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Business Description
Rowan Companies, Inc. is a provider of international and domestic contract drilling and aviation services. Rowan also operates, through LeTourneau, Inc., a subsidiary of the Company, a mini-steel mill, a manufacturing facility that produces heavy equipment for the mining, timber and transportation industries and a drilling products group that has designed or built about one-third of all mobile offshore jack-up drilling rigs. Rowan provides contract drilling services utilizing a fleet of 23 self-elevating mobile offshore drilling platforms (jack-up rigs), one mobile offshore floating platform (semi-submersible rig) and 17 land drilling rigs. Rowan also operates larger, deep-water type jack-up rigs capable of drilling to depths of 20,000 to 30,000 feet in maximum water depths ranging from 250 to 490 feet, depending on the size of the rig and its location.

Financial Information
RDC is an international and domestic provider of contract drilling and aviation services. RDC also operates a mini-steel mill and a manufacturing facility that produces heavy equipment for the mining, transportation and timber industries. For the six months ended 6/30/02, revenues fell 29% to $286.3 million. Net income increased 20% to $78.9 million. Results reflect a decrease in utilization rate of offshore fleet, offset by $157.1 million in proceeds from the Gorilla V.