600, versus $57,300 in the first quarter of 1999 and $38,600 in the fourth quarter of 1999".

"The relocation of Gorilla IV and the Arch Rowan completes our redeployment of Rowan assets to our two most promising markets at present, the Gulf of Mexico and offshore eastern Canada. We continue to believe that the fundamentals are in place for continued improvement in the Company's financial performance and the future looks bright".

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