Drilling Rig Status Update from Rowan

Rowan Companies plc gives an update on notable events.

• EXL I:  Changed day rate to mid $220s (previously mid $210s) due to amortization adjustment.
• J.P. Bussell:  Rig is expected to be off rate for five days in 1Q 2013.
• Scooter Yeargain:  Rig is expected to enter the shipyard in January 2013 (previously March 2013) for 105 days (previously 135 days) for customer-required equipment upgrades.
• Gorilla VI:  Off rate time in 4Q 2012 was eight days instead of the previously expected 25 days.
• Cecil Provine:  Off rate time in 4Q 2012 was 49 days instead of the previously expected 57 days.
• Rowan Norway:  Rig is currently in the shipyard for contract requirements and is expected to commence operations early January 2013 (previously mid December 2012).  Rig is expected to be in the shipyard for approximately 80 days (previously 60 days) in 4Q 2012, part of which may be compensated.  If necessary, the day rate will be adjusted to reflect compensated shipyard days in a subsequent fleet status.  Changed day rate to the mid $350s (previously mid $360s) due to downward revision in expected reimbursement for modifications.
• Rowan Stavanger: Off rate time in 4Q 2012 was 25 days instead of the previously expected 16 days.  Following completion of the well for Talisman in Norway in March 2013, the rig will operate in the U.K. sector of the North Sea at a day rate in the mid $240s through November 2013.  While the rig is working in the U.K. sector of the Rowan Viking:  Rig will enter the shipyard in February 2014 for equipment modifications and inspections for approximately 105 days (previously 30 days) prior to commencing its contract with Lundin for 15 wells in the Norwegian sector of the North Sea estimated to start in 2Q 2014.

The Company states it will not realize any day rate revenue during periods of off rate time, and crew costs will be capitalized during rig modifications and/or upgrades.