Rowan Updates Contract Status of Rig Fleets.

HOUSTON -- Rowan Companies, Inc. (NYSE:RDC) has updated its offshore and land rig fleet contract status reports as of November 22, 2006. These reports are accessible from the Company's website at www.rowancompanies.com and have been filed with the Securities and Exchange Commission via Form 8-K.

In the past week, the Company has obtained the following additional commitments (with dollars in thousands):

* The Gorilla IV was contracted by Plains Resources for a one-well assignment for approximately six months commencing in February 2007 at a day rate in the mid $180s.

* The Gorilla II was contracted by Dominion for a one-well assignment for approximately 60 days commencing in January 2007 at a day rate in the low $170s.

Danny McNease, Rowan Chairman and Chief Executive Officer, commented, "The demand for drilling equipment in the Gulf of Mexico appears to again be increasing after a brief lull during the 2006 hurricane season. More importantly for Rowan, as is evidenced by the previously-reported one-year Bob Keller extension, we are seeing more interest from operators in the area in longer term commitments for premium equipment."

Rowan Companies, Inc. is a major provider of international and domestic contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. The Company's stock is traded on the New York Stock Exchange and NYSE Arca. Common Stock trading symbol: RDC.

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, 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.