Rowan Authorized to Repurchase Common Stock

Rowan Companies, Inc's board of directors has authorized the company to repurchase up to $100 million in shares of its common stock. Repurchases under this program, effective immediately, will be made through the open market or in privately negotiated transactions. These repurchases may be commenced or suspended from time to time without prior notice.

Rowan Companies, Inc. is a major provider of international and domestic contract drilling services with a leading position in high-specification jack-up rigs. The Company's fleet of 29 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, and the Gulf of Mexico. Rowan also has two additional high-specification jack-ups under construction to be delivered later this year and recently announced plans to enter the ultra-deepwater market with two high-specification drillships expected to be delivered in late 2013 and mid 2014. For more information on Rowan, please visit www.rowancompanies.com.