Rowan Rig is Missing

Rowan Companies, Inc. completed an initial aerial survey of its 22 rigs in the Gulf of Mexico. All of the company's rigs were located, with the exception of the Rowan-New Orleans. The company is undertaking efforts to locate the rig and fears it may have capsized and sunk offshore Louisiana. Rowan's other rigs in the area appear to have sustained minimal damage but a complete evaluation of their condition will require a closer inspection upon the return of the company's drilling personnel. The Rowan-New Orleans was a LeTourneau 52-class slot jack-up rig. The rig had been secured at its pre-storm location in Main Pass Block 185 and all personnel were evacuated prior to the arrival of Hurricane Katrina. The rig was insured for $8.5 million and had a carrying value of approximately $7.4 million.