Keppel AmFELS Delivers Rowan Rig Ahead of Schedule

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has completed the delivery of its fourth EXL jack-up rig to a subsidiary of Rowan Companies, Inc. (Rowan) (NYSE: RDC) with a perfect safety record, four months ahead of schedule and within budget.

The jack-up rig was christened Rowan EXL-IV yesterday by Ms. Mary J. Dunaway and Ms. Audra M. Williamson, daughters of Mr. Johnnie Huckabay, one of Rowan's senior rig managers. The rig was delivered on September 1, 2011 and is scheduled to depart Keppel AmFELS' yard in Brownsville, Texas in October 2011.

Mr Matt Ralls, President and CEO of Rowan, said, "This latest EXL jack-up rig is a key addition to our fleet of high-specification rigs and will enable us to further grow our offshore drilling business. We are seeing improved demand for our rigs, especially for high-spec jack-ups, which are playing an increasingly important role in the offshore drilling market. Keppel AmFELS has once again delivered another quality rig to us on time and within budget."

Mr Michael Dowdy, Vice President, Engineering, of Rowan added, "Delivering the Rowan EXL-IV in record time is a testament to the efficiency and diligence of the team in Keppel AmFELS. The people on this project have performed so well that you are delivering EXL-IV four months ahead of schedule and with zero lost-time incidents during the entire program - that's quite an accomplishment."

Besides the four EXL rigs completed by Keppel AmFELS, Keppel FELS in Singapore has delivered three North Sea compliant N-Class jack-up rigs to Rowan. The latest of these, the Rowan Norway, was delivered in July 2011.

Mr G.S. Tan, President of Keppel AmFELS, said, "We are pleased to be able to deliver on our promises to Rowan. Rowan's confidence in our products and execution capabilities has led them to entrust almost US$2 billion worth of projects to Keppel to date. This latest delivery is another example of the excellent teamwork we have built with Rowan and a demonstration of Keppel's strong engineering, construction and project management expertise.

"We believe in being near market, near customer, and Keppel AmFELS' strategic location in the Gulf of Mexico has enabled us to delveop a close relationship with Rowan and one of its primary operating markets, to better serve its customers."

The ABS-classed EXL jack-up design is an enhancement of the LeTourneau Super 116E model. With a leg length of 477 ft and hook load capacity of up to 2,000,000 lbs, the Rowan EXL-IV employs state-of-the-art technology to drill high-pressure, high-temperature and extended-reach wells worldwide. The rig is capable of operating in water depths of 350 ft or more, and drilling to a depth of 40,000 ft.

Keppel AmFELS' current projects include the construction of a LeTourneau Super 116E jack-up rig for Perforadora Central, which is scheduled for delivery in 1Q 2013.